Pacer Funds

 

TABLE OF CONTENTS

 

 

Page

Portfolio Allocation

1

Performance Summary

15

Expense Example

46

Schedules of Investments

49

Statements of Assets & Liabilities

136

Statements of Operations

142

Statements of Changes in Net Assets

148

Financial Highlights

165

Notes to Financial Statements

194

Review of Liquidity Risk Management Program

220

Additional Information

221

 

 

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2023

 

Pacer Trendpilot® US Large Cap ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

1.9%

Banks

2.9%

Capital Goods

5.5%

Commercial & Professional Services

1.3%

Consumer Discretionary Distribution & Retail

5.7%

Consumer Durables & Apparel

0.9%

Consumer Services

2.1%

Consumer Staples Distribution & Retail

1.9%

Energy

4.6%

Real Estate Investment Trusts

2.2%

Financial Services

7.5%

Food Beverage & Tobacco

3.2%

Health Care Equipment & Services

5.6%

Household & Personal Products

1.6%

Insurance

2.3%

Materials

2.4%

Media & Entertainment

7.8%

Pharmaceuticals Biotechnology & Life Sciences

7.5%

Real Estate Management & Development

0.1%

Semiconductors & Semiconductor Equipment

7.2%

Software & Services

12.0%

Technology Hardware & Equipment

8.8%

Telecommunication Services

0.9%

Transportation

1.5%

Utilities

2.5%

Investments Purchased with Proceeds from Securities Lending

3.1%

Liabilities in Excess of Other Assets

-3.0%

Total

100.0%

 

(a)

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

 

Pacer Trendpilot® US Mid Cap ETF

 

Industry(a)

Percentage of
Net Assets

Short-Term Investments

98.7%

Investments Purchased with Proceeds from Securities Lending

26.4%

Liabilities in Excess of Other Assets

-25.1%

Total

100.0%

 

(a)

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

 

1

 

 

Pacer Funds

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

 

Pacer Trendpilot® 100 ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

1.3%

Capital Goods

0.9%

Commercial & Professional Services

1.1%

Consumer Discretionary Distribution & Retail

3.9%

Consumer Durables & Apparel

0.2%

Consumer Services

1.4%

Consumer Staples Distribution & Retail

1.3%

Energy

0.3%

Financial Services

0.3%

Food Beverage & Tobacco

2.0%

Health Care Equipment & Services

0.8%

Media & Entertainment

7.1%

Pharmaceuticals Biotechnology & Life Sciences

2.4%

Real Estate Management & Development

0.1%

Semiconductors & Semiconductor Equipment

8.9%

Software & Services

9.1%

Technology Hardware & Equipment

6.4%

Telecommunication Services

0.8%

Transportation

0.4%

Utilities

0.6%

Short-Term Investments

47.7%

Investments Purchased with Proceeds from Securities Lending

30.5%

Liabilities in Excess of Other Assets

-27.5%

Total

100.0%

 

(a)

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

 

Pacer Trendpilot® European Index ETF

 

Country(a)

Percentage of
Net Assets

Consumer Durables & Apparel

0.0%*

Materials

0.3%

Short-Term Investments

97.9%

Investments Purchased with Proceeds from Securities Lending

19.6%

Liabilities in Excess of Other Assets

-17.8%

Total

100.0%

 

*

Less than 0.05%.

(a)

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

 

2

 

 

Pacer Funds

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

 

Pacer Trendpilot® International ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

2.0%

Banks

6.1%

Capital Goods

4.4%

Commercial & Professional Services

0.9%

Consumer Discretionary Distribution & Retail

0.8%

Consumer Durables & Apparel

1.9%

Consumer Services

0.7%

Consumer Staples Distribution & Retail

0.7%

Energy

3.3%

Financial Services

1.5%

Food Beverage & Tobacco

2.8%

Health Care Equipment & Services

0.8%

Household & Personal Products

1.3%

Insurance

2.5%

Materials

3.7%

Media & Entertainment

0.5%

Pharmaceuticals Biotechnology & Life Sciences

5.3%

Real Estate Management & Development

0.4%

Semiconductors & Semiconductor Equipment

1.5%

Software & Services

1.5%

Technology Hardware & Equipment

0.9%

Telecommunication Services

1.2%

Transportation

1.3%

Utilities

1.4%

Exchange Traded Funds

2.2%

Real Estate Investment Trusts

0.2%

Short-Term Investments

48.4%

Investments Purchased with Proceeds from Securities Lending

8.5%

Liabilities in Excess of Other Assets

-6.7%

Total

100.0%

 

(a)

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

 

Pacer Trendpilot® US Bond ETF

 

Industry(a)

Percentage of
Net Assets

Corporate Bonds

98.4%

Investments Purchased with Proceeds from Securities Lending

18.1%

Liabilities in Excess of Other Assets

-16.5%

Total

100.0%

 

(a)

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

 

Pacer Trendpilot® Fund of Funds ETF

 

Industry(a)

Percentage of
Net Assets

Affiliated Exchange Traded Funds

99.8%

Other Assets in Excess of Liabilities

0.2%

Total

100.0%

 

(a)

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

 

3

 

 

Pacer Funds

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

 

Pacer US Cash Cows 100 ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

0.4%

Capital Goods

2.7%

Commercial & Professional Services

0.9%

Consumer Discretionary Distribution & Retail

4.2%

Consumer Durables & Apparel

7.5%

Consumer Services

2.4%

Consumer Staples Distribution & Retail

2.5%

Energy

33.3%

Financial Services

1.6%

Food Beverage & Tobacco

4.0%

Health Care Equipment & Services

7.8%

Household & Personal Products

0.1%

Materials

12.4%

Media & Entertainment

2.5%

Pharmaceuticals Biotechnology & Life Sciences

10.0%

Semiconductors & Semiconductor Equipment

0.6%

Software & Services

1.8%

Technology Hardware & Equipment

2.8%

Transportation

2.2%

Utilities

0.2%

Investments Purchased with Proceeds from Securities Lending

6.9%

Liabilities in Excess of Other Assets

-6.8%

Total

100.0%

 

(a)

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

 

Pacer US Small Cap Cash Cows 100 ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

4.7%

Capital Goods

14.7%

Commercial & Professional Services

2.0%

Consumer Discretionary Distribution & Retail

12.8%

Consumer Durables & Apparel

15.4%

Consumer Services

2.1%

Consumer Staples Distribution & Retail

3.5%

Energy

14.6%

Food Beverage & Tobacco

2.3%

Health Care Equipment & Services

6.1%

Household & Personal Products

2.0%

Materials

5.0%

Media & Entertainment

3.4%

Pharmaceuticals Biotechnology & Life Sciences

1.2%

Semiconductors & Semiconductor Equipment

1.3%

Software & Services

1.4%

Technology Hardware & Equipment

3.4%

Transportation

4.0%

Investments Purchased with Proceeds from Securities Lending

14.5%

Liabilities in Excess of Other Assets

-14.4%

Total

100.0%

 

(a)

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

 

4

 

 

Pacer Funds

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

 

Pacer Global Cash Cows Dividend ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

6.0%

Capital Goods

4.5%

Commercial & Professional Services

0.2%

Consumer Discretionary Distribution & Retail

0.7%

Consumer Staples Distribution & Retail

0.7%

Energy

27.5%

Food Beverage & Tobacco

7.9%

Household & Personal Products

1.9%

Materials

14.7%

Media & Entertainment

0.7%

Pharmaceuticals Biotechnology & Life Sciences

11.1%

Software & Services

2.2%

Technology Hardware & Equipment

0.6%

Telecommunication Services

12.0%

Transportation

7.6%

Utilities

1.2%

Investments Purchased with Proceeds from Securities Lending

11.2%

Liabilities in Excess of Other Assets

-10.5%

Total

100.0%

 

(a)

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

 

Pacer Developed Markets International Cash Cows 100 ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

9.0%

Capital Goods

10.7%

Commercial & Professional Services

1.0%

Consumer Discretionary Distribution & Retail

1.0%

Consumer Durables & Apparel

0.5%

Consumer Services

0.1%

Consumer Staples Distribution & Retail

3.6%

Energy

35.1%

Food Beverage & Tobacco

1.8%

Health Care Equipment & Services

0.3%

Household & Personal Products

0.1%

Materials

14.4%

Media & Entertainment

0.9%

Pharmaceuticals Biotechnology & Life Sciences

0.3%

Semiconductors & Semiconductor Equipment

0.9%

Technology Hardware & Equipment

1.6%

Telecommunication Services

5.6%

Transportation

12.2%

Utilities

0.5%

Investments Purchased with Proceeds from Securities Lending

11.2%

Liabilities in Excess of Other Assets

-10.8%

Total

100.0%

 

(a)

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

 

5

 

 

Pacer Funds

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

 

Pacer Emerging Markets Cash Cows 100 ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

2.9%

Capital Goods

9.6%

Commercial & Professional Services

0.1%

Consumer Discretionary Distribution & Retail

3.0%

Consumer Durables & Apparel

0.7%

Consumer Services

0.5%

Consumer Staples Distribution & Retail

3.6%

Energy

24.9%

Food Beverage & Tobacco

4.7%

Health Care Equipment & Services

1.2%

Household & Personal Products

0.2%

Materials

16.5%

Media & Entertainment

0.5%

Pharmaceuticals Biotechnology & Life Sciences

0.1%

Semiconductors & Semiconductor Equipment

0.5%

Technology Hardware & Equipment

10.6%

Telecommunication Services

9.0%

Transportation

6.8%

Utilities

3.9%

Investments Purchased with Proceeds from Securities Lending

5.4%

Liabilities in Excess of Other Assets

-4.7%

Total

100.0%

 

(a)

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

 

Pacer US Large Cap Cash Cows Growth Leaders ETF

 

Industry(a)

Percentage of
Net Assets

Capital Goods

0.8%

Commercial & Professional Services

4.1%

Consumer Discretionary Distribution & Retail

0.7%

Consumer Services

3.6%

Energy

12.6%

Financial Services

2.7%

Food Beverage & Tobacco

1.6%

Health Care Equipment & Services

1.7%

Household & Personal Products

0.1%

Materials

1.2%

Media & Entertainment

5.6%

Pharmaceuticals Biotechnology & Life Sciences

8.5%

Semiconductors & Semiconductor Equipment

12.0%

Software & Services

39.1%

Technology Hardware & Equipment

3.7%

Telecommunication Services

0.3%

Transportation

1.3%

Utilities

0.3%

Assets in Excess of Other Liabilities

0.1%

Total

100.0%

 

(a)

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

 

6

 

 

Pacer Funds

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

 

Pacer US Small Cap Cash Cows Growth Leaders ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

2.2%

Capital Goods

10.4%

Commercial & Professional Services

3.8%

Consumer Discretionary Distribution & Retail

0.8%

Consumer Durables & Apparel

13.0%

Consumer Services

4.5%

Energy

11.8%

Food Beverage & Tobacco

2.6%

Health Care Equipment & Services

3.5%

Household & Personal Products

3.1%

Materials

2.3%

Media & Entertainment

5.4%

Pharmaceuticals Biotechnology & Life Sciences

8.4%

Semiconductors & Semiconductor Equipment

10.2%

Software & Services

9.3%

Technology Hardware & Equipment

5.3%

Telecommunication Services

1.3%

Transportation

2.0%

Other Assets in Excess of Liabilities

0.1%

Total

100.0%

 

(a)

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

 

Pacer US Cash Cows Growth ETF

 

Industry(a)

Percentage of
Net Assets

Capital Goods

4.3%

Commercial & Professional Services

0.4%

Consumer Discretionary Distribution & Retail

1.9%

Consumer Durables & Apparel

0.6%

Consumer Services

0.4%

Energy

45.6%

Materials

12.8%

Media & Entertainment

0.5%

Pharmaceuticals Biotechnology & Life Sciences

28.5%

Software & Services

2.1%

Transportation

2.3%

Utilities

0.3%

Investments Purchased with Proceeds from Securities Lending

14.8%

Liabilities in Excess of Other Assets

-14.5%

Total

100.0%

 

(a)

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

 

7

 

 

Pacer Funds

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

 

Pacer Cash Cows Fund of Funds ETF

 

Industry(a)

Percentage of
Net Assets

Affiliated Exchange Traded Funds

100.0%

Other Assets in Excess of Liabilities

0.0%*

Total

100.0%

 

*

Less than 0.05%.

(a)

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

 

Pacer WealthShield ETF

 

Industry(a)

Percentage of
Net Assets

Health Care Equipment & Services

0.0%*

Short-Term Investments

98.4%

Investments Purchased with Proceeds from Securities Lending

11.5%

Liabilities in Excess of Other Assets

-9.9%

Total

100.0%

 

*

Less than 0.05%.

(a)

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

 

Pacer Industrial Real Estate ETF

 

Industry(a)

Percentage of
Net Assets

Real Estate Investment Trusts

95.1%

Common Stock

4.7%

Investments Purchased with Proceeds from Securities Lending

6.6%

Liabilities in Excess of Other Assets

-6.4%

Total

100.0%

 

(a)

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

 

Pacer Data & Infrastructure Real Estate ETF

 

Industry(a)

Percentage of
Net Assets

Real Estate Investment Trusts

64.9%

Media & Entertainment

5.9%

Real Estate Management & Development

1.9%

Software & Services

1.1%

Telecommunication Services

18.5%

Exchange Traded Funds

7.7%

Investments Purchased with Proceeds from Securities Lending

6.6%

Liabilities in Excess of Other Assets

-6.6%

Total

100.0%

 

(a)

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

 

8

 

 

Pacer Funds

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

 

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

2.3%

Capital Goods

15.3%

Commercial & Professional Services

5.3%

Consumer Discretionary Distribution & Retail

8.1%

Consumer Durables & Apparel

6.1%

Consumer Services

8.5%

Materials

24.5%

Semiconductors & Semiconductor Equipment

7.7%

Software & Services

9.6%

Technology Hardware & Equipment

7.6%

Transportation

4.3%

Investments Purchased with Proceeds from Securities Lending

14.0%

Liabilities in Excess of Other Assets

-13.3%

Total

100.0%

 

(a)

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

 

Pacer CSOP FTSE China A50 ETF    

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

3.6%

Banks

19.8%

Capital Goods

8.6%

Consumer Discretionary Distribution & Retail

1.3%

Consumer Durables & Apparel

1.7%

Energy

4.0%

Financial Services

4.4%

Food Beverage & Tobacco

29.3%

Health Care Equipment & Services

3.6%

Insurance

5.2%

Materials

3.7%

Pharmaceuticals Biotechnology & Life Sciences

3.7%

Semiconductors & Semiconductor Equipment

1.3%

Technology Hardware & Equipment

2.9%

Transportation

2.4%

Utilities

3.9%

Other Assets in Excess of Liabilities

0.6%

Total

100.0%

 

(a)

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

 

9

 

 

Pacer Funds

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

 

Pacer BioThreat Strategy ETF

 

Industry(a)

Percentage of
Net Assets

Capital Goods

3.0%

Commercial & Professional Services

1.3%

Consumer Discretionary Distribution & Retail

15.3%

Consumer Staples Distribution & Retail

7.7%

Food Beverage & Tobacco

1.3%

Health Care Equipment & Services

10.1%

Household & Personal Products

4.8%

Materials

2.1%

Media & Entertainment

5.1%

Pharmaceuticals Biotechnology & Life Sciences

40.3%

Semiconductors & Semiconductor Equipment

5.5%

Software & Services

2.7%

Technology Hardware & Equipment

0.7%

Investments Purchased with Proceeds from Securities Lending

23.6%

Liabilities in Excess of Other Assets

-23.5%

Total

100.0%

 

(a)

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

 

Pacer Lunt Large Cap Alternator ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

3.8%

Banks

4.9%

Capital Goods

5.2%

Commercial & Professional Services

3.1%

Consumer Discretionary Distribution & Retail

4.8%

Consumer Durables & Apparel

3.6%

Consumer Services

6.3%

Financial Services

12.4%

Health Care Equipment & Services

1.6%

Materials

4.6%

Media & Entertainment

8.2%

Pharmaceuticals Biotechnology & Life Sciences

2.3%

Real Estate Management & Development

0.8%

Semiconductors & Semiconductor Equipment

19.9%

Software & Services

11.4%

Technology Hardware & Equipment

6.3%

Transportation

0.8%

Investments Purchased with Proceeds from Securities Lending

11.7%

Liabilities in Excess of Other Assets

-11.7%

Total

100.0%

 

(a)

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

 

10

 

 

Pacer Funds

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

 

Pacer Lunt Midcap Multi-Factor Alternator ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

0.5%

Banks

0.6%

Capital Goods

26.0%

Commercial & Professional Services

4.0%

Consumer Discretionary Distribution & Retail

3.8%

Consumer Durables & Apparel

8.7%

Consumer Services

2.8%

Consumer Staples Distribution & Retail

1.7%

Energy

7.6%

Financial Services

4.4%

Food Beverage & Tobacco

2.0%

Health Care Equipment & Services

3.0%

Household & Personal Products

0.8%

Insurance

7.2%

Materials

7.6%

Media & Entertainment

0.4%

Pharmaceuticals Biotechnology & Life Sciences

1.3%

Semiconductors & Semiconductor Equipment

1.7%

Software & Services

4.4%

Technology Hardware & Equipment

8.0%

Transportation

3.4%

Investments Purchased with Proceeds from Securities Lending

27.6%

Liabilities in Excess of Other Assets

-27.5%

Total

100.0%

 

(a)

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

 

Pacer Lunt Large Cap Multi-Factor Alternator ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

0.0%*

Banks

3.0%

Capital Goods

10.4%

Commercial & Professional Services

1.6%

Consumer Discretionary Distribution & Retail

2.4%

Consumer Durables & Apparel

0.9%

Consumer Services

2.4%

Consumer Staples Distribution & Retail

1.4%

Energy

7.7%

Real Estate Investment Trusts

0.4%

Financial Services

5.2%

Food Beverage & Tobacco

1.9%

Health Care Equipment & Services

6.9%

Household & Personal Products

1.7%

Insurance

1.1%

Materials

3.7%

Media & Entertainment

9.2%

Pharmaceuticals Biotechnology & Life Sciences

11.4%

Semiconductors & Semiconductor Equipment

15.7%

Software & Services

7.1%

 

11

 

 

Pacer Funds

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

 

Pacer Lunt Large Cap Multi-Factor Alternator ETF (Continued)

 

Industry(a)

Percentage of
Net Assets

Technology Hardware & Equipment

3.9%

Transportation

1.3%

Utilities

0.6%

Investments Purchased with Proceeds from Securities Lending

6.5%

Liabilities in Excess of Other Assets

-6.4%

Total

100.0%

 

*

Less than 0.05%.

(a)

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

 

Pacer US Export Leaders ETF

 

Industry(a)

Percentage of
Net Assets

Automobiles & Components

3.8%

Capital Goods

13.2%

Commercial & Professional Services

2.0%

Consumer Discretionary Distribution & Retail

1.0%

Consumer Durables & Apparel

2.2%

Consumer Services

2.9%

Energy

6.0%

Real Estate Investment Trusts

1.0%

Financial Services

4.0%

Food Beverage & Tobacco

2.1%

Health Care Equipment & Services

0.6%

Household & Personal Products

0.9%

Materials

12.1%

Media & Entertainment

4.2%

Pharmaceuticals Biotechnology & Life Sciences

7.5%

Semiconductors & Semiconductor Equipment

12.5%

Software & Services

9.5%

Technology Hardware & Equipment

12.5%

Telecommunication Services

0.9%

Transportation

1.1%

Investments Purchased with Proceeds from Securities Lending

17.8%

Liabilities in Excess of Other Assets

-17.8%

Total

100.0%

 

(a)

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

 

12

 

 

Pacer Funds

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

 

Pacer Pacific Asset Floating Rate High Income ETF

 

Industry(a)

Percentage of
Net Assets

Advertising

0.7%

Airlines

2.0%

Auto Manufacturers

0.6%

Beverages

0.6%

Building Materials

1.9%

Chemicals

0.7%

Coal

0.0%*

Commercial Services

4.4%

Computers

1.2%

Cosmetics / Personal Care

1.2%

Diversified Financial Services

2.3%

Electronics

0.3%

Entertainment

1.1%

Environmental Control

2.6%

Food

0.3%

Healthcare-Products

2.4%

Healthcare-Services

3.1%

Insurance

2.1%

Leisure Time

3.2%

Lodging

2.3%

Machinery-Diversified

2.6%

Media

1.8%

Oil & Gas

1.2%

Packaging & Containers

1.8%

Pharmaceuticals

0.6%

Pipelines

1.4%

Real Estate

0.3%

Retail

5.2%

Semiconductors

0.3%

Software

4.9%

Telecommunications

1.2%

Transportation

0.6%

Asset Backed Securities

38.2%

Exchange Traded Funds

0.7%

Closed End Funds

0.0%*

Other Assets in Excess of Liabilities

6.2%

Total

100.0%

 

*

Less than 0.05%.

(a)

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

 

13

 

 

Pacer Funds

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

 

Pacer Data and Digital Revolution ETF

 

Industry(a)

Percentage of
Net Assets

Capital Goods

7.0%

Semiconductors & Semiconductor Equipment

29.4%

Software & Services

38.7%

Technology Hardware & Equipment

24.9%

Other Assets in Excess of Liabilities

0.0%*

Total

100.0%

 

*

Less than 0.05%.

(a)

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

 

Pacer Industrials and Logistics ETF

 

Industry(a)

Percentage of
Net Assets

Capital Goods

7.0%

Energy

0.1%

Pharmaceuticals Biotechnology & Life Sciences

0.0%*

Software & Services

11.0%

Technology Hardware & Equipment

1.8%

Transportation

77.4%

Exchange Traded Funds

2.4%

Other Assets in Excess of Liabilities

0.3%

Total

100.0%

 

*

Less than 0.05%.

(a)

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

 

14

 

 

Pacer Trendpilot® US Large Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer Trendpilot® US Large Cap ETF - NAV

4.78%

11.90%

7.27%

6.43%

Pacer Trendpilot® US Large Cap ETF - Market

4.67%

11.86%

7.23%

6.42%

Pacer Trendpilot® US Large Cap Index(3)

5.34%

12.54%

7.88%

7.06%

S&P 500® Index(3)

10.14%

10.36%

11.01%

10.57%

 

(1)

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

 

15

 

 

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 October 31, 2023)

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer Trendpilot® US Mid Cap ETF - NAV

-4.13%

3.60%

0.48%

3.07%

Pacer Trendpilot® US Mid Cap ETF - Market

-4.17%

3.57%

0.44%

3.06%

Pacer Trendpilot® US Mid Cap Index(3)

-3.60%

4.25%

1.10%

3.70%

S&P MidCap 400 Index(3)

-1.06%

9.23%

7.03%

6.97%

 

(1)

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

 

16

 

 

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. The NASDAQ-100 Index was developed by NASDAQ OMX. There is no minimum market capitalization requirement for inclusion in the NASDAQ-100 Index. Inclusion is determined based on the top 100 largest issuers based on market capitalization meeting all other eligibility requirements.

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer Trendpilot® 100 ETF - NAV

22.10%

8.43%

13.48%

11.55%

Pacer Trendpilot® 100 ETF - Market

22.31%

8.41%

13.43%

11.56%

Pacer NASDAQ-100 Trendpilot® Index(3)

22.95%

9.09%

14.11%

12.22%

NASDAQ-100 Index(3)

27.45%

10.12%

16.68%

16.06%

 

(1)

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 August 31, 2023, 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.

 

17

 

 

Pacer Trendpilot® European Index ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer Trendpilot® European Index ETF - NAV

8.34%

6.59%

0.48%

0.61%

Pacer Trendpilot® European Index ETF - Market

8.57%

6.80%

0.50%

0.62%

Pacer Trendpilot® European Index(3)

9.61%

7.99%

1.82%

1.98%

FTSE Eurozone Index(3)

20.24%

8.08%

5.00%

5.69%

 

(1)

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

 

18

 

 

Pacer Trendpilot® International ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Since Inception(2)

Pacer Trendpilot International ETF - NAV

1.94%

5.50%

1.00%

Pacer Trendpilot International ETF - Market

2.25%

5.48%

1.05%

Pacer Trendpilot International Index

2.68%

6.14%

1.82%

S&P Developed Ex-US Large Cap Index(3)

13.30%

6.51%

4.07%

 

(1)

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2023, is 0.66%. 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.

 

19

 

 

Pacer Trendpilot® US Bond ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Since Inception(2)

Pacer Trendpilot US Bond ETF - NAV

1.77%

-5.36%

-2.39%

Pacer Trendpilot US Bond ETF - Market

1.83%

-5.50%

-2.38%

Pacer Trendpilot US Bond Index(3)

2.43%

-3.36%

-0.59%

iBoxx USD Liquid High Yield Index(3)

5.10%

0.74%

0.91%

S&P U.S. High Yield Corporate Bond IndexTM(3)

5.73%

0.84%

1.46%

 

(1)

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

 

20

 

 

Pacer Trendpilot® Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

Weight

Trendpilot ETF

Trendpilot Index

Equity Component

20%

Pacer Trendpilot® US Large Cap ETF

Pacer Trendpilot® US Large Cap Index

S&P 500® Index

20%

Pacer Trendpilot® US Mid Cap ETF

Pacer Trendpilot® US Mid Cap Index

S&P MidCap 400® Index

20%

Pacer Trendpilot® 100 ETF

Pacer NASDAQ-100 Trendpilot® Index

NASDAQ-100® Index

20%

Pacer Trendpilot® International ETF

Pacer Trendpilot® International Index

S&P Developed Ex-US Large Cap Index

20%

Pacer Trendpilot® US Bond ETF

Pacer Trendpilot® US Bond Index

iBoxx USD Liquid High Yield Index

 

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

 

 

21

 

 

Pacer Trendpilot® Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

 

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

 

 

One Year

Three Year

Since Inception(2)

Pacer Trendpilot Fund of Funds ETF - NAV

5.10%

4.63%

2.83%

Pacer Trendpilot Fund of Funds ETF - Market

5.03%

4.71%

2.81%

Pacer Trendpilot Fund of Funds Index(3)

5.69%

5.67%

3.88%

S&P 1200 Index(3)

11.70%

8.59%

7.57%

 

(1)

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

 

22

 

 

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer US Cash Cows 100 ETF - NAV

5.05%

22.45%

13.60%

12.17%

Pacer US Cash Cows 100 ETF - Market

5.04%

22.44%

13.51%

12.13%

Pacer US Cash Cows 100 Index(3)

5.56%

23.04%

14.06%

12.63%

Russell 1000® Index(3)

9.48%

9.53%

10.71%

11.10%

Russell 1000® Value Index(3)

0.13%

10.21%

6.59%

6.40%

 

(1)

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

 

23

 

 

Pacer US Small Cap Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer US Small Cap Cash Cows 100 ETF - NAV

7.30%

18.13%

10.31%

9.13%

Pacer US Small Cap Cash Cows 100 ETF - Market

7.14%

18.22%

10.17%

9.11%

Pacer US Small Cap Cash Cows Index(3)

7.28%

18.74%

10.72%

9.48%

S&P SmallCap 600® Index(3)

-7.65%

8.98%

4.28%

5.41%

S&P SmallCap 600® Value Index(3)

-9.67%

11.58%

4.05%

4.73%

 

(1)

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

 

24

 

 

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer Global Cash Cows Dividend ETF - NAV

15.54%

15.28%

6.37%

7.32%

Pacer Global Cash Cows Dividend ETF - Market

15.82%

15.51%

6.38%

7.35%

Pacer Global Cash Cows Dividend Index(3)

16.33%

16.35%

7.24%

8.24%

FTSE All-World Developed Large-Cap Index(3)

13.29%

9.02%

9.26%

10.65%

MSCI World Value Index(3)

3.06%

10.19%

4.84%

6.97%

 

(1)

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

 

 

25

 

 

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 October 31, 2023)

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer Developed Markets International Cash Cows 100 ETF - NAV

19.70%

12.09%

6.01%

5.26%

Pacer Developed Markets International Cash Cows 100 ETF - Market

20.02%

12.53%

6.19%

5.37%

Pacer Developed Markets International Cash Cows 100 Index(3)

20.40%

13.15%

6.92%

6.15%

FTSE Developed ex-US Index(3)

12.55%

5.42%

4.17%

3.14%

MSCI EAFE Value Index(3)

18.10%

10.97%

3.30%

2.33%

 

(1)

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

 

26

 

 

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 October 31, 2023)

 

 

One Year

Three Year

Since Inception(2)

Pacer Emerging Markets Cash Cows 100 ETF - NAV

15.46%

2.73%

-1.09%

Pacer Emerging Markets Cash Cows 100 ETF - Market

14.33%

2.45%

-1.08%

Pacer Emerging Markets Cash Cows 100 Index(3)

18.48%

5.21%

1.05%

FTSE Emerging Markets Index(3)

10.90%

-2.41%

-0.19%

MSCI Emerging Markets Value Index(3)

13.44%

2.87%

-0.83%

 

(1)

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

 

27

 

 

Pacer US Large Cap Cash Cows Growth Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

Since Inception(2)

Pacer US Large Cap Cash Cows Growth Leaders - NAV

1.64%

Pacer US Large Cap Cash Cows Growth Leaders - Market

1.66%

Pacer US Large Cap Cash Cows Growth Leaders Index(3)

2.03%

Russell 1000 Index

9.22%

 

(1)

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

 

28

 

 

Pacer US Small Cap Cash Cows Growth Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

Since Inception(2)

Pacer US Small Cap Cash Cows Growth Leaders - NAV

-3.30%

Pacer US Small Cap Cash Cows Growth Leaders - Market

-3.30%

Pacer US Small Cap Cash Cows Growth Leaders Total Return Index(3)

-2.97%

S&P SmallCap 600 Growth TR

-1.91%

 

(1)

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.

 

29

 

 

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 October 31, 2023)

 

 

One Year

Three Year

Since Inception(2)

Pacer US Cash Cows Growth ETF - NAV

0.71%

9.21%

8.71%

Pacer US Cash Cows Growth ETF - Market

0.58%

9.29%

8.67%

Pacer US Cash Cows Growth Index(3)

0.53%

9.33%

8.82%

S&P 900 Pure Growth Index(3)

-0.72%

3.61%

6.24%

 

(1)

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

 

30

 

 

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

 

Weight

Cash Cows ETF

Cash Cows Index

Equity Universe

20%

Pacer US Cash Cows 100 ETF

Pacer US Cash Cows 100 ETF

Russell 1000 Index

20%

Pacer Global Cash Cows Dividend ETF

Pacer Global Cash Cows Dividend Index

FTSE Developed Large Cap Index

20%

Pacer US Small Cap Cash Cows 100 ETF

Pacer US Small Cap Cash Cows 100 Index

S&P Small Cap 600® Index

20%

Pacer US Cash Cows Growth ETF

Pacer US Cash Cows Growth Index

S&P 900® Pure Growth Index

20%

Pacer Developed Markets International Cash Cows 100 ETF

Pacer Developed Markets International Cash Cows 100 Index

FTSE Developed ex US Index

 

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

 

 

31

 

 

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

 

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

 

 

One Year

Three Year

Since Inception(2)

Pacer Cash Cows Fund of Funds ETF - NAV

9.54%

15.77%

8.86%

Pacer Cash Cows Fund of Funds ETF - Market

10.31%

15.99%

8.93%

Pacer Cash Cows Fund of Funds Index(3)

9.80%

16.09%

9.30%

FTSE All World Developed Index(3)

10.67%

7.91%

7.01%

 

(1)

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

 

32

 

 

Pacer WealthShield ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer WealthShield ETF - NAV

-8.73%

2.45%

2.72%

1.83%

Pacer WealthShield ETF - Market

-8.77%

2.55%

2.75%

1.82%

Pacer WealthShield Index(3)

-8.22%

2.73%

2.89%

2.13%

S&P 500® Index (3)

10.14%

10.36%

11.01%

9.94%

S&P U.S. Treasury Bond 20+ Year Total Return Index (3)

-9.95%

-17.22%

-3.81%

-4.77%

 

(1)

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

 

33

 

 

Pacer Industrial Real Estate ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer Industrial Real Estate ETF - NAV

-9.80%

1.54%

8.11%

7.60%

Pacer Industrial Real Estate ETF - Market

-9.58%

1.66%

8.09%

7.62%

Kelly Industrial Real Estate Index / Solactive GPR Industrial Real Estate Index (3)(4)

-9.34%

2.20%

8.92%

8.37%

Solactive GPR Industrial Real Estate Index

-9.34%

2.13%

9.07%

8.16%

FTSE NAREIT All Equity REITS Total Return Index(3)

-7.90%

2.76%

2.70%

3.22%

 

(1)

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

(2)

Inception date is May 14, 2018.

(3)

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

(4)

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

 

34

 

 

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 October 31, 2023)

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer Data & Infrastructure Real Estate ETF - NAV

-6.20%

-7.11%

3.16%

2.82%

Pacer Data & Infrastructure Real Estate ETF - Market

-5.51%

-7.04%

3.17%

2.86%

Kelly Data Center & Tech Infrastructure Real Estate Index / Solactive GPR Data & Infrastructure Real Estate Index (3)(4)

-5.98%

-6.75%

3.74%

3.43%

Solactive GPR Data & Infrastructure Real Estate Index

-5.98%

-4.75%

5.04%

5.52%

FTSE NAREIT All Equity REITS Total Return Index(3)

-7.90%

2.76%

2.69%

3.52%

 

(1)

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

(2)

Inception date is May 15, 2018.

(3)

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

(4)

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

 

35

 

 

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV

-8.62%

5.82%

5.44%

5.23%

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market

-8.69%

5.89%

5.37%

5.18%

Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index(3)

-8.01%

6.52%

6.37%

6.10%

S&P 500® Index(3)

10.14%

10.36%

11.01%

9.79%

 

(1)

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

 

36

 

 

Pacer CSOP FTSE China A50 ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer CSOP FTSE China A50 ETF - NAV

8.60%

-9.73%

2.34%

1.87%

Pacer CSOP FTSE China A50 ETF - Market

9.53%

-9.76%

1.99%

1.86%

FTSE China A50 Net Total Return Index®(3)

9.28%

-9.29%

2.99%

2.30%

 

(1)

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

 

37

 

 

Pacer BioThreat Strategy ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Since Inception(2)

Pacer BioThreat Strategy ETF - NAV

5.03%

3.05%

5.49%

Pacer BioThreat Strategy ETF - Market

5.04%

3.12%

5.46%

LifeSci BioThreat Strategy Index(3)

5.79%

3.78%

6.23%

S&P 500® Index(3)

10.14%

10.36%

11.69%

 

(1)

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

 

38

 

 

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 October 31, 2023)

 

 

One Year

Three Year

Since Inception(2)

Pacer Lunt Large Cap Alternator ETF - NAV

-18.11%

10.43%

10.36%

Pacer Lunt Large Cap Alternator ETF - Market

-18.15%

10.46%

10.33%

Lunt Capital U.S. Large Cap Equity Rotation Index(3)

-17.55%

11.35%

11.26%

S&P 500® Index(3)

10.14%

10.36%

11.69%

 

(1)

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

 

39

 

 

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 October 31, 2023)

 

 

One Year

Three Year

Since Inception(2)

Pacer Lunt Midcap Multi-Factor Alternator ETF - NAV

6.26%

7.21%

10.70%

Pacer Lunt Midcap Multi-Factor Alternator ETF - Market

6.30%

7.34%

10.71%

Lunt Capital U.S. MidCap Multi-Factor Rotation Index(3)

7.18%

8.30%

11.68%

S&P MidCap 400® Index(3)

-1.06%

9.23%

11.43%

 

(1)

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

 

40

 

 

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 October 31, 2023)

 

 

One Year

Three Year

Since Inception(2)

Pacer Lunt Large Cap Multi-Factor Alternator ETF - NAV

2.07%

11.25%

13.22%

Pacer Lunt Large Cap Multi-Factor Alternator ETF - Market

2.10%

11.44%

13.23%

Lunt Capital U.S. Large Cap Multi-Factor Rotation Index(3)

2.84%

12.12%

14.12%

S&P 500® Index(3)

10.14%

10.36%

11.69%

 

(1)

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

 

41

 

 

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 October 31, 2023)

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer US Export Leaders ETF - NAV

10.06%

9.39%

11.67%

9.21%

Pacer US Export Leaders ETF - Market

9.96%

9.63%

11.64%

9.22%

Pacer US Export Leaders Index(3)

10.71%

10.04%

12.33%

9.89%

S&P 900 IndexTM(3)

9.46%

10.30%

10.77%

9.48%

 

(1)

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

 

42

 

 

Pacer Pacific Asset Floating Rate High Income ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Three Year

Five Year

Since Inception(2)

Pacer Pacific Asset Floating Rate High Income ETF - NAV

13.82%

4.51%

3.76%

3.40%

Pacer Pacific Asset Floating Rate High Income ETF - Market

13.85%

4.48%

3.73%

3.42%

S&P 500® Index(3)

10.14%

10.36%

11.01%

10.31%

S&P/LSTA U.S. Leveraged Loan 100 Index(3)

11.91%

5.37%

4.21%

3.95%

 

(1)

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

 

43

 

 

Pacer Data and Digital Revolution ETF

PERFORMANCE SUMMARY
(Unaudited)

 

Growth of $10,000

 

 

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

 

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

 

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

 

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

 

 

One Year

Since Inception(2)

Pacer Data and Digital Revolution ETF - NAV

36.70%

13.07%

Pacer Data and Digital Revolution ETF - Market

36.46%

13.26%

Pacer Data Transmission and Communication Revolution Index(3)

37.58%

13.81%

S&P 500® Index(3)

10.14%

3.04%

S&P 1200® Index(3)

11.72%

1.49%

 

(1)

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

 

44

 

 

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 October 31, 2023)

 

 

One Year

Since Inception(2)

Pacer Industrials and Logistics ETF - NAV

10.31%

-2.04%

Pacer Industrials and Logistics ETF - Market

10.31%

-1.59%

Pacer Global Supply Chain Infrastructure Index(3)

11.36%

-1.44%

S&P 500® Index(3)

10.14%

3.04%

S&P 1200® Index(3)

11.72%

1.49%

 

(1)

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

 

45

 

 

Pacer Funds

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

 

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

 

Actual Expenses

 

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

 

Hypothetical Example for Comparison Purposes

 

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

 

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

 

 

Fund’s Annual
Expense Ratio

Beginning Account
Value 05/01/23

Ending Account
Value 10/31/23

Expenses Paid
During Period
(a)

Pacer Trendpilot® US Large Cap ETF

       

Actual

0.60%

$1,000.00

$ 1,011.20

$ 3.03

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer Trendpilot® US Mid Cap ETF

       

Actual

0.60%

$1,000.00

$ 949.00

$ 2.94

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer TrendpilotTM 100 ETF

       

Actual

0.65%

$1,000.00

$ 1,105.00

$ 3.44

Hypothetical(b)

0.65%

$1,000.00

$ 1,021.87

$ 3.30

Pacer Trendpilot® European Index ETF

       

Actual

0.65%

$1,000.00

$ 910.60

$ 3.12

Hypothetical(b)

0.65%

$1,000.00

$ 1,021.87

$ 3.30

Pacer Trendpilot International ETF

       

Actual

0.65%

$1,000.00

$ 925.20

$ 3.15

Hypothetical(b)

0.65%

$1,000.00

$ 1,021.87

$ 3.30

Pacer Trendpilot US Bond ETF

       

Actual

0.60%

$1,000.00

$ 980.10

$ 2.99

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer Trendpilot Fund of Funds ETF

       

Actual

0.15%

$1,000.00

$ 993.00

$ 0.75

Hypothetical(b)

0.15%

$1,000.00

$ 1,024.38

$ 0.76

Pacer U.S. Cash Cows 100 ETF

       

Actual

0.49%

$1,000.00

$ 1,031.70

$ 2.50

Hypothetical(b)

0.49%

$1,000.00

$ 1,022.67

$ 2.49

 

46

 

 

Pacer Funds

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

 

 

Fund’s Annual
Expense Ratio

Beginning Account
Value 05/01/23

Ending Account
Value 10/31/23

Expenses Paid
During Period
(a)

Pacer U.S. Small Cap Cash Cows 100 ETF

       

Actual

0.59%

$1,000.00

$ 1,076.60

$ 3.08

Hypothetical(b)

0.59%

$1,000.00

$ 1,022.17

$ 3.00

Pacer Global Cash Cows Dividend ETF

       

Actual

0.60%

$1,000.00

$ 960.30

$ 2.96

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer Developed Markets International Cash Cows 100 ETF

       

Actual

0.65%

$1,000.00

$ 985.10

$ 3.24

Hypothetical(b)

0.65%

$1,000.00

$ 1,021.87

$ 3.30

Pacer Emerging Markets Cash Cows 100 ETF

       

Actual

0.70%

$1,000.00

$ 969.00

$ 3.46

Hypothetical(b)

0.70%

$1,000.00

$ 1,021.62

$ 3.56

Pacer US Large Cap Cash Cows Growth Leaders ETF

       

Actual

0.49%

$1,000.00

$ 1,029.70

$ 2.50

Hypothetical(b)

0.49%

$1,000.00

$ 1,022.67

$ 2.49

Pacer US Cash Cows Growth ETF

       

Actual

0.60%

$1,000.00

$ 998.20

$ 3.01

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer Cash Cows Fund of Funds ETF

       

Actual

0.15%

$1,000.00

$ 1,009.30

$ 0.76

Hypothetical(b)

0.15%

$1,000.00

$ 1,024.38

$ 0.76

Pacer WealthShield ETF

       

Actual

0.60%

$1,000.00

$ 960.80

$ 2.96

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer Industrial Real Estate ETF

       

Actual

0.55%

$1,000.00

$ 820.00

$ 2.52

Hypothetical(b)

0.55%

$1,000.00

$ 1,022.37

$ 2.80

Pacer Data & Infrastructure Real Estate ETF

     

Actual

0.55%

$1,000.00

$ 883.90

$ 2.60

Hypothetical(b)

0.55%

$1,000.00

$ 1,022.37

$ 2.80

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

       

Actual

0.60%

$1,000.00

$ 844.30

$ 2.78

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer CSOP FTSE China A50 ETF

       

Actual

0.70%

$1,000.00

$ 879.60

$ 3.31

Hypothetical(b)

0.70%

$1,000.00

$ 1,021.62

$ 3.56

Pacer BioThreat Strategy ETF

       

Actual

0.70%

$1,000.00

$ 975.20

$ 3.48

Hypothetical(b)

0.70%

$1,000.00

$ 1,021.62

$ 3.56

Pacer Lunt Large Cap Alternator ETF

       

Actual

0.60%

$1,000.00

$ 869.50

$ 2.82

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer Lunt Midcap Multi-Factor Alternator ETF

       

Actual

0.60%

$1,000.00

$ 987.90

$ 3.00

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer Lunt Large Cap Multi-Factor Alternator ETF

       

Actual

0.60%

$1,000.00

$ 1,024.70

$ 3.05

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

 

47

 

 

Pacer Funds

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

 

 

Fund’s Annual
Expense Ratio

Beginning Account
Value 05/01/23

Ending Account
Value 10/31/23

Expenses Paid
During Period
(a)

Pacer US Export Leaders ETF

       

Actual

0.60%

$1,000.00

$ 971.40

$ 2.97

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer Pacific Asset Floating Rate High Income ETF

     

Actual

0.60%

$1,000.00

$ 1,053.10

$ 3.10

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer Industrials and Logistics ETF

     

Actual

0.60%

$1,000.00

$ 944.30

$ 2.93

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

Pacer Data and Digital Revolution ETF

       

Actual

0.60%

$1,000.00

$ 1,177.40

$ 3.28

Hypothetical(b)

0.60%

$1,000.00

$ 1,022.12

$ 3.05

 

(a)

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

(b)

Assumes 5% return before expenses.

 

Fund’s Annual
Expense Ratio

Beginning Account
Value 05/01/23
(b)

Ending Account
Value 10/31/23

Expenses Paid
During Period

Pacer US Small Cap Cash Cows Growth Leaders ETF

       

Actual

0.59%

$1,000.00

$ 967.00

$ 2.90(c)

Hypothetical(a)

0.59%

$1,000.00

$ 1,022.17

$ 3.00(d)

 

(a)

Assumes 5% return before expenses.

(b)

Inception Date of the Fund.

(c)

The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (183) in the most recent period and divided by the number of days in the most recent twelve-month period (365).

(d)

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

 

48

 

 

Pacer Trendpilot® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 97.7%

 

Communication Services — 8.7%

Alphabet, Inc. - Class A(a)

    365,673     $ 45,372,705  

Alphabet, Inc. - Class C(a)

    311,018       38,970,555  

AT&T, Inc.

    441,655       6,801,487  

Charter Communications, Inc. - Class A(a)(b)

    6,254       2,519,111  

Comcast Corp. - Class A

    252,691       10,433,611  

Electronic Arts, Inc.

    16,026       1,983,859  

Fox Corp. - Class A

    18,450       560,696  

Fox Corp. - Class B

    8,471       236,426  

Interpublic Group of Cos., Inc.

    23,689       672,768  

Live Nation Entertainment, Inc.(a)

    8,772       701,935  

Match Group, Inc.(a)

    17,035       589,411  

Meta Platforms, Inc. - Class A(a)

    136,965       41,263,445  

Netflix, Inc.(a)

    27,325       11,249,429  

News Corp. - Class A

    23,389       483,685  

News Corp. - Class B(b)

    7,154       153,382  

Omnicom Group, Inc.

    12,499       936,300  

Paramount Global - Class B(b)

    30,851       335,659  

Take-Two Interactive Software, Inc.(a)

    9,681       1,294,834  

T-Mobile US, Inc.(a)

    31,743       4,566,548  

Verizon Communications, Inc.

    262,297       9,214,494  

Walt Disney Co.(a)

    113,231       9,238,517  

Warner Bros Discovery, Inc.(a)(b)

    134,999       1,341,890  

 

            188,920,747  
 

Consumer Discretionary — 10.5%

Airbnb, Inc. - Class A(a)(b)

    25,922       3,066,313  

Amazon.com, Inc.(a)

    559,548       74,470,244  

Aptiv PLC(a)

    16,536       1,441,939  

AutoZone, Inc.(a)

    1,162       2,878,425  

Bath & Body Works, Inc.

    13,917       412,639  

Best Buy Co., Inc.

    12,199       815,137  

Booking Holdings, Inc.(a)

    2,218       6,187,244  

BorgWarner, Inc.

    14,317       528,297  

Caesars Entertainment, Inc.(a)

    13,108       522,878  

CarMax, Inc.(a)(b)

    9,681       591,412  

Carnival Corp.(a)

    61,196       701,306  

Chipotle Mexican Grill, Inc.(a)

    1,727       3,354,179  

Darden Restaurants, Inc.(b)

    7,463       1,086,090  

Domino’s Pizza, Inc.

    2,118       717,981  

DR Horton, Inc.

    19,153       1,999,573  

eBay, Inc.

    33,170       1,301,259  

Etsy, Inc.(a)(b)

    7,663       477,405  

Expedia Group, Inc.(a)

    9,172       874,000  

Ford Motor Co.

    241,145       2,351,164  

Garmin Ltd.

    9,373       961,014  

General Motors Co.

    86,791       2,447,506  

 

   

Shares

   

Value

 

Consumer Discretionary — 10.5% (Continued)

Genuine Parts Co.

    8,572     $ 1,104,588  

Hasbro, Inc.(b)

    7,963       359,529  

Hilton Worldwide Holdings, Inc.

    16,535       2,505,549  

Home Depot, Inc.

    61,681       17,559,965  

Las Vegas Sands Corp.

    20,062       952,143  

Lennar Corp. - Class A

    15,526       1,656,314  

LKQ Corp.

    15,527       681,946  

Lowe’s Cos., Inc.

    35,933       6,847,752  

Lululemon Athletica, Inc.(a)

    7,130       2,805,512  

Marriott International, Inc.

    15,399       2,903,635  

McDonald’s Corp.

    45,013       11,801,058  

MGM Resorts International

    19,460       679,543  

Mohawk Industries, Inc.(a)

    3,227       259,386  

Nike, Inc. - Class B

    75,176       7,725,838  

Norwegian Cruise Line Holdings Ltd.(a)

    25,708       349,629  

NVR, Inc.(a)

    200       1,082,524  

O’Reilly Automotive, Inc.(a)

    3,827       3,560,794  

Pool Corp.(b)

    2,418       763,532  

PulteGroup, Inc.

    13,916       1,024,078  

Ralph Lauren Corp.

    2,518       283,351  

Ross Stores, Inc.

    21,171       2,455,201  

Royal Caribbean Cruises Ltd.(a)

    14,514       1,229,771  

Starbucks Corp.

    70,808       6,531,330  

Tapestry, Inc.

    14,717       405,601  

Tesla Motors, Inc.(a)

    169,919       34,126,533  

TJX Cos., Inc.

    70,876       6,242,049  

Tractor Supply Co.(b)

    6,754       1,300,550  

Ulta Beauty, Inc.(a)

    3,127       1,192,356  

VF Corp.(b)

    20,162       296,986  

Whirlpool Corp.(b)

    3,327       347,871  

Wynn Resorts Ltd.

    6,253       548,888  

Yum! Brands, Inc.

    17,244       2,084,110  

 

            228,853,917  
 

Consumer Staples — 6.6%

Altria Group, Inc.

    109,491       4,398,253  

Archer-Daniels-Midland Co.

    33,570       2,402,605  

Brown-Forman Corp. - Class B

    11,190       628,430  

Bunge Ltd.

    9,204       975,440  

Campbell Soup Co.

    12,299       497,003  

Church & Dwight Co., Inc.

    14,918       1,356,643  

Clorox Co.

    7,563       890,165  

Coca-Cola Co.

    240,472       13,584,263  

Colgate-Palmolive Co.

    51,014       3,832,172  

Conagra Brands, Inc.

    29,235       799,870  

Constellation Brands, Inc. - Class A

    9,881       2,313,636  

Costco Wholesale Corp.

    27,466       15,173,317  

Dollar General Corp.

    13,808       1,643,704  

Dollar Tree, Inc.(a)

    12,908       1,433,950  

 

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

 

49

 

 

Pacer Trendpilot® US Large Cap ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 97.7% (Continued)

 

Consumer Staples — 6.6% (Continued)

Estee Lauder Cos., Inc. - Class A

    14,117     $ 1,819,258  

General Mills, Inc.

    36,297       2,368,016  

Hershey Co.

    8,972       1,680,904  

Hormel Foods Corp.

    17,644       574,312  

J M Smucker Co.

    6,554       746,107  

Kellanova

    15,627       788,695  

Kenvue, Inc.

    106,336       1,977,850  

Keurig Dr Pepper, Inc.

    61,747       1,872,787  

Kimberly-Clark Corp.

    20,571       2,461,114  

Kroger Co.

    39,825       1,806,860  

Lamb Weston Holdings, Inc.

    8,772       787,726  

McCormick & Co., Inc.

    15,326       979,331  

Molson Coors Beverage Co. - Class B(b)

    11,490       663,777  

Mondelez International, Inc.

    83,376       5,520,325  

Monster Beverage Corp.(a)

    46,577       2,380,085  

PepsiCo, Inc.

    85,142       13,901,986  

Philip Morris International, Inc.

    95,312       8,498,018  

Procter & Gamble Co.

    145,185       21,782,106  

Sysco Corp.

    30,952       2,057,998  

Target Corp.

    28,126       3,116,080  

The Kraft Heinz Co.

    48,596       1,528,830  

Tyson Foods, Inc. - Class A

    17,644       817,799  

Walgreens Boots Alliance, Inc.(b)

    43,872       924,822  

Walmart, Inc.

    87,638       14,320,926  

 

            143,305,163  
 

Energy — 4.5%

APA Corp.

    19,661       780,935  

Baker Hughes Co.

    61,196       2,106,366  

Chevron Corp.

    109,904       16,016,310  

ConocoPhillips

    74,429       8,842,165  

Coterra Energy, Inc.

    48,177       1,324,868  

Devon Energy Corp.

    39,924       1,859,261  

Diamondback Energy, Inc.

    11,290       1,810,013  

EOG Resources, Inc.

    35,888       4,530,860  

EQT Corp.

    22,380       948,464  

Exxon Mobil Corp.

    246,687       26,111,818  

Halliburton Co.

    55,450       2,181,403  

Hess Corp.

    16,935       2,445,414  

Kinder Morgan, Inc.

    120,780       1,956,636  

Marathon Oil Corp.

    38,814       1,060,010  

Marathon Petroleum Corp.

    24,570       3,716,213  

Occidental Petroleum Corp.

    40,752       2,518,881  

ONEOK, Inc.

    35,816       2,335,203  

Phillips 66

    27,298       3,113,883  

Pioneer Natural Resources Co.

    14,517       3,469,563  

Schlumberger Ltd.

    88,043       4,900,473  

 

   

Shares

   

Value

 

Energy — 4.5% (Continued)

Targa Resources Corp.

    13,808     $ 1,154,487  

Valero Energy Corp.

    22,243       2,824,861  

Williams Cos., Inc.

    74,404       2,559,498  

 

            98,567,585  
 

Financials — 12.8%

Aflac, Inc.

    34,578       2,700,888  

Allstate Corp.

    16,235       2,080,191  

American Express Co.

    36,496       5,329,511  

American International Group, Inc.

    45,368       2,781,512  

Ameriprise Financial, Inc.

    6,454       2,030,235  

Aon PLC

    12,599       3,898,131  

Arch Capital Group Ltd.(a)

    22,581       1,957,321  

Arthur J Gallagher & Co.

    13,208       3,110,352  

Assurant, Inc.

    3,227       480,500  

Bank of America Corp.

    426,359       11,230,296  

Bank of New York Mellon Corp.

    47,836       2,033,030  

Berkshire Hathaway, Inc. - Class B(a)

    112,233       38,308,491  

BlackRock, Inc.

    8,672       5,309,692  

Blackstone, Inc.(b)

    43,295       3,998,293  

Brown & Brown, Inc.

    14,317       993,886  

Capital One Financial Corp.

    23,289       2,358,943  

Cboe Global Markets, Inc.

    6,454       1,057,746  

Charles Schwab Corp.

    93,155       4,847,786  

Chubb Ltd.

    25,307       5,431,388  

Cincinnati Financial Corp.

    9,581       954,938  

Citigroup, Inc.

    120,203       4,746,816  

Citizens Financial Group, Inc.

    30,042       703,884  

CME Group, Inc.

    21,980       4,691,851  

Comerica, Inc.

    7,963       313,742  

Discover Financial Services

    16,634       1,365,319  

Everest Group Ltd.

    2,618       1,035,733  

FactSet Research Systems, Inc.

    2,318       1,001,121  

Fidelity National Information Services, Inc.

    36,197       1,777,635  

Fifth Third Bancorp

    41,942       994,445  

Fiserv, Inc.(a)

    37,479       4,263,236  

FleetCor Technologies, Inc.(a)

    4,536       1,021,371  

Franklin Resources, Inc.(b)

    17,344       395,270  

Global Payments, Inc.

    16,534       1,756,241  

Globe Life, Inc.

    5,545       645,216  

Goldman Sachs Group, Inc.

    20,254       6,149,317  

Hartford Financial Services Group, Inc.

    19,461       1,429,410  

Huntington Bancshares, Inc./OH

    88,103       850,194  

Intercontinental Exchange, Inc.

    35,115       3,772,756  

Invesco Ltd.

    27,725       359,593  

Jack Henry & Associates, Inc.

    4,436       625,432  

JPMorgan Chase & Co.

    179,134       24,910,374  

KeyCorp.

    56,951       582,039  

 

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

 

50

 

 

Pacer Trendpilot® US Large Cap ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 97.7% (Continued)

 

Financials — 12.8% (Continued)

Loews Corp.

    11,998     $ 767,992  

M&T Bank Corp.

    10,598       1,194,925  

MarketAxess Holdings, Inc.

    2,318       495,473  

Marsh & McLennan Cos., Inc.

    30,243       5,735,585  

MasterCard, Inc. - Class A

    51,082       19,224,711  

MetLife, Inc.

    40,223       2,413,782  

Moody’s Corp.

    9,581       2,950,948  

Morgan Stanley

    78,303       5,545,418  

MSCI, Inc.

    4,836       2,280,416  

Nasdaq, Inc.

    20,671       1,025,282  

Northern Trust Corp.(b)

    12,699       836,991  

PayPal Holdings, Inc.(a)

    67,395       3,491,061  

PNC Financial Services Group, Inc.

    24,598       2,815,733  

Principal Financial Group, Inc.

    13,916       941,835  

Progressive Corp.

    35,689       5,642,074  

Prudential Financial, Inc.

    22,480       2,055,571  

Raymond James Financial, Inc.(b)

    11,798       1,126,001  

Regions Financial Corp.

    57,051       828,951  

S&P Global, Inc.

    19,962       6,972,926  

State Street Corp.

    20,488       1,324,139  

Synchrony Financial

    27,523       772,020  

T Rowe Price Group, Inc.

    13,608       1,231,524  

Travelers Cos., Inc.

    14,317       2,397,238  

Truist Financial Corp.

    81,058       2,298,805  

US Bancorp

    95,611       3,048,079  

Visa, Inc. - Class A(b)

    99,074       23,292,297  

W R Berkley Corp.

    12,499       842,683  

Wells Fargo & Co.

    224,612       8,932,819  

Willis Towers Watson PLC

    6,654       1,569,612  

Zions Bancorp(b)

    9,172       282,956  

 

            276,621,972  
 

Health Care — 13.1%

Abbott Laboratories

    106,575       10,076,666  

AbbVie, Inc.

    109,368       15,440,574  

Agilent Technologies, Inc.

    18,808       1,944,183  

Align Technology, Inc.(a)

    4,436       818,841  

Amgen, Inc.

    33,002       8,438,611  

Baxter International, Inc.

    30,752       997,287  

Becton Dickinson & Co.

    17,844       4,510,606  

Biogen, Inc.(a)

    8,772       2,083,701  

Bio-Rad Laboratories, Inc. - Class A(a)

    1,309       360,342  

Bio-Techne Corp.

    9,581       523,410  

Boston Scientific Corp.(a)

    88,853       4,548,385  

Bristol-Myers Squibb Co.

    129,843       6,690,810  

Cardinal Health, Inc.

    16,026       1,458,366  

Catalent, Inc.(a)(b)

    10,990       377,946  

 

   

Shares

   

Value

 

Health Care — 13.1% (Continued)

Cencora, Inc.

    9,881     $ 1,829,467  

Centene Corp.(a)

    34,578       2,385,190  

Charles River Laboratories International, Inc.(a)

    3,127       526,462  

Cigna Corp.

    18,117       5,601,776  

Cooper Cos., Inc.

    3,027       943,667  

CVS Health Corp.

    78,701       5,431,156  

Danaher Corp.

    40,869       7,847,665  

DaVita, Inc.(a)(b)

    3,327       256,944  

Dentsply Sirona, Inc.

    13,108       398,614  

DexCom, Inc.(a)

    23,590       2,095,500  

Edwards Lifesciences Corp.(a)

    37,706       2,402,626  

Elevance Health, Inc.

    14,617       6,578,966  

Eli Lilly & Co.

    49,163       27,232,861  

GE HealthCare Technologies, Inc.

    24,008       1,598,213  

Gilead Sciences, Inc.

    76,621       6,017,813  

HCA Healthcare, Inc.

    12,372       2,797,804  

Henry Schein, Inc.(a)

    8,263       536,930  

Hologic, Inc.(a)

    15,226       1,007,504  

Humana, Inc.

    7,763       4,065,405  

IDEXX Laboratories, Inc.(a)

    5,045       2,015,326  

Illumina, Inc.(a)

    9,581       1,048,353  

Incyte Corp.(a)

    11,290       608,870  

Insulet Corp.(a)

    4,252       563,688  

Intuitive Surgical, Inc.(a)

    21,572       5,656,610  

IQVIA Holdings, Inc.(a)

    11,390       2,059,654  

Johnson & Johnson

    148,650       22,050,741  

Laboratory Corp. of America Holdings

    5,445       1,087,530  

McKesson Corp.

    8,371       3,811,819  

Medtronic PLC

    82,198       5,799,891  

Merck & Co., Inc.

    156,589       16,081,690  

Mettler-Toledo International, Inc.(a)

    1,409       1,388,147  

Moderna, Inc.(a)

    20,162       1,531,506  

Molina Healthcare, Inc.(a)

    3,527       1,174,315  

Organon & Co.

    28       414  

Pfizer, Inc.

    347,255       10,612,113  

Quest Diagnostics, Inc.

    6,954       904,715  

Regeneron Pharmaceuticals, Inc.(a)

    6,654       5,189,388  

ResMed, Inc.

    8,972       1,267,026  

Revvity, Inc.

    7,663       634,880  

STERIS PLC

    6,045       1,269,329  

Stryker Corp.

    20,871       5,639,762  

Teleflex, Inc.

    2,827       522,288  

Thermo Fisher Scientific, Inc.

    23,752       10,564,177  

UnitedHealth Group, Inc.

    57,076       30,567,623  

Universal Health Services, Inc. - Class B

    3,944       496,510  

Vertex Pharmaceuticals, Inc.(a)

    15,926       5,766,964  

 

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

 

51

 

 

Pacer Trendpilot® US Large Cap ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 97.7% (Continued)

 

Health Care — 13.1% (Continued)

Viatris, Inc.

    74,103     $ 659,517  

Waters Corp.(a)(b)

    3,627       865,148  

West Pharmaceutical Services, Inc.

    4,536       1,443,763  

Zimmer Biomet Holdings, Inc.

    12,808       1,337,283  

Zoetis, Inc.(b)

    28,434       4,464,138  

 

            284,907,469  
 

Industrials — 8.3%

3M Co.

    33,762       3,070,654  

A O Smith Corp.(b)

    7,763       541,547  

Alaska Air Group, Inc.(a)

    7,763       245,544  

Allegion PLC

    5,345       525,734  

American Airlines Group, Inc.(a)

    47,092       525,076  

AMETEK, Inc.

    14,017       1,973,173  

Automatic Data Processing, Inc.

    25,307       5,522,494  

Axon Enterprise, Inc.(a)

    4,216       862,130  

Boeing Co.(a)

    35,060       6,549,909  

Broadridge Financial Solutions, Inc.

    7,155       1,220,929  

Carrier Global Corp.

    51,115       2,436,141  

Caterpillar, Inc.

    31,760       7,179,348  

Ceridian HCM Holding, Inc.(a)(b)

    9,373       599,966  

CH Robinson Worldwide, Inc.(b)

    7,154       585,412  

Cintas Corp.

    5,245       2,659,844  

Copart, Inc.(a)

    52,389       2,279,969  

CSX Corp.

    123,164       3,676,445  

Cummins, Inc.(b)

    8,572       1,854,124  

Deere & Co.

    16,735       6,114,300  

Delta Air Lines, Inc.

    39,116       1,222,375  

Dover Corp.

    8,572       1,113,931  

Eaton Corp. PLC

    24,598       5,114,170  

Emerson Electric Co.

    36,048       3,207,191  

Equifax, Inc.

    7,463       1,265,501  

Expeditors International of Washington, Inc.

    9,680       1,057,540  

Fastenal Co.

    34,992       2,041,433  

FedEx Corp.

    14,617       3,509,542  

Fortive Corp.

    21,563       1,407,633  

Generac Holdings, Inc.(a)

    3,827       321,736  

General Dynamics Corp.

    13,709       3,308,119  

General Electric Co.

    66,740       7,249,965  

Honeywell International, Inc.

    41,033       7,519,707  

Howmet Aerospace, Inc.

    22,482       991,456  

Hubbell, Inc.

    3,315       895,382  

Huntington Ingalls Industries, Inc.

    2,418       531,525  

IDEX Corp.

    4,636       887,377  

Illinois Tool Works, Inc.

    17,035       3,817,884  

Ingersoll Rand, Inc.

    24,698       1,498,675  

Jacobs Solutions, Inc.

    7,763       1,034,808  

 

   

Shares

   

Value

 

Industrials — 8.3% (Continued)

JB Hunt Trasport Services, Inc.

    5,045     $ 867,084  

Johnson Controls International PLC

    42,042       2,060,899  

L3Harris Technologies, Inc.

    11,591       2,079,541  

Leidos Holdings, Inc.

    8,372       829,833  

Lockheed Martin Corp.

    13,916       6,326,770  

Masco Corp.

    13,808       719,259  

Nordson Corp.

    3,327       707,287  

Norfolk Southern Corp.

    14,117       2,693,382  

Northrop Grumman Corp.

    8,872       4,182,527  

Old Dominion Freight Line, Inc.

    5,545       2,088,580  

Otis Worldwide Corp.

    25,407       1,961,674  

PACCAR, Inc.

    31,917       2,634,110  

Parker-Hannifin Corp.

    7,863       2,900,739  

Paychex, Inc.

    19,562       2,172,360  

Paycom Software, Inc.

    2,927       717,027  

Pentair PLC

    10,081       585,908  

Quanta Services, Inc.

    8,772       1,465,977  

Republic Services, Inc.

    12,499       1,855,977  

Robert Half, Inc.

    6,654       497,520  

Rockwell Automation, Inc.(b)

    7,054       1,853,862  

Rollins, Inc.

    17,256       648,998  

RTX Corp.

    89,729       7,303,042  

Snap-On, Inc.

    3,227       832,372  

Southwest Airlines Co.

    36,297       806,882  

Stanley Black & Decker, Inc.

    9,073       771,659  

Textron, Inc.

    12,699       965,124  

Trane Technologies PLC

    14,017       2,667,575  

TransDigm Group, Inc.(a)

    3,427       2,837,864  

Union Pacific Corp.

    37,506       7,786,620  

United Airlines Holdings, Inc.(a)

    19,962       698,870  

United Parcel Service, Inc. - Class B

    44,560       6,294,100  

United Rentals, Inc.(b)

    4,236       1,720,960  

Veralto Corp.(a)

    13,612       939,228  

Verisk Analytics, Inc.

    8,935       2,031,462  

W.W. Grainger, Inc.

    2,718       1,983,678  

Waste Management, Inc.

    22,788       3,744,752  

Westinghouse Air Brake Technologies Corp.

    11,090       1,175,762  

Xylem, Inc.

    14,728       1,377,657  

 

            180,205,610  
 

Information Technology — 28.2%

Accenture PLC - Class A

    39,015       11,590,967  

Adobe, Inc.(a)

    28,008       14,901,936  

Advanced Micro Devices, Inc.(a)

    99,002       9,751,697  

Akamai Technologies, Inc.(a)

    9,580       989,901  

Amphenol Corp.

    36,297       2,923,723  

Analog Devices, Inc.

    31,452       4,948,343  

ANSYS, Inc.(a)

    5,345       1,487,300  

Apple, Inc.

    905,800       154,683,466  

 

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

 

52

 

 

Pacer Trendpilot® US Large Cap ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 97.7% (Continued)

 

Information Technology — 28.2% (Continued)

Applied Materials, Inc.

    52,214     $ 6,910,523  

Arista Networks, Inc.(a)

    15,126       3,030,797  

Autodesk, Inc.(a)

    13,208       2,610,297  

Broadcom, Inc.

    25,422       21,389,308  

Cadence Design System, Inc.(a)

    16,735       4,013,890  

CDW Corp.

    8,263       1,655,905  

Cisco Systems, Inc.

    250,158       13,040,737  

Cognizant Technology Solutions Corp.

    31,352       2,021,263  

Corning, Inc.

    46,479       1,243,778  

Enphase Energy, Inc.(a)

    8,264       657,649  

EPAM Systems, Inc.(a)

    3,527       767,369  

F5, Inc.(a)

    3,627       549,817  

Fair Isaac Corp.(a)

    1,538       1,300,948  

First Solar, Inc.(a)

    6,046       861,253  

Fortinet, Inc.(a)

    39,624       2,265,304  

Gartner, Inc.(a)

    4,836       1,605,745  

Gen Digital, Inc.

    35,387       589,547  

Hewlett Packard Enterprise Co.

    78,540       1,207,945  

HP, Inc.

    54,040       1,422,873  

Intel Corp.

    260,416       9,505,184  

International Business Machines Corp.

    56,796       8,214,973  

Intuit, Inc.

    17,244       8,534,918  

Juniper Networks, Inc.

    19,862       534,685  

Keysight Technologies, Inc.(a)

    10,890       1,329,125  

KLA Corp.

    8,672       4,073,238  

Lam Research Corp.

    8,380       4,929,284  

Microchip Technology, Inc.

    33,570       2,393,205  

Micron Technology, Inc.

    67,581       4,519,141  

Microsoft Corp.

    457,916       154,825,979  

Monolithic Power Systems, Inc.

    2,924       1,291,648  

Motorola Solutions, Inc.

    10,181       2,835,001  

NetApp, Inc.

    13,308       968,556  

NVIDIA Corp.

    152,221       62,075,724  

NXP Semiconductors NV

    15,826       2,728,877  

ON Semiconductor Corp.(a)

    26,416       1,654,698  

Oracle Corp.

    96,642       9,992,783  

Palo Alto Networks, Inc.(a)

    19,082       4,637,308  

PTC, Inc.(a)(b)

    7,290       1,023,662  

Qorvo, Inc.(a)

    6,153       537,895  

QUALCOMM, Inc.

    68,458       7,461,237  

Roper Technologies, Inc.

    6,554       3,202,088  

salesforce.com, Inc.(a)

    60,150       12,079,925  

Seagate Technology Holdings PLC

    11,699       798,457  

ServiceNow, Inc.(a)

    12,699       7,388,913  

Skyworks Solutions, Inc.

    9,781       848,404  

SolarEdge Technologies, Inc.(a)(b)

    3,427       260,281  

 

   

Shares

   

Value

 

Information Technology — 28.2% (Continued)

Synopsys, Inc.(a)

    9,372     $ 4,399,592  

TE Connectivity Ltd.

    19,461       2,293,479  

Teledyne Technologies, Inc.(a)(b)

    2,827       1,058,966  

Teradyne, Inc.(b)

    9,481       789,483  

Texas Instruments, Inc.

    56,304       7,995,731  

Trimble, Inc.(a)

    15,026       708,175  

Tyler Technologies, Inc.(a)

    2,518       938,962  

VeriSign, Inc.(a)

    5,645       1,127,081  

Western Digital Corp.(a)

    19,345       776,702  

Zebra Technologies Corp.(a)

    3,127       654,888  

 

            607,810,529  
 

Materials — 2.4%

Air Products & Chemicals, Inc.

    13,508       3,815,200  

Albemarle Corp.(b)

    7,155       907,111  

Amcor PLC

    90,938       808,439  

Avery Dennison Corp.

    4,936       859,210  

Ball Corp.(b)

    19,153       922,217  

Celanese Corp.(b)

    6,046       692,327  

CF Industries Holdings, Inc.

    11,999       957,280  

Corteva, Inc.

    43,651       2,101,359  

Dow, Inc.

    42,951       2,076,251  

DuPont de Nemours, Inc.(b)

    28,067       2,045,523  

Eastman Chemical Co.

    7,363       550,237  

Ecolab, Inc.

    15,126       2,537,235  

FMC Corp.

    7,663       407,672  

Freeport-McMoRan, Inc.

    87,312       2,949,399  

International Flavors & Fragrances, Inc.

    15,526       1,061,202  

International Paper Co.

    21,679       731,233  

Linde PLC

    30,143       11,519,449  

LyondellBasell Industries NV

    15,526       1,401,066  

Martin Marietta Materials, Inc.

    3,827       1,565,013  

Mosaic Co.

    20,770       674,610  

Newmont Goldcorp Corp.(b)

    48,496       1,817,145  

Nucor Corp.

    15,626       2,309,367  

Packaging Corp. of America

    5,645       863,967  

PPG Industries, Inc.

    14,317       1,757,698  

Sealed Air Corp.

    8,872       273,169  

Sherwin-Williams Co.

    14,417       3,434,274  

Steel Dynamics, Inc.

    10,181       1,084,378  

Vulcan Materials Co.

    8,163       1,603,948  

Westrock Co.

    15,526       557,849  

 

            52,283,828  
 

Real Estate — 0.1%

CBRE Group, Inc.(a)

    19,253       1,335,003  

CoStar Group, Inc.(a)

    24,799       1,820,495  

 

            3,155,498  
 

 

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

 

53

 

 

Pacer Trendpilot® US Large Cap ETF

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

 

   

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Value

 

COMMON STOCKS — 97.7% (Continued)

 

Utilities — 2.5%

AES Corp.

    40,833     $ 608,412  

Alliant Energy Corp.

    15,326       747,756  

Ameren Corp.

    15,827       1,198,262  

American Electric Power Co., Inc.

    31,353       2,368,406  

American Water Works Co., Inc.

    11,828       1,391,564  

Atmos Energy Corp.(b)

    8,572       922,862  

CenterPoint Energy, Inc.(b)

    38,415       1,032,595  

CMS Energy Corp.

    17,744       964,209  

Consolidated Edison, Inc.

    21,679       1,903,199  

Constellation Energy Corp.

    19,962       2,254,109  

Dominion Energy, Inc.

    50,914       2,052,852  

DTE Energy Co.

    13,644       1,315,009  

Duke Energy Corp.

    46,970       4,175,163  

Edison International

    23,289       1,468,604  

Entergy Corp.

    12,400       1,185,316  

Evergy, Inc.

    14,017       688,795  

Eversource Energy

    21,271       1,144,167  

Exelon Corp.

    60,695       2,363,463  

FirstEnergy Corp.

    33,169       1,180,816  

NextEra Energy, Inc.

    124,410       7,253,104  

NiSource, Inc.

    24,799       623,943  

NRG Energy, Inc.(b)

    14,117       598,278  

PG&E Corp.(a)

    128,373       2,092,480  

Pinnacle West Capital Corp.

    6,954       515,848  

PPL Corp.

    44,929       1,103,906  

Public Service Enterprise Group, Inc.

    30,435       1,876,318  

Sempra

    38,350       2,685,651  

Southern Co.

    66,441       4,471,479  

WEC Energy Group, Inc.

    19,254       1,567,083  

Xcel Energy, Inc.

    33,371       1,977,899  

 

            53,731,548  

TOTAL COMMON STOCKS (Cost $2,051,638,649)

            2,118,363,866  
 

REAL ESTATE INVESTMENT TRUSTS — 2.2%

 

Real Estate — 2.2%

Alexandria Real Estate Equities, Inc.(b)

    9,726       905,782  

American Tower Corp.

    28,434       5,066,654  

AvalonBay Communities, Inc.(b)

    8,572       1,420,723  

Boston Properties, Inc.(b)

    8,672       464,559  

Camden Property Trust

    6,554       556,304  

Crown Castle, Inc.

    26,416       2,456,160  

Digital Realty Trust, Inc.

    18,580       2,310,609  

Equinix, Inc.

    5,745       4,191,782  

Equity Residential

    20,771       1,149,259  

Essex Property Trust, Inc.

    3,936       841,989  

Extra Space Storage, Inc.

    13,015       1,348,224  

 

   

Shares

   

Value

 

Real Estate — 2.2% (Continued)

Federal Realty Investment Trust

    4,436     $ 404,519  

Healthpeak Properties, Inc.

    32,870       511,129  

Host Hotels & Resorts, Inc.

    43,652       675,733  

Invitation Homes, Inc.

    35,488       1,053,639  

Iron Mountain, Inc.

    17,744       1,048,138  

Kimco Realty Corp.

    37,806       678,240  

Mid-America Apartment Communities, Inc.(b)

    7,054       833,430  

Prologis, Inc.

    57,059       5,748,693  

Public Storage

    9,681       2,310,952  

Realty Income Corp.(b)

    43,478       2,059,988  

Regency Centers Corp.

    9,373       564,817  

SBA Communications Corp.

    6,554       1,367,361  

Simon Property Group, Inc.

    19,962       2,193,624  

UDR, Inc.(b)

    18,653       593,352  

Ventas, Inc.

    24,398       1,035,939  

VICI Properties, Inc.

    61,678       1,720,816  

Welltower, Inc.(b)

    31,940       2,670,503  

Weyerhaeuser Co.

    44,929       1,289,014  

 

            47,471,932  

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $57,416,868)

            47,471,932  
 

 

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

 

54

 

 

Pacer Trendpilot® US Large Cap ETF

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

 

   

Shares

   

Value

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.1%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    66,879,873     $ 66,879,873  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $66,879,873)

            66,879,873  
 

Total Investments — 103.0% (Cost $2,175,935,390)

            2,232,715,671  

Liabilities in Excess of Other Assets — (3.0)%

            (64,748,193 )

TOTAL NET ASSETS — 100.0%

          $ 2,167,967,478  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

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

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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

 

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

 

55

 

 

Pacer Trendpilot® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 

SHORT-TERM INVESTMENTS — 98.7%

 

U.S. Treasury Bills - 98.7%

               

5.38%, 12/28/2023(a)

  $ 186,648,000     $ 185,078,017  

5.39%, 1/25/2024

    175,000,000       172,806,902  

TOTAL SHORT-TERM INVESTMENTS (Cost $357,880,743)

            357,884,919  
                 
   

Shares

         

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 26.4%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(b)

    95,859,111     $ 95,859,111  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $95,859,111)

            95,859,111  
                 

Total Investments — 125.1% (Cost $453,739,854)

            453,744,030  

Liabilities in Excess of Other Assets — (25.1)%

            (91,037,492 )

TOTAL NET ASSETS - 100.0%

          $ 362,706,538  

 

Percentages are stated as a percent of net assets.

 

(a)

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

 

(b)

The rate shown is as of October 31, 2023.

 

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.

 

56

 

 

Pacer Trendpilot® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 49.3%

 

Communication Services — 7.9%

Alphabet, Inc. - Class A(a)

    116,046     $ 14,398,988  

Alphabet, Inc. - Class C(a)

    113,334       14,200,750  

Charter Communications, Inc. - Class A(a)(b)

    6,279       2,529,181  

Comcast Corp.

    173,102       7,147,382  

Electronic Arts, Inc.

    11,375       1,408,111  

Meta Platforms, Inc. - Class A(a)

    60,867       18,337,401  

Netflix, Inc.(a)

    18,500       7,616,265  

Sirius XM Holdings, Inc.(b)

    161,080       689,422  

T-Mobile US, Inc.(a)

    49,975       7,189,404  

Trade Desk, Inc. - Class A(a)(b)

    18,519       1,314,108  

Warner Bros Discovery, Inc.(a)(b)

    101,401       1,007,926  

Total Communication Services

            75,838,938  
 

Consumer Discretionary — 6.8%

Airbnb, Inc. - Class A(a)(b)

    18,559       2,195,344  

Amazon.com, Inc.(a)

    201,582       26,828,548  

Booking Holdings, Inc.(a)

    1,487       4,148,076  

eBay, Inc.

    22,261       873,299  

JD.com, Inc. - ADR

    18,917       480,870  

Lucid Group, Inc.(a)(b)

    94,565       389,608  

Lululemon Athletica, Inc.(a)

    5,092       2,003,600  

Marriott International, Inc.

    12,708       2,396,220  

MercadoLibre, Inc.(a)

    2,067       2,564,610  

O’Reilly Automotive, Inc.(a)

    2,564       2,385,648  

PDD Holdings, Inc. - ADR(a)

    27,292       2,767,955  

Ross Stores, Inc.

    14,228       1,650,021  

Starbucks Corp.

    47,680       4,398,003  

Tesla Motors, Inc.(a)

    61,915       12,435,009  

Total Consumer Discretionary

            65,516,811  
 

Consumer Staples — 3.2%

Costco Wholesale Corp.

    18,544       10,244,448  

Dollar Tree, Inc.(a)

    9,198       1,021,806  

Keurig Dr Pepper, Inc.

    58,401       1,771,302  

Mondelez International, Inc.

    56,642       3,750,267  

Monster Beverage Corp.(a)

    43,552       2,225,507  

PepsiCo, Inc.

    57,742       9,428,114  

The Kraft Heinz Co.

    51,037       1,605,624  

Walgreens Boots Alliance, Inc.(b)

    35,868       756,097  

Total Consumer Staples

            30,803,165  
 

Energy — 0.3%

Baker Hughes Co.

    42,152       1,450,872  

Diamondback Energy, Inc.(b)

    7,525       1,206,408  

Total Energy

            2,657,280  
 

Financials — 0.3%

PayPal Holdings, Inc.(a)

    46,453       2,406,265  
 

 

   

Shares

   

Value

 

Health Care — 3.4%

Align Technology, Inc.(a)

    3,161     $ 583,489  

Amgen, Inc.

    22,264       5,692,905  

AstraZeneca PLC - ADR(b)

    24,668       1,559,758  

Biogen, Inc.(a)

    6,032       1,432,841  

DexCom, Inc.(a)

    16,132       1,433,006  

GE HealthCare Technologies, Inc.

    18,960       1,262,167  

Gilead Sciences, Inc.

    51,862       4,073,241  

IDEXX Laboratories, Inc.(a)

    3,469       1,385,761  

Illumina, Inc.(a)

    6,577       719,655  

Intuitive Surgical, Inc.(a)

    14,621       3,833,919  

Moderna, Inc.(a)

    15,820       1,201,687  

Regeneron Pharmaceuticals, Inc.(a)

    4,492       3,503,266  

Seagen, Inc.(a)

    7,839       1,668,218  

Vertex Pharmaceuticals, Inc.(a)

    10,687       3,869,870  

Total Health Care

            32,219,783  
 

Industrials — 2.4%

Automatic Data Processing, Inc.

    17,158       3,744,218  

Cintas Corp.

    4,188       2,123,819  

Copart, Inc.(a)

    39,718       1,728,527  

CSX Corp.

    84,616       2,525,788  

Fastenal Co.

    23,715       1,383,533  

Honeywell International, Inc.

    27,661       5,069,154  

Old Dominion Freight Line, Inc.

    4,565       1,719,453  

PACCAR, Inc.

    21,800       1,799,154  

Paychex, Inc.

    14,956       1,660,864  

Verisk Analytics, Inc.

    6,057       1,377,120  

Total Industrials

            23,131,630  
 

Information Technology — 24.3%

Adobe, Inc.(a)

    19,117       10,171,391  

Advanced Micro Devices, Inc.(a)

    68,685       6,765,473  

Analog Devices, Inc.

    20,831       3,277,341  

ANSYS, Inc.(a)

    3,609       1,004,240  

Apple, Inc.

    305,455       52,162,551  

Applied Materials, Inc.

    34,998       4,631,985  

ASML Holding NV(b)

    3,632       2,174,878  

Atlassian Corp. - Class A(a)

    6,323       1,142,187  

Autodesk, Inc.(a)

    8,911       1,761,081  

Broadcom, Inc.

    17,290       14,547,287  

Cadence Design System, Inc.(a)

    11,314       2,713,663  

Cisco Systems, Inc.

    170,688       8,897,965  

Cognizant Technology Solutions Corp. - Class A

    21,155       1,363,863  

Crowdstrike Holdings, Inc. - Class A(a)

    9,301       1,644,138  

Datadog, Inc. - Class A(a)

    12,345       1,005,747  

Enphase Energy, Inc.(a)

    5,647       449,388  

Fortinet, Inc.(a)

    32,654       1,866,829  

GlobalFoundries, Inc.(a)(b)

    22,757       1,129,202  

 

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

 

57

 

 

Pacer Trendpilot® 100 ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 49.3% (Continued)

       
                 

Information Technology — 24.3% (Continued)

       

Intel Corp.

    178,305     $ 6,508,133  

Intuit, Inc.

    11,693       5,787,450  

KLA Corp.

    5,727       2,689,972  

Lam Research Corp.

    5,599       3,293,444  

Marvell Technology, Inc.

    35,784       1,689,720  

Microchip Technology, Inc.

    22,741       1,621,206  

Micron Technology, Inc.

    45,553       3,046,129  

Microsoft Corp.

    145,216       49,098,982  

NVIDIA Corp.

    48,206       19,658,407  

NXP Semiconductors NV

    10,774       1,857,761  

ON Semiconductor Corp.(a)

    17,986       1,126,643  

Palo Alto Networks, Inc.(a)(b)

    12,734       3,094,617  

Qualcomm, Inc.

    47,664       5,194,899  

Synopsys, Inc.(a)

    6,269       2,942,919  

Texas Instruments, Inc.(b)

    38,656       5,489,539  

Workday, Inc. - Class A(a)

    8,526       1,805,039  

Zoom Video Communications, Inc. - Class A(a)

    10,433       625,771  

Zscaler, Inc.(a)

    6,027       956,425  

Total Information Technology

            233,196,265  
 

Real Estate — 0.1%

CoStar Group, Inc.(a)

    17,027       1,249,952  
 

Utilities — 0.6%

American Electric Power Co., Inc.

    21,426       1,618,520  

Constellation Energy Corp.

    13,552       1,530,292  

Exelon Corp.

    41,397       1,611,999  

Xcel Energy, Inc.

    22,902       1,357,403  

Total Utilities

            6,118,214  

TOTAL COMMON STOCKS (Cost $421,143,190)

            473,138,303  
 
   

Principal
Amount

         

SHORT-TERM INVESTMENTS — 47.7%

 

U.S. Treasury Bills — 47.7%

               

5.38%, 11/30/2023(b)

  $ 460,000,000       458,043,928  

TOTAL SHORT-TERM

INVESTMENTS (Cost: $458,032,350)

            458,043,928  
 

 

   

Shares

   

Value

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.5%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    293,288,927     $ 293,288,927  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $293,288,927)

            293,288,927  
                 

Total Investments — 127.5% (Cost $1,172,464,467)

            1,224,471,158  

Liabilities in Excess of Other Assets — (27.5)%

            (263,534,940 )

TOTAL NET ASSETS — 100.0%

          $ 960,936,218  

 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

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

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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

 

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

 

58

 

 

Pacer Trendpilot® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 0.3%

 

Greece — 0.0%(a)

FF Group(b)(c)

    1,259     $ 6,394  
 

Netherlands — 0.3%

Koninklijke DSM NV(b)

    1,312       119,236  

TOTAL COMMON STOCKS (Cost $196,218)

            125,630  
 
   

Principal
Amount

         

SHORT-TERM INVESTMENTS — 97.9%

 

U.S. Treasury Bills – 97.9%

               

5.39% 12/28/2023(d)

  $ 19,716,000       19,550,159  

0.00% 2/1/2024

    19,800,000       19,531,171  

TOTAL SHORT-TERM

INVESTMENTS (Cost $39,083,612)

            39,081,330  
 
   

Shares

         

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 19.6%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(e)

    7,820,667       7,820,667  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $7,820,667)

            7,820,667  
                 

Total Investments — 117.8% (Cost $47,100,497)

            47,027,627  

Liabilities in Excess of Other Assets — (17.8)%

            (7,105,136 )

TOTAL NET ASSETS — 100.0%

          $ 39,922,491  

 

Percentages are stated as a percent of net assets.

 

(a)

Represents less than 0.05% of net assets.

 

(b)

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

 

(c)

Non-income producing security.

 

(d)

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

 

(e)

The rate shown is as of October 31, 2023.

 

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.

 

59

 

 

Pacer Trendpilot® International ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 47.3%

 

Australia — 2.9%

Aristocrat Leisure Ltd.

    2,960     $ 72,347  

ASX Ltd.

    880       31,333  

Australia & New Zealand Banking Group Ltd.

    13,684       214,493  

BHP Group Ltd. - ADR(a)

    11,487       655,448  

Brambles Ltd.

    6,328       52,626  

Cochlear Ltd.

    300       45,833  

Coles Group Ltd.

    6,098       59,068  

Commonwealth Bank of Australia

    7,630       467,359  

Computershare Ltd.

    2,609       41,028  

CSL Ltd.

    2,198       323,966  

EBOS Group Ltd.

    720       14,677  

Fortescue Metals Group Ltd.

    7,713       109,108  

Macquarie Group Ltd.

    1,634       166,860  

National Australia Bank Ltd.

    14,294       254,341  

Newcrest Mining Ltd.(b)

    4,074       60,344  

QBE Insurance Group Ltd.

    6,796       67,252  

Ramsay Health Care Ltd.

    840       25,939  

REA Group Ltd.

    230       20,967  

Rio Tinto Ltd.

    1,689       125,977  

Santos Ltd.

    14,790       71,960  

Sonic Healthcare Ltd.

    2,150       39,211  

South32 Ltd.

    20,702       43,599  

Suncorp Group Ltd.

    5,768       48,956  

Telstra Group Ltd.

    18,414       44,505  

Transurban Group

    14,030       105,196  

Wesfarmers Ltd.

    5,168       165,620  

Westpac Banking Corp.

    15,980       208,820  

WiseTech Global Ltd.

    834       30,769  

Woodside Energy Group Ltd. - ADR(a)

    8,626       187,702  

Woolworths Group Ltd.

    5,548       123,952  

 

            3,879,256  
 

Austria — 0.1%

ANDRITZ AG

    330       15,154  

Erste Group Bank AG

    1,628       58,138  

Eurotelesites AG(c)

    159       535  

EVN AG

    162       4,397  

OMV AG

    640       28,008  

Raiffeisen Bank International AG(c)

    610       8,823  

Strabag SE

    60       2,371  

Telekom Austria AG

    631       4,407  

Verbund AG

    378       32,797  

voestalpine AG

    476       11,866  

 

            166,496  
 

 

   

Shares

   

Value

 

Belgium — 0.3%

Anheuser-Busch InBev SA/NV - ADR(a)

    4,766     $ 271,042  

Groupe Bruxelles Lambert SA

    440       32,124  

KBC Groep NV

    1,534       84,239  

Solvay SA

    330       34,827  

UCB SA

    548       40,044  

 

            462,276  
 

Canada — 4.6%

Agnico Eagle Mines Ltd.

    2,250       105,548  

Alimentation Couche-Tard, Inc.

    3,380       183,995  

Bank of Montreal

    3,246       245,235  

Barrick Gold Corp.

    7,992       127,712  

BCE, Inc.(a)

    1,370       50,868  

Brookfield Corp.

    6,624       193,090  

Canadian Imperial Bank of Commerce(a)

    4,178       147,358  

Canadian National Railway Co.

    2,687       284,231  

Canadian Natural Resources Ltd.

    4,975       316,061  

Canadian Pacific Kansas City Ltd.

    4,246       301,338  

Cenovus Energy, Inc.

    6,120       116,770  

CGI, Inc.(c)

    952       91,782  

Constellation Software, Inc.

    88       176,413  

Enbridge, Inc.(a)

    9,626       308,417  

Fortis, Inc.(a)

    2,220       88,201  

Franco-Nevada Corp.

    878       106,721  

Great-West Lifeco, Inc.

    1,228       34,022  

Imperial Oil Ltd.

    800       45,592  

Intact Financial Corp.

    802       112,682  

Loblaw Cos. Ltd.

    678       55,453  

Manulife Financial Corp.

    8,334       145,178  

National Bank of Canada

    1,534       95,375  

Nutrien Ltd.(a)

    2,250       120,825  

Pembina Pipeline Corp.(a)

    2,498       76,888  

Power Corp. of Canada

    2,540       61,194  

Restaurant Brands International, Inc.(a)

    1,426       95,827  

Rogers Communications, Inc. - Class B

    1,692       62,705  

Royal Bank of Canada(a)

    6,354       507,559  

Shopify, Inc. - Class A(c)

    5,442       256,808  

Sun Life Financial, Inc.

    2,668       121,848  

Suncor Energy, Inc.

    5,965       193,266  

TC Energy Corp.(a)

    4,688       161,502  

Teck Resources Ltd. - Class B

    2,100       74,202  

TELUS Corp.

    2,173       35,029  

The Bank of Nova Scotia(a)

    5,460       220,966  

The Toronto-Dominion Bank(a)

    8,355       466,543  

Thomson Reuters Corp.

    686       82,238  

Tourmaline Oil Corp.

    1,452       76,780  

 

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

 

60

 

 

Pacer Trendpilot® International ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 47.3%(Continued)

 

Canada — 4.6% (Continued)

               

Wheaton Precious Metals Corp.

    2,066     $ 87,259  

 

            6,033,481  
 

Denmark — 1.4%

AP Moller - Maersk AS - Class A

    20       33,245  

AP Moller - Maersk AS - Class A

    10       16,303  

Coloplast AS - Class B

    528       55,018  

DSV AS

    818       121,997  

Novo Nordisk AS - ADR(a)

    14,794       1,428,657  

Orsted AS(d)

    858       41,332  

Vestas Wind Systems AS(c)

    4,594       99,165  

 

            1,795,717  
 

Finland — 0.5%

Kone Oyj - Class B

    1,836       79,436  

Mandatum Oyj(c)

    2,128       8,223  

Neste Oyj

    1,966       65,964  

Nokia Oyj - ADR

    24,216       80,155  

Nordea Bank Abp

    16,300       171,288  

Sampo Oyj - Class A

    2,128       83,558  

UPM-Kymmene Oyj

    2,426       81,552  

 

            570,176  
 

France — 4.8%

Air Liquide SA

    2,382       407,497  

Airbus SE - ADR

    11,318       377,795  

AXA SA

    7,904       233,794  

BNP Paribas SA - ADR

    9,990       286,613  

Capgemini SE

    710       125,083  

Christian Dior SE

    20       13,798  

Credit Agricole SA

    5,096       61,351  

Danone SA

    2,868       170,395  

Dassault Systemes SE

    3,048       125,182  

Engie SA

    7,988       126,815  

EssilorLuxottica SA

    1,296       233,998  

Hermes International

    155       288,584  

Kering

    320       129,748  

L’Oreal SA

    1,046       438,448  

LVMH Moet Hennessy Louis Vuitton SE - ADR

    5,998       859,513  

Pernod Ricard SA

    905       160,395  

Safran SA

    1,580       245,788  

Sanofi SA - ADR

    10,186       460,917  

Schneider Electric SE

    2,455       376,606  

STMicroelectronics NV

    2,990       113,831  

TotalEnergies SE - ADR

    10,605       706,293  

Vinci SA

    2,308       255,150  

 

            6,197,594  
 

 

   

Shares

   

Value

 

Germany — 3.1%

adidas AG - ADR

    1,518     $ 134,662  

Allianz SE

    1,834       428,669  

BASF SE

    4,066       187,298  

Bayer AG

    4,472       192,396  

Bayerische Motoren Werke AG

    1,324       122,763  

Beiersdorf AG

    450       59,066  

BioNTech SE - ADR(c)

    408       38,164  

Daimler AG

    3,654       214,309  

Daimler Truck Holding AG

    2,358       73,902  

Deutsche Boerse AG

    862       141,555  

Deutsche Telekom AG

    15,898       344,424  

DHL Group

    4,288       166,785  

E. ON SE

    10,221       121,342  

Hapag-Lloyd AG (d)

    28       4,032  

Henkel AG & Co. KGaA

    450       28,407  

Infineon Technologies AG

    5,944       172,800  

Merck KGaA

    592       89,167  

Muenchener Rueckversicherungs-Gesellschaft AG

    618       247,503  

RWE AG

    3,080       117,746  

SAP SE - ADR(a)

    4,692       628,728  

Sartorius AG

    10       2,051  

Siemens AG - ADR

    6,888       455,917  

Siemens Healthineers AG(d)

    1,288       63,126  

Uniper SE(c)

    380       1,948  

Volkswagen AG

    130       14,966  

 

            4,051,726  
 

Hong Kong — 1.0%

AIA Group Ltd. - ADR

    13,052       454,863  

BOC Hong Kong Holdings Ltd.

    16,375       43,317  

Budweiser Brewing Co. APAC Ltd.(d)

    7,841       14,910  

Chow Tai Fook Jewellery Group Ltd.

    10,471       14,773  

CK Asset Holdings Ltd.

    8,667       43,306  

CK Hutchison Holdings Ltd.

    12,209       61,706  

CK Infrastructure Holdings Ltd.

    2,758       12,776  

CLP Holdings Ltd.

    7,598       55,588  

Galaxy Entertainment Group Ltd.

    9,155       51,301  

Hang Seng Bank Ltd.

    3,312       37,944  

Henderson Land Development Co. Ltd.

    5,948       15,506  

Hong Kong & China Gas Co. Ltd.

    49,283       34,324  

Hong Kong Exchanges & Clearing Ltd.

    5,427       190,718  

MTR Corp. Ltd.

    7,077       26,453  

Prudential PLC - ADR

    6,288       131,796  

Sun Hung Kai Properties Ltd.

    6,861       70,450  

Techtronic Industries Co. Ltd.

    6,014       54,797  

Wharf Real Estate Investment Co. Ltd.

    7,050       24,640  

 

            1,339,168  

 

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

 

61

 

 

Pacer Trendpilot® International ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 47.3%(Continued)

 

Ireland — 0.5%

CRH PLC

    3,264     $ 174,852  

Experian PLC

    4,198       127,102  

Flutter Entertainment PLC(c)

    800       125,483  

ICON PLC(c)

    374       91,241  

James Hardie Industries PLC(c)

    2,000       49,593  

Kerry Group PLC - Class A

    705       54,366  

Ryanair Holdings PLC - ADR(c)

    444       38,939  

 

            661,576  
 

Israel — 0.4%

Airport City Ltd.(c)

    290       3,810  

Amot Investments Ltd.

    980       4,102  

Azrieli Group Ltd.

    170       7,307  

Bank Hapoalim BM

    5,728       40,913  

Bank Leumi Le-Israel BM

    6,978       44,869  

Bezeq The Israeli Telecommunication Corp. Ltd.

    9,198       11,319  

Big Shopping Centers Ltd.(c)

    55       3,851  

Check Point Software Technologies Ltd.(c)

    420       56,386  

CyberArk Software Ltd.(c)

    190       31,092  

Delek Group Ltd.

    38       4,146  

Elbit Systems Ltd.

    116       21,532  

First International Bank Of Israel Ltd.

    240       8,164  

Global-e Online Ltd.(c)

    430       15,097  

ICL Group Ltd.

    3,290       15,953  

Inmode Ltd.(a)(c)

    328       6,265  

Isracard Ltd.

    1       2  

Israel Corp. Ltd.

    20       4,311  

Israel Discount Bank Ltd.

    5,635       24,745  

JFrog Ltd.(c)

    354       7,961  

Melisron Ltd.

    118       6,390  

Mivne Real Estate KD Ltd.

    2,718       5,864  

Mizrahi Tefahot Bank Ltd.

    680       21,029  

Monday.com Ltd.(a)(c)

    114       14,819  

Nice Ltd. - ADR(a)(c)

    292       45,070  

Nova Ltd.(c)

    130       12,346  

Phoenix Holdings Ltd.

    770       6,540  

Shapir Engineering and Industry Ltd.

    648       3,476  

Strauss Group Ltd.(c)

    230       4,260  

Teva Pharmaceutical Industries Ltd. - ADR(c)

    5,102       43,775  

Tower Semiconductor Ltd.(c)

    500       11,510  

Wix.com Ltd.(c)

    258       20,614  

 

            507,518  
 

Italy — 0.9%

Assicurazioni Generali SpA

    5,046       100,083  

Davide Campari-Milano NV - Class M

    2,428       26,795  

 

   

Shares

   

Value

 

Italy — 0.9% (Continued)

               

Enel SpA

    35,192     $ 222,972  

Eni SpA - ADR(a)

    5,462       177,843  

Ferrari NV

    572       172,795  

Intesa Sanpaolo SpA

    73,265       190,432  

PRADA SpA

    2,334       14,018  

Snam SpA

    9,336       42,774  

Terna - Rete Elettrica Nazionale

    6,408       48,995  

UniCredit SpA

    8,216       205,381  

 

            1,202,088  
 

Japan — 11.1%

Advantest Corp.

    3,486       87,739  

Aeon Co. Ltd.

    3,974       83,033  

AGC, Inc.

    1,035       34,899  

Aisin Corp.

    830       28,485  

Ajinomoto Co., Inc.

    2,416       87,347  

ANA Holdings, Inc.(c)

    730       14,217  

Asahi Group Holdings Ltd.

    2,308       82,773  

Asahi Kasei Corp.

    6,348       38,672  

Astellas Pharma, Inc.

    8,240       103,289  

Bandai Namco Holdings, Inc.

    3,036       62,152  

Bridgestone Corp.

    2,660       99,451  

Canon, Inc.

    4,618       108,187  

Capcom Co. Ltd.

    766       24,454  

Central Japan Railway Co.

    4,690       105,078  

Chubu Electric Power Co., Inc.

    3,450       41,482  

Chugai Pharmaceutical Co. Ltd.

    2,908       85,566  

Daifuku Co. Ltd.

    1,726       28,086  

Dai-ichi Life Holdings, Inc.

    4,508       94,458  

Daiichi Sankyo Co. Ltd.

    8,870       225,765  

Daikin Industries Ltd.

    1,338       190,935  

Daiwa House Industry Co. Ltd.

    3,030       82,499  

Denso Corp.

    9,046       131,266  

Dentsu Group, Inc.

    1,048       30,076  

Disco Corp.

    402       69,367  

East Japan Railway Co.

    1,716       89,120  

Eisai Co. Ltd.

    1,352       71,010  

ENEOS Holdings, Inc.

    13,814       50,827  

FANUC Corp.

    4,298       103,583  

Fast Retailing Co. Ltd.

    908       197,803  

FUJIFILM Holdings Corp.

    1,886       102,067  

Fujitsu Ltd.

    790       101,190  

Hamamatsu Photonics KK

    666       24,417  

Hankyu Hanshin Holdings, Inc.

    1,158       36,113  

Hitachi Ltd.

    4,274       267,226  

Honda Motor Co. Ltd. - ADR(a)

    7,608       233,946  

Hoya Corp.

    1,609       152,168  

Inpex Corp.

    4,668       67,213  

Isuzu Motors Ltd.

    2,828       30,981  

ITOCHU Corp.

    6,640       235,374  

 

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

 

62

 

 

Pacer Trendpilot® International ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 47.3%(Continued)

 

Japan — 11.1% (Continued)

               

Japan Airlines Co. Ltd.

    660     $ 12,035  

Japan Exchange Group, Inc.

    2,410       47,135  

Japan Post Bank Co. Ltd.

    6,426       59,332  

Japan Post Holdings Co. Ltd.

    9,138       80,423  

Japan Tobacco, Inc.

    5,008       116,333  

JFE Holdings, Inc.

    2,654       36,499  

Kansai Electric Power Co., Inc.

    3,758       47,764  

Kao Corp.

    2,120       76,842  

KDDI Corp.

    6,812       201,653  

Keyence Corp.

    912       349,877  

Kikkoman Corp.

    880       49,470  

Kirin Holdings Co. Ltd.

    3,708       51,850  

Kobe Bussan Co. Ltd.

    658       16,249  

Komatsu Ltd.

    4,434       101,303  

Konami Group Corp.

    470       24,043  

Kubota Corp.

    4,845       64,376  

Kyocera Corp.

    1,579       76,817  

Kyowa Kirin Co. Ltd.

    1,160       18,046  

Lasertec Corp.

    360       59,863  

LY Corp.

    12,164       30,680  

M3, Inc.

    1,948       29,739  

Marubeni Corp.

    7,738       111,188  

MEIJI Holdings Co. Ltd.

    1,258       30,858  

MINEBEA MITSUMI, Inc.

    1,948       29,938  

Mitsubishi Chemical Holdings Corp.

    6,518       36,470  

Mitsubishi Corp.

    6,546       300,363  

Mitsubishi Electric Corp.

    9,776       108,192  

Mitsubishi Estate Co. Ltd.

    6,032       76,169  

Mitsubishi HC Capital, Inc.

    4,406       28,745  

Mitsubishi Heavy Industries Ltd.

    1,534       77,846  

Mitsubishi UFJ Financial Group, Inc. - ADR(a)

    57,936       486,662  

Mitsui & Co. Ltd.

    7,036       251,454  

Mitsui Fudosan Co. Ltd.

    4,262       91,299  

Mitsui OSK Lines Ltd.

    1,650       42,269  

Mizuho Financial Group, Inc.

    11,560       194,135  

MS&AD Insurance Group Holdings, Inc.

    2,030       73,566  

Murata Manufacturing Co. Ltd.

    8,586       140,339  

NEC Corp.

    1,242       59,038  

Nexon Co. Ltd.

    2,062       37,349  

NIDEC CORP

    2,394       85,620  

Nintendo Co. Ltd. - ADR

    21,550       222,396  

Nippon Paint Holdings Co. Ltd.

    4,858       32,274  

Nippon Steel Corp.

    4,324       92,200  

Nippon Telegraph & Telephone Corp.

    136,078       158,724  

Nippon Yusen KK

    2,318       56,231  

 

   

Shares

   

Value

 

Japan — 11.1% (Continued)

               

Nissan Motor Co. Ltd.

    10,766     $ 40,301  

Nissin Foods Holdings Co. Ltd.

    378       32,794  

Nitori Holdings Co. Ltd.

    400       43,305  

Nitto Denko Corp.

    678       43,312  

Nomura Holdings, Inc.

    13,396       51,251  

Nomura Research Institute Ltd.

    2,112       54,955  

NTT Data Group Corp.

    2,678       32,571  

Obic Co. Ltd.

    300       44,028  

Olympus Corp.

    5,768       76,069  

Omron Corp.

    940       33,160  

Ono Pharmaceutical Co. Ltd.

    2,218       38,068  

Oracle Corp. Japan

    148       10,418  

Oriental Land Co. Ltd.

    5,302       169,895  

ORIX Corp.

    5,346       95,757  

Osaka Gas Co. Ltd.

    1,898       35,587  

Otsuka Holdings Co. Ltd.

    2,536       84,492  

Pan Pacific International Holdings Corp.

    2,428       46,558  

Panasonic Holdings Corp.

    11,172       96,481  

Rakuten Group, Inc.

    6,722       24,693  

Recruit Holdings Co. Ltd.

    7,726       220,860  

Renesas Electronics Corp.(c)

    6,510       83,987  

Resona Holdings, Inc.

    10,756       57,018  

Rohm Co. Ltd.

    1,590       25,029  

Secom Co. Ltd.

    958       66,047  

Sekisui House Ltd.

    3,020       58,557  

Seven & i Holdings Co. Ltd.

    3,630       131,548  

SG Holdings Co. Ltd.

    2,218       31,198  

Shimadzu Corp.

    1,255       29,352  

Shimano, Inc.

    375       53,328  

Shin-Etsu Chemical Co. Ltd.

    9,218       271,719  

Shionogi & Co. Ltd.

    1,278       58,911  

Shiseido Co. Ltd.

    1,818       57,116  

SMC Corp.

    280       126,871  

SoftBank Corp.

    12,870       144,769  

SoftBank Group Corp.

    4,757       192,194  

Sompo Holdings, Inc.

    1,587       68,129  

Sony Group Corp. - ADR

    5,830       484,182  

Subaru Corp.

    2,798       47,247  

Sumitomo Corp.

    5,566       107,905  

Sumitomo Electric Industries Ltd.

    3,620       37,472  

Sumitomo Metal Mining Co. Ltd.

    1,248       34,713  

Sumitomo Mitsui Financial Group, Inc. - ADR(a)

    30,464       294,587  

Sumitomo Mitsui Trust Holdings, Inc.

    1,660       61,439  

Sumitomo Realty & Development Co. Ltd.

    2,168       53,694  

Suntory Beverage & Food Ltd.

    578       17,076  

Suzuki Motor Corp.

    2,240       85,477  

 

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

 

63

 

 

Pacer Trendpilot® International ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 47.3%(Continued)

 

Japan — 11.1% (Continued)

               

Sysmex Corp.

    730     $ 34,450  

Taiyo Nippon Sanso Corp.

    968       24,083  

Takeda Pharmaceutical Co. Ltd. - ADR(a)

    14,412       196,003  

TDK Corp.

    1,774       65,050  

Terumo Corp.

    3,406       91,950  

Toho Co. Ltd./Tokyo

    568       19,228  

Tokio Marine Holdings, Inc.

    9,120       201,141  

Tokyo Electron Ltd.

    2,148       279,951  

Tokyo Gas Co. Ltd.

    1,840       41,018  

Tokyu Corp.

    2,850       31,964  

Toray Industries, Inc.

    7,426       35,510  

Toshiba Corp.(c)

    414       12,561  

Toyota Industries Corp.

    860       62,723  

Toyota Motor Corp. - ADR(a)

    5,668       992,920  

Toyota Tsusho Corp.

    1,080       56,332  

Unicharm Corp.

    2,006       67,773  

West Japan Railway Co.

    1,110       42,079  

Yakult Honsha Co. Ltd.

    1,390       32,619  

Yamaha Motor Co. Ltd.

    1,590       38,152  

Yaskawa Electric Corp.

    1,210       38,932  

 

            14,394,527  
 

Luxembourg — 0.0%(e)

ArcelorMittal

    2,100       46,396  

Tenaris SA - ADR(a)

    1,050       32,886  

 

            79,282  
 

Macao — 0.0%(e)

Sands China Ltd.(c)

    11,054       29,665  
 

Netherlands — 2.6%

Adyen NV - ADR(c)

    14,376       96,175  

Argenx SE - ADR(c)

    262       123,027  

ASML Holding NV

    1,864       1,116,182  

Heineken NV

    1,150       103,113  

ING Groep NV - ADR(a)

    16,546       212,451  

Koninklijke Ahold Delhaize NV

    4,440       131,543  

Koninklijke DSM NV(b)

    1,378       125,233  

Prosus NV(c)

    6,906       193,130  

Shell PLC - AD

    15,022       978,533  

Stellantis NV

    10,070       187,529  

Universal Music Group NV

    3,480       85,059  

Wolters Kluwer NV

    1,172       150,175  

 

            3,502,150  
 

New Zealand — 0.1%

Auckland International Airport Ltd.

    5,966       25,513  

Fisher & Paykel Healthcare Corp. Ltd.

    2,650       32,128  

 

   

Shares

   

Value

 

New Zealand — 0.1% (Continued)

               

Infratil Ltd.

    3,786     $ 21,660  

Mercury NZ Ltd.

    3,028       10,408  

Meridian Energy Ltd.

    5,646       15,888  

Spark New Zealand Ltd.

    8,406       24,340  

Xero Ltd.(c)

    638       43,179  

 

            173,116  
 

Norway — 0.4%

Adevinta ASA(c)

    1,430       12,551  

Aker BP ASA

    1,408       40,472  

AutoStore Holdings Ltd.(c)(d)

    4,062       4,480  

DNB Bank ASA

    4,074       73,414  

Equinor ASA - ADR(a)

    4,468       149,097  

Gjensidige Forsikring ASA

    868       12,999  

Kongsberg Gruppen ASA

    398       16,246  

Mowi ASA

    2,028       32,913  

Norsk Hydro ASA

    6,138       34,990  

Orkla ASA

    3,418       23,542  

Salmar ASA

    320       15,148  

Telenor ASA

    2,868       29,307  

Var Energi ASA

    2,500       8,421  

Yara International ASA

    738       24,113  

 

            477,693  
 

Portugal — 0.0%(e)

EDP - Energias de Portugal SA

    13,530       56,835  
 

Singapore — 0.6%

CapitaLand Investment Ltd./Singapore

    10,896       23,397  

DBS Group Holdings Ltd.

    8,366       200,725  

Grab Holdings Ltd.(c)

    9,476       29,091  

Jardine Cycle & Carriage Ltd.

    410       8,445  

Keppel Corp. Ltd.

    6,296       28,556  

Oversea-Chinese Banking Corp. Ltd.

    17,686       163,794  

Sea Ltd. - ADR(c)

    1,566       65,303  

Singapore Airlines Ltd.

    6,098       27,213  

Singapore Technologies Engineering Ltd.

    6,968       19,136  

Singapore Telecommunications Ltd.

    32,336       56,210  

United Overseas Bank Ltd.

    6,982       137,789  

Wilmar International Ltd.

    13,706       35,638  

 

            795,297  
 

South Korea — 0.2%

Coupang, Inc.(c)

    5,200       88,400  

KB Financial Group, Inc. - ADR

    1,710       65,254  

POSCO Holdings, Inc. - ADR(a)

    1,372       104,972  

 

            258,626  
 

 

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

 

64

 

 

Pacer Trendpilot® International ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 47.3%(Continued)

 

Spain — 1.0%

Amadeus IT Holding SA

    2,056     $ 117,083  

Banco Bilbao Vizcaya Argentaria SA - ADR

    27,423       214,722  

Banco Santander SA - ADR(a)

    74,683       271,099  

CaixaBank SA

    18,444       74,842  

Spain — 1.0% (Continued)

               

Cellnex Telecom SA(d)

    2,666       78,195  

EDP Renovaveis SA

    1,351       21,714  

Iberdrola SA

    26,316       292,373  

Industria de Diseno Textil SA

    5,108       175,925  

Naturgy Energy Group SA

    840       23,731  

 

            1,269,684  
 

Sweden — 1.3%

Alfa Laval AB

    1,318       42,578  

Assa Abloy AB - Class B

    4,514       96,043  

Atlas Copco AB - Class B

    7,104       79,584  

Atlas Copco AB - Class A

    11,772       152,075  

EPIROC AB

    2,850       46,851  

EPIROC AB

    1,778       24,641  

EQT AB

    1,570       28,538  

Essity AB - Class B

    2,740       62,422  

Evolution AB(d)

    872       77,486  

H & M Hennes & Mauritz AB - Class B

    2,814       37,638  

Hexagon AB - Class B

    9,568       77,744  

Industrivarden AB - Class A

    710       18,331  

Industrivarden AB - Class C

    680       17,496  

Investment AB Latour - Class B

    620       10,706  

INVESTOR AB

    8,298       151,948  

L E Lundbergforetagen AB - Class B

    330       13,442  

NIBE INDUSTRIER AB

    6,978       40,121  

Sandvik AB

    4,914       83,467  

Skandinaviska Enskilda Banken AB - Class A

    7,616       84,808  

Skandinaviska Enskilda Banken AB - Class C

    90       1,034  

Spotify Technology SA(c)

    642       105,776  

Svenska Cellulosa AB SCA - Class B

    2,728       37,380  

Svenska Handelsbanken AB - Class A

    7,170       61,022  

Svenska Handelsbanken AB - Class B

    160       1,648  

Swedbank AB

    4,174       68,336  

Telefonaktiebolaget LM Ericsson - ADR(a)

    14,120       62,975  

Telia Co. AB

    10,566       22,348  

Volvo AB - Class B

    7,236       143,198  

Volvo AB - Class A

    868       17,372  

Volvo Car AB(c)

    2,438       8,367  

 

            1,675,375  
 

 

   

Shares

   

Value

 

Switzerland — 4.1%

ABB Ltd. - ADR

    7,422     $ 248,711  

Alcon, Inc.

    2,276       162,184  

Cie Financiere Richemont SA

    2,378       279,457  

Givaudan SA

    38       126,158  

Glencore PLC

    51,163       270,603  

Holcim AG

    2,426       149,563  

Kuehne + Nagel International AG

    248       66,659  

Lonza Group AG

    340       118,410  

Nestle SA - ADR

    12,174       1,311,870  

Novartis AG - ADR

    9,462       885,454  

Roche Holding AG - ADR

    26,822       867,155  

Sandoz Group AG - ADR(c)

    1,908       49,265  

Sika AG

    702       167,387  

UBS Group AG

    13,873       323,625  

Zurich Insurance Group AG

    668       316,210  

 

            5,342,711  
 

United Kingdom — 5.2%

3i Group PLC

    4,430       104,162  

Anglo American PLC

    6,092       155,236  

ARM Holdings PLC - ADR(c)

    420       20,702  

Ashtead Group PLC

    2,056       117,551  

Associated British Foods PLC

    1,538       37,873  

AstraZeneca PLC - ADR

    14,040       887,749  

BAE Systems PLC

    13,922       186,814  

Barclays PLC - ADR

    16,570       106,545  

BP PLC - ADR

    13,059       477,698  

British American Tobacco PLC - ADR

    10,176       303,855  

BT Group PLC

    25,878       35,464  

Coca-Cola Europacific Partners PLC

    942       55,116  

Compass Group PLC

    8,128       204,795  

Diageo PLC - ADR

    2,518       386,513  

GSK PLC - ADR

    9,292       331,724  

Haleon PLC - ADR

    10,778       87,194  

HSBC Holdings PLC - ADR(a)

    18,080       656,847  

Imperial Brands PLC

    4,168       88,706  

Legal & General Group PLC

    27,226       69,956  

Lloyds Banking Group PLC - ADR

    76,921       146,919  

London Stock Exchange Group PLC

    1,880       189,202  

National Grid PLC - ADR(a)

    3,342       201,021  

NatWest Group PLC

    25,412       55,041  

Reckitt Benckiser Group PLC

    3,350       224,028  

RELX PLC - ADR

    8,830       307,726  

Rio Tinto PLC - ADR(a)

    5,038       324,145  

SSE PLC

    4,980       98,845  

Standard Chartered PLC

    10,514       80,509  

Tesco PLC

    32,484       106,485  

Unilever PLC - ADR

    11,480       543,578  

 

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

 

65

 

 

Pacer Trendpilot® International ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 47.3%(Continued)

 

United Kingdom — 5.2% (Continued)

Vodafone Group PLC - ADR(a)

    10,262     $ 94,821  

 

            6,686,820  
 

United States — 0.2%

Flex Ltd.(a)(c)

    2,036       52,366  

Waste Connections, Inc.

    1,168       151,256  

 

            203,622  

TOTAL COMMON STOCKS (Cost $60,547,591)

            61,812,475  
 

EXCHANGE TRADED FUNDS — 2.2%

 

iShares MSCI South Korea ETF(a)

    52,084       2,862,016  

TOTAL EXCHANGE TRADED FUNDS (Cost $3,133,589)

            2,862,016  
 

REAL ESTATE INVESTMENT TRUSTS — 0.2%

 

Australia — 0.2%

Goodman Group

    7,802       102,646  

Scentre Group

    23,634       36,431  

 

            139,077  

Hong Kong — 0.0%(e)

Link REIT

    11,665       53,516  
 

Japan — 0.0%(e)

Nippon Building Fund, Inc.

    10       40,046  
 

Singapore — 0.0%(e)

CapitaLand Integrated Commercial Trust

    23,034       29,609  

Keppel REIT

    2,431       1,412  

 

            31,021  

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $283,449)

            263,660  
 

PREFERRED STOCKS — 0.2%

               

Germany — 0.2%

Bayerische Motoren Werke AG, 0.00%,

    265       22,474  

Dr Ing hc F Porsche AG, 0.00% (Acquired 11/15/2022 - 9/28/2023, cost $43,119)(d)

    410       35,808  

Henkel AG & Co. KGaA, 0.00%,

    738       53,162  

Sartorius AG, 0.00%,

    120       29,991  

Volkswagen AG, 0.00%,

    834       88,095  

Total Germany

            229,530  

TOTAL PREFERRED STOCKS (Cost $281,498)

            229,530  
 

 

   

Contracts

   

Value

 

WARRANTS — 0.0%(e)

Canada — 0.0%

Constellation Software, Inc.(b)(c)

    162     $ 0  

TOTAL WARRANTS (Cost $0)

            0  
 
   

Principal
Amount

         

SHORT-TERM INVESTMENTS – 48.3%

 

U.S. Treasury Bills – 48.3%

5.38% 01/25/2024

  $ 64,000,000       63,197,952  

TOTAL SHORT-TERM INVESTMENTS (Cost $63,197,600)

            63,197,952  
 
   

Shares

         

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING – 8.5%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(f)

    11,120,976       11,120,976  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,120,976)

            11,120,976  

TOTAL INVESTMENTS – 106.7%

(Cost $138,564,703)

            139,486,609  

Liabilities in Excess of Other Assets - (6.7)%

            (8,771,802 )

TOTAL NET ASSETS — 100.0%

          $ 130,714,807  

 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)

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

(b)

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

(c)

Non-income producing security.

(d)

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

(e)

Represents less than 0.05% of net assets.

(f)

The rate shown is as of October 31, 2023.

 

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

 

66

 

 

Pacer Trendpilot® International ETF

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

 

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

 

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

 

67

 

 

Pacer Trendpilot® US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4%

Communication Services — 3.9%

Altice France SA/France

5.13%, 07/15/2029 (a)

  $ 501,000     $ 343,045  

5.13%, 01/15/2029 (a)

    111,000       76,155  

5.50%, 10/15/2029 (a)

    409,000       280,036  

5.50%, 01/15/2028 (a)

    217,000       161,123  

8.13%, 02/01/2027 (a)

    345,000       290,167  

AMC Entertainment Holdings, Inc., 7.50%, 02/15/2029 (a)(b)

    222,000       154,290  

AMC Networks, Inc.

4.25%, 02/15/2029

    179,000       110,260  

4.75%, 08/01/2025

    62,000       56,265  

Clear Channel Outdoor Holdings, Inc.

5.13%, 08/15/2027 (a)

    263,000       233,536  

7.50%, 06/01/2029 (a)

    211,000       153,503  

7.75%, 04/15/2028 (a)

    154,000       117,387  

9.00%, 09/15/2028 (a)

    140,000       136,262  

DISH Network Corp., 11.75%, 11/15/2027 (a)

    710,000       700,982  

Gray Television, Inc.

4.75%, 10/15/2030 (a)

    87,000       55,691  

5.88%, 07/15/2026 (a)

    164,000       145,839  

7.00%, 05/15/2027 (a)

    175,000       147,438  

Lamar Media Corp.

3.63%, 01/15/2031

    128,000       103,040  

3.75%, 02/15/2028

    140,000       124,583  

4.00%, 02/15/2030

    128,000       108,301  

4.88%, 01/15/2029

    93,000       85,257  

Live Nation Entertainment, Inc.

3.75%, 01/15/2028 (a)

    117,000       102,466  

4.75%, 10/15/2027 (a)(b)

    147,000       134,353  

4.88%, 11/01/2024 (a)

    134,000       130,828  

6.50%, 05/15/2027 (a)

    256,000       249,031  

Lumen Technologies, Inc.

4.00%, 02/15/2027 (a)(b)

    253,000       170,649  

5.13%, 12/15/2026 (a)

    96,000       46,179  

News Corp.

3.88%, 05/15/2029 (a)

    204,000       174,620  

5.13%, 02/15/2032 (a)

    117,000       100,801  

Paramount Global

6.25% to 02/28/2027 then 3 mo. LIBOR US + 3.90%, 02/28/2057

    152,000       109,633  

6.38% to 03/30/2027 then 5 yr. CMT Rate + 4.00%, 03/30/2062 (b)

    194,000       142,163  

Rackspace Technology Global, Inc., 3.50%, 02/15/2028 (a)

    128,000       56,473  

 

   

Principal
Amount

   

Value

 

Communication Services — 3.9% (Continued)

ROBLOX Corp., 3.88%, 05/01/2030 (a)

  $ 204,000     $ 165,528  

Rogers Communications Inc/Ontario, 5.25% to 03/15/2027 then 5 yr. CMT Rate + 3.59%, 03/15/2082 (a)

    175,000       154,000  

TEGNA, Inc.

4.63%, 03/15/2028

    204,000       175,950  

4.75%, 03/15/2026 (a)

    128,000       120,080  

5.00%, 09/15/2029 (b)

    227,000       190,113  

Vodafone Group PLC

3.25% to 09/04/2026 then 5 yr. CMT Rate + 2.45%, 06/04/2081 (b)

    117,000       102,952  

4.13% to 06/04/2031 then 5 yr. CMT Rate + 2.77%, 06/04/2081

    199,000       150,782  

7.00% to 04/04/2029 then 5 Year Swap Rate USD + 4.87%, 04/04/2079

    394,000       379,863  

Zayo Group Holdings, Inc.

4.00%, 03/01/2027 (a)

    311,000       234,027  

6.13%, 03/01/2028 (a)

    218,000       143,880  

 

            6,817,531  
 

Communications — 12.5%

Altice Financing SA

5.00%, 01/15/2028 (a)(b)

    241,000       194,621  

5.75%, 08/15/2029 (a)

    395,000       305,138  

Altice France Holding SA

6.00%, 02/15/2028 (a)

    222,000       95,460  

10.50%, 05/15/2027 (a)

    336,000       182,280  

Arches Buyer, Inc.

4.25%, 06/01/2028 (a)

    97,000       80,389  

6.13%, 12/01/2028 (a)(b)

    117,000       94,503  

British Telecommunications PLC

4.25% to 02/23/2027 then 5 yr. CMT Rate + 2.99%, 11/23/2081 (a)

    117,000       102,195  

4.88% to 11/23/2031 then 5 yr. CMT Rate + 3.49%, 11/23/2081 (a)(b)

    117,000       94,298  

C&W Senior Financing DAC, 6.88%, 09/15/2027 (a)

    256,000       218,189  

CCO Holdings LLC / CCO Holdings Capital Corp.

4.25%, 02/01/2031 (a)(b)

    583,000       452,917  

4.25%, 01/15/2034 (a)

    359,000       258,480  

4.50%, 05/01/2032 (b)

    540,000       412,371  

4.50%, 08/15/2030 (a)

    494,000       395,200  

4.50%, 06/01/2033 (a)

    350,000       261,188  

4.75%, 03/01/2030 (a)(b)

    620,000       511,995  

4.75%, 02/01/2032 (a)

    241,000       188,839  

 

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

 

68

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Communications — 12.5% (Continued)

5.00%, 02/01/2028 (a)

  $ 511,000     $ 457,344  

5.13%, 05/01/2027 (a)

    652,000       600,577  

5.38%, 06/01/2029 (a)

    286,000       250,359  

5.50%, 05/01/2026 (a)

    175,000       167,738  

6.38%, 09/01/2029 (a)

    286,000       261,926  

7.38%, 03/01/2031 (a)(b)

    227,000       214,515  

CMG Media Corp., 8.88%, 12/15/2027 (a)

    123,000       95,759  

Connect Finco SARL / Connect US Finco LLC, 6.75%, 10/01/2026 (a)(b)

    386,000       359,347  

Consolidated Communications, Inc.

5.00%, 10/01/2028 (a)

    93,000       69,750  

6.50%, 10/01/2028 (a)

    175,000       138,688  

CSC Holdings LLC

3.38%, 02/15/2031 (a)

    199,000       126,713  

4.13%, 12/01/2030 (a)

    132,000       88,011  

4.50%, 11/15/2031 (a)

    321,000       211,459  

4.63%, 12/01/2030 (a)(b)

    395,000       198,120  

5.00%, 11/15/2031 (a)

    117,000       59,670  

5.38%, 02/01/2028 (a)

    199,000       158,454  

5.50%, 04/15/2027 (a)

    277,000       231,364  

5.75%, 01/15/2030 (a)

    377,000       196,511  

6.50%, 02/01/2029 (a)

    350,000       276,705  

7.50%, 04/01/2028 (a)

    205,000       131,200  

11.25%, 05/15/2028 (a)

    124,000       118,110  

Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a)(b)

    722,000       631,749  

DISH DBS Corp.

5.13%, 06/01/2029

    306,000       157,590  

5.25%, 12/01/2026 (a)

    554,000       447,521  

5.75%, 12/01/2028 (a)

    436,000       312,119  

5.88%, 11/15/2024 (b)

    409,000       375,258  

7.38%, 07/01/2028

    204,000       114,271  

7.75%, 07/01/2026

    404,000       270,555  

Frontier Communications Holdings LLC

5.00%, 05/01/2028 (a)

    298,000       257,025  

5.88%, 10/15/2027 (a)

    154,000       140,333  

5.88%, 11/01/2029

    175,000       131,469  

6.00%, 01/15/2030 (a)(b)

    149,000       112,123  

6.75%, 05/01/2029 (a)(b)

    199,000       157,459  

8.63%, 03/15/2031 (a)

    175,000       164,281  

8.75%, 05/15/2030 (a)

    256,000       243,520  

Go Daddy Operating Co. LLC / GD Finance Co., Inc.

3.50%, 03/01/2029 (a)

    62,000       51,897  

5.25%, 12/01/2027 (a)

    140,000       131,414  

 

   

Principal
Amount

   

Value

 

Communications — 12.5% (Continued)

Gray Escrow II, Inc., 5.38%, 11/15/2031 (a)

  $ 254,000     $ 160,122  

Hughes Satellite Systems Corp.

5.25%, 08/01/2026

    50,000       44,953  

6.63%, 08/01/2026

    175,000       148,027  

iHeartCommunications, Inc.

4.75%, 01/15/2028 (a)

    117,000       82,778  

5.25%, 08/15/2027 (a)

    135,000       98,888  

6.38%, 05/01/2026

    147,000       119,805  

8.38%, 05/01/2027

    208,000       127,379  

Iliad Holding SASU

6.50%, 10/15/2026 (a)

    156,000       145,665  

7.00%, 10/15/2028 (a)

    186,000       168,343  

Intelsat Jackson Holdings SA, 6.50%, 03/15/2030 (a)(b)

    603,000       530,639  

LCPR Senior Secured Financing DAC

5.13%, 07/15/2029 (a)

    152,000       120,075  

6.75%, 10/15/2027 (a)

    147,000       133,035  

Level 3 Financing, Inc.

3.40%, 03/01/2027 (a)(b)

    175,000       161,656  

3.63%, 01/15/2029 (a)

    156,000       80,470  

3.75%, 07/15/2029 (a)

    171,000       87,104  

3.88%, 11/15/2029 (a)(b)

    175,000       154,438  

4.25%, 07/01/2028 (a)(b)

    211,000       119,215  

4.63%, 09/15/2027 (a)

    199,000       134,101  

10.50%, 05/15/2030 (a)(b)

    151,000       150,607  

Match Group Holdings II LLC

3.63%, 10/01/2031 (a)

    117,000       89,878  

4.13%, 08/01/2030 (a)

    117,000       95,450  

4.63%, 06/01/2028 (a)

    117,000       104,600  

5.00%, 12/15/2027 (a)

    105,000       96,900  

McGraw-Hill Education, Inc.

5.75%, 08/01/2028 (a)

    86,000       72,520  

8.00%, 08/01/2029 (a)

    170,000       139,876  

Nexstar Media, Inc.

4.75%, 11/01/2028 (a)

    209,000       175,297  

5.63%, 07/15/2027 (a)

    338,000       304,220  

Outfront Media Capital LLC / Outfront Media Capital Corp.

4.25%, 01/15/2029 (a)

    117,000       95,370  

4.63%, 03/15/2030 (a)

    117,000       94,050  

5.00%, 08/15/2027 (a)

    152,000       134,900  

6.25%, 06/15/2025 (a)

    93,000       91,772  

Radiate Holdco LLC / Radiate Finance, Inc.

4.50%, 09/15/2026 (a)

    141,000       107,772  

6.50%, 09/15/2028 (a)

    184,000       91,080  

Scripps Escrow II, Inc., 3.88%, 01/15/2029 (a)

    122,000       92,667  

Scripps Escrow, Inc., 5.88%, 07/15/2027 (a)

    103,000       76,993  

 

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

 

69

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Communications — 12.5% (Continued)

Shutterfly Finance LLC, 9.75%, 10/01/2027 (a)

  $ 0     $ 0  

Sinclair Television Group, Inc.

4.13%, 12/01/2030 (a)

    175,000       108,595  

5.50%, 03/01/2030 (a)

    117,000       62,156  

Sirius XM Radio, Inc.

3.13%, 09/01/2026 (a)(b)

    204,000       182,941  

3.88%, 09/01/2031 (a)(b)

    286,000       215,215  

4.00%, 07/15/2028 (a)(b)

    374,000       317,900  

4.13%, 07/01/2030 (a)(b)

    286,000       227,013  

5.00%, 08/01/2027 (a)(b)

    286,000       262,281  

5.50%, 07/01/2029 (a)

    268,000       237,515  

Stagwell Global LLC, 5.63%, 08/15/2029 (a)

    227,000       187,613  

Telenet Finance Luxembourg Notes Sarl, 5.50%, 03/01/2028 (a)

    200,000       175,719  

Univision Communications, Inc.

4.50%, 05/01/2029 (a)

    216,000       172,176  

5.13%, 02/15/2025 (a)

    225,000       219,425  

6.63%, 06/01/2027 (a)

    286,000       260,346  

7.38%, 06/30/2030 (a)(b)

    186,000       163,804  

UPC Broadband Finco BV, 4.88%, 07/15/2031 (a)

    228,000       181,026  

UPC Holding BV, 5.50%, 01/15/2028 (a)

    106,000       92,816  

Videotron Ltd.

3.63%, 06/15/2029 (a)(b)

    117,000       98,426  

5.13%, 04/15/2027 (a)

    140,000       130,419  

Virgin Media Finance PLC, 5.00%, 07/15/2030 (a)(b)

    216,000       169,865  

Virgin Media Secured Finance PLC

4.50%, 08/15/2030 (a)

    174,000       143,249  

5.50%, 05/15/2029 (a)(b)

    269,000       238,581  

Virgin Media Vendor Financing Notes IV DAC, 5.00%, 07/15/2028 (a)

    117,000       99,450  

Vmed O2 UK Financing I PLC

4.25%, 01/31/2031 (a)(b)

    291,000       230,545  

4.75%, 07/15/2031 (a)

    303,000       243,915  

VZ Secured Financing BV, 5.00%, 01/15/2032 (a)

    287,000       217,414  

Windstream Escrow LLC / Windstream Escrow Finance Corp., 7.75%, 08/15/2028 (a)

    303,000       236,113  

WMG Acquisition Corp.

3.00%, 02/15/2031 (a)(b)

    157,000       121,893  

3.75%, 12/01/2029 (a)

    126,000       105,762  

3.88%, 07/15/2030 (a)

    125,000       103,844  

 

   

Principal
Amount

   

Value

 

Communications — 12.5% (Continued)

Ziggo Bond Co. BV

5.13%, 02/28/2030 (a)

  $ 67,000     $ 48,574  

6.00%, 01/15/2027 (a)

    146,000       133,579  

Ziggo BV, 4.88%, 01/15/2030 (a)

    172,000       137,231  

 

            22,115,013  
 

Consumer Discretionary — 22.2%

1011778 BC ULC / New Red Finance, Inc.

3.50%, 02/15/2029 (a)(b)

    175,000       149,765  

3.88%, 01/15/2028 (a)

    298,000       266,086  

4.00%, 10/15/2030 (a)(b)

    570,000       467,065  

4.38%, 01/15/2028 (a)

    175,000       157,063  

Adient Global Holdings Ltd.

4.88%, 08/15/2026 (a)

    146,000       135,941  

7.00%, 04/15/2028 (a)

    117,000       114,994  

8.25%, 04/15/2031 (a)

    117,000       113,810  

Allied Universal Holdco LLC / Allied Universal Finance Corp.

6.00%, 06/01/2029 (a)

    160,000       115,840  

6.63%, 07/15/2026 (a)

    399,000       372,467  

9.75%, 07/15/2027 (a)

    196,000       170,653  

Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl

4.63%, 06/01/2028 (a)

    242,000       198,803  

4.63%, 06/01/2028 (a)

    141,000       114,781  

American Airlines, Inc.

7.25%, 02/15/2028 (a)(b)

    175,000       162,969  

11.75%, 07/15/2025 (a)(b)

    441,000       467,184  

American Airlines, Inc./AAdvantage Loyalty IP Ltd.

5.50%, 04/20/2026 (a)

    463,333       450,323  

5.75%, 04/20/2029 (a)

    618,000       555,939  

American Axle & Manufacturing, Inc.

5.00%, 10/01/2029 (b)

    140,000       110,526  

6.50%, 04/01/2027 (b)

    116,000       109,277  

6.88%, 07/01/2028

    93,000       82,529  

American Builders & Contractors Supply Co., Inc.

3.88%, 11/15/2029 (a)

    93,000       77,190  

4.00%, 01/15/2028 (a)(b)

    164,000       147,057  

APX Group, Inc.

5.75%, 07/15/2029 (a)

    152,000       126,067  

6.75%, 02/15/2027 (a)

    140,000       134,792  

Aramark Services, Inc.

5.00%, 02/01/2028 (a)(b)

    194,000       177,995  

5.00%, 04/01/2025 (a)

    140,000       136,675  

Asbury Automotive Group, Inc.

4.50%, 03/01/2028

    94,000       83,159  

4.63%, 11/15/2029 (a)

    62,000       52,355  

4.75%, 03/01/2030

    104,000       87,724  

5.00%, 02/15/2032 (a)

    140,000       113,569  

 

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

 

70

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Consumer Discretionary — 22.2% (Continued)

Ashton Woods USA LLC / Ashton Woods Finance Co., 4.63%, 04/01/2030 (a)

  $ 93,000     $ 72,656  

Aston Martin Capital Holdings Ltd., 10.50%, 11/30/2025 (a)

    238,000       235,323  

Avis Budget Car Rental LLC / Avis Budget Finance, Inc.

4.75%, 04/01/2028 (a)

    117,000       100,495  

5.38%, 03/01/2029 (a)

    140,000       119,726  

5.75%, 07/15/2027 (a)

    93,000       85,341  

Bath & Body Works, Inc.

5.25%, 02/01/2028

    117,000       107,334  

6.63%, 10/01/2030 (a)

    184,000       170,654  

7.50%, 06/15/2029 (b)

    117,000       114,458  

Boyd Gaming Corp.

4.75%, 06/15/2031 (a)

    181,000       150,216  

4.75%, 12/01/2027

    164,000       149,709  

Brookfield Residential Properties, Inc. / Brookfield Residential US LLC

4.88%, 02/15/2030 (a)

    117,000       89,243  

6.25%, 09/15/2027 (a)

    140,000       122,353  

Caesars Entertainment, Inc.

4.63%, 10/15/2029 (a)

    236,000       194,081  

6.25%, 07/01/2025 (a)(b)

    522,000       513,517  

7.00%, 02/15/2030 (a)(b)

    399,000       384,401  

8.13%, 07/01/2027 (a)(b)

    362,000       359,557  

Caesars Resort Collection LLC / CRC Finco, Inc., 5.75%, 07/01/2025 (a)

    209,000       205,746  

Camelot Return Merger Sub, Inc., 8.75%, 08/01/2028 (a)

    141,000       131,236  

Carnival Holdings Bermuda Ltd., 10.38%, 05/01/2028 (a)

    411,000       438,228  

CDI Escrow Issuer, Inc., 5.75%, 04/01/2030 (a)

    166,000       147,929  

Cedar Fair LP, 5.25%, 07/15/2029

    117,000       100,528  

Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op

5.38%, 04/15/2027

    117,000       108,254  

5.50%, 05/01/2025 (a)

    204,000       200,110  

Century Communities, Inc.

3.88%, 08/15/2029 (a)

    117,000       94,478  

6.75%, 06/01/2027

    117,000       113,022  

Churchill Downs, Inc.

4.75%, 01/15/2028 (a)

    39,000       35,062  

5.50%, 04/01/2027 (a)

    140,000       131,464  

6.75%, 05/01/2031 (a)

    140,000       130,262  

Cinemark USA, Inc.

5.25%, 07/15/2028 (a)(b)

    139,000       120,850  

5.88%, 03/15/2026 (a)

    94,000       89,543  

 

   

Principal
Amount

   

Value

 

Consumer Discretionary — 22.2% (Continued)

Clarios Global LP, 6.75%, 05/15/2025 (a)

  $ 105,000     $ 104,118  

Clarios Global LP / Clarios US Finance Co.

6.25%, 05/15/2026 (a)

    181,000       176,652  

6.75%, 05/15/2028 (a)

    175,000       169,877  

8.50%, 05/15/2027 (a)(b)

    402,000       395,628  

Dana, Inc.

4.25%, 09/01/2030

    93,000       73,608  

5.38%, 11/15/2027

    93,000       85,484  

5.63%, 06/15/2028

    93,000       84,281  

Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.

4.63%, 01/15/2029 (a)

    139,000       116,934  

6.75%, 01/15/2030 (a)

    263,000       209,711  

Ford Motor Co.

3.25%, 02/12/2032 (b)

    393,000       296,298  

4.35%, 12/08/2026

    233,000       219,579  

6.10%, 08/19/2032 (b)

    288,000       266,400  

9.63%, 04/22/2030

    86,000       95,879  

Ford Motor Credit Co. LLC

2.30%, 02/10/2025

    179,000       169,116  

2.70%, 08/10/2026

    258,000       231,377  

2.90%, 02/16/2028

    149,000       126,851  

2.90%, 02/10/2029

    149,000       122,009  

3.38%, 11/13/2025

    273,000       254,846  

3.63%, 06/17/2031

    169,000       133,431  

3.82%, 11/02/2027

    149,000       132,997  

4.00%, 11/13/2030 (b)

    268,000       220,792  

4.06%, 11/01/2024

    248,000       241,428  

4.13%, 08/17/2027

    224,000       203,582  

4.13%, 08/04/2025

    199,000       189,846  

4.27%, 01/09/2027

    149,000       137,840  

4.39%, 01/08/2026

    194,000       184,106  

4.54%, 08/01/2026

    119,000       111,786  

4.69%, 06/09/2025

    119,000       115,014  

4.95%, 05/28/2027 (b)

    268,000       251,694  

5.11%, 05/03/2029 (b)

    181,000       163,962  

5.13%, 06/16/2025 (b)

    293,000       284,998  

6.80%, 05/12/2028 (b)

    258,000       257,355  

6.95%, 03/06/2026

    229,000       229,595  

6.95%, 06/10/2026

    100,000       100,262  

7.20%, 06/10/2030

    100,000       99,934  

7.35%, 11/04/2027 (b)

    183,000       185,173  

7.35%, 03/06/2030

    114,000       114,570  

Gap, Inc.

3.63%, 10/01/2029 (a)

    175,000       133,875  

3.88%, 10/01/2031 (a)

    175,000       125,322  

Garda World Security Corp.

4.63%, 02/15/2027 (a)

    133,000       118,486  

 

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

 

71

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Consumer Discretionary — 22.2% (Continued)

6.00%, 06/01/2029 (a)

  $ 117,000     $ 89,807  

7.75%, 02/15/2028 (a)

    93,000       89,048  

9.50%, 11/01/2027 (a)

    141,000       127,285  

Goodyear Tire & Rubber Co.

4.88%, 03/15/2027

    39,000       35,901  

5.00%, 05/31/2026

    181,000       171,139  

5.00%, 07/15/2029

    159,000       136,683  

5.25%, 07/15/2031

    140,000       114,012  

5.25%, 04/30/2031 (b)

    128,000       105,464  

5.63%, 04/30/2033

    105,000       84,210  

9.50%, 05/31/2025

    187,000       189,104  

Hanesbrands, Inc.

4.88%, 05/15/2026 (a)(b)

    136,000       124,950  

9.00%, 02/15/2031 (a)

    140,000       130,200  

Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 5.75%, 01/20/2026 (a)(b)

    251,000       184,874  

Hertz Corp.

4.63%, 12/01/2026 (a)

    117,000       98,328  

5.00%, 12/01/2029 (a)

    209,000       150,480  

Hilton Domestic Operating Co., Inc.

3.63%, 02/15/2032 (a)

    296,000       233,923  

3.75%, 05/01/2029 (a)

    157,000       135,260  

4.00%, 05/01/2031 (a)

    177,000       146,746  

4.88%, 01/15/2030

    199,000       178,984  

5.38%, 05/01/2025 (a)

    117,000       115,162  

5.75%, 05/01/2028 (a)

    117,000       112,098  

Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc

4.88%, 07/01/2031 (a)(b)

    117,000       92,418  

5.00%, 06/01/2029 (a)

    84,000       70,736  

Hilton Worldwide Finance LLC / Hilton Worldwide Finance Corp., 4.88%, 04/01/2027

    140,000       132,154  

International Game Technology PLC

4.13%, 04/15/2026 (a)

    175,000       164,938  

5.25%, 01/15/2029 (a)

    135,000       122,850  

6.25%, 01/15/2027 (a)

    175,000       170,640  

6.50%, 02/15/2025 (a)

    117,000       115,836  

Jaguar Land Rover Automotive PLC

4.50%, 10/01/2027 (a)(b)

    117,000       101,613  

5.50%, 07/15/2029 (a)

    117,000       100,608  

5.88%, 01/15/2028 (a)

    152,000       136,895  

7.75%, 10/15/2025 (a)

    39,000       38,963  

 

   

Principal
Amount

   

Value

 

Consumer Discretionary — 22.2% (Continued)

KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC, 4.75%, 06/01/2027 (a)

  $ 135,000     $ 127,686  

Kohl’s Corp., 4.63%, 05/01/2031

    117,000       79,548  

Las Vegas Sands Corp.

2.90%, 06/25/2025

    117,000       110,419  

3.50%, 08/18/2026 (b)

    209,000       191,845  

3.90%, 08/08/2029

    175,000       151,209  

LBM Acquisition LLC, 6.25%, 01/15/2029 (a)

    192,000       151,680  

LCM Investments Holdings II LLC

4.88%, 05/01/2029 (a)(b)

    164,000       136,982  

8.25%, 08/01/2031 (a)

    100,000       95,450  

Life Time, Inc.

5.75%, 01/15/2026 (a)

    116,000       112,426  

8.00%, 04/15/2026 (a)

    111,000       108,225  

Light & Wonder International, Inc.

7.00%, 05/15/2028 (a)

    124,000       121,104  

7.25%, 11/15/2029 (a)

    117,000       113,271  

7.50%, 09/01/2031 (a)

    100,000       97,747  

Lithia Motors, Inc.

3.88%, 06/01/2029 (a)(b)

    157,000       129,855  

4.38%, 01/15/2031 (a)

    128,000       103,680  

4.63%, 12/15/2027 (a)

    93,000       83,721  

Macy’s Retail Holdings LLC

5.88%, 04/01/2029 (a)(b)

    117,000       103,147  

5.88%, 03/15/2030 (a)

    99,000       83,748  

6.13%, 03/15/2032 (a)

    99,000       81,881  

Mattamy Group Corp.

4.63%, 03/01/2030 (a)

    140,000       114,365  

5.25%, 12/15/2027 (a)(b)

    117,000       105,053  

Melco Resorts Finance Ltd.

4.88%, 06/06/2025 (a)

    109,000       102,611  

5.25%, 04/26/2026 (a)

    117,000       107,018  

5.38%, 12/04/2029 (a)(b)

    244,000       194,340  

5.63%, 07/17/2027 (a)

    140,000       122,266  

5.75%, 07/21/2028 (a)(b)

    159,000       134,378  

MGM China Holdings Ltd.

4.75%, 02/01/2027 (a)

    175,000       153,664  

5.25%, 06/18/2025 (a)

    117,000       111,357  

5.88%, 05/15/2026 (a)

    175,000       163,778  

MGM Resorts International

4.63%, 09/01/2026

    93,000       86,490  

4.75%, 10/15/2028

    175,000       152,868  

5.50%, 04/15/2027

    158,000       147,335  

5.75%, 06/15/2025

    158,000       154,527  

6.75%, 05/01/2025

    175,000       174,043  

 

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

 

72

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Consumer Discretionary — 22.2% (Continued)

Michaels Cos., Inc.

5.25%, 05/01/2028 (a)

  $ 159,000     $ 114,474  

7.88%, 05/01/2029 (a)

    189,000       105,462  

Mohegan Tribal Gaming Authority

8.00%, 02/01/2026 (a)

    190,000       174,563  

13.25%, 12/15/2027 (a)

    117,000       123,581  

NCL Corp. Ltd.

3.63%, 12/15/2024 (a)

    132,000       124,905  

5.88%, 03/15/2026 (a)

    304,000       272,840  

5.88%, 02/15/2027 (a)

    109,000       100,410  

7.75%, 02/15/2029 (a)(b)

    140,000       122,178  

8.13%, 01/15/2029 (a)

    125,000       122,109  

8.38%, 02/01/2028 (a)

    140,000       138,408  

NCL Finance Ltd., 6.13%, 03/15/2028 (a)

    123,000       103,020  

Newell Brands, Inc.

4.88%, 06/01/2025

    117,000       111,760  

5.20%, 04/01/2026

    414,000       390,358  

6.38%, 09/15/2027 (b)

    117,000       109,537  

6.63%, 09/15/2029

    42,000       38,640  

NMG Holding Co., Inc. / Neiman Marcus Group LLC, 7.13%, 04/01/2026 (a)

    232,000       216,869  

Nordstrom, Inc.

4.25%, 08/01/2031 (b)

    99,000       72,525  

4.38%, 04/01/2030

    117,000       90,663  

Odeon Finco PLC, 12.75%, 11/01/2027 (a)(b)

    93,000       92,233  

Penske Automotive Group, Inc.

3.50%, 09/01/2025

    128,000       121,920  

3.75%, 06/15/2029

    117,000       96,741  

PetSmart, Inc. / PetSmart Finance Corp.

4.75%, 02/15/2028 (a)

    256,000       226,536  

7.75%, 02/15/2029 (a)

    239,000       220,179  

Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.

5.63%, 09/01/2029 (a)(b)

    115,000       80,581  

5.88%, 09/01/2031 (a)

    175,000       117,688  

Prime Security Services Borrower LLC / Prime Finance, Inc.

3.38%, 08/31/2027 (a)

    169,000       148,636  

5.75%, 04/15/2026 (a)

    291,000       282,270  

6.25%, 01/15/2028 (a)

    179,000       166,119  

QVC, Inc.

4.38%, 09/01/2028

    117,000       58,500  

4.45%, 02/15/2025

    140,000       120,485  

4.75%, 02/15/2027

    134,000       76,045  

Rakuten Group, Inc.

5.13% to 04/22/2026 then 5 yr. CMT Rate + 4.58%, Perpetual (a)

    90,000       65,700  

 

   

Principal
Amount

   

Value

 

Consumer Discretionary — 22.2% (Continued)

6.25% to 04/22/2031 then 5 yr. CMT Rate + 4.96%, Perpetual (a)

  $ 199,000     $ 125,452  

10.25%, 11/30/2024 (a)

    172,000       174,150  

Resorts World Las Vegas LLC / RWLV Capital, Inc., 4.63%, 04/16/2029 (a)

    194,000       148,420  

Service Corp. International/US

3.38%, 08/15/2030

    169,000       134,710  

4.00%, 05/15/2031 (b)

    147,000       118,891  

4.63%, 12/15/2027

    128,000       118,311  

5.13%, 06/01/2029

    175,000       160,311  

Six Flags Entertainment Corp.

5.50%, 04/15/2027 (a)

    117,000       106,037  

7.25%, 05/15/2031 (a)(b)

    147,000       135,240  

Sonic Automotive, Inc.

4.63%, 11/15/2029 (a)

    152,000       126,540  

4.88%, 11/15/2031 (a)

    117,000       93,161  

Sotheby’s, 7.38%, 10/15/2027 (a)

    149,000       133,094  

Spirit Loyalty Cayman Ltd. / Spirit IP Cayman Ltd.

8.00%, 09/20/2025 (a)

    140,000       103,250  

8.00%, 09/20/2025 (a)

    119,000       87,763  

SRS Distribution, Inc.

4.63%, 07/01/2028 (a)

    152,000       132,921  

6.00%, 12/01/2029 (a)

    174,000       144,855  

6.13%, 07/01/2029 (a)

    105,000       87,938  

Staples, Inc.

7.50%, 04/15/2026 (a)

    394,000       321,110  

10.75%, 04/15/2027 (a)(b)

    234,000       130,611  

Station Casinos LLC

4.50%, 02/15/2028 (a)

    160,000       137,783  

4.63%, 12/01/2031 (a)

    42,000       33,071  

Studio City Finance Ltd.

5.00%, 01/15/2029 (a)

    152,000       109,896  

6.00%, 07/15/2025 (a)

    117,000       110,234  

6.50%, 01/15/2028 (a)

    117,000       96,598  

Taylor Morrison Communities, Inc.

5.13%, 08/01/2030 (a)

    117,000       98,046  

5.75%, 01/15/2028 (a)

    105,000       95,696  

5.88%, 06/15/2027 (a)

    117,000       109,688  

Tempur Sealy International, Inc.

3.88%, 10/15/2031 (a)

    162,000       121,298  

4.00%, 04/15/2029 (a)

    147,000       120,467  

Tenneco, Inc., 8.00%, 11/17/2028 (a)

    375,000       300,938  

TKC Holdings, Inc.

6.88%, 05/15/2028 (a)

    99,000       85,390  

10.50%, 05/15/2029 (a)

    158,000       126,889  

Travel + Leisure Co.

4.50%, 12/01/2029 (a)

    152,000       125,195  

 

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

 

73

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Consumer Discretionary — 22.2% (Continued)

6.00%, 04/01/2027

  $ 93,000     $ 86,839  

6.63%, 07/31/2026 (a)

    152,000       147,425  

United Airlines, Inc.

4.38%, 04/15/2026 (a)

    409,000       379,177  

4.63%, 04/15/2029 (a)

    389,000       328,511  

Valvoline, Inc.

3.63%, 06/15/2031 (a)

    125,000       95,000  

4.25%, 02/15/2030 (a)

    140,000       137,496  

Viking Cruises Ltd.

5.88%, 09/15/2027 (a)

    163,000       146,847  

7.00%, 02/15/2029 (a)

    117,000       105,885  

9.13%, 07/15/2031 (a)

    100,000       98,250  

VistaJet Malta Finance PLC / Vista Management Holding, Inc.

6.38%, 02/01/2030 (a)

    134,000       89,820  

7.88%, 05/01/2027 (a)

    117,000       90,090  

9.50%, 06/01/2028 (a)

    117,000       89,505  

VOC Escrow Ltd., 5.00%, 02/15/2028 (a)

    158,000       141,703  

Williams Scotsman, Inc.

4.63%, 08/15/2028 (a)

    117,000       103,828  

6.13%, 06/15/2025 (a)

    123,000       121,006  

7.38%, 10/01/2031 (a)

    100,000       98,325  

Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.

5.25%, 05/15/2027 (a)(b)

    146,000       135,254  

5.50%, 03/01/2025 (a)

    282,000       276,868  

Wynn Macau Ltd.

5.13%, 12/15/2029 (a)

    109,000       85,516  

5.50%, 01/15/2026 (a)

    204,000       188,938  

5.50%, 10/01/2027 (a)

    175,000       152,468  

5.63%, 08/26/2028 (a)

    291,000       243,612  

Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.

5.13%, 10/01/2029 (a)

    135,000       114,764  

7.13%, 02/15/2031 (a)

    140,000       130,011  

Yum! Brands, Inc.

3.63%, 03/15/2031

    131,000       106,299  

4.63%, 01/31/2032

    227,000       193,240  

4.75%, 01/15/2030 (a)

    187,000       166,626  

5.38%, 04/01/2032 (b)

    204,000       182,631  

ZF North America Capital, Inc.

4.75%, 04/29/2025 (a)

    217,000       209,094  

6.88%, 04/14/2028 (a)

    140,000       135,622  

7.13%, 04/14/2030 (a)

    140,000       135,814  

 

            38,988,449  
 

Consumer Staples — 3.3%

Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC

3.25%, 03/15/2026 (a)

    175,000       162,203  

 

   

Principal
Amount

   

Value

 

Consumer Staples — 3.3% (Continued)

3.50%, 03/15/2029 (a)

  $ 291,000     $ 247,944  

4.63%, 01/15/2027 (a)

    291,000       273,034  

4.88%, 02/15/2030 (a)

    109,000       97,443  

5.88%, 02/15/2028 (a)

    175,000       167,125  

6.50%, 02/15/2028 (a)

    175,000       171,832  

7.50%, 03/15/2026 (a)

    140,000       142,275  

B&G Foods, Inc., 5.25%, 09/15/2027

    81,000       66,688  

Central Garden & Pet Co.

4.13%, 10/15/2030

    117,000       95,355  

4.13%, 04/30/2031 (a)

    93,000       73,935  

Coty, Inc.

5.00%, 04/15/2026 (a)(b)

    186,000       177,924  

6.50%, 04/15/2026 (a)

    110,000       108,350  

Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC

4.75%, 01/15/2029 (a)

    117,000       103,586  

6.63%, 07/15/2030 (a)

    150,000       143,394  

Darling Ingredients, Inc., 6.00%, 06/15/2030 (a)(b)

    134,000       126,164  

Edgewell Personal Care Co.

4.13%, 04/01/2029 (a)(b)

    117,000       97,973  

5.50%, 06/01/2028 (a)

    175,000       159,679  

Energizer Holdings, Inc.

4.38%, 03/31/2029 (a)

    162,000       133,234  

4.75%, 06/15/2028 (a)

    140,000       119,945  

Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.88%, 09/01/2025 (a)

    15,000       14,055  

HLF Financing Sarl LLC / Herbalife International, Inc., 4.88%, 06/01/2029 (a)

    140,000       95,637  

Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.

5.00%, 12/31/2026 (a)

    111,000       100,455  

7.00%, 12/31/2027 (a)

    123,000       104,858  

Lamb Weston Holdings, Inc.

4.13%, 01/31/2030 (a)

    202,000       171,567  

4.38%, 01/31/2032 (a)

    164,000       135,590  

4.88%, 05/15/2028 (a)

    117,000       107,786  

Performance Food Group, Inc.

4.25%, 08/01/2029 (a)

    209,000       176,669  

5.50%, 10/15/2027 (a)

    213,000       199,066  

Pilgrim’s Pride Corp.

3.50%, 03/01/2032

    181,000       137,886  

4.25%, 04/15/2031

    109,000       89,780  

6.25%, 07/01/2033

    139,000       127,871  

Post Holdings, Inc.

4.50%, 09/15/2031 (a)(b)

    239,000       193,570  

4.63%, 04/15/2030 (a)

    284,000       238,179  

 

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

 

74

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Consumer Staples — 3.3% (Continued)

5.50%, 12/15/2029 (a)

  $ 263,000     $ 232,426  

5.63%, 01/15/2028 (a)

    195,000       181,191  

5.75%, 03/01/2027 (a)

    107,000       101,820  

Spectrum Brands, Inc., 3.88%, 03/15/2031 (a)

    117,000       93,746  

US Foods, Inc.

4.63%, 06/01/2030 (a)

    117,000       99,889  

4.75%, 02/15/2029 (a)(b)

    181,000       159,280  

7.25%, 01/15/2032 (a)

    90,000       88,433  

Vector Group Ltd.

5.75%, 02/01/2029 (a)

    175,000       148,514  

10.50%, 11/01/2026 (a)

    125,000       124,889  

 

            5,791,240  
 

Energy — 12.4%

Antero Midstream Partners LP / Antero Midstream Finance Corp.

5.38%, 06/15/2029 (a)

    175,000       159,228  

5.75%, 03/01/2027 (a)(b)

    152,000       145,045  

5.75%, 01/15/2028 (a)

    152,000       142,500  

7.88%, 05/15/2026 (a)

    128,000       128,925  

Antero Resources Corp.

5.38%, 03/01/2030 (a)(b)

    140,000       127,750  

7.63%, 02/01/2029 (a)

    97,000       98,366  

Archrock Partners LP / Archrock Partners Finance Corp.

6.25%, 04/01/2028 (a)

    147,000       136,526  

6.88%, 04/01/2027 (a)(b)

    117,000       112,774  

Ascent Resources Utica Holdings LLC / ARU Finance Corp.

5.88%, 06/30/2029 (a)

    93,000       82,584  

7.00%, 11/01/2026 (a)

    140,000       135,340  

8.25%, 12/31/2028 (a)

    120,000       118,836  

Baytex Energy Corp.

8.50%, 04/30/2030 (a)

    187,000       185,130  

8.75%, 04/01/2027 (a)

    110,000       110,825  

Buckeye Partners LP

3.95%, 12/01/2026

    140,000       127,109  

4.13%, 03/01/2025 (a)

    117,000       111,419  

4.13%, 12/01/2027

    93,000       80,594  

4.50%, 03/01/2028 (a)

    117,000       102,053  

Callon Petroleum Co.

7.50%, 06/15/2030 (a)(b)

    140,000       135,604  

8.00%, 08/01/2028 (a)

    152,000       149,720  

Chesapeake Energy Corp.

5.50%, 02/01/2026 (a)

    117,000       113,605  

5.88%, 02/01/2029 (a)

    117,000       110,220  

6.75%, 04/15/2029 (a)

    197,000       192,724  

CITGO Petroleum Corp.

6.38%, 06/15/2026 (a)

    122,000       119,710  

7.00%, 06/15/2025 (a)

    233,000       228,577  

 

   

Principal
Amount

   

Value

 

Energy — 12.4% (Continued)

8.38%, 01/15/2029 (a)

  $ 200,000     $ 198,000  

Civitas Resources, Inc.

8.38%, 07/01/2028 (a)

    250,000       251,562  

8.63%, 11/01/2030 (a)

    170,000       173,488  

8.75%, 07/01/2031 (a)

    250,000       252,499  

CNX Resources Corp.

6.00%, 01/15/2029 (a)

    117,000       107,348  

7.38%, 01/15/2031 (a)

    117,000       111,735  

Comstock Resources, Inc.

5.88%, 01/15/2030 (a)(b)

    146,000       124,830  

6.75%, 03/01/2029 (a)

    242,000       219,917  

CQP Holdco LP / BIP-V Chinook Holdco LLC, 5.50%, 06/15/2031 (a)

    213,000       185,275  

Crescent Energy Finance LLC

7.25%, 05/01/2026 (a)

    119,000       114,835  

9.25%, 02/15/2028 (a)

    93,000       94,019  

Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.

5.63%, 05/01/2027 (a)

    140,000       134,663  

5.75%, 04/01/2025

    117,000       115,538  

6.00%, 02/01/2029 (a)

    164,000       157,850  

7.38%, 02/01/2031 (a)

    140,000       141,453  

8.00%, 04/01/2029 (a)

    105,000       107,373  

CrownRock LP / CrownRock Finance, Inc.

5.00%, 05/01/2029 (a)

    93,000       87,350  

5.63%, 10/15/2025 (a)

    127,000       125,251  

CVR Energy, Inc.

5.25%, 02/15/2025 (a)

    140,000       136,881  

5.75%, 02/15/2028 (a)

    93,000       83,432  

DT Midstream, Inc.

4.13%, 06/15/2029 (a)

    157,000       134,785  

4.38%, 06/15/2031 (a)

    204,000       169,320  

Earthstone Energy Holdings LLC

8.00%, 04/15/2027 (a)

    100,000       101,482  

9.88%, 07/15/2031 (a)(b)

    100,000       107,881  

eG Global Finance PLC

6.75%, 02/07/2025 (a)

    135,000       133,035  

8.50%, 10/30/2025 (a)

    58,000       57,024  

Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 01/30/2028 (a)

    204,000       195,718  

Energian Israel Finance Ltd.

4.88%, 03/30/2026 (a)

    146,000       128,560  

5.38%, 03/30/2028 (a)

    146,000       119,451  

5.88%, 03/30/2031 (a)

    146,000       116,884  

8.50%, 09/30/2033 (a)

    125,000       109,191  

EnLink Midstream LLC

5.38%, 06/01/2029

    116,000       106,169  

5.63%, 01/15/2028 (a)

    117,000       110,464  

 

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

 

75

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Energy — 12.4% (Continued)

6.50%, 09/01/2030 (a)

  $ 184,000     $ 176,541  

EnLink Midstream Partners LP

4.15%, 06/01/2025

    98,000       93,864  

4.85%, 07/15/2026

    115,000       109,164  

EQM Midstream Partners LP

4.13%, 12/01/2026

    117,000       108,341  

4.50%, 01/15/2029 (a)

    147,000       129,067  

4.75%, 01/15/2031 (a)(b)

    197,000       166,075  

5.50%, 07/15/2028 (b)

    104,000       96,859  

6.00%, 07/01/2025 (a)

    93,000       90,826  

6.50%, 07/01/2027 (a)

    181,000       176,018  

7.50%, 06/01/2027 (a)

    117,000       116,017  

7.50%, 06/01/2030 (a)

    117,000       115,148  

Genesis Energy LP / Genesis Energy Finance Corp.

6.50%, 10/01/2025

    125,000       122,230  

7.75%, 02/01/2028

    137,000       128,780  

8.00%, 01/15/2027 (b)

    189,000       181,440  

8.88%, 04/15/2030

    117,000       112,791  

Hess Midstream Operations LP

4.25%, 02/15/2030 (a)

    50,000       42,931  

5.13%, 06/15/2028 (a)

    128,000       118,535  

5.50%, 10/15/2030 (a)

    93,000       84,662  

5.63%, 02/15/2026 (a)

    186,000       180,685  

Hilcorp Energy I LP / Hilcorp Finance Co.

5.75%, 02/01/2029 (a)

    140,000       125,202  

6.00%, 02/01/2031 (a)(b)

    140,000       122,700  

6.00%, 04/15/2030 (a)

    117,000       103,788  

6.25%, 11/01/2028 (a)

    140,000       130,861  

6.25%, 04/15/2032 (a)

    117,000       102,083  

ITT Holdings LLC, 6.50%, 08/01/2029 (a)

    201,000       168,086  

Kinetik Holdings LP, 5.88%, 06/15/2030 (a)

    169,000       155,856  

Leviathan Bond Ltd.

6.13%, 06/30/2025 (a)

    140,000       130,011  

6.50%, 06/30/2027 (a)

    140,000       123,272  

6.75%, 06/30/2030 (a)

    128,000       108,697  

Matador Resources Co.

5.88%, 09/15/2026

    163,000       157,078  

6.88%, 04/15/2028 (a)

    117,000       114,397  

MEG Energy Corp.

5.88%, 02/01/2029 (a)

    140,000       130,717  

7.13%, 02/01/2027 (a)

    136,000       137,190  

Moss Creek Resources Holdings, Inc.

7.50%, 01/15/2026 (a)

    164,000       157,001  

10.50%, 05/15/2027 (a)

    117,000       115,684  

 

   

Principal
Amount

   

Value

 

Energy — 12.4% (Continued)

Murphy Oil Corp.

5.88%, 12/01/2027

  $ 127,000     $ 122,057  

6.38%, 07/15/2028

    105,000       101,448  

Murphy Oil USA, Inc.

3.75%, 02/15/2031 (a)(b)

    117,000       93,580  

4.75%, 09/15/2029 (b)

    117,000       103,761  

Nabors Industries Ltd., 7.25%, 01/15/2026 (a)

    131,000       122,430  

Nabors Industries, Inc.

5.75%, 02/01/2025

    117,000       113,672  

7.38%, 05/15/2027 (a)

    164,000       153,322  

New Fortress Energy, Inc.

6.50%, 09/30/2026 (a)(b)

    306,000       273,869  

6.75%, 09/15/2025 (a)

    253,000       234,657  

NGL Energy Operating LLC / NGL Energy Finance Corp., 7.50%, 02/01/2026 (a)

    380,000       370,974  

Northern Oil and Gas, Inc.

8.13%, 03/01/2028 (a)

    165,000       162,530  

8.75%, 06/15/2031 (a)(b)

    117,000       116,553  

NuStar Logistics LP

5.63%, 04/28/2027

    128,000       120,982  

5.75%, 10/01/2025

    140,000       135,596  

6.00%, 06/01/2026

    117,000       113,145  

6.38%, 10/01/2030 (b)

    140,000       129,662  

Parkland Corp.

4.50%, 10/01/2029 (a)

    147,000       126,435  

4.63%, 05/01/2030 (a)

    147,000       125,318  

5.88%, 07/15/2027 (a)

    117,000       112,028  

PBF Holding Co. LLC / PBF Finance Corp.

6.00%, 02/15/2028

    147,000       135,596  

7.88%, 09/15/2030 (a)

    100,000       96,816  

Permian Resources Operating LLC

5.88%, 07/01/2029 (a)

    164,000       152,520  

7.00%, 01/15/2032 (a)

    90,000       87,339  

Range Resources Corp.

4.75%, 02/15/2030 (a)

    117,000       103,691  

4.88%, 05/15/2025

    90,000       87,525  

8.25%, 01/15/2029

    140,000       143,325  

Rockies Express Pipeline LLC

3.60%, 05/15/2025 (a)

    93,000       88,001  

4.95%, 07/15/2029 (a)

    128,000       112,657  

SM Energy Co.

6.50%, 07/15/2028

    93,000       89,403  

6.63%, 01/15/2027

    97,000       94,550  

6.75%, 09/15/2026

    98,000       96,257  

Southwestern Energy Co.

4.75%, 02/01/2032

    179,000       153,918  

5.38%, 02/01/2029

    163,000       150,656  

 

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

 

76

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Energy — 12.4% (Continued)

5.38%, 03/15/2030 (b)

  $ 156,000     $ 143,130  

Summit Midstream Holdings LLC / Summit Midstream Finance Corp., 9.00%, 10/15/2026 (a)(c)

    154,000       147,840  

Sunoco LP / Sunoco Finance Corp.

4.50%, 05/15/2029

    147,000       127,142  

4.50%, 04/30/2030

    147,000       125,759  

5.88%, 03/15/2028

    93,000       87,927  

6.00%, 04/15/2027

    15,000       14,425  

7.00%, 09/15/2028 (a)

    50,000       48,771  

Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.

5.50%, 01/15/2028 (a)

    175,000       154,000  

6.00%, 09/01/2031 (a)

    117,000       98,573  

6.00%, 03/01/2027 (a)

    100,000       91,673  

6.00%, 12/31/2030 (a)

    50,000       42,220  

7.50%, 10/01/2025 (a)

    140,000       138,030  

Transocean Titan Financing Ltd., 8.38%, 02/01/2028 (a)

    123,000       123,141  

Transocean, Inc.

7.50%, 01/15/2026 (a)

    133,000       127,395  

8.00%, 02/01/2027 (a)

    143,000       134,226  

8.75%, 02/15/2030 (a)

    199,500       198,809  

11.50%, 01/30/2027 (a)(b)

    161,000       167,541  

USA Compression Partners LP / USA Compression Finance Corp.

6.88%, 04/01/2026

    170,000       164,604  

6.88%, 09/01/2027

    50,000       47,750  

Valaris Ltd., 8.38%, 04/30/2030 (a)

    200,000       196,250  

Venture Global Calcasieu Pass LLC

3.88%, 08/15/2029 (a)(b)

    263,000       218,948  

3.88%, 11/01/2033 (a)

    253,000       191,113  

4.13%, 08/15/2031 (a)

    268,000       215,919  

6.25%, 01/15/2030 (a)

    129,000       121,327  

Venture Global LNG, Inc.

8.13%, 06/01/2028 (a)(b)

    427,000       413,976  

8.38%, 06/01/2031 (a)

    417,000       396,149  

9.50%, 02/01/2029 (a)

    425,000       430,843  

9.88%, 02/01/2032 (a)

    250,000       253,624  

Vital Energy, Inc.

9.50%, 01/15/2025

    106,000       106,530  

9.75%, 10/15/2030

    100,000       97,863  

10.13%, 01/15/2028

    125,000       125,234  

Weatherford International Ltd., 8.63%, 04/30/2030 (a)

    325,000       328,656  

 

            21,804,685  
 

Financials — 9.0%

Acrisure LLC / Acrisure Finance, Inc.

4.25%, 02/15/2029 (a)

    164,000       134,685  

 

   

Principal
Amount

   

Value

 

Financials — 9.0% (Continued)

6.00%, 08/01/2029 (a)

  $ 117,000     $ 93,982  

7.00%, 11/15/2025 (a)

    151,000       146,515  

10.13%, 08/01/2026 (a)

    93,000       93,517  

AerCap Global Aviation Trust, 6.50% to 06/15/2025 then 3 mo. Term SOFR + 4.56%, 06/15/2045(a)(b)

    117,000       114,759  

AG Issuer LLC, 6.25%, 03/01/2028 (a)

    117,000       108,071  

AG TTMT Escrow Issuer LLC, 8.63%, 09/30/2027 (a)

    117,000       117,076  

Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer

4.25%, 10/15/2027 (a)

    50,000       44,000  

5.88%, 11/01/2029 (a)

    105,000       88,129  

6.75%, 10/15/2027 (a)(b)

    284,000       258,842  

6.75%, 04/15/2028 (a)

    268,000       254,600  

Ally Financial, Inc.

5.75%, 11/20/2025 (b)

    151,000       144,424  

6.70%, 02/14/2033

    117,000       98,512  

AssuredPartners, Inc.

5.63%, 01/15/2029 (a)

    128,000       108,555  

7.00%, 08/15/2025 (a)

    117,000       114,867  

Block, Inc.

2.75%, 06/01/2026

    209,000       188,173  

3.50%, 06/01/2031

    124,000       95,567  

Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL

4.50%, 04/01/2027 (a)

    175,000       145,564  

5.75%, 05/15/2026 (a)

    101,000       92,380  

Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a)

    100,000       91,206  

Coinbase Global, Inc.

3.38%, 10/01/2028 (a)(b)

    194,000       141,620  

3.63%, 10/01/2031 (a)(b)

    144,000       97,877  

Compass Group Diversified Holdings LLC, 5.25%, 04/15/2029 (a)

    169,000       144,716  

Curo Group Holdings Corp., 7.50%, 08/01/2028 (a)

    160,000       60,800  

Cushman & Wakefield US Borrower LLC, 6.75%, 05/15/2028 (a)(b)

    100,000       91,363  

FirstCash, Inc., 5.63%, 01/01/2030 (a)

    128,000       113,280  

Freedom Mortgage Corp.

6.63%, 01/15/2027 (a)

    27,000       23,355  

7.63%, 05/01/2026 (a)

    15,000       13,784  

12.00%, 10/01/2028 (a)

    100,000       100,210  

12.25%, 10/01/2030 (a)

    100,000       99,688  

GGAM Finance Ltd., 8.00%, 06/15/2028 (a)

    100,000       98,600  

 

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

 

77

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Financials — 9.0% (Continued)

Global Atlantic Fin Co., 4.70% to 10/15/2026 then 5 yr. CMT Rate + 3.80%, 10/15/2051 (a)

  $ 175,000     $ 122,255  

GTCR AP Finance, Inc., 8.00%, 05/15/2027 (a)

    111,000       108,023  

GTCR W-2 Merger Sub LLC, 7.50%, 01/15/2031 (a)

    400,000       395,336  

HAT Holdings I LLC / HAT Holdings II LLC

3.38%, 06/15/2026 (a)

    109,000       95,648  

6.00%, 04/15/2025 (a)

    93,000       90,235  

HUB International Ltd.

5.63%, 12/01/2029 (a)

    128,000       110,386  

7.00%, 05/01/2026 (a)

    241,000       233,613  

7.25%, 06/15/2030 (a)(b)

    400,000       390,000  

Icahn Enterprises LP / Icahn Enterprises Finance Corp.

4.38%, 02/01/2029

    175,000       135,618  

5.25%, 05/15/2027 (b)

    270,000       231,525  

6.25%, 05/15/2026

    197,000       179,787  

6.38%, 12/15/2025

    175,000       164,286  

Intesa Sanpaolo SpA

4.20% to 06/01/2031 then 1 Year CMT Rate + 2.60%, 06/01/2032 (a)

    175,000       124,393  

5.71%, 01/15/2026 (a)

    286,000       270,972  

Iron Mountain Information Management Services, Inc., 5.00%, 07/15/2032 (a)

    175,000       143,225  

Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 (a)

    194,000       153,900  

Jones Deslauriers Insurance Management, Inc., 8.50%, 03/15/2030 (a)

    125,000       123,148  

Kennedy-Wilson, Inc.

4.75%, 03/01/2029

    140,000       106,080  

4.75%, 02/01/2030

    140,000       102,200  

5.00%, 03/01/2031

    140,000       100,450  

Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.

4.25%, 02/01/2027 (a)

    152,000       132,867  

4.75%, 06/15/2029 (a)

    152,000       122,550  

LD Holdings Group LLC

6.13%, 04/01/2028 (a)

    117,000       65,554  

6.50%, 11/01/2025 (a)

    117,000       94,542  

Liberty Mutual Group, Inc.

4.13% to 12/15/2026 then 5 yr. CMT Rate + 3.32%, 12/15/2051 (a)

    117,000       92,901  

4.30%, 02/01/2061 (a)

    187,000       97,943  

 

   

Principal
Amount

   

Value

 

Financials — 9.0% (Continued)

Macquarie Airfinance Holdings Ltd.

8.13%, 03/30/2029 (a)

  $ 100,000     $ 98,196  

8.38%, 05/01/2028 (a)

    100,000       99,646  

Midcap Financial Issuer Trust

5.63%, 01/15/2030 (a)

    93,000       72,012  

6.50%, 05/01/2028 (a)

    134,000       114,195  

MPT Operating Partnership LP / MPT Finance Corp.

3.50%, 03/15/2031 (b)

    194,000       117,370  

4.63%, 08/01/2029 (b)

    171,000       118,438  

5.00%, 10/15/2027 (b)

    248,000       191,797  

5.25%, 08/01/2026

    117,000       100,620  

Nationstar Mortgage Holdings, Inc.

5.13%, 12/15/2030 (a)

    122,000       99,461  

5.50%, 08/15/2028 (a)

    199,000       176,277  

5.75%, 11/15/2031 (a)

    140,000       115,916  

6.00%, 01/15/2027 (a)

    140,000       130,225  

Navient Corp.

4.88%, 03/15/2028

    117,000       96,701  

5.00%, 03/15/2027

    164,000       143,309  

5.50%, 03/15/2029

    175,000       141,542  

6.75%, 06/25/2025

    117,000       114,089  

6.75%, 06/15/2026

    117,000       110,911  

9.38%, 07/25/2030

    117,000       109,769  

NFP Corp.

4.88%, 08/15/2028 (a)

    128,000       112,451  

6.88%, 08/15/2028 (a)

    386,000       329,893  

OneMain Finance Corp.

3.50%, 01/15/2027

    135,000       114,075  

3.88%, 09/15/2028

    140,000       111,075  

4.00%, 09/15/2030

    159,000       116,992  

5.38%, 11/15/2029(b)

    175,000       144,185  

6.63%, 01/15/2028

    62,000       56,653  

6.88%, 03/15/2025(b)

    168,000       165,685  

7.13%, 03/15/2026

    265,000       257,321  

9.00%, 01/15/2029

    100,000       97,500  

Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer

4.88%, 05/15/2029 (a)

    175,000       146,575  

5.88%, 10/01/2028 (a)

    170,000       152,713  

7.50%, 06/01/2025 (a)

    152,000       150,664  

PennyMac Financial Services, Inc.

4.25%, 02/15/2029 (a)

    152,000       124,239  

5.38%, 10/15/2025 (a)

    152,000       144,238  

5.75%, 09/15/2031 (a)

    117,000       95,823  

PRA Group, Inc., 8.38%, 02/01/2028 (a)

    93,000       76,493  

Realogy Group LLC / Realogy Co.-Issuer Corp.

5.25%, 04/15/2030 (a)

    100,000       61,625  

 

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

 

78

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Financials — 9.0% (Continued)

5.75%, 01/15/2029 (a)

  $ 121,000     $ 75,020  

RHP Hotel Properties LP / RHP Finance Corp.

4.50%, 02/15/2029 (a)

    140,000       119,119  

4.75%, 10/15/2027

    164,000       149,035  

RLJ Lodging Trust LP, 4.00%, 09/15/2029 (a)

    117,000       95,355  

Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.

2.88%, 10/15/2026 (a)

    234,000       203,653  

3.63%, 03/01/2029 (a)(b)

    175,000       142,314  

3.88%, 03/01/2031 (a)(b)

    223,000       172,639  

4.00%, 10/15/2033 (a)(b)

    169,000       124,156  

SLM Corp.

3.13%, 11/02/2026

    117,000       102,287  

4.20%, 10/29/2025

    117,000       109,054  

Starwood Property Trust, Inc.

3.63%, 07/15/2026 (a)

    93,000       81,850  

3.75%, 12/31/2024 (a)

    93,000       87,843  

4.38%, 01/15/2027 (a)(b)

    117,000       100,488  

4.75%, 03/15/2025 (b)

    117,000       112,147  

Synchrony Financial, 7.25%, 02/02/2033

    175,000       148,711  

UniCredit SpA

5.46% to 06/30/2030 then 5 yr. CMT Rate + 4.75%, 06/30/2035 (a)

    321,000       263,444  

5.86% to 06/19/2027 then 5 Year Mid Swap Rate USD + 3.70%, 06/19/2032 (a)(b)

    209,000       188,965  

7.30% to 04/02/2029 then 5 Year Mid Swap Rate USD + 4.91%, 04/02/2034 (a)

    168,000       155,639  

United Wholesale Mortgage LLC

5.50%, 11/15/2025 (a)

    147,000       139,922  

5.50%, 04/15/2029 (a)

    49,000       40,670  

5.75%, 06/15/2027 (a)

    117,000       106,462  

Uniti Group LP / Uniti Fiber Holdings, Inc. / CSL Capital LLC, 6.00%, 01/15/2030 (a)

    164,000       101,311  

Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC

4.75%, 04/15/2028 (a)

    133,000       106,151  

6.50%, 02/15/2029 (a)

    220,000       142,036  

10.50%, 02/15/2028 (a)

    529,000       509,304  

XHR LP

4.88%, 06/01/2029 (a)

    117,000       99,219  

6.38%, 08/15/2025 (a)

    117,000       113,636  

 

            15,905,258  
 

 

   

Principal
Amount

   

Value

 

Health Care — 8.4%

AdaptHealth LLC

4.63%, 08/01/2029 (a)

  $ 117,000     $ 87,458  

5.13%, 03/01/2030 (a)

    140,000       106,050  

Avantor Funding, Inc.

3.88%, 11/01/2029 (a)

    162,000       135,610  

4.63%, 07/15/2028 (a)

    298,000       265,593  

Bausch & Lomb Escrow Corp., 8.38%, 10/01/2028 (a)

    280,000       278,045  

Bausch Health Americas, Inc.

8.50%, 01/31/2027 (a)

    150,000       68,113  

9.25%, 04/01/2026 (a)(b)

    173,000       152,368  

Bausch Health Cos., Inc.

4.88%, 06/01/2028 (a)

    280,000       139,236  

5.00%, 01/30/2028 (a)

    101,000       37,136  

5.00%, 02/15/2029 (a)

    106,000       37,100  

5.25%, 01/30/2030 (a)

    142,000       49,168  

5.25%, 02/15/2031 (a)

    108,000       37,800  

5.50%, 11/01/2025 (a)

    328,000       282,899  

5.75%, 08/15/2027 (a)

    117,000       60,840  

6.13%, 02/01/2027 (a)

    114,000       63,270  

6.25%, 02/15/2029 (a)

    152,000       55,480  

9.00%, 12/15/2025 (a)(b)

    109,000       95,484  

11.00%, 09/30/2028 (a)

    356,000       216,067  

Catalent Pharma Solutions, Inc.

3.13%, 02/15/2029 (a)

    128,000       100,451  

3.50%, 04/01/2030 (a)(b)

    152,000       119,320  

5.00%, 07/15/2027 (a)

    117,000       104,276  

Charles River Laboratories International, Inc.

3.75%, 03/15/2029 (a)

    27,000       22,863  

4.00%, 03/15/2031 (a)

    117,000       95,655  

CHS/Community Health Systems, Inc.

4.75%, 02/15/2031 (a)

    163,000       110,229  

5.25%, 05/15/2030 (a)

    324,000       230,040  

5.63%, 03/15/2027 (a)(b)

    290,000       233,478  

6.00%, 01/15/2029 (a)

    151,000       114,383  

6.13%, 04/01/2030 (a)

    253,000       98,038  

6.88%, 04/15/2029 (a)

    295,000       120,950  

6.88%, 04/01/2028 (a)

    137,000       55,896  

8.00%, 03/15/2026 (a)(b)

    432,000       394,054  

8.00%, 12/15/2027 (a)

    164,000       139,400  

DaVita, Inc.

3.75%, 02/15/2031 (a)(b)

    286,000       205,683  

4.63%, 06/01/2030 (a)

    494,000       387,172  

Encompass Health Corp.

4.50%, 02/01/2028

    147,000       132,525  

4.63%, 04/01/2031

    93,000       77,423  

4.75%, 02/01/2030

    62,000       53,720  

 

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

 

79

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Health Care — 8.4% (Continued)

Heartland Dental LLC / Heartland Dental Finance Corp., 10.50%, 04/30/2028 (a)

  $ 120,000     $ 115,186  

Hologic, Inc.

3.25%, 02/15/2029 (a)

    182,000       151,890  

4.63%, 02/01/2028 (a)

    93,000       84,700  

IQVIA, Inc.

5.00%, 05/15/2027 (a)

    232,000       218,593  

5.00%, 10/15/2026 (a)(b)

    221,000       211,276  

6.50%, 05/15/2030 (a)

    117,000       113,535  

Jazz Securities DAC, 4.38%, 01/15/2029 (a)

    236,000       204,730  

Legacy LifePoint Health LLC, 4.38%, 02/15/2027 (a)(b)

    140,000       115,675  

LifePoint Health, Inc.

5.38%, 01/15/2029 (a)

    117,000       70,931  

9.88%, 08/15/2030 (a)

    150,000       135,757  

11.00%, 10/15/2030 (a)

    200,000       188,740  

Medline Borrower LP

3.88%, 04/01/2029 (a)

    895,000       755,155  

5.25%, 10/01/2029 (a)(b)

    501,000       425,849  

ModivCare Escrow Issuer, Inc., 5.00%, 10/01/2029 (a)

    117,000       85,240  

ModivCare, Inc., 5.88%, 11/15/2025 (a)

    117,000       111,102  

Molina Healthcare, Inc.

3.88%, 05/15/2032 (a)

    175,000       138,165  

3.88%, 11/15/2030 (a)

    107,000       87,296  

4.38%, 06/15/2028 (a)

    157,000       140,397  

Organon & Co. / Organon Foreign Debt Co.-Issuer BV

4.13%, 04/30/2028 (a)

    432,000       373,151  

5.13%, 04/30/2031 (a)

    414,000       323,840  

Owens & Minor, Inc.

4.50%, 03/31/2029 (a)

    117,000       94,352  

6.63%, 04/01/2030 (a)(b)

    140,000       122,666  

Perrigo Finance Unlimited Co.

3.90%, 12/15/2024

    164,000       158,875  

4.38%, 03/15/2026

    164,000       153,882  

4.65%, 06/15/2030

    50,000       41,741  

Prestige Brands, Inc.

3.75%, 04/01/2031 (a)

    140,000       110,775  

5.13%, 01/15/2028 (a)

    93,000       85,743  

Radiology Partners, Inc., 9.25%, 02/01/2028 (a)

    166,000       63,151  

RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc., 9.75%, 12/01/2026 (a)(b)

    269,000       250,843  

 

   

Principal
Amount

   

Value

 

Health Care — 8.4% (Continued)

RP Escrow Issuer LLC, 5.25%, 12/15/2025 (a)(b)

  $ 147,000     $ 104,738  

Select Medical Corp., 6.25%, 08/15/2026 (a)(b)

    257,000       250,414  

Star Parent, Inc., 9.00%, 10/01/2030 (a)

    200,000       198,380  

Teleflex, Inc.

4.25%, 06/01/2028 (a)

    117,000       103,575  

4.63%, 11/15/2027

    117,000       107,318  

Tenet Healthcare Corp.

4.25%, 06/01/2029

    263,000       224,834  

4.38%, 01/15/2030

    275,000       232,719  

4.63%, 06/15/2028

    140,000       124,652  

4.88%, 01/01/2026

    432,000       414,551  

5.13%, 11/01/2027

    286,000       264,243  

6.13%, 10/01/2028 (b)

    431,000       399,213  

6.13%, 06/15/2030

    414,000       384,075  

6.25%, 02/01/2027

    286,000       275,097  

6.75%, 05/15/2031 (a)

    291,000       276,086  

Teva Pharmaceutical Finance Netherlands III BV

3.15%, 10/01/2026 (b)

    652,000       575,004  

4.75%, 05/09/2027 (b)

    194,000       175,838  

5.13%, 05/09/2029

    194,000       169,945  

6.75%, 03/01/2028 (b)

    167,000       159,694  

7.13%, 01/31/2025

    99,000       98,099  

7.88%, 09/15/2029 (b)

    140,000       138,134  

8.13%, 09/15/2031

    117,000       115,538  

 

            14,888,656  
 

Industrials — 8.4%

ADT Security Corp., 4.13%, 08/01/2029 (a)

    209,000       179,339  

Air Canada, 3.88%, 08/15/2026 (a)

    156,000       141,960  

Albion Financing 1 SARL / Aggreko Holdings, Inc., 6.13%, 10/15/2026 (a)(b)

    132,000       122,100  

Albion Financing 2 Sarl, 8.75%, 04/15/2027 (a)

    105,000       95,671  

Allison Transmission, Inc.

3.75%, 01/30/2031 (a)

    109,000       86,376  

4.75%, 10/01/2027 (a)

    93,000       84,863  

5.88%, 06/01/2029 (a)

    117,000       108,345  

American Airlines Group, Inc., 3.75%, 03/01/2025 (a)

    117,000       109,250  

Beacon Roofing Supply, Inc., 6.50%, 08/01/2030 (a)

    125,000       119,250  

Bombardier, Inc.

6.00%, 02/15/2028 (a)

    135,000       119,741  

7.13%, 06/15/2026 (a)

    156,000       150,037  

7.50%, 02/01/2029 (a)(b)

    175,000       162,094  

 

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

 

80

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Industrials — 8.4% (Continued)

7.88%, 04/15/2027 (a)

  $ 218,000     $ 209,535  

Brand Industrial Services, Inc., 10.38%, 08/01/2030 (a)

    250,000       248,776  

Brink’s Co.

4.63%, 10/15/2027 (a)

    140,000       126,508  

5.50%, 07/15/2025 (a)

    93,000       90,434  

Builders FirstSource, Inc.

4.25%, 02/01/2032 (a)

    179,000       142,529  

5.00%, 03/01/2030 (a)

    128,000       111,628  

6.38%, 06/15/2032 (a)

    164,000       150,074  

Chart Industries, Inc.

7.50%, 01/01/2030 (a)

    277,000       272,153  

9.50%, 01/01/2031 (a)

    119,000       122,570  

Clean Harbors, Inc.

4.88%, 07/15/2027 (a)

    127,000       118,449  

6.38%, 02/01/2031 (a)

    117,000       111,079  

Covanta Holding Corp.

4.88%, 12/01/2029 (a)

    179,000       139,620  

5.00%, 09/01/2030

    93,000       72,491  

Delta Air Lines, Inc.

3.75%, 10/28/2029 (b)

    140,000       118,825  

4.38%, 04/19/2028

    117,000       107,019  

7.38%, 01/15/2026

    171,000       172,701  

Emerald Debt Merger Sub LLC, 6.63%, 12/15/2030 (a)

    408,000       387,804  

EquipmentShare.com, Inc., 9.00%, 05/15/2028 (a)

    200,000       188,675  

Fortress Transportation and Infrastructure Investors LLC

5.50%, 05/01/2028 (a)

    194,000       176,431  

6.50%, 10/01/2025 (a)

    112,000       110,587  

9.75%, 08/01/2027 (a)

    93,000       95,599  

FXI Holdings, Inc.

12.25%, 11/15/2026 (a)

    141,000       117,700  

12.25%, 11/15/2026 (a)

    117,000       96,350  

GFL Environmental, Inc.

3.50%, 09/01/2028 (a)(b)

    175,000       149,719  

3.75%, 08/01/2025 (a)

    75,000       70,994  

4.00%, 08/01/2028 (a)

    175,000       150,621  

4.25%, 06/01/2025 (a)

    117,000       112,422  

4.38%, 08/15/2029 (a)

    128,000       109,274  

4.75%, 06/15/2029 (a)

    175,000       153,110  

5.13%, 12/15/2026 (a)

    117,000       110,915  

H&E Equipment Services, Inc., 3.88%, 12/15/2028 (a)

    203,000       172,062  

Herc Holdings, Inc., 5.50%, 07/15/2027 (a)

    256,000       240,960  

Hillenbrand, Inc., 5.75%, 06/15/2025

    93,000       91,384  

 

   

Principal
Amount

   

Value

 

Industrials — 8.4% (Continued)

Madison IAQ LLC

4.13%, 06/30/2028 (a)

  $ 164,000     $ 136,940  

5.88%, 06/30/2029 (a)

    177,000       137,175  

Ritchie Bros Holdings, Inc.

6.75%, 03/15/2028 (a)

    128,000       125,708  

7.75%, 03/15/2031 (a)

    187,000       187,701  

Rolls-Royce PLC

3.63%, 10/14/2025 (a)

    204,000       192,610  

5.75%, 10/15/2027 (a)

    204,000       193,469  

Sensata Technologies BV

4.00%, 04/15/2029 (a)(b)

    179,000       152,150  

5.00%, 10/01/2025 (a)

    124,000       120,514  

5.63%, 11/01/2024 (a)

    93,000       92,116  

5.88%, 09/01/2030 (a)

    117,000       106,563  

Sensata Technologies, Inc.

3.75%, 02/15/2031 (a)

    175,000       139,948  

4.38%, 02/15/2030 (a)

    105,000       88,799  

Spirit AeroSystems, Inc.

4.60%, 06/15/2028 (b)

    164,000       129,729  

7.50%, 04/15/2025 (a)

    251,000       250,373  

9.38%, 11/30/2029 (a)(b)

    186,000       191,059  

Titan Acquisition Ltd. / Titan Co.-Borrower LLC, 7.75%, 04/15/2026 (a)

    127,000       118,867  

TK Elevator Holdco GmbH, 7.63%, 07/15/2028 (a)

    93,000       84,275  

TK Elevator US Newco, Inc., 5.25%, 07/15/2027 (a)

    240,000       218,700  

TransDigm, Inc.

4.63%, 01/15/2029

    206,000       177,638  

4.88%, 05/01/2029

    175,000       151,734  

5.50%, 11/15/2027

    471,000       438,407  

6.25%, 03/15/2026 (a)

    871,000       851,097  

6.75%, 08/15/2028 (a)

    432,000       418,500  

6.88%, 12/15/2030 (a)

    275,000       265,719  

7.50%, 03/15/2027

    128,000       127,830  

Triumph Group, Inc.

7.75%, 08/15/2025 (b)

    117,000       111,150  

9.00%, 03/15/2028 (a)

    251,000       243,101  

Uber Technologies, Inc.

4.50%, 08/15/2029 (a)

    321,000       283,283  

6.25%, 01/15/2028 (a)

    117,000       112,751  

7.50%, 09/15/2027 (a)

    256,000       256,640  

7.50%, 05/15/2025 (a)

    204,000       204,669  

8.00%, 11/01/2026 (a)

    286,000       288,016  

United Rentals North America, Inc.

3.75%, 01/15/2032

    175,000       139,662  

3.88%, 02/15/2031

    227,000       187,076  

3.88%, 11/15/2027

    135,000       123,823  

 

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

 

81

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Industrials — 8.4% (Continued)

4.00%, 07/15/2030 (b)

  $ 175,000     $ 147,394  

4.88%, 01/15/2028 (b)

    321,000       298,129  

5.25%, 01/15/2030

    175,000       160,045  

5.50%, 05/15/2027

    117,000       112,858  

WESCO Distribution, Inc.

7.13%, 06/15/2025 (a)

    201,000       201,075  

7.25%, 06/15/2028 (a)

    280,000       278,476  

XPO, Inc., 7.13%, 06/01/2031 (a)

    105,000       102,244  

 

            14,676,037  
 

Information Technology — 2.5%

Cloud Software Group Holdings, Inc., 6.50%, 03/31/2029 (a)

    783,000       687,665  

Cloud Software Group, Inc., 9.00%, 09/30/2029 (a)(b)

    779,000       664,183  

Entegris, Inc.

3.63%, 05/01/2029 (a)

    93,000       78,050  

4.38%, 04/15/2028 (a)

    93,000       82,850  

Fair Isaac Corp.

4.00%, 06/15/2028 (a)

    181,000       160,984  

5.25%, 05/15/2026 (a)

    93,000       89,495  

Gen Digital, Inc.

5.00%, 04/15/2025 (a)

    227,000       220,561  

6.75%, 09/30/2027 (a)

    91,000       88,725  

7.13%, 09/30/2030 (a)(b)

    140,000       136,277  

McAfee Corp., 7.38%, 02/15/2030 (a)(b)

    318,000       254,400  

NCR Voyix Corp.

5.00%, 10/01/2028 (a)

    152,000       131,290  

5.13%, 04/15/2029 (a)

    166,000       143,196  

5.25%, 10/01/2030 (a)

    105,000       87,036  

Newfold Digital Holdings Group, Inc., 11.75%, 10/15/2028 (a)

    100,000       101,418  

Open Text Corp.

3.88%, 12/01/2029 (a)(b)

    174,000       142,610  

3.88%, 02/15/2028 (a)

    86,000       74,455  

PTC, Inc.

3.63%, 02/15/2025 (a)

    2,000       1,925  

4.00%, 02/15/2028 (a)

    117,000       104,092  

Twilio, Inc.

3.63%, 03/15/2029

    117,000       97,256  

3.88%, 03/15/2031

    117,000       93,596  

Viasat, Inc.

5.63%, 09/15/2025 (a)

    164,000       152,354  

5.63%, 04/15/2027 (a)

    140,000       122,297  

 

   

Principal
Amount

   

Value

 

Information Technology — 2.5% (Continued)

6.50%, 07/15/2028 (a)

  $ 93,000     $ 65,928  

Western Digital Corp., 4.75%, 02/15/2026

    469,000       439,738  

Xerox Holdings Corp.

5.00%, 08/15/2025 (a)

    175,000       161,256  

5.50%, 08/15/2028 (a)

    175,000       135,188  

 

            4,516,825  
 

Materials — 7.2%

Ardagh Metal Packaging Finance USA LLC / Ardagh Metal Packaging Finance PLC

3.25%, 09/01/2028 (a)(b)

    140,000       113,925  

4.00%, 09/01/2029 (a)

    151,000       113,250  

6.00%, 06/15/2027 (a)

    20,000       18,925  

Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.

4.13%, 08/15/2026 (a)

    249,000       219,742  

5.25%, 04/30/2025 (a)

    164,000       157,235  

5.25%, 08/15/2027 (a)

    157,000       114,218  

5.25%, 08/15/2027 (a)(b)

    149,000       108,398  

ASP Unifrax Holdings, Inc.

5.25%, 09/30/2028 (a)

    187,000       126,078  

7.50%, 09/30/2029 (a)

    93,000       48,686  

Avient Corp.

5.75%, 05/15/2025 (a)

    152,000       149,006  

7.13%, 08/01/2030 (a)

    170,000       163,196  

Axalta Coating Systems LLC, 3.38%, 02/15/2029 (a)

    164,000       135,177  

Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B BV, 4.75%, 06/15/2027 (a)

    117,000       107,743  

Ball Corp.

2.88%, 08/15/2030 (b)

    239,000       188,153  

3.13%, 09/15/2031 (b)

    174,000       135,146  

4.88%, 03/15/2026

    135,000       129,611  

5.25%, 07/01/2025

    209,000       205,791  

6.00%, 06/15/2029

    204,000       195,789  

6.88%, 03/15/2028

    175,000       174,858  

Berry Global, Inc., 5.63%, 07/15/2027 (a)

    117,000       111,626  

Chemours Co.

4.63%, 11/15/2029 (a)

    145,000       112,121  

5.38%, 05/15/2027

    116,000       104,812  

5.75%, 11/15/2028 (a)

    143,000       120,995  

Cleveland-Cliffs, Inc.

5.88%, 06/01/2027 (b)

    130,000       123,854  

6.75%, 04/15/2030 (a)

    175,000       161,875  

6.75%, 03/15/2026 (a)

    164,000       162,808  

Clydesdale Acquisition Holdings, Inc.

6.63%, 04/15/2029 (a)(b)

    117,000       106,183  

 

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

 

82

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Materials — 7.2% (Continued)

8.75%, 04/15/2030 (a)

  $ 165,000     $ 131,505  

Constellium SE, 3.75%, 04/15/2029 (a)

    117,000       95,940  

Crown Americas LLC, 5.25%, 04/01/2030 (b)

    117,000       105,739  

Crown Americas LLC / Crown Americas Capital Corp. V, 4.25%, 09/30/2026

    93,000       87,556  

Crown Americas LLC / Crown Americas Capital Corp. VI, 4.75%, 02/01/2026

    175,000       167,843  

FMG Resources August 2006 Pty Ltd.

4.38%, 04/01/2031 (a)

    271,000       218,592  

4.50%, 09/15/2027 (a)

    140,000       125,762  

5.88%, 04/15/2030 (a)

    164,000       146,780  

6.13%, 04/15/2032 (a)

    157,000       138,553  

Graphic Packaging International LLC

3.50%, 03/15/2028 (a)

    105,000       91,247  

3.75%, 02/01/2030 (a)

    93,000       76,288  

Kaiser Aluminum Corp.

4.50%, 06/01/2031 (a)

    128,000       94,560  

4.63%, 03/01/2028 (a)

    117,000       97,549  

LABL, Inc.

5.88%, 11/01/2028 (a)(b)

    117,000       99,706  

6.75%, 07/15/2026 (a)

    164,000       151,013  

8.25%, 11/01/2029 (a)

    107,000       79,448  

10.50%, 07/15/2027 (a)

    161,000       138,863  

Mauser Packaging Solutions Holding Co.

7.88%, 08/15/2026 (a)(b)

    534,000       499,957  

9.25%, 04/15/2027 (a)

    226,000       187,604  

Mercer International, Inc., 5.13%, 02/01/2029 (b)

    205,000       160,796  

Methanex Corp.

5.13%, 10/15/2027 (b)

    164,000       149,356  

5.25%, 12/15/2029

    164,000       144,915  

Mineral Resources Ltd.

8.00%, 11/01/2027 (a)

    146,000       141,078  

8.13%, 05/01/2027 (a)

    164,000       159,548  

8.50%, 05/01/2030 (a)

    146,000       140,411  

9.25%, 10/01/2028 (a)

    200,000       199,949  

NOVA Chemicals Corp.

4.25%, 05/15/2029 (a)

    134,000       99,145  

5.00%, 05/01/2025 (a)

    117,000       110,318  

5.25%, 06/01/2027 (a)

    216,000       182,987  

Novelis Corp.

3.25%, 11/15/2026 (a)

    175,000       155,969  

3.88%, 08/15/2031 (a)

    135,000       105,198  

4.75%, 01/30/2030 (a)

    335,000       284,749  

 

   

Principal
Amount

   

Value

 

Materials — 7.2% (Continued)

OI European Group BV, 4.75%, 02/15/2030 (a)

  $ 93,000     $ 78,954  

Olin Corp.

5.00%, 02/01/2030

    121,000       103,616  

5.13%, 09/15/2027

    117,000       107,565  

5.63%, 08/01/2029

    156,000       142,692  

Olympus Water US Holding Corp.

4.25%, 10/01/2028 (a)

    151,000       120,234  

6.25%, 10/01/2029 (a)(b)

    93,000       69,750  

9.75%, 11/15/2028 (a)

    300,000       292,701  

Owens-Brockway Glass Container, Inc.

6.63%, 05/13/2027 (a)(b)

    143,000       135,850  

7.25%, 05/15/2031 (a)

    161,000       147,114  

Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc., 4.38%, 10/15/2028 (a)

    117,000       99,889  

Pactiv Evergreen Group Issuer, Inc./Pactiv Evergreen Group Issuer LLC, 4.00%, 10/15/2027 (a)

    204,000       179,661  

SCIH Salt Holdings, Inc.

4.88%, 05/01/2028 (a)

    132,000       114,485  

6.63%, 05/01/2029 (a)(b)

    164,000       137,350  

Scotts Miracle-Gro Co.

4.00%, 04/01/2031

    111,000       82,545  

4.38%, 02/01/2032

    93,000       68,160  

4.50%, 10/15/2029

    96,000       75,838  

Sealed Air Corp.

4.00%, 12/01/2027 (a)

    99,000       87,333  

5.00%, 04/15/2029 (a)

    99,000       88,004  

5.13%, 12/01/2024 (a)

    99,000       97,146  

5.50%, 09/15/2025 (a)

    93,000       90,234  

Sealed Air Corp./Sealed Air Corp. US, 6.13%, 02/01/2028 (a)

    81,000       77,051  

Silgan Holdings, Inc., 4.13%, 02/01/2028

    133,000       118,187  

Smyrna Ready Mix Concrete LLC, 6.00%, 11/01/2028 (a)

    222,000       205,061  

Standard Industries, Inc./NJ

3.38%, 01/15/2031 (a)(b)

    212,000       160,344  

4.38%, 07/15/2030 (a)

    325,000       265,576  

4.75%, 01/15/2028 (a)(b)

    204,000       182,632  

5.00%, 02/15/2027 (a)

    109,000       100,745  

Summit Materials LLC / Summit Materials Finance Corp., 5.25%, 01/15/2029 (a)

    164,000       148,625  

Trivium Packaging Finance BV

5.50%, 08/15/2026 (a)

    221,000       200,469  

8.50%, 08/15/2027 (a)

    164,000       136,940  

 

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

 

83

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Materials — 7.2% (Continued)

Tronox, Inc., 4.63%, 03/15/2029 (a)

  $ 157,000     $ 123,245  

WR Grace Holdings LLC

4.88%, 06/15/2027 (a)

    134,000       119,970  

5.63%, 08/15/2029 (a)

    215,000       166,625  

 

            12,702,716  
 

Real Estate — 1.8%

Diversified Healthcare Trust

4.38%, 03/01/2031

    117,000       80,411  

4.75%, 02/15/2028

    117,000       85,239  

9.75%, 06/15/2025

    117,000       113,490  

Howard Hughes Corp.

4.13%, 02/01/2029 (a)

    152,000       122,368  

4.38%, 02/01/2031 (a)

    57,000       43,621  

5.38%, 08/01/2028 (a)

    175,000       154,022  

Iron Mountain, Inc.

4.50%, 02/15/2031 (a)(b)

    177,000       144,459  

4.88%, 09/15/2027 (a)

    204,000       186,444  

4.88%, 09/15/2029 (a)(b)

    184,000       160,310  

5.00%, 07/15/2028 (a)

    117,000       104,715  

5.25%, 07/15/2030 (a)

    179,000       155,453  

5.25%, 03/15/2028 (a)

    153,000       139,980  

5.63%, 07/15/2032 (a)

    140,000       119,398  

7.00%, 02/15/2029 (a)

    204,000       197,624  

Office Properties Income Trust

3.45%, 10/15/2031

    93,000       45,919  

4.50%, 02/01/2025

    152,000       131,065  

SBA Communications Corp.

3.13%, 02/01/2029 (b)

    286,000       236,214  

3.88%, 02/15/2027 (b)

    286,000       259,902  

Service Properties Trust

3.95%, 01/15/2028

    93,000       69,401  

4.38%, 02/15/2030

    93,000       64,228  

4.75%, 10/01/2026 (b)

    105,000       88,970  

4.95%, 02/15/2027

    93,000       77,539  

4.95%, 10/01/2029

    99,000       71,305  

5.50%, 12/15/2027

    105,000       88,706  

7.50%, 09/15/2025

    147,000       142,823  

 

            3,083,606  
 

Technology — 3.5%

AthenaHealth Group, Inc., 6.50%, 02/15/2030 (a)(b)

    431,000       350,725  

Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc., 8.00%, 06/15/2029 (a)

    140,000       139,370  

 

   

Principal
Amount

   

Value

 

Technology — 3.5% (Continued)

Central Parent, Inc. / CDK Global, Inc., 7.25%, 06/15/2029 (a)

  $ 140,000     $ 134,400  

Clarivate Science Holdings Corp.

3.88%, 07/01/2028 (a)

    176,000       152,108  

4.88%, 07/01/2029 (a)

    186,000       156,833  

CommScope Technologies LLC

5.00%, 03/15/2027 (a)

    120,000       43,800  

6.00%, 06/15/2025 (a)

    273,000       163,800  

CommScope, Inc.

4.75%, 09/01/2029 (a)

    258,000       176,408  

6.00%, 03/01/2026 (a)

    321,000       269,640  

7.13%, 07/01/2028 (a)(b)

    163,000       58,028  

8.25%, 03/01/2027 (a)

    188,000       76,916  

Entegris Escrow Corp.

4.75%, 04/15/2029 (a)

    305,000       273,935  

5.95%, 06/15/2030 (a)(b)

    184,000       168,360  

Imola Merger Corp., 4.75%, 05/15/2029 (a)

    384,000       334,402  

MPH Acquisition Holdings LLC

5.50%, 09/01/2028 (a)

    206,000       172,448  

5.75%, 11/01/2028 (a)

    175,000       130,449  

NCR Atleos Escrow Corp., 9.50%, 04/01/2029 (a)

    270,000       264,662  

Neptune Bidco US, Inc., 9.29%, 04/15/2029 (a)

    522,000       460,899  

Open Text Holdings, Inc.

4.13%, 02/15/2030 (a)

    171,000       141,617  

4.13%, 12/01/2031 (a)(b)

    152,000       119,966  

Presidio Holdings, Inc.

4.88%, 02/01/2027 (a)

    123,000       112,312  

8.25%, 02/01/2028 (a)

    123,000       116,668  

Sabre GLBL, Inc.

8.63%, 06/01/2027 (a)

    74,000       61,019  

11.25%, 12/15/2027 (a)(b)

    130,000       115,196  

Seagate HDD Cayman

4.09%, 06/01/2029 (b)

    117,000       100,094  

4.75%, 01/01/2025

    112,000       109,323  

4.88%, 06/01/2027

    118,000       110,625  

8.25%, 12/15/2029 (a)

    118,000       120,095  

8.50%, 07/15/2031 (a)

    118,000       120,213  

9.63%, 12/01/2032 (a)

    175,000       186,800  

SS&C Technologies, Inc., 5.50%, 09/30/2027 (a)

    409,000       383,948  

Vericast Corp., 11.00%, 09/15/2026 (a)

    249,000       263,318  

Vericast Corp./Harland Clarke/Checks in the Mail/Valassis Comm/Valassis Direct, 13.00%, 10/15/2027 (a)

    103,000       117,369  

 

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

 

84

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

Principal
Amount

   

Value

 

CORPORATE BONDS — 98.4% (Continued)

Technology — 3.5% (Continued)

Veritas US, Inc. / Veritas Bermuda Ltd., 7.50%, 09/01/2025 (a)

  $ 285,000     $ 232,988  

Verscend Escrow Corp., 9.75%, 08/15/2026 (a)

    217,000       215,871  

 

            6,154,605  
 

Utilities — 3.3%

AmeriGas Partners LP / AmeriGas Finance Corp.

5.50%, 05/20/2025

    164,000       157,098  

5.75%, 05/20/2027

    123,000       113,124  

5.88%, 08/20/2026

    158,000       148,165  

Calpine Corp.

3.75%, 03/01/2031 (a)

    171,000       138,168  

4.50%, 02/15/2028 (a)

    263,000       237,949  

4.63%, 02/01/2029 (a)

    152,000       128,300  

5.00%, 02/01/2031 (a)(b)

    159,000       128,353  

5.13%, 03/15/2028 (a)(b)

    253,000       226,425  

5.25%, 06/01/2026 (a)

    98,000       94,227  

Clearway Energy Operating LLC

3.75%, 02/15/2031 (a)

    186,000       145,071  

4.75%, 03/15/2028 (a)

    74,000       66,045  

DPL, Inc.

4.13%, 07/01/2025

    97,000       91,471  

4.35%, 04/15/2029

    93,000       76,265  

Edison International, 8.13% to 06/15/2028 then 5 yr. CMT Rate + 3.86%, 06/15/2053

    117,000       112,844  

Electricite de France SA, 9.13% to 06/15/2033 then 5 yr. CMT Rate + 5.41%, Perpetual (a)

    300,000       306,996  

Emera, Inc., 6.75% to 06/15/2026 then 3 mo. LIBOR US + 5.44%, 06/15/2076

    251,000       235,618  

Ferrellgas LP / Ferrellgas Finance Corp.

5.38%, 04/01/2026 (a)(b)

    27,000       25,287  

5.88%, 04/01/2029 (a)

    163,000       144,011  

FirstEnergy Corp.

2.25%, 09/01/2030

    105,000       80,652  

2.65%, 03/01/2030

    140,000       112,712  

4.15%, 07/15/2027

    321,000       297,282  

NextEra Energy Operating Partners LP

3.88%, 10/15/2026 (a)

    117,000       106,359  

4.50%, 09/15/2027 (a)(b)

    128,000       114,528  

NRG Energy, Inc.

3.63%, 02/15/2031 (a)

    206,000       155,456  

3.88%, 02/15/2032 (a)

    177,000       131,883  

5.25%, 06/15/2029 (a)

    171,000       151,720  

5.75%, 01/15/2028

    161,000       150,894  

 

   

Principal
Amount

   

Value

 

Utilities — 3.3% (Continued)

PG&E Corp.

5.00%, 07/01/2028

  $ 199,000     $ 180,306  

5.25%, 07/01/2030

    204,000       179,248  

Suburban Propane Partners LP/Suburban Energy Finance Corp., 5.00%, 06/01/2031 (a)

    152,000       126,501  

Talen Energy Supply LLC, 8.63%, 06/01/2030 (a)

    166,000       169,142  

TerraForm Power Operating LLC

4.75%, 01/15/2030 (a)

    164,000       138,580  

5.00%, 01/31/2028 (a)

    164,000       149,450  

Vistra Operations Co. LLC

4.38%, 05/01/2029 (a)(b)

    228,000       193,576  

5.00%, 07/31/2027 (a)

    224,000       205,884  

5.50%, 09/01/2026 (a)

    204,000       193,952  

5.63%, 02/15/2027 (a)

    279,000       262,608  

7.75%, 10/15/2031 (a)

    200,000       193,000  

 

            5,869,150  

TOTAL CORPORATE BONDS (Cost $179,792,788)

            173,313,771  
 
   

Shares

         

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING- 18.1%

 

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(d)

    31,815,494       31,815,494  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $31,815,494)

            31,815,494  
 

Total Investments — 116.5% (Cost $211,608,282)

          $ 205,129,265  

Liabilities in Excess of Other Assets — (16.5)%

            (29,039,406 )

TOTAL NET ASSETS — 100.0%

          $ 176,089,859  

 

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

(a)

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

(b)

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

 

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

 

85

 

 

Pacer Trendpilot® US Bond ETF

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

 

(c)

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

(d)

The rate shown is as of October 31, 2023.

 

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

 

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

 

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

 

86

 

 

Pacer Trendpilot® Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

AFFILIATED EXCHANGE TRADED FUNDS — 99.8%(a)

 

Pacer Trendpilot 100 ETF

    161,272     $ 9,840,817  

Pacer Trendpilot International ETF

    372,124       9,288,215  

Pacer Trendpilot US Bond ETF

    501,220       9,598,363  

Pacer Trendpilot US Large Cap ETF

    250,165       9,766,442  

Pacer Trendpilot US Mid Cap ETF

    317,894       9,721,198  

TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $51,048,549)

            48,215,035  

Total Investments — 99.8% (Cost $51,048,549)

          $ 48,215,035  

Other Assets in Excess of Liabilities — 0.2%

            94,615  

TOTAL NET ASSETS — 100.0%

          $ 48,309,650  

 

Percentages are stated as a percent of net assets.

(a)

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

 

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 US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 99.9%

 

Communication Services — 2.5%

Fox Corp. - Class A

    4,047,460     $ 123,002,309  

Live Nation Entertainment, Inc.(a)(b)

    1,517,936       121,465,239  

Nexstar Media Group, Inc.(b)

    671,869       94,115,410  

Playtika Holding Corp.(a)

    3,334,206       28,007,330  

TripAdvisor, Inc.(a)

    1,107,356       16,344,575  

Total Communication Services

            382,934,863  
 

Consumer Discretionary — 14.5%

ADT, Inc.(b)

    13,568,249       76,796,289  

Best Buy Co., Inc.(b)

    2,102,296       140,475,419  

Boyd Gaming Corp.

    916,920       50,659,830  

Carter’s, Inc.(b)

    414,793       27,857,498  

Crocs, Inc.(a)

    708,053       63,243,294  

Dick’s Sporting Goods, Inc.(b)

    816,050       87,276,548  

DR Horton, Inc.

    2,329,440       243,193,535  

eBay, Inc.(b)

    4,515,750       177,152,872  

Expedia Group, Inc.(a)

    1,847,593       176,057,137  

Gap, Inc.(b)

    6,400,931       81,931,917  

H&R Block, Inc.(b)

    1,621,458       66,560,851  

Leggett & Platt, Inc.

    1,197,474       28,056,816  

Lennar Corp. - Class A

    2,730,281       291,266,376  

Nordstrom, Inc.(b)

    4,434,562       61,995,177  

NVR, Inc.(a)

    23,222       125,691,862  

Phinia, Inc.

    596,258       15,431,157  

Polaris, Inc.(b)

    419,673       36,268,141  

PulteGroup, Inc.

    2,032,930       149,603,319  

Tapestry, Inc.

    2,027,500       55,877,900  

Thor Industries, Inc.(b)

    482,930       42,464,035  

Toll Brothers, Inc.(b)

    1,897,262       134,155,396  

Williams-Sonoma, Inc.(b)

    648,786       97,473,609  

Total Consumer Discretionary

            2,229,488,978  
 

Consumer Staples — 6.5%

Altria Group, Inc.

    7,474,041       300,232,227  

Archer-Daniels-Midland Co.

    3,925,615       280,956,266  

Kroger Co.

    6,683,497       303,230,258  

Olaplex Holdings, Inc.(a)(b)

    6,402,053       9,090,915  

Seaboard Corp.

    7,964       27,929,350  

US Foods Holding Corp.(a)(b)

    1,972,924       76,825,661  

Total Consumer Staples

            998,264,677  
 

Energy — 33.4%

Antero Resources Corp.(a)

    2,923,650       86,072,256  

APA Corp.(b)

    3,236,156       128,540,116  

Cheniere Energy, Inc.

    1,968,491       327,596,272  

Chesapeake Energy Corp.(b)

    1,605,653       138,214,610  

Chevron Corp.

    2,003,232       291,930,999  

ConocoPhillips

    2,698,363       320,565,524  

Coterra Energy, Inc.(b)

    10,184,742       280,080,405  

 

   

Shares

   

Value

 

Energy — 33.4% (Continued)

               

Diamondback Energy, Inc.(b)

    2,129,838     $ 341,455,629  

EOG Resources, Inc.

    2,518,872       318,007,590  

EQT Corp.(b)

    5,136,645       217,691,015  

Exxon Mobil Corp.

    2,903,908       307,378,662  

HF Sinclair Corp.

    3,159,689       174,983,577  

Marathon Oil Corp.

    8,597,067       234,785,900  

Marathon Petroleum Corp.

    2,256,833       341,345,992  

Occidental Petroleum Corp.(b)

    5,097,843       315,097,676  

Ovintiv, Inc.

    2,740,124       131,525,952  

Phillips 66

    2,811,514       320,709,402  

Pioneer Natural Resources Co.

    1,361,888       325,491,232  

Range Resources Corp.(b)

    3,058,894       109,630,761  

Southwestern Energy Co.(a)(b)

    12,325,817       87,883,075  

Valero Energy Corp.

    2,463,830       312,906,410  

Total Energy

            5,111,893,055  
 

Financials — 1.6%

XP, Inc. - Class A

    12,490,096       249,801,919  

Total Financials

            249,801,919  
 

Health Care — 17.8%

AbbVie, Inc.

    2,220,749       313,525,344  

Bristol-Myers Squibb Co.

    5,306,573       273,447,707  

Cardinal Health, Inc.

    2,328,342       211,879,122  

Cencora, Inc.

    1,381,471       255,779,356  

CVS Health Corp.

    5,009,473       345,703,731  

Gilead Sciences, Inc.

    4,293,759       337,231,832  

Jazz Pharmaceuticals PLC(a)

    831,378       105,601,634  

Maravai LifeSciences Holdings, Inc. - Class A(a)

    2,247,837       15,420,162  

McKesson Corp.

    798,862       363,769,799  

Pfizer, Inc.

    9,198,242       281,098,276  

Premier, Inc.(b)

    1,407,236       27,047,076  

United Therapeutics Corp.(a)

    251,286       56,001,598  

Viatris, Inc.

    16,387,249       145,846,516  

Total Health Care

            2,732,352,153  
 

Industrials — 5.8%

Acuity Brands, Inc.(b)

    291,549       47,222,192  

Allison Transmission Holdings, Inc.

    852,645       42,990,361  

Builders FirstSource, Inc.(a)(b)

    1,782,654       193,453,612  

CH Robinson Worldwide, Inc.(b)

    1,730,398       141,598,468  

Concentrix Corp.(b)

    519,618       39,600,088  

Expeditors International of Washington, Inc.

    1,342,690       146,688,883  

Fortune Brands Innovations, Inc.(b)

    965,470       53,873,226  

Gates Industrial Corp. PLC(a)

    3,146,706       34,362,030  

Genpact Ltd.

    1,237,358       41,500,987  

Landstar System, Inc.

    253,676       41,800,731  

MSC Industrial Direct Co., Inc.(b)

    511,139       48,430,420  

 

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

 

88

 

 

Pacer US Cash Cows 100 ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 99.9% (Continued)

       
                 

Industrials — 5.8% (Continued)

               

Robert Half, Inc.

    787,061     $ 58,848,551  

Total Industrials

            890,369,549  
 

Information Technology — 5.2%

Cisco Systems, Inc.

    5,690,043       296,621,942  

Dropbox, Inc. - Class A(a)

    2,697,636       70,947,827  

DXC Technology Co.(a)(b)

    4,630,626       93,399,726  

F5, Inc.(a)

    324,199       49,145,326  

NetApp, Inc.

    1,190,992       86,680,398  

Skyworks Solutions, Inc.

    1,130,133       98,027,736  

Teradata Corp.(a)

    572,465       24,455,705  

Zoom Video Communications, Inc. - Class A(a)

    1,393,844       83,602,763  

Total Information Technology

            802,881,423  
 

Materials — 12.4%

CF Industries Holdings, Inc.

    3,001,481       239,458,154  

Cleveland-Cliffs, Inc.(a)

    6,009,378       100,837,363  

Dow, Inc.(b)

    5,953,066       287,771,209  

LyondellBasell Industries NV

    2,764,475       249,466,224  

Mosaic Co.

    3,773,020       122,547,690  

Nucor Corp.

    1,909,229       282,164,953  

Olin Corp.

    1,622,879       69,329,391  

Reliance Steel & Aluminum Co.

    515,878       131,229,046  

Scotts Miracle-Gro Co.(b)

    718,574       31,933,429  

Steel Dynamics, Inc.(b)

    2,428,809       258,692,447  

Westlake Chemical Corp.(b)

    1,125,457       129,832,720  

Total Materials

            1,903,262,626  
 

Utilities — 0.2%

Hawaiian Electric Industries, Inc.(b)

    1,832,623       23,787,447  

Total Utilities

            23,787,447  

TOTAL COMMON STOCKS (Cost $15,140,022,664)

            15,325,036,690  
 

 

   

Shares

   

Value

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.9%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    1,063,284,166     $ 1,063,284,166  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $1,063,284,166)

            1,063,284,166  
 

Total Investments — 106.8% (Cost $16,203,306,830)

            16,388,320,856  

Liabilities in Excess of Other Assets — (6.8)%

            (1,045,857,872 )

TOTAL NET ASSETS — 100.0%

          $ 15,342,462,984  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

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

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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.

 

89

 

 

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 99.9%

 

Communication Services — 3.4%

Cargurus, Inc.(a)

    1,940,380     $ 33,432,747  

Shutterstock, Inc.(b)

    520,601       21,178,049  

Thryv Holdings, Inc.(a)(b)

    910,542       15,870,747  

TripAdvisor, Inc.(a)

    1,952,421       28,817,734  

YELP, Inc.(a)

    857,786       36,189,991  

Total Communication Services

            135,489,268  
 

Consumer Discretionary — 35.0%

Abercrombie & Fitch Co.(a)(b)

    786,142       47,813,156  

Adtalem Global Education, Inc.(a)

    778,492       40,325,886  

American Eagle Outfitters, Inc.(b)

    5,199,050       90,827,403  

Buckle, Inc.(b)

    1,007,884       34,036,243  

Caleres, Inc.(b)

    897,714       22,963,524  

Cavco Industries, Inc.(a)(b)

    143,989       35,926,695  

Century Communities, Inc.

    1,004,632       61,784,868  

Chico’s FAS, Inc.(a)(b)

    9,368,124       70,073,568  

Designer Brands, Inc. - Class A(b)

    3,464,205       35,023,113  

Ethan Allen Interiors, Inc.(b)

    593,317       15,580,504  

G-III Apparel Group Ltd.(a)

    1,658,403       42,372,197  

Green Brick Partners, Inc.(a)

    830,404       32,136,635  

La-Z-Boy, Inc.(b)

    1,070,396       31,298,379  

LCI Industries(b)

    566,506       61,460,236  

M/I Homes, Inc.(a)(b)

    840,910       69,013,484  

MDC Holdings, Inc.

    1,821,490       69,125,546  

Meritage Homes Corp.

    623,351       71,074,481  

Monarch Casino & Resort, Inc.(b)

    311,255       18,734,438  

Monro, Inc.(b)

    836,676       20,766,298  

Movado Group, Inc.

    439,499       12,244,442  

ODP Corp.(a)(b)

    1,158,575       52,043,189  

Patrick Industries, Inc.(b)

    878,878       66,047,682  

Perdoceo Education Corp.

    1,412,541       25,552,867  

Phinia, Inc.

    1,075,997       27,846,802  

Signet Jewelers Ltd.(b)

    1,072,028       74,859,715  

Steven Madden Ltd.(b)

    1,316,744       43,176,036  

Tri Pointe Homes, Inc.(a)

    2,803,961       70,267,263  

Urban Outfitters, Inc.(a)(b)

    1,583,737       54,828,975  

Vista Outdoor, Inc.(a)(b)

    2,218,844       55,737,361  

Winnebago Industries, Inc.(b)

    546,798       31,686,944  

Total Consumer Discretionary

            1,384,627,930  
 

Consumer Staples — 7.8%

Andersons, Inc.

    1,651,504       82,789,897  

Cal-Maine Foods, Inc.(b)

    1,676,514       75,962,849  

Central Garden & Pet Co.(a)(b)

    958,642       41,825,550  

John B Sanfilippo & Son, Inc.

    152,512       15,595,877  

Medifast, Inc.(b)

    375,784       25,989,221  

United Natural Foods, Inc.(a)

    3,767,592       54,931,491  

 

   

Shares

   

Value

 

Consumer Staples — 7.8% (Continued)

       

USANA Health Sciences, Inc.(a)

    224,702     $ 10,235,176  

Total Consumer Staples

            307,330,061  
 

Energy — 14.6%

California Resources Corp.(b)

    1,342,130       70,582,617  

Civitas Resources, Inc.(b)

    975,618       73,590,866  

CONSOL Energy, Inc.

    894,772       82,220,598  

CVR Energy, Inc.(b)

    2,250,176       73,693,264  

Dorian LPG Ltd.(b)

    1,083,161       34,628,657  

Helmerich & Payne, Inc.(b)

    1,380,854       54,640,393  

Liberty Energy, Inc.(b)

    2,772,429       54,616,851  

Par Pacific Holdings, Inc.(a)

    2,260,401       74,186,361  

REX American Resources Corp.(a)

    161,970       6,156,480  

RPC, Inc.(b)

    2,592,461       21,569,276  

US Silica Holdings, Inc.(a)

    2,347,802       28,337,970  

Total Energy

            574,223,333  
 

Health Care — 7.3%

AMN Healthcare Services, Inc.(a)(b)

    666,105       50,530,725  

Collegium Pharmaceutical, Inc.(a)(b)

    1,512,245       32,906,451  

Cross Country Healthcare, Inc.(a)(b)

    1,938,651       44,899,157  

Ligand Pharmaceuticals, Inc.(a)

    239,542       12,525,651  

OraSure Technologies, Inc.(a)

    1,265,264       6,528,762  

Owens & Minor, Inc.(a)(b)

    3,888,779       55,726,204  

Pediatrix Medical Group, Inc.(a)(b)

    1,670,305       19,141,695  

Premier, Inc.

    2,394,486       46,022,021  

Veradigm, Inc.(a)(b)

    1,416,184       18,679,467  

Total Health Care

            286,960,133  
 

Industrials — 20.6%

American Woodmark Corp.(a)

    432,801       29,097,211  

Apogee Enterprises, Inc.

    370,884       15,918,341  

Boise Cascade Co.

    806,670       75,625,313  

Encore Wire Corp.(b)

    500,733       89,546,081  

Forward Air Corp.

    519,763       33,477,935  

Gibraltar Industries, Inc.(a)

    431,914       26,286,286  

GMS, Inc.(a)

    930,050       54,389,324  

Griffon Corp.

    1,533,678       61,255,099  

Hub Group, Inc. - Class A(a)

    551,913       37,944,019  

Insteel Industries, Inc.

    289,249       8,072,940  

Interface, Inc.

    1,341,365       11,924,735  

Kelly Services, Inc. - Class A

    469,287       8,376,773  

Korn/Ferry International

    730,273       33,242,027  

Liquidity Services, Inc.(a)

    369,466       7,119,610  

Matson, Inc.

    977,786       85,116,271  

Mueller Industries, Inc.(b)

    2,298,312       86,669,346  

National Presto Industries, Inc.

    89,915       6,721,146  

NOW, Inc.(a)

    1,570,135       17,302,888  

Powell Industries, Inc.(b)

    228,769       17,535,144  

Quanex Building Products Corp.

    632,548       16,983,914  

 

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

 

90

 

 

Pacer US Small Cap Cash Cows 100 ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 99.9% (Continued)

       
                 

Industrials — 20.6% (Continued)

               

Resources Connection, Inc.

    827,961     $ 11,152,635  

Titan International, Inc.(a)(b)

    1,960,317       22,269,201  

TrueBlue, Inc.(a)(b)

    747,135       8,270,784  

Veritiv Corp.

    309,271       52,393,600  

Total Industrials

            816,690,623  
 

Information Technology — 6.2%

Adeia, Inc.

    2,988,136       25,189,986  

Cohu, Inc.(a)

    544,778       16,419,609  

CTS Corp.

    377,085       14,106,750  

Insight Enterprises, Inc.(a)(b)

    546,064       78,250,971  

InterDigital, Inc.(b)

    419,822       31,591,606  

MaxLinear, Inc.(a)

    1,120,040       17,024,608  

NetScout Systems, Inc.(a)

    828,728       18,091,132  

PC Connection, Inc.

    477,304       25,573,948  

Photronics, Inc.(a)

    994,169       18,252,943  

Total Information Technology

            244,501,553  
 

Materials — 5.0%

Olympic Steel, Inc.

    609,166       30,927,358  

SunCoke Energy, Inc.

    2,587,387       24,606,050  

Sylvamo Corp.(b)

    1,514,052       67,072,504  

TimkenSteel Corp.(a)

    436,858       8,881,323  

Warrior Met Coal, Inc.

    1,352,030       65,884,423  

Total Materials

            197,371,658  

TOTAL COMMON STOCKS (Cost $3,892,467,976)

            3,947,194,559  
 

 

   

Shares

   

Value

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.5%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    571,109,665     $ 571,109,665  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $571,109,664)

            571,109,665  
                 

Total Investments — 114.4% (Cost $4,463,577,640)

            4,518,304,224  

Liabilities in Excess of Other Assets — (14.4)%

            (568,604,222 )

TOTAL NET ASSETS — 100.0%

          $ 3,949,700,002  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

(b)

All or a portion of this security is on loan as of October 31, 2023. The total market value of these securities was $561,237,462 which represented 14.2% of net assets.

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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.

 

91

 

 

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 99.3%

 

Australia — 7.9%

Ampol Ltd.

    124,026     $ 2,506,609  

Atlas Arteria Ltd.

    668,476       2,251,689  

BHP Group Ltd. - ADR(a)

    582,530       33,239,161  

Coles Group Ltd.

    364,195       3,527,777  

Fortescue Metals Group Ltd.

    2,451,111       34,673,357  

Santos Ltd.

    1,084,576       5,276,955  

South32 Ltd.

    2,390,344       5,034,155  

Telstra Group Ltd.

    3,233,285       7,814,425  

Whitehaven Coal Ltd.

    808,012       3,792,954  

Woodside Energy Group Ltd. - ADR(a)

    1,462,188       31,817,211  

Total Australia

            129,934,293  
 

Canada — 5.2%

BCE, Inc.(a)

    384,619       14,280,903  

Canadian Natural Resources Ltd.

    329,307       20,920,874  

Enbridge, Inc.(a)

    883,347       28,302,438  

Nutrien Ltd.(a)

    126,764       6,807,227  

Suncor Energy, Inc.

    461,954       14,967,310  

Total Canada

            85,278,752  
 

China — 0.3%

Lenovo Group Ltd.

    4,311,799       5,014,200  
 

Denmark — 1.9%

AP Moller - Maersk AS - Class B

    18,730       31,133,687  
 

France — 6.4%

Cie de Saint-Gobain

    125,934       6,849,091  

Orange SA

    1,128,968       13,271,577  

Sanofi SA - ADR

    634,551       28,713,433  

TotalEnergies SE - ADR

    560,777       37,347,747  

Vinci SA

    142,292       15,730,426  

Total France

            101,912,274  
 

Germany — 6.7%

BASF SE

    452,257       20,832,946  

Bayerische Motoren Werke AG

    290,134       26,901,610  

Daimler AG

    426,341       25,005,112  

Deutsche Telekom AG

    1,232,490       26,701,407  

DHL Group

    346,149       13,463,731  

Total Germany

            112,904,806  
 

Hong Kong — 2.5%

Chow Tai Fook Jewellery Group Ltd.

    2,508,584       3,539,154  

CK Hutchison Holdings Ltd.

    1,604,689       8,110,342  

CK Infrastructure Holdings Ltd.

    1,058,680       4,904,271  

Jardine Matheson Holdings Ltd.

    89,925       3,637,466  

Power Assets Holdings Ltd.

    1,001,609       4,787,090  

SITC International Holdings Co. Ltd.

    5,411,270       8,325,829  

 

   

Shares

   

Value

 

Hong Kong — 2.5% (Continued)

               

Want Want China Holdings Ltd.

    4,225,943     $ 2,624,591  

WH Group Ltd.(b)

    6,492,300       3,874,514  

Xinyi Glass Holdings Ltd.

    1,446,329       1,661,608  

Total Hong Kong

            41,464,865  
 

Israel — 0.4%

ICL Group Ltd.

    1,334,136       6,469,338  
 

Italy — 1.5%

Eni SpA - ADR(a)

    764,687       24,898,209  
 

Japan — 7.4%

Inpex Corp.

    386,068       5,558,921  

Isuzu Motors Ltd.

    254,158       2,784,294  

Japan Tobacco, Inc.

    771,123       17,912,744  

Marubeni Corp.

    455,019       6,538,225  

Nintendo Co. Ltd. - ADR

    1,145,450       11,821,044  

Nippon Steel Corp.

    429,462       9,157,323  

Nippon Yusen KK

    950,583       23,059,830  

SoftBank Corp.

    1,984,556       22,323,391  

Sumitomo Corp.

    404,795       7,847,535  

Takeda Pharmaceutical Co. Ltd. - ADR(a)

    910,227       12,379,087  

Total Japan

            119,382,394  
 

Luxembourg — 0.3%

Tenaris SA - ADR(a)

    157,254       4,925,195  
 

Netherlands — 4.5%

Shell PLC - ADR

    568,387       37,024,729  

Stellantis NV

    1,929,747       35,936,840  

Total Netherlands

            72,961,569  
 

New Zealand — 0.1%

Mercury NZ Ltd.

    371,478       1,276,899  
 

Norway — 0.7%

Aker BP ASA

    410,660       11,804,092  
 

South Korea — 1.1%

HMM Co. Ltd.

    235,374       2,539,261  

Kia Corp.

    114,020       6,492,272  

Korea Zinc Co. Ltd.

    5,495       1,908,226  

KT&G Corp.

    47,797       3,018,832  

S-Oil Corp.

    59,045       2,902,957  

Total South Korea

            16,861,548  
 

Singapore — 1.1%

Jardine Cycle & Carriage Ltd.

    132,299       2,724,926  

Singapore Airlines Ltd.

    1,176,382       5,249,749  

Singapore Telecommunications Ltd.

    5,267,234       9,156,058  

Total Singapore

            17,130,733  
 

 

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

 

92

 

 

Pacer Global Cash Cows Dividend ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 99.3% (Continued)

 

Spain — 1.1%

Endesa SA

    433,074     $ 8,140,558  

Telefonica SA

    2,375,742       9,165,217  

Total Spain

            17,305,775  
 

Sweden — 0.8%

H & M Hennes & Mauritz AB - Class B

    561,406       7,508,917  

Telefonaktiebolaget LM Ericsson - ADR(a)

    1,180,632       5,265,619  

Total Sweden

            12,774,536  
 

Switzerland — 4.0%

Glencore PLC

    6,097,844       32,251,705  

Holcim Ltd.

    166,619       10,272,076  

Kuehne Und Nagel International AG

    40,811       10,969,372  

SGS SA

    46,774       3,804,035  

Swisscom AG

    13,256       7,927,515  

Total Switzerland

            65,224,703  
 

United Kingdom — 11.8%

Anglo American PLC

    571,340       14,558,844  

BP PLC - ADR

    863,645       31,592,134  

British American Tobacco PLC - ADR

    1,027,791       30,689,839  

GSK PLC - ADR

    569,311       20,324,403  

Imperial Brands PLC

    421,120       8,962,505  

Rio Tinto PLC - ADR(a)

    514,803       33,122,425  

Tesco PLC

    2,280,739       7,476,424  

Unilever PLC - ADR

    643,016       30,446,808  

Vodafone Group PLC - ADR(a)

    1,975,213       18,250,969  

Total United Kingdom

            195,424,351  
 

United States — 33.6%

3M Co.

    222,332       20,221,095  

AbbVie, Inc.

    241,286       34,064,757  

Altria Group, Inc.

    728,669       29,270,634  

Amgen, Inc.

    134,614       34,420,801  

AT&T, Inc.

    2,171,522       33,441,439  

Chevron Corp.

    211,295       30,792,020  

Devon Energy Corp.

    415,791       19,363,387  

Dow, Inc.(a)

    262,093       12,669,576  

EOG Resources, Inc.

    295,071       37,252,714  

Gilead Sciences, Inc.

    325,747       25,584,169  

International Business Machines Corp.

    249,376       36,069,745  

Kinder Morgan, Inc.

    1,029,108       16,671,550  

Pfizer, Inc.

    861,098       26,315,155  

Philip Morris International, Inc.

    359,853       32,084,493  

Phillips 66

    127,935       14,593,545  

Pioneer Natural Resources Co.

    160,582       38,379,097  

 

   

Shares

   

Value

 

United States — 33.6% (Continued)

       

Southern Copper Corp.(a)

    263,808     $ 18,703,987  

United Parcel Service, Inc. - Class B

    194,098       27,416,343  

Valero Energy Corp.(a)

    89,503       11,366,881  

Verizon Communications, Inc.

    955,159       33,554,735  

Williams Cos., Inc.

    481,647       16,568,656  

Total United States

            548,804,779  

TOTAL COMMON STOCKS (Cost $1,680,025,097)

            1,622,886,998  
 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.2%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    182,612,601       182,612,601  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $182,612,601)

            182,612,601  
                 

Total Investments — 110.5% (Cost $1,862,637,698)

            1,805,499,599  

Liabilities in Excess of Other Assets — (10.5)%

            (172,313,622 )

TOTAL NET ASSETS — 100.0%

          $ 1,633,185,977  

 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

 

(a)

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

 

(b)

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

 

(c)

The rate shown is as of October 31, 2023.

 

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.

 

93

 

 

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 99.6%

 

Australia — 10.0%

BHP Group Ltd. - ADR(a)

    300,099     $ 17,123,649  

BlueScope Steel Ltd.

    286,276       3,414,058  

Fortescue Metals Group Ltd.

    878,266       12,423,930  

Pilbara Minerals Ltd.

    1,471,114       3,424,841  

Qantas Airways Ltd.(b)

    1,896,296       5,906,302  

Santos Ltd.

    1,695,138       8,247,617  

Sonic Healthcare Ltd.

    134,963       2,461,391  

South32 Ltd.

    1,941,161       4,088,158  

Whitehaven Coal Ltd.

    2,297,033       10,782,687  

Woodside Energy Group Ltd. - ADR(a)

    738,344       16,066,365  

Total Australia

            83,938,998  
 

Austria — 1.7%

OMV AG

    322,359       14,107,406  
 

Canada — 10.6%

Canadian Natural Resources Ltd.(a)

    303,587       19,286,882  

Cenovus Energy, Inc.

    758,056       14,463,708  

Imperial Oil Ltd.(a)

    287,122       16,363,083  

Nutrien Ltd.(a)

    258,470       13,879,839  

Suncor Energy, Inc.

    580,985       18,823,914  

Tourmaline Oil Corp.

    150,495       7,958,030  

Total Canada

            90,775,456  
 

China — 1.1%

Lenovo Group Ltd.

    7,925,479       9,216,556  
 

Denmark — 2.8%

AP Moller - Maersk AS - Class B

    9,619       15,989,052  

DSV AS

    54,130       8,072,977  

Total Denmark

            24,062,029  
 

France — 7.3%

Carrefour SA

    423,629       7,431,852  

Cie de Saint-Gobain

    205,579       11,180,692  

Eiffage SA

    57,132       5,180,684  

Publicis Groupe SA

    90,507       6,868,300  

Rexel SA

    103,218       2,100,750  

Teleperformance

    19,491       2,230,424  

Thales SA

    54,246       7,986,891  

TotalEnergies SE - ADR

    288,976       19,245,802  

Total France

            62,225,395  
 

Germany — 4.5%

Bayerische Motoren Werke AG

    149,107       13,825,399  

Brenntag SE

    40,359       2,994,395  

Deutsche Lufthansa AG(b)

    642,662       4,490,726  

DHL Group

    369,324       14,365,140  

ThyssenKrupp AG

    161,292       1,119,209  

 

   

Shares

   

Value

 

Germany — 4.5% (Continued)

               

Wacker Chemie AG

    12,842     $ 1,569,428  

Total Germany

            38,364,297  
 

Italy — 2.3%

Eni SpA - ADR(a)

    600,031       19,537,009  
 

Japan — 16.0%

Honda Motor Co. Ltd. - ADR

    576,967       17,741,735  

Inpex Corp.

    1,181,887       17,017,770  

Kawasaki Heavy Industries Ltd.

    100,165       2,175,446  

Kawasaki Kisen Kaisha Ltd.

    214,541       7,279,461  

KDDI Corp.

    538,069       15,928,192  

Mazda Motor Corp.

    345,944       3,250,036  

Mitsubishi Corp.

    406,715       18,662,068  

Mitsubishi Motors Corp.

    250,092       796,269  

Mitsui & Co. Ltd.

    518,805       18,541,096  

Nippon Yusen KK

    390,611       9,475,683  

Niterra Co. Ltd.

    57,625       1,273,586  

Nitto Denko Corp.

    33,909       2,166,194  

Ono Pharmaceutical Co. Ltd.

    162,769       2,793,624  

Renesas Electronics Corp.(b)

    464,183       5,988,520  

SCREEN Holdings Co. Ltd.

    23,048       1,054,361  

Secom Co. Ltd.

    39,800       2,743,922  

Shinko Electric Industries Co. Ltd.

    25,925       816,020  

Sojitz Corp.

    130,680       2,677,830  

Subaru Corp.

    321,804       5,433,992  

Taisei Corp.

    55,693       1,873,519  

Total Japan

            137,689,324  
 

South Korea — 4.8%

Doosan Bobcat, Inc.

    50,880       1,459,850  

Hanwha Aerospace Co. Ltd.

    23,960       1,791,833  

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.(b)

    29,000       1,938,988  

HMM Co. Ltd.

    1,262,286       13,617,791  

Kia Corp.

    260,183       14,814,759  

Korea Aerospace Industries Ltd.

    41,920       1,371,933  

Krafton, Inc.(b)

    9,750       1,182,518  

LG H&H Co. Ltd.

    3,370       787,261  

Posco International Corp.

    118,730       4,404,408  

Total South Korea

            41,369,341  
 

Luxembourg — 2.2%

ArcelorMittal

    592,408       13,088,149  

Tenaris SA - ADR(a)

    197,230       6,177,244  

Total Luxembourg

            19,265,393  
 

Netherlands — 6.2%

Koninklijke Ahold Delhaize NV

    355,322       10,527,056  

Randstad Holding NV

    62,412       3,225,303  

Shell PLC - ADR

    291,976       19,019,317  

 

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

 

94

 

 

Pacer Developed Markets International Cash Cows 100 ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 99.6% (Continued)

       
                 

Netherlands — 6.2% (Continued)

               

Stellantis NV

    1,070,599     $ 19,937,299  

Total Netherlands

            52,708,975  
 

Norway — 5.4%

Aker BP ASA

    480,038       13,798,307  

Equinor ASA - ADR(a)

    635,575       21,209,138  

Norsk Hydro ASA

    1,053,095       6,003,168  

Yara International ASA

    118,597       3,875,042  

Total Norway

            44,885,655  
 

Poland — 2.0%

ORLEN SA

    1,111,508       17,548,530  
 

Portugal — 1.0%

Galp Energia SGPS SA

    541,052       8,135,044  
 

Singapore — 1.8%

Genting Singapore Ltd.

    1,805,178       1,133,881  

Singapore Airlines Ltd.

    3,328,106       14,852,082  

Total Singapore

            15,985,963  
 

Spain — 4.1%

ACS Actividades de Construccion y Servicios SA

    141,491       5,115,648  

Repsol SA

    987,901       14,451,250  

Telefonica SA

    4,046,080       15,609,104  

Total Spain

            35,176,002  
 

Sweden — 2.0%

Boliden AB

    56,555       1,447,764  

H & M Hennes & Mauritz AB - Class B

    419,265       5,607,753  

Saab AB - Class B

    28,938       1,482,877  

SSAB AB - Class B

    539,125       3,125,852  

Telefonaktiebolaget LM Ericsson - ADR(a)

    1,016,430       4,533,278  

Total Sweden

            16,197,524  
 

Switzerland — 3.0%

Glencore PLC

    3,135,553       16,584,048  

Kuehne + Nagel International AG

    38,089       10,237,740  

Total Switzerland

            26,821,788  
 

United Kingdom — 10.8%

Barratt Developments PLC

    354,922       1,785,524  

BP PLC - ADR

    475,247       17,384,535  

British American Tobacco PLC - ADR

    528,504       15,781,129  

Centrica PLC

    2,135,148       4,082,198  

J Sainsbury PLC

    1,055,226       3,300,066  

JD Sports Fashion PLC

    1,422,986       2,205,201  

Mondi PLC

    161,667       2,611,462  

 

   

Shares

   

Value

 

United Kingdom — 10.8% (Continued)

       

Persimmon PLC

    87,471     $ 1,080,178  

Rio Tinto PLC - ADR(a)

    265,071       17,054,668  

Taylor Wimpey PLC

    1,278,360       1,721,592  

Tesco PLC

    2,808,938       9,207,898  

Vodafone Group PLC - ADR(a)

    1,777,691       16,425,865  

Total United Kingdom

            92,640,316  

TOTAL COMMON STOCKS (Cost $866,999,336)

            850,651,001  
 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.2%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    95,366,448       95,366,448  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $95,366,448)

            95,366,448  
                 

Total Investments — 110.8% (Cost $962,365,784)

            946,017,449  

Liabilities in Excess of Other Assets — (10.8)%

            (92,021,760 )

TOTAL NET ASSETS — 100.0%

          $ 853,995,689  

 

Percentages are stated as a percent of net assets.

 

ADR - American Depositary Receipt

 

PLC - Public Limited Company

 

(a)

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

 

(b)

Non-income producing security.

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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

 

95

 

 

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 93.8%

 

Brazil — 9.0%

Ambev SA - ADR

    448,243     $ 1,134,055  

CPFL Energia SA

    142,956       950,157  

CSN Mineracao SA

    486,790       498,207  

GPS Participacoes e Empreendimentos SA(a)

    15,352       49,055  

Magazine Luiza SA(b)

    487,007       129,437  

Telefonica Brasil SA - ADR

    120,006       1,069,253  

TIM SA - ADR(c)

    39,062       589,446  

Vale SA - ADR (c)

    99,924       1,369,958  

Vibra Energia SA

    60,229       236,771  

Total Brazil

            6,026,339  
 

Chile — 1.5%

Cencosud SA

    247,127       400,373  

Sociedad Quimica y Minera de Chile SA - ADR(c)

    12,273       594,013  

Total Chile

            994,386  
 

China — 23.0%

Aluminum Corp. of China Ltd. - Class H

    2,949,256       1,579,168  

AviChina Industry & Technology Co. Ltd. - Class H

    1,126,820       509,753  

China Coal Energy Co. Ltd. - Class H

    1,738,600       1,364,174  

China Communications Services Corp. Ltd. - Class H

    594,039       242,922  

China Feihe Ltd.(a)

    461,340       286,523  

China Shenhua Energy Co. Ltd. - Class H

    421,635       1,293,152  

China Tower Corp. Ltd. - Class H(a)

    12,037,357       1,122,938  

Dongfeng Motor Group Co. Ltd. - Class H

    2,437,948       1,071,729  

JD Logistics, Inc.(a)(b)

    345,764       409,159  

JD.com, Inc. - ADR

    38,364       975,213  

Kingsoft Corp. Ltd.

    45,026       157,083  

PetroChina Co. Ltd. - Class H

    2,008,975       1,309,322  

Sinopharm Group Co. Ltd. - Class H

    324,615       775,732  

Sinotruk Hong Kong Ltd.

    511,052       961,335  

Tianqi Lithium Corp. - Class C

    194,640       1,049,654  

Topsports International Holdings Ltd.(a)

    406,005       341,396  

Yangzijiang Shipbuilding Holdings Ltd.

    317,628       336,384  

Yankuang Energy Group Co. Ltd. - Class H

    791,248       1,375,160  

Total China

            15,160,797  
 

 

   

Shares

   

Value

 

Greece — 2.2%

Hellenic Telecommunications Organization SA

    23,545     $ 329,599  

JUMBO SA

    2,960       77,861  

Motor Oil Hellas Corinth Refineries SA

    31,339       746,095  

OPAP SA

    19,889       336,713  

Total Greece

            1,490,268  
 

Hong Kong — 1.9%

Geely Automobile Holdings Ltd.

    409,856       464,576  

Kunlun Energy Co. Ltd.

    924,026       769,899  

Total Hong Kong

            1,234,475  
 

Hungary — 0.1%

Richter Gedeon Nyrt

    3,972       93,132  
 

Indonesia — 6.5%

Adaro Energy Tbk PT

    10,074,079       1,623,522  

Astra International Tbk PT

    2,594,284       943,153  

Telkom Indonesia Persero Tbk PT - ADR(c)

    34,722       763,884  

United Tractors Tbk PT

    615,429       973,412  

Total Indonesia

            4,303,971  
 

Kuwait — 0.4%

Mobile Telecommunications Co. KSCP

    177,110       275,295  
 

Malaysia — 1.2%

Petronas Chemicals Group Bhd

    513,996       791,842  
 

Mexico — 6.8%

Arca Continental SAB de CV

    44,019       394,997  

Coca-Cola Femsa SAB de CV - ADR - Class F

    5,023       381,848  

Fomento Economico Mexicano SAB de CV - ADR

    8,206       930,643  

Grupo Aeroportuario del Sureste SAB de CV - ADR

    1,016       219,669  

Grupo Mexico SAB de CV

    289,217       1,201,047  

Kimberly-Clark de Mexico SAB de CV - Class A

    75,749       138,818  

Wal-Mart de Mexico SAB de CV

    352,773       1,264,026  

Total Mexico

            4,531,048  
 

Qatar — 1.7%

Industries Qatar QSC

    333,958       1,120,837  
 

Russia — 0.0%(d)(e)

Alrosa PJSC

    91,900       0  

Inter RAO UES PJSC

    1,901,988       0  

LUKOIL PJSC - ADR(b)

    2,652       0  

Magnit PJSC

    1,958       0  

 

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

 

96

 

 

Pacer Emerging Markets Cash Cows 100 ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 93.8% (Continued)

       
                 

Russia — 0.0%(d)(e) (Continued)

               

Magnitogorsk Iron & Steel Works PJSC(b)

    106,418     $ 0  

Magnitogorsk Iron & Steel Works PJSC - GDR(b)

    2,458       0  

Severstal PAO(b)

    9,320       0  

Severstal PAO - GDR(b)

    2,129       0  

Surgutneftegas PJSC

    477,461       0  

Tatneft PJSC (b)

    3,600       0  

Total Russia

            0  
 

South Africa — 6.8%

Anglo American Platinum Ltd.

    15,994       535,493  

Clicks Group Ltd.

    6,888       101,501  

Exxaro Resources Ltd.

    68,315       685,294  

Impala Platinum Holdings Ltd.

    96,156       400,773  

Kumba Iron Ore Ltd.

    22,183       587,762  

MTN Group Ltd.

    111,560       544,587  

MultiChoice Group(b)

    38,737       145,096  

Northam Platinum Holdings Ltd.

    38,037       229,579  

Shoprite Holdings Ltd.

    27,712       355,115  

Sibanye Stillwater Ltd. - ADR

    42,859       217,724  

Vodacom Group Ltd.

    83,896       456,718  

Woolworths Holdings Ltd.

    67,077       249,737  

Total South Africa

            4,509,379  
 

Taiwan — 15.1%

Acer, Inc.

    349,833       367,791  

Asustek Computer, Inc.

    35,583       370,805  

Catcher Technology Co. Ltd.

    48,976       274,060  

Chicony Electronics Co. Ltd.

    58,971       226,357  

China Airlines Ltd.

    631,168       376,541  

Compal Electronics, Inc.

    898,639       777,149  

Eva Airways Corp.

    931,437       786,847  

Evergreen Marine Corp. Taiwan Ltd.

    274,864       910,986  

Inventec Corp.

    337,300       418,050  

Largan Precision Co. Ltd.

    4,601       293,636  

Lite-On Technology Corp.

    116,607       359,510  

Micro-Star International Co. Ltd.

    70,999       361,179  

Nan Ya Printed Circuit Board Corp.

    30,741       223,674  

Novatek Microelectronics Corp.

    24,531       343,744  

Pou Chen Corp.

    513,464       456,711  

Quanta Computer, Inc.

    277,961       1,619,690  

Unimicron Technology Corp.

    86,887       383,069  

Wistron Corp.

    295,273       813,856  

Wiwynn Corp.

    8,200       384,276  

Zhen Ding Technology Holding Ltd.

    58,104       174,661  

Total Taiwan

            9,922,592  
 

 

   

Shares

   

Value

 

Thailand — 6.6%

Advanced Info Service PCL

    87,373     $ 534,800  

Banpu PCL

    2,930,020       619,549  

Indorama Ventures PCL

    416,871       274,879  

PTT Exploration & Production PCL

    332,469       1,517,005  

PTT PCL

    1,567,090       1,449,697  

Total Thailand

            4,395,930  
 

Turkey — 8.8%

BIM Birlesik Magazalar AS

    25,469       244,624  

KOC Holding AS

    334,450       1,615,606  

Tofas Turk Otomobil Fabrikasi AS

    44,340       376,869  

Turk Hava Yollari AO(b)

    190,076       1,458,496  

Turkcell Iletisim Hizmetleri AS(b)

    165,736       280,916  

Turkiye Petrol Rafinerileri AS

    362,651       1,817,145  

Total Turkey

            5,793,656  
 

United Arab Emirates — 2.2%

Fertiglobe PLC

    1,268,630       1,108,713  

National Marine Dredging Co.(b)

    56,865       336,267  

Total United Arab Emirates

            1,444,980  

TOTAL COMMON STOCKS (Cost $67,551,866)

            62,088,927  
 

PREFERRED STOCKS — 5.5%

 

Brazil — 5.5%

Cia Energetica de Minas Gerais - ADR

    269,138       610,943  

Cia Paranaense de Energia, Class B

    139,988       232,677  

Gerdau SA - ADR

    126,471       548,884  

Metalurgica Gerdau SA

    266,956       547,493  

Petroleo Brasileiro SA - ADR

    124,483       1,721,601  

Total Brazil

            3,661,598  

TOTAL PREFERRED STOCKS (Cost $3,400,977)

            3,661,598  
 

 

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

 

97

 

 

Pacer Emerging Markets Cash Cows 100 ETF

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

 

   

Shares

   

Value

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.4%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(f)

    3,606,922     $ 3,606,922  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,606,922)

            3,606,922  
 

Total Investments — 104.7% (Cost $74,559,765)

            69,357,447  

Liabilities in Excess of Other Assets — (4.7)%

            (3,113,259 )

TOTAL NET ASSETS — 100.0%

          $ 66,244,188  

 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

PLC - Public Limited Company

 

(a)

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

 

(b)

Non-income producing security.

 

(c)

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

 

(d)

Represents less than 0.05% of net assets.

 

(e)

Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting through its Valuation Committee. These securities represented $0 or 0.0% of net assets as of October 31, 2023.

 

(f)

The rate shown is as of October 31, 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.

 

98

 

 

Pacer US Large Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 99.9%

 

Communication Services — 5.8%

Alphabet, Inc. - Class A(a)

    5,835     $ 724,008  

Electronic Arts, Inc.

    2,555       316,283  

Iridium Communications, Inc.

    2,548       94,403  

Match Group, Inc.(a)

    7,849       271,575  

Trade Desk, Inc. - Class A(a)

    8,756       621,326  

ZoomInfo Technologies, Inc.(a)

    6,116       79,263  

Total Communication Services

            2,106,858  
 

Consumer Discretionary — 4.3%

Airbnb, Inc. - Class A(a)

    2,200       260,238  

Booking Holdings, Inc.(a)

    154       429,592  

eBay, Inc.

    4,515       177,123  

Etsy, Inc.(a)

    1,200       74,760  

H&R Block, Inc.

    7,830       321,422  

McDonald’s Corp.

    1,040       272,657  

Total Consumer Discretionary

            1,535,792  
 

Consumer Staples — 1.7%

Altria Group, Inc.

    4,278       171,847  

Coca-Cola Co.

    3,825       216,075  

Olaplex Holdings, Inc.(a)

    30,861       43,823  

Philip Morris International, Inc.

    2,215       197,489  

Total Consumer Staples

            629,234  
 

Energy — 12.6%

Antero Midstream Corp.

    31,578       389,673  

Cheniere Energy, Inc.

    1,546       257,285  

Coterra Energy, Inc.

    12,707       349,443  

Diamondback Energy, Inc.

    1,979       317,273  

EOG Resources, Inc.

    2,836       358,045  

EQT Corp.

    12,584       533,309  

Kinder Morgan, Inc.

    13,455       217,971  

Marathon Oil Corp.

    9,975       272,417  

Occidental Petroleum Corp.

    4,610       284,944  

Pioneer Natural Resources Co.

    1,766       422,074  

Range Resources Corp.

    13,300       476,672  

Texas Pacific Land Corp.

    148       273,201  

Williams Cos., Inc.

    11,015       378,916  

Total Energy

            4,531,223  
 

Financials — 2.7%

XP, Inc. - Class A

    48,898       977,960  

Total Financials

            977,960  
 

Health Care — 10.3%

AbbVie, Inc.

    1,282       180,993  

Amgen, Inc.

    1,318       337,013  

Bristol-Myers Squibb Co.

    2,561       131,968  

Danaher Corp.

    1,122       215,446  

Doximity, Inc. - Class A(a)

    4,358       89,034  

 

   

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Value

 

Health Care — 10.3% (Continued)

               

Gilead Sciences, Inc.

    2,436     $ 191,323  

Jazz Pharmaceuticals PLC(a)

    1,681       213,521  

Maravai LifeSciences Holdings, Inc. - Class A(a)

    10,166       69,739  

Medpace Holdings, Inc.(a)

    2,418       586,776  

Mettler-Toledo International, Inc.(a)

    118       116,254  

Premier, Inc.

    4,453       85,587  

Regeneron Pharmaceuticals, Inc.(a)

    381       297,138  

Royalty Pharma PLC - Class A

    4,500       120,915  

United Therapeutics Corp.(a)

    731       162,911  

Veeva Systems, Inc. - Class A(a)

    2,357       454,217  

Vertex Pharmaceuticals, Inc.(a)

    1,261       456,621  

Total Health Care

            3,709,456  
 

Industrials — 6.3%

Copart, Inc.(a)

    11,625       505,920  

CSX Corp.

    7,012       209,308  

Nordson Corp.

    1,400       297,626  

Paychex, Inc.

    2,753       305,721  

Union Pacific Corp.

    1,315       273,007  

Veralto Corp.(a)

    366       25,254  

Verisk Analytics, Inc.

    2,814       639,791  

Total Industrials

            2,256,627  
 

Information Technology — 54.7%

Adobe, Inc.(a)

    1,838       977,925  

Analog Devices, Inc.

    1,174       184,705  

ANSYS, Inc.(a)

    855       237,912  

Apple, Inc.

    2,782       475,082  

Applied Materials, Inc.

    3,718       492,077  

AppLovin Corp. - Class A(a)

    29,888       1,089,118  

Aspen Technology, Inc.(a)

    866       153,932  

Atlassian Corp. - Class A(a)

    2,388       431,368  

Autodesk, Inc.(a)

    1,591       314,429  

Bentley Systems, Inc. - Class B

    9,547       464,366  

Broadcom, Inc.

    947       796,777  

Cadence Design System, Inc.(a)

    2,032       487,375  

Cisco Systems, Inc.

    7,327       381,957  

Crowdstrike Holdings, Inc. - Class A(a)

    3,788       669,605  

Datadog, Inc. - Class A(a)

    5,214       424,785  

Dolby Laboratories, Inc. - Class A

    2,905       235,131  

Dropbox, Inc. - Class A(a)

    22,382       588,647  

Dynatrace, Inc.(a)

    7,604       339,975  

Enphase Energy, Inc.(a)

    686       54,592  

F5, Inc.(a)

    2,313       350,628  

Fair Isaac Corp.(a)

    665       562,504  

Fortinet, Inc.(a)

    3,837       219,361  

Gen Digital, Inc.

    12,677       211,199  

Intuit, Inc.

    1,074       531,576  

 

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

 

99

 

 

Pacer US Large Cap Cash Cows Growth Leaders ETF

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

 

   

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COMMON STOCKS — 99.9% (Continued)

       
                 

Information Technology — 54.7% (Continued)

       

Keysight Technologies, Inc.(a)

    1,018     $ 124,247  

KLA Corp.

    1,147       538,746  

Lam Research Corp.

    1,025       602,926  

Lattice Semiconductor Corp.(a)

    3,906       217,213  

Manhattan Associates, Inc.(a)

    3,363       655,718  

Microchip Technology, Inc.

    2,809       200,254  

Microsoft Corp.

    1,739       587,973  

NVIDIA Corp.

    2,661       1,085,155  

Palo Alto Networks, Inc.(a)

    2,243       545,094  

PTC, Inc.(a)

    2,811       394,721  

salesforce.com, Inc.(a)

    2,780       558,307  

ServiceNow, Inc.(a)

    1,059       616,179  

Skyworks Solutions, Inc.

    1,849       160,382  

Snowflake, Inc.(a)

    1,504       218,276  

Synopsys, Inc.(a)

    1,114       522,956  

VeriSign, Inc.(a)

    1,359       271,338  

VMware, Inc.(a)

    5,047       735,096  

Workday, Inc. - Class A(a)

    2,311       489,262  

Zoom Video Communications, Inc. - Class A(a)

    2,627       157,567  

Zscaler, Inc.(a)

    2,726       432,589  

Total Information Technology

            19,789,025  
 

Materials — 1.2%

CF Industries Holdings, Inc.

    2,021       161,235  

Southern Copper Corp.

    3,933       278,850  

Total Materials

            440,085  
 

Utilities — 0.3%

Clearway Energy, Inc. - Class C

    5,046       109,548  

Total Utilities

            109,548  

TOTAL COMMON STOCKS (Cost $36,697,581)

            36,085,808  
 

Total Investments — 99.9% (Cost $36,697,581)

            36,085,808  

Other Assets in Excess of Liabilities — 0.1%

            6,975  

TOTAL NET ASSETS — 100.0%

          $ 36,092,783  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

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

 

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

 

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

 

100

 

 

Pacer US Small Cap Cash Cows Growth Leaders ETF

SCHEDULE OF INVESTMENTS
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COMMON STOCKS — 99.9%

 

Communication Services — 6.7%

Cargurus, Inc.(a)

    1,014     $ 17,471  

Cars.com, Inc.(a)

    756       11,514  

Cogent Communications Holdings, Inc.

    299       19,429  

Gogo, Inc.(a)

    552       5,796  

Madison Square Garden Sports Corp.(a)

    70       11,770  

Shutterstock, Inc.

    134       5,451  

TechTarget, Inc.(a)

    243       6,119  

Thryv Holdings, Inc.(a)

    486       8,471  

TripAdvisor, Inc.(a)

    428       6,317  

YELP, Inc.(a)

    887       37,423  

Total Communication Services

            129,761  
 

Consumer Discretionary — 20.5%

Adtalem Global Ed, Inc.(a)

    494       25,589  

Buckle, Inc.

    316       10,671  

Cavco Industries, Inc.(a)

    52       12,975  

Century Communities, Inc.

    396       24,354  

Ethan Allen Interiors, Inc.

    613       16,097  

Green Brick Partners, Inc.(a)

    1,039       40,209  

Jack in the Box, Inc.

    213       13,457  

LCI Industries

    181       19,637  

M/I Homes, Inc.(a)

    571       46,863  

MDC Holdings, Inc.

    673       25,540  

Meritage Homes Corp.

    226       25,769  

Monarch Casino & Resort, Inc.

    175       10,533  

Monro, Inc.

    196       4,865  

Movado Group, Inc.

    290       8,079  

Patrick Industries, Inc.

    302       22,695  

Perdoceo Education Corp.

    1,619       29,288  

Six Flags Entertainment Corp.(a)

    400       7,960  

Steven Madden Ltd.

    374       12,263  

Tri Pointe Homes, Inc.(a)

    1,077       26,990  

Vista Outdoor, Inc.(a)

    584       14,670  

Total Consumer Discretionary

            398,504  
 

Consumer Staples — 5.7%

Cal-Maine Foods, Inc.

    184       8,337  

elf Beauty, Inc.(a)

    458       42,424  

Energizer Holdings, Inc.

    357       11,274  

Medifast, Inc.

    92       6,363  

National Beverage Corp.(a)

    439       20,361  

Simply Good Foods Co.(a)

    376       14,021  

Vector Group Ltd.

    815       8,378  

Total Consumer Staples

            111,158  
 

 

   

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Energy — 11.9%

California Resources Corp.

    579     $ 30,450  

Civitas Resources, Inc.

    289       21,799  

CONSOL Energy, Inc.

    502       46,128  

Dorian LPG Ltd.

    889       28,421  

Helmerich & Payne, Inc.

    287       11,357  

Par Pacific Holdings, Inc.(a)

    767       25,173  

Patterson-UTI Energy, Inc.

    1,131       14,364  

SM Energy Co.

    938       37,820  

US Silica Holdings, Inc.(a)

    1,210       14,605  

Total Energy

            230,117  
 

Health Care — 12.0%

Amphastar Pharmaceuticals, Inc.(a)

    1,044       47,262  

Certara, Inc.(a)

    707       8,618  

Collegium Pharmaceutical, Inc.(a)

    429       9,335  

Corcept Therapeutics, Inc.(a)

    1,415       39,733  

Cross Country Healthcare, Inc.(a)

    576       13,340  

Harmony Biosciences Holdings, Inc.(a)

    229       5,391  

Innoviva, Inc.(a)

    1,450       17,995  

Ligand Pharmaceuticals, Inc.(a)

    176       9,203  

Mesa Laboratories, Inc.

    69       6,474  

Omnicell, Inc.(a)

    329       11,693  

Pacira BioSciences, Inc.(a)

    262       7,404  

Premier, Inc.

    274       5,266  

Prestige Brands Holdings, Inc.(a)

    238       14,128  

Simulations Plus, Inc.

    587       20,703  

Supernus Pharmaceuticals, Inc.(a)

    303       7,227  

Veradigm, Inc.(a)

    686       9,048  

Total Health Care

            232,820  
 

Industrials — 16.2%

American Woodmark Corp.(a)

    564       37,918  

Brady Corp. - Class A

    203       10,446  

Encore Wire Corp.

    57       10,193  

Forward Air Corp.

    94       6,055  

Gibraltar Industries, Inc.(a)

    524       31,891  

Griffon Corp.

    579       23,125  

Liquidity Services, Inc.(a)

    2,349       45,265  

Matson, Inc.

    387       33,688  

Mueller Industries, Inc.

    486       18,327  

National Presto Industries, Inc.

    281       21,005  

Powell Industries, Inc.

    772       59,174  

Verra Mobility Corp.(a)

    962       19,019  

Total Industrials

            316,106  
 

Information Technology — 24.6%

A10 Networks, Inc.

    953       10,359  

Adeia, Inc.

    1,745       14,710  

Agilysys, Inc.(a)

    147       12,611  

 

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

 

101

 

 

Pacer US Small Cap Cash Cows Growth Leaders ETF

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

 

   

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COMMON STOCKS — 99.9% (Continued)

       
                 

Information Technology — 24.6% (Continued)

       

Axcelis Technologies, Inc.(a)

    240     $ 30,600  

Badger Meter, Inc.

    220       30,481  

Cohu, Inc.(a)

    440       13,262  

Consensus Cloud Solutions, Inc.(a)

    296       6,391  

CTS Corp.

    412       15,413  

Digi International, Inc.(a)

    483       12,162  

DoubleVerify Holdings, Inc.(a)

    1,001       27,858  

Extreme Networks, Inc.(a)

    1,594       32,868  

InterDigital, Inc.

    316       23,779  

Kulicke & Soffa Industries, Inc.

    275       11,443  

LiveRamp Holdings, Inc.(a)

    1,171       32,390  

MaxLinear, Inc.(a)

    285       4,332  

NetScout Systems, Inc.(a)

    569       12,421  

Onto Innovation, Inc.(a)

    411       46,185  

Perficient, Inc.(a)

    179       10,416  

Photronics, Inc.(a)

    1,720       31,579  

Progress Software Corp.

    317       16,287  

Rambus, Inc.(a)

    551       29,936  

SPS Commerce, Inc.(a)

    158       25,334  

Veeco Instruments, Inc.(a)

    1,265       30,284  

Total Information Technology

            481,101  
 

Materials — 2.3%

Balchem Corp.

    149       17,320  

Livent Corp.(a)

    545       7,951  

Warrior Met Coal, Inc.

    401       19,540  

Total Materials

            44,811  

TOTAL COMMON STOCKS (Cost $2,171,042)

            1,944,378  
 

Total Investments — 99.9% (Cost $2,171,042)

            1,944,378  

Other Assets in Excess of Liabilites — 0.1%

            1,421  

TOTAL NET ASSETS — 100.0%

          $ 1,945,799  

 

Percentages are stated as a percent of net assets.

 

(a)

Non-income producing security.

 

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

 

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

 

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

 

102

 

 

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
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COMMON STOCKS — 99.7%

 

Communication Services — 0.5%

Nexstar Media Group, Inc. - Class A(a)

    1,247     $ 174,680  

Total Communication Services

            174,680  
 

Consumer Discretionary — 2.9%

Crocs, Inc.(b)

    2,198       196,325  

Grand Canyon Education, Inc.(b)

    1,074       127,086  

Ulta Beauty, Inc.(b)

    1,749       666,912  

Total Consumer Discretionary

            990,323  
 

Energy — 45.6%

Antero Resources Corp.(b)

    10,686       314,596  

APA Corp.(a)

    10,930       434,140  

Chevron Corp.

    10,910       1,589,914  

CNX Resources Corp.(a)(b)

    5,736       124,586  

ConocoPhillips

    14,864       1,765,843  

Diamondback Energy, Inc.(a)

    6,363       1,020,116  

EOG Resources, Inc.

    13,741       1,734,801  

EQT Corp.(a)

    14,629       619,977  

Exxon Mobil Corp.

    15,784       1,670,736  

Marathon Oil Corp.

    21,541       588,285  

Matador Resources Co.(a)

    4,232       261,072  

Murphy Oil Corp.

    5,555       249,253  

Occidental Petroleum Corp.

    27,945       1,727,280  

ONEOK, Inc.

    15,920       1,037,984  

PBF Energy, Inc. - Class A

    4,394       208,847  

Pioneer Natural Resources Co.

    7,641       1,826,199  

Range Resources Corp.(a)

    8,587       307,758  

Southwestern Energy Co.(a)(b)

    39,168       279,268  

Total Energy

            15,760,655  
 

Health Care — 28.6%

AbbVie, Inc.

    12,240       1,728,043  

Amgen, Inc.

    7,029       1,797,315  

Bristol-Myers Squibb Co.

    29,999       1,545,848  

Exelixis, Inc.(b)

    11,324       233,161  

Gilead Sciences, Inc.

    24,005       1,885,354  

Incyte Corp.(a)(b)

    7,972       429,930  

Jazz Pharmaceuticals PLC(b)

    2,243       284,906  

Pfizer, Inc.

    53,269       1,627,901  

United Therapeutics Corp.(b)

    1,668       371,730  

Total Health Care

            9,904,188  
 

Industrials — 7.0%

Builders FirstSource, Inc.(b)

    4,446       482,480  

Carlisle Cos., Inc.

    1,780       452,280  

Concentrix Corp.

    1,854       141,293  

EMCOR Group, Inc.

    1,677       346,552  

Expeditors International of Washington, Inc.

    5,260       574,655  

 

   

Shares

   

Value

 

Industrials — 7.0% (Continued)

               

Landstar System, Inc.

    1,279     $ 210,754  

UFP Industries, Inc.

    2,198       209,184  

Total Industrials

            2,417,198  
 

Information Technology — 2.0%

Dropbox, Inc. - Class A(a)(b)

    12,379       325,568  

GoDaddy, Inc. - Class A(a)(b)

    5,229       382,919  

Total Information Technology

            708,487  
 

Materials — 12.8%

Cabot Corp.

    1,991       132,362  

CF Industries Holdings, Inc.(a)

    6,864       547,610  

Eagle Materials, Inc.

    1,258       193,619  

Mosaic Co.

    11,817       383,816  

Nucor Corp.

    8,846       1,307,349  

Olin Corp.

    4,473       191,087  

Reliance Steel & Aluminum Co.

    2,086       530,637  

Steel Dynamics, Inc.(a)

    5,894       627,770  

Westlake Chemical Corp.

    4,539       523,619  

Total Materials

            4,437,869  
 

Utilities — 0.3%

ONE Gas, Inc.(a)

    1,968       118,867  

Total Utilities

            118,867  

TOTAL COMMON STOCKS (Cost $36,353,333)

            34,512,267  
 

 

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

 

103

 

 

Pacer US Cash Cows Growth ETF

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

 

   

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Value

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 14.8%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    5,103,029     $ 5,103,029  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,103,029)

            5,103,029  
 

Total Investments — 114.5% (Cost $41,456,362)

            39,615,296  

Liabilities in Excess of Other Assets — (14.5)%

            (5,035,321 )

TOTAL NET ASSETS — 100.0%

          $ 34,579,975  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

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

 

(b)

Non-income producing security.

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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 Cash Cows Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

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AFFILIATED EXCHANGE TRADED FUNDS — 100.0%(a)

 

Pacer Developed Markets International Cash Cows 100 ETF

    496,589     $ 14,271,968  

Pacer Global Cash Cows Dividend ETF

    455,822       14,385,742  

Pacer US Cash Cows 100 ETF

    299,767       14,310,877  

Pacer US Cash Cows Growth ETF

    410,915       14,196,168  

Pacer US Small Cap Cash Cows 100 ETF

    358,637       14,216,370  

TOTAL AFFILIATED EXCHANGE TRADED FUNDS (Cost $72,098,069)

            71,381,125  
                 

Total Investments — 100.0% (Cost $72,098,069)

            71,381,125  

Other Assets in Excess of Liabilities — 0.0%(b)

            23,725  

TOTAL NET ASSETS — 100.0%

          $ 71,404,850  

 

Percentages are stated as a percent of net assets.

 

(a)

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

 

(b)

Represents less than 0.05% of net assets.

 

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

 

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

 

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

 

105

 

 

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

CONTINGENT VALUE RIGHTS — 0.0%(a)

 

Health Care — 0.0%(a)

Achillion Pharmaceuticals, Inc.(b)(c)

    6,273     $ 2,509  

Abiomed, Inc.(b)(c)

    64       0  

Total Health Care

            2,509  

TOTAL CONTINGENT VALUE RIGHTS (Cost $0)

            2,509  
 
   

Principal
Amount

         

SHORT-TERM INVESTMENTS — 98.4%

 

U.S. Treasury Bills — 98.4%

               

5.38%, 12/28/2023

  $ 5,138,000       5,094,782  

5.39%, 01/25/2024

    5,238,000       5,172,357  

0.00%, 02/01/2024

    15,400,000       15,190,911  

TOTAL SHORT-TERM INVESTMENTS (Cost $25,459,942)

            25,458,050  
 
   

Shares

         

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.5%(e)

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(d)

    2,960,492       2,960,492  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $2,960,492)

            2,960,492  
                 

Total Investments — 109.9% (Cost $28,420,434)

            28,421,051  

Liabilities in Excess of Other Assets — (9.9)%

            (2,567,328 )

TOTAL NET ASSETS — 100.0%

          $ 25,853,723  

 

 

Percentages are stated as a percent of net assets.

 

(a)

Represents less than 0.05% of net assets.

 

(b)

Non-income producing security.

 

(c)

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

 

(d)

The rate shown is as of October 31, 2023.

 

(e)

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

 

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

 

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 Industrial Real Estate ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

REAL ESTATE INVESTMENT TRUSTS — 95.1%

 

Real Estate — 95.1%

Big Yellow Group PLC

    241,841     $ 2,807,183  

Centuria Industrial REIT

    785,546       1,415,201  

CubeSmart

    218,213       7,438,881  

Dream Industrial Real Estate Investment Trust

    405,951       3,427,933  

EastGroup Properties, Inc.(a)

    49,551       8,089,201  

Extra Space Storage, Inc.

    69,880       7,238,869  

First Industrial Realty Trust, Inc.

    174,319       7,373,694  

GLP J-Reit

    6,407       5,727,518  

Granite Real Estate Investment Trust

    96,135       4,377,808  

Industrial Logistics Properties Trust

    99,759       249,398  

Lexington Realty Trust

    432,168       3,418,449  

LondonMetric Property PLC

    1,519,678       3,055,093  

Mapletree Industrial Trust

    3,130,386       4,915,699  

Mapletree Logistics Trust

    5,072,233       5,445,848  

National Storage Affiliates Trust

    125,122       3,568,479  

Prologis, Inc.

    240,966       24,277,325  

Public Storage

    107,817       25,736,996  

Rexford Industrial Realty, Inc.

    166,164       7,184,931  

Safestore Holdings PLC

    331,212       2,751,579  

Segro PLC

    974,039       8,438,814  

STAG Industrial, Inc.(a)

    241,546       8,024,158  

Terreno Realty Corp.(a)

    124,314       6,623,450  

Tritax Big Box REIT PLC

    2,720,360       4,523,242  

Urban Logistics REIT PLC

    687,495       870,712  

Warehouses De Pauw CVA

    238,600       5,887,431  

Total Real Estate

            162,867,892  

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $196,006,879)

            162,867,892  
 

COMMON STOCKS — 4.7%

 

Real Estate — 4.7%

National Storage REIT

    1,531,448       1,942,944  

Sagax AB - Class B

    244,768       4,418,452  

VGP NV

    20,057       1,628,813  

Total Real Estate

            7,990,209  

TOTAL COMMON STOCKS (Cost $9,090,227)

            7,990,209  
 

 

   

Shares

   

Value

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.6%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(b)

    11,257,062     $ 11,257,062  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,257,062)

            11,257,062  
 

Total Investments — 106.4% (Cost $216,505,984)

            182,115,163  

Liabilities in Excess of Other Assets — (6.4)%

            (10,915,193 )

TOTAL NET ASSETS — 100.0%

          $ 171,199,970  

 

Percentages are stated as a percent of net assets.

 

(a)

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

 

(b)

The rate shown is as of October 31, 2023.

 

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

 

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

 

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

 

107

 

 

Pacer Data & Infrastructure Real Estate ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

REAL ESTATE INVESTMENT TRUSTS — 64.9%

 

Real Estate — 64.9%

American Tower Corp.

    322,168     $ 57,407,117  

Crown Castle, Inc.

    578,823       53,818,963  

Digital Realty Trust, Inc.(b)

    447,001       55,589,044  

Equinix, Inc.

    74,871       54,628,876  

Iron Mountain, Inc.(b)

    357,114       21,094,724  

Keppel DC REIT

    14,013,620       17,286,243  

SBA Communications Corp.

    103,238       21,538,544  

Uniti Group, Inc.(b)

    3,117,703       14,341,434  

 

            295,704,945  

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $371,038,348)

            295,704,945  
 

COMMON STOCKS — 27.4%

 

Communication Services — 24.5%

Cellnex Telecom SA(c)

    604,605       17,715,022  

Chorus Ltd.

    4,795,469       20,008,953  

Eutelsat Communications SACA(b)

    1,949,024       8,302,310  

Helios Towers PLC(a)

    8,078,910       5,935,906  

IHS Holding Ltd.(a)

    159,303       783,771  

Infrastrutture Wireless Italiane SpA(c)

    1,800,086       19,635,849  

Iridium Communications, Inc.

    373,200       13,827,060  

RAI Way SpA(c)

    1,245,429       6,187,192  

SES SA

    3,206,339       18,657,072  

 

            111,053,135  
 

Information Technology — 1.0%

GDS Holdings Ltd. - ADR(a)

    251,270       2,588,081  

Vnet Group, Inc. - ADR(a)

    712,973       2,292,207  

 

            4,880,288  
 

Real Estate — 1.9%

DigitalBridge Group, Inc.

    550,718       8,728,880  

TOTAL COMMON STOCKS (Cost $165,527,675)

            124,662,303  
 

 

   

Shares

   

Value

 

EXCHANGE TRADED FUNDS — 7.7%

 

iShares U.S. Real Estate ETF

    173,349     $ 13,058,380  

Vanguard Real Estate ETF

    302,100       22,029,132  

TOTAL EXCHANGE TRADED FUNDS (Cost $34,353,790)

            35,087,512  
 
 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.6%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(d)

    29,839,194       29,839,194  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $29,839,194)

            29,839,194  
 

Total Investments — 106.6% (Cost $600,759,007)

          $ 485,293,954  

Liabilities in Excess of Other Assets — (6.6)%

            (29,947,551 )

TOTAL NET ASSETS — 100.0%

          $ 455,346,403  

 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

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

(c)

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

(d)

The rate shown is as of October 31, 2023.

 

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

 

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

 

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

 

108

 

 

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 99.3%

 

Consumer Discretionary — 24.9%

Airbnb, Inc. - Class A(a)

    1,674     $ 198,017  

Amazon.com, Inc.(a)

    1,766       235,037  

Aptiv PLC(a)

    2,429       211,809  

AutoZone, Inc.(a)

    93       230,373  

Bath & Body Works, Inc.

    6,686       198,240  

Best Buy Co., Inc.

    3,333       222,711  

Booking Holdings, Inc.(a)

    78       217,586  

BorgWarner, Inc.

    6,097       224,979  

Caesars Entertainment, Inc.(a)

    4,441       177,151  

CarMax, Inc.(a)

    3,006       183,637  

Carnival Corp.(a)

    15,951       182,798  

Chipotle Mexican Grill, Inc.(a)

    125       242,775  

Darden Restaurants, Inc.

    1,633       237,650  

Domino’s Pizza, Inc.

    630       213,564  

DR Horton, Inc.

    2,080       217,152  

eBay, Inc.

    5,619       220,433  

Etsy, Inc.(a)

    3,636       226,523  

Expedia Group, Inc.(a)

    2,223       211,830  

Ford Motor Co.

    19,842       193,460  

Garmin Ltd.

    2,375       243,509  

General Motors Co.

    7,407       208,877  

Genuine Parts Co.

    1,627       209,655  

Hasbro, Inc.

    3,489       157,528  

Hilton Worldwide Holdings, Inc.

    1,584       240,024  

Home Depot, Inc.

    742       211,240  

Las Vegas Sands Corp.

    4,994       237,015  

Lennar Corp. - Class A

    2,057       219,441  

LKQ Corp.

    4,837       212,441  

Lowe’s Cos., Inc.

    1,055       201,051  

Lululemon Athletica, Inc.(a)

    606       238,449  

Marriott International, Inc.

    1,188       224,009  

McDonald’s Corp.

    874       229,137  

MGM Resorts International

    5,580       194,854  

Mohawk Industries, Inc.(a)

    2,594       208,506  

NIKE, Inc. - Class B

    2,499       256,821  

Norwegian Cruise Line Holdings Ltd.(a)

    14,973       203,633  

NVR, Inc.(a)

    39       211,092  

O’Reilly Automotive, Inc.(a)

    255       237,262  

Pool Corp.

    709       223,881  

PulteGroup, Inc.

    3,023       222,463  

Ralph Lauren Corp.

    2,087       234,850  

Ross Stores, Inc.

    2,045       237,159  

Royal Caribbean Cruises Ltd.(a)

    2,507       212,418  

Starbucks Corp.

    2,561       236,227  

Tapestry, Inc.

    7,653       210,917  

Tesla Motors, Inc.(a)

    982       197,225  

TJX Cos., Inc.

    2,669       235,059  

 

   

Shares

   

Value

 

Consumer Discretionary — 24.9% (Continued)

       

Tractor Supply Co.

    1,123     $ 216,245  

Ulta Beauty, Inc.(a)

    590       224,973  

VF Corp.

    12,982       191,225  

Whirlpool Corp.

    1,788       186,953  

Wynn Resorts Ltd.

    2,577       226,209  

Yum! Brands, Inc.

    1,929       233,139  

Total Consumer Discretionary

            11,479,212  
 

Industrials — 25.1%

3M Co.

    1,520       138,244  

A O Smith Corp.

    2,300       160,448  

Alaska Air Group, Inc.(a)

    4,056       128,291  

Allegion PLC

    1,494       146,950  

American Airlines Group, Inc.(a)

    11,550       128,783  

AMETEK, Inc.

    1,049       147,668  

Automatic Data Processing, Inc.

    647       141,188  

Axon Enterprise, Inc.(a)

    752       153,776  

Boeing Co.(a)

    764       142,730  

Broadridge Financial Solutions, Inc.

    860       146,750  

Carrier Global Corp.

    2,753       131,208  

Caterpillar, Inc.

    572       129,301  

Ceridian HCM Holding, Inc.(a)

    2,209       141,398  

CH Robinson Worldwide, Inc.

    1,871       153,104  

Cintas Corp.

    326       165,321  

Copart, Inc.(a)

    3,613       157,238  

CSX Corp.

    5,391       160,921  

Cummins, Inc.

    687       148,598  

Deere & Co.

    404       147,605  

Delta Air Lines, Inc.

    3,956       123,625  

Dover Corp.

    1,136       147,623  

Eaton Corp. PLC

    684       142,210  

Emerson Electric Co.

    1,632       145,199  

Equifax, Inc.

    821       139,217  

Expeditors International of Washington, Inc.

    1,407       153,715  

Fastenal Co.

    2,962       172,803  

FedEx Corp.

    637       152,944  

Fortive Corp.

    2,082       135,913  

Generac Holdings, Inc.(a)

    1,402       117,866  

General Dynamics Corp.

    741       178,811  

General Electric Co.

    1,445       156,970  

Honeywell International, Inc.

    875       160,353  

Howmet Aerospace, Inc.

    3,389       149,455  

Hubbell, Inc.

    459       123,976  

Huntington Ingalls Industries, Inc.

    766       168,382  

IDEX Corp.

    747       142,983  

Illinois Tool Works, Inc.

    677       151,729  

Ingersoll Rand, Inc.

    2,326       141,142  

Jacobs Solutions, Inc.

    1,235       164,626  

JB Hunt Trasport Services, Inc.

    875       150,386  

 

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

 

109

 

 

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 99.3% (Continued)

       
                 

Industrials — 25.1% (Continued)

               

Johnson Controls International PLC

    2,815     $ 137,991  

L3Harris Technologies, Inc.

    961       172,413  

Leidos Holdings, Inc.

    1,685       167,017  

Lockheed Martin Corp.

    382       173,672  

Masco Corp.

    2,871       149,550  

Nordson Corp.

    694       147,537  

Norfolk Southern Corp.

    825       157,402  

Northrop Grumman Corp.

    382       180,087  

Old Dominion Freight Line, Inc.

    383       144,261  

Otis Worldwide Corp.

    1,952       150,714  

PACCAR, Inc.

    1,911       157,715  

Parker-Hannifin Corp.

    395       145,719  

Paychex, Inc.

    1,340       148,807  

Paycom Software, Inc.

    568       139,143  

Pentair PLC

    2,372       137,861  

Quanta Services, Inc.

    782       130,688  

Republic Services, Inc.

    1,104       163,933  

Robert Half, Inc.

    2,206       164,943  

Rockwell Automation, Inc.

    544       142,969  

Rollins, Inc.

    4,471       168,154  

RTX Corp.

    1,934       157,408  

Snap-On, Inc.

    622       160,439  

Southwest Airlines Co.

    5,468       121,554  

Stanley Black & Decker, Inc.

    1,775       150,964  

Textron, Inc.

    2,136       162,336  

Trane Technologies PLC

    784       149,203  

TransDigm Group, Inc.(a)

    185       153,197  

Union Pacific Corp.

    762       158,199  

United Airlines Holdings, Inc.(a)

    3,404       119,174  

United Parcel Service, Inc. - Class B

    1,003       141,674  

United Rentals, Inc.

    348       141,382  

Veralto Corp.(a)

    1,952       134,688  

Verisk Analytics, Inc.

    661       150,285  

W.W. Grainger, Inc.

    234       170,780  

Waste Management, Inc.

    1,032       169,589  

Westinghouse Air Brake Technologies Corp.

    1,515       160,620  

Xylem, Inc.

    1,696       158,644  

Total Industrials

            11,530,162  
 

Information Technology — 24.9%

Accenture PLC - Class A

    606       180,037  

Adobe, Inc.(a)

    352       187,285  

Advanced Micro Devices, Inc.(a)

    1,858       183,013  

Akamai Technologies, Inc.(a)

    1,883       194,570  

Amphenol Corp.

    2,295       184,862  

Analog Devices, Inc.

    1,111       174,794  

ANSYS, Inc.(a)

    627       174,469  

 

   

Shares

   

Value

 

Information Technology — 24.9% (Continued)

       

Apple, Inc.

    1,106     $ 188,872  

Applied Materials, Inc.

    1,336       176,820  

Arista Networks, Inc.(a)

    1,003       200,970  

Autodesk, Inc.(a)

    899       177,669  

Broadcom, Inc.

    230       193,515  

Cadence Design System, Inc.(a)

    828       198,596  

CDW Corp.

    927       185,771  

Cisco Systems, Inc.

    3,479       181,360  

Cognizant Technology Solutions Corp.

    2,764       178,195  

Corning, Inc.

    6,285       168,187  

Enphase Energy, Inc.(a)

    1,640       130,511  

EPAM Systems, Inc.(a)

    743       161,655  

F5, Inc.(a)

    1,228       186,153  

Fair Isaac Corp.(a)

    219       185,246  

First Solar, Inc.(a)

    1,076       153,276  

Fortinet, Inc.(a)

    3,077       175,912  

Gartner, Inc.(a)

    557       184,946  

Gen Digital, Inc.

    9,862       164,301  

Hewlett Packard Enterprise Co.

    11,370       174,871  

HP, Inc.

    6,694       176,253  

Intel Corp.

    5,187       189,326  

International Business Machines Corp.

    1,335       193,094  

Intuit, Inc.

    358       177,192  

Juniper Networks, Inc.

    6,782       182,571  

Keysight Technologies, Inc.(a)

    1,490       181,855  

KLA Corp.

    396       186,001  

Lam Research Corp.

    295       173,525  

Microchip Technology, Inc.

    2,503       178,439  

Micron Technology, Inc.

    2,809       187,838  

Microsoft Corp.

    590       199,484  

Monolithic Power Systems, Inc.

    394       174,046  

Motorola Solutions, Inc.

    698       194,365  

NetApp, Inc.

    2,493       181,441  

NVIDIA Corp.

    433       176,577  

NXP Semiconductors NV

    971       167,430  

ON Semiconductor Corp.(a)

    2,013       126,094  

Oracle Corp.

    1,561       161,407  

Palo Alto Networks, Inc.(a)

    793       192,715  

PTC, Inc.(a)

    1,373       192,797  

Qorvo, Inc.(a)

    1,985       173,529  

QUALCOMM, Inc.

    1,857       202,393  

Roper Technologies, Inc.

    401       195,917  

salesforce.com, Inc.(a)

    877       176,128  

Seagate Technology Holdings PLC

    3,016       205,841  

ServiceNow, Inc.(a)

    329       191,429  

Skyworks Solutions, Inc.

    1,984       172,092  

SolarEdge Technologies, Inc.(a)

    1,324       100,558  

 

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

 

110

 

 

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

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

 

   

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Value

 

COMMON STOCKS — 99.3% (Continued)

       
                 

Information Technology — 24.9% (Continued)

       

Synopsys, Inc.(a)

    429     $ 201,389  

TE Connectivity Ltd.

    1,542       181,725  

Teledyne Technologies, Inc.(a)

    481       180,178  

Teradyne, Inc.

    1,977       164,625  

Texas Instruments, Inc.

    1,197       169,986  

Trimble, Inc.(a)

    3,867       182,252  

Tyler Technologies, Inc.(a)

    503       187,569  

VeriSign, Inc.(a)

    954       190,476  

Western Digital Corp.(a)

    4,535       182,080  

Zebra Technologies Corp.(a)

    769       161,052  

Total Information Technology

            11,457,525  
 

Materials — 24.4%

Air Products & Chemicals, Inc.

    1,422       401,630  

Albemarle Corp.

    2,301       291,721  

Amcor PLC

    45,886       407,926  

Avery Dennison Corp.

    2,344       408,020  

Ball Corp.

    8,148       392,326  

Celanese Corp.

    3,408       390,250  

CF Industries Holdings, Inc.

    5,069       404,405  

Corteva, Inc.

    8,561       412,127  

Dow, Inc.

    7,903       382,031  

DuPont de Nemours, Inc.

    5,629       410,242  

Eastman Chemical Co.

    5,337       398,834  

Ecolab, Inc.

    2,331       391,002  

FMC Corp.

    5,625       299,250  

Freeport-McMoRan, Inc.

    10,803       364,925  

International Flavors & Fragrances, Inc.

    6,176       422,129  

International Paper Co.

    11,583       390,695  

Linde PLC

    1,037       396,300  

LyondellBasell Industries NV

    4,271       385,415  

Martin Marietta Materials, Inc.

    969       396,263  

Mosaic Co.

    11,274       366,180  

Newmont Goldcorp Corp.

    10,959       410,634  

Nucor Corp.

    2,573       380,264  

Packaging Corp. of America

    2,748       420,580  

PPG Industries, Inc.

    3,128       384,025  

Sealed Air Corp.

    12,499       384,844  

Sherwin-Williams Co.

    1,564       372,560  

Steel Dynamics, Inc.

    3,908       416,241  

Vulcan Materials Co.

    1,963       385,710  

Westrock Co.

    11,646       418,439  

Total Materials

            11,284,968  

TOTAL COMMON STOCKS (Cost $45,756,654)

            45,751,867  
 

 

   

Shares

   

Value

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING(c) — 14.0%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(b)

    6,442,830     $ 6,442,830  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,442,830)

            6,442,830  
                 

Total Investments — 113.3% (Cost $52,199,484)

            52,194,697  

Liabilities in Excess of Other Assets — (13.3)%

            (6,136,853 )

TOTAL NET ASSETS — 100.0%

          $ 46,057,844  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

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

 

(c)

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

 

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

 

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

 

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

 

111

 

 

Pacer CSOP FTSE China A50 ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

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Value

 

COMMON STOCKS — 99.4%

 

Consumer Discretionary — 6.6%

BYD Co. Ltd. - Class A

    4,045     $ 131,850  

China Tourism Group Duty Free Corp. Ltd. - Class A

    4,300       55,585  

Great Wall Motor Co. Ltd. - Class A

    6,100       24,490  

Gree Electric Appliances, Inc. of Zhuhai

    6,700       31,064  

Haier Smart Home Co. Ltd. - Class A

    13,900       42,205  

Total Consumer Discretionary

            285,194  
 

Consumer Staples — 29.3%

Foshan Haitian Flavouring & Food Co. Ltd.

    10,812       55,625  

Inner Mongolia Yili Industrial Group Co. Ltd.

    14,100       52,831  

Jiangsu Yanghe Brewery Joint-Stock Co. Ltd.

    3,400       56,728  

Kweichow Moutai Co. Ltd.

    2,800       644,543  

Luzhou Laojiao Co. Ltd.

    3,345       98,095  

Muyuan Foods Co. Ltd.

    12,062       62,238  

Shanxi Xinghuacun Fen Wine Factory Co. Ltd.

    2,683       90,630  

Wuliangye Yibin Co. Ltd.

    8,600       183,326  

Yihai Kerry Arawana Holdings Co. Ltd.

    4,300       20,565  

Total Consumer Staples

            1,264,581  
 

Energy — 4.0%

China Petroleum & Chemical Corp. - Class A

    75,000       55,957  

China Shenhua Energy Co. Ltd. - Class A

    15,600       64,633  

PetroChina Co. Ltd. - Class A

    55,000       53,511  

Total Energy

            174,101  
 

Financials — 29.5%

Agricultural Bank of China Ltd. - Class A

    209,100       102,577  

Bank of China Ltd. - Class A

    99,000       52,760  

Bank of Communications Co. Ltd. - Class A

    86,700       66,701  

Bank of Ningbo Co. Ltd.

    14,600       49,856  

China CITIC Bank Corp. Ltd. - Class A

    21,500       15,806  

China Construction Bank Corp. - Class A

    21,200       18,164  

China Merchants Bank Co. Ltd. - Class A

    46,100       193,770  

China Pacific Insurance Group Co. Ltd. - Class A

    15,100       57,259  

CITIC Securities Co. Ltd. - Class A

    26,970       80,010  

CSC Financial Co. Ltd. - Class A

    11,200       37,006  

East Money Information Co. Ltd.

    34,992       73,015  

 

   

Shares

   

Value

 

Financials — 29.5% (Continued)

               

Industrial & Commercial Bank of China Ltd. - Class A

    170,200     $ 110,008  

Industrial Bank Co. Ltd.

    45,900       94,584  

People’s Insurance Co. Group of China Ltd. - Class A

    23,600       17,221  

Ping An Bank Co. Ltd.

    42,900       61,318  

Ping An Insurance Group Co. of China Ltd. - Class A

    24,200       150,330  

Postal Savings Bank of China Co. Ltd. - Class A

    50,800       31,724  

Shanghai Pudong Development Bank Co. Ltd.

    64,800       60,389  

Total Financials

            1,272,498  
 

Health Care — 7.3%

Aier Eye Hospital Group Co. Ltd.

    20,610       51,567  

Jiangsu Hengrui Pharmaceuticals Co. Ltd.

    14,100       92,367  

Shenzhen Mindray Bio-Medical Electronics Co. Ltd.

    2,700       105,526  

WuXi AppTec Co. Ltd. - Class A

    5,696       67,335  

Total Health Care

            316,795  
 

Industrials — 10.9%

Beijing-Shanghai High Speed Railway Co. Ltd.

    63,000       43,044  

China State Construction Engineering Corp. Ltd.

    92,600       65,545  

Contemporary Amperex Technology Co. Ltd.

    9,840       249,560  

NARI Technology Co. Ltd.

    17,700       54,541  

SF Holding Co. Ltd.

    10,800       57,999  

Total Industrials

            470,689  
 

Information Technology — 4.2%

Foxconn Industrial Internet Co. Ltd.

    27,600       55,516  

LONGi Green Energy Technology Co. Ltd.

    16,720       55,131  

Luxshare Precision Industry Co. Ltd.

    15,829       70,881  

Total Information Technology

            181,528  
 

Materials — 3.7%

Wanhua Chemical Group Co. Ltd.

    6,912       83,872  

Zijin Mining Group Co. Ltd. - Class A

    45,500       77,344  

Total Materials

            161,216  
 

 

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

 

112

 

 

Pacer CSOP FTSE China A50 ETF

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

 

   

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Value

 

COMMON STOCKS — 99.4% (Continued)

                 

Utilities — 3.9%

China Yangtze Power Co. Ltd.

    54,600     $ 168,394  

TOTAL COMMON STOCKS (Cost $4,650,639)

            4,294,996  
                 

Total Investments — 99.4% (Cost $4,650,639)

            4,294,996  

Other Assets in Excess of Liabilities — 0.6%

            27,010  

TOTAL NET ASSETS — 100.0%

          $ 4,322,006  

 

Percentages are stated as a percent of net assets.

 

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

 

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

 

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

 

113

 

 

Pacer BioThreat Strategy ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 99.9%

 

Communication Services — 5.1%

Netflix, Inc.(a)

    442     $ 181,967  
 

Consumer Discretionary — 15.3%

Amazon.com, Inc.(a)

    1,504       200,167  

Home Depot, Inc.

    624       177,647  

Lowe’s Cos., Inc.(b)

    866       165,034  

Total Consumer Discretionary

            542,848  
 

Consumer Staples — 13.7%

Campbell Soup Co.(b)

    440       17,780  

Church & Dwight Co., Inc.

    361       32,829  

Clorox Co.(b)

    183       21,539  

Energizer Holdings, Inc.

    106       3,347  

Haleon PLC - ADR(b)

    6,750       54,608  

Hormel Foods Corp.(b)

    807       26,268  

Kimberly-Clark Corp.

    499       59,700  

Kroger Co.(b)

    1,060       48,092  

Walgreens Boots Alliance, Inc.(b)

    1,275       26,877  

Walmart, Inc.

    1,211       197,891  

Total Consumer Staples

            488,931  
 

Health Care — 50.5%

Abbott Laboratories(b)

    1,825       172,553  

Agilent Technologies, Inc.

    436       45,069  

BioNTech SE - ADR(a)

    356       33,300  

CVS Health Corp.

    1,894       130,705  

Danaher Corp.

    789       151,504  

Emergent BioSolutions, Inc.(a)

    75       157  

Fortrea Holdings, Inc.(a)

    131       3,720  

Gilead Sciences, Inc.

    1,840       144,514  

GSK PLC - ADR

    2,997       106,993  

Illumina, Inc.(a)

    234       25,604  

Johnson & Johnson

    1,160       172,074  

Laboratory Corp. of America Holdings(b)

    131       26,165  

Merck & Co., Inc.

    1,676       172,125  

Mettler-Toledo International, Inc.(a)

    33       32,512  

Moderna, Inc.(a)

    563       42,765  

Neogen Corp.(a)

    320       4,765  

Organon & Co.

    377       5,576  

QIAGEN NV(a)

    336       12,576  

Quest Diagnostics, Inc.

    166       21,597  

Regeneron Pharmaceuticals, Inc.(a)

    162       126,342  

Revvity, Inc.

    185       15,327  

Sanofi SA - ADR

    3,623       163,941  

Teladoc Health, Inc.(a)

    242       4,003  

Thermo Fisher Scientific, Inc.(b)

    358       159,228  

Vir Biotechnology, Inc.(a)

    198       1,570  

 

   

Shares

   

Value

 

Health Care — 50.5% (Continued)

               

Waters Corp.(a)(b)

    87     $ 20,752  

Total Health Care

            1,795,437  
 

Industrials — 4.3%

3M Co.

    815       74,125  

Booz Allen Hamilton Holding Corp.

    193       23,146  

Stericycle, Inc.(a)

    137       5,650  

Veralto Corp.(a)(b)

    262       18,078  

Xylem, Inc./NY(b)

    354       33,113  

Total Industrials

            154,112  
 

Information Technology — 8.9%

Akamai Technologies, Inc.(a)

    225       23,249  

NVIDIA Corp.

    479       195,336  

Palantir Technologies, Inc. - Class A(a)(b)

    3,130       46,324  

Teledyne Technologies, Inc.(a)(b)

    69       25,847  

Zoom Video Communications, Inc. - Class A(a)

    440       26,391  

Total Information Technology

            317,147  
 

Materials — 2.1%

Ecolab, Inc.

    421       70,619  

Stepan Co.

    33       2,468  

Total Materials

            73,087  

TOTAL COMMON STOCKS (Cost $4,402,959)

            3,553,529  
 

 

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

 

114

 

 

Pacer BioThreat Strategy ETF

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

 

   

Shares

   

Value

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 23.6%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    840,768     $ 840,768  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $840,768)

            840,768  
 

TOTAL INVESTMENTS — 123.5% (Cost $5,243,727)

            4,394,297  

Liabilities in Excess of Other Assets — (23.5)%

            (834,693 )

TOTAL NET ASSETS — 100.0%

          $ 3,559,604  

 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

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

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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

 

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

 

115

 

 

Pacer Lunt Large Cap Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 100.0%

 

Communication Services — 8.2%

Alphabet, Inc. - Class C(a)

    39,503     $ 4,949,726  

Charter Communications, Inc. - Class A(a)(b)

    11,303       4,552,848  

Match Group, Inc.(a)

    126,929       4,391,743  

Meta Platforms, Inc. - Class A(a)

    20,534       6,186,279  

Netflix, Inc.(a)

    12,922       5,319,858  

Paramount Global - Class B(b)

    398,117       4,331,513  

Walt Disney Co.(a)

    55,097       4,495,364  

Warner Bros Discovery, Inc.(a)(b)

    392,898       3,905,406  

Total Communication Services

            38,132,737  
 

Consumer Discretionary — 18.6%

Amazon.com, Inc.(a)

    42,405       5,643,681  

Aptiv PLC(a)

    55,366       4,827,915  

Bath & Body Works, Inc.

    123,969       3,675,681  

Caesars Entertainment, Inc.(a)

    148,731       5,932,879  

CarMax, Inc.(a)(b)

    68,554       4,187,964  

Carnival Corp.(a)

    445,066       5,100,457  

Etsy, Inc.(a)

    74,045       4,613,004  

Expedia Group, Inc.(a)

    50,500       4,812,145  

Ford Motor Co.

    409,997       3,997,471  

General Motors Co.

    136,850       3,859,170  

MGM Resorts International

    106,799       3,729,421  

Mohawk Industries, Inc.(a)

    53,019       4,261,667  

NIKE, Inc. - Class B

    44,225       4,545,003  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    370,510       5,038,936  

Pool Corp.(b)

    13,987       4,416,675  

Royal Caribbean Cruises Ltd.(a)(b)

    57,255       4,851,216  

Tesla Motors, Inc.(a)

    25,628       5,147,128  

VF Corp.(b)

    287,061       4,228,409  

Whirlpool Corp.(b)

    34,133       3,568,946  

Total Consumer Discretionary

            86,437,768  
 

Financials — 17.4%

BlackRock, Inc.

    7,443       4,557,200  

Capital One Financial Corp.

    50,698       5,135,201  

Comerica, Inc.

    107,212       4,224,153  

Discover Financial Services

    45,898       3,767,308  

Fifth Third Bancorp

    176,487       4,184,507  

FleetCor Technologies, Inc.(a)

    18,294       4,119,260  

Franklin Resources, Inc.(b)

    190,060       4,331,467  

Invesco Ltd.

    359,069       4,657,125  

KeyCorp.

    498,650       5,096,203  

Moody’s Corp.

    14,467       4,455,836  

MSCI, Inc.

    9,934       4,684,378  

Northern Trust Corp.

    60,629       3,996,057  

PayPal Holdings, Inc.(a)

    82,539       4,275,520  

State Street Corp.

    67,078       4,335,251  

 

   

Shares

   

Value

 

Financials — 17.4% (Continued)

               

Synchrony Financial

    159,926     $ 4,485,924  

T Rowe Price Group, Inc.

    55,166       4,992,523  

Truist Financial Corp.

    165,008       4,679,627  

Zions Bancorp(b)

    156,182       4,818,215  

Total Financials

            80,795,755  
 

Health Care — 3.9%

Align Technology, Inc.(a)

    18,585       3,430,605  

Catalent, Inc.(a)

    110,920       3,814,539  

IDEXX Laboratories, Inc.(a)

    9,921       3,963,141  

Illumina, Inc.(a)

    27,780       3,039,688  

IQVIA Holdings, Inc.(a)

    21,879       3,956,380  

Total Health Care

            18,204,353  
 

Industrials — 9.0%

American Airlines Group, Inc.(a)

    312,407       3,483,338  

Ceridian HCM Holding, Inc.(a)(b)

    88,358       5,655,796  

Equifax, Inc.(b)

    25,337       4,296,395  

Generac Holdings, Inc.(a)(b)

    68,419       5,751,986  

Masco Corp.

    86,794       4,521,099  

Paycom Software, Inc.

    18,329       4,490,055  

Pentair PLC

    72,644       4,222,069  

Stanley Black & Decker, Inc.

    58,513       4,976,531  

United Rentals, Inc.

    11,168       4,537,223  

Total Industrials

            41,934,492  
 

Information Technology — 37.4%(c)

Adobe, Inc.(a)

    11,119       5,915,975  

Advanced Micro Devices, Inc.(a)

    63,833       6,287,550  

Analog Devices, Inc.

    25,921       4,078,151  

ANSYS, Inc.(a)

    17,040       4,741,550  

Apple, Inc.

    27,514       4,698,566  

Applied Materials, Inc.

    43,274       5,727,314  

Autodesk, Inc.(a)

    28,156       5,564,470  

Broadcom, Inc.

    5,862       4,932,111  

EPAM Systems, Inc.(a)

    23,754       5,168,158  

Fair Isaac Corp.(a)

    5,842       4,941,573  

Fortinet, Inc.(a)

    82,624       4,723,614  

HP, Inc.

    149,857       3,945,735  

Intel Corp.

    149,110       5,442,515  

Intuit, Inc.

    11,869       5,874,562  

KLA Corp.

    11,688       5,489,854  

Lam Research Corp.

    9,440       5,552,797  

Microchip Technology, Inc.

    72,002       5,133,023  

Micron Technology, Inc.

    75,279       5,033,907  

Microsoft Corp.

    15,462       5,227,857  

Monolithic Power Systems, Inc.

    13,265       5,859,681  

NVIDIA Corp.

    18,584       7,578,554  

NXP Semiconductors NV

    27,580       4,755,619  

ON Semiconductor Corp.(a)(b)

    73,934       4,631,226  

 

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

 

116

 

 

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

 

   

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COMMON STOCKS — 100.0% (Continued)

       
                 

Information Technology — 37.4%(c) (Continued)

Qorvo, Inc.(a)

    53,703     $ 4,694,716  

QUALCOMM, Inc.

    48,940       5,333,971  

salesforce.com, Inc.(a)

    23,760       4,771,721  

Seagate Technology Holdings PLC

    76,403       5,214,505  

ServiceNow, Inc.(a)

    10,365       6,030,875  

Skyworks Solutions, Inc.

    54,773       4,751,010  

SolarEdge Technologies, Inc.(a)(b)

    31,639       2,402,982  

Teradyne, Inc.(b)

    56,308       4,688,767  

Trimble, Inc.(a)

    104,072       4,904,913  

Western Digital Corp.(a)

    132,843       5,333,646  

Zebra Technologies Corp.(a)(b)

    24,166       5,061,085  

Total Information Technology

            174,492,553  
 

Materials — 4.6%

Albemarle Corp.(b)

    25,610       3,246,836  

Celanese Corp.(b)

    44,210       5,062,487  

Eastman Chemical Co.

    60,403       4,513,916  

Freeport-McMoRan, Inc.

    125,281       4,231,992  

PPG Industries, Inc.

    34,221       4,201,312  

Total Materials

            21,256,543  
 

Real Estate — 0.9%

CBRE Group, Inc.(a)

    58,949       4,087,524  

TOTAL COMMON STOCKS (Cost $513,744,458)

            465,341,725  
 

 

   

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INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 11.7%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    54,376,421     $ 54,376,421  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $54,376,421)

            54,376,421  
 

Total Investments — 111.7% (Cost $568,120,879)

            519,718,146  

Liabilities in Excess of Other Assets — (11.7)%

            (54,316,479 )

TOTAL NET ASSETS — 100.0%

          $ 465,401,667  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

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

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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

 

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

 

117

 

 

Pacer Lunt MidCap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

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COMMON STOCKS — 99.9%

 

Communication Services — 0.4%

TKO Group Holdings, Inc.

    1,564     $ 128,217  
 

Consumer Discretionary — 15.8%

Boyd Gaming Corp.(a)

    2,450       135,363  

Capri Holdings Ltd.(b)

    3,799       194,433  

Deckers Outdoor Corp.(a)(b)

    2,020       1,206,061  

Dick’s Sporting Goods, Inc.(a)

    1,874       200,424  

Five Below, Inc.(a)(b)

    1,871       325,517  

Gentex Corp.

    6,953       199,412  

Grand Canyon Education, Inc.(b)

    1,119       132,411  

KB Home(a)

    2,973       131,407  

Light & Wonder, Inc.(b)

    4,162       304,284  

Murphy USA, Inc.(a)

    920       333,675  

Penske Automotive Group, Inc.(a)

    556       79,552  

Polaris, Inc.(a)

    1,680       145,186  

Skechers U.S.A., Inc. - Class A(b)

    3,879       187,045  

Taylor Morrison Home Corp.(b)

    7,766       297,593  

Tempur Sealy International, Inc.(a)

    5,865       234,189  

Texas Roadhouse, Inc.

    4,131       419,462  

Toll Brothers, Inc.(a)

    7,376       521,557  

TopBuild Corp.(b)

    986       225,557  

Williams-Sonoma, Inc.(a)

    2,816       423,076  

Total Consumer Discretionary

            5,696,204  
 

Consumer Staples — 4.5%

BellRing Brands, Inc.(b)

    4,047       176,975  

Boston Beer Co., Inc. - Class A(b)

    323       107,866  

Casey’s General Stores, Inc.

    977       265,655  

Celsius Holdings, Inc.(b)

    1,221       185,702  

Coca-Cola Consolidated, Inc.

    186       118,372  

Coty, Inc.(a)(b)

    12,006       112,496  

Ingredion, Inc.(a)

    1,939       181,452  

Lancaster Colony Corp.

    721       121,972  

Sprouts Farmers Market, Inc.(a)(b)

    2,631       110,555  

US Foods Holding Corp.(a)(b)

    6,191       241,078  

Total Consumer Staples

            1,622,123  
 

Energy — 7.6%

Antero Resources Corp.(b)

    9,999       294,371  

ChampionX Corp.(a)

    12,659       389,897  

CNX Resources Corp.(a)(b)

    7,534       163,638  

Matador Resources Co.(a)

    3,827       236,088  

Murphy Oil Corp.

    4,662       209,184  

PBF Energy, Inc. - Class A

    6,431       305,665  

Range Resources Corp.(a)

    13,147       471,189  

Southwestern Energy Co.(a)(b)

    60,356       430,338  

Valaris Ltd.(b)

    3,502       231,272  

Total Energy

            2,731,642  
 

 

   

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Value

 

Financials — 12.3%

Affiliated Managers Group, Inc.

    1,269     $ 155,782  

American Financial Group, Inc.(a)

    2,304       251,965  

CNO Financial Group, Inc.

    3,241       75,126  

East West Bancorp, Inc.

    4,311       231,156  

Essent Group Ltd.

    3,377       159,529  

Evercore, Inc.

    2,184       284,313  

Federated Hermes, Inc.

    2,702       85,653  

FirstCash Holdings, Inc.

    993       108,158  

Interactive Brokers Group, Inc.(a)

    3,524       282,167  

Kinsale Capital Group, Inc.(a)

    1,347       449,778  

MGIC Investment Corp.

    9,428       158,768  

Old Republic International Corp.

    7,468       204,474  

Primerica, Inc.

    1,723       329,369  

RenaissanceRe Holdings Ltd.

    1,505       330,483  

RLI Corp.

    3,310       441,024  

SEI Investments Co.

    3,617       194,088  

Selective Insurance Group, Inc.

    1,877       195,414  

Unum Group

    6,369       311,444  

Western Union Co.

    13,594       153,476  

Total Financials

            4,402,167  
 

Health Care — 4.3%

Azenta, Inc.(a)(b)

    2,026       92,082  

Chemed Corp.

    568       319,585  

Encompass Health Corp.

    2,666       166,785  

Haemonetics Corp.(b)

    1,292       110,117  

Medpace Holdings, Inc.(b)

    1,482       359,637  

Patterson Cos., Inc.

    2,794       85,105  

Penumbra, Inc.(a)(b)

    2,071       395,872  

Total Health Care

            1,529,183  
 

Industrials — 33.3%

Acuity Brands, Inc.

    963       155,977  

Advanced Drainage Systems, Inc.(a)

    1,935       206,716  

AECOM(a)

    3,206       245,419  

AGCO Corp.

    1,896       217,395  

Builders FirstSource, Inc.(a)(b)

    12,791       1,388,080  

Carlisle Cos., Inc.

    1,750       444,658  

Clean Harbors, Inc.(b)

    2,257       346,833  

Crane Co.(a)

    1,644       160,011  

Curtiss-Wright Corp.

    1,166       231,812  

Donaldson Co., Inc.

    4,235       244,190  

EMCOR Group, Inc.

    4,265       881,363  

EnerSys

    1,519       129,996  

Esab Corp.

    2,272       143,818  

ExlService Holdings, Inc.(b)

    5,514       143,971  

Exponent, Inc.

    1,881       137,858  

Fortune Brands Innovations, Inc.

    4,828       269,402  

Genpact Ltd.

    5,536       185,677  

 

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

 

118

 

 

Pacer Lunt MidCap Multi-Factor Alternator ETF

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

 

   

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COMMON STOCKS — 99.9% (Continued)

       
                 

Industrials — 33.3% (Continued)

               

Graco, Inc.

    5,045     $ 375,096  

Insperity, Inc.

    1,581       167,333  

ITT, Inc.

    2,128       198,649  

Landstar System, Inc.

    2,805       462,208  

Lennox International, Inc.

    1,102       408,335  

Lincoln Electric Holdings, Inc.

    2,135       373,198  

MasTec, Inc.(a)(b)

    1,777       105,625  

MSC Industrial Direct Co., Inc.(a)

    2,843       269,374  

nVent Electric PLC

    5,793       278,818  

Owens Corning

    6,135       695,525  

Ryder System, Inc.

    1,091       106,416  

Saia, Inc.(b)

    925       331,603  

Science Applications International Corp.

    1,549       169,213  

Simpson Manufacturing Co., Inc.

    1,450       193,111  

Terex Corp.

    4,508       206,466  

Tetra Tech, Inc.

    1,853       279,636  

Timken Co.

    1,987       137,341  

Trex Co., Inc.(b)

    3,345       188,022  

UFP Industries, Inc.

    1,952       185,772  

Watsco, Inc.(a)

    2,130       743,136  

Watts Water Technologies, Inc. - Class A

    1,589       274,913  

XPO Logistics, Inc.(a)(b)

    4,422       335,232  

Total Industrials

            12,018,198  
 

Information Technology — 14.1%

Allegro MicroSystems, Inc.(b)

    3,514       91,223  

Belden, Inc.

    2,879       204,121  

Cognex Corp.

    5,654       203,487  

CommVault Systems, Inc.(b)

    1,365       89,203  

Crane NXT Co.

    3,929       204,308  

Dynatrace, Inc.(b)

    6,124       273,804  

IPG Photonics Corp.(b)

    1,153       99,043  

Jabil, Inc.(a)

    12,007       1,474,460  

Lattice Semiconductor Corp.(a)(b)

    6,129       340,834  

Manhattan Associates, Inc.(b)

    4,120       803,318  

Power Integrations, Inc.

    2,333       161,747  

Qualys, Inc.(a)(b)

    1,923       294,123  

Super Micro Computer, Inc.(a)(b)

    2,571       615,677  

Teradata Corp.(b)

    3,092       132,090  

Vishay Intertechnology, Inc.(a)

    3,322       73,881  

Total Information Technology

            5,061,319  
 

Materials — 7.6%

Ashland, Inc.

    1,625       124,524  

Cabot Corp.

    1,735       115,343  

Commercial Metals Co.

    3,390       143,363  

Eagle Materials, Inc.

    2,665       410,170  

 

   

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Value

 

Materials — 7.6% (Continued)

               

Greif, Inc. - Class A

    790     $ 50,165  

Louisiana-Pacific Corp.

    2,862       146,763  

NewMarket Corp.

    574       276,754  

Olin Corp.

    4,727       201,937  

Reliance Steel & Aluminum Co.

    4,456       1,133,517  

Westlake Chemical Corp.(a)

    855       98,633  

Worthington Industries, Inc.

    764       47,078  

Total Materials

            2,748,247  

TOTAL COMMON STOCKS (Cost $37,333,810)

            35,937,300  
 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 27.6%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    9,934,227       9,934,227  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $9,934,227)

            9,934,227  
                 

Total Investments — 127.5% (Cost $47,268,037)

            45,871,527  

Liabilities in Excess of Other Assets — (27.5)%

            (9,899,178 )

TOTAL NET ASSETS — 100.0%

          $ 35,972,349  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

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

 

(b)

Non-income producing security.

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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

 

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

 

119

 

 

Pacer Lunt Large Cap Multi-Factor Alternator ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

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COMMON STOCKS — 99.5%

 

Communication Services — 9.2%

Alphabet, Inc. - Class C(a)

    49,070     $ 6,148,471  

Meta Platforms, Inc. - Class A(a)

    39,944       12,033,929  

Netflix, Inc.(a)

    9,630       3,964,575  

Omnicom Group, Inc.

    2,366       177,237  

Total Communication Services

            22,324,212  
 

Consumer Discretionary — 5.7%

Best Buy Co., Inc.

    2,178       145,534  

Booking Holdings, Inc.(a)

    1,244       3,470,212  

BorgWarner, Inc.

    3,520       129,888  

Carnival Corp.(a)

    18,352       210,314  

Darden Restaurants, Inc.(b)

    2,426       353,056  

DR Horton, Inc.

    6,298       657,511  

eBay, Inc.

    7,234       283,790  

Las Vegas Sands Corp.

    5,540       262,928  

Lennar Corp. - Class A

    4,456       475,366  

LKQ Corp.

    3,342       146,781  

Marriott International, Inc.

    3,108       586,044  

MGM Resorts International

    4,712       164,543  

Norwegian Cruise Line Holdings Ltd.(a)(b)

    6,725       91,460  

NVR, Inc.(a)

    100       541,262  

O’Reilly Automotive, Inc.(a)

    1,041       968,588  

PulteGroup, Inc.

    5,786       425,792  

Ralph Lauren Corp.

    524       58,966  

Ross Stores, Inc.

    5,796       672,162  

Royal Caribbean Cruises Ltd.(a)(b)

    6,222       527,190  

Tapestry, Inc.(b)

    2,544       70,113  

TJX Cos., Inc.

    38,012       3,347,717  

Ulta Beauty, Inc.(a)

    720       274,543  

Wynn Resorts Ltd.

    1,768       155,195  

Total Consumer Discretionary

            14,018,955  
 

Consumer Staples — 5.0%

Brown-Forman Corp. - Class B

    1,926       108,164  

Coca-Cola Co.

    48,289       2,727,846  

Hershey Co.

    1,969       368,892  

J M Smucker Co.

    1,282       145,943  

Lamb Weston Holdings, Inc.

    2,376       213,365  

Mondelez International, Inc.

    17,286       1,144,506  

Procter & Gamble Co.

    26,826       4,024,705  

Walmart, Inc.

    20,962       3,425,400  

Total Consumer Staples

            12,158,821  
 

Energy — 7.6%

APA Corp.

    3,400       135,048  

Baker Hughes Co.

    14,124       486,148  

Chevron Corp.

    20,814       3,033,224  

ConocoPhillips

    16,636       1,976,357  

 

   

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Energy — 7.6% (Continued)

               

Coterra Energy, Inc.

    9,374     $ 257,785  

EOG Resources, Inc.

    6,584       831,230  

EQT Corp.(b)

    4,386       185,879  

Exxon Mobil Corp.(b)

    52,962       5,606,027  

Hess Corp.

    3,272       472,477  

Marathon Petroleum Corp.

    12,802       1,936,303  

Occidental Petroleum Corp.(b)

    8,694       537,376  

Phillips 66

    5,166       589,286  

Pioneer Natural Resources Co.

    2,908       695,012  

Schlumberger Ltd.

    23,278       1,295,653  

Valero Energy Corp.

    4,918       624,586  

Total Energy

            18,662,391  
 

Financials — 9.3%

Aflac, Inc.

    8,368       653,624  

Ameriprise Financial, Inc.

    2,720       855,630  

Arch Capital Group Ltd.(a)

    9,836       852,584  

Arthur J Gallagher & Co.

    2,672       629,229  

Everest Group Ltd.

    700       276,934  

Jack Henry & Associates, Inc.

    844       118,996  

JPMorgan Chase & Co.

    51,918       7,219,718  

MarketAxess Holdings, Inc.

    457       97,684  

MasterCard, Inc. - Class A

    16,245       6,113,806  

Principal Financial Group, Inc.

    2,968       200,874  

T Rowe Price Group, Inc.

    2,316       209,598  

Visa, Inc. - Class A(b)

    22,722       5,341,942  

Total Financials

            22,570,619  
 

Health Care — 18.3%

Abbott Laboratories

    20,410       1,929,766  

AbbVie, Inc.

    23,250       3,282,435  

Biogen, Inc.(a)

    1,628       386,715  

Boston Scientific Corp.(a)

    22,432       1,148,294  

Bristol-Myers Squibb Co.

    27,374       1,410,582  

Cardinal Health, Inc.

    6,446       586,586  

Cencora, Inc.

    4,682       866,872  

Centene Corp.(a)

    5,792       399,532  

Cigna Corp.

    3,538       1,093,950  

CVS Health Corp.

    14,362       991,122  

Danaher Corp.

    7,444       1,429,397  

DexCom, Inc.(a)

    5,475       486,344  

Edwards Lifesciences Corp.(a)(b)

    7,815       497,972  

Elevance Health, Inc.

    2,712       1,220,644  

Eli Lilly & Co.

    14,109       7,815,397  

Gilead Sciences, Inc.

    34,376       2,699,891  

HCA Healthcare, Inc.

    2,712       613,292  

Hologic, Inc.(a)

    3,608       238,741  

Humana, Inc.

    1,874       981,395  

IDEXX Laboratories, Inc.(a)

    1,104       441,015  

Incyte Corp.(a)

    2,484       133,962  

 

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

 

120

 

 

Pacer Lunt Large Cap Multi-Factor Alternator ETF

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

 

   

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Value

 

COMMON STOCKS — 99.5% (Continued)

       
                 

Health Care — 18.3% (Continued)

               

Intuitive Surgical, Inc.(a)

    10,326     $ 2,707,684  

McKesson Corp.

    1,508       686,683  

Merck & Co., Inc.

    66,640       6,843,928  

Regeneron Pharmaceuticals, Inc.(a)

    1,174       915,591  

Stryker Corp.

    5,008       1,353,262  

Vertex Pharmaceuticals, Inc.(a)

    6,348       2,298,674  

Viatris, Inc.

    15,020       133,678  

Waters Corp.(a)(b)

    1,032       246,163  

Zimmer Biomet Holdings, Inc.

    5,560       580,520  

Total Health Care

            44,420,087  
 

Industrials — 13.3%

3M Co.

    6,811       619,460  

AMETEK, Inc.

    3,568       502,267  

Automatic Data Processing, Inc.

    7,782       1,698,188  

Axon Enterprise, Inc.(a)

    1,294       264,610  

Boeing Co.(a)

    9,208       1,720,240  

Carrier Global Corp.

    23,920       1,140,027  

Caterpillar, Inc.

    7,362       1,664,180  

CH Robinson Worldwide, Inc.(b)

    2,070       169,388  

Cintas Corp.

    990       502,049  

Copart, Inc.(a)

    14,848       646,185  

Cummins, Inc.(b)

    1,568       339,158  

Deere & Co.

    3,382       1,235,648  

Delta Air Lines, Inc.

    9,974       311,688  

Eaton Corp. PLC

    6,948       1,444,558  

Expeditors International of Washington, Inc.

    2,740       299,345  

Fastenal Co.

    6,278       366,259  

Fortive Corp.

    3,962       258,639  

General Electric Co.

    42,910       4,661,314  

Honeywell International, Inc.

    8,024       1,470,478  

Howmet Aerospace, Inc.

    6,564       289,472  

Illinois Tool Works, Inc.

    8,214       1,840,923  

Ingersoll Rand, Inc.

    5,312       322,332  

Johnson Controls International PLC

    9,146       448,337  

L3Harris Technologies, Inc.

    1,942       348,414  

Old Dominion Freight Line, Inc.

    2,234       841,458  

PACCAR, Inc.

    10,782       889,838  

Parker-Hannifin Corp.

    2,198       810,864  

Paychex, Inc.

    3,459       384,122  

Pentair PLC

    2,564       149,020  

Quanta Services, Inc.

    2,592       433,175  

Robert Half, Inc.

    1,214       90,771  

Rockwell Automation, Inc.(b)

    2,810       738,496  

Rollins, Inc.

    2,484       93,423  

Snap-On, Inc.

    662       170,756  

Stanley Black & Decker, Inc.

    1,528       129,956  

 

   

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Value

 

Industrials — 13.3% (Continued)

               

Trane Technologies PLC

    3,618     $ 688,542  

TransDigm Group, Inc.(a)(b)

    1,084       897,650  

Union Pacific Corp.

    6,702       1,391,402  

United Airlines Holdings, Inc.(a)

    4,712       164,967  

United Rentals, Inc.

    956       388,394  

Verisk Analytics, Inc.

    2,192       498,373  

W.W. Grainger, Inc.

    1,214       886,014  

Westinghouse Air Brake Technologies Corp.

    2,406       255,084  

Total Industrials

            32,465,464  
 

Information Technology — 26.7%

Adobe, Inc.(a)

    7,000       3,724,420  

Analog Devices, Inc.

    6,022       947,441  

Apple, Inc.

    33,943       5,796,446  

Applied Materials, Inc.

    10,890       1,441,292  

Autodesk, Inc.(a)

    3,678       726,883  

Broadcom, Inc.

    16,047       13,501,464  

CDW Corp.

    1,636       327,854  

Cisco Systems, Inc.

    55,820       2,909,897  

Cognizant Technology Solutions Corp.

    6,388       411,834  

F5, Inc.(a)

    760       115,208  

Fair Isaac Corp.(a)

    519       439,007  

First Solar, Inc.(a)

    3,648       519,658  

Gartner, Inc.(a)

    2,638       875,922  

KLA Corp.

    2,228       1,046,492  

Lam Research Corp.

    3,392       1,995,242  

Microchip Technology, Inc.

    13,936       993,497  

Microsoft Corp.

    18,664       6,310,485  

NetApp, Inc.

    3,204       233,187  

NVIDIA Corp.

    39,995       16,309,961  

NXP Semiconductors NV

    2,740       472,458  

ON Semiconductor Corp.(a)(b)

    10,852       679,769  

Oracle Corp.

    34,628       3,580,535  

Palo Alto Networks, Inc.(a)

    4,594       1,116,434  

Teradyne, Inc.(b)

    1,794       149,386  

Total Information Technology

            64,624,772  
 

Materials — 3.8%

Air Products & Chemicals, Inc.

    2,800       790,832  

CF Industries Holdings, Inc.(b)

    2,348       187,323  

DuPont de Nemours, Inc.(b)

    12,832       935,196  

Eastman Chemical Co.

    1,304       97,448  

Freeport-McMoRan, Inc.

    17,356       586,286  

International Paper Co.

    3,590       121,091  

Linde PLC

    13,650       5,216,485  

LyondellBasell Industries NV

    2,810       253,574  

Martin Marietta Materials, Inc.

    750       306,705  

Steel Dynamics, Inc.

    1,824       194,274  

 

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

 

121

 

 

Pacer Lunt Large Cap Multi-Factor Alternator ETF

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

 

   

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Value

 

COMMON STOCKS — 99.5% (Continued)

       
                 

Materials — 3.8% (Continued)

               

Vulcan Materials Co.

    2,040     $ 400,840  

Total Materials

            9,090,054  
 

Utilities — 0.6%

Constellation Energy Corp.

    5,540       625,577  

PG&E Corp.(a)

    52,302       852,522  

Total Utilities

            1,478,099  

TOTAL COMMON STOCKS (Cost $236,135,365)

            241,813,474  
 

REAL ESTATE INVESTMENT TRUSTS — 0.4%

 

Real Estate — 0.4%

Iron Mountain, Inc.

    3,893       229,960  

Public Storage

    2,730       651,678  

Total Real Estate

            881,638  

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $966,139)

            881,638  
 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 6.5%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    15,776,548       15,776,548  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $15,776,548)

            15,776,548  
                 

Total Investments — 106.4% (Cost $252,878,052)

            258,471,660  

Liabilities in Excess of Other Assets — (6.4)%

            (15,532,449 )

TOTAL NET ASSETS — 100.0%

          $ 242,939,211  

 

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

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

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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

 

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

 

122

 

 

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

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Value

 

COMMON STOCKS — 99.0%

 

Communication Services — 5.1%

Alphabet, Inc. - Class A(a)

    2,839     $ 352,263  

Iridium Communications, Inc.

    8,074       299,142  

Meta Platforms, Inc. - Class A(a)

    1,293       389,542  

Netflix, Inc.(a)

    868       357,347  

News Corp. - Class A(b)

    18,258       377,575  

Total Communication Services

            1,775,869  
 

Consumer Discretionary — 9.9%

Adient PLC(a)

    10,172       342,695  

Airbnb, Inc. - Class A(a)(b)

    2,636       311,812  

Autoliv, Inc.

    3,876       355,235  

Garmin Ltd.

    3,764       385,923  

LKQ Corp.

    7,620       334,670  

McDonald’s Corp.

    1,376       360,746  

Royal Caribbean Cruises Ltd.(a)

    3,967       336,124  

Skechers U.S.A., Inc. - Class A(a)

    7,840       378,046  

Tesla Motors, Inc.(a)

    1,548       310,900  

Visteon Corp.(a)

    2,784       320,522  

Total Consumer Discretionary

            3,436,673  
 

Consumer Staples — 3.0%

Archer-Daniels-Midland Co.

    4,879       349,190  

Coca-Cola Co.

    6,592       372,382  

Coty, Inc.(a)(b)

    33,997       318,552  

Total Consumer Staples

            1,040,124  
 

Energy — 6.0%

APA Corp.(b)

    8,687       345,048  

Baker Hughes Co.

    10,406       358,174  

ChampionX Corp.

    10,172       313,298  

Chevron Corp.

    2,298       334,888  

Exxon Mobil Corp.

    3,325       351,951  

Weatherford International PLC(a)(b)

    4,104       382,041  

Total Energy

            2,085,400  
 

Financials — 4.1%

Euronet Worldwide, Inc.(a)

    4,640       356,538  

MasterCard, Inc. - Class A

    926       348,500  

MSCI, Inc.

    725       341,874  

Visa, Inc. - Class A(b)

    1,554       365,345  

Total Financials

            1,412,257  
 

Health Care — 8.1%

Agilent Technologies, Inc.

    3,373       348,667  

Align Technology, Inc.(a)

    1,157       213,571  

Bio-Rad Laboratories, Inc. - Class A(a)

    1,073       295,375  

Danaher Corp.

    1,548       297,247  

IQVIA Holdings, Inc.(a)(b)

    1,801       325,675  

Merck & Co., Inc.

    3,524       361,915  

 

   

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Value

 

Health Care — 8.1% (Continued)

               

Mettler-Toledo International, Inc.(a)

    343     $ 337,924  

Repligen Corp.(a)(b)

    2,400       322,944  

West Pharmaceutical Services, Inc.

    984       313,197  

Total Health Care

            2,816,515  
 

Industrials — 16.2%

AGCO Corp.

    3,105       356,019  

Allegion PLC

    3,556       349,768  

AMETEK, Inc.

    2,515       354,037  

Brink’s Co.

    5,071       339,047  

Caterpillar, Inc.

    1,361       307,654  

Donaldson Co., Inc.

    6,217       358,472  

Expeditors International of Washington, Inc.

    3,375       368,719  

General Electric Co.(b)

    3,466       376,512  

Genpact Ltd.

    10,363       347,575  

Howmet Aerospace, Inc.

    8,069       355,843  

IDEX Corp.

    1,778       340,327  

Ingersoll Rand, Inc.

    5,538       336,046  

ITT, Inc.

    3,830       357,531  

Nordson Corp.

    1,663       353,537  

Timken Co.(b)

    5,248       362,742  

Westinghouse Air Brake Technologies Corp.

    3,607       382,413  

Total Industrials

            5,646,242  
 

Information Technology — 34.5%

Accenture PLC - Class A

    1,190       353,537  

Advanced Micro Devices, Inc.(a)

    3,624       356,964  

Amphenol Corp.

    4,476       360,542  

Analog Devices, Inc.

    2,166       340,777  

ANSYS, Inc.(a)(b)

    1,232       342,816  

Apple, Inc.

    2,173       371,083  

Applied Materials, Inc.

    2,605       344,772  

Arista Networks, Inc.(a)

    1,956       391,924  

Arrow Electronics, Inc.(a)

    3,043       345,107  

Autodesk, Inc.(a)

    1,767       349,212  

Broadcom, Inc.

    447       376,092  

Cadence Design System, Inc.(a)

    1,627       390,236  

Coherent Corp.(a)(b)

    11,581       342,798  

Fortinet, Inc.(a)

    6,001       343,077  

Hewlett Packard Enterprise Co.

    22,176       341,067  

Jabil, Inc.

    3,606       442,817  

Keysight Technologies, Inc.(a)

    2,906       354,677  

KLA Corp.(b)

    771       362,139  

Lam Research Corp.

    573       337,050  

Lattice Semiconductor Corp.(a)(b)

    4,195       233,284  

Littelfuse, Inc.(b)

    1,533       332,155  

MACOM Technology Solutions Holdings, Inc.(a)(b)

    4,879       344,165  

 

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

 

123

 

 

Pacer US Export Leaders ETF

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

 

   

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Value

 

COMMON STOCKS — 99.0% (Continued)

       
                 

Information Technology — 34.5% (Continued)

       

Microchip Technology, Inc.

    4,881     $ 347,966  

Microsoft Corp.

    1,157       391,193  

Monolithic Power Systems, Inc.

    774       341,907  

NVIDIA Corp.

    842       343,368  

ON Semiconductor Corp.(a)(b)

    3,927       245,987  

PTC, Inc.(a)

    2,676       375,764  

Synaptics, Inc.(a)

    4,474       374,295  

Synopsys, Inc.(a)(b)

    842       395,268  

TE Connectivity Ltd.

    3,007       354,375  

Teradata Corp.(a)

    8,781       375,124  

Trimble, Inc.(a)

    7,586       357,528  

Vishay Intertechnology, Inc.(b)

    15,649       348,034  

Total Information Technology

            12,007,100  
 

Materials — 12.1%

Albemarle Corp.(b)

    2,083       264,083  

Ashland Global Holdings, Inc.

    4,641       355,640  

Berry Global Group, Inc.

    6,237       343,035  

Cabot Corp.

    5,483       364,510  

Celanese Corp.(b)

    3,109       356,012  

Corteva, Inc.

    7,754       373,277  

Crown Holdings, Inc.

    4,274       344,484  

Dow, Inc.

    7,158       346,018  

Linde PLC

    994       379,867  

Mosaic Co.

    10,212       331,686  

NewMarket Corp.

    850       409,827  

PPG Industries, Inc.

    2,833       347,806  

Total Materials

            4,216,245  

TOTAL COMMON STOCKS (Cost $35,864,630)

            34,436,425  
 

REAL ESTATE INVESTMENT TRUSTS — 1.0%

 

Real Estate — 1.0%

Equinix, Inc.

    497       362,631  

TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $350,887)

            362,631  
 

 

   

Shares

   

Value

 

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.8%

Mount Vernon Liquid Assets Portfolio, LLC, 5.55%(c)

    6,216,008     $ 6,216,008  

TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $6,216,008)

            6,216,008  
                 

Total Investments — 117.8% (Cost $42,431,525)

            41,015,064  

Liabilities in Excess of Other Assets — (17.8)%

            (6,183,953 )

TOTAL NET ASSETS — 100.0%

          $ 34,831,111  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

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

 

(c)

The rate shown is as of October 31, 2023.

 

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

 

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

 

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

 

124

 

 

Pacer Pacific Asset Floating Rate High Income ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Par

   

Value

 

BANK LOANS - 45.6%

 

Communication Services — 1.3%

Altice France SA, Senior Secured First Lien 10.89% (3 mo. SOFR US +5.50%),08/15/2028(a)

    995,000     $ 886,172  

Clear Channel Outdoor Holdings, Inc., Senior Secured First Lien 9.14% (3 mo. SOFR US + 3.50%), 08/21/2026 (a)

    1,222,233       1,179,795  
              2,065,967  
 

Communications — 1.5%

Charter Communications Operating LLC, Senior Secured First Lien 7.13% (3 mo. SOFR US + 1.75%), 02/01/2027 (a)

    1,465,930       1,464,011  

7.07% (1 mo. SOFR US + 1.75%), 02/01/2027 (a)

    3,827       3,822  

SBA Senior Finance II LLC,, Senior Secured First Lien 7.17% (1 mo. SOFR US + 1.75%), 04/11/2025 (a)

    957,765       958,382  
              2,426,215  
 

Consumer Discretionary — 11.6%

1011778 BC ULC,, Senior Secured First Lien 7.57% (1 mo. SOFR US + 2.25%), 09/20/2030 (a)(b)

    1,312,192       1,301,367  

AAdvantage Loyalty IP Ltd.,, Senior Secured First Lien 10.43% (3 mo. SOFR US + 4.75%), 04/20/2028 (a)

    900,000       914,063  

Allied Universal Holdco LLC,, Senior Secured First Lien 9.17% (1 mo. SOFR US + 3.75%), 05/12/2028 (a)

    1,984,861       1,888,764  

Bombardier Recreational Products, Inc.,, Senior Secured First Lien 7.43% (1 mo. SOFR US + 2.00%), 05/24/2027 (a)

    233,462       231,711  

Carnival Corp.,, Senior Secured First Lien 8.68% (1 mo. SOFR US + 3.25%), 10/18/2028 (a)

    1,484,887       1,460,141  

ClubCorp Holdings, Inc.,, Senior Secured First Lien 8.18% (1 mo. LIBOR US + 2.75%), 09/18/2024 (a)

    1,153,421       1,122,428  

Fertitta Entertainment LLC/NV,, Senior Secured First Lien 9.32% (1 mo. SOFR US + 4.00%), 01/29/2029 (a)

    1,989,905       1,949,052  

 

   

Par

   

Value

 

Consumer Discretionary — 11.6% (Continued)

Great Outdoors Group LLC,, Senior Secured First Lien 9.18% (3 mo. SOFR US + 3.75%), 03/06/2028 (a)

    1,277,986     $ 1,270,663  

IRB Holding Corp.,, Senior Secured First Lien 8.42% (1 mo. SOFR US + 3.00%), 12/15/2027 (a)

    742,404       735,444  

MajorDrive Holdings IV LLC,, Senior Secured First Lien 9.65% (3 mo. SOFR US + 4.00%), 06/01/2028 (a)

    1,496,173       1,456,278  

Mileage Plus Holdings LLC,, Senior Secured First Lien 10.80% (3 mo. SOFR US + 5.25%), 06/21/2027 (a)

    375,000       387,079  

SeaWorld Parks & Entertainment, Inc.,, Senior Secured First Lien 8.44% (1 mo. SOFR US + 3.00%), 08/25/2028 (a)

    1,218,047       1,217,536  

SRS Distribution, Inc.,, Senior Secured First Lien 8.94% (1 mo. SOFR US + 3.50%), 06/02/2028 (a)

    1,973,636       1,931,696  

United Airlines, Inc.,, Senior Secured First Lien 9.19% (1 mo. SOFR US + 3.75%), 04/21/2028 (a)(c)

    1,496,164       1,495,229  

Whatabrands LLC,, Senior Secured First Lien 8.43% (1 mo. SOFR US + 3.25%), 08/03/2028 (a)(c)

    992,424       984,614  
              18,346,065  
 

Consumer Staples — 1.8%

Naked Juice LLC,, Senior Secured First Lien 8.74% (3 mo. SOFR US + 3.25%), 01/24/2029 (a)

    1,000,000       922,605  

Sunshine Luxembourg VII Sarl,, Senior Secured First Lien 9.24% (3 mo. SOFR US + 3.75%), 10/01/2026 (a)

    1,978,676       1,978,260  
              2,900,865  
 

Energy — 1.6%

CQP Holdco LP, Senior Secured First Lien 8.99% (3 mo. SOFR US + 3.50%), 06/05/2028 (a)(c)

    735,578       735,828  

Pilot Travel Centers LLC,, Senior Secured First Lien 7.42% (1 mo. SOFR US + 2.00%), 08/04/2028 (a)

    1,230,580       1,231,866  

 

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

 

125

 

 

Pacer Pacific Asset Floating Rate High Income ETF

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

 

   

Par

   

Value

 

BANK LOANS - 45.6% (Continued)

 

Energy — 1.6% (Continued)

Traverse Midstream Partners LLC, First Lien 9.24% (1 mo. Term SOFR + 3.75%), 02/16/2028 (a)(c)

    647,518     $ 647,113  
              2,614,807  
 

Financials — 5.9%

Acrisure LLC,, Senior Secured First Lien 8.94% (1 mo. LIBOR US + 3.50%), 02/16/2027 (a)

    994,845       971,218  

Avolon TLB Borrower 1 US LLC,, Senior Secured First Lien 7.84% (1 mo. SOFR US + 2.50%), 06/22/2028 (a)

    2,170,373       2,173,400  

Deerfield Dakota Holding LLC,, Senior Secured First Lien 9.14% (3 mo. SOFR US + 3.75%), 04/09/2027 (a)

    1,476,058       1,427,473  

GTCR W Merger Sub LLC, 3.75% (1 mo. Term SOFR + 3.00%), 09/20/2030 (a)(c)

    2,500,000       2,485,413  

HUB International Ltd., Senior Secured First Lien 9.66% (3 mo. SOFR US + 4.25%), 06/20/2030 (a)

    997,500       998,168  

9.66% (1 mo. SOFR US + 4.25%), 06/20/2030 (a)

    2,500       2,502  

USI, Inc./NY,, Senior Secured First Lien 9.14% (3 mo. SOFR US + 3.75%), 11/14/2029 (a)(c)

    1,373,681       1,371,820  
              9,429,994  
 

Health Care — 5.9%

Bausch + Lomb Corp.,, Senior Secured First Lien 9.32% (1 mo. SOFR US + 4.00%), 09/14/2028 (a)

    1,500,000       1,446,563  

Gainwell Acquisition Corp.,, Senior Secured First Lien 9.49% (3 mo. SOFR US + 4.00%), 10/01/2027 (a)

    489,924       469,512  

ICON Luxembourg Sarl,, Senior Secured First Lien 7.90% (3 mo. SOFR US + 2.25%), 07/03/2028 (a)

    2,083,887       2,087,502  

Medline Borrower LP,, Senior Secured First Lien 8.68% (1 mo. SOFR US + 3.25%), 10/23/2028 (a)

    1,989,912       1,979,345  

Phoenix Newco, Inc.,, Senior Secured First Lien 8.69% (1 mo. SOFR US + 3.25%), 11/15/2028 (a)(c)

    492,500       487,299  

 

   

Par

   

Value

 

Health Care — 5.9% (Continued)

PRA Health Sciences, Inc.,, Senior Secured First Lien 7.90% (3 mo. SOFR US + 2.25%), 07/03/2028 (a)

    519,202     $ 520,102  

Star Parent, Inc.,, Senior Secured First Lien 9.39% (3 mo. SOFR US + 4.00%), 09/27/2030 (a)

    2,500,000       2,390,013  
              9,380,336  
 

Industrials — 7.4%

Chart Industries, Inc.,, Senior Secured First Lien 8.66% (1 mo. SOFR US + 3.25%), 03/17/2030 (a)

    1,492,501       1,491,882  

CoreLogic, Inc.,, Senior Secured First Lien 8.94% (1 mo. SOFR US + 3.50%), 06/02/2028 (a)

    997,455       910,358  

Dun & Bradstreet Corp.,, Senior Secured First Lien 8.18% (1 mo. SOFR US + 2.75%), 02/06/2026 (a)

    1,496,046       1,496,046  

Emerald Debt Merger Sub LLC,, Senior Secured First Lien 8.33% (1 mo. SOFR US + 3.00%), 05/31/2030 (a)(c)

    1,252,294       1,251,116  

Genesee & Wyoming, Inc., First Lien 7.49% (3 mo. Term SOFR + 2.00%), 12/30/2026 (a)

    987,212       987,617  

GFL Environmental, Inc.,, Senior Secured First Lien 7.82% (3 mo. SOFR US + 2.50%), 05/31/2027 (a)

    1,563,672       1,565,954  

Madison IAQ LLC,, Senior Secured First Lien 8.70% (1 mo. SOFR US + 3.25%), 06/21/2028 (a)

    1,977,405       1,910,263  

Roper Industrial Products Investment Co.,, Senior Secured First Lien 9.89% (3 mo. SOFR US + 4.50%), 11/22/2029 (a)

    497,500       497,055  

SPX FLOW, Inc.,, Senior Secured First Lien 9.92% (1 mo. SOFR US + 4.50%), 04/05/2029 (a)

    839,266       833,026  

Titan Acquisition Ltd./Canada,, Senior Secured First Lien 8.73% (6 mo. LIBOR US + 3.00%), 03/28/2025 (a)(c)

    968,346       955,418  
              11,898,735  
 

 

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

 

126

 

 

Pacer Pacific Asset Floating Rate High Income ETF

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

 

   

Par

   

Value

 

BANK LOANS - 45.6% (Continued)

 

Information Technology — 0.9%

UKG, Inc.,, Senior Secured First Lien 8.76% (3 mo. SOFR US + 3.25%), 05/04/2026 (a)(c)

    1,488,636     $ 1,482,712  
 
 

Materials — 3.5%

Arch Resources, Inc.,, Senior Secured First Lien 8.48% (6 mo. LIBOR US + 2.75%), 03/07/2024 (a)

    88       88  

Graham Packaging Co., Inc.,, Senior Secured First Lien 8.44% (1 mo. SOFR US + 3.00%), 08/04/2027 (a)

    961,759       953,705  

Nouryon USA LLC, Senior Secured First Lien 9.43% (1 mo. SOFR US + 4.00%), 04/03/2028 (a)

    965,054       945,149  

9.43% (1 mo. SOFR US + 4.00%), 04/03/2028 (a)

    250,505       245,338  

Pregis TopCo LLC,, Senior Secured First Lien 9.07% (1 mo. SOFR US + 4.00%), 07/31/2026 (a)

    486,111       481,371  

Proampac PG Borrower LLC, Senior Secured First Lien 9.89% (3 mo. SOFR US + 4.50%), 09/15/2028 (a)

    978,798       967,180  

12.00% (Prime Rate + 4.50%), 09/15/2028 (a)

    482,874       477,142  

Quikrete Holdings, Inc.,, Senior Secured First Lien 8.06% (1 mo. SOFR US + 2.63%), 02/01/2027 (a)

    1,457,813       1,457,215  
              5,527,188  
 

Technology — 4.2%

AthenaHealth Group, Inc.,, Senior Secured First Lien 8.58% (1 mo. SOFR US + 3.50%), 02/15/2029 (a)

    1,326,184       1,288,295  

Central Parent, Inc.,, Senior Secured First Lien 9.41% (3 mo. SOFR US + 4.00%), 07/06/2029 (a)

    997,487       993,123  

Epicor Software Corp.,, Senior Secured First Lien 8.69% (1 mo. SOFR US + 3.25%), 07/30/2027 (a)

    1,477,327       1,471,403  

Peraton Corp.,, Senior Secured First Lien 9.17% (1 mo. SOFR US + 3.75%), 02/01/2028 (a)

    979,185       962,510  

 

   

Par

   

Value

 

Technology — 4.2% (Continued)

Polaris Newco LLC,, Senior Secured First Lien 9.17% (1 mo. SOFR US + 4.00%), 06/02/2028 (a)

    1,231,156     $ 1,164,981  

Tempo Acquisition LLC,, Senior Secured First Lien 8.07% (1 mo. SOFR US + 2.75%), 08/31/2028 (a)(c)

    916,450       916,666  
              6,796,978  

TOTAL BANK LOANS (Cost $73,252,531)

            72,869,862  
 

ASSET BACKED SECURITIES - 38.2%

Aimco CDO

               

Series 2015-AA, Class ER2, 12.26% (3 mo. Term SOFR + 6.86%), 10/17/2034, (Acquired 7/11/2022, cost $888,711) (b)(d)

    1,000,000       926,232  

Series 2019-10A, Class ER, 11.62% (3 mo. Term SOFR + 6.21%), 07/22/2032, (Acquired 7/7/2022, cost $898,493) (b)(d)

    1,000,000       951,508  

Series 2021-15A, Class E, 11.61% (3 mo. Term SOFR + 6.21%), 10/17/2034, (Acquired 1/31/2022, cost $1,242,000) (b)(d)

    1,250,000       1,190,992  

ALM Ltd./KY, Series 2020-12A, Class DR2, 12.38% (3 mo. Term SOFR + 6.98%), 01/15/2036, (Acquired 4/19/2023, cost $1,006,225) (b)(d)

    1,080,000       1,029,833  

ARES CLO, Series 2022-66A, Class AR, 7.08% (3 mo. Term SOFR + 1.70%), 07/25/2036, (Acquired 10/13/2023, cost $1,995,500) (b)(d)

    2,000,000     $ 1,992,079  

Benefit Street Partners CLO Ltd., Series 2022-28A, Class E, 13.01% (3 mo. Term SOFR + 7.59%), 10/20/2035, (Acquired 7/27/2023, cost $999,907) (b)(d)

    1,000,000       994,004  

Burnham Park CLO, Series 2016-1A, Class ER, 11.08% (3 mo. Term SOFR + 5.66%), 10/20/2029, (Acquired 4/6/2022, cost $984,780) (b)(d)

    1,000,000       862,795  

CarVal CLO, Series 2019-2A, Class E, 12.12% (3 mo. Term SOFR + 6.70%), 07/20/2032, (Acquired 12/14/2021 - 2/7/2022, cost $984,680) (b)(d)

    1,000,000       916,123  

 

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

 

127

 

 

Pacer Pacific Asset Floating Rate High Income ETF

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

 

   

Par

   

Value

 

ASSET BACKED SECURITIES - 38.2% (Continued)

CIFC Funding Ltd.

               

Series 2018-5A, Class D, 11.81% (3 mo. Term SOFR + 6.41%), 01/15/2032, (Acquired 4/5/2022, cost $982,500) (b)(d)

    1,000,000     $ 965,503  

Series 2019-1A, Class E, 12.51% (3 mo. Term SOFR + 7.09%), 04/20/2032, (Acquired 6/14/2022, cost $938,486) (b)(d)

    1,000,000       977,581  

Series 2019-FAL, Class E, 13.09% (3 mo. Term SOFR + 7.67%), 01/20/2033, (Acquired 1/20/2022, cost $1,002,684) (b)(c)(d)

    1,000,000       954,781  

Clover CLO

               

Series 2018-1A, Class ER, 12.28% (3 mo. Term SOFR + 6.86%), 04/20/2032, (Acquired 7/6/2022, cost $906,848) (b)(d)

    1,000,000       965,667  

Series 2021-2A, Class E, 12.18% (3 mo. Term SOFR + 6.76%), 07/20/2034, (Acquired 4/18/2023, cost $940,913) (b)(d)

    1,000,000       970,359  

Series 2021-3A, Class E, 12.10% (3 mo. Term SOFR + 6.72%), 01/25/2035, (Acquired 9/12/2023, cost $976,970) (b)(d)

    1,000,000       978,795  

Dryden Senior Loan Fund

               

Series 2017-50A, Class E, 11.92% (3 mo. Term SOFR + 6.52%), 07/15/2030, (Acquired 4/11/2022, cost $985,000) (b)(d)

    1,000,000     $ 882,551  

Series 2019-76A, Class A1R, 6.83% (3 mo. Term SOFR + 1.41%), 10/20/2034, (Acquired 7/21/2023, cost $988,750) (b)(d)

    1,000,000       990,787  

Eaton Vance Management, Series 2020-1A, Class ER, 11.91% (3 mo. Term SOFR + 6.51%), 10/15/2034, (Acquired 9/13/2023, cost $969,633) (b)(d)

    1,000,000       962,201  

Elmwood CLO, Series 2021-5A, Class E, 12.03% (3 mo. Term SOFR + 6.61%), 01/20/2035, (Acquired 9/27/2023, cost $989,300) (b)(d)

    1,000,000       978,696  

 

   

Par

   

Value

 

GoldenTree Loan Management US CLO

               

Series 2017-1A, Class FR2, 13.18% (3 mo. Term SOFR + 7.76%), 04/20/2034, (Acquired 1/20/2022, cost $952,004) (b)(d)

    1,000,000     $ 879,986  

Series 2020-7A, Class ER, 12.18% (3 mo. Term SOFR + 6.76%), 04/20/2034, (Acquired 8/2/2023, cost $976,590) (b)(d)

    1,000,000       975,483  

Goldentree Loan Opportunities Ltd.

               

Series 2019-6A, Class ER, 12.12% (3 mo. Term SOFR + 6.70%), 04/20/2035, (Acquired 2/4/2022, cost $1,000,000) (b)(d)

    1,000,000       970,293  

Series 2023-17A, Class E, 11.75% (3 mo. Term SOFR + 6.50%), 07/20/2036, (Acquired 7/21/2023, cost $975,500) (b)(d)

    1,000,000       967,158  

Harbor Park CLO Ltd., Series 2018-1A, Class E, 11.28% (3 mo. Term SOFR + 5.86%), 01/20/2031, (Acquired 2/2/2023, cost $937,187) (b)(d)

    1,000,000       942,921  

Magnetite CLO Ltd.

               

Series 2015-15A, Class ER, 10.84% (3 mo. Term SOFR + 5.46%), 07/25/2031, (Acquired 12/15/2022 - 3/31/2023, cost $1,349,189) (b)(d)

    1,500,000       1,359,851  

Series 2020-28A, Class ER, 11.83% (3 mo. Term SOFR + 6.41%), 01/20/2035, (Acquired 7/19/2023 - 9/18/2023, cost $1,699,683) (b)(d)

    1,750,000       1,706,853  

Series 2021-30A, Class E, 11.84% (3 mo. Term SOFR + 6.46%), 10/25/2034, (Acquired 9/28/2023, cost $1,473,750) (b)(d)

    1,500,000       1,446,418  

Series 2021-31A, Class E, 11.66% (3 mo. Term SOFR + 6.26%), 07/15/2034, (Acquired 12/17/2021, cost $493,750) (b)(d)

    500,000       472,622  

Magnetite Xxix Ltd., Series 2021-29A, Class E, 11.41% (3 mo. Term SOFR + 6.01%), 01/15/2034, (Acquired 2/14/2023, cost $994,368) (b)(d)

    1,050,000       1,017,438  

 

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

 

128

 

 

Pacer Pacific Asset Floating Rate High Income ETF

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

 

   

Par

   

Value

 

ASSET BACKED SECURITIES - 38.2% (Continued)

Morgan Stanley Eaton Vance CLO Ltd., Series 2021-1A, Class A, 6.83% (3 mo. Term SOFR + 1.42%), 10/20/2034, (Acquired 9/29/2023, cost $1,983,000) (b)(d)

    2,000,000     $ 1,973,153  

Neuberger Berman CLO Ltd.

               

Series 2017-26A, Class E, 11.56% (3 mo. Term SOFR + 6.16%), 10/18/2030, (Acquired 2/3/2023, cost $932,884) (b)(d)

    1,000,000       948,980  

Series 2019-35A, Class E, 12.66% (3 mo. Term SOFR + 7.26%), 01/19/2033, (Acquired 4/11/2022, cost $996,000) (b)(d)

    1,000,000       974,853  

Series 2021-41A, Class E, 12.16% (3 mo. Term SOFR + 6.76%), 04/15/2034, (Acquired 12/14/2022, cost $912,639) (b)(d)

    1,000,000       948,469  

Series 2022-48A, Class E, 11.88% (3 mo. Term SOFR + 6.50%), 04/25/2036, (Acquired 3/30/2023, cost $1,391,344) (b)(d)

    1,500,000       1,427,472  

Niagara Park CLO, Series 2019-1A, Class AR, 6.66% (3 mo. Term SOFR + 1.26%), 07/17/2032, (Acquired 10/12/2023, cost $1,984,000) (b)(d)

    2,000,000       1,982,080  

Oak Hill Credit Partners, Series 2021-16A, Class E, 11.76% (3 mo. Term SOFR + 6.36%), 10/18/2034, (Acquired 9/28/2023, cost $981,250) (b)(d)

    1,000,000       966,599  

OCP CLO Ltd.

               

Series 2018-15A, Class D, 11.53% (3 mo. Term SOFR + 6.11%), 07/20/2031, (Acquired 9/13/2023, cost $948,139) (b)(d)

    1,000,000       922,250  

Series 2020-19A, Class ER, 12.18% (3 mo. Term SOFR + 6.76%), 10/20/2034, (Acquired 2/22/2022, cost $243,364) (b)(d)

    250,000       228,021  

Octagon Investment Partners Ltd., Series 2021-1A, Class A1, 6.78% (3 mo. Term SOFR + 1.38%), 07/15/2034, (Acquired 12/2/2022, cost $975,286) (b)(d)

    1,000,000       990,924  

 

   

Par

   

Value

 

OHA Credit Funding, Series 2019-2A, Class ER, 12.03% (3 mo. LIBOR US + 6.36%), 04/21/2034, (Acquired 4/12/2022 - 7/18/2023, cost $793,465) (b)(d)

    810,000     $ 788,046  

OHA Loan Funding Ltd., Series 2016-1A, Class ER, 12.03% (3 mo. Term SOFR + 6.61%), 01/20/2033, (Acquired 11/30/2021, cost $499,500) (b)(d)

    500,000       488,448  

Palmer Square CLO Ltd.

               

Series 2015-2A, Class DR2, 11.43% (3 mo. Term SOFR + 6.01%), 07/20/2030, (Acquired 9/9/2022, cost $937,173) (b)(d)

    1,000,000       963,154  

Series 2018-2A, Class D, 11.26% (3 mo. Term SOFR + 5.86%), 07/16/2031, (Acquired 12/1/2021 - 4/18/2023, cost $951,634) (b)(d)

    1,000,000       937,539  

Palmer Square Loan Funding Ltd., Series 2022-4A, Class D, 12.69% (3 mo. Term SOFR + 7.29%), 07/24/2031, (Acquired 7/7/2023, cost $996,250) (b)(d)

    1,000,000       992,801  

Parallel CLO Ltd., Series 2021-2A, Class D, 12.88% (3 mo. Term SOFR + 7.46%), 10/20/2034, (Acquired 2/2/2023, cost $926,672) (b)(d)

    1,000,000       884,763  

Point Au Roche Park CLO, Series 2021-1A, Class E, 11.78% (3 mo. Term SOFR + 6.36%), 07/20/2034, (Acquired 12/7/2021, cost $366,763) (b)(d)

    370,000       348,809  

Rad CLO

               

Series 2019-4A, Class E, 12.39% (3 mo. Term SOFR + 7.01%), 04/25/2032, (Acquired 9/8/2023, cost $978,277) (b)(d)

    1,000,000       945,434  

Series 2021-12A, Class E, 12.00% (3 mo. Term SOFR + 6.61%), 10/30/2034, (Acquired 10/1/2021, cost $500,000) (b)(d)

    500,000       454,001  

Rockland Park CLO Ltd., Series 2021-1A, Class E, 11.93% (3 mo. Term SOFR + 6.51%), 04/20/2034, (Acquired 9/26/2023, cost $1,940,714) (b)(d)

    2,000,000       1,904,988  

 

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

 

129

 

 

Pacer Pacific Asset Floating Rate High Income ETF

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

 

   

Par

   

Value

 

ASSET BACKED SECURITIES - 38.2% (Continued)

RR Ltd./Cayman Islands

               

Series 2021-19A, Class D, 12.16% (3 mo. Term SOFR + 6.76%), 10/15/2035, (Acquired 4/12/2022 - 7/6/2022, cost $954,295) (b)(d)

    1,000,000     $ 979,879  

Series 2023-26A, Class A1, 7.17% (3 mo. Term SOFR + 1.78%), 04/15/2038, (Acquired 9/29/2023, cost $2,001,989) (b)(d)

    2,000,000       1,996,891  

Sixth Street CLO, Series 2021-19A, Class E, 11.58% (3 mo. Term SOFR + 6.16%), 07/20/2034, (Acquired 1/12/2022, cost $492,500) (b)(d)

    500,000       475,085  

Storm King Park CLO Ltd., Series 2022-1A, Class E, 13.56% (3 mo. Term SOFR + 8.17%), 10/15/2035, (Acquired 2/15/2023, cost $1,005,421) (b)(d)

    1,000,000       1,012,353  

Stratus CLO Ltd., Series 2021-2A, Class E, 11.43% (3 mo. Term SOFR + 6.01%), 12/28/2029, (Acquired 9/19/2023, cost $998,250) (b)(d)

    1,000,000       1,002,780  

Symphony CLO Ltd.

               

Series 2020-22A, Class A1A, 6.95% (3 mo. Term SOFR + 1.55%), 04/18/2033, (Acquired 10/12/2023, cost $1,990,200) (b)(d)

    2,000,000       1,987,306  

Series 2020-24A, Class E, 12.67% (3 mo. Term SOFR + 7.26%), 01/23/2032, (Acquired 3/3/2022, cost $993,200) (b)(d)

    1,000,000       983,417  

Series 2021-29A, Class E, 11.91% (3 mo. Term SOFR + 6.51%), 01/15/2034, (Acquired 9/14/2023, cost $1,448,766) (b)(d)

    1,500,000       1,442,763  

TCI-Flatiron CLO Ltd., Series 2018-1A, Class ER, 11.80% (3 mo. Term SOFR + 6.41%), 01/29/2032, (Acquired 5/3/2023, cost $943,824) (b)(d)

    1,000,000       959,045  

Trimaran CAVU LLC, Series 2021-3A, Class E, 13.03% (3 mo. Term SOFR + 7.63%), 01/18/2035, (Acquired 9/19/2023, cost $954,433) (b)(d)

    1,000,000       956,839  

TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $61,554,634)

            61,096,652  
 

 

   

Par

   

Value

 

CORPORATE BONDS - 9.3%

               
 

Communication Services — 0.6%

DISH Network Corp., 11.75%, 11/15/2027, (Acquired 2/7/2023 - 10/10/2023, cost $1,015,333) (b)

    1,000,000     $ 991,382  
 

Communications — 0.3%

CCO Holdings LLC / CCO Holdings Capital Corp., 4.75%, 03/01/2030, (Acquired 2/7/2023, cost $439,926) (b)

    500,000       413,979  
 

Consumer Discretionary — 3.7%

1011778 BC ULC / New Red Finance, Inc., 4.00%, 10/15/2030

    1,000,000       819,999  

Allied Universal Holdco LLC / Allied Universal Finance Corp., 9.75%, 07/15/2027, (Acquired 4/8/2021 - 10/10/2023, cost $952,488) (b)

    1,000,000       870,309  

American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.50%, 04/20/2026, (Acquired 6/24/2022, cost $404,023) (b)

    416,667       405,640  

Boyd Gaming Corp., 4.75%, 12/01/2027

    1,000,000       911,849  

Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op, 5.50%, 05/01/2025, (Acquired 8/3/2022, cost $501,677) (b)

    500,000       490,521  

Ford Motor Credit Co. LLC, 5.11%, 05/03/2029

    1,000,000       910,094  

Las Vegas Sands Corp., 3.90%, 08/08/2029

    1,000,000       860,893  

MajorDrive Holdings IV LLC, 6.38%, 06/01/2029, (Acquired 5/13/2021 - 10/10/2023, cost $887,524) (b)

    1,000,000       776,455  
              6,045,760  
 

Consumer Staples — 0.3%

US Foods, Inc., 4.63%, 06/01/2030, (Acquired 8/2/2022, cost $466,333) (b)

    500,000       428,161  
 

 

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

 

130

 

 

Pacer Pacific Asset Floating Rate High Income ETF

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

 

   

Par

   

Value

 

CORPORATE BONDS - 9.3% (Continued)

 

Energy — 1.7%

Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.38%, 06/15/2029, (Acquired 8/2/2022 - 10/11/2023, cost $944,621) (b)

    1,000,000     $ 909,095  

Callon Petroleum Co., 7.50%, 06/15/2030, (Acquired 12/16/2022 - 10/10/2023, cost $950,130) (b)

    1,000,000       968,280  

Endeavor Energy Resources LP / EER Finance, Inc., 5.75%, 01/30/2028, (Acquired 2/7/2023 - 10/10/2023, cost $976,340) (b)

    1,000,000       960,300  
              2,837,675  
 

Health Care — 0.3%

Medline Borrower LP, 3.88%, 04/01/2029, (Acquired 12/16/2022, cost $425,841) (b)

    500,000       423,207  
 

Industrials — 1.5%

GFL Environmental, Inc., 3.50%, 09/01/2028, (Acquired 5/3/2022, cost $461,890) (b)

    500,000       428,657  

Madison IAQ LLC, 4.13%, 06/30/2028, (Acquired 10/12/2021, cost $249,285) (b)

    250,000       210,219  

TK Elevator Holdco GmbH, 7.63%, 07/15/2028, (Acquired 8/2/2022 - 10/11/2023, cost $903,653) (b)

    1,000,000       903,063  

United Rentals North America, Inc., 4.88%, 01/15/2028

    1,000,000       925,895  
              2,467,834  
 

Information Technology — 0.3%

Entegris, Inc., 4.38%, 04/15/2028, (Acquired 5/26/2022, cost $471,564) (b)

    500,000       446,665  
 

Materials — 0.3%

Standard Industries, Inc./NJ, 4.75%, 01/15/2028, (Acquired 2/7/2023, cost $470,100) (b)

    500,000       448,291  
 

Real Estate — 0.3%

Howard Hughes Corp., 5.38%, 08/01/2028

    500,000       440,090  

TOTAL CORPORATE BONDS (Cost $15,510,643)

            14,943,044  

 

 

   

Shares

   

Value

 

EXCHANGE TRADED FUNDS — 0.7%

iShares iBoxx High Yield Corporate Bond ETF

    8,065     $ 585,277  

SPDR Bloomberg High Yield Bond ETF

    6,533       580,914  

TOTAL EXCHANGE TRADED FUNDS (Cost $1,201,405)

            1,166,191  
 

CLOSED END FUNDS — 0.0%(e)

Eagle Point Credit Co., Inc.

    1,905       17,831  

TOTAL CLOSED END FUNDS

(Cost $33,494)

            17,831  
 

TOTAL INVESTMENTS - 93.8%

(Cost $151,552,707)

            150,093,580  

Other Assets in Excess of Liabilities - 6.2%

            9,968,570  

TOTAL NET ASSETS — 100.0%

          $ 160,062,150  

 

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

SOFR - Secured Overnight Financing Rate

(a)

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

(b)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2023, the value of these securities total $72,430,965 or 45.3% of the Fund’s net assets.

(c)

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

(d)

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

(e)

Represents less than 0.05% of net assets.

 

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

 

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

 

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

 

131

 

 

Pacer Data and Digital Revolution ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 100.0%

 

Industrials — 7.0%

AAON, Inc.

    281     $ 15,309  

Atkore, Inc.(a)

    130       16,156  

Encore Wire Corp.

    58       10,372  

Hexatronic Group AB

    699       1,625  

Johnson Controls International PLC

    2,338       114,609  

Legrand SA

    919       79,148  

Lennox International, Inc.

    122       45,206  

Nexans SA

    151       10,646  

nVent Electric PLC

    571       27,482  

SPX Technologies, Inc.(a)

    157       12,579  

Total Industrials

            333,132  
 

Information Technology — 93.0%

A10 Networks, Inc.

    255       2,772  

Advanced Micro Devices, Inc.(a)

    2,204       217,094  

Akamai Technologies, Inc.(a)

    522       53,938  

Alteryx, Inc. - Class A(a)

    218       6,978  

Ambarella, Inc.(a)

    136       6,119  

Arista Networks, Inc.(a)

    1,066       213,594  

Belden, Inc.

    146       10,351  

BlackBerry Ltd.(a)

    2,009       7,221  

Broadcom, Inc.

    563       473,692  

Calix, Inc.(a)

    228       7,551  

Check Point Software Technologies Ltd.(a)

    414       55,579  

Ciena Corp.(a)

    515       21,733  

Cisco Systems, Inc.

    5,557       289,687  

CommScope Holding Co., Inc.(a)

    730       1,080  

CommVault Systems, Inc.(a)

    151       9,868  

Computacenter PLC

    393       12,237  

Confluent, Inc. - Class A(a)

    730       21,104  

Credo Technology Group Holding Ltd.(a)

    513       7,295  

Crowdstrike Holdings, Inc. - Class A(a)

    771       136,290  

CyberArk Software Ltd.(a)

    141       23,073  

Datadog, Inc. - Class A(a)

    1,031       83,996  

Digi International, Inc.(a)

    124       3,122  

Dropbox, Inc. - Class A(a)

    919       24,170  

DXC Technology Co.(a)

    707       14,260  

Dynatrace, Inc.(a)

    1,005       44,934  

Elastic NV(a)

    335       25,138  

Extreme Networks, Inc.(a)

    444       9,155  

F5, Inc.(a)

    204       30,924  

Fastly, Inc.(a)

    445       6,528  

Fortinet, Inc.(a)

    2,706       154,702  

Hewlett Packard Enterprise Co.

    4,454       68,503  

Infinera Corp.(a)

    782       2,291  

 

   

Shares

   

Value

 

Information Technology — 93.0% (Continued)

       

Informatica, Inc. - Class A(a)

    840     $ 16,111  

Intel Corp.

    5,712       208,488  

InterDigital, Inc.

    91       6,848  

Juniper Networks, Inc.

    1,099       29,585  

Kingsoft Cloud Holdings Ltd.(a)

    13,107       4,154  

MaxLinear, Inc.(a)

    279       4,241  

MicroStrategy, Inc.(a)

    42       17,782  

MongoDB, Inc.(a)

    243       83,735  

Motorola Solutions, Inc.

    575       160,115  

NEC Networks & System Integration Corp.

    514       6,893  

NET One Systems Co. Ltd.

    287       4,351  

NetApp, Inc.

    723       52,620  

NetScout Systems, Inc.(a)

    249       5,436  

New Relic, Inc.(a)

    242       20,974  

Nokia OYJ

    19,399       64,386  

Nutanix, Inc.(a)

    812       29,386  

NVIDIA Corp.

    1,183       482,428  

Okta, Inc.(a)

    531       35,795  

Oracle Corp. Japan

    442       31,141  

Palo Alto Networks, Inc.(a)

    1,053       255,900  

Pure Storage, Inc.(a)

    1,059       35,805  

Qualys, Inc.(a)

    126       19,272  

Rapid7, Inc.(a)

    210       9,763  

Seagate Technology Holdings PLC

    714       48,731  

Semtech Corp.(a)

    220       3,071  

SentinelOne, Inc. - Class A(a)

    821       12,832  

Snowflake, Inc.(a)

    1,123       162,981  

SolarWinds Corp.(a)

    567       5,222  

Splunk, Inc.(a)

    571       84,028  

Super Micro Computer, Inc.(a)

    180       43,105  

Telefonaktiebolaget LM Ericsson - Class B

    10,617       47,523  

Tenable Holdings, Inc.(a)

    398       16,760  

Teradata Corp.(a)

    344       14,696  

Trend Micro, Inc.

    485       18,068  

Varonis Systems, Inc.(a)

    378       12,716  

VMware, Inc.(a)

    1,482       215,853  

Western Digital Corp.(a)

    1,096       44,004  

 

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

 

132

 

 

Pacer Data and Digital Revolution ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 100.0% (Continued)

       
                 

Information Technology — 93.0% (Continued)

       

Zscaler, Inc.(a)

    502     $ 79,663  

Total Information Technology

            4,439,441  

TOTAL COMMON STOCKS (Cost $4,743,703)

            4,772,573  
 

Total Investments — 100.0% (Cost $4,743,703)

            4,772,573  

Other Assets in Excess of Liabilities — 0.0%(b)

            265  

TOTAL NET ASSETS — 100.0%

          $ 4,772,838  

 

Percentages are stated as a percent of net assets.

 

PLC - Public Limited Company

 

(a)

Non-income producing security.

 

(b)

Represents less than 0.05% of net assets.

 

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

 

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

 

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

 

133

 

 

Pacer Industrials and Logistics ETF

SCHEDULE OF INVESTMENTS
October 31, 2023 (Unaudited)

 

   

Shares

   

Value

 

COMMON STOCKS — 97.3%

 

Energy — 0.1%

SFL Corp. Ltd.

    102     $ 1,108  
 

Health Care — 0.0%(c)

CryoPort, Inc.(a)

    36       349  
 

Industrials — 84.4%

Air Transport Services Group, Inc.(a)

    53       1,037  

AP Moller - Maersk AS - Class B

    5       8,302  

ArcBest Corp.

    17       1,851  

ATS Corp.(a)

    72       2,422  

AutoStore Holdings Ltd.(a)(b)

    2,456       2,708  

AZ-COM MARUWA Holdings, Inc.

    95       1,292  

Canadian National Railway Co.

    482       50,945  

Canadian Pacific Kansas City Ltd.

    685       48,583  

Cargojet, Inc.

    13       740  

Cargotec Oyj - Class B

    41       1,613  

CH Robinson Worldwide, Inc.

    85       6,956  

China Merchants Port Holdings Co. Ltd.

    3,018       3,838  

Cia de Distribucion Integral Logista Holdings SA

    98       2,401  

Clarkson PLC

    23       738  

COSCO SHIPPING Holdings Co. Ltd. - Class H

    2,481       2,521  

COSCO SHIPPING Ports Ltd.

    2,545       1,532  

Costamare, Inc.

    88       795  

CSX Corp.

    1,462       43,641  

D/S Norden AS

    25       1,418  

Daifuku Co. Ltd.

    278       4,528  

Danaos Corp.

    15       994  

Dfds AS

    43       1,240  

DHL Group

    903       35,086  

DSV AS

    160       23,837  

Expeditors International of Washington, Inc.

    107       11,690  

FedEx Corp.

    185       44,419  

Forward Air Corp.

    19       1,224  

Full Truck Alliance Co. Ltd. - ADR(a)

    697       4,579  

Golden Ocean Group Ltd.

    148       1,073  

GXO Logistics, Inc.(a)

    87       4,394  

Hapag-Lloyd AG(b)

    128       18,414  

Heartland Express, Inc.

    58       676  

Hoegh Autoliners ASA

    141       1,140  

International Container Terminal Services, Inc.

    1,485       5,266  

International Distributions Services PLC(a)

    707       2,167  

Interroll Holding AG

    1       2,621  

JB Hunt Trasport Services, Inc.

    75       12,890  

 

   

Shares

   

Value

 

Industrials — 84.4% (Continued)

JD Logistics, Inc.(a)(b)

    4,826     $ 5,711  

Kamigumi Co. Ltd.

    86       1,732  

Kardex Holding AG

    6       1,156  

Kawasaki Kisen Kaisha Ltd.

    181       6,147  

KION Group AG

    94       2,866  

Kirby Corp.(a)

    43       3,212  

Knight-Swift Transportation Holdings, Inc.

    118       5,769  

Kuehne + Nagel International AG

    88       23,643  

Landstar System, Inc.

    26       4,284  

Mainfreight Ltd.

    74       2,464  

Marten Transport Ltd.

    59       1,037  

Matson, Inc.

    26       2,263  

Mitsubishi Logistics Corp.

    61       1,579  

Mitsui OSK Lines Ltd.

    261       6,692  

Mullen Group Ltd.

    69       654  

Nippon Yusen KK

    369       8,959  

Nishi-Nippon Railroad Co. Ltd.

    59       946  

Norfolk Southern Corp.

    165       31,480  

NTG Nordic Transport Group AS(a)

    17       673  

Old Dominion Freight Line, Inc.

    80       30,133  

Orient Overseas International Ltd.

    483       6,090  

Pacific Basin Shipping Ltd.

    3,891       1,124  

Rockwell Automation, Inc.

    84       22,076  

RXO, Inc.(a)

    86       1,506  

Ryder System, Inc.

    33       3,219  

Saia, Inc.(a)

    19       6,811  

Sankyu, Inc.

    46       1,372  

Schneider National, Inc. - Class B

    69       1,748  

Seino Holdings Co. Ltd.

    137       1,981  

SG Holdings Co. Ltd.

    468       6,588  

SITC International Holdings Co. Ltd.

    1,920       2,954  

Star Bulk Carriers Corp.

    75       1,400  

Sumitomo Warehouse Co. Ltd.

    59       938  

Symbotic, Inc.(a)

    59       2,008  

TFI International, Inc.

    62       6,851  

Toyota Industries Corp.

    237       17,300  

Transcoal Pacific Tbk PT

    3,698       2,031  

Union Pacific Corp.

    448       93,009  

United Parcel Service, Inc. - Class B

    532       75,145  

Wallenius Wilhelmsen ASA

    313       2,627  

Werner Enterprises, Inc.

    46       1,671  

XPO Logistics, Inc.(a)

    84       6,368  

Yamato Holdings Co. Ltd.

    278       4,596  

Yaskawa Electric Corp.

    195       6,280  

ZIM Integrated Shipping Services Ltd.

    88       681  

ZTO Express Cayman, Inc.

    440       10,296  

 

            787,641  
 

 

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

 

134

 

 

Pacer Industrials and Logistics ETF

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

 

   

Shares

   

Value

 

COMMON STOCKS — 97.3% (Continued)

 

Information Technology — 12.8%

Celestica, Inc.(a)

    81     $ 1,889  

Cognex Corp.

    126       4,534  

Flex Ltd.(a)

    322       8,282  

Sanmina Corp.(a)

    41       2,086  

SAP SE

    767       102,751  

 

            119,542  

TOTAL COMMON STOCKS (Cost $964,559)

            908,640  
 

EXCHANGE TRADED FUNDS — 2.4%

 

iShares MSCI Brazil ETF

    238       7,085  

iShares MSCI South Korea ETF

    169       9,287  

iShares MSCI UAE ETF

    414       5,713  

TOTAL EXCHANGE TRADED FUNDS (Cost $24,870)

            22,085  
 

Total Investments — 99.7% (Cost $989,429)

          $ 930,725  

Other Assets in Excess of Liabilities — 0.3%

            2,469  

TOTAL NET ASSETS — 100.0%

          $ 933,194  

 

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

(a)

Non-income producing security.

(b)

Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of October 31, 2023, the value of these securities total $26,833 or 2.9% of the Fund’s net assets.

(c)

Represents less than 0.05% of net assets.

 

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

 

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

 

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

 

135

 

 

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

 

   

Pacer
Trendpilot
®
US Large
Cap ETF

   

Pacer
Trendpilot
®
US Mid
Cap ETF

   

Pacer
Trendpilot
®
100 ETF

   

Pacer
Trendpilot
®
European
Index ETF

   

Pacer
Trendpilot
®
International
ETF

 

ASSETS

                                       

Investments in Securities, at Value* ^

  $ 2,232,715,671     $ 453,744,030     $ 1,224,471,158     $ 47,027,627     $ 139,486,609  

Cash

    1,629,422       4,963,193       30,102,380       376,698       1,837,520  

Foreign Currency at Value*

                            146,249  

Interest and Dividends Receivable

    1,604,239       39,856       155,429       397,491       432,922  

Receivable for Investment Securities Sold

                      19,496,371        

Securities Lending Income Receivable

    9,820       6,474       27,562       779       6,926  

Total Assets

    2,235,959,152       458,753,553       1,254,756,529       67,298,966       141,910,226  
                                         

LIABILITIES

                                       

Management Fees Payable

    1,111,801       187,904       531,384       22,074       73,723  

Payable to Custodian

                            720  

Payable for Investment Securities Purchased

                      19,533,734        

Collateral Received For Securities Loaned (See Note 5)

    66,879,873       95,859,111       293,288,927       7,820,667       11,120,976  

Total Liabilities

    67,991,674       96,047,015       293,820,311       27,376,475       11,195,419  
                                         

NET ASSETS

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

NET ASSETS CONSIST OF:

                                       

Paid-in Capital

  $ 2,431,740,737     $ 497,158,135     $ 890,128,526     $ 88,054,500     $ 154,459,006  

Total Distributable Earnings (Accumulated Deficit)

    (263,773,259 )     (134,451,597 )     70,807,692       (48,132,009 )     (23,744,199 )

Net Assets

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

* Identified Cost:

                                       

Investments in Securities

  $ 2,175,935,390     $ 453,739,854     $ 1,172,464,467     $ 47,100,497     $ 138,564,703  

Foreign Currencies

                            146,249  

^ Includes Loaned Securities with a value of

    65,725,248       93,878,496       287,471,740       5,279,504       10,801,927  
                                         

Net Asset Value:

                                       

Net Assets

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

Shares Outstanding (No Par Value)

    55,500,000       11,850,000       15,750,000       1,650,000       5,250,000  

Net Asset Value, Offering and Redemption Price per Share

  $ 39.06     $ 30.61     $ 61.01     $ 24.20     $ 24.90  

 

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

 

136

 

 

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

 

   

Pacer
Trendpilot
®
US Bond ETF

   

Pacer
Trendpilot
®
Fund of Funds
ETF

   

Pacer
US
Cash Cows
100 ETF

   

Pacer
US Small
Cap Cash
Cows
100 ETF

   

Pacer
Global
Cash Cows
Dividend ETF

 

ASSETS

                                       

Investments in Unaffiliated Securities, at Value*

  $ 205,129,265     $     $ 16,388,320,856     $ 4,518,304,224     $ 1,805,499,599  

Investments in Affiliated Securities, at Value*

          48,215,035                    

Foreign Currency at Value*

                            2,380,813  

Interest and Dividends Receivable

    2,982,744       72,606       11,803,736       1,856,817       7,604,725  

Receivable for Fund Shares Sold

                42,648,095       92,442,500        

Receivable for Investment Securities Sold

    1,625,997                          

Cash

    1,482,250       28,244       18,333,754       5,044,854       1,374,611  

Securities Lending Income Receivable

    13,125             135,521       76,467       28,019  

Total Assets

    211,233,381       48,315,885       16,461,241,962       4,617,724,862       1,816,887,767  
                                         

LIABILITIES

                                       

Management Fees Payable

    92,035       6,235       6,311,037       1,828,142       841,597  

Payable to Custodian

                11,796,792       58,803,150       247,592  

Payable for Investment Securities Purchased

    1,876,432             37,386,983       36,283,903        

Payable for Distributions to Shareholders

    1,359,561                          

Collateral Received For Securities Loaned (See Note 5)

    31,815,494             1,063,284,166       571,109,665       182,612,601  

Total Liabilities

    35,143,522       6,235       1,118,778,978       668,024,860       183,701,790  
                                         

NET ASSETS

  $ 176,089,859     $ 48,309,650     $ 15,342,462,984     $ 3,949,700,002     $ 1,633,185,977  
                                         

NET ASSETS CONSIST OF:

                                       

Paid-in Capital

  $ 443,837,205     $ 51,063,642     $ 15,728,158,312     $ 4,066,309,233     $ 1,747,249,145  

Total Distributable Earnings (Accumulated Deficit)

    (267,747,346 )     (2,753,992 )     (385,695,328 )     (116,609,231 )     (114,063,168 )

Net Assets

  $ 176,089,859     $ 48,309,650     $ 15,342,462,984     $ 3,949,700,002     $ 1,633,185,977  

* Identified Cost:

                                       

Investments in Unaffiliated Securities

  $ 211,608,282     $     $ 16,203,306,830     $ 4,463,577,640     $ 1,862,637,698  

Investments in Affiliated Securities

          51,048,549                    

Foreign Currencies

                            2,380,813  

^ Includes Loaned Securities with a value of

    31,033,471             1,052,440,603       561,237,462       177,897,389  
                                         

Net Asset Value:

                                       

Net Assets

  $ 176,089,859     $ 48,309,650     $ 15,342,462,984     $ 3,949,700,002     $ 1,633,185,977  

Shares Outstanding (No Par Value)

    9,200,000       1,750,000       321,500,000       99,700,000       51,900,000  

Net Asset Value, Offering and Redemption Price per Share

  $ 19.14     $ 27.61     $ 47.72     $ 39.62     $ 31.47  

 

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

 

137

 

 

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

 

   

Pacer
Developed
Markets
International
Cash Cows
100 ETF

   

Pacer
Emerging
Markets
Cash Cows
100 ETF

   

Pacer
US Large
Cap Cash
Cows Growth
Leaders ETF

   

Pacer
US Small
Cap Cash
Cows Growth
Leaders ETF

   

Pacer US
Cash Cows
Growth ETF

 

ASSETS

                                       

Investments in Securities, at Value* ^

  $ 946,017,449     $ 69,357,447     $ 36,085,808     $ 1,944,378     $ 39,615,296  

Foreign Currency at Value*

    100,582       198,464                    

Cash

    827,957       326,636       19,732       1,207       25,500  

Interest and Dividends Receivable

    2,826,316       169,068       13,997       1,220       60,280  

Receivable for Investment Securities Sold

                1,015,366              

Receivable for Fund Shares Sold

          2,713,080                    

Securities Lending Income Receivable

    33,387       429                   605  

Total Assets

    949,805,691       72,765,124       37,134,903       1,946,805       39,701,681  
                                         

LIABILITIES

                                       

Management Fees Payable

    443,554       36,703       14,492       1,006       18,677  

Due to Custodian

          2,705,569                    

Payable for Investment Securities Purchased

          171,742                    

Payable for Fund Shares Redeemed

                1,027,628              

Collateral Received For Securities Loaned (See Note 5)

    95,366,448       3,606,922                   5,103,029  

Total Liabilities

    95,810,002       6,520,936       1,042,120       1,006       5,121,706  
                                         

NET ASSETS

  $ 853,995,689     $ 66,244,188     $ 36,092,783     $ 1,945,799     $ 34,579,975  
                                         

NET ASSETS CONSIST OF:

                                       

Paid-in Capital

  $ 875,912,865     $ 73,648,663     $ 36,511,890     $ 2,126,640     $ 39,033,883  

Total Distributable Earnings (Accumulated Deficit)

    (21,917,176 )     (7,404,475 )     (419,107 )     (180,841 )     (4,453,908 )

Net Assets

  $ 853,995,689     $ 66,244,188     $ 36,092,783     $ 1,945,799     $ 34,579,975  

* Identified Cost:

                                       

Investments in Securities

  $ 962,365,784     $ 74,559,765     $ 36,697,581     $ 2,171,042     $ 41,456,362  

Foreign Currencies

    100,331       198,464                    

^ Includes Loaned Securities with a value of

    92,257,506       3,519,094                   5,060,949  
                                         

Net Asset Value:

                                       

Net Assets

  $ 853,995,689     $ 66,244,188     $ 36,092,783     $ 1,945,799     $ 34,579,975  

Shares Outstanding (No Par Value)

    29,900,000       3,700,000       1,750,000       100,000       1,000,000  

Net Asset Value, Offering and Redemption Price per Share

  $ 28.56     $ 17.90     $ 20.62     $ 19.46     $ 34.58  

 

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

 

138

 

 

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

 

   

Pacer
Cash Cows
Fund of Funds
ETF

   

Pacer
WealthShield
ETF

   

Pacer
Industrial
Real Estate ETF

   

Pacer Data &
Infrastructure
Real Estate ETF

   

Pacer
CFRA-Stovall
Equal Weight
Seasonal Rotation
Index ETF

 

ASSETS

                                       

Investments in Unaffiliated Securities, at Value* ^

  $     $ 28,421,051     $ 182,115,163     $ 485,293,954     $ 52,194,697  

Investments in Affiliated Securities, at Value*

    71,381,125                          

Interest and Dividends Receivable

    122       6,476       302,684       93,726       39,051  

Receivable for Investment Securities Sold

          15,290,858             62,507,986       46,020,114  

Receivable for Fund Shares Sold

    3,306,285                          

Cash

    31,214       301,724       146,978       1,730,434       26,848  

Securities Lending Income Receivable

          341       1,527       13,169       1,102  

Total Assets

    74,718,746       44,020,450       182,566,352       549,639,269       98,281,812  
                                         

LIABILITIES

                                       

Management Fees Payable, net of waiver, if any

    8,235       13,331       83,912       221,182       24,484  

Payable for Investment Securities Purchased

    1,659,956       15,192,904             62,473,607       45,756,654  

Due to Custodian

    1,645,705             25,408       1,758,883        

Collateral Received For Securities Loaned (See Note 5)

          2,960,492       11,257,062       29,839,194       6,442,830  

Total Liabilities

    3,313,896       18,166,727       11,366,382       94,292,866       52,223,968  
                                         

NET ASSETS

  $ 71,404,850     $ 25,853,723     $ 171,199,970     $ 455,346,403     $ 46,057,844  
                                         

NET ASSETS CONSIST OF:

                                       

Paid-in Capital

  $ 71,575,995     $ 54,112,491     $ 268,395,614     $ 860,985,527     $ 74,062,187  

Total Distributable Earnings (Accumulated Deficit)

    (171,145 )     (28,258,768 )     (97,195,644 )     (405,639,124 )     (28,004,343 )

Net Assets

  $ 71,404,850     $ 25,853,723     $ 171,199,970     $ 455,346,403     $ 46,057,844  

* Identified Cost:

                                       

Investments in Unaffiliated Securities

  $     $ 28,420,434     $ 216,505,984     $ 600,759,007     $ 52,199,484  

Investments in Affiliated Securities

    72,098,069                          

^ Includes Loaned Securities with a value of

          2,907,719       11,166,001       29,166,224       6,309,202  
                                         

Net Asset Value:

                                       

Net Assets

  $ 71,404,850     $ 25,853,723     $ 171,199,970     $ 455,346,403     $ 46,057,844  

Shares Outstanding (No Par Value)

    2,150,000       1,000,000       5,300,000       17,950,000       1,500,000  

Net Asset Value, Offering and Redemption Price per Share

  $ 33.21     $ 25.85     $ 32.30     $ 25.37     $ 30.71  

 

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

 

139

 

 

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

 

   

Pacer
CSOP FTSE
China A50
ETF

   

Pacer
BioThreat
Strategy
ETF

   

Pacer
Lunt Large Cap
Alternator
ETF

   

Pacer
Lunt Midcap
Multi-Factor
Alternator
ETF

   

Pacer
Lunt Large Cap
Multi-Factor
Alternator
ETF

 

ASSETS

                                       

Investments in Securities, at Value* ^

  $ 4,294,996     $ 4,394,297     $ 519,718,146     $ 45,871,527     $ 258,471,660  

Foreign Currency at Value*

    5,856                          

Interest and Dividends Receivable

    79       4,525       168,827       14,326       129,998  

Cash

    23,670       3,645       1,697,895       38,005       239,990  

Securities Lending Income Receivable

          73       9,356       1,514       1,625  

Total Assets

    4,324,601       4,402,540       521,594,224       45,925,372       258,843,273  
                                         

LIABILITIES

                                       

Management Fees Payable

    2,595       2,168       258,056       18,796       127,514  

Payable for Fund Shares Redeemed

                1,558,080              

Collateral Received For Securities Loaned (See Note 5)

          840,768       54,376,421       9,934,227       15,776,548  

Total Liabilities

    2,595       842,936       56,192,557       9,953,023       15,904,062  
                                         

NET ASSETS

  $ 4,322,006     $ 3,559,604     $ 465,401,667     $ 35,972,349     $ 242,939,211  
                                         

NET ASSETS CONSIST OF:

                                       

Paid-in Capital

  $ 6,806,603     $ 4,361,167     $ 746,145,469     $ 47,094,172     $ 287,514,173  

Total Distributable Earnings (Accumulated Deficit)

    (2,484,597 )     (801,563 )     (280,743,802 )     (11,121,823 )     (44,574,962 )

Net Assets

  $ 4,322,006     $ 3,559,604     $ 465,401,667     $ 35,972,349     $ 242,939,211  

* Identified Cost:

                                       

Investments in Securities

  $ 4,650,639     $ 5,243,727     $ 568,120,879     $ 47,268,037     $ 252,878,052  

Foreign Currencies

    5,866                          

^ Includes Loaned Securities with a value of

          835,598       52,816,391       9,765,182       15,524,141  
                                         

Net Asset Value:

                                       

Net Assets

  $ 4,322,006     $ 3,559,604     $ 465,401,667     $ 35,972,349     $ 242,939,211  

Shares Outstanding (No Par Value)

    305,882       125,000       14,750,000       1,100,000       6,800,000  

Net Asset Value, Offering and Redemption Price per Share

  $ 14.13     $ 28.48     $ 31.55     $ 32.70     $ 35.73  

 

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

 

140

 

 

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2023 (Unaudited)

 

   

Pacer
US Export
Leaders
ETF

   

Pacer Pacific
Asset Floating
Rate High
Income ETF

   

Pacer Industrials
and Logistics
ETF

   

Pacer Data
and Digital
Revolution ETF

 

ASSETS

                               

Investments in Securities, at Value* ^

  $ 41,015,064     $ 150,093,580     $ 930,725     $ 4,772,573  

Foreign Currency at Value*

                      2  

Interest and Dividends Receivable

    8,163       900,103       2,227       974  

Cash

    40,526       14,297,588       851       1,857  

Receivable for Fund Shares Sold

          753,837              

Securities Lending Income Receivable

    802                    

Total Assets

    41,064,555       166,045,108       933,803       4,775,406  
                                 

LIABILITIES

                               

Management Fees Payable

    17,436       81,280       490       2,499  

Payable to Custodian

                119       69  

Payable for Investment Securities Purchased

          4,510,625              

Payable for Distributions to Shareholders

          1,390,995              

Other Payables

          58              

Collateral Received For Securities Loaned (See Note 5)

    6,216,008                    

Total Liabilities

    6,233,444       5,982,958       609       2,568  
                                 

NET ASSETS

  $ 34,831,111     $ 160,062,150     $ 933,194     $ 4,772,838  
                                 

NET ASSETS CONSIST OF:

                               

Paid-in Capital

  $ 36,135,103     $ 165,218,202     $ 994,800     $ 4,678,286  

Total Distributable Earnings (Accumulated Deficit)

    (1,303,992 )     (5,156,052 )     (61,606 )     94,552  

Net Assets

    34,831,111       160,062,150       933,194       4,772,838  

* Identified Cost:

                               

Investments in Securities

  $ 42,431,525     $ 151,552,707     $ 989,429     $ 4,743,703  

^ Includes Loaned Securities with a value of

    6,108,674                    
                                 

Net Asset Value:

                               

Net Assets

  $ 34,831,111     $ 160,062,150     $ 933,194     $ 4,772,838  

Shares Outstanding (No Par Value)

    900,000       3,470,000       40,000       160,000  

Net Asset Value, Offering and Redemption Price per Share

  $ 38.70     $ 46.13     $ 23.33     $ 29.83  

 

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

 

141

 

 

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

 

   

Pacer
Trendpilot
®
US Large
Cap ETF

   

Pacer
Trendpilot
®
US Mid
Cap ETF

   

Pacer
Trendpilot
®
100 ETF

   

Pacer
Trendpilot
®
European
Index ETF

   

Pacer
Trendpilot
®
International
ETF

 

INVESTMENT INCOME

                                       

Income:

                                       

Dividends*

  $ 17,014,348     $ 2,511,189     $ 2,377,338     $ 691,722     $ 1,748,913  

Interest

    60,811       2,416,181       9,869,666       84,247       25,284  

Securities Lending Income

    83,662       68,623       133,694       17,496       50,018  

Total Investment Income

    17,158,821       4,995,993       12,380,698       793,465       1,824,215  
                                         

Expenses:

                                       

Management fees

    6,524,084       1,175,929       2,960,176       135,781       432,708  

Total Expenses

    6,524,084       1,175,929       2,960,176       135,781       432,708  

Net Investment Income (Loss)

    10,634,737       3,820,064       9,420,522       657,684       1,391,507  
                                         

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS

                                       

Net Realized Gain (Loss) on:

                                       

Net Realized Gain (Loss) on Investments

    (2,216,514 )     (17,486,254 )     14,851,981       1,130,332       (2,982,782 )

Net Realized Gain (Loss) on In-Kind Redemptions

    3,725,412       345,445       41,299,673       572,593        

Net Realized Gain (Loss) on Foreign Currency

                      24,526       (151,047 )

Total

    1,508,898       (17,140,809 )     56,151,654       1,727,451       (3,133,829 )

Net Change in Unrealized Appreciation (Depreciation) of:

                                       

Change in Unrealized Appreciation (Depreciation) on Investments

    7,531,272       (6,006,891 )     12,830,079       (6,377,730 )     (8,680,353 )

Change in Unrealized Appreciation (Depreciation) on Foreign Currency

                      13,282       3,997  

Total

    7,531,272       (6,006,891 )     12,830,079       (6,364,448 )     (8,676,356 )

Net Realized and Unrealized Gain (Loss) on Investments

    9,040,170       (23,147,700 )     68,981,733       (4,636,997 )     (11,810,185 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 19,674,907     $ (19,327,636 )   $ 78,402,255     $ (3,979,313 )   $ (10,418,678 )
                                         

* Net of fees and foreign witholding tax of

  $ 4,623     $     $ 4,989     $ 138,003     $ 206,122  

 

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

 

142

 

 

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

 

   

Pacer
Trendpilot
®
US Bond ETF

   

Pacer
Trendpilot
®
Fund of Funds
ETF

   

Pacer
US
Cash Cows
100 ETF

   

Pacer
US Small
Cap Cash
Cows
100 ETF

   

Pacer
Global
Cash Cows
Dividend ETF

 

INVESTMENT INCOME

                                       

Income:

                                       

Dividends from Unaffiliated Investments*

  $     $     $ 168,051,831     $ 27,408,274     $ 55,771,885  

Dividends from Affiliated Investments

          337,467                    

Interest

    7,219,593       1,023       443,796       81,578       154,385  

Securities Lending Income

    54,850             5,983,065       460,634       245,099  

Total Investment Income

    7,274,443       338,490       174,478,692       27,950,486       56,171,369  
                                         

Expenses:

                                       

Management fees

    603,182       38,380       34,517,627       8,589,025       4,953,158  

Total Expenses

    603,182       38,380       34,517,627       8,589,025       4,953,158  

Net Investment Income (Loss)

    6,671,261       300,110       139,961,065       19,361,461       51,218,211  
                                         

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS

                                       

Net Realized Gain (Loss) on:

                                       

Net Realized Gain (Loss) on Investments in Unaffiliated Securities

    (3,599,868 )           233,005,467       44,465,346       (4,219,658 )

Net Realized Gain (Loss) on Investments in Affiliated Securities

          11,893                    

Net Realized Gain (Loss) on In-Kind Redemptions

    176,008       791,198       79,796,646       4,271,796       3,717,318  

Net Realized Gain (Loss) on Foreign Currency

    (812 )                       (72,636 )

Total

    (3,424,672 )     803,091       312,802,113       48,737,142       (574,976 )

Net Change in Unrealized Appreciation (Depreciation) of:

                                       

Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities

    (7,346,665 )           (128,855,970 )     31,985,749       (116,693,587 )

Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities

          (1,429,059 )                  

Change in Unrealized Appreciation (Depreciation) on Foreign Currency

                            (325,195 )

Total

    (7,346,665 )     (1,429,059 )     (128,855,970 )     31,985,749       (117,018,782 )

Net Realized and Unrealized Gain (Loss) on Investments

    (10,771,337 )     (625,968 )     183,946,143       80,722,891       (117,593,758 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ (4,100,076 )   $ (325,858 )   $ 323,907,208     $ 100,084,352     $ (66,375,547 )
                                         

* Net of fees and foreign witholding tax of

  $     $     $     $     $ 3,398,841  

 

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

 

143

 

 

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

 

   

Pacer
Developed
Markets
International
Cash Cows
100 ETF

   

Pacer
Emerging
Markets
Cash Cows
100 ETF

   

Pacer
US Large Cap
Cash Cows
Growth Leaders
ETF

   

Pacer
US Small Cap
Cash Cows
Growth Leaders
ETF

   

Pacer US
Cash Cows
Growth ETF

 

INVESTMENT INCOME

                                       

Income:

                                       

Dividends*

  $ 18,859,373     $ 2,529,052     $ 136,714     $ 11,968     $ 490,547  

Interest

    55,275       6,635       1,169       59       1,386  

Securities Lending Income

    159,379       5,758                   6,174  

Total Investment Income

    19,074,027       2,541,445       137,883       12,027       498,107  
                                         

Expenses:

                                       

Management fees

    2,296,436       212,062       73,602       5,895       114,214  

Total Expenses

    2,296,436       212,062       73,602       5,895       114,214  

Net Investment Income (Loss)

    16,777,591       2,329,383       64,281       6,132       383,893  
                                         

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS

                                       

Net Realized Gain (Loss) on:

                                       

Net Realized Gain (Loss) on Investments

    (525,964 )     114,661       (756,993 )     (115,686 )     145,649  

Net Realized Gain (Loss) on In-Kind Redemptions

    13,090,081             1,166,893       161,454       344,119  

Net Realized Gain (Loss) on Foreign Currency

    6,213       (44,052 )                  

Total

    12,570,330       70,609       409,900       45,768       489,768  

Net Change in Unrealized Appreciation (Depreciation) of:

                                       

Change in Unrealized Appreciation (Depreciation) on Investments

    (45,066,739 )     (4,976,833 )     (545,715 )     (226,664 )     (785,104 )

Change in Unrealized Appreciation (Depreciation) on Foreign Currency

    (21,539 )     (4,082 )                  

Total

    (45,088,278 )     (4,980,915 )     (545,715 )     (226,664 )     (785,104 )

Net Realized and Unrealized Gain (Loss) on Investments

    (32,517,948 )     (4,910,306 )     (135,815 )     (180,896 )     (295,336 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ (15,740,357 )   $ (2,580,923 )   $ (71,534 )   $ (174,764 )   $ 88,557  
                                         

* Net of fees and foreign witholding tax of

  $ 1,697,342     $ 392,588     $     $     $  

 

 

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

 

144

 

 

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

 

   

Pacer
Cash Cows
Fund of Funds
ETF

   

Pacer
WealthShield
ETF

   

Pacer
Industrial
Real Estate ETF

   

Pacer Data &
Infrastructure
Real Estate ETF

   

Pacer
CFRA-Stovall
Equal Weight
Seasonal Rotation
Index ETF

 

INVESTMENT INCOME

                                       

Income:

                                       

Dividends from Unaffiliated Investments*

  $     $ 69,709     $ 3,647,453     $ 10,871,306     $ 544,393  

Dividends from Affiliated Investments

    1,168,254                          

Interest

    1,543       227,336       11,624       48,036       1,303  

Securities Lending Income

          3,370       23,246       87,255       6,804  

Total Investment Income

    1,169,797       300,415       3,682,323       11,006,597       552,500  
                                         

Expenses:

                                       

Management fees

    45,373       82,256       623,184       1,756,635       176,710  

Total Expenses

    45,373       82,256       623,184       1,756,635       176,710  

Fees waived by adviser

                (51,932 )     (146,386 )      

Net Expenses

    45,373       82,256       571,252       1,610,249       176,710  

Net Investment Income (Loss)

    1,124,424       218,159       3,111,071       9,396,348       375,790  
                                         

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS

                                       

Net Realized Gain (Loss) on:

                                       

Net Realized Gain (Loss) on Investments in Unaffiliated Securities

          (1,366,429 )     (4,492,946 )     (68,878,420 )     (9,233,700 )

Net Realized Gain (Loss) on Investments in Affiliated Securities

    (86,856 )                        

Net Realized Gain (Loss) on In-Kind Redemptions

    851,539       120,357       614,005       (9,196,389 )     (330,748 )

Net Realized Gain (Loss) on Foreign Currency

                (31,593 )     65,240        

Capital Gain Distributions from Underlying Holdings

                807              

Total

    764,683       (1,246,072 )     (3,909,727 )     (78,009,569 )     (9,564,448 )

Net Change in Unrealized Appreciation (Depreciation) of:

                                       

Change in Unrealized Appreciation (Depreciation) on Investments in Unaffiliated Securities

          5,073       (37,922,013 )     (2,945,632 )     1,646  

Change in Unrealized Appreciation (Depreciation) on Investments in Affiliated Securities

    (1,238,348 )                        

Change in Unrealized Appreciation (Depreciation) on Foreign Currency

                (13,118 )     5,185        

Total

    (1,238,348 )     5,073       (37,935,131 )     (2,940,447 )     1,646  

Net Realized and Unrealized Gain (Loss) on Investments

    (473,665 )     (1,240,999 )     (41,844,858 )     (80,950,016 )     (9,562,802 )

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ 650,759     $ (1,022,840 )   $ (38,733,787 )   $ (71,553,668 )   $ (9,187,012 )
                                         

* Net of fees and foreign witholding tax of

  $     $ 43     $ 134,007     $ 548,340     $  

 

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

 

145

 

 

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

 

   

Pacer
CSOP FTSE
China A50
ETF

   

Pacer
Biothreat
Strategy
ETF

   

Pacer
Lunt Large Cap
Alternator
ETF

   

Pacer
Lunt Midcap
Multi Factor
Alternator
ETF

   

Pacer
Lunt Large Cap
Multi Factor
Alternator
ETF

 

INVESTMENT INCOME

                                       

Income:

                                       

Dividends*

  $ 117,464     $ 33,894     $ 5,181,869     $ 209,410     $ 1,403,343  

Interest

    473       137       19,149       1,116       6,328  

Securities Lending Income

          828       55,281       10,611       11,889  

Total Investment Income

    117,937       34,859       5,256,299       221,137       1,421,560  
                                         

Expenses:

                                       

Management fees

    16,184       13,434       1,979,099       109,440       697,327  

Total Expenses

    16,184       13,434       1,979,099       109,440       697,327  

Net Investment Income (Loss)

    101,753       21,425       3,277,200       111,697       724,233  
                                         

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS

                                       

Net Realized Gain (Loss) on:

                                       

Net Realized Gain (Loss) on Investments

    (130,020 )     (121,997 )     (102,618,300 )     1,068,379       (5,119,663 )

Net Realized Gain (Loss) on In-Kind Redemptions

    (378 )     229,691       8,445,835       278,485       10,933,426  

Total

    (130,398 )     107,694       (94,172,465 )     1,346,864       5,813,763  

Net Change in Unrealized Appreciation (Depreciation) of:

                                       

Change in Unrealized Appreciation (Depreciation) on Investments

    (562,906 )     (221,868 )     18,090,025       (2,022,325 )     (3,824,048 )

Change in Unrealized Appreciation (Depreciation) on Foreign Currency

    27                          

Total

    (562,879 )     (221,868 )     18,090,025       (2,022,325 )     (3,824,048 )

Net Realized and Unrealized Gain (Loss) on Investments

    (693,277 )     (114,174 )     (76,082,440 )     (675,461 )     1,989,715  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ (591,524 )   $ (92,749 )   $ (72,805,240 )   $ (563,764 )   $ 2,713,948  
                                         

* Net of fees and foreign witholding tax of

  $ 13,080     $ 948     $ 10,528     $     $  

 

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

 

146

 

 

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2023 (Unaudited)

 

   

Pacer US Export
Leaders ETF

   

Pacer Pacific
Asset Floating
Rate High
Income ETF

   

Pacer
Industrials and
Logistics ETF

   

Pacer
Data and Digital
Revolution
ETF

 

INVESTMENT INCOME

                               

Income:

                               

Dividends*

  $ 165,762     $ 39,370     $ 20,450     $ 16,796  

Interest

    859       6,077,715       47       99  

Securities Lending Income

    4,337                    

Total Investment Income

    170,958       6,117,085       20,497       16,895  
                                 

Expenses:

                               

Management fees

    93,049       379,158       3,078       10,904  

Total Expenses

    93,049       379,158       3,078       10,904  

Net Investment Income (Loss)

    77,909       5,737,927       17,419       5,991  
                                 

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS

                               

Net Realized Gain (Loss) on:

                               

Net Realized Gain (Loss) on Investments

    (413,811 )     144,806       (2,454 )     (53,822 )

Net Realized Gain (Loss) on In-Kind Redemptions

    978,645                   115,344  

Net Realized Gain (Loss) on Foreign Currency

                (167 )     (37 )

Total

    564,834       144,806       (2,621 )     61,485  

Net Change in Unrealized Appreciation (Depreciation) of:

                               

Change in Unrealized Appreciation (Depreciation) on Investments

    (2,066,058 )     112,156       (69,364 )     28,725  

Change in Unrealized Appreciation (Depreciation) on Foreign Currency

                (30 )     (6 )

Total

    (2,066,058 )     112,156       (69,394 )     28,719  

Net Realized and Unrealized Gain (Loss) on Investments

    (1,501,224 )     256,962       (72,015 )     90,204  

NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS

  $ (1,423,315 )   $ 5,994,889     $ (54,596 )   $ 96,195  
                                 

* Net of fees and foreign witholding tax of

  $ 239     $     $ 2,996     $  

 

 

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

 

147

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Trendpilot®
US Large Cap ETF

   

Pacer Trendpilot®
US Mid Cap ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 10,634,737     $ 35,149,499     $ 3,820,064     $ 5,157,936  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    1,508,898       (2,146,942 )     (17,140,809 )     (38,006,691 )

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    7,531,272       49,274,263       (6,006,891 )     5,998,134  

Net Increase (Decrease) in Net Assets Resulting from Operations

    19,674,907       82,276,820       (19,327,636 )     (26,850,621 )
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Dividends and Distributions

          (26,415,381 )           (3,237,926 )

Total Distributions to Shareholders

          (26,415,381 )           (3,237,926 )
                                 

CAPITAL SHARE TRANSACTION

                               

Proceeds from Shares Sold

    137,501,085       521,811,485       4,750,850       170,960,965  

Payments for Shares Redeemed

    (28,817,250 )     (379,307,265 )     (12,969,090 )     (192,513,530 )

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    108,683,835       142,504,220       (8,218,240 )     (21,552,565 )

Net Increase (Decrease) in Net Assets

  $ 128,358,742     $ 198,365,659     $ (27,545,876 )   $ (51,641,112 )
                                 

NET ASSETS

                               

Beginning of Year

  $ 2,039,608,736     $ 1,841,243,077     $ 390,252,414     $ 441,893,526  

End of Year

  $ 2,167,967,478     $ 2,039,608,736     $ 362,706,538     $ 390,252,414  

 

(a)

Summary of capital share transactions is as follows:

 

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

    3,400,000       13,850,000       150,000       5,200,000  

Redemptions

    (700,000 )     (10,100,000 )     (400,000 )     (5,900,000 )

Net Increase (Decrease)

    2,700,000       3,750,000       (250,000 )     (700,000 )

 

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

 

148

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Trendpilot® 100 ETF

   

Pacer Trendpilot®
European Index ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 9,420,522     $ 6,417,380     $ 657,684     $ 659,133  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    56,151,654       (933,181 )     1,727,451       390,928  

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    12,830,079       39,195,084       (6,364,448 )     6,339,180  

Net Increase (Decrease) in Net Assets Resulting from Operations

    78,402,255       44,679,283       (3,979,313 )     7,389,241  
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Dividends and Distributions

          (4,142,394 )           (273,384 )

Total Distributions to Shareholders

          (4,142,394 )           (273,384 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

    265,539,830       64,757,685       4,042,800       12,499,820  

Payments for Shares Redeemed

    (133,930,695 )     (43,185,630 )     (3,984,345 )     (21,697,145 )

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    131,609,135       21,572,055       58,455       (9,197,325 )

Net Increase (Decrease) in Net Assets

  $ 210,011,390     $ 62,108,944     $ (3,920,858 )   $ (2,081,468 )
                                 

NET ASSETS

                               

Beginning of Year

  $ 750,924,828     $ 688,815,884     $ 43,843,349     $ 45,924,817  

End of Year

  $ 960,936,218     $ 750,924,828     $ 39,922,491     $ 43,843,349  

 

(a)

Summary of capital share transactions is as follows:

 

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

    4,350,000       1,250,000       150,000       550,000  

Redemptions

    (2,200,000 )     (850,000 )     (150,000 )     (950,000 )

Net Increase (Decrease)

    2,150,000       400,000             (400,000 )

 

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

 

149

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Trendpilot®
International ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

               

Net Investment Income (Loss)

  $ 1,391,507     $ 2,167,755  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    (3,133,829 )     90,195  

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (8,676,356 )     9,646,729  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (10,418,678 )     11,904,679  
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Dividends and Distributions

          (444,569 )

Total Distributions to Shareholders

          (444,569 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from Shares Sold

    15,991,810       9,090,440  

Payments for Shares Redeemed

          (25,936,275 )

Transaction Fees (See Note 1)

    464       70  

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    15,992,274       (16,845,765 )

Net Increase (Decrease) in Net Assets

  $ 5,573,596     $ (5,385,655 )
                 

NET ASSETS

               

Beginning of Year

  $ 125,141,211     $ 130,526,866  

End of Year

  $ 130,714,807     $ 125,141,211  

 

(a)

Summary of capital share transactions is as follows:

 

   

Shares

   

Shares

 

Subscriptions

    600,000       350,000  

Redemptions

          (1,050,000 )

Net Increase (Decrease)

    600,000       (700,000 )

 

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

 

150

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Trendpilot®
US Bond ETF

   

Pacer Trendpilot®
Fund of Funds ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 6,671,261     $ 22,093,968     $ 300,110     $ 1,024,679  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    (3,424,672 )     (123,726,526 )     803,091       1,039,553  

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (7,346,665 )     39,291,335       (1,429,059 )     (1,480,620 )

Net Increase (Decrease) in Net Assets Resulting from Operations

    (4,100,076 )     (62,341,223 )     (325,858 )     583,612  
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Dividends and Distributions

    (6,520,934 )     (26,684,806 )           (942,758 )

Total Distributions to Shareholders

    (6,520,934 )     (26,684,806 )           (942,758 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

                1,458,985       1,364,660  

Payments for Shares Redeemed

    (45,636,870 )     (628,183,340 )     (5,642,150 )     (12,154,420 )

Transaction Fees (See Note 1)

    7,524                    

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    (45,629,346 )     (628,183,340 )     (4,183,165 )     (10,789,760 )

Net Increase (Decrease) in Net Assets

  $ (56,250,356 )   $ (717,209,369 )   $ (4,509,023 )   $ (11,148,906 )
                                 

NET ASSETS

                               

Beginning of Year

  $ 232,340,215     $ 949,549,584     $ 52,818,673     $ 63,967,579  

End of Year

  $ 176,089,859     $ 232,340,215     $ 48,309,650     $ 52,818,673  

 

(a)

Summary of capital share transactions is as follows:

 

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

                50,000       50,000  

Redemptions

    (2,300,000 )     (29,200,000 )     (200,000 )     (450,000 )

Net Increase (Decrease)

    (2,300,000 )     (29,200,000 )     (150,000 )     (400,000 )

 

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

 

151

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer US Cash Cows 100 ETF

   

Pacer US Small Cap
Cash Cows 100 ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 139,961,065     $ 207,988,150     $ 19,361,461     $ 17,791,694  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    312,802,113       (591,025,700 )     48,737,142       (139,420,421 )

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (128,855,970 )     321,930,563       31,985,749       87,241,929  

Net Increase (Decrease) in Net Assets Resulting from Operations

    323,907,208       (61,106,987 )     100,084,352       (34,386,798 )
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Dividends and Distributions

    (143,493,953 )     (193,788,560 )     (19,887,863 )     (16,000,780 )

Total Distributions to Shareholders

    (143,493,953 )     (193,788,560 )     (19,887,863 )     (16,000,780 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

    2,430,498,705       10,511,453,425       1,856,903,175       1,451,823,265  

Payments for Shares Redeemed

    (488,324,595 )     (1,591,432,405 )     (23,164,085 )     (197,346,245 )

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    1,942,174,110       8,920,021,020       1,833,739,090       1,254,477,020  

Net Increase (Decrease) in Net Assets

  $ 2,122,587,365     $ 8,665,125,473     $ 1,913,935,579     $ 1,204,089,442  
                                 

NET ASSETS

                               

Beginning of Year

  $ 13,219,875,619     $ 4,554,750,146     $ 2,035,764,423     $ 831,674,981  

End of Year

  $ 15,342,462,984     $ 13,219,875,619     $ 3,949,700,002     $ 2,035,764,423  

 

(a)

Summary of capital share transactions is as follows:

 

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

    49,000,000       222,700,000       45,350,000       38,500,000  

Redemptions

    (10,400,000 )     (34,800,000 )     (600,000 )     (5,400,000 )

Net Increase (Decrease)

    38,600,000       187,900,000       44,750,000       33,100,000  

 

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

 

152

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Global Cash
Cows Dividend ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

               

Net Investment Income (Loss)

  $ 51,218,211     $ 52,787,500  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    (574,976 )     (6,077,033 )

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (117,018,782 )     56,617,021  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (66,375,547 )     103,327,488  
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Dividends and Distributions

    (68,674,254 )     (33,617,374 )

Total Distributions to Shareholders

    (68,674,254 )     (33,617,374 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from Shares Sold

    214,013,425       1,227,571,200  

Payments for Shares Redeemed

    (25,366,515 )     (69,174,060 )

Transaction Fees (See Note 1)

    28,463       150,678  

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    188,675,373       1,158,547,818  

Net Increase (Decrease) in Net Assets

  $ 53,625,572     $ 1,228,257,932  
                 

NET ASSETS

               

Beginning of Year

  $ 1,579,560,405     $ 351,302,473  

End of Year

  $ 1,633,185,977     $ 1,579,560,405  

 

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

 

   

Shares

   

Shares

 

Subscriptions

    6,400,000       37,750,000  

Redemptions

    (750,000 )     (2,200,000 )

Net Increase (Decrease)

    5,650,000       35,550,000  

 

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

 

153

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Developed Markets
International Cash Cows 100 ETF

   

Pacer Emerging Markets
Cash Cows 100 ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 16,777,591     $ 12,211,358     $ 2,329,383     $ 1,385,535  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    12,570,330       (13,922,605 )     70,609       (2,008,425 )

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (45,088,278 )     33,122,204       (4,980,915 )     1,455,641  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (15,740,357 )     31,410,957       (2,580,923 )     832,751  
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Dividends and Distributions

    (20,056,309 )     (7,687,068 )     (2,747,150 )     (973,073 )

Total Distributions to Shareholders

    (20,056,309 )     (7,687,068 )     (2,747,150 )     (973,073 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

    371,756,023       419,380,945       16,501,945       44,046,650  

Payments for Shares Redeemed

    (36,615,720 )                  

Transaction Fees (See Note 1)

    68,242       133,089       19,533       74,713  

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    335,208,545       419,514,034       16,521,478       44,121,363  

Net Increase (Decrease) in Net Assets

  $ 299,411,879     $ 443,237,923     $ 11,193,405     $ 43,981,041  
                                 

NET ASSETS

                               

Beginning of Year

  $ 554,583,810     $ 111,345,887     $ 55,050,783     $ 11,069,742  

End of Year

  $ 853,995,689     $ 554,583,810     $ 66,244,188     $ 55,050,783  

 

(a)

Summary of capital share transactions is as follows:

 

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

    12,500,000       14,850,000       850,000       2,350,000  

Redemptions

    (1,200,000 )                  

Net Increase (Decrease)

    11,300,000       14,850,000       850,000       2,350,000  

 

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

 

154

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer US Large Cap Cash
Cows Growth Leaders ETF

   

Pacer US Small
Cap Cash
Cows Growth
Leaders ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023
(a)

   

For the
Period Ended
October 31,
2023
(Unaudited)
(b)

 

OPERATIONS

                       

Net Investment Income (Loss)

  $ 64,281     $ 10,993     $ 6,132  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    409,900       (218,546 )     45,768  

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (545,715 )     (66,058 )     (226,664 )

Net Increase (Decrease) in Net Assets Resulting from Operations

    (71,534 )     (273,611 )     (174,764 )
                         

DISTRIBUTIONS TO SHAREHOLDERS

                       

Dividends and Distributions

    (64,563 )     (9,399 )     (6,077 )

Total Distributions to Shareholders

    (64,563 )     (9,399 )     (6,077 )
                         

CAPITAL SHARE TRANSACTIONS

                       

Proceeds from Shares Sold

    23,136,545       19,853,740       3,774,008  

Payments for Shares Redeemed

    (6,478,395 )           (1,647,368 )

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (c)

    16,658,150       19,853,740       2,126,640  

Net Increase (Decrease) in Net Assets

  $ 16,522,053     $ 19,570,730     $ 1,945,799  
                         

NET ASSETS

                       

Beginning of Period/Year

  $ 19,570,730     $     $  

End of Period/Year

  $ 36,092,783     $ 19,570,730     $ 1,945,799  

 

(a)

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

 

(b)

The Fund commenced operations on May 1, 2023. The information presented is for the period from May 1, 2023 to October 31, 2023.

 

(c)

Summary of capital share transactions is as follows:

 

   

Shares

   

Shares

   

Shares

 

Subscriptions

    1,075,000       975,000       175,000  

Redemptions

    (300,000 )           (75,000 )

Net Increase (Decrease)

    775,000       975,000       100,000  

 

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

 

155

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer US Cash Cows Growth ETF

   

Pacer Cash Cows Fund of Funds ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 383,893     $ 438,081     $ 1,124,424     $ 578,642  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    489,768       (1,986,956 )     764,683       38,918  

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (785,104 )     589,864       (1,238,348 )     1,025,743  

Net Increase (Decrease) in Net Assets Resulting from Operations

    88,557       (967,011 )     650,759       1,643,303  
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Net Investment Income

    (379,524 )     (382,192 )     (1,134,993 )     (584,387 )

Long Term Capital Gain

                      (117 )

Return of Capital

                      (1,841 )

Total Distributions to Shareholders

    (379,524 )     (382,192 )     (1,134,993 )     (586,345 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

    1652740       68,710,005       31,826,470       45,528,065  

Payments for Shares Redeemed

    (5,281,425 )     (37,720,425 )     (8,555,610 )     (6,327,395 )

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    (3,628,685 )     30,989,580       23,270,860       39,200,670  

Net Increase (Decrease) in Net Assets

  $ (3,919,652 )   $ 29,640,377     $ 22,786,626     $ 40,257,628  
                                 

NET ASSETS

                               

Beginning of Year

  $ 38,499,627     $ 8,859,250     $ 48,618,224     $ 8,360,596  

End of Year

  $ 34,579,975     $ 38,499,627     $ 71,404,850     $ 48,618,224  

 

(a)

Summary of capital share transactions is as follows:

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

    50,000       1,900,000       950,000       1,400,000  

Redemptions

    (150,000 )     (1,050,000 )     (250,000 )     (200,000 )

Net Increase (Decrease)

    (100,000 )     850,000       700,000       1,200,000  

 

 

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

 

156

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer WealthShield ETF

   

Pacer Industrial Real Estate ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 218,159     $ 698,677     $ 3,111,071     $ 5,579,107  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    (1,246,072 )     (4,406,726 )     (3,909,727 )     (44,167,991 )

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    5,073       717,354       (37,935,131 )     (14,357,291 )

Net Increase (Decrease) in Net Assets Resulting from Operations

    (1,022,840 )     (2,990,695 )     (38,733,787 )     (52,946,175 )
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Dividends and Distributions

    (267,672 )     (597,772 )     (6,558,173 )     (6,149,407 )

Total Distributions to Shareholders

    (267,672 )     (597,772 )     (6,558,173 )     (6,149,407 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

    6,713,655       10,773,195       9,930,275       44,461,180  

Payments for Shares Redeemed

    (4,015,910 )     (15,910,675 )     (13,370,255 )     (150,423,405 )

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    2,697,745       (5,137,480 )     (3,439,980 )     (105,962,225 )

Net Increase (Decrease) in Net Assets

  $ 1,407,233     $ (8,725,947 )   $ (48,731,940 )   $ (165,057,807 )
                                 

NET ASSETS

                               

Beginning of Year

  $ 24,446,490     $ 33,172,437     $ 219,931,910     $ 384,989,717  

End of Year

  $ 25,853,723     $ 24,446,490     $ 171,199,970     $ 219,931,910  

 

(a)

Summary of capital share transactions is as follows:

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

    250,000       350,000       250,000       1,100,000  

Redemptions

    (150,000 )     (550,000 )     (350,000 )     (3,750,000 )

Net Increase (Decrease)

    100,000       (200,000 )     (100,000 )     (2,650,000 )

 

 

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

 

157

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Data & Infrastructure
Real Estate ETF

   

Pacer CFRA-Stovall Equal
Weight Seasonal Rotation ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 9,396,348     $ 23,775,260     $ 375,790     $ 845,660  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    (78,009,569 )     (181,810,261 )     (9,564,448 )     2,499,877  

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (2,940,447 )     (81,614,201 )     1,646       22  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (71,553,668 )     (239,649,202 )     (9,187,012 )     3,345,559  
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Net Investment Income

    (18,434,529 )     (18,743,593 )     (343,368 )     (826,693 )

Capital Gains

          (1,717,631 )            

Total Distributions to Shareholders

    (18,434,529 )     (20,461,224 )     (343,368 )     (826,693 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

    2,889,770       96,006,885             16,851,465  

Payments for Shares Redeemed

    (158,102,780 )     (434,676,185 )     (23,091,510 )     (21,079,065 )

Transaction Fees (See Note 1)

          6,781              

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    (155,213,010 )     (338,662,519 )     (23,091,510 )     (4,227,600 )

Net Increase (Decrease) in Net Assets

  $ (245,201,207 )   $ (598,772,945 )   $ (32,621,890 )   $ (1,708,734 )
                                 

NET ASSETS

                               

Beginning of Year

  $ 700,547,610     $ 1,299,320,555     $ 78,679,734     $ 80,388,468  

End of Year

  $ 455,346,403     $ 700,547,610     $ 46,057,844     $ 78,679,734  

 

(a)

Summary of capital share transactions is as follows:

 

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

    100,000       2,950,000             450,000  

Redemptions

    (5,750,000 )     (14,000,000 )     (650,000 )     (600,000 )

Net Increase (Decrease)

    (5,650,000 )     (11,050,000 )     (650,000 )     (150,000 )

 

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

 

158

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer CSOP FTSE China A50 ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

               

Net Investment Income (Loss)

  $ 101,753     $ 111,199  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    (130,398 )     (452,535 )

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (562,879 )     (114,924 )

Net Increase (Decrease) in Net Assets Resulting from Operations

    (591,524 )     (456,260 )
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Dividends and Distributions

          (100,794 )

Total Distributions to Shareholders

          (100,794 )
                 

CAPITAL SHARE TRANSACTIONS

               

Payments for Shares Redeemed

          (717,525 )

Transaction Fees (See Note 1)

          1  

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

          (717,524 )

Net Increase (Decrease) in Net Assets

  $ (591,524 )   $ (1,274,578 )
                 

NET ASSETS

               

Beginning of Year

  $ 4,913,530     $ 6,188,108  

End of Year

  $ 4,322,006     $ 4,913,530  

 

(a)

Summary of capital share transactions is as follows:

 

   

Shares

   

Shares

 

Subscriptions

           

Redemptions

          (50,000 )

Net Increase (Decrease)

          (50,000 )

 

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

 

159

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Biothreat Strategy ETF

   

Pacer Lunt Large Cap Alternator ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 21,425     $ 47,043     $ 3,277,200     $ 9,373,354  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    107,694       (152,098 )     (94,172,465 )     (107,696,482 )

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (221,868 )     207,677       18,090,025       (45,887,725 )

Net Increase (Decrease) in Net Assets Resulting from Operations

    (92,749 )     102,622       (72,805,240 )     (144,210,853 )
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Net Investment Income

    (21,363 )     (46,298 )     (3,145,304 )     (9,575,595 )

Return of Capital

                      (488,359 )

Total Distributions to Shareholders

    (21,363 )     (46,298 )     (3,145,304 )     (10,063,954 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

    784,680             1,794,485       624,040,115  

Payments for Shares Redeemed

    (781,649 )     (2,087,637 )     (237,122,090 )     (247,539,040 )

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    3,031       (2,087,637 )     (235,327,605 )     376,501,075  

Net Increase (Decrease) in Net Assets

  $ (111,081 )   $ (2,031,313 )   $ (311,278,149 )   $ 222,226,268  
                                 

NET ASSETS

                               

Beginning of Year

  $ 3,670,685     $ 5,701,998     $ 776,679,816     $ 554,453,548  

End of Year

  $ 3,559,604     $ 3,670,685     $ 465,401,667     $ 776,679,816  

 

(a)

Summary of capital share transactions is as follows:

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

    25,000             50,000       15,050,000  

Redemptions

    (25,000 )     (75,000 )     (6,600,000 )     (6,600,000 )

Net Increase (Decrease)

          (75,000 )     (6,550,000 )     8,450,000  

 

 

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

 

160

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Lunt Midcap Multi
Factor Alternator ETF

   

Pacer Lunt Large Cap Multi
Factor Alternator ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 111,697     $ 410,202     $ 724,233     $ 3,419,925  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    1,346,864       (1,636,618 )     5,813,763       (40,943,498 )

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (2,022,325 )     3,320,047       (3,824,048 )     30,690,624  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (563,764 )     2,093,631       2,713,948       (6,832,949 )
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Net Investment Income

    (99,406 )     (410,052 )     (545,493 )     (3,553,899 )

Return of Capital

          (20,581 )            

Total Distributions to Shareholders

    (99,406 )     (430,633 )     (545,493 )     (3,553,899 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

    5,183,530       21,010,460       87,184,565       51,694,570  

Payments for Shares Redeemed

    (3,400,050 )     (23,227,120 )     (52,604,660 )     (102,211,650 )

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    1,783,480       (2,216,660 )     34,579,905       (50,517,080 )

Net Increase (Decrease) in Net Assets

  $ 1,120,310     $ (553,662 )   $ 36,748,360     $ (60,903,928 )
                                 

NET ASSETS

                               

Beginning of Year

  $ 34,852,039     $ 35,405,701     $ 206,190,851     $ 267,094,779  

End of Year

  $ 35,972,349     $ 34,852,039     $ 242,939,211     $ 206,190,851  

 

(a)

Summary of capital share transactions is as follows:

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

    150,000       650,000       2,300,000       1,450,000  

Redemptions

    (100,000 )     (700,000 )     (1,400,000 )     (2,900,000 )

Net Increase (Decrease)

    50,000       (50,000 )     900,000       (1,450,000 )

 

 

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

 

161

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer US Export Leaders ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

 

OPERATIONS

               

Net Investment Income (Loss)

  $ 77,909     $ 62,495  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    564,834       (279,343 )

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (2,066,058 )     1,019,862  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (1,423,315 )     803,014  
                 

DISTRIBUTIONS TO SHAREHOLDERS

               

Dividends and Distributions

    (86,282 )     (62,859 )

Total Distributions to Shareholders

    (86,282 )     (62,859 )
                 

CAPITAL SHARE TRANSACTIONS

               

Proceeds from Shares Sold

    20,682,615       15,408,145  

Payments for Shares Redeemed

    (4,317,570 )      

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (a)

    16,365,045       15,408,145  

Net Increase (Decrease) in Net Assets

  $ 14,855,448     $ 16,148,300  
                 

NET ASSETS

               

Beginning of Year

  $ 19,975,663     $ 3,827,363  

End of Year

  $ 34,831,111     $ 19,975,663  

 

(a)

Summary of capital share transactions is as follows:

   

Shares

   

Shares

 

Subscriptions

    500,000       400,000  

Redemptions

    (100,000 )      

Net Increase (Decrease)

    400,000       400,000  

 

 

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

 

162

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Pacific Asset Floating Rate High Income ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
April 30,
2022
(a)

   

For the
Year Ended
June 30,
2021

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 5,737,927     $ 5,818,699     $ 1,307,992     $ 896,410  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    144,806       (3,432,998 )     26,972       (23,314 )

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    112,156       41,729       (1,694,753 )     1,513,865  

Net Increase (Decrease) in Net Assets Resulting from Operations

    5,994,889       2,427,430       (359,789 )     2,386,961  
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Dividends and Distributions

    (5,574,501 )     (5,819,045 )     (1,211,347 )     (953,333 )

Total Distributions to Shareholders

    (5,574,501 )     (5,819,045 )     (1,211,347 )     (953,333 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

    78,129,350       87,368,338       53,405,601       2,443,495  

Payments for Shares Redeemed

    (18,582,368 )     (65,544,726 )     (1,959,872 )      

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)

    59,546,982       21,823,612       51,445,729       2,443,495  

Net Increase (Decrease) in Net Assets

  $ 59,967,370     $ 18,431,997     $ 49,874,593     $ 3,877,123  
                                 

NET ASSETS

                               

Beginning of Period/Year

  $ 100,094,780     $ 81,662,783     $ 31,788,190     $ 27,911,067  

End of Period/Year

  $ 160,062,150     $ 100,094,780     $ 81,662,783     $ 31,788,190  

 

(a)

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

(b)

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

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

    1,680,000       1,920,000       1,100,000       50,000  

Redemptions

    (400,000 )     (1,440,000 )     (40,000 )      

Net Increase (Decrease)

    1,280,000       480,000       1,060,000       50,000  

 

 

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

 

163

 

 

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

   

Pacer Industrials and Logistics ETF

   

Pacer Data and Digital
Revolution ETF

 
   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023
(a)

   

For the
Period Ended
October 31,
2023
(Unaudited)

   

For the
Year Ended
April 30,
2023
(a)

 

OPERATIONS

                               

Net Investment Income (Loss)

  $ 17,419     $ 16,988     $ 5,991     $ 6,083  

Net Realized Gain (Loss) on Investments and Foreign Currency Transactions

    (2,621 )     (523 )     61,485       1,392  

Change in Unrealized Appreciation (Depreciation) of Investments and Foreign Currency Transactions

    (69,394 )     10,629       28,719       147  

Net Increase (Decrease) in Net Assets Resulting from Operations

    (54,596 )     27,094       96,195       7,622  
                                 

DISTRIBUTIONS TO SHAREHOLDERS

                               

Distributions and Dividends

    (21,933 )     (12,171 )     (3,710 )     (5,555 )

Total Distributions to Shareholders

    (21,933 )     (12,171 )     (3,710 )     (5,555 )
                                 

CAPITAL SHARE TRANSACTIONS

                               

Proceeds from Shares Sold

          994,800       4,212,336       1,012,400  

Payments for Shares Redeemed

                (546,454 )      

Transaction Fees (See Note 1)

                4        

Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions (b)

          994,800       3,665,886       1,012,400  

Net Increase (Decrease) in Net Assets

  $ (76,529 )   $ 1,009,723     $ 3,758,371     $ 1,014,467  
                                 

NET ASSETS

                               

Beginning of Period

  $ 1,009,723           $ 1,014,467        

End of Period

  $ 933,194     $ 1,009,723     $ 4,772,838     $ 1,014,467  

 

(a)

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

(b)

Summary of capital share transactions is as follows:

   

Shares

   

Shares

   

Shares

   

Shares

 

Subscriptions

          40,000       140,000       40,000  

Redemptions

                (20,000 )      

Net Increase (Decrease)

          40,000       120,000       40,000  

 

 

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

 

164

 

 

Pacer Trendpilot® US Large Cap ETF

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

 

 

 

For the
Period Ended
October 31,
2023
(d)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Year Ended
April 30,
2019

 

Net Asset Value, Beginning of Period

  $ 38.63     $ 37.54     $ 36.54     $ 26.99     $ 30.56     $ 28.41  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss)(a)

    0.20       0.66       0.28       0.25       0.39       0.43  

Net Realized and Unrealized Gain (Loss) on Investments(c)

    0.23       0.90       1.03       9.65       (3.59 )     2.01  

Total from Investment Operations

    0.43       1.56       1.31       9.90       (3.20 )     2.44  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

          (0.47 )     (0.31 )     (0.35 )     (0.37 )     (0.29 )

Total Distributions

          (0.47 )     (0.31 )     (0.35 )     (0.37 )     (0.29 )

Net Asset Value, End of Period

  $ 39.06     $ 38.63     $ 37.54     $ 36.54     $ 26.99     $ 30.56  

Total Return

    1.12 %     4.20 %     3.48 %     36.86 %     -10.71 %     8.65 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 2,167,967     $ 2,039,609     $ 1,841,243     $ 1,894,772     $ 2,403,839     $ 2,163,990  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.60 %     0.60 %     0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    0.98 %     1.75 %     0.71 %     0.83 %     1.25 %     1.43 %

Portfolio Turnover Rate(b)

    1 %     1 %     58 %     6 %     5 %     162 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Excludes the impact of in-kind transactions.

(c)

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

(d)

Ratios have been annualized and total return and portfolio turnover have not been annualized

 

 

 

 

 

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

 

165

 

 

Pacer Trendpilot® US Mid Cap ETF

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

 

   

For the
Period Ended
October 31,
2023
(e)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Year Ended
April 30,
2019

 

Net Asset Value, Beginning of Period

  $ 32.25     $ 34.52     $ 35.63     $ 28.35     $ 30.95     $ 30.72  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss)(a)

    0.32       0.39       0.00 (d)      0.09       0.28       0.41  

Net Realized and Unrealized Gain (Loss) on Investments(c)

    (1.96 )     (2.41 )     (1.07 )     7.36       (2.45 )     0.10  

Total from Investment Operations

    (1.64 )     (2.02 )     (1.07 )     7.45       (2.17 )     0.51  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

          (0.25 )     (0.04 )     (0.17 )     (0.43 )     (0.28 )

Total Distributions

          (0.25 )     (0.04 )     (0.17 )     (0.43 )     (0.28 )

Net Asset Value, End of Period

  $ 30.61     $ 32.25     $ 34.52     $ 35.63     $ 28.35     $ 30.95  

Total Return

    -5.10 %     -5.81 %     -2.98 %     26.34 %     -7.11 %     1.66 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 362,707     $ 390,252     $ 441,894     $ 452,474     $ 540,051     $ 761,305  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.60 %     0.60 %     0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    1.94 %     1.19 %     0.01 %     0.30 %     0.96 %     1.30 %

Portfolio Turnover Rate(b)

    120 %     441 %     16 %     304 %     143 %     405 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Excludes the impact of in-kind transactions.

(c)

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

(d)

Represents less the $0.005.

(e)

Ratios have been annualized and total return and portfolio turnover have not been annualized

 

 

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

 

166

 

 

Pacer Trendpilot® 100 ETF

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

 

   

For the
Period Ended
October 31,
2023
(e)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Year Ended
April 30,
2019

 

Net Asset Value, Beginning of Period

  $ 55.22     $ 52.18     $ 54.01     $ 37.91     $ 36.00     $ 31.16  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss)(a)

    0.63       0.48       (0.13 )     0.01       0.15       0.26  

Net Realized and Unrealized Gain (Loss) on Investments(c)

    5.16       2.87       (1.70 )     16.17       1.94       4.73  

Total from Investment Operations

    5.79       3.35       (1.83 )     16.18       2.09       4.99  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

          (0.31 )           (0.08 )     (0.18 )     (0.15 )

Total Distributions

          (0.31 )           (0.08 )     (0.18 )     (0.15 )
                                                 

CAPITAL SHARE TRANSACTIONS

                                               

Transaction Fees (see Note 1)

                      0.00 (d)             

Net Asset Value, End of Period

  $ 61.01     $ 55.22     $ 52.18     $ 54.01     $ 37.91     $ 36.00  

Total Return

    10.50 %     6.47 %     -3.38 %     42.69 %     5.78 %     16.04 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 960,936     $ 750,925     $ 688,816     $ 783,124     $ 739,258     $ 502,173  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.65 %     0.65 %     0.65 %     0.65 %     0.65 %     0.65 %

Net Investment Income (Loss) to Average Net Assets

    2.06 %     0.93 %     -0.22 %     0.01 %     0.40 %     0.76 %

Portfolio Turnover Rate(b)

    11 %     6 %     7 %     6 %     61 %     107 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Excludes the impact of in-kind transactions.

(c)

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

(d)

Represents less the $0.005.

(e)

Ratios have been annualized and total return and portfolio turnover have not been annualized

 

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

 

167

 

 

Pacer Trendpilot® European Index ETF

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

 

   

For the
Period Ended
October 31,
2023
(e)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Year Ended
April 30,
2019

 

Net Asset Value, Beginning of Period

  $ 26.57     $ 22.40     $ 24.33     $ 23.76     $ 26.77     $ 29.66  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss)(a)

    0.41       0.34       0.34       0.10       0.54       0.74  

Net Realized and Unrealized Gain (Loss) on Investments(c)

    (2.78 )     3.99       (1.89 )     0.47       (2.61 )     (3.16 )

Total from Investment Operations

    (2.37 )     4.33       (1.55 )     0.57       (2.07 )     (2.42 )
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

          (0.16 )     (0.38 )           (0.94 )     (0.47 )

Total Distributions

          (0.16 )     (0.38 )           (0.94 )     (0.47 )
                                                 

CAPITAL SHARE TRANSACTIONS

                                               

Transaction Fees (see Note 1)

                0.00 (d)                   

Net Asset Value, End of Period

  $ 24.20     $ 26.57     $ 22.40     $ 24.33     $ 23.76     $ 26.77  

Total Return

    -8.94 %     19.43 %     -6.47 %     2.38 %     -8.18 %     -8.07 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 39,922     $ 43,843     $ 45,925     $ 54,741     $ 91,488     $ 183,379  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.65 %     0.65 %     0.66 %     0.65 %     0.65 %     0.65 %

Net Investment Income (Loss) to Average Net Assets

    3.14 %     1.48 %     1.39 %     0.43 %     2.04 %     2.77 %

Portfolio Turnover Rate(b)

    5 %     5 %     7 %     506 %     12 %     396 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Excludes the impact of in-kind transactions.

(c)

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

(d)

Represents less the $0.005.

(e)

Ratios have been annualized and total return and portfolio turnover have not been annualized

 

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

 

168

 

 

Pacer Trendpilot® International ETF

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

 

   

For the
Period Ended
October 31,
2023
(f)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Period Ended
April 30,
2020
(a)(f)

 

Net Asset Value, Beginning of Period

  $ 26.91     $ 24.40     $ 28.22     $ 23.42     $ 24.91  
                                         

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                       

Net Investment Income (Loss)(b)

    0.28       0.45       0.44       0.28       0.32  

Net Realized and Unrealized Gain (Loss) on Investments(d)

    (2.29 )     2.16       (3.57 )     4.72       (1.55 )

Total from Investment Operations

    (2.01 )     2.61       (3.13 )     5.00       (1.23 )
                                         

LESS DISTRIBUTIONS:

                                       

Distributions from Net Investment Income

          (0.10 )     (0.69 )     (0.20 )     (0.26 )

Total Distributions

          (0.10 )     (0.69 )     (0.20 )     (0.26 )
                                         

CAPITAL SHARE TRANSACTIONS

                                       

Transaction Fees (see Note 1)

    0.00 (e)      0.00 (e)      0.00 (e)             

Net Asset Value, End of Period

  $ 24.90     $ 26.91     $ 24.40     $ 28.22     $ 23.42  

Total Return

    -7.48 %     10.75 %     -11.46 %     21.46 %     -5.08 %
                                         

SUPPLEMENTAL DATA:

                                       

Net Assets at End of Period (000’s)

  $ 130,715     $ 125,141     $ 130,527     $ 131,228     $ 151,038  
                                         

RATIOS TO AVERAGE NET ASSETS:

                                       

Expenses to Average Net Assets

    0.65 %     0.65 %     0.65 %     0.65 %     0.65 %

Net Investment Income (Loss) to Average Net Assets

    2.08 %     1.82 %     1.56 %     1.15 %     1.26 %

Portfolio Turnover Rate(c)

    6 %     3 %     202 %     161 %     39 %

 

(a)

Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020.

(b)

Calculated based on average shares outstanding during the period.

(c)

Excludes the impact of in-kind transactions.

(d)

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

(e)

Represents less the $0.005.

(f)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

 

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

 

169

 

 

Pacer Trendpilot® US Bond ETF

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

 

   

For the
Period Ended
October 31,
2023
(f)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Period Ended
April 30,
2020
(a)(f)

 

Net Asset Value, Beginning of Period

  $ 20.20     $ 23.33     $ 27.45     $ 25.77     $ 25.00  
                                         

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                       

Net Investment Income (Loss)(b)

    0.66       1.11       0.80       1.09       0.33  

Net Realized and Unrealized Gain (Loss) on Investments(d)

    (1.05 )     (2.83 )     (4.17 )     1.34       0.72  

Total from Investment Operations

    (0.39 )     (1.72 )     (3.37 )     2.43       1.05  
                                         

LESS DISTRIBUTIONS:

                                       

Distributions from Net Investment Income

    (0.67 )     (1.41 )     (0.75 )     (0.75 )     (0.28 )

Total Distributions

    (0.67 )     (1.41 )     (0.75 )     (0.75 )     (0.28 )
                                         

CAPITAL SHARE TRANSACTIONS

                                       

Transaction Fees (see Note 1)

    0.00 (e)                  0.00 (e)       

Net Asset Value, End of Period

  $ 19.14     $ 20.20     $ 23.33     $ 27.45     $ 25.77  

Total Return

    -1.99 %     -7.30 %     -12.54 %     9.53 %     4.24 %
                                         

SUPPLEMENTAL DATA:

                                       

Net Assets at End of Period (000’s)

  $ 176,090     $ 232,340     $ 949,550     $ 839,970     $ 144,327  
                                         

RATIOS TO AVERAGE NET ASSETS:

                                       

Expenses to Average Net Assets

    0.60 %     0.60 %     0.60 %     0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    6.62 %     5.26 %     3.01 %     4.04 %     2.47 %

Portfolio Turnover Rate(c)

    112 %     711 %     652 %     55 %     131 %

 

(a)

Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020.

(b)

Calculated based on average shares outstanding during the period.

(c)

Excludes the impact of in-kind transactions.

(d)

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

(e)

Represents less the $0.005.

(f)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

 

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

 

170

 

 

Pacer Trendpilot® Fund of Funds ETF

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

 

   

For the
Period Ended
October 31,
2023
(d)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Period Ended
April 30,
2020
(a)(d)

 

Net Asset Value, Beginning of Period

  $ 27.80     $ 27.81     $ 29.82     $ 23.81     $ 25.39  
                                         

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                       

Net Investment Income (Loss)(b)(c)

    0.17       0.48       0.35       0.22       0.26  

Net Realized and Unrealized Gain (Loss) on Investments(g)

    (0.36 )     (0.03 )     (2.07 )     5.96       (1.59 )

Total from Investment Operations

    (0.19 )     0.45       (1.72 )     6.18       (1.33 )
                                         

LESS DISTRIBUTIONS:

                                       

Distributions from Net Investment Income

          (0.46 )     (0.29 )     (0.17 )     (0.25 )

Total Distributions

          (0.46 )     (0.29 )     (0.17 )     (0.25 )

Net Asset Value, End of Period

  $ 27.61     $ 27.80     $ 27.81     $ 29.82     $ 23.81  

Total Return

    -0.70 %     1.71 %     -5.87 %     26.02 %     -5.37 %
                                         

SUPPLEMENTAL DATA:

                                       

Net Assets at End of Period (000’s)

  $ 48,310     $ 52,819     $ 63,968     $ 44,728     $ 27,378  
                                         

RATIOS TO AVERAGE NET ASSETS:

                                       

Expenses to Average Net Assets(e)

    0.15 %     0.15 %     0.15 %     0.15 %     0.15 %

Net Investment Income (Loss) to Average Net Assets(e)

    1.17 %     1.77 %     1.16 %     0.82 %     1.03 %

Portfolio Turnover Rate(f)

    3 %     6 %     5 %     29 %     6 %

 

(a)

Commencement of operations on May 3, 2019. Information presented is from May 3, 2019 to April 30, 2020.

(b)

Calculated based on average shares outstanding during the period.

(c) Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund
invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(d)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(e)

Does not include expenses of the investment companies in which the Fund invests.

(f)

Excludes the impact of in-kind transactions.

(g)

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

 

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

 

171

 

 

Pacer US Cash Cows 100 ETF

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

 

   

For the
Period Ended
October 31,
2023
(d)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Year Ended
April 30,
2019

 

Net Asset Value, Beginning of Period

  $ 46.73     $ 47.94     $ 41.95     $ 25.17     $ 29.72     $ 28.98  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss)(a)

    0.48       1.08       0.84       0.71       0.77       0.53  

Net Realized and Unrealized Gain (Loss) on Investments(c)

    1.00       (1.32 )     5.87       16.76       (4.55 )     0.67  

Total from Investment Operations

    1.48       (0.24 )     6.71       17.47       (3.78 )     1.20  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

    (0.49 )     (0.97 )     (0.72 )     (0.69 )     (0.77 )     (0.46 )

Total Distributions

    (0.49 )     (0.97 )     (0.72 )     (0.69 )     (0.77 )     (0.46 )

Net Asset Value, End of Period

  $ 47.72     $ 46.73     $ 47.94     $ 41.95     $ 25.17     $ 29.72  

Total Return

    3.17 %     -0.38 %     16.08 %     70.43 %     -12.63 %     4.28 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 15,342,463     $ 13,219,876     $ 4,554,750     $ 432,113     $ 190,027     $ 266,018  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.49 %     0.49 %     0.49 %     0.49 %     0.49 %     0.49 %

Net Investment Income (Loss) to Average Net Assets

    1.98 %     2.30 %     1.78 %     2.23 %     2.73 %     1.82 %

Portfolio Turnover Rate(b)

    32 %     90 %     114 %     104 %     85 %     122 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Excludes the impact of in-kind transactions.

(c)

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

(d)

Ratios have been annualized and total return and portfolio turnover have not been annualized

 

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

 

172

 

 

Pacer US Small Cap Cash Cows 100 ETF

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

 

   

For the
Period Ended
October 31,
2023
(d)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Year Ended
April 30,
2019

 

Net Asset Value, Beginning of Period

  $ 37.05     $ 38.06     $ 41.82     $ 20.76     $ 25.88     $ 26.17  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss)(a)

    0.27       0.51       0.72       0.11       0.27       0.32  

Net Realized and Unrealized Gain (Loss) on Investments(c)

    2.57       (1.09 )     (3.37 )     21.13       (5.12 )     (0.29 )

Total from Investment Operations

    2.84       (0.58 )     (2.65 )     21.24       (4.85 )     0.03  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

    (0.27 )     (0.43 )     (0.67 )     (0.14 )     (0.27 )     (0.32 )

Distributions from Return of Capital

                (0.44 )     (0.04 )            

Total Distributions

    (0.27 )     (0.43 )     (1.11 )     (0.18 )     (0.27 )     (0.32 )

Net Asset Value, End of Period

  $ 39.62     $ 37.05     $ 38.06     $ 41.82     $ 20.76     $ 25.88  

Total Return

    7.66 %     -1.46 %     -6.57 %     102.70 %     -18.72 %     0.20 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 3,949,700     $ 2,035,764     $ 831,675     $ 271,840     $ 14,534     $ 50,474  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.59 %     0.59 %     0.60 %     0.59 %     0.59 %     0.59 %

Net Investment Income (Loss) to Average Net Assets

    1.33 %     1.36 %     1.70 %     0.33 %     1.11 %     1.21 %

Portfolio Turnover Rate(b)

    52 %     101 %     133 %     123 %     128 %     123 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Excludes the impact of in-kind transactions.

(c)

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

(d)

Ratios have been annualized and total return and portfolio turnover have not been annualized

 

 

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

 

173

 

 

Pacer Global Cash Cows Dividend ETF

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

 

   

For the
Period Ended
October 31,
2023
(e)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Year Ended
April 30,
2019

 

Net Asset Value, Beginning of Period

  $ 34.15     $ 32.83     $ 31.10     $ 24.63     $ 31.19     $ 30.75  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss)(a)

    1.04       1.94       1.39       1.17       1.32       1.21  

Net Realized and Unrealized Gain (Loss) on Investments(c)

    (2.35 )     0.65       1.69       6.51       (6.60 )     0.43  

Total from Investment Operations

    (1.31 )     2.59       3.08       7.68       (5.28 )     1.64  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

    (1.37 )     (1.28 )     (1.35 )     (1.21 )     (1.28 )     (1.20 )

Total Distributions

    (1.37 )     (1.28 )     (1.35 )     (1.21 )     (1.28 )     (1.20 )
                                                 

CAPITAL SHARE TRANSACTIONS

                                               

Transaction Fees (see Note 1)

    0.00 (d)      0.01       0.00 (d)                   

Net Asset Value, End of Period

  $ 31.47     $ 34.15     $ 32.83     $ 31.10     $ 24.63     $ 31.19  

Total Return

    -3.97 %     8.50 %     10.22 %     32.05 %     -17.32 %     5.56 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 1,633,186     $ 1,579,560     $ 351,302     $ 135,269     $ 135,480     $ 210,505  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.60 %     0.60 %     0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    6.19 %     6.07 %     4.32 %     4.32 %     4.52 %     4.00 %

Portfolio Turnover Rate(b)

    38 %     47 %     39 %     76 %     91 %     74 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Excludes the impact of in-kind transactions.

(c)

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

(d)

Represents less the $0.005.

(e)

Ratios have been annualized and total return and portfolio turnover have not been annualized

 

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

 

174

 

 

Pacer Developed Markets International Cash Cows 100 ETF

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

 

   

For the
Period Ended
October 31,
2023
(e)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Year Ended
April 30,
2019

 

Net Asset Value, Beginning of Period

  $ 29.82     $ 29.69     $ 31.95     $ 20.99     $ 27.08     $ 28.91  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss)(a)

    0.71       1.52       1.03       0.66       0.74       0.85  

Net Realized and Unrealized Gain (Loss) on Investments(c)

    (1.13 )     (0.18 )     (2.43 )     10.98       (6.05 )     (2.01 )

Total from Investment Operations

    (0.42 )     1.34       (1.40 )     11.64       (5.31 )     (1.16 )
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

    (0.84 )     (1.23 )     (0.87 )     (0.68 )     (0.78 )     (0.67 )

Total Distributions

    (0.84 )     (1.23 )     (0.87 )     (0.68 )     (0.78 )     (0.67 )
                                                 

CAPITAL SHARE TRANSACTIONS

                                               

Transaction Fees (see Note 1)

          0.02       0.01       0.00 (d)             

Net Asset Value, End of Period

  $ 28.56     $ 29.82     $ 29.69     $ 31.95     $ 20.99     $ 27.08  

Total Return

    -1.49 %     5.26 %     -4.48 %     56.41 %     -20.04 %     -3.92 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 853,996     $ 554,584     $ 111,346     $ 20,769     $ 20,991     $ 33,844  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.65 %     0.65 %     0.65 %     0.65 %     0.65 %     0.65 %

Net Investment Income (Loss) to Average Net Assets

    4.74 %     5.43 %     3.28 %     2.52 %     2.96 %     3.18 %

Portfolio Turnover Rate(b)

    29 %     59 %     71 %     83 %     149 %     80 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Excludes the impact of in-kind transactions.

(c)

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

(d)

Represents less the $0.005.

(e)

Ratios have been annualized and total return and portfolio turnover have not been annualized

 

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

 

175

 

 

Pacer Emerging Markets Cash Cows 100 ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Period Ended
April 30,
2020
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 19.32     $ 22.14     $ 25.94     $ 19.11     $ 24.95  
                                         

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                       

Net Investment Income (Loss)(b)

    0.75       1.12       1.36       0.72       1.05  

Net Realized and Unrealized Gain (Loss) on Investments(e)

    (1.32 )     (2.70 )     (4.03 )     6.91       (4.81 )

Total from Investment Operations

    (0.57 )     (1.58 )     (2.67 )     7.63       (3.76 )
                                         

LESS DISTRIBUTIONS:

                                       

Distributions from Net Investment Income

    (0.86 )     (1.30 )     (1.14 )     (0.85 )     (2.08 )

Total Distributions

    (0.86 )     (1.30 )     (1.14 )     (0.85 )     (2.08 )
                                         

CAPITAL SHARE TRANSACTIONS

                                       

Transaction Fees (see Note 1)

    0.01       0.06       0.01       0.05       0.00 (f) 

Net Asset Value, End of Period

  $ 17.90     $ 19.32     $ 22.14     $ 25.94     $ 19.11  

Total Return

    -3.10 %     -6.43 %     -10.67 %     41.19 %     -16.76 %
                                         

SUPPLEMENTAL DATA:

                                       

Net Assets at End of Period (000’s)

  $ 66,244     $ 55,051     $ 11,070     $ 3,891     $ 956  
                                         

RATIOS TO AVERAGE NET ASSETS:

                                       

Expenses to Average Net Assets

    0.70 %     0.70 %     0.71 %     0.70 %     0.70 %

Net Investment Income (Loss) to Average Net Assets

    7.67 %     5.93 %     5.50 %     3.12 %     4.43 %

Portfolio Turnover Rate(d)

    39 %     66 %     97 %     109 %     144 %

 

(a)

Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

(f)

Represents less the $0.005.

 

 

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

 

176

 

 

Pacer US Large Cap Cash Cows Growth Leaders ETF

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

 

   

For the
Period Ended
October 31,
2023
(Unaudited)
(a)

   

For the
Period Ended
April 30,
2023
(a)(b)

 

Net Asset Value, Beginning of Period

  $ 20.07     $ 20.36  
                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

               

Net Investment Income (Loss) (c)

    0.05       0.03  

Net Realized and Unrealized Gain (Loss) on Investments (d)

    0.55       (0.30 )

Total from Investment Operations

    0.60       (0.27 )
                 

LESS DISTRIBUTIONS:

               

Distributions from Net Investment Income

    (0.05 )     (0.02 )

Total Distributions

    (0.05 )     (0.02 )

Net Asset Value, End of Period

  $ 20.62     $ 20.07  

Total Return

    2.97 %     -1.30 %
                 

SUPPLEMENTAL DATA:

               

Net Assets at End of Period (000’s)

  $ 36,093     $ 19,571  
                 

RATIOS TO AVERAGE NET ASSETS:

               

Expenses to Average Net Assets

    0.49 %     0.49 %

Net Investment Income (Loss) to Average Net Assets

    0.43 %     0.44 %

Portfolio Turnover Rate (e)

    76 %     30 %

 

(a)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(b)

Commencement of operations on December 21, 2022. Information presented is from December 21, 2022 to April 30, 2023.

(c)

Calculated based on average shares outstanding during the period.

(d)

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

(e)

Excludes the impact of in-kind transactions.

 

 

 

 

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

 

177

 

 

Pacer US Small Cap Cash Cows Growth Leaders ETF

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

 

   

For the
Period Ended
October 31,
2023
(Unaudited)
(a)(b)

 

Net Asset Value, Beginning of Period

  $ 20.18  
         

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

       

Net Investment Income (Loss) (c)

    0.07  

Net Realized and Unrealized Gain (Loss) on Investments (d)

    (0.73 )

Total from Investment Operations

    (0.66 )
         

LESS DISTRIBUTIONS:

       

Distributions from Net Investment Income

    (0.06 )

Total Distributions

    (0.06 )
         

Net Asset Value, End of Period

  $ 19.46  

Total Return

    -3.30 %
         

SUPPLEMENTAL DATA:

       

Net Assets at End of Period (000’s)

  $ 1,946  
         

RATIOS TO AVERAGE NET ASSETS:

       

Expenses to Average Net Assets

    0.59 %

Net Investment Income (Loss) to Average Net Assets

    0.61 %

Portfolio Turnover Rate (e)

    4 %

 

(a)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(b)

Commencement of operations on May 1, 2023. Information presented is from May 1, 2023 to October 31, 2023.

(c)

Calculated based on average shares outstanding during the period.

(d)

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

(e)

Excludes the impact of in-kind transactions.

 

 

 

 

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

 

178

 

 

Pacer US Cash Cows Growth ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Period Ended
April 30,
2020
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 35.00     $ 35.44     $ 36.21     $ 22.89     $ 24.78  
                                         

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                       

Net Investment Income (Loss) (b)

    0.36       0.60       0.04       0.14       0.28  

Net Realized and Unrealized Gain (Loss) on Investments (e)

    (0.42 )     (0.65 )     (0.75 )     13.37       (1.90 )

Total from Investment Operations

    (0.06 )     (0.05 )     (0.71 )     13.51       (1.62 )
                                         

LESS DISTRIBUTIONS:

                                       

Distributions from Net Investment Income

    (0.36 )     (0.39 )     (0.04 )     (0.19 )     (0.27 )

Distributions from Return of Capital

                (0.02 )            

Total Distributions

    (0.36 )     (0.39 )     (0.06 )     (0.19 )     (0.27 )

Net Asset Value, End of Period

  $ 34.58     $ 35.00     $ 35.44     $ 36.21     $ 22.89  

Total Return

    -0.18 %     -0.07 %     -1.98 %     59.29 %     -6.52 %
                                         

SUPPLEMENTAL DATA:

                                       

Net Assets at End of Period (000’s)

  $ 34,580     $ 38,500     $ 8,859     $ 3,621     $ 1,144  
                                         

RATIOS TO AVERAGE NET ASSETS:

                                       

Expenses to Average Net Assets

    0.60 %     0.60 %     0.60 %     0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    2.01 %     1.69 %     0.10 %     0.43 %     1.16 %

Portfolio Turnover Rate (d)

    26 %     182 %     76 %     170 %     166 %

 

(a)

Commencement of operations on May 2, 2019. Information presented is from May 2, 2019 to April 30, 2020.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

 

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

 

179

 

 

Pacer Cash Cows Fund of Funds ETF

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

 

   

For the
Period Ended
October 31,
2023
(d)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Period Ended
April 30,
2020
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 33.53     $ 33.44     $ 33.44     $ 20.83     $ 25.31  
                                         

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                       

Net Investment Income (Loss) (b)(c)

    0.64       0.76       0.79       0.55       0.53  

Net Realized and Unrealized Gain (Loss) on Investments (g)

    (0.32 )     0.11             12.56       (4.46 )

Total from Investment Operations

    0.32       0.87       0.79       13.11       (3.93 )
                                         

LESS DISTRIBUTIONS:

                                       

Distributions from Net Investment Income

    (0.64 )     (0.78 )     (0.79 )     (0.50 )     (0.55 )

Distributions from Capital Gains

          (0.00 )(h)                  

Distributions from Return of Capital

          (0.00 )(h)                 (0.00 )(h)

Total Distributions

    (0.64 )     (0.78 )     (0.79 )     (0.50 )     (0.55 )

Net Asset Value, End of Period

  $ 33.21     $ 33.53     $ 33.44     $ 33.44     $ 20.83  

Total Return

    0.93 %     2.81 %     2.29 %     63.73 %     -15.71 %
                                         

SUPPLEMENTAL DATA:

                                       

Net Assets at End of Period (000’s)

  $ 71,405     $ 48,618     $ 8,361     $ 1,672     $ 1,041  
                                         

RATIOS TO AVERAGE NET ASSETS:

                                       

Expenses to Average Net Assets (e)

    0.15 %     0.15 %     0.16 %     0.15 %     0.15 %

Net Investment Income (Loss) to Average Net Assets (e)

    3.71 %     2.33 %     2.27 %     2.09 %     2.27 %

Portfolio Turnover Rate (f)

    2 %     8 %     26 %     9 %     2 %

 

(a)

Commencement of operations on May 3, 2019. Information presented is from May 3, 2019 to April 30, 2020.

(b)

Calculated based on average shares outstanding during the period.

(c)

Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund
invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(d)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(e)

Does not include expenses of the investment companies in which the Fund invests.

(f)

Excludes the impact of in-kind transactions.

(g)

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

(h)

Less than $0.005.

 

 

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

 

180

 

 

Pacer WealthShield ETF

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

 

   

For the
Period Ended
October 31,
2023
(e)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Year Ended
April 30,
2019

 

Net Asset Value, Beginning of Period

  $ 27.16     $ 30.16     $ 32.10     $ 23.92     $ 25.02     $ 25.02  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss) (a)

    0.22       0.64       0.26       0.14       0.33       0.38  

Net Realized and Unrealized Gain (Loss) on Investments (c)

    (1.28 )     (3.07 )     (1.94 )     8.20       (1.10 )     (0.01 )

Total from Investment Operations

    (1.06 )     (2.43 )     (1.68 )     8.34       (0.77 )     0.37  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

    (0.25 )     (0.57 )     (0.26 )     (0.16 )     (0.33 )     (0.37 )

Total Distributions

    (0.25 )     (0.57 )     (0.26 )     (0.16 )     (0.33 )     (0.37 )
                                                 

CAPITAL SHARE TRANSACTIONS

                                               

Transaction Fees (see Note 1)

                0.00 (d)                   

Net Asset Value, End of Period

  $ 25.85     $ 27.16     $ 30.16     $ 32.10     $ 23.92     $ 25.02  

Total Return

    -3.92 %     -8.09 %     -5.30 %     35.00 %     -3.04 %     1.43 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 25,854     $ 24,446     $ 33,172     $ 48,143     $ 51,428     $ 110,078  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.61 %     0.60 %     0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    1.59 %     2.19 %     0.79 %     0.53 %     1.38 %     1.52 %

Portfolio Turnover Rate (b)

    169 %     669 %     448 %     227 %     676 %     542 %

 

(a)

Calculated based on average shares outstanding during the period.

(b)

Excludes the impact of in-kind transactions.

(c)

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

(d)

Represents less the $0.005.

(e)

Ratios have been annualized and total return and portfolio turnover have not been annualized

 

 

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

 

181

 

 

Pacer Industrial Real Estate ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Period Ended
April 30,
2019
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 40.73     $ 47.82     $ 42.12     $ 30.09     $ 29.42     $ 24.83  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss) (b)

    0.57       0.90       0.78       0.63       0.77       0.65  

Net Realized and Unrealized Gain (Loss) on Investments (e)

    (7.78 )     (6.99 )     5.48       12.08       0.52       4.61  

Total from Investment Operations

    (7.21 )     (6.09 )     6.26       12.71       1.29       5.26  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

    (1.22 )     (1.00 )     (0.57 )     (0.58 )     (0.61 )     (0.67 )

Distributions from Capital Gains

                            (0.01 )      

Distributions from Return of Capital

                      (0.10 )            

Total Distributions

    (1.22 )     (1.00 )     (0.57 )     (0.68 )     (0.62 )     (0.67 )
                                                 

CAPITAL SHARE TRANSACTIONS

                                               

Transaction Fees (see Note 1)

                0.01       0.00 (f)             

Net Asset Value, End of Period

  $ 32.30     $ 40.73     $ 47.82     $ 42.12     $ 30.09     $ 29.42  

Total Return

    -18.00 %     -12.56 %     14.88 %     42.70 %     4.38 %     21.62 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 171,200     $ 219,932     $ 384,990     $ 200,086     $ 48,147     $ 7,356  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.61 %     0.60 %     0.60 %     0.60 %

Expenses to Average Net Assets (Waived) (see Note 3)

    0.55 %     0.58 %     N/A       N/A       N/A       N/A  

Net Investment Income (Loss) to Average Net Assets

    3.04 %     2.25 %     1.60 %     1.75 %     2.40 %     2.60 %

Net Investment Income (Loss) to Average Net Assets (Waived) (see Note 3)

    2.99 %     2.23 %     N/A       N/A       N/A       N/A  

Portfolio Turnover Rate (d)

    8 %     92 %     43 %     13 %     29 %     36 %

 

(a)

Commencement of operations on May 14, 2018. Information presented is from May 14, 2018 to April 30, 2019.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

(f)

Represents less the $0.005.

 

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

 

182

 

 

Pacer Data & Infrastructure Real Estate ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Period Ended
April 30,
2019
(a)(c)

 

Net Asset Value, Beginning of Year/Period

  $ 29.68     $ 37.50     $ 38.48     $ 33.27     $ 28.36     $ 24.67  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss) (b)

    0.45       0.77       0.32       0.36       0.54       0.39  

Net Realized and Unrealized Gain (Loss) on Investments (e)

    (3.84 )     (7.92 )     (0.91 )     5.39       4.92       3.93  

Total from Investment Operations

    (3.39 )     (7.15 )     (0.59 )     5.75       5.46       4.32  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

    (0.84 )     (0.61 )     (0.33 )     (0.37 )     (0.49 )     (0.44 )

Distributions from Capital Gains

    0       (0.06 )     (0.06 )                 (0.01 )

Distributions from Return of Capital

    (0.08 )                 (0.17 )     (0.06 )     (0.18 )

Total Distributions

    (0.92 )     (0.67 )     (0.39 )     (0.54 )     (0.55 )     (0.63 )
                                                 

CAPITAL SHARE TRANSACTIONS

                                               

Transaction Fees (see Note 1)

          0.00 (f)                         

Net Asset Value, End of Period

  $ 25.37     $ 29.68     $ 37.50     $ 38.48     $ 33.27     $ 28.36  

Total Return

    -11.61 %     -19.11 %     -1.63 %     17.46 %     19.50 %     17.89 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 455,346     $ 700,548     $ 1,299,321     $ 1,119,810     $ 552,214     $ 22,691  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.62 %     0.60 %     0.60 %     0.60 %

Expenses to Average Net Assets After Advisory Fees (Waived) (see Note 3)

    0.55 %     0.58 %     N/A       N/A       N/A       N/A  

Net Investment Income (Loss) to Average Net Assets

    3.25 %     2.43 %     0.81 %     1.02 %     1.70 %     1.55 %

Net Investment Income (Loss) to Average Net Assets After Advisory Fees (Waived) (see Note 3)

    3.20 %     2.41 %     N/A       N/A       N/A       N/A  

Portfolio Turnover Rate (d)

    35 %     51 %     23 %     30 %     28 %     27 %

 

(a)

Commencement of operations on May 14, 2018. Information presented is from May 14, 2018 to April 30, 2019.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

(f)

Represents less the $0.005.

 

 

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

 

183

 

 

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Period Ended
April 30,
2019
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 36.60     $ 34.95     $ 37.16     $ 25.23     $ 28.16     $ 25.01  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss) (b)

    0.22       0.40       0.34       0.26       0.50       0.25  

Net Realized and Unrealized Gain (Loss) on Investments (f)

    (5.90 )     1.65       (2.21 )     11.95       (3.00 )     3.11  

Total from Investment Operations

    (5.68 )     2.05       (1.87 )     12.21       (2.50 )     3.36  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

    (0.21 )     (0.40 )     (0.34 )     (0.28 )     (0.43 )     (0.21 )

Total Distributions

    (0.21 )     (0.40 )     (0.34 )     (0.28 )     (0.43 )     (0.21 )

Net Asset Value, End of Period

  $ 30.71     $ 36.60     $ 34.95     $ 37.16     $ 25.23     $ 28.16  

Total Return (e)

    -15.57 %     5.95 %     -5.11 %     48.66 %     -8.80 %     13.67 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 46,058     $ 78,680     $ 80,388     $ 66,883     $ 60,554     $ 7,040  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.60 %     0.60 %     0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    1.27 %     1.16 %     0.89 %     0.89 %     1.75 %     1.23 %

Portfolio Turnover Rate (d)

    88 %     227 %     225 %     217 %     225 %     262 %

 

(a)

Commencement of operations on July 23, 2018. Information presented is from July 23, 2018 to April 30, 2019.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at April 30, 2022 and April 30, 2019.

(f)

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

 

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

 

184

 

 

Pacer CSOP FTSE China A50 ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Period Ended
April 30,
2019
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 16.06     $ 17.39     $ 22.74     $ 16.18     $ 16.85     $ 15.30  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss) (b)

    0.33       0.33       0.31       0.36       (0.07 )     0.31  

Net Realized and Unrealized Gain (Loss) on Investments (e)

    (2.26 )     (1.33 )     (5.33 )     6.54       0.15       1.48  

Total from Investment Operations

    (1.93 )     (1.00 )     (5.02 )     6.90       0.08       1.79  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

          (0.33 )     (0.37 )     (0.33 )     (0.71 )     (0.24 )

Distributions from Return of Capital

                (0.01 )     (0.01 )     (0.04 )      

Total Distributions

          (0.33 )     (0.38 )     (0.34 )     (0.75 )     (0.24 )
                                                 

CAPITAL SHARE TRANSACTIONS

                                               

Transaction Fees (see Note 1)

          0.00 (f)      0.05       0.00 (f)             

Net Asset Value, End of Period

  $ 14.13     $ 16.06     $ 17.39     $ 22.74     $ 16.18     $ 16.85  

Total Return

    -12.04 %     -5.68 %     -22.15 %     42.73 %     0.14 %     12.05 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 4,322     $ 4,914     $ 6,188     $ 10,367     $ 8,992     $ 12,740  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.70 %     0.70 %     0.71 %     0.70 %     0.70 %     0.70 %

Net Investment Income (Loss) to Average Net Assets

    4.39 %     2.03 %     1.49 %     1.73 %     -0.66 %     1.97 %

Portfolio Turnover Rate (d)

    5 %     13 %     59 %     32 %     193 %     45 %

 

(a)

For the period October 1, 2019 to April 30, 2020.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

(f)

Represents less the $0.005.

 

 

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

 

185

 

 

Pacer BioThreat Strategy ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Period Ended
April 30,
2021
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 29.37     $ 28.51     $ 30.05     $ 24.51  
                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                               

Net Investment Income (Loss) (b)

    0.17       0.30       0.22       0.16  

Net Realized and Unrealized Gain (Loss) on Investments (e)

    (0.89 )     0.86       (1.52 )     5.53  

Total from Investment Operations

    (0.72 )     1.16       (1.30 )     5.69  
                                 

LESS DISTRIBUTIONS:

                               

Distributions from Net Investment Income

    (0.17 )     (0.30 )     (0.24 )     (0.15 )

Distributions from Return of Capital

                      (0.00 )(f)

Total Distributions

    (0.17 )     (0.30 )     (0.24 )     (0.15 )

Net Asset Value, End of Period

  $ 28.48     $ 29.37     $ 28.51     $ 30.05  

Total Return

    -2.48 %     4.13 %     -4.41 %     23.23 %
                                 

SUPPLEMENTAL DATA:

                               

Net Assets at End of Period (000’s)

  $ 3,560     $ 3,671     $ 5,702     $ 4,507  
                                 

RATIOS TO AVERAGE NET ASSETS:

                               

Expenses to Average Net Assets

    0.70 %     0.70 %     0.71 %     0.70 %

Net Investment Income (Loss) to Average Net Assets

    1.11 %     1.07 %     0.69 %     0.65 %

Portfolio Turnover Rate (d)

    10 %     10 %     17 %     5 %

 

(a)

Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

(f)

Less than $0.005.

 

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

 

186

 

 

Pacer Lunt Large Cap Alternator ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Period Ended
April 30,
2021
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 36.46     $ 43.15     $ 40.74     $ 23.58  
                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                               

Net Investment Income (Loss) (b)

    0.18       0.44       0.48       0.41  

Net Realized and Unrealized Gain (Loss) on Investments (e)

    (4.92 )     (6.67 )     2.36       17.16  

Total from Investment Operations

    (4.74 )     (6.23 )     2.84       17.57  
                                 

LESS DISTRIBUTIONS:

                               

Distributions from Net Investment Income

    (0.17 )     (0.44 )     (0.43 )     (0.41 )

Distributions from Return of Capital

          (0.02 )            

Total Distributions

    (0.17 )     (0.46 )     (0.43 )     (0.41 )

Net Asset Value, End of Period

  $ 31.55     $ 36.46     $ 43.15     $ 40.74  

Total Return

    -13.05 %     -14.49 %     6.97 %     74.99 %
                                 

SUPPLEMENTAL DATA:

                               

Net Assets at End of Period (000’s)

  $ 465,402     $ 776,680     $ 554,454     $ 130,353  
                                 

RATIOS TO AVERAGE NET ASSETS:

                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    0.99 %     1.11 %     1.09 %     1.59 %

Portfolio Turnover Rate (d)

    262 %     384 %     722 %     193 %

 

(a)

Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

 

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

 

187

 

 

Pacer Lunt Midcap Multi-Factor Alternator ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Period Ended
April 30,
2021
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 33.19     $ 32.19     $ 37.07     $ 23.84  
                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                               

Net Investment Income (Loss) (b)

    0.11       0.37       0.20       0.07  

Net Realized and Unrealized Gain (Loss) on Investments (e)

    (0.51 )     1.01       (4.87 )     13.26  

Total from Investment Operations

    (0.40 )     1.38       (4.67 )     13.33  
                                 

LESS DISTRIBUTIONS:

                               

Distributions from Net Investment Income

    (0.09 )     (0.36 )     (0.19 )     (0.07 )

Distributions from Return of Capital

          (0.02 )     (0.02 )     (0.03 )

Total Distributions

    (0.09 )     (0.38 )     (0.21 )     (0.10 )

Net Asset Value, End of Period

  $ 32.70     $ 33.19     $ 32.19     $ 37.07  

Total Return

    -1.21 %     4.43 %     -12.66 %     56.04 %
                                 

SUPPLEMENTAL DATA:

                               

Net Assets at End of Period (000’s)

  $ 35,972     $ 34,852     $ 35,406     $ 35,219  
                                 

RATIOS TO AVERAGE NET ASSETS:

                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.61 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    0.61 %     1.14 %     0.55 %     0.27 %

Portfolio Turnover Rate (d)

    200 %     569 %     529 %     322 %

 

(a)

Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

 

 

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

 

188

 

 

Pacer Lunt Large Cap Multi-Factor Alternator ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Period Ended
April 30,
2021
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 34.95     $ 36.34     $ 37.61     $ 24.42  
                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                               

Net Investment Income (Loss) (b)

    0.12       0.54       0.39       0.32  

Net Realized and Unrealized Gain (Loss) on Investments (e)

    0.75       (1.38 )     (1.33 )     13.14  

Total from Investment Operations

    0.87       (0.84 )     (0.94 )     13.46  
                                 

LESS DISTRIBUTIONS:

                               

Distributions from Net Investment Income

    (0.09 )     (0.55 )     (0.33 )     (0.27 )

Total Distributions

    (0.09 )     (0.55 )     (0.33 )     (0.27 )

Net Asset Value, End of Period

  $ 35.73     $ 34.95     $ 36.34     $ 37.61  

Total Return

    2.47 %     -2.26 %     -2.58 %     55.41 %
                                 

SUPPLEMENTAL DATA:

                               

Net Assets at End of Period (000’s)

  $ 242,939     $ 206,191     $ 267,095     $ 43,253  
                                 

RATIOS TO AVERAGE NET ASSETS:

                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    0.62 %     1.54 %     0.98 %     1.19 %

Portfolio Turnover Rate (d)

    159 %     629 %     434 %     304 %

 

(a)

Commencement of operations on June 24, 2020. Information presented is from June 24, 2020 to April 30, 2021.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

 

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

 

189

 

 

Pacer US Export Leaders ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Year Ended
April 30,
2022

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Period Ended
April 30,
2019
(a)(c)

 

Net Asset Value, Beginning of Period

  $ 39.95     $ 38.27     $ 40.41     $ 25.15     $ 25.97     $ 24.98  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss) (b)

    0.11       0.25       0.12       0.14       0.16       0.09  

Net Realized and Unrealized Gain (Loss) on Investments (e)

    (1.25 )     1.67       (2.13 )     15.27       (0.82 )     0.98  

Total from Investment Operations

    (1.14 )     1.92       (2.01 )     15.41       (0.66 )     1.07  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

    (0.11 )     (0.24 )     (0.12 )     (0.15 )     (0.16 )     (0.08 )

Distribution from Return of Capital

                (0.01 )                  

Total Distributions

    (0.11 )     (0.24 )     (0.13 )     (0.15 )     (0.16 )     (0.08 )

Net Asset Value, End of Period

  $ 38.70     $ 39.95     $ 38.27     $ 40.41     $ 25.15     $ 25.97  

Total Return

    -2.86 %     5.06 %     -5.00 %     61.47 %     -2.53 %     4.33 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 34,831     $ 19,976     $ 3,827     $ 2,021     $ 1,257     $ 1,298  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.61 %     0.60 %     0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    0.50 %     0.64 %     0.29 %     0.43 %     0.61 %     0.50 %

Portfolio Turnover Rate (d)

    40 %     74 %     79 %     111 %     79 %     55 %

 

(a)

Commencement of operations on July 23, 2018. Information presented is from July 23, 2018 to April 30, 2019.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

 

 

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

 

190

 

 

Pacer Pacific Asset Floating Rate High Income ETF

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

 

   

For the
Period Ended
October 31,
2023
(c)
(Unaudited)

   

For the
Year Ended
April 30,
2023

   

For the
Period Ended
April 30,
2022
(a)(c)

   

For the
Year Ended
April 30,
2021

   

For the
Year Ended
April 30,
2020

   

For the
Year Ended
June 30,
2019

 

Net Asset Value, Beginning of Period

  $ 45.71     $ 47.76     $ 48.90     $ 46.52     $ 48.73     $ 48.87  
                                                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

                                               

Net Investment Income (Loss) (b)

    2.11       3.34       1.47       1.47       1.90       2.10  

Net Realized and Unrealized Gain (Loss) on Investments (e)

    0.28       (2.10 )     (1.29 )     2.47       (2.20 )     (0.15 )

Total from Investment Operations

    2.39       1.24       0.18       3.94       (0.30 )     1.95  
                                                 

LESS DISTRIBUTIONS:

                                               

Distributions from Net Investment Income

    (1.97 )     (3.29 )     (1.32 )     (1.56 )     (1.91 )     (2.09 )

Total Distributions

    (1.97 )     (3.29 )     (1.32 )     (1.56 )     (1.91 )     (2.09 )

Net Asset Value, End of Period

  $ 46.13     $ 45.71     $ 47.76     $ 48.90     $ 46.52     $ 48.73  

Total Return

    5.31 %     2.91 %     0.34 %     8.63 %     -0.70 %     4.09 %
                                                 

SUPPLEMENTAL DATA:

                                               

Net Assets at End of Period (000’s)

  $ 160,062     $ 100,095     $ 81,663     $ 31,788     $ 27,911     $ 29,240  
                                                 

RATIOS TO AVERAGE NET ASSETS:

                                               

Expenses to Average Net Assets

    0.60 %     0.60 %     0.62 %     0.68 %     1.06 %     1.63 %

Expenses to Average Net Assets After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped

    N/A       N/A       N/A       0.86 %     1.10 %     1.10 %

Net Investment Income (Loss) to Average Net Assets

    9.06 %     7.36 %     3.63 %     3.04 %     3.98 %     4.31 %

Portfolio Turnover Rate (d)

    23 %     79 %     37 %     35 %     48 %     70 %

 

(a)

For the period ended July 1, 2021 to April 30, 2022.

(b)

Calculated based on average shares outstanding during the period.

(c)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

(d)

Excludes the impact of in-kind transactions.

(e)

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

 

 

 

 

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

 

191

 

 

Pacer Industrials and Logistics ETF

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

 

   

For the
Period Ended
October 31,
2023
(e)
(Unaudited)

   

For the
Period Ended
April 30,
2023
(a)(e)

 

Net Asset Value, Beginning of Period

  $ 25.24     $ 24.87  
                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

               

Net Investment Income (Loss) (b)

    0.44       0.43  

Net Realized and Unrealized Gain (Loss) on Investments (c)

    (1.80 )     0.24  

Total from Investment Operations

    (1.36 )     0.67  
                 

LESS DISTRIBUTIONS:

               

Distributions from Net Investment Income

    (0.55 )     (0.30 )

Total Distributions

    (0.55 )     (0.30 )

Net Asset Value, End of Period

  $ 23.33     $ 25.24  

Total Return

    -5.57 %     2.90 %
                 

SUPPLEMENTAL DATA:

               

Net Assets at End of Period (000’s)

  $ 933     $ 1,010  
                 

RATIOS TO AVERAGE NET ASSETS:

               

Expenses to Average Net Assets

    0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    3.39 %     2.01 %

Portfolio Turnover Rate (d)

    14 %     10 %

 

(a)

Commencement of operations on June 8, 2022. Information presented is from June 8, 2022 to April 30, 2023.

(b)

Calculated based on average shares outstanding during the period.

(c)

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

(d)

Excludes the impact of in-kind transactions.

(e)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

 

 

 

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

 

192

 

 

Pacer Data and Digital Revolution ETF

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

 

   

For the
Period Ended
October 31,
2023
(e)
(Unaudited)

   

For the Period
Ended April 30,
2023
(a)(e)

 

Net Asset Value, Beginning of Period

  $ 25.36     $ 25.31  
                 

INCOME (LOSS) FROM INVESTMENT OPERATIONS:

               

Net Investment Income (Loss) (b)

    0.05       0.15  

Net Realized and Unrealized Gain (Loss) on Investments (c)

    4.45       0.04  

Total from Investment Operations

    4.50       0.19  
                 

LESS DISTRIBUTIONS:

               

Distributions from Net Investment Income

    (0.03 )     (0.14 )

Total Distributions

    (0.03 )     (0.14 )

Net Asset Value, End of Period

  $ 29.83     $ 25.36  

Total Return

    17.74 %     0.84 %
                 

SUPPLEMENTAL DATA:

               

Net Assets at End of Period (000’s)

  $ 4,773     $ 1,014  
                 

RATIOS TO AVERAGE NET ASSETS:

               

Expenses to Average Net Assets

    0.60 %     0.60 %

Net Investment Income (Loss) to Average Net Assets

    0.33 %     0.73 %

Portfolio Turnover Rate (d)

    12 %     9 %

 

(a)

Commencement of operations on June 8, 2022. Information presented is from June 8, 2022 to April 30, 2023.

(b)

Calculated based on average shares outstanding during the period.

(c)

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

(d)

Excludes the impact of in-kind transactions.

(e)

Ratios have been annualized and total return and portfolio turnover have not been annualized.

 

 

 

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

 

193

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited)

 

NOTE 1 – ORGANIZATION

 

Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. USAI, BULD, ODDS, PSFF, PSCX, PSMD, PSFD, PSCW, PSMR, PSFM, PSCJ, PSMJ, PSFJ, PSCQ, PSMO, PSFO, TRPL and QDPL fiscal year end is October 31st and as such are not included in these financial statements. The Trust is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The Trust currently consists of multiple operational series, of which are covered in this report, individually the (“Fund”) or collectively the (“Funds”).

 

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”), Nasdaq Stock Market LLC (“Nasdaq”), or the NYSE Arca, Inc. (“NYSE”). Market prices for the shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 50,000 shares except PTBD which generally consist of 100,000 shares, COWG and CAFG which generally consist of 25,000 shares, and FLRT, SHPP and TRFK which generally consist of 20,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

 

The Funds each currently offer one class of Shares, which have no front-end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Below are the charges for the standard fixed creation fee, payable to the Custodian. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction for the Funds, except AFTY which may charge up to a maximum of 8% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.

 

Fund Name

 

Ticker

   

Commencement
of Operations

   

Exchange

   

Transaction Fees

 

Pacer Trendpilot® US Large Cap ETF

    PTLC       June 11, 2015       Cboe     $ 500 *

Pacer Trendpilot® US Mid Cap ETF

    PTMC       June 11, 2015       Cboe       300 *

Pacer Trendpilot® 100 ETF

    PTNQ       June 11, 2015       Nasdaq       300 *

Pacer Trendpilot® European Index ETF

    PTEU       December 14, 2015       Cboe       2,000 *

Pacer Trendpilot® International ETF

    PTIN       May 2, 2019       NYSE       8,000 *

Pacer Trendpilot® US Bond ETF

    PTBD       October 22, 2019       NYSE       500 *

Pacer Trendpilot® Fund of Funds ETF

    TRND       May 3, 2019       NYSE       300  

Pacer US Cash Cows 100 ETF

    COWZ       December 16, 2016       Cboe       300  

Pacer US Small Cap Cash Cows 100 ETF

    CALF       June 16, 2017       Cboe       300  

Pacer Global Cash Cows Dividend ETF

    GCOW       February 22, 2016       Cboe       1,500  

Pacer Developed Markets International Cash Cows 100 ETF

    ICOW       June 16, 2017       Cboe       1,500  

Pacer Emerging Markets Cash Cows 100 ETF

    ECOW       May 2, 2019       Nasdaq       1,750  

Pacer US Large Cap Cash Cows Growth Leaders ETF

    COWG       December 21, 2022       Nasdaq       300  

Pacer US Small Cap Cash Cows Growth Leaders ETF

    CAFG       May 1, 2023       Nasdaq       300  

Pacer US Cash Cows Growth ETF

    BUL       May 2, 2019       NYSE       300  

Pacer Cash Cows Fund of Funds ETF

    HERD       May 3, 2019       Nasdaq       300  

Pacer WealthShield ETF

    PWS       December 11, 2017       Cboe       500  

Pacer Industrial Real Estate ETF

    INDS       May 14, 2018       NYSE       300  

Pacer Data & Infrastructure Real Estate ETF

    SRVR       May 15, 2018       NYSE       300  

Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF

    SZNE       July 23, 2018       NYSE       500  

 

194

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

Fund Name

 

Ticker

   

Commencement
of Operations

   

Exchange

   

Transaction Fees

 

Pacer CSOP FTSE China A50 ETF

    AFTY       March 10, 2015       NYSE     $ 300  

Pacer BioThreat Strategy ETF

    VIRS       June 24, 2020       Cboe       300  

Pacer Lunt Large Cap Alternator ETF

    ALTL       June 24, 2020       NYSE       300  

Pacer Lunt Midcap Multi-Factor Alternator ETF

    PAMC       June 24, 2020       NYSE       300  

Pacer Lunt Large Cap Multi-Factor Alternator ETF

    PALC       June 24, 2020       NYSE       300  

Pacer US Export Leaders ETF

    PEXL       July 23, 2018       NYSE       300  

Pacer Pacific Asset Floating Rate High Income ETF

    FLRT       February 18, 2015       NYSE       300  

Pacer Data and Digital Revolution ETF

    TRFK       June 8, 2022       NYSE       750  

Pacer Industrials and Logistics ETF

    SHPP       June 8, 2022       NYSE       2,000  

 

*

For the PTLC, PTMC, PTNQ, PTEU, and PTIN, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills. For PTBD, the standard fixed creation transaction fee is $300 when the Deposit Securities include only U.S. Treasury bills.

 

The investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the following indexes, respectively.

 

Ticker

Index

Diversification

PTLC

Pacer Trendpilot® US Large Cap Index

Diversified

PTMC

Pacer Trendpilot® US Mid-Cap Index

Diversified

PTNQ

Pacer NASDAQ-100 Trendpilot® Index

Non-Diversified

PTEU

Pacer Trendpilot® European Index

Diversified

PTIN

Pacer Trendpilot® International Index

Diversified

PTBD

Pacer Trendpilot® US Bond Index

Diversified

TRND

Pacer Trendpilot Fund of Funds Index

Diversified

COWZ

Pacer US Cash Cows 100 Index

Diversified

CALF

Pacer US Small Cap Cash Cows Index

Diversified

GCOW

Pacer Global Cash Cows High Dividends 100 Index

Diversified

ICOW

Pacer Developed Markets International Cash Cows 100 Index

Diversified

ECOW

Pacer Emerging Markets Cash Cows 100 Index

Diversified

COWG

Pacer US Large Cap Cash Cows Growth Leaders Index

Non-Diversified

CAFG

Pacer US Small Cap Cash Cows Growth Leaders Index

Non-Diversified

BUL

Pacer US Cash Cows Growth Index

Non-Diversified

HERD

Pacer Cash Cows Fund of Funds Index

Diversified

PWS

Pacer WealthShield Index

Diversified

INDS

Solactive GPR Industrial Real Estate Index

Non-Diversified

SRVR

Solactive GPR Data & Infrastructure Real Estate Index

Non-Diversified

SZNE

Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index

Diversified

AFTY

FTSE China A50 Net Total Return Index

Diversified

VIRS

LifeSci BioThreat Strategy Index

Non-Diversified

ALTL

Lunt Capital U.S. Large Cap Equity Rotation Index

Non-Diversified

PAMC

Lunt Capital U.S. MidCap Multi-Factor Rotation Index

Non-Diversified

PALC

Lunt Capital U.S. Large Cap Multi-Factor Rotation Index

Non-Diversified

PEXL

US Export Leaders Index

Diversified

FLRT

Pacer Pacific Asset Floating Rate High Income Index

Non-Diversified

SHPP

Pacer Global Supply Chain Infrastructure Index

Non-Diversified

TRFK

Pacer Data Transmission and Communication Revolution Index

Non-Diversified

 

The investment objective of FLRT is to seek to provide a high level of current income. FLRT is a non-diversified Fund.

 

195

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.

 

Securities, including master limited partnerships (“MLPs”), listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.

 

Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

 

Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.

 

Options on securities that are listed on an exchange shall be valued at the sale price on such exchange (or any other exchange on which such options are listed) having the trade closest to the close of the New York Stock Exchange (“NYSE”) on the day of valuation or, if there was no sale on any of the applicable options exchanges on such day, at the mean between the highest bid and lowest ask price on any of such exchanges on such day closest to the close of the NYSE on such day. On the last trading day prior to expiration, expiring options may be priced at intrinsic value.

 

Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety, and one-hundred eighty day forward rates provided by an independent source.

 

Futures contracts are valued at the settlement price on the exchange on which they are principally traded.

 

Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share as provided by its administrator.

 

Cash and cash equivalents - Cash and cash equivalents are held with a financial institution. Cash and cash equivalents of the Funds may be placed in deposit accounts at U.S. banks and such deposits generally exceed Federal Deposit Insurance Corporation (“FDIC”) insurance limits. The FDIC insures deposit accounts up to $250,000 for each accountholder. The counterparty is generally a single bank rather than a group of financial institutions; thus there may be a greater counterparty credit risk. The Funds place deposits only with those counterparties which are believed to be creditworthy and there has been no history of loss.

 

The Trust’s Valuation Procedures provide for the designation of the Adviser as “Valuation Designee”. If no quotation is available from either a pricing service, or one or more brokers or there is reason to question the reliability or accuracy of a quotation supplied, securities are valued at fair value as determined in good faith, by the Valuation Designee pursuant to procedures established by the Funds’ Board of Trustees (the “Board”).As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

 

 

Level 1 –

Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

 

 

Level 2 –

Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

 

 

Level 3 –

Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

 

196

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2023:

 

PTLC

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 2,118,363,866     $     $     $     $ 2,118,363,866  

Real Estate Investment Trusts

    47,471,932                         47,471,932  

Investments Purchased with Proceeds from Securities Lending

                      66,879,873       66,879,873  

Total Investments in Securities

  $ 2,165,835,798     $     $     $ 66,879,873     $ 2,232,715,671  

 

 

^

See Schedule of Investments for sector breakouts.

 

PTMC

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Short-Term Investments

  $     $ 357,884,919     $     $     $ 357,884,919  

Investments Purchased with Proceeds from Securities Lending

                      95,859,111       95,859,111  

Total Investments in Securities

  $     $ 357,884,919     $     $ 95,859,111     $ 453,744,030  

 

 

^

See Schedule of Investments for sector breakouts.

 

PTNQ

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 473,138,303     $     $     $     $ 473,138,303  

Short-Term Investments

          458,043,928                   458,043,928  

Investments Purchased with Proceeds from Securities Lending

                      293,288,927       293,288,927  

Total Investments in Securities

  $ 473,138,303     $ 458,043,928     $     $ 293,288,927     $ 1,224,471,158  

 

 

^

See Schedule of Investments for sector breakouts.

 

197

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

PTEU

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $     $     $ 125,630     $     $ 125,630  

Short-Term Investments

            39,081,330                   39,081,330  

Investments Purchased with Proceeds from Securities Lending

                      7,820,667       7,820,667  

Total Investments in Securities

  $     $ 39,081,330     $ 125,630     $ 7,820,667     $ 47,027,627  

 

 

^

See Schedule of Investments for country breakouts.

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

PTEU(a)

 

Balance
as of
4/30/2023

   

Net
Realized
Gain
(Loss)

   

Change in Net
Unrealized
Appreciation
(Depreciation)

   

Purchases

   

Sales

   

Transfers
Into
Level 3

   

Transfers
Out of
Level 3

   

Balance as of
10/31/2023

 

Common Stocks

  $ 190,014     $ (626 )   $ (53,127 )   $ 5,191     $ (15,822 )   $     $     $ 125,630  

 

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

 

PTEU

 

Fair Value as
of 10/31/2023

   

Valuation
Techniques

   

Unobservable
Input

   

Impact to Valuation From
an Increase to Input

 

Common Stocks

  $ 6,395       Last Trade Price       Stale Data       4.8 EUR  

Common Stocks

  $ 119,235       Last Trade Price       Stale Data       85.89 EUR  

 

 

(a)

Table presents information for two securities: FF Group, which has been valued between 4.8 EUR and Koninklijke DSM NV, which has been valued between 76.13 - 118.75 EUR throughout the period.

 

PTIN

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 61,626,898     $     $ 185,577     $     $ 61,812,475  

Exchange Traded Funds

    2,862,016                         2,862,016  

Preferred Stocks

    229,530                         229,530  

Real Estate Investment Trusts

    263,660                         263,660  

Short-Term Investments

          63,197,952                   63,197,952  

Investments Purchased with Proceeds from Securities Lending

                      11,120,976       11,120,976  

Total Investments in Securities

  $ 64,982,104     $ 63,197,952     $ 185,577     $ 11,120,976     $ 139,486,609  

 

 

^

See Schedule of Investments for country breakouts.

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

PTIN(a)

 

Balance
as of
4/30/2023

   

Net
Realized
Gain
(Loss)

   

Change in Net
Unrealized
Appreciation
(Depreciation)

   

Purchases

   

Sales

   

Transfers
Into
Level 3

   

Transfers
Out of
Level 3

   

Balance as of
10/31/2023

 

Common Stocks

  $ 308,881     $ (427 )   $ (87,818 )   $ 26,129     $ (61,188 )   $     $     $ 185,577  

 

198

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

 

PTIN

 

Fair Value as
of 10/31/2023

   

Valuation
Techniques

   

Unobservable
Input

   

Impact to Valuation From
an Increase to Input

 

Common Stocks

  $ 60,344       US Line       Delisting       23.35 AUD  

Common Stocks

  $       US Line       Delisting       0.00 CAD  

Common Stocks

  $ 125,233       US Line       Delisting       85.89 EUR  

 

 

(a)

Table presents information for two securities: Newcrest Mining, which has been valued between 23.35 - 29.80 AUD, Koninklijke DSM NV, which is valued between 76.13 - 118.75 EUR and Constellation Soft which has been valued between 0.00 CAD throughout the period.

 

PTBD

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Corporate Bonds

  $     $ 173,313,771     $     $     $ 173,313,771  

Investments Purchased with Proceeds from Securities Lending

                      31,815,494       31,815,494  

Total Investments in Securities

  $     $ 173,313,771     $     $ 31,815,494     $ 205,129,265  

 

 

^

See Schedule of Investments for sector breakouts.

 

TRND

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Affiliated Exchange Traded Funds

  $ 48,215,035     $     $     $     $ 48,215,035  

Total Investments in Securities

  $ 48,215,035     $     $     $     $ 48,215,035  

 

COWZ

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 15,325,036,690     $     $     $     $ 15,325,036,690  

Investments Purchased with Proceeds from Securities Lending

                      1,063,284,166       1,063,284,166  

Total Investments in Securities

  $ 15,325,036,690     $     $     $ 1,063,284,166     $ 16,388,320,856  

 

 

^

See Schedule of Investments for sector breakouts.

 

CALF

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 3,947,194,559     $     $     $     $ 3,947,194,559  

Investments Purchased with Proceeds from Securities Lending

                      571,109,665       571,109,665  

Total Investments in Securities

  $ 3,947,194,559     $     $     $ 571,109,665     $ 4,518,304,224  

 

 

^

See Schedule of Investments for sector breakouts.

 

199

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

GCOW

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 1,622,886,998     $     $     $     $ 1,622,886,998  

Investments Purchased with Proceeds from Securities Lending

                      182,612,601       182,612,601  

Total Investments in Securities

  $ 1,622,886,998     $     $     $ 182,612,601     $ 1,805,499,599  

 

 

^

See Schedule of Investments for country breakouts.

 

ICOW

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 850,651,001     $     $     $     $ 850,651,001  

Investments Purchased with Proceeds from Securities Lending

                      95,366,448       95,366,448  

Total Investments in Securities

  $ 850,651,001     $     $     $ 95,366,448     $ 946,017,449  

 

 

^

See Schedule of Investments for country breakouts.

 

ECOW

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 62,088,927     $     $ 0     $     $ 62,088,927  

Preferred Stocks

    3,661,598                         3,661,598  

Investments Purchased with Proceeds from Securities Lending

                      3,606,922       3,606,922  

Total Investments in Securities

  $ 65,750,525     $     $     $ 3,606,922     $ 69,357,447  

 

 

^

See Schedule of Investments for country breakouts.

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

 

ECOW

 

Balance
as of
4/30/2023

   

Net
Realized
Gain
(Loss)

   

Change in Net
Unrealized
Appreciation
(Depreciation)

   

Purchases

   

Sales

   

Transfers
Out of
Level 3

   

Transfers
Into
Level 3

   

Balance as of
10/31/2023

 

Common Stocks

  $ 0     $     $     $     $     $     $       0  

 

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

 

ECOW

 

Fair Value as
of 10/31/2023

   

Valuation
Techniques

   

Unobservable Input

   

Impact to Valuation From
an Increase to Input

 

Common Stocks

  $ 0       Market comparable companies       Discount for lack of marketability       $0.00  

 

 

*

Table presents information for ten securities, which due to the Russian foreign exchange restrictions are not actively trading.

 

200

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

COWG

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 36,085,808     $     $     $     $ 36,085,808  

Total Investments in Securities

  $ 36,085,808     $     $     $     $ 36,085,808  

 

 

^

See Schedule of Investments for sector breakouts.

 

CAFG

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 1,944,378     $     $     $     $ 1,944,378  

Total Investments in Securities

  $ 1,944,378     $     $     $     $ 1,944,378  

 

 

^

See Schedule of Investments for sector breakouts.

 

BUL

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 34,512,267     $     $     $     $ 34,512,267  

Investments Purchased with Proceeds from Securities Lending

                      5,103,029       5,103,029  

Total Investments in Securities

  $ 34,512,267     $     $     $ 5,103,029     $ 39,615,296  

 

 

^

See Schedule of Investments for sector breakouts.

 

HERD

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Affiliated Exchange Traded Funds

  $ 71,381,125     $     $     $     $ 71,381,125  

Total Investments in Securities

  $ 71,381,125     $     $     $     $ 71,381,125  

 

PWS

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Contingent Value Rights

  $     $     $ 2,509     $     $ 2,509  

Investment Purchased with Proceeds from Securities Lending

                      2,960,492       2,960,492  

Short-Term Investments

          25,458,050                   25,458,050  

Total Investments in Securities

  $     $ 25,458,050     $ 2,509     $ 2,960,492     $ 28,421,051  

 

 

^

See Schedule of Investments for sector breakouts.

 

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:    

 

PWS(a)

Balance
as of
4/30/2023

Net
Realized
Gain
(Loss)

Change in Net
Unrealized
Appreciation
(Depreciation)

Purchases

Sales

Transfers
Out of
Level 3

Transfers
Into
Level 3

Balance as of
10/31/2023

Contingent Value Rights

$ 2,509

$ —

$ —

$ —

$ —

$ —

$ —

$ 2,509

 

201

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

The following is a summary of quantitative information about Level 3 Fair Value Measurements:    

 

PWS

 

Fair Value as
of 10/31/2023

   

Valuation
Techniques

   

Unobservable
Input

   

Impact to Valuation From
an Increase to Input

 

Contingent Value Rights

  $       Acquisition Price       Stale Data       $0.00  

Contingent Value Rights

  $ 2,509       Acquisition Price       Stale Data       $0.40  

 

 

(a)

Table presents information for two securities, Abiomed has been valued at $0.00 and Achillion Pharmaceuticals has been valued between $0.40 throughout the period.

 

INDS

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Real Estate Investment Trusts

  $ 162,867,892     $     $     $     $ 162,867,892  

Short-Term Investments

    7,990,209                         7,990,209  

Investments Purchased with Proceeds from Securities Lending

                      11,257,062       11,257,062  

Total Investments in Securities

  $ 170,858,101     $     $     $ 11,257,062     $ 182,115,163  

 

 

^

See Schedule of Investments for sector breakouts.

 

SRVR

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 124,662,303     $     $     $     $ 124,662,303  

Real Estate Investment Trusts

    295,704,945                         295,704,945  

Exchange Traded Funds

    35,087,512                         35,087,512  

Investments Purchased with Proceeds from Securities Lending

                      29,839,194       29,839,194  

Total Investments in Securities

  $ 455,454,760     $     $     $ 29,839,194     $ 485,293,954  

 

 

^

See Schedule of Investments for sector breakouts.

 

SZNE

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 45,751,867     $     $     $     $ 45,751,867  

Investments Purchased with Proceeds from Securities Lending

                      6,442,830       6,442,830  

Total Investments in Securities

  $ 45,751,867     $     $     $ 6,442,830     $ 52,194,697  

 

 

^

See Schedule of Investments for sector breakouts.

 

AFTY

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 4,294,996     $     $     $     $ 4,294,996  

Total Investments in Securities

  $ 4,294,996     $     $     $     $ 4,294,996  

 

 

^

See Schedule of Investments for sector breakouts.

 

202

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

VIRS

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 3,553,529     $     $     $     $ 3,553,529  

Investments Purchased with Proceeds from Securities Lending

                      840,768       840,768  

Total Investments in Securities

  $ 3,553,529     $     $     $ 840,768     $ 4,394,297  

 

 

^

See Schedule of Investments for sector breakouts.

 

ALTL

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 465,341,725     $     $     $     $ 465,341,725  

Investments Purchased with Proceeds from Securities Lending

                      54,376,421       54,376,421  

Total Investments in Securities

  $ 465,341,725     $     $     $ 54,376,421     $ 519,718,146  

 

 

^

See Schedule of Investments for sector breakouts.

 

PAMC

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 35,937,300     $     $     $     $ 35,937,300  

Investments Purchased with Proceeds from Securities Lending

                      9,934,227       9,934,227  

Total Investments in Securities

  $ 35,937,300     $     $     $ 9,934,227     $ 45,871,527  

 

 

^

See Schedule of Investments for sector breakouts.

 

PALC

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 241,813,474     $     $     $     $ 241,813,474  

Real Estate Investment Trusts

    881,638                         881,638  

Investments Purchased with Proceeds from Securities Lending

                      15,776,548       15,776,548  

Total Investments in Securities

  $ 242,695,112     $     $     $ 15,776,548     $ 258,471,660  

 

 

^

See Schedule of Investments for sector breakouts.

 

203

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

PEXL

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at
Net Asset Value

   

Total

 

Common Stocks

  $ 34,436,425     $     $     $     $ 34,436,425  

Real Estate Investment Trusts

    362,631                         362,631  

Investments Purchased with Proceeds from Securities Lending

                      6,216,008       6,216,008  

Total Investments in Securities

  $ 34,799,056     $     $     $ 6,216,008     $ 41,015,064  

 

 

^

See Schedule of Investments for sector breakouts.

 

FLRT

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at Net
Asset Value

   

Total

 

Asset-Backed Securities

  $     $ 61,096,652     $     $     $ 61,096,652  

Bank Loans

          72,869,862                   72,869,862  

Closed-End Funds

    17,831                         17,831  

Corporate Bonds

          14,943,044                   14,943,044  

Exchange Traded Funds

    1,166,191                         1,166,191  

Short-Term Investments

                             

Total Investments in Securities

  $ 1,184,022     $ 148,909,558     $     $     $ 150,093,580  

 

 

^

See Schedule of Investments for sector breakouts.

 

SHPP

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at Net
Asset Value

   

Total

 

Common Stocks

  $ 908,640     $     $     $     $ 908,640  

Exchange Traded Funds

    22,085                         22,085  

Total Investments in Securities

  $ 930,725     $     $     $     $ 930,725  

 

 

^

See Schedule of Investments for sector breakouts.

 

TRFK

 

Description^

 

Level 1

   

Level 2

   

Level 3

   

Investments
Measured at Net
Asset Value

   

Total

 

Common Stocks

  $ 4,772,573     $     $     $     $ 4,772,573  

Total Investments in Securities

  $ 4,772,573     $     $     $     $ 4,772,573  

 

^ See Schedule of Investments for sector breakouts.

 

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.

 

204

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

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 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 a Fund’s investments in Real Estate Investment Trusts (“REIT”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Fund’s shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund’s shareholders may represent a return of capital.

 

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, CAFG, BUL, HERD, PWS, INDS, SRVR, SZNE, VIRS, ALTL, PAMC, PALC, PEXL, , TRFK, and SHPP, are declared and paid on a quarterly basis. PTBD and FLRT are declared and paid on a monthly basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. Distributions are recorded on the ex-dividend date.

 

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  

 

205

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

   

Distributable
Earnings
(Accumulated
Deficit)

   

Paid-In Capital

 

PTBD

  $ 22,532,557     $ (22,532,557 )

TRND

    (1,544,971 )     1,544,971  

COWZ

    (247,364,944 )     247,364,944  

CALF

    (35,741,369 )     35,741,369  

GCOW

    (18,042,406 )     18,042,406  

ICOW

           

ECOW

           

COWG

           

BUL

    (661,477 )     661,477  

HERD

    (192,575 )     192,575  

PWS

    224,118       (224,118 )

INDS

    (8,469,724 )     8,469,724  

SRVR

    (1,990,966 )     1,990,966  

SZNE

    (1,027,833 )     1,027,833  

AFTY

           

VIRS

    126,589       (126,589 )

ALTL

    10,730,507       (10,730,507 )

PAMC

    (2,887,568 )     2,887,568  

PALC

    1,050,302       (1,050,302 )

PEXL

    391       (391 )

FLRT

           

TRFK

           

SHPP

           

 

CAFG commenced operations after April 30, 2023.

 

During the fiscal year/period ended April 30, 2023, the Funds’ realized the following net capital gains/(losses) resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the Fund rather than for cash. Because such gains are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized losses to paid- in-capital.

 

PTLC

  $ (396,818 )

PTMC

    98,201  

PTNQ

    1,081,720  

PTEU

    315,512  

PTIN

    247,366  

PTBD

    (9,870,068 )

TRND

    1,546,236  

COWZ

    269,157,456  

CALF

    39,143,650  

GCOW

    18,196,113  

ICOW

     

ECOW

     

COWG

     

BUL

    2,339,659  

HERD

    400,779  

PWS

    (213,903 )

INDS

    12,500,323  

SRVR

    22,462,572  

 

206

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

SZNE

  $ 1,070,927  

AFTY

     

VIRS

    (99,844 )

ALTL

    (10,349,331 )

PAMC

    3,089,659  

PALC

    (331,515 )

PEXL

     

FLRT

     

TRFK

     

SHPP

     

 

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

 

Pacer Advisors, Inc. (“the Adviser”) serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement (“Investment Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary management fee. For services provided to the Funds, the Funds pay the Adviser at the following annual rates based on each Fund’s average daily net assets:

 

   

Annual Rate of
Average Daily
Net Assets

 

PTLC

    0.60 %

PTMC

    0.60 %

PTNQ

    0.65 %

PTEU

    0.65 %

PTIN

    0.65 %

PTBD

    0.60 %

TRND

    0.15 %

COWZ

    0.49 %

CALF

    0.59 %

GCOW

    0.60 %

ICOW

    0.65 %

ECOW

    0.70 %

COWG

    0.49 %

CAFG

    0.59 %

BUL

    0.60 %

HERD

    0.15 %

PWS

    0.60 %

INDS

    0.60 %

SRVR

    0.60 %

SZNE

    0.60 %

AFTY

    0.70 %

VIRS

    0.70 %

ALTL

    0.60 %

PAMC

    0.60 %

PALC

    0.60 %

PEXL

    0.60 %

FLRT

    0.60 %

SHPP

    0.60 %

TRFK

    0.60 %

 

207

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

The Adviser has overall responsibility for overseeing the investment of the Funds’ assets, managing the Funds’ business affairs and providing certain clerical, bookkeeping and other administrative services for the Trust. Vident Investment Advisory, LLC (“Vident”) serves as the sub-adviser to PTBD, CSOP serves as the sub-adviser to AFTY, and Aristotle Pacific Capital, LLC (“Aristotle Pacific”) serves as the sub-adviser to FLRT. Each sub-adviser has responsibility for selecting and continuously monitoring their respective Fund(s) investments. Sub-Advisory fees earned by Vident, CSOP, and Aristotle Pacific are paid by the Adviser.

 

Effective November 1, 2022, pursuant to a contractual agreement between the Trust on behalf of each INDS and SRVR, the Adviser shall waive a portion of its advisory fee under the Advisory Agreement with respect to each Fund which limits each Fund’s total operating expenses (exclusive of any Rule 12b-1 fees, taxes, interest, brokerage fees, acquired fund fees and expenses, expenses incurred in connection with any merger, reorganization, or proxy solicitation, litigation, and other extraordinary expenses) to not more than 0.55% of the average daily net assets of each Fund. For the year ended April 30, 2023, the Adviser’s management fee was reduced by $54,148 and $206,699 in INDS and SRVR, respectively. This contractual agreement expires on October 31, 2024. The Adviser is not entitled to recoup any fees that have been previously waived.

 

Pursuant to a Sub-Advisory Agreement between the Adviser and CSOP (the “Sub-Advisory Agreement”), CSOP is responsible for the day-to-day management of the Fund, including the trading of portfolio securities for the Fund. CSOP is responsible for selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitutions of the Index, subject to the supervision of the Adviser and the Board. For the services it provides to AFTY, CSOP is compensated by the Adviser from the management fees paid by AFTY to the Adviser.

 

Pursuant to a Sub-Advisory Agreement between the Adviser and Vident (the “Sub-Advisory Agreement”), Vident is responsible for the day-to-day management of the Fund, including the trading of portfolio securities for the Fund. Vident is responsible for selecting broker-dealers to execute purchase and sale transactions or in connection with any rebalancing or reconstitutions of the Index, subject to the supervision of the Adviser and the Board. For the services it provides to PTBD, Vident is compensated by the Adviser from the management fees paid by PTBD to the Adviser.

 

Effective April 12, 2023 and pursuant to a Sub-Advisory Agreement between the Adviser and the Aristotle Pacific (the “Sub-Advisory Agreement”), Aristotle Pacific is responsible for the day-to-day management of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services it provides to FLRT, Aristotle Pacific is compensated by the Adviser from the management fees paid by FLRT to the Adviser. Prior to April 12, 2023, pursuant to a Sub-Advisory Agreement between the Adviser and the Pacific Asset (the “Sub-Advisory Agreement”), Pacific Asset was responsible for trading portfolio securities on behalf of FLRT, including selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the Board. For the services they provided to FLRT, Pacific Asset was compensated by the Adviser from the management fees paid by FLRT to the Adviser.

 

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal year/period ended October 31, 2023.

 

Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.

 

NOTE 4 – SERVICE AND CUSTODY AGREEMENTS

 

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“Fund Services” or “Administrator”) doing business as U.S. Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the “Securities Lending Agent”) for the Funds.

 

NOTE 5 – SECURITIES LENDING

 

The Funds may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. The amount of fees depends on a number of factors including the type of security and

 

208

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

 

As of October 31, 2023, the Funds in following table had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

 

During the year/period ended October 31, 2023, the Funds (excluding TRND, COWG, CAFG, HERD, AFTY, FLRT, TRFK, and SHPP) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations, as applicable.

 

NOTE 6 – SECURED BORROWINGS

 

The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2023.

 

Securities Lending Transactions

 

Overnight and Continuous

 

Investments Purchased
with Proceeds from
Securities Lending
Collateral*

 

PTLC

  $ 66,879,873  

PTMC

    95,859,111  

PTNQ

    293,288,927  

PTEU

    7,820,667  

PTIN

    11,120,976  

PTBD

    31,815,494  

TRND

     

COWZ

    1,063,284,166  

CALF

    571,109,665  

GCOW

    182,612,601  

ICOW

    95,366,448  

ECOW

    3,606,922  

COWG

     

CAFG

     

BUL

    5,103,029  

HERD

     

PWS

    2,960,492  

INDS

    11,257,062  

SRVR

    29,839,194  

SZNE

    6,442,830  

AFTY

     

VIRS

    840,768  

ALTL

    54,376,421  

PAMC

    9,934,227  

PALC

    15,776,548  

PEXL

    6,216,008  

FLRT

     

SHPP

     

TRFK

     

 

209

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

*

Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

 

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

 

NOTE 7 – OFFSETTING ASSETS AND LIABILITIES

 

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of October 31, 2023:

 

Liabilities

 

                           

Gross Amounts Not Offset in the
Statements of Assets and Liabilities

         

Description

 

Gross Amounts
of Recognized
Liabilities

   

Gross Amounts
Offset in the
Statements
of Assets and
Liabilities

   

Net Amounts
Presented in
the Statements
of Assets and
Liabilities

   

Financial
Instruments

   

Collateral
Pledged
(Received)

   

Net Amount

 

PTLC

                                               

Securities Lending

  $ 66,879,873     $     $ 66,879,873     $ 66,879,873     $     $  

PTMC

                                               

Securities Lending

    95,859,111             95,859,111     $ 95,859,111              

PTNQ

                                               

Securities Lending

    293,288,927             293,288,927     $ 293,288,927              

PTEU

                                               

Securities Lending

    7,820,667             7,820,667     $ 7,820,667              

PTIN

                                               

Securities Lending

    11,120,976             11,120,976     $ 11,120,976              

PTBD

                                               

Securities Lending

    31,815,494             31,815,494     $ 31,815,494              

TRND

                                               

Securities Lending

                    $              

COWZ

                                               

Securities Lending

    1,063,284,166             1,063,284,166     $ 1,063,284,166              

CALF

                                               

Securities Lending

    571,109,665             571,109,665     $ 571,109,665              

GCOW

                                               

Securities Lending

    182,612,601             182,612,601     $ 182,612,601              

ICOW

                                               

Securities Lending

    95,366,448             95,366,448     $ 95,366,448              

ECOW

                                               

Securities Lending

    3,606,922             3,606,922     $ 3,606,922              

COWG

                                               

Securities Lending

                    $              

CAFG

                                               

Securities Lending

                    $              

BUL

                                               

Securities Lending

    5,103,029             5,103,029     $ 5,103,029              

HERD

                                               

Securities Lending

                    $              

PWS

                                               

Securities Lending

    2,960,492             2,960,492     $ 2,960,492              

INDS

                                               

Securities Lending

    11,257,062             11,257,062     $ 11,257,062              

 

210

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

                           

Gross Amounts Not Offset in the
Statements of Assets and Liabilities

         

Description

 

Gross Amounts
of Recognized
Liabilities

   

Gross Amounts
Offset in the
Statements
of Assets and
Liabilities

   

Net Amounts
Presented in
the Statements
of Assets and
Liabilities

   

Financial
Instruments

   

Collateral
Pledged
(Received)

   

Net Amount

 

SRVR

                                               

Securities Lending

  $ 29,839,194     $     $ 29,839,194     $ 29,839,194     $     $  

SZNE

                                               

Securities Lending

    6,442,830             6,442,830     $ 6,442,830              

AFTY

                                               

Securities Lending

                    $              

VIRS

                                               

Securities Lending

    840,768             840,768     $ 840,768              

ALTL

                                               

Securities Lending

    54,376,421             54,376,421     $ 54,376,421              

PAMC

                                               

Securities Lending

    9,934,227             9,934,227     $ 9,934,227              

PALC

                                               

Securities Lending

    15,776,548             15,776,548     $ 15,776,548              

PEXL

                                               

Securities Lending

    6,216,008             6,216,008     $ 6,216,008              

FLRT

                                               

Securities Lending

                    $              

SHPP

                                               

Securities Lending

                    $              

TRFK

                                               

Securities Lending

                    $              

 

NOTE 8 – INVESTMENT TRANSACTIONS

 

For the year/period ended October 31, 2023, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, the in-kind transactions associated with creations and redemptions, and the long-term purchases and sales of U.S. Government Securities were as follows:

 

   

Purchases

   

Sales

   

In-Kind
Purchases

   

In-Kind Sales

   

U.S. Government
Purchases

   

U.S. Government
Sales

 

PTLC

  $ 39,910,493     $ 27,762,778     $ 137,133,694     $ 28,733,879     $     $  

PTMC

    431,310,161       789,783,461       1,550,284       9,639,200              

PTNQ

    62,850,527       486,167,458       206,094,281       129,231,283              

PTEU

    1,694,108       40,217,651       3,949,737       3,874,394              

PTIN

    7,345,466       69,896,957       15,433,614                    

PTBD

    221,122,515       224,481,847             44,982,663             226,518,815  

TRND

    1,835,807       1,535,325       1,458,894       5,637,992              

COWZ

    4,501,693,644       4,517,114,488       2,417,616,200       485,635,542              

CALF

    1,528,701,469       1,523,923,905       1,852,001,541       23,106,844              

GCOW

    621,109,107       612,982,112       192,465,643       24,804,498              

ICOW

    234,823,937       199,957,298       336,358,652       38,315,038              

ECOW

    31,834,905       23,315,336       7,843,344                    

COWG

    22,731,956       32,112,304       22,731,956       6,438,203              

CAFG

    1,113,017       1,107,607       3,761,143       1,641,279              

BUL

    9,918,296       20,423,639       1,646,846       5,261,983              

 

211

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

   

Purchases

   

Sales

   

In-Kind
Purchases

   

In-Kind Sales

   

U.S. Government
Purchases

   

U.S. Government
Sales

 

HERD

  $ 1,311,749     $ 18,351,351     $ 31,789,216     $ 8,545,560     $     $  

PWS

    31,308,641       56,219,246       4,507,570       2,397,354       377,724       23,582,640  

INDS

    16,302,415       19,247,631       9,908,690       13,327,214              

SRVR

    200,168,647       523,752,096       2,886,992       156,894,683              

SZNE

    52,343,781       52,331,278             22,955,489              

AFTY

    325,137       232,636                          

VIRS

    377,689       371,156       777,783       779,680              

ALTL

    1,708,841,949       1,709,733,896       1,778,728       235,699,357              

PAMC

    72,618,370       72,595,215       5,149,654       3,382,713              

PALC

    370,572,554       369,701,981       86,190,989       52,356,164              

PEXL

    12,378,608       12,234,611       20,543,725       4,338,147              

FLRT

    82,877,856       28,009,329                          

SHPP

    137,175       141,436                          

TRFK

    432,757       413,377       4,193,454       542,960              

 

NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES

 

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

 

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

 

Weight

Trendpilot ETF

Trendpilot Index

Equity Component

20%

Pacer Trendpilot® US Large Cap ETF

Pacer Trendpilot® US Large Cap Index

S&P 500® Index

20%

Pacer Trendpilot® US Mid Cap ETF

Pacer Trendpilot® US Mid Cap Index

S&P MidCap 400® Index

20%

Pacer Trendpilot® 100 ETF

Pacer NASDAQ-100 Trendpilot® Index

NASDAQ-100® Index

20%

Pacer Trendpilot® International ETF

Pacer Trendpilot® International Index

S&P Developed Ex-US Large Cap Index

20%

Pacer Trendpilot® US Bond ETF

Pacer Trendpilot® US Bond Index

iBoxx USD Liquid High Yield Index

 

TRND had the following transactions during the current fiscal period with affiliates:

 

   

Share Activity

 

Security Name

 

Balance May 1,
2023

   

Purchases

   

Sales

   

Balance October 31,
2023

 

PTBD

    513,868       51,835       (64,483 )     501,220  

PTIN

    396,769       18,426       (43,071 )     372,124  

PTLC

    275,318       11,064       (36,217 )     250,165  

PTMC

    323,679       28,887       (34,672 )     317,894  

PTNQ

    191,684       5,800       (36,212 )     161,272  

 

212

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

Security Name

 

Value

   

Dividend Income

   

Gain (Loss) Realized
on Sale of Shares

   

Net Change
in Unrealized
Appreciation
(Depreciation)
on Investments
in Affiliate

 

PTBD

  $ 9,598,363     $ 337,467     $ (206,806 )   $ (334,706 )

PTIN

    9,288,215             132,139       (905,699 )

PTLC

    9,766,442             278,710       (154,571 )

PTMC

    9,721,198             100,898       (651,382 )

PTNQ

    9,840,817             498,149       617,298  

Total

    48,215,035       337,467       803,091       (1,429,059 )

 

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

 

Weight

Cash Cows ETF

Cash Cows Index

Equity Universe

20%

Pacer US Cash Cows 100 ETF

Pacer US Cash Cows 100 ETF

Russell 1000 Index

20%

Pacer Global Cash Cows Dividend ETF

Pacer Global Cash Cows Dividend Index

FTSE Developed Large Cap Index

20%

Pacer US Small Cap Cash Cows 100 ETF

Pacer US Small Cap Cash Cows 100 Index

S&P Small Cap 600® Index

20%

Pacer US Cash Cows Growth ETF

Pacer US Cash Cows Growth Index

S&P 900® Pure Growth Index

20%

Pacer Developed Markets International Cash Cows 100 ETF

Pacer Developed Markets International Cash Cows 100 Index

FTSE Developed ex US Index

 

HERD had the following transactions during the current fiscal period with affiliates:

 

   

Share Activity

 

Security Name

 

Balance May 1,
2023

   

Purchases

   

Sales

   

Balance October 31,
2023

 

BUL

    279,015       191,996       (60,096 )     410,915  

CALF

    254,470       162,017       (57,850 )     358,637  

COWZ

    206,174       134,084       (40,491 )     299,767  

GCOW

    288,041       217,945       (50,164 )     455,822  

ICOW

    328,702       224,601       (56,714 )     496,589  

 

Security Name

 

Value

   

Dividend Income

   

Gain (Loss) Realized
on Sale of Shares

   

Net Change
in Unrealized
Appreciation
(Depreciation)
on Investments
in Affiliate

 

BUL

  $ 14,196,168     $ 124,588     $ 44,319     $ (150,410 )

CALF

    14,216,370       83,494       160,308       639,384  

COWZ

    14,310,877       124,900       116,877       146,804  

GCOW

    14,385,742       494,201       202,364       (1,160,884 )

ICOW

    14,271,968       341,071       240,815       (713,242 )

Total

    71,381,125       1,168,254       764,683       (1,238,348 )

 

213

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

NOTE 10 – TAX COST BASIS

 

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2023 were as follows:

 

   

PTLC

   

PTMC

   

PTNQ

   

PTEU

   

PTIN

 

Tax cost of investments

  $ 2,100,049,150     $ 459,414,302     $ 748,092,838     $ 43,521,872     $ 137,845,654  

Gross tax unrealized appreciation

    124,679,586       13,358,267       66,947,624       6,591,993       11,941,100  

Gross tax unrealized depreciation

    (75,491,359 )     (34,217,821 )     (27,927,042 )     (308,672 )     (2,511,270 )

Net tax unrealized appreciation (depreciation)

    49,188,227       (20,859,554 )     39,020,582       6,283,321       9,429,830  

Undistributed ordinary income

    11,985,418       1,406,892       1,806,599       373,260       1,202,626  

Total distributable earnings

    11,985,418       1,406,892       1,806,599       373,260       1,202,626  

Other accumulated (loss)

    (344,621,811 )     (95,671,299 )     (48,421,744 )     (50,809,277 )     (23,957,977 )

Total accumulated gain (loss)

  $ (283,448,166 )   $ (115,123,961 )   $ (7,594,563 )   $ (44,152,696 )   $ (13,325,521 )

 

   

PTBD

   

TRND

   

COWZ

   

CALF

   

GCOW

 

Tax cost of investments

  $ 229,905,703     $ 54,292,823     $ 14,194,928,882     $ 2,659,432,331     $ 1,659,936,553  

Gross tax unrealized appreciation

    1,067,755       2,859,034       943,506,669       149,760,596       122,695,449  

Gross tax unrealized depreciation

    (200,773 )     (4,360,562 )     (814,646,149 )     (159,292,431 )     (81,657,074 )

Net tax unrealized appreciation (depreciation)

    866,982       (1,501,528 )     128,860,520       (9,531,835 )     41,038,375  

Undistributed ordinary income

    91,809       179,701       17,718,355       1,795,619       21,259,450  

Total distributable earnings

    91,809       179,701       17,718,355       1,795,619       21,259,450  

Other accumulated (loss)

    (258,085,127 )     (1,106,307 )     (712,687,458 )     (189,069,504 )     (41,311,192 )

Total accumulated gain (loss)

  $ (257,126,336 )   $ (2,428,134 )   $ (566,108,583 )   $ (196,805,720 )   $ 20,986,633  

 

 

 

ICOW

   

ECOW

   

COWG

   

BUL

   

HERD

 

Tax cost of investments

  $ 560,524,772     $ 58,761,358     $ 19,831,387     $ 45,011,549     $ 48,310,950  

Gross tax unrealized appreciation

    46,478,999       4,609,911       550,941       1,239,758       1,501,875  

Gross tax unrealized depreciation

    (21,313,361 )     (5,429,111 )     (789,556 )     (2,642,959 )     (1,188,786 )

Net tax unrealized appreciation (depreciation)

    25,165,638       (819,200 )     (238,615 )     (1,403,201 )     313,089  

Undistributed ordinary income

    4,783,974       592,929       1,594       47,589        

Total distributable earnings

    4,783,974       592,929       1,594       47,589        

Other accumulated (loss)

    (16,070,122 )     (1,850,131 )     (45,989 )     (2,807,329 )      

Total accumulated gain (loss)

  $ 13,879,490     $ (2,076,402 )   $ (283,010 )   $ (4,162,941 )   $ 313,089  

 

 

 

PWS

   

INDS

   

SRVR

   

SZNE

   

AFTY

 

Tax cost of investments

  $ 24,628,001     $ 264,930,102     $ 883,767,835     $ 90,692,721     $ 4,864,144  

Gross tax unrealized appreciation

    6,000       13,295,158       41,316,158       732       752,155  

Gross tax unrealized depreciation

    (6,965 )     (15,142,125 )     (173,242,156 )     (6,433 )     (706,103 )

Net tax unrealized appreciation (depreciation)

    (965 )     (1,846,967 )     (131,925,998 )     (5,701 )     46,052  

Undistributed ordinary income

    99,650       3,930,239       9,486,246       23,109        

Total distributable earnings

    99,650       3,930,239       9,486,246       23,109        

Other accumulated (loss)

    (27,066,941 )     (53,986,956 )     (193,211,175 )     (18,491,371 )     (1,939,125 )

Total accumulated gain (loss)

  $ (26,968,256 )   $ (51,903,684 )   $ (315,650,927 )   $ (18,473,963 )   $ (1,893,073 )

 

214

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

 

 

VIRS

   

ALTL

   

PAMC

   

PALC

   

PEXL

 

Tax cost of investments

  $ 5,154,293     $ 915,223,508     $ 38,132,711     $ 215,180,796     $ 22,337,869  

Gross tax unrealized appreciation

    263,408       29,245,200       1,736,619       12,648,805       1,419,761  

Gross tax unrealized depreciation

    (907,141 )     (95,962,377 )     (1,161,151 )     (5,679,642 )     (923,125 )

Net tax unrealized appreciation (depreciation)

    (643,733 )     (66,717,177 )     575,468       6,969,163       496,636  

Undistributed ordinary income

    1,083                   21,540        

Total distributable earnings

    1,083                   21,540        

Other accumulated (loss)

    (44,801 )     (138,076,081 )     (11,034,121 )     (53,734,120 )     (291,031 )

Total accumulated gain (loss)

  $ (687,451 )   $ (204,793,258 )   $ (10,458,653 )   $ (46,743,417 )   $ 205,605  

 

 

 

FLRT

   

TRFK

   

SHPP

 

Tax cost of investments

  $ 101,272,977     $ 1,015,623     $ 997,789  

Gross tax unrealized appreciation

    582,644       103,244       76,399  

Gross tax unrealized depreciation

    (2,189,390 )     (104,035 )     (66,396 )

Net tax unrealized appreciation (depreciation)

    (1,606,746 )     (791 )     10,003  

Undistributed ordinary income

    118,551       2,858       4,921  

Total distributable earnings

    118,551       2,858       4,921  

Other accumulated (loss)

    (4,088,245 )           (1 )

Total accumulated gain (loss)

  $ (5,576,440 )   $ 2,067     $ 14,923  

 

The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real Estate Investment Trusts, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after April 30, 2023 and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

 

At April 30, 2023, the Funds had the following capital loss carryforwards:

 

   

Short-Term

   

Long-Term

   

Expires

 

PTLC

  $ 232,693,175     $ 111,928,636       Indefinite  

PTMC

    95,671,299             Indefinite  

PTNQ

    31,946,549       16,475,195       Indefinite  

PTEU

    40,109,453       10,691,617       Indefinite  

PTIN

    19,625,112       4,325,834       Indefinite  

PTBD

    257,874,006       211,121       Indefinite  

TRND

    542,708       563,599       Indefinite  

COWZ

    578,283,703       134,403,755       Indefinite  

CALF

    148,946,746       40,122,758       Indefinite  

GCOW

    21,974,274       19,326,918       Indefinite  

ICOW

    12,620,739       3,449,383       Indefinite  

ECOW

    1,290,049       560,082       Indefinite  

COWG

    45,989             Indefinite  

BUL

    2,602,956       204,373       Indefinite  

HERD

                Indefinite  

PWS

    27,066,068       873       Indefinite  

INDS

    42,220,579       11,766,377       Indefinite  

SRVR

    43,921,803       149,289,372       Indefinite  

SZNE

    18,491,371             Indefinite  

AFTY

    1,477,286       453,454       Indefinite  

VIRS

    12,428       32,373       Indefinite  

ALTL

    138,076,081             Indefinite  

PAMC

    11,034,121             Indefinite  

PALC

    53,267,315       466,805       Indefinite  

 

215

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

   

Short-Term

   

Long-Term

   

Expires

 

PEXL

  $ 188,070     $ 102,961       Indefinite  

FLRT

    3,323,461       764,784       Indefinite  

TRFK

                Indefinite  

SHPP

    1             Indefinite  

 

At April 30, 2023, AFTY deferred on a tax basis, post-December ordinary late-year losses of $8,385, respectively. None of the Funds deferred on a tax basis post-October capital losses.

 

CAFG commenced operations after April 30, 2023.

 

NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS

 

The tax character of distributions paid by the Funds during the fiscal year/period ended October 31, 2023, was as follows:

 

   

Ordinary Income

 

PTLC

  $  

PTMC

     

PTNQ

     

PTEU

     

PTIN

     

PTBD

    (6,520,934 )

TRND

     

COWZ

    (143,493,953 )

CALF

    (19,887,863 )

GCOW

    (68,674,254 )

ICOW

    (20,056,309 )

ECOW

    (2,747,150 )

COWG

    (64,563 )

CAFG

    (6,077 )

BUL

    (379,524 )

HERD

    (1,134,993 )

PWS

    (267,672 )

INDS

    (6,558,173 )

SRVR

    (18,434,529 )

SZNE

    (343,368 )

AFTY

     

VIRS

    (21,363 )

ALTL

    (3,145,304 )

PAMC

    (99,406 )

PALC

    (545,493 )

PEXL

    (86,282 )

FLRT

    (5,574,501 )

SHPP

    (21,933 )

TRFK

    (3,710 )

 

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2023 was as follows:

 

   

Ordinary Income

   

Capital Gains

   

Long Term
Capital Gain

   

Return of Capital

 

PTLC

  $ 26,415,381     $     $     $  

PTMC

    3,237,926                    

PTNQ

    4,142,394                    

 

216

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

   

Ordinary Income

   

Capital Gains

   

Long Term
Capital Gain

   

Return of Capital

 

PTEU

  $ 273,384     $     $     $  

PTIN

    444,569                    

PTBD

    26,684,806                    

TRND

    942,758                    

COWZ

    193,788,560                    

CALF

    16,000,780                    

GCOW

    33,617,373                    

ICOW

    7,687,068                    

ECOW

    973,074                    

COWG

    9,399                    

BUL

    382,192                    

HERD

    584,387             117       1,841  

PWS

    597,772                    

INDS

    6,149,407                    

SRVR

    18,743,593             1,717,631        

SZNE

    826,693                    

AFTY

    100,794                    

VIRS

    46,298                    

ALTL

    9,575,595                   488,359  

PAMC

    410,052                   20,581  

PALC

    3,553,899                    

PEXL

    62,468                    

FLRT

    5,819,045                    

TRFK

    5,555                    

SHPP

    12,171                    

 

NOTE 12 – NEW ACCOUNTING PRONOUNCEMENTS

 

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

 

NOTE 13 – RISKS

 

On February 24, 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries could result in more widespread conflict and could have a severe adverse effect on the region and the markets. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long such conflict and related events will last and whether it will escalate further cannot be predicted, nor its effect on the Funds.

 

LIBOR Transition

 

Certain of the FLRT fund’s investments, including investments in certain debt instruments and derivatives (if any), as well as borrowings by the fund and certain other contractual arrangements of the fund, may be based on the London Interbank Offered Rate (“LIBOR”). In 2017, the regulatory authority that oversees financial services firms in the United Kingdom announced plans to transition away from LIBOR by the end of 2021. In March 2021, the administrator of LIBOR announced the extension of the publication of the more commonly used U.S. dollar LIBOR settings to the end of June 2023. Although the full impacts of the transition away from LIBOR are not fully known, the transition may result in, among other things, an increase in volatility or illiquidity of the markets for instruments that currently rely on LIBOR to determine interest rates and this could have an adverse impact on the fund’s performance. With respect to the fund’s accounting for investments, including investments in certain debt instruments and derivatives, as well as borrowings by the fund and any other contractual

 

217

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

arrangements of the fund that undergo reference rate-related modifications as a result of the transition, management will rely upon the relief provided by FASB Codification Topic 848 – Reference Rate Reform (Topic 848). The guidance in Topic 848 permits the fund to account for those modified contracts as a continuation of the existing contracts. The situation remains fluid, and management believes, based on best available information, that the impact of the transition will not be material to the fund.

 

Sector Risk. To the extent the Fund invests more heavily in particular sectors of the economy, its performance will be especially sensitive to developments that significantly affect those sectors.

 

Industrials Sector Risk. The SHPP Fund may invest in companies in the industrials sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. The industrials sector may be affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and general economic conditions, among other factors.

 

Information Technology Sector Risk. The TRFK Fund may invest in companies in the information technology sector, and therefore the performance of the Fund could be negatively impacted by events affecting this sector. Market or economic factors impacting information technology companies and companies that rely heavily on technological advances could have a significant effect on the value of the Fund’s investments. The value of stocks of information technology companies and companies that rely heavily on technology is particularly vulnerable to rapid changes in technology product cycles, rapid product obsolescence, government regulation and competition, both domestically and internationally, including competition from foreign competitors with lower production costs. Stocks of information technology companies and companies that rely heavily on technology, especially those of smaller, less-seasoned companies, tend to be more volatile than the overall market. Information technology companies are heavily dependent on patent and intellectual property rights, the loss or impairment of which may adversely affect profitability.

 

NOTE 14 – SUBSEQUENT EVENT

 

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

 

On November 21, 2023, the following Funds declared distributions from ordinary income to shareholders of record as of November 24, 2023, Payable November 29, 2023, as follows:    

 

   

Ordinary Income

   

Per Share Amount

 

FLRT

  $ 1,162,959     $ 0.33737946  

PTBD

  $ 1,050,403     $ 0.11417428  

 

218

 

 

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2023 (Unaudited) (Continued)

 

On December 26, 2023, the following Fund declared a distribution from ordinary income to shareholders of record as of December 28, 2023, Payable January 3, 2024, as follows:

 

   

Ordinary Income

   

Per Share Amount

 

AFTY

  $ 92,239     $ 0.30155093  

ALTL

    1,840,711       0.17784648  

BUL

    223,941       0.21327715  

CAFG

    5,515       0.03151429  

CALF

    22,434,893       0.16375834  

COWZ

    104,282,222       0.29769404  

ECOW

    688,406       0.18357494  

COWG

    93,413       0.04246046  

GCOW

    15,375,985       0.28212817  

ICOW

    9,254,914       0.25708095  

INDS

           

PALC

    990,311       0.14457095  

PAMC

    108,512       0.09864728  

PEXL

    50,739       0.04612637  

PWS

    161,000       0.18941177  

SHPP

    7,617       0.19042500  

SRVR

           

SZNE

    184,016       0.14721280  

PTEU

    1,192,866       0.68163772  

PTIN

    3,142,461       0.57659835  

PTLC

    28,840,382       0.51044924  

PTMC

    7,000,000       0.63063064  

PTNQ

    15,996,062       0.96072445  

TRFK

    5,091       0.02828334  

VIRS

    8,002       0.08002000  

FLRT

    1,533,325       0.48369874  

PTBD

    1,517,566       0.16861845  

 

On December 27, 2023, the following Fund declared a distribution from ordinary income to shareholders of record as of December 29, 2023, Payable January 4, 2024, as follows:

 

   

Ordinary Income

   

Per Share Amount

 

HERD

  $ 466,817     $ 0.21218955  

TRND

    1,304,500       0.74542858  

 

219

 

 

Pacer Funds

Review of Liquidity Risk Management Program
(Unaudited)

 

Pursuant to Rule 22e-4 under the Investment Company Act of 1940, the Trust has adopted a liquidity risk management program to govern the Trust’s approach to managing liquidity risk. Rule 22e-4 seeks to promote effective liquidity risk management, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders. The Trust’s liquidity risk management program is tailored to reflect its particular risks, but not to eliminate all adverse impacts of liquidity risk.

 

The Investment Adviser to the Trust has adopted and implemented its own written liquidity risk management program (the “Program”) tailored specifically to assess and manage the liquidity risk of the funds it advises.

 

On September 20, 2023, the Trustees of Pacer Funds Trust reviewed and considered a written report prepared by the program administrator of the Funds’ Liquidity Risk Management Program (the “Program”), which addressed the operation of the Program and assessed the Program’s adequacy and effectiveness of implementation. In considering the report, the Trustees noted that the Program Administrator has determined that certain funds within the Pacer Funds Trust are deemed “In-Kind” in accordance with Rule 22e-4. They then reviewed the changes to the Program that were implemented during the past year with the Program Administrator, and reviewed all of the material features of the Program to ensure that they understand how the Program is designed to assess and manage the risk that the Funds within the Trust could not meet requests to redeem shares issued by the Funds without significant dilution of remaining investors in the Funds. Following this review and discussion, the Trustees determined that they believe the disclosures in the report, taken as a whole, provide the information necessary for the Trustees to effectively assess the Program and its implementation, and that they are comfortable with the report’s conclusion that the Program is reasonably designed to assess and manage the Funds’ liquidity risk, and that the Program has operated as intended during the past year.

 

220

 

 

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited)

 

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

 

Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.

 

NOTE 2 – FEDERAL TAX INFORMATION

 

Qualified Dividend Income/Dividends Received Deduction/Short Term Capital Gains

 

For the fiscal year/period ended April 30, 2023, certain dividends paid by the Funds may be subject to a maximum tax rate of 23%, as provided for by the Tax Cuts and Jobs Act of 2017. The following are the percentage of dividends declared from ordinary income designated as qualified dividend income (“QDI”), for corporate shareholders, the percent qualifying for the corporate dividends received deduction (“DRD”), and the percentage of taxable ordinary income distributions that are designated as short-term capital gain (“STCG”) distributions under Internal Revenue Section 871(k)(2)(C) for each fund.

 

 

QDI

DRD

STCG

PTLC

32.80%

32.55%

0.00%

PTMC

44.67%

44.62%

0.00%

PTNQ

60.73%

58.97%

0.00%

PTEU

73.30%

0.72%

0.00%

PTIN

99.43%

6.82%

0.00%

PTBD

0.00%

0.00%

0.00%

TRND

20.88%

15.85%

0.00%

COWZ

100.00%

100.00%

0.00%

CALF

100.00%

100.00%

0.00%

GCOW

97.51%

16.60%

0.00%

ICOW

100.00%

0.04%

0.00%

ECOW

75.83%

1.58%

0.00%

COWG

100.00%

100.00%

0.00%

BUL

100.00%

100.00%

0.00%

HERD

100.00%

45.15%

0.98%

PWS

35.49%

34.45%

0.00%

INDS

19.80%

3.82%

0.00%

SRVR

32.88%

3.09%

0.00%

SZNE

100.00%

100.00%

0.00%

AFTY

100.00%

0.00%

0.00%

VIRS

100.00%

100.00%

0.25%

ALTL

100.00%

100.00%

0.00%

PAMC

100.00%

100.00%

0.00%

PALC

100.00%

97.81%

0.00%

PEXL

100.00%

100.00%

0.00%

FLRT

0.00%

0.00%

0.00%

TRFK

100.00%

100.00%

0.00%

SHPP

97.62%

31.28%

0.00%

 

221

 

 

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

 

Foreign Tax Credit Pass Through

 

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the year/period ended April 30, 2023. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

 

                   

Per Share

 

Fund

 

Gross Foreign
Source Income

   

Foreign Taxes
Passthrough

   

Gross Foreign
Source Income

   

Foreign Taxes
Passthrough

 

PTLC

  $     $     $     $  

PTMC

                       

PTNQ

                       

PTEU

    561,229       95,692       0.34       0.06  

PTIN

    1,837,328       192,825       0.40       0.04  

PTBD

                       

TRND

    18,494       18,494       0.01       0.01  

COWZ

                       

CALF

                       

GCOW

    53,229,700       4,644,285       1.15       0.10  

ICOW

    15,101,347       1,505,553       0.81       0.08  

ECOW

    1,675,467       135,495       0.59       0.05  

COWG

                       

BUL

                       

HERD

    376,560       34,987       0.26       0.02  

PWS

                       

INDS

                       

SRVR

                       

SZNE

                       

AFTY

    165,592       16,574       0.54       0.05  

VIRS

                       

ALTL

                       

PAMC

                       

PALC

                       

PEXL

                       

FLRT

                       

TRFK

                       

SHPP

    16,485       1,688       0.41       0.04  

 

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

 

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

 

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

 

NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS

 

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Part F of Form N-PORT. The Funds’ Part F of Form N-PORT is available without charge, upon request, by calling toll-free at (800) 617-0004. Furthermore, you may obtain Part F of Form N-PORT on the SEC’s website at www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.paceretfs.com daily.

 

222

 

 

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

 

NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES

 

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information on how the Fund voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.

 

NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS

 

PTBD

 

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on September 20, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Trendpilot Bond ETF Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer Trendpilot US Bond ETF (“Trendpilot Bond ETF” or the “Fund”). The Board also considered the continuation of the investment sub-advisory agreement (the “Vident Sub-Advisory Agreement”) between the Adviser and Vident Investment Advisory, LLC (“Vident” or the “Sub-Adviser”) with respect to the Fund.

 

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement.

 

Representatives from the Adviser and Vident presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s and Vident’s services, fees and other aspects of the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Trendpilot Bond ETF Advisory Agreement and Vident Sub-Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

 

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement; (2) the Adviser’s and Vident’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Trendpilot Bond ETF Advisory Agreement and the Vident Sub-Advisory Agreement; (3) the Adviser’s and Vident’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and Vident is prepared to provide to Trendpilot Bond ETF; (5) the advisory fee payable by the Trendpilot Bond ETF to the Adviser for its services and the sub-advisory fee payable to Vident by the Adviser under the Vident Sub-Advisory Agreement; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and Vident.

 

In considering the approval of the Trendpilot Bond ETF Advisory Agreement and the Vident SubAdvisory Agreement, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser and Vident, including the performance of the Adviser and Vident with respect to the Trendpilot Bond ETF; (ii) the costs and benefits, including the fee to be paid to the Adviser by the Trendpilot Bond ETF, of the advisory services to be provided to the Trendpilot Bond ETF; (iii) the fee paid to Vident by the Adviser; and (iv) potential economies of scale.

 

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Nature, Extent and Quality of Services to be Provided by the Adviser and Vident. The Board reviewed the scope of services provided by the Adviser under the Trendpilot Bond ETF Advisory Agreement and Vident under the Vident Sub-Advisory Agreement. In this regard, the Trustees reviewed the Trendpilot Bond ETF’s investment goal and investment strategy, and each of the Adviser’s and Vident’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by Vident, the Board considered Vident’s ability to ensure compliance with the Trendpilot Bond ETF’s strategies, policies, and limitations. The Board reviewed, a comparison of the Fund’s performance for the one-year, three-year and since inception periods ended June 30, 2023, to that of its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Trustees also considered the successful performance of Vident in managing the Trendpilot Bond ETF. In addition, the Trustees reviewed the management team at the Adviser and Vident that is responsible for managing the Trendpilot Bond ETF, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and Vident and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding Vident’s compliance program as such relates to the operation of the Bond ETF.

 

Based on its review, the Board determined that each of the Adviser and Vident is capable of providing all necessary advisory and sub-advisory services required by the Trendpilot Bond ETF, as indicated by the Adviser’s and Vident’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Trendpilot Bond ETF relative to its underlying index and other products managed by the Adviser and Vident with similar investment objectives and strategies as the Bond ETF. The Board also considered other services provided to the Bond ETF by the Adviser and Vident, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Trendpilot Bond ETF’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

 

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services provided and to be provided to the Trendpilot Bond ETF by the Adviser and Vident, respectively.

 

Costs and Benefits of Advisory Services to be Provided to the Trendpilot Bond ETF. In considering the advisory fees payable by the Trust to the Adviser and the Trendpilot Bond ETF’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared Trendpilot Bond ETF’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether the Trendpilot Bond ETF was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of the Trendpilot Bond ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fallout” benefits received by the Adviser from its relationship with the Trendpilot Bond ETF, considering the Adviser’s profitability analysis prepared and shared by the Adviser’s management.

 

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that Trendpilot Bond ETF’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

 

Costs and Benefits of Vident’s Sub-Advisory Services to be Provided to the Trendpilot Bond ETF. The Board noted that the sub-advisory fees paid to Vident are paid by the Adviser and would not be additional fees to be borne by Trendpilot Bond ETF. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and Vident. In considering the subadvisory fees payable by the Adviser to Vident, the Board evaluated the compensation and benefits received or likely to be received by Vident from the Adviser relating to the services provided to the Trendpilot Bond ETF. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the sub-advisory fees payable to Vident under the Vident Sub-Advisory Agreement with the Adviser were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Adviser.

 

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Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser and the Sub-Adviser as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. For each Fund, the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.

 

In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

 

CSOP

 

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on September 20, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “CSOP Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the CSOP ETF (“CSOP ETF” or the “Fund”). The Board also considered the continuation of the investment sub-advisory agreement (the “CSOP Sub-Advisory Agreement”) between the Adviser and CSOP Asset Management Limited (“CSOP” or the “Sub-Adviser”) with respect to the Fund.

 

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement as it relates to the Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser, Sub-Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the CSOP Advisory Agreement and CSOP Sub-Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser and the Sub-Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the respective agreements. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement.

 

Representatives from the Adviser and CSOP presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s and CSOP’s services, fees and other aspects of the CSOP Advisory Agreement and CSOP Sub-Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the CSOP Advisory Agreement and CSOP Sub-Advisory Agreement including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

 

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement; (2) the Adviser’s and CSOP’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement; (3) the Adviser’s and CSOP’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser and CSOP is prepared to provide to CSOP ETF; (5) the advisory fee payable by the CSOP ETF to the Adviser for its services and the sub-advisory fee payable to CSOP by the Adviser under the CSOP Sub-Advisory Agreement; (6) certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding the Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser and CSOP.

 

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In considering the approval of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement, respectively, the Board considered various factors that the Trustees determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Adviser and CSOP, including the performance of the Adviser and CSOP with respect to the CSOP ETF; (ii) the costs and benefits, including the fee to be paid to the Adviser by the CSOP ETF, of the advisory services to be provided to the CSOP ETF; (iii) the fee paid to CSOP by the Adviser; and (iv) potential economies of scale.

 

Nature, Extent and Quality of Services to be Provided by the Adviser and CSOP. The Board reviewed the scope of services provided by the Adviser under the CSOP Advisory Agreement and CSOP under the CSOP Sub-Advisory Agreement. In this regard, the Trustees reviewed CSOP ETF’s investment goal and investment strategy, and each of the Adviser’s and CSOP’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. With respect to sub-advisory services to be provided by CSOP, the Board noted that the Sub-Adviser has assets allocated to it by the Adviser and considered CSOP’s ability to ensure compliance with CSOP ETF’s strategies, policies, and limitations. The Board reviewed, a comparison of the Fund’s performance for the one-year, three-year, five-year and since inception periods ended June 30, 2023, to that of its specified underlying index and that, during the year, the Board received periodic reports on the Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that the Fund generally performed in line with its underlying index over the relevant periods. The Trustees also considered the successful performance of CSOP in managing the CSOP ETF. In addition, the Trustees reviewed the management team at the Adviser and CSOP that is responsible for managing the CSOP ETF, including staffing, skills and compensation program, and considered various other portfolios advised by the Adviser and CSOP and any potential conflicts. The Board also considered a report from the Trust’s Chief Compliance Officer regarding CSOP’s compliance program as such relates to the operation of the CSOP ETF.

 

Based on its review, the Board determined that each of the Adviser and CSOP is capable of providing all necessary advisory and sub-advisory services required by the CSOP ETF, as indicated by the Adviser’s and CSOP’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the CSOP ETF relative to its underlying index and other products managed by the Adviser and CSOP with similar investment objectives and strategies as the CSOP ETF. The Board also considered other services provided to the CSOP ETF by the Adviser and CSOP, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the CSOP ETF’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

 

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 CSOP ETF by the Adviser and CSOP, respectively.

 

Costs and Benefits of Advisory Services to be Provided to the CSOP ETF. In considering the advisory fees payable by the Trust to the Adviser and the CSOP ETF’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared CSOP ETF’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether CSOP ETF was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of the CSOP ETF, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was further noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received by the Adviser from its relationship with the CSOP ETF, considering the Adviser’s profitability prepared and shared by the Adviser’s management.

 

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that CSOP ETF’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

 

Costs and Benefits of CSOP’s Sub-Advisory Advisory Services to be Provided to the CSOP ETF. The Board noted that the sub-advisory fees paid to CSOP are paid by the Adviser and would not be additional fees to be borne by CSOP ETF. The Board also noted that the sub-advisory fees were the product of arms-length negotiations between the Adviser and CSOP. In considering the sub-advisory fees payable by the Adviser to CSOP, the Board evaluated the compensation and benefits received or likely to be received by CSOP from the Adviser relating to the services provided to the CSOP ETF. Based on the factors above, as well as those discussed below, the Board concluded,

 

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within the context of its full deliberations, that the sub-advisory fees payable to CSOP under the CSOP Sub-Advisory Agreement with the Adviser were reasonable in light of the nature and quality of the services rendered and, where relevant, expected to be rendered by the Sub-Adviser.

 

Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser and the Sub-Adviser as the assets of the Fund may grow in the future. In considering the extent to which economies of scale would be realized as the Fund grows and whether advisory fee levels reflect those economies of scale for the benefit of the Fund’s investors, the Trustees considered that the Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of the Fund. For the Fund, the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Fund’s shareholders benefited from the Adviser’s commitment to pay the Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Fund would not directly result in economies of scale for shareholders.

 

Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement with respect to the Fund are fair and reasonable; (b) concluded that the Adviser’s fees and the Sub-Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser and the Sub-Adviser, respectively, to the Fund; and (c) agreed to approve the renewal of the CSOP Advisory Agreement and the CSOP Sub-Advisory Agreement as to the Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

 

USAI, GCOW, COWZ, PTEU and PWS

 

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held a meeting on September 20, 2023 (the “Meeting”) for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Adviser”), relating to the Pacer American Energy Independence ETF (USAI), Pacer Global Cash Cows Dividend ETF (GCOW), Pacer US Cash Cows 100 ETF (COWZ), Pacer Trendpilot European ETF (PTEU) and Pacer Wealthshield ETF (PWS) (each, a “Fund” and together, the “September Renewal Funds”).

 

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the renewal of the Investment Advisory Agreement as it relates to each Fund at the Meeting, based on its review of qualitative and quantitative information provided by the Adviser as well as the Trust’s other service providers. Prior to deciding to approve the renewal of the Investment Advisory Agreement at the Meeting, the Independent Trustees requested and obtained from the Adviser such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the renewal of the Investment Advisory Agreement.

 

The Independent Trustees carefully evaluated information provided by the Adviser, including: a copy of the Investment Advisory Agreement; the Adviser’s responses to a questionnaire designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; the Adviser’s Form ADV; information describing the nature, quality and extent of services that the Adviser has and is prepared in the future to provide to the Funds, and the advisory fees payable to the Adviser for its services; certain comparative information prepared by Broadridge Financial Solutions (“Broadridge”) regarding each Fund’s fees and expenses relative to the fees and expenses of other funds with similar investment objectives and strategies; a copy of the Trust’s registration statement that included the Funds; information regarding compliance; marketing and distribution related initiatives; changes (if any) in personnel serving the Funds; and information regarding the financial condition of the Adviser.

 

Representatives from the Adviser, along with other Trust service providers, presented additional information and participated in question-and-answer sessions at the Meeting to help the Board evaluate the Adviser’s services, fees and other aspects of the Investment Advisory Agreement. Independent Trustee Counsel reviewed the factors the Trustees should consider in approving the Advisory Agreement, including the following to the extent applicable: (1) the nature, quality and extent of the services to be provided by the Adviser; (2) the cost of the services provided and the profits realized by the Adviser from services rendered to the Trust; (3) comparative fee and expense data for the Trust’s series and other

 

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investment companies with similar investment objectives; (4) the extent to which economies of scale would be realized as the Trust’s assets grew and whether the advisory fee payable to the Adviser reflects these economies of scale; and (5) other incidental and “fall-out” benefits to the Adviser and its affiliates resulting from services rendered to the Trust.

 

The Board, including the Independent Trustees evaluated these factors and various materials in connection with the approval process, including: (1) a copy of the each Fund’s Advisory Agreement; (2) the Adviser’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Fund’s Advisory Agreement; (3) the Adviser’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Adviser is prepared to provide to the Funds; (5) the advisory fee payable by each Fund to the Adviser for its services; (6) certain comparative information prepared by Broadridge regarding each Fund’s fees and expenses and performance relative to the fees and expenses of other comparable funds and each Fund’s underlying index; (7) a copy of the Trust’s registration statement and prospectuses; and (8) information regarding the ownership and management structure, financial condition, and compliance program of the Adviser.

 

Nature, Extent and Quality of Services to be Provided by the Adviser. The Board reviewed the scope of services to be provided by the Adviser under the Investment Advisory Agreement. In this regard, the Trustees reviewed each Fund’s investment goal and investment strategy, and the Adviser’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. In addition, the Trustees reviewed the management team at the Adviser that would be responsible for managing each Fund, including staffing, skills and compensation program, and considered various other Funds advised by the Adviser and any potential conflicts.

 

Based on its review, the Board determined that the Adviser is capable of providing all necessary advisory services required by each Fund, as indicated by the Adviser’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds relative to their respective underlying indexes. The Board reviewed, a comparison of each September Renewal Fund’s performance for the one-year, three-year, five-year and since inception periods ended June 30, 2023, to that of its underlying index and that, during the year, the Board received periodic reports on each Fund’s short- and longer-term performance in comparison with its underlying index. The Board noted that each of the September Renewal Fund’s generally performed in line with its underlying index over the relevant periods. The Board also considered other services provided to the Funds by the Adviser, where relevant, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each Fund’s investment restrictions, and monitoring compliance with various policies and procedures and with applicable securities regulations.

 

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 Adviser.

 

Costs and Benefits of Advisory Services to be Provided to the Funds. In considering the advisory fees payable by the Trust to the Adviser and each Fund’s expense ratio, the Board reviewed statistical information prepared by Broadridge regarding the expense ratio components, including gross and net total expenses of the Fund in comparison with the same information for other ETFs, objectively selected by Broadridge as comprising the Fund’s applicable expense peer group (“Peer Group”) pursuant to Broadridge’s proprietary ETF methodology. The Board was provided with a detailed description of the proprietary ETF methodology used by Broadridge to determine the Fund’s peer group. The Board noted that, due to the limitations in providing comparable funds in the peer group, the statistical information provided in Broadridge’s report may or may not provide meaningful direct comparisons to the Fund in all instances. The Board compared each Fund’s expense ratio to the expense ratios of funds in its Peer Group, focusing on whether each Fund was charged fees that were within the range of fees charged by those in the Peer Group. It also noted that the Adviser had contractually agreed to pay the operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and incidental or “fall-out” benefits received (or proposed or likely to be received) by the Adviser from its relationship with the Funds, taking into account assessments of the Adviser’s profitability prepared and shared by the Adviser’s management.

 

Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Adviser.

 

Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Adviser as the assets of the Funds may grow in the future. In considering the extent to which economies of scale would be realized as the Funds grow and whether advisory fee levels reflect those economies of scale for the benefit of the Funds’ investors, the Trustees considered that each Fund’s fee arrangement with the Adviser involved a contractual commitment by the Adviser to pay the operating expenses of each Fund. For each Fund the Trustees considered that, while the investment advisory fee would remain the same at all asset levels, the Funds’ shareholders benefited from the Adviser’s commitment to pay each Fund’s operating expenses out of its investment advisory fee. The Trustees noted that the advisory fee structure of the Funds would not directly result in economies of scale for shareholders.

 

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Based on its deliberations and its evaluation of the information described above, at the Meeting, the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Adviser’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Adviser to each Fund; and (c) agreed to approve the renewal of the Investment Advisory Agreement as to each Fund for an additional annual period. In its deliberations at the Meeting, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

 

NOTE 6 – TRUSTEES AND OFFICERS

 

The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.

 

Additional information about each Trustee of the Trust is set forth below. The address of each Trustee of the Trust is c/o Pacer Advisors, Inc., 500 Chesterfield Parkway, Malvern, Pennsylvania 19355 .

 

Name and Year of Birth

Position(s)
Held with
the Trust

Term of Office
and Length of
Time Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios in
Fund
Complex
Overseen
By Trustee

Other
Directorships
held by
Trustee During
Past Five Years

Interested Trustee

         

Joe M. Thomson
Born: 1944

Trustee, Chairman, President, and Principal Executive Officer

Indefinite Term; since 2014

Founder/President at Pacer Advisors, Inc. (since 2005)

52

Director, First Cornerstone Bank (2000–2016)

Independent Trustees

         

Deborah G. Wolk
Born: 1950

Lead Independent Trustee

Indefinite Term; since 2015

Self-employed providing accounting services and computer modeling (since 1997)

52

0

Jane K. Sagendorph
Born: 1951

Trustee

Indefinite Term; since 2021

Accountant, BluFish Designs (since 2011)

52

0

Colin C. Lake
Born: 1971

Trustee

Indefinite Term; since 2021

Founder/President, Developing the Next Leaders, Inc. (consulting) (since 2016)

52

0

 

229

 

 

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

 

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)

 

230

 

 

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Advisor

Pacer Advisors, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Index Provider

CFRA
One New York Plaza, 34th Floor
New York, NY 10004
FTSE International Limited
12th Floor, 10 Upper Bank Street
Canary Wharf, London E14 5NP

 

Index Design Group, LLC
500 Chesterfield Parkway
Malvern, PA 19355

 

LifeSci Index Partners, LLC
250 W 55th St, Suite 16b
New York, NY 10019

 

Lunt Capital Management, Inc.
215 S State St, Suite 100
Salt Lake City, UT 84111

 

Solactive AG
Platz der Einheit 1
60327 Frankfurt am Main
Germany

 

S&P Dow Jones Indices LLC
55 Water Street
New York, NY 10041

Custodian

U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212

 

Sub Adviser

Vident Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, GA 30009

 

CSOP Asset Management Limited
2802, Two Exchange Square, 8 Connaught Place Central, Hong Kong

 

Aristotle Pacific Capital, LLC
840 Newport Center Drive, 7th Floor
Newport Beach, CA 92660

Distributor

Pacer Financial, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Independent Registered
Public Accounting Firm

Sanville & Company
2617 Huntingdon Pike
Huntingdon Valley, PA 19006

Legal Counsel

Practus, LLP
11300 Tomahawk Creek Parkway, Suite 310
Leawood, Kansas 66211