Pacer Cash Cows Fund of Funds ETF NCSR Certified annual shareholder report (management investment company)

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23024

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

16 Industrial Boulevard, Suite 201

Paoli, PA 19301
(Address of principal executive offices) (Zip code)

Joe M. Thomson, President

16 Industrial Boulevard, Suite 201

Paoli, PA 19301
(Name and address of agent for service)

610-644-8100

Registrant's telephone number, including area code

Date of fiscal year end: April 30

Date of reporting period: June 12, 2015 – April 30, 2016

Item 1. Reports to Stockholders.

	ANNUAL REPORT
	April 30, 2016

Pacer Trendpilot™ 750 ETF Ticker: PTLC
Pacer Trendpilot™ 450 ETF Ticker: PTMC
Pacer Trendpilot™ 100 ETF Ticker: PTNQ
Pacer Trendpilot™ European Index ETF Ticker: PTEU
Pacer Autopilot Hedged European Index ETF Ticker: PAEU
Pacer Global High Dividend ETF Ticker: PGHD

Pacer Funds

TABLE OF CONTENTS

	Page
Letters to Shareholders	1
Portfolio Allocation	10
Performance Summary	14
Expense Example	26
Schedules of Investments	29
Statements of Assets and Liabilities	97
Statements of Operations	99
Statements of Changes in Net Assets	101
Financial Highlights	107
Notes to Financial Statements	113
Report of Independent Registered Public Accounting Firm	124
Additional Information	125
Privacy Policy	134

Pacer Funds

Dear Shareholder:

Pacer ETFs (Pacer) launched three initial funds on June 11, 2015 and added three more during its first fiscal year end. Pacer is excited to be a part of the growing ETF landscape and as the ETF industry expands, we remain well-positioned. The ETF market continues to grow in the number of ETF sponsors and assets. ETFs have seen exceptional growth and are now being used as long-term core investment strategies. Since the very first ETF’s inception, the exchange traded fund arena has grown to 6,146 products and nearly $3 trillion globally through 2015. The industry is taking a turn towards more passive investing with 272 exchange traded products launched since our inception last year. In our first year, we raised $653 million (as of 6/9/16) and earned 7 awards from various ETF publications. Pacer’s strategy driven ETFs serve as long-term investment vehicles using a rules-based, passive management approach. Investors are realizing the many benefits of using ETFs in achieving their investment goals.

I’d like to extend the sincerest thank you to our shareholders for giving a new ETF provider some of your time and learning about our strategies. To those of you who reached outside your normal repertoire of investments and used our strategy driven solutions to address your investment needs, we at Pacer are very appreciative of your business.

As we continue to grow and look to expand our arsenal of ETFs, our mission is to provide strategy driven investments as solutions for investor concerns. I am excited to see what the next year holds and I hope you are too.

Sincerely,

Joe M. Thomson

Chairman, Pacer Funds Trust

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

An investment in the Funds is subject to investment risk, including the possible loss of principal. Pacer ETF shares may be bought and sold on an exchange through a brokerage account. Brokerage commissions and ETF expenses will reduce investment returns. There can be no assurance that an active trading market for ETF shares will be developed or maintained. The risks associated with these funds are detailed in the prospectus and could include factors such as concentration risk, equity market risk, fixed

Pacer Funds

income risk, government obligations risk, high portfolio turnover risk, large and mid-capitalization investing risk, new fund risk, other investment companies risk, passive investment risk, tracking risk, trend lag risk, currency exchange rate risk, European investments risk, foreign securities risk, geographic concentration risk, forward currency contracts risk, non-diversification risk and/or special risks of exchange traded funds.

Pacer Wilshire US Large-Cap Trendpilot™ Index and Pacer Wilshire US Mid-Cap Trendpilot™ Index (“Indices”) are the property of Index Design Group, LLC (“IDG”) based on methodology supplied by IDG and are Powered by Wilshire^SM. Indices Powered by Wilshire^SM are generally based on third party methodology, but maintained and calculated by Wilshire Associates Incorporated (“Wilshire”). Wilshire makes no representations or warranties, express or implied, regarding the methodology used to calculate the Indices; the intended purpose of the Indices; the ability of the Indices to accurately represent the asset class or market sector that it purports to represent; nor advisability of investing in an investment product based on the Indices that is not sponsored, endorsed, sold, or promoted by Wilshire. Wilshire shall have no liability for any errors, omissions, or interruptions of any Index or the data included therein. Wilshire^®, Wilshire Indexes^SM, Wilshire US Large-Cap Index^SM, Wilshire US Mid-Cap Index^SM, Wilshire 5000 Total Market Index^SM, Wilshire Small Cap Index^SM, and Powered by Wilshire^SM are service marks of Wilshire Associates Incorporated, Santa Monica, California. All other trade names, trademarks, and/or service marks are the property of their respective holders.

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

FTSE International Limited (“FTSE”) © FTSE 2015. FTSE^® is a trade mark of London Stock Exchange Plc and The Financial Times Limited and is used by FTSE under license. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data. No further distribution of FTSE Data is permitted without FTSE’s express written consent.

Distributor: Pacer Financial, Inc., member FINRA, SIPC, an affiliate of Pacer Advisors, Inc. Investment products offered are: Not FDIC Insured • No Bank Guarantee • May Lose Value

Trendpilot™ and Autopilot ETFs™ are trademarks of Index Design Group, LLC.

Pacer Funds

Market Environment Overview

The last twelve months have been a volatile period for investors. Fears of weakening economic growth weighed on markets, causing abrupt sell offs that were immediately followed by snapback rallies, as supportive central bank commentary renewed risk appetite. Over the course of the year, the S&P 500 crossed the 200 day moving average a total of 18 times, reflecting the lack of conviction in the market. Elevated valuations, declining earnings, and disappointing economic growth have warranted caution, yet the economy has managed to muddle through at a slow, but positive pace. In the near term this may continue, however as time goes on, improvements in economic growth and corporate earnings will be necessary to avoid the economy drifting into a recession and a possible severe market decline.

The Trendpilot™ Series

The Trendpilot™ series, a first of their kind, uses a trend following strategy designed to participate in the market when it is trending up, maintain some exposure during short term market declines, and exit the market when it is trending down.

Pacer Trendpilot™ 750 ETF

The Pacer Trendpilot™ 750 ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Wilshire US Large-Cap Trendpilot™ Index (the “Index”).

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Wilshire US Large-Cap^® Index (the “Wilshire Large-Cap”), (ii) 50% to the Wilshire Large-Cap and 50% to 3-Month US Treasury Bills (“T-Bills”) or (iii) 100% to 3-Month US T-Bills, depending on the relative performance of the Wilshire US Large-Cap Total Return Index™ (“Wilshire Large-Cap TR”) and its 200-business day historical simple moving average (the “200-day moving average”). The Wilshire Large-Cap TR is a total return version of the Wilshire Large-Cap and reflects the reinvestment of dividends paid by the securities in the Wilshire Large-Cap.

The Wilshire Large-Cap is a rules-based, float-adjusted, market capitalization-weighted index comprised of approximately 750 of the largest companies in the Wilshire 5000 Total Market Index™ (the “Wilshire 5000”). The Wilshire 5000 is an unmanaged, market capitalization-weighted index that measures the performance of all equity securities of U.S. headquartered issuers with readily available price data.

The Fund

The fund’s inception date was June 11, 2015. The Fund had a total return of -12.10% during this period while the Pacer Wilshire US Large-Cap Trendpilot Index had a total return of -11.60%. The Wilshire US Large Cap Index had a total return of -0.50%.

Pacer Funds

The fund was invested in 100% equities at the time of launch investing in the underlying securities of the Wilshire US Large-Cap^® Index. There were four times since inception through the FYE of 4/30 when the fund moved between equity exposure and T-Bills:

	•	August 27, 2015 –two triggers occurred simultaneously and moved directly to 100% T-Bills
	•	October 29, 2015 – moved to 100% Equities
	•	January 8, 2016 – two triggers occurred simultaneously and moved directly to 100% T-Bills
	•	March 18, 2016 – moved to 100% Equities

The Fund remained invested in 100% equities through the fiscal year end.

There was a lot of volatility in the markets during this period which caused the fund to underperform its benchmark index. The top three sectors for performance were Utilities at 2.12%, Consumer Staples at -1.56% and Financials at -2.77%. The three sectors with the worst performance were Information Technology at -13.23%, which had the largest weighting, Materials at -18.74% and Energy at -24.87%. The dates referenced above represent the fund position at the close of business on that day.

Pacer Trendpilot™ 450 ETF

The Pacer Trendpilot 450 ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer Wilshire US Mid-Cap Trendpilot Index (the “Index”).

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Wilshire US Mid-Cap^® Total Return Index (the “Wilshire Mid-Cap”), (ii) 50% to the Wilshire Mid-Cap and 50% to 3-Month US Treasury Bills (“T-Bills”), or (iii) 100% to 3-Month US T-Bills, depending on the relative performance of the Wilshire US Mid-Cap Total Return Index™ (“Wilshire Mid-Cap TR”) and its 200-business day historical simple moving average (the “200-day moving average”). The Wilshire Mid-Cap TR is a total return version of the Wilshire Mid-Cap and reflects the reinvestment of dividends paid by the securities in the Wilshire Mid-Cap.

The Wilshire Mid-Cap is a rules-based, float-adjusted, market capitalization-weighted index comprised of approximately 500 mid-sized companies ranked between 500 and 1,000 in the Wilshire 5000 Total Market Index™ (the “Wilshire 5000”). The Wilshire 5000 is an unmanaged, market capitalization-weighted index that measures the performance of all equity securities of U.S. headquartered issuers with readily available price data.

Pacer Funds

The Fund

The Fund’s inception date was June 11, 2015. The Fund had a total return of -4.82% during this period while the Pacer Wilshire US Mid-Cap Trendpilot Index had a total return of -4.20%. The Wilshire US Mid-Cap Index had a total return of -5.62%.

The fund was invested in 100% equities at the time of launch investing in the underlying securities of the Wilshire US Mid-Cap^® Index. There were two times during the fiscal year where the fund moved between all equity exposure and T-Bills.

	•	August 27, 2015 – two triggers occurred simultaneously and moved directly to 100% T-Bills
	•	April 5, 2016 – 100% Equities

The top three sectors for performance were Utilities at 4.65%, Telecommunication Services at .94%, and Consumer Staples at -2.19%. The three sectors with the worst performance were Energy at -7.66%, Industrials at -8.11%, and Information Technology at -20.38%. The dates referenced above represent the fund position at the close of business on that day.

Pacer Trendpilot™ 100 ETF

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

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the NASDAQ-100^® Index (the “NASDAQ-100”), (ii) 50% to the NASDAQ-100 and 50% to 3-Month US Treasury Bills (“T-Bills”), or (iii) 100% to 3-Month US T-Bills, depending on the relative performance of the NASDAQ-100 Total Return Index (“NASDAQ-100 TR”) and its 200-business day historical simple moving average (the “200-day moving average”). The NASDAQ-100 TR is a total return version of the NASDAQ-100 and reflects the reinvestment of dividends paid by the securities in the NASDAQ-100.

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

Pacer Funds

capitalization meeting all other eligibility requirements. As of May 21, 2015, the range of market capitalizations of companies in the NASDAQ-100^® Index was approximately $6.2 billion to $756.9 billion.

The Fund

The fund’s inception date was June 11, 2015. The Fund had a total return of -14.04% during this period while the Pacer NASDAQ-100 Trendpilot™ Index had a total return of -13.53%. The NASDAQ-100^® Index had a total return of -2.27%.

The fund had five exposure changes during the fiscal year:

	•	August 28, 2015 – 50% Equities & 50% T-Bills
	•	September 29, 2015 – 100% T-Bills
	•	October 22, 2015 – 100% Equities
	•	January 13, 2016 – two triggers occurred simultaneously and moved directly to 100% T-Bills
	•	March 23, 2016 – 100% Equities

The underperformance can be attributed to an extremely volatile period for the underlying Index. The NASDAQ-100 has 55% of its holdings in Information Technology. The top three sectors for performance were Materials at .37%, Consumer Discretionary at -3.65%, and Consumer Staples at -4.97%. The three sectors that had the worst performance were Health Care at -18.08%, Industrials at -19.33%, and Telecommunication Services at -19.63%. The NASDAQ-100 Total Return Index saw a 7% decline from June through August, then saw a 10% increase through December and then an 8% decline through February. The dates referenced above represent the fund position at the close of business on that day.

Pacer Trendpilot™ European Index ETF

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

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

Pacer Funds

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

The Fund

The fund’s inception date was December 14, 2015. The Fund had a total return of -0.13% during this period while the Pacer Trendpilot European Index had a total return of 0.10%. The FTSE Eurozone Total Return Index (USD) was 2.74%.

The fund was invested in T-Bills at the time of the launch as the Index was below the 200-day simple moving average. The fund remained invested in T-Bills through the fiscal year end.

Pacer Autopilot Hedged European Index ETF

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

The strategy is designed to alternate between a hedged and unhedged position on a monthly basis in an effort to take advantage of the fluctuations in the Euro/U.S. Dollar (EUR/USD) exchange rates.

The Pacer Autopilot Hedged European Index uses an objective, rules-based methodology (i) to invest in the component stocks of the FTSE Eurozone Index and (ii) to apply a proprietary currency hedging strategy pursuant to which the Index will be short the euro and long the U.S. dollar during periods when the Euro is trending weaker against the U.S. dollar. The component stocks of the FTSE Eurozone Index form the equity component of the Pacer Autopilot Hedged European Index. The Index’s proprietary currency hedging strategy is overlaid on top of the equity component.

Equity Exposure: 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 derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization.

Pacer Funds

Currency Hedging: During each period when the euro’s 20-day moving average is lower than its 130-day moving average, the Index will, in addition to its equity exposure, track 1-month forward currency contracts, rolled to each subsequent month as applicable, to offset the Index’s exposure to the euro with exposure to U.S. dollars (i.e., short the euro and long the U.S. dollar), known as being “currency hedged”. A forward currency contract is an agreement to buy or sell a specific currency at a future date at a price set at the time of the contract. During each period when the euro’s 20 day moving average is higher than its 130-day moving average, the Index will track only the equity exposure, known as being “currency unhedged”.

The Fund

The fund’s inception date was December 14, 2015. The Fund had a total return of 4.03%, and the Pacer Autopilot Hedged European Total Return Index was 4.81%. The FTSE Eurozone Index (Hedged to USD) was -0.28% and the FTSE Eurozone Index (USD) (Unhedged) was 2.74%. The fund was in a “currency hedged” position for the first three months, December, January, and February. The fund was in a “currency unhedged” position during the remainder of the fiscal year. The top three sectors for performance were Energy at 10.21%, Industrials at 7.12%, and Materials at 6.58%. The three sectors that had the worst performance were Telecommunication Services at -2.12%, Health Care at -3.43%, and Financials at -6.37%. Financials were the largest weighting at 21.64%. Applying the rules-based dynamic currency hedging strategy to the fund contributed to the positive performance.

Pacer Global High Dividend ETF

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

The Index uses an objective, rules-based methodology to provide exposure to global companies with high dividend yields 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

Pacer Funds

removed from the index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), are excluded from the index universe.

The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The 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.

At the time of each rebalance of the Index, the companies included in the Index are weighted based on the aggregate amount of dividends distributed by each company for the trailing twelve-month period, and weightings are capped at 2% of the weight of the Index for any individual company. The Index is reconstituted and rebalanced semi-annually as of the close of business on the 2nd Wednesday of June and December.

The FTSE All World Developed Large-Cap Index is comprised of approximately 1,000 companies in developed markets worldwide. Financial companies, other than real estate investment trusts (REITs) are excluded from the Index universe.

The Fund

The Fund’s inception date was February 22, 2016. The Fund had a total return of 8.64% and the Pacer Global Cash Cows High Dividends 100 Index total return was 8.84%. The FTSE All World Developed Large-Cap Index had a total return of 7.58%. There were several factors that contributed to positive performance. The three top sectors for performance during this period were Materials at 21.84%, Energy at 17.13%, and Industrials at 12.82%. The three sectors that had the lowest performance were Consumer Staples at 4.29%, Consumer Discretionary at 4.08%, and Information Technology at 3.92%. The Fund had a weighting of 36.44% U.S. and 63.56% International exposure at the end of the period. This allowed the fund to capture the returns of the higher yielding international companies. The return for each of those categories during that period is 7.55% and 11.38%, respectively. The top three countries that contributed most to the positive performance were the U.S., Switzerland, and Australia. The fund uses a rules based methodology that uses quality and value screens to select top constituents from the index universe. Free Cash Flow indicates a company is generating more cash than it needs to run the business and can invest in growth opportunities.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)

As of April 30, 2016

Pacer Trendpilot™ 750 ETF

	Percentage of
Sector^(a)	Net Assets
Consumer, Non-Cyclical		23.1	%
Financial		17.7	%
Communications		13.2	%
Technology		11.6	%
Consumer, Cyclical		10.7	%
Industrial		9.8	%
Energy		7.0	%
Utilities		3.5	%
Basic Materials		2.6	%
Exchange Traded Funds		0.6	%
Short-term Investments		0.1	%
Other assets in excess of liabilities		0.1	%
Total		100.0	%

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

Pacer Trendpilot™ 450 ETF

	Percentage of
Sector^(a)	Net Assets
Financial		28.5	%
Consumer, Non-Cyclical		16.9	%
Industrial		14.3	%
Consumer, Cyclical		11.0	%
Technology		9.6	%
Utilities		6.5	%
Basic Materials		4.1	%
Communications		4.1	%
Energy		4.0	%
Exchange Traded Funds		0.8	%
Short-term Investments		0.2	%
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 Wilshire US Mid-Cap Trendpilot™ Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)

As of April 30, 2016

Pacer Trendpilot™ 100 ETF

	Percentage of
Sector^(a)	Net Assets
Communications		36.2	%
Technology		33.9	%
Consumer, Non-Cyclical		18.5	%
Consumer, Cyclical		9.4	%
Industrial		0.9	%
Exchange Traded Funds		1.0	%
Short-term Investments		0.1	%
Liabilities in excess of other assets		0.0	%*
Total		100.0	%

*	Less than 0.05%.
^(a)	The Fund may classify a company in a different category than the Pacer NASDAQ-100 Trendpilot™ Index.

Pacer Trendpilot™ European Index ETF

	Percentage of
Asset Type^(a)	Net Assets
Short-term Investments		94.5	%
Other assets in excess of liabilities		5.5	%
Total		100.0	%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)

As of April 30, 2016

Pacer Autopilot Hedged European Index ETF

	Percentage of
Country^(a)	Net Assets
Austria		0.7	%
Belgium		4.7	%
Britain		2.7	%
Finland		3.3	%
France		31.0	%
Germany		29.3	%
Greece		0.3	%
Ireland		1.0	%
Italy		6.8	%
Luxembourg		0.6	%
Netherlands		7.1	%
Portugal		0.5	%
Spain		10.5	%
Switzerland		0.1	%
Short-Term Investments		0.2	%
Other assets in excess of liabilities		1.2	%
Total		100.0	%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)

As of April 30, 2016

Pacer Global High Dividend ETF

	Percentage of
Country^(a)	Net Assets
United States		36.0	%
Switzerland		11.3	%
Australia		7.4	%
France		5.9	%
United Kingdom		5.2	%
Germany		4.5	%
Spain		4.4	%
Hong Kong		3.5	%
Japan		3.5	%
Singapore		2.8	%
Italy		2.3	%
Sweden		2.1	%
Belgium		1.9	%
Finland		1.8	%
Macau		1.8	%
Norway		1.5	%
South Korea		1.5	%
Canada		1.1	%
Israel		0.5	%
Luxembourg		0.5	%
New Zealand		0.2	%
Short-term Investments		0.5	%
Liabilities in excess of other assets		(0.2	)%
Total		100.0	%

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

Pacer Trendpilot™ 750 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015 (commencement of the Fund’s operations), 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 Wilshire US Large-Cap Trendpilot™ Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Wilshire US Large-Cap Index™, (ii) 50% to the Wilshire US Large-Cap 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 Wilshire US Large-Cap Total Return Index™ and its 200-business day historical simple moving average. The Wilshire US Large-Cap Total Return Index™ is a total return version of the Wilshire US Large-Cap Index™ and reflects the reinvestment of dividends paid by the securities in the Wilshire US Large-Cap Index™.

The Wilshire US Large-Cap Index™ is a rules-based, float-adjusted, market capitalization-weighted index comprised of approximately 750 of the largest companies in the Wilshire 5000 Total Market Index™. The Wilshire 5000 Total Market Index™ is an unmanaged, market-capitalization-weighted index that measures the performance of all equity securities of U.S. headquartered issuers with readily available price data.

Pacer Trendpilot™ 750 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2016)

	Since
	Inception⁽²⁾
Pacer Trendpilot™ 750 ETF – NAV	-12.10%
Pacer Trendpilot™ 750 ETF – Market	-12.03%
Pacer Wilshire US Large-Cap Trendpilot™ Index⁽³⁾	-11.60%
Wilshire US Large-Cap Index™⁽³⁾	-0.50%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated June 10, 2015, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is June 11, 2015.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Trendpilot™ 450 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

The Pacer Wilshire US Mid-Cap Trendpilot™ Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Wilshire US Mid-Cap Index™, (ii) 50% to the Wilshire US Mid-Cap 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 Wilshire US Mid-Cap Total Return Index™ and its 200-business day historical simple moving average. The Wilshire US Mid-Cap Total Return Index™ is a total return version of the Wilshire Mid-Cap Index™ and reflects the reinvestment of dividends paid by the securities in the Wilshire Mid-Cap Index™.

The Wilshire US Mid-Cap Index™ is a rules-based, float-adjusted, market capitalization-weighted index comprised of approximately 500 mid-sized companies ranked between 500 and 1,000 in the Wilshire 5000 Total Market Index™. The Wilshire 5000 Total Market Index™ is an unmanaged, market-capitalization-weighted index that measures the performance of all equity securities of U.S. headquartered issuers with readily available price data.

Pacer Trendpilot™ 450 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2016)

	Since
	Inception⁽²⁾
Pacer Trendpilot™ 450 ETF – NAV	-4.82%
Pacer Trendpilot™ 450 ETF – Market	-4.73%
Pacer Wilshire US Mid-Cap Trendpilot™ Index⁽³⁾	-4.20%
Wilshire US Mid-Cap Index™⁽³⁾	-5.62%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated June 10, 2015, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is June 11, 2015.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Trendpilot™ 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

The 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 Total Return Index and its 200-business day historical simple moving average. The NASDAQ-100 Total Return Index is a total return version of the NASDAQ-100 Index and reflects the reinvestment of dividends paid by the securities in the NASDAQ-100 Index.

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

Pacer Trendpilot™ 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2016)

	Since
	Inception⁽²⁾
Pacer Trendpilot™ 100 ETF – NAV	-14.04%
Pacer Trendpilot™ 100 ETF – Market	-14.21%
Pacer NASDAQ-100 Trendpilot™ Index⁽³⁾	-13.53%
NASDAQ-100 Index⁽³⁾	-2.27%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated June 10, 2015, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is June 11, 2015.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Trendpilot™ European Index ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

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

Pacer Trendpilot™ European Index ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2016)

	Since
	Inception⁽²⁾
Pacer Trendpilot™ European Index ETF – NAV	-0.13%
Pacer Trendpilot™ European Index ETF – Market	0.00%
Pacer Trendpilot™ European Index⁽³⁾	0.10%
FTSE Eurozone Total Return Index (USD)⁽³⁾	2.74%

⁽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 14, 2015, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is December 14, 2015.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Autopilot Hedged European Index ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

The Pacer Autopilot Hedged European Index uses an objective, rules-based methodology (i) to invest in the component stocks of the FTSE Eurozone Index and (ii) to apply a proprietary currency hedging strategy pursuant to which the Index will be short the euro and long the U.S. dollar during periods when the euro is trending weaker against the U.S. dollar. The component stocks of the FTSE Eurozone Index form the equity component of the Pacer Autopilot Hedged European Index. The Index’s proprietary currency hedging strategy is overlayed on top of the equity component.

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 derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization.

Pacer Autopilot Hedged European Index ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2016)

	Since
	Inception⁽²⁾
Pacer Autopilot Hedged European Index ETF – NAV	4.03%
Pacer Autopilot Hedged European Index ETF – Market	-1.20%
Pacer Autopilot Hedged European Index⁽³⁾	4.81%
FTSE Eurozone Index (Hedged to USD)⁽³⁾	-0.28 %
FTSE Eurozone Index (USD) (Unhedged)⁽³⁾	2.74%

⁽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 14, 2015, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is December 14, 2015.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

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

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

Pacer Global High Dividend ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2016)

	Since
	Inception⁽²⁾
Pacer Global High Dividend ETF – NAV	8.64%
Pacer Global High Dividend ETF – Market	9.28%
Pacer Global Cash Cows High Dividends 100 Index⁽³⁾	8.84%
FTSE All World Developed Large-Cap Index⁽³⁾	7.58%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated December 14, 2015, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is February 22, 2016.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended April 30, 2016 (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 mutual 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.

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended April 30, 2016 (Unaudited) (Continued)

	Fund’s	Beginning	Ending	Expenses
	Annual	Account	Account	Paid
	Expense	Value	Value	During
	Ratio	11/01/15	04/30/16	Period^(a)
Pacer Trendpilot™ 750 ETF
Actual	0.60%	$1,000.00	$ 935.40	$2.89
Hypothetical^(b)	0.60%	$1,000.00	$1,021.88	$3.02

Pacer Trendpilot™ 450 ETF
Actual	0.60%	$1,000.00	$1,025.00	$3.02
Hypothetical^(b)	0.60%	$1,000.00	$1,021.88	$3.02

Pacer Trendpilot™ 100 ETF
Actual	0.65%	$1,000.00	$ 888.20	$3.05
Hypothetical^(b)	0.65%	$1,000.00	$1,021.63	$3.27

^(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 (182) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366).
^(b)	Assumes 5% return before expenses.

	Fund’s	Beginning	Ending	Expenses
	Annual	Account	Account	Paid
	Expense	Value	Value	During
	Ratio	12/14/15^(a)	04/30/16	Period^(b)
Pacer Trendpilot™
European Index ETF
Actual	0.65%	$1,000.00	$ 998.70	$2.45
Hypothetical^(c)	0.65%	$1,000.00	$1,016.40	$2.47

Pacer Autopilot Hedged
European Index ETF
Actual	0.65%	$1,000.00	$1,040.30	$2.50
Hypothetical^(c)	0.65%	$1,000.00	$1,016.40	$2.47

^(a)	Inception date of the Fund.
^(b)	The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (138) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366).
^(c)	Assumes 5% return before expenses.

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended April 30, 2016 (Unaudited) (Continued)

	Fund’s	Beginning	Ending	Expenses
	Annual	Account	Account	Paid
	Expense	Value	Value	During
	Ratio	02/22/16^(a)	04/30/16	Period^(b)
Pacer Global High Dividend ETF
Actual	0.60%	$1,000.00	$1,086.40	$1.16
Hypothetical^(c)	0.60%	$1,000.00	$1,008.17	$1.12

^(a)	Inception date of the Fund.
^(b)	The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (68) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366).
^(c)	Assumes 5% return before expenses.

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016

	Shares		Value
COMMON STOCKS – 95.4%

Administrative, Support & Waste Management
& Remediation Services – 0.0% (a)
The ADT Corp.		3,215	$	134,966

Advertising – 0.2%
Interpublic Group of Cos., Inc.		7,711		176,890
Omnicom Group, Inc.		4,742		393,444
				570,334
Aerospace/Defense – 2.2%
B/E Aerospace, Inc.		1,862		90,549
Boeing Co.		12,293		1,657,096
General Dynamics Corp.		4,986		700,633
Harris Corp.		2,265		181,223
L-3 Communications Holdings, Inc.		1,520		199,926
Lockheed Martin Corp.		5,464		1,269,724
Northrop Grumman Corp.		3,591		740,680
Orbital ATK, Inc.		947		82,389
Raytheon Co.		5,930		749,255
Rockwell Collins, Inc.		2,271		200,279
Spirit AeroSystems Holdings, Inc. – Class A (b)		2,631		124,052
TransDigm Group, Inc. (b)		982		223,768
United Technologies Corp.		16,581		1,730,559
				7,950,133
Agriculture – 1.8%
Altria Group, Inc.		38,790		2,432,521
Archer-Daniels-Midland Co.		10,551		421,407
Bunge Ltd.		2,730		170,625
Philip Morris International, Inc.		27,102		2,659,248
Reynolds American, Inc.		17,444		865,222
				6,549,023
Airlines – 0.6%
Alaska Air Group, Inc.		2,096		147,621
American Airlines Group, Inc.		11,953		414,650
Delta Air Lines, Inc.		15,421		642,593
JetBlue Airways Corp. (b)		3,444		68,157
Southwest Airlines Co.		10,082		449,758

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Airlines – 0.6% (Continued)
United Continental Holdings, Inc. (b)		6,598	$	302,254
				2,025,033
Apparel – 0.7%
Carter’s, Inc.		953		101,656
Hanesbrands, Inc.		7,601		220,657
NIKE, Inc. – Class B		25,124		1,480,809
Ralph Lauren Corp.		976		90,973
Skechers U.S.A, Inc. – Class A (b)		1,948		64,381
Under Armour, Inc. – Class A (b)		3,241		142,410
Under Armour, Inc. – Class C (b)		3,241		132,233
VF Corp.		5,283		333,093
				2,566,212
Auto Manufacturers – 0.7%
Ford Motor Co.		76,989		1,043,971
General Motors Co.		27,970		889,446
PACCAR, Inc.		6,597		388,629
Tesla Motors, Inc. (b)		1,696		408,329
				2,730,375
Auto Parts & Equipment – 0.3%
Allison Transmission Holdings, Inc.		516		14,866
Autoliv, Inc.		1,568		192,033
BorgWarner, Inc.		3,966		142,459
Goodyear Tire & Rubber Co.		5,114		148,152
Johnson Controls, Inc.		12,151		503,051
Lear Corp.		1,451		167,054
WABCO Holdings, Inc. (b)		1,050		117,768
				1,285,383
Banks – 6.8%
Bank of America Corp.		204,598		2,978,947
Bank of New York Mellon Corp.		21,554		867,333
BB&T Corp.		15,457		546,869
Capital One Financial Corp.		9,902		716,806
CIT Group, Inc.		3,646		126,042
Citigroup, Inc.		58,415		2,703,446

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Banks – 6.8% (Continued)
Citizens Financial Group, Inc.		4,005	$	91,514
Comerica, Inc.		2,884		128,050
Commerce Bancshares, Inc.		1,615		75,614
Cullen/Frost Bankers, Inc.		1,042		66,678
East West Bancorp., Inc.		2,279		85,440
Fifth Third Bancorp.		15,565		284,995
First Republic Bank		280		19,690
Goldman Sachs Group, Inc.		7,930		1,301,392
Huntington Bancshares, Inc.		14,252		143,375
JPMorgan Chase & Co.		72,727		4,596,346
KeyCorp.		15,139		186,058
M&T Bank Corp.		2,682		317,334
Morgan Stanley		32,214		871,711
Northern Trust Corp.		4,592		326,399
PNC Financial Services Group, Inc.		9,935		872,094
Regions Financial Corp.		22,543		211,453
Signature Bank (b)		937		129,147
State Street Corp.		7,932		494,164
SunTrust Banks, Inc.		8,825		368,355
SVB Financial Group (b)		950		99,066
US Bancorp.		34,785		1,484,972
Wells Fargo & Co.		90,972		4,546,781
Zions Bancorp.		3,625		99,760
				24,739,831
Beverages – 2.3%
Brown-Forman Corp. – Class B		2,295		221,054
Coca-Cola Co.		77,587		3,475,898
Coca-Cola Enterprises, Inc.		4,113		215,850
Constellation Brands, Inc. – Class A		3,319		517,963
Dr Pepper Snapple Group, Inc.		3,392		308,367
Molson Coors Brewing Co. – Class B		3,344		319,787
Monster Beverage Corp. (b)		2,653		382,616
PepsiCo, Inc.		28,338		2,917,680
				8,359,215

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Biotechnology – 2.6%
Alexion Pharmaceuticals, Inc. (b)		3,614	$	503,358
Alnylam Pharmaceuticals, Inc. (b)		1,212		81,253
Amgen, Inc.		13,001		2,058,058
Biogen, Inc. (b)		3,515		966,590
BioMarin Pharmaceutical, Inc. (b)		2,286		193,579
Celgene Corp. (b)		15,479		1,600,683
Gilead Sciences, Inc.		25,356		2,236,653
Illumina, Inc. (b)		2,296		309,937
Incyte Corp. (b)		3,463		250,271
Ionis Pharmaceuticals, Inc. (b)		1,678		68,748
Medivation, Inc. (b)		2,763		159,701
Regeneron Pharmaceuticals, Inc. (b)		1,408		530,408
Seattle Genetics, Inc. (b)		1,951		69,221
United Therapeutics Corp. (b)		714		75,113
Vertex Pharmaceuticals, Inc. (b)		4,145		349,589
				9,453,162
Building Materials – 0.3%
Fortune Brands Home & Security, Inc.		2,481		137,472
Lennox International, Inc.		704		95,005
Martin Marietta Materials, Inc.		1,155		195,461
Masco Corp.		6,050		185,795
Owens Corning		2,043		94,121
Vulcan Materials Co.		2,304		247,980
				955,834
Chemicals – 2.1%
Air Products & Chemicals, Inc.		3,958		577,433
Airgas, Inc.		1,258		179,189
Albemarle Corp.		2,232		147,669
Ashland, Inc.		1,136		126,778
Axalta Coating Systems Ltd. (b)		1,098		31,260
Celanese Corp. – Class A		2,585		182,759
CF Industries Holdings, Inc.		4,119		136,215
Dow Chemical Co.		22,128		1,164,154
Eastman Chemical Co.		2,679		204,622
Ecolab, Inc.		5,306		610,084

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Chemicals – 2.1% (Continued)
EI du Pont de Nemours & Co.		15,794	$	1,040,982
FMC Corp.		2,233		96,600
International Flavors & Fragrances, Inc.		1,393		166,422
Monsanto Co.		8,070		755,998
Mosaic Co.		6,917		193,607
NewMarket Corp.		126		51,164
PPG Industries, Inc.		4,943		545,658
Praxair, Inc.		5,097		598,694
RPM International, Inc.		2,403		121,424
Sherwin-Williams Co.		1,582		454,524
Valspar Corp.		1,255		133,896
Westlake Chemical Corp.		787		39,499
WR Grace & Co. (b)		1,380		105,818
				7,664,449
Commercial Services – 1.4%
Aramark		1,231		41,251
Automatic Data Processing, Inc.		8,971		793,395
Cintas Corp.		1,728		155,140
CoStar Group, Inc. (b)		646		127,462
Equifax, Inc.		2,281		274,290
FleetCor Technologies, Inc. (b)		773		119,568
Gartner, Inc. (b)		1,466		127,791
Global Payments, Inc.		1,991		143,711
H&R Block, Inc.		4,189		84,785
Hertz Global Holdings, Inc. (b)		2,953		27,345
KAR Auction Services, Inc.		718		26,997
Live Nation Entertainment, Inc. (b)		1,744		37,461
ManpowerGroup, Inc.		1,312		101,063
Moody’s Corp.		3,290		314,919
PayPal Holdings, Inc. (b)		22,681		888,642
Quanta Services, Inc. (b)		2,935		69,618
Robert Half International, Inc.		2,527		96,809
Rollins, Inc.		2,156		57,932
S&P Global, Inc.		4,800		512,880
Sabre Corp.		3,475		100,601
Service Corp. International		3,037		80,997

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Commercial Services – 1.4% (Continued)
ServiceMaster Global Holdings, Inc. (b)		396	$	15,175
Total System Services, Inc.		3,286		168,046
TransUnion (b)		762		22,822
United Rentals, Inc. (b)		1,615		108,092
Vantiv, Inc. – Class A (b)		1,406		76,683
Verisk Analytics, Inc. (b)		3,043		236,076
Western Union Co.		7,303		146,060
				4,955,611
Computers – 4.6%
Apple, Inc.		109,860		10,298,276
Cadence Design System, Inc. (b)		5,605		129,980
Cognizant Technology Solutions Corp. – Class A (b)		11,422		666,702
Computer Sciences Corp.		2,514		83,289
CSRA, Inc.		2,795		72,558
EMC Corp.		38,589		1,007,559
Fortinet, Inc. (b)		2,609		84,819
Genpact Ltd. (b)		3,017		84,144
Hewlett Packard Enterprise Co.		34,465		574,187
HP, Inc.		34,414		422,260
IHS, Inc. – Class A (b)		1,141		140,548
International Business Machines Corp.		17,226		2,513,962
NCR Corp. (b)		2,460		71,561
NetApp, Inc.		4,258		100,659
SanDisk Corp.		3,606		270,919
Synopsys, Inc. (b)		2,682		127,449
Teradata Corp. (b)		2,559		64,743
Western Digital Corp.		4,319		176,496
				16,890,111
Cosmetics/Personal Care – 1.6%
Colgate-Palmolive Co.		16,744		1,187,485
Coty, Inc. – Class A		708		21,523
Edgewell Personal Care Co.		1,071		87,897
Estee Lauder Cos., Inc.		3,798		364,114
Procter & Gamble Co.		53,600		4,294,432
				5,955,451

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Distribution/Wholesale – 0.2%
Fastenal Co.		5,045	$	236,056
HD Supply Holdings, Inc. (b)		1,144		39,216
Ingram Micro, Inc.		2,490		87,025
LKQ Corp. (b)		5,033		161,308
Watsco, Inc.		425		57,150
WW Grainger, Inc.		1,050		246,246
				827,001
Diversified Financial Services – 3.3%
Affiliated Managers Group, Inc. (b)		1,044		177,814
Alliance Data Systems Corp. (b)		1,058		215,102
American Express Co.		17,067		1,116,694
Ameriprise Financial, Inc.		2,993		287,029
BlackRock, Inc.		2,533		902,584
CBOE Holdings, Inc.		200		12,392
Charles Schwab Corp.		23,099		656,243
CME Group, Inc.		5,993		550,817
Discover Financial Services		8,217		462,370
E*TRADE Financial Corp. (b)		4,950		124,641
Eaton Vance Corp.		2,094		72,306
FNF Group		5,452		173,919
Franklin Resources, Inc.		7,996		298,571
Intercontinental Exchange, Inc.		2,354		565,031
Invesco Ltd.		8,153		252,824
Legg Mason, Inc.		2,062		66,211
MarketAxess Holdings, Inc.		672		82,495
MasterCard, Inc. – Class A		18,859		1,829,134
NASDAQ, Inc.		2,220		136,996
Navient Corp.		5,347		73,093
OneMain Holdings, Inc. (b)		942		29,974
Raymond James Financial, Inc.		2,351		122,652
Santander Consumer USA Holdings, Inc. (b)		374		4,925
SEI Investments Co.		2,377		114,286
Synchrony Financial (b)		16,533		505,414
T Rowe Price Group, Inc.		4,875		367,039
TD Ameritrade Holding Corp.		5,747		171,433
Visa, Inc. – Class A		35,445		2,737,772
				12,109,761

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Electric – 3.0%
AES Corp.		12,657	$	141,252
Alliant Energy Corp.		2,009		141,675
Ameren Corp.		4,656		223,488
American Electric Power Co., Inc.		9,726		617,601
Avangrid, Inc.		1,183		47,438
Calpine Corp. (b)		6,154		97,110
CMS Energy Corp.		4,687		190,667
Consolidated Edison, Inc.		5,519		411,717
Dominion Resources, Inc.		11,060		790,458
DTE Energy Co.		3,224		287,452
Duke Energy Corp.		13,643		1,074,796
Edison International		6,041		427,159
Entergy Corp.		3,010		226,292
Eversource Energy		5,745		324,248
Exelon Corp.		15,909		558,247
FirstEnergy Corp.		8,308		270,758
Great Plains Energy, Inc.		2,548		79,574
ITC Holdings Corp.		2,994		131,946
MDU Resources Group, Inc.		3,258		65,356
NextEra Energy, Inc.		9,028		1,061,512
NRG Energy, Inc.		5,374		81,147
OGE Energy Corp.		3,585		106,080
PG&E Corp.		9,759		567,974
Pinnacle West Capital Corp.		1,968		142,975
PPL Corp.		13,352		502,569
Public Service Enterprise Group, Inc.		9,490		437,774
SCANA Corp.		2,293		157,506
Southern Co.		18,083		905,958
TECO Energy, Inc.		4,274		118,689
WEC Energy Group, Inc.		5,719		332,903
Westar Energy, Inc.		2,602		134,289
Xcel Energy, Inc.		9,410		376,682
				11,033,292
Electrical Components & Equipment – 0.3%
Acuity Brands, Inc.		742		180,966
AMETEK, Inc.		4,021		193,370

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Electrical Components
& Equipment – 0.3% (Continued)
Emerson Electric Co.		12,739	$	695,932
Hubbell, Inc.		904		95,607
				1,165,875
Electronics – 1.0%
Agilent Technologies, Inc.		6,075		248,589
Amphenol Corp. – Class A		4,615		257,655
Arrow Electronics, Inc. (b)		1,359		84,394
Avnet, Inc.		2,248		92,438
Corning, Inc.		22,049		411,655
FLIR Systems, Inc.		2,456		74,196
Gentex Corp.		5,301		85,028
Honeywell International, Inc.		15,402		1,759,987
Jabil Circuit, Inc.		3,297		57,236
Keysight Technologies, Inc. (b)		3,127		81,552
Mettler-Toledo International, Inc. (b)		431		154,276
PerkinElmer, Inc.		1,883		94,941
Trimble Navigation Ltd. (b)		3,185		76,281
Waters Corp. (b)		1,582		205,913
				3,684,141
Energy-Alternate Sources – 0.0% (a)
First Solar, Inc. (b)		1,450		80,968

Engineering & Construction – 0.1%
Fluor Corp.		2,692		147,144
Jacobs Engineering Group, Inc. (b)		2,205		98,299
SBA Communications Corp. – Class A (b)		2,447		252,139
				497,582
Entertainment – 0.0% (a)
Lions Gate Entertainment Corp.		2,598		57,676
Six Flags Entertainment Corp.		1,314		78,906
Vail Resorts, Inc.		229		29,687
				166,269

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Environmental Control – 0.3%
Republic Services, Inc.		4,948	$	232,902
Stericycle, Inc. (b)		1,650		157,674
Waste Connections, Inc.		2,251		151,447
Waste Management, Inc.		8,272		486,311
				1,028,334
Food – 2.0%
Blue Buffalo Pet Products, Inc. (b)		1,209		29,935
Campbell Soup Co.		4,039		249,247
ConAgra Foods, Inc.		8,329		371,140
General Mills, Inc.		11,123		682,285
Hain Celestial Group, Inc. (b)		1,898		79,450
Hershey Co.		3,097		288,362
Hormel Foods Corp.		5,681		219,002
Ingredion, Inc.		1,305		150,192
JM Smucker Co.		2,299		291,927
Kellogg Co.		5,318		408,476
Kroger Co.		19,133		677,117
McCormick & Co., Inc.		1,909		179,026
Mondelez International, Inc. – Class A		31,083		1,335,326
Pilgrim’s Pride Corp. (b)		1,242		33,422
Pinnacle Foods, Inc.		641		27,300
Post Holdings, Inc. (b)		1,050		75,432
Sysco Corp.		11,309		521,006
The Kraft Heinz Co.		12,038		939,807
TreeHouse Foods, Inc. (b)		1,054		93,174
Tyson Foods, Inc. – Class A		5,593		368,131
WhiteWave Foods Co. (b)		2,111		84,883
Whole Foods Market, Inc.		5,893		171,368
				7,276,008
Forest Products & Paper – 0.1%
International Paper Co.		8,138		352,131

Gas – 0.4%
AGL Resources, Inc.		2,123		139,821
Atmos Energy Corp.		1,817		131,823
CenterPoint Energy, Inc.		6,986		149,850

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Gas – 0.4% (Continued)
National Fuel Gas Co.		1,546	$	85,803
NiSource, Inc.		6,125		139,099
Piedmont Natural Gas Co., Inc.		1,432		85,633
Questar Corp.		2,462		61,722
Sempra Energy		4,408		455,567
UGI Corp.		3,075		123,738
				1,373,056
Hand/Machine Tools – 0.2%
Lincoln Electric Holdings, Inc.		1,096		68,686
Snap-On, Inc.		1,118		178,075
Stanley Black & Decker, Inc.		2,815		315,055
				561,816
Healthcare-Products – 2.5%
Abbott Laboratories		29,568		1,150,195
Alere, Inc. (b)		1,417		55,263
Align Technology, Inc. (b)		1,248		90,093
Baxter International, Inc.		10,867		480,539
Becton Dickinson & Co.		4,207		678,421
Boston Scientific Corp. (b)		21,320		467,334
CR Bard, Inc.		1,322		280,489
Danaher Corp.		11,887		1,150,067
DENTSPLY SIRONA, Inc.		4,640		276,544
Edwards Lifesciences Corp. (b)		3,898		414,007
Henry Schein, Inc. (b)		1,314		221,672
Hologic, Inc. (b)		4,310		144,773
IDEXX Laboratories, Inc. (b)		1,447		122,054
Intuitive Surgical, Inc. (b)		692		433,441
Patterson Cos., Inc.		1,552		67,279
ResMed, Inc.		2,360		131,688
St. Jude Medical, Inc.		5,077		386,867
Stryker Corp.		6,367		694,067
Teleflex, Inc.		757		117,925
The Cooper Cos., Inc.		787		120,474
Thermo Fisher Scientific, Inc.		7,863		1,134,238
Varian Medical Systems, Inc. (b)		1,727		140,198

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Healthcare-Products – 2.5% (Continued)
West Pharmaceutical Services, Inc.		1,214	$	86,437
Zimmer Biomet Holdings, Inc.		3,570		413,299
				9,257,364
Healthcare-Services – 1.8%
Acadia Healthcare Co., Inc. (b)		1,639		103,568
Aetna, Inc.		6,933		778,368
Anthem, Inc.		5,190		730,596
Centene Corp. (b)		2,925		181,217
Cigna Corp.		5,064		701,567
DaVita HealthCare Partners, Inc. (b)		3,318		245,200
Envision Healthcare Holdings, Inc. (b)		1,134		25,663
HCA Holdings, Inc. (b)		848		68,366
Humana, Inc.		2,629		465,517
Laboratory Corp. of American Holdings (b)		1,954		244,875
MEDNAX, Inc. (b)		1,698		121,051
Quest Diagnostics, Inc.		2,566		192,886
UnitedHealth Group, Inc.		17,825		2,347,196
Universal Health Services, Inc. – Class B		1,725		230,598
				6,436,668
Holding Companies-Diversified – 0.0% (a)
Leucadia National Corp.		6,574		109,654

Home Builders – 0.2%
D.R. Horton, Inc.		5,761		173,176
Lennar Corp. – Class A		2,863		129,722
NVR, Inc. (b)		60		99,677
PulteGroup, Inc.		5,233		96,235
Toll Brothers, Inc. (b)		2,560		69,888
				568,698
Home Furnishings – 0.1%
Harman International Industries, Inc.		1,279		98,176
Leggett & Platt, Inc.		2,371		116,867
Whirlpool Corp.		1,487		258,946
				473,989

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Household Products/Wares – 0.4%
Avery Dennison Corp.		1,554	$	112,836
Church & Dwight Co., Inc.		2,325		215,528
Clorox Co.		2,270		284,272
Kimberly-Clark Corp.		6,764		846,785
				1,459,421
Housewares – 0.1%
Newell Brands, Inc.		8,258		376,069
Toro Co.		988		85,413
				461,482
Insurance – 3.7%
Aflac, Inc.		7,783		536,794
Alleghany Corp. (b)		284		148,044
Allstate Corp.		7,485		486,899
American Financial Group, Inc.		1,350		93,299
American International Group, Inc.		8,471		472,851
AmTrust Financial Services, Inc.		1,966		48,855
Arch Capital Group Ltd. (b)		1,624		114,476
Arthur J Gallagher & Co.		2,987		137,521
Assurant, Inc.		1,112		94,042
Assured Guaranty Ltd.		2,638		68,245
Axis Capital Holdings Ltd.		1,489		79,319
Berkshire Hathaway, Inc. – Class B (b)		39,052		5,681,285
Brown & Brown, Inc.		2,124		74,574
Cincinnati Financial Corp.		2,539		167,599
CNA Financial Corp.		576		18,202
Erie Indemnity Co. – Class A		404		38,134
Everest Re Group Ltd.		574		106,133
Hartford Financial Services Group, Inc.		7,692		341,371
Lincoln National Corp.		4,626		201,000
Loews Corp.		6,292		249,667
Markel Corp. (b)		259		232,869
Marsh & McLennan Cos., Inc.		10,329		652,276
MetLife, Inc.		18,269		823,932
Old Republic International Corp.		4,133		76,419
Principal Financial Group, Inc.		5,233		223,344
Progressive Corp.		10,461		341,029

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Insurance – 3.7% (Continued)
Prudential Financial, Inc.		8,905	$	691,384
Reinsurance Group of America, Inc.		1,119		106,551
RenaissanceRe Holdings Ltd.		698		77,415
Torchmark Corp.		2,232		129,210
Travelers Cos., Inc.		5,856		643,574
Unum Group		4,120		140,945
Voya Financial, Inc.		4,037		131,081
WR Berkley Corp.		1,607		89,992
				13,518,331
Internet – 6.2%
Alphabet, Inc. – Class C (b)		11,161		7,734,685
Amazon.com, Inc. (b)		8,130		5,362,467
CDW Corp.		484		18,634
eBay, Inc. (b)		21,876		534,431
Expedia, Inc.		2,200		254,694
F5 Networks, Inc. (b)		1,320		138,270
Facebook, Inc. – Class A (b)		42,607		5,009,731
GoDaddy, Inc. – Class A (b)		333		10,113
IAC/InterActiveCorp.		1,533		71,039
Liberty Ventures – Class A (b)		2,387		95,480
LinkedIn Corp. – Class A (b)		2,313		289,842
Match Group, Inc. (b)		3,215		36,651
Netflix, Inc. (b)		7,755		698,183
Splunk, Inc. (b)		372		19,336
Symantec Corp.		12,930		215,220
The Priceline Group, Inc. (b)		984		1,322,161
TripAdvisor, Inc. (b)		1,805		116,585
Twitter, Inc. (b)		1,918		28,041
VeriSign, Inc. (b)		1,533		132,451
Yahoo!, Inc. (b)		17,572		643,135
				22,731,149
Investment Companies – 0.0% (a)
Oaktree Capital Group LLC		2,396		115,751

Iron/Steel – 0.1%
Nucor Corp.		5,633		280,411

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Iron/Steel – 0.1% (Continued)
Reliance Steel & Aluminum Co.		1,319	$	97,566
Steel Dynamics, Inc.		4,451		112,210
				490,187
Leisure Time – 0.3%
Carnival Corp.		9,752		478,336
Harley-Davidson, Inc.		3,576		171,040
Norwegian Cruise Line Holdings Ltd. (b)		581		28,405
Polaris Industries, Inc.		1,102		107,864
Royal Caribbean Cruises Ltd.		3,023		233,980
				1,019,625
Lodging – 0.4%
Hilton Worldwide Holdings, Inc.		2,488		54,860
Hyatt Hotels Corp. – Class A (b)		712		34,091
Las Vegas Sands Corp.		8,374		378,086
Marriott International, Inc. – Class A		3,636		254,847
MGM Resorts International (b)		8,691		185,118
Starwood Hotels & Resorts Worldwide, Inc.		3,343		273,725
Wyndham Worldwide Corp.		1,882		133,528
Wynn Resorts Ltd.		1,733		153,024
				1,467,279
Machinery-Construction & Mining – 0.2%
Caterpillar, Inc.		11,548		897,511

Machinery-Diversified – 0.6%
AGCO Corp.		1,105		59,084
Cummins, Inc.		3,013		352,612
Deere & Co.		5,110		429,802
Flowserve Corp.		2,533		123,636
Graco, Inc.		934		73,216
IDEX Corp.		1,314		107,617
Middleby Corp. (b)		1,115		122,249
Nordson Corp.		795		61,000
Rockwell Automation, Inc.		2,609		296,043
Roper Technologies, Inc.		1,781		313,616
Wabtec Corp.		1,540		127,712

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Machinery-Diversified – 0.6% (Continued)
Xylem, Inc.		2,974	$	124,254
				2,190,841
Media – 3.1%
AMC Networks, Inc. – Class A (b)		936		61,055
Cablevision Systems Corp. – Class A		4,342		144,979
CBS Corp. – Class B		7,746		433,079
Charter Communications, Inc. – Class A (b)		1,394		295,863
Comcast Corp. – Class A		45,814		2,783,659
Discovery Communications, Inc. – Class A (b)		2,517		68,739
DISH Network Corp. – Class A (b)		4,103		202,237
FactSet Research Systems, Inc.		741		111,706
Liberty Braves Group – Class A (b)		657		10,272
Liberty Broadband Corp. – Class A (b)		2,064		118,308
Liberty Media Group – Class A (b)		1,642		30,049
Liberty SiriusXM Group (b)		6,568		215,233
News Corp. – Class A		6,725		83,525
Scripps Networks Interactive, Inc. – Class A		1,881		117,280
Sirius XM Holdings, Inc. (b)		40,813		161,211
TEGNA, Inc.		4,266		99,654
Thomson Reuters Corp.		6,770		278,450
Time Warner Cable, Inc.		5,617		1,191,422
Time Warner, Inc.		15,659		1,176,617
Twenty-First Century Fox, Inc. – Class A		19,003		575,031
Viacom, Inc. – Class B		6,187		253,048
Walt Disney Co.		29,929		3,090,469
				11,501,886
Mining – 0.3%
Alcoa, Inc.		25,490		284,724
Freeport-McMoRan, Inc.		24,014		336,196
Newmont Mining Corp.		9,599		335,677
Southern Copper Corp.		1,960		58,153
				1,014,750
Miscellaneous Manufacturing – 2.8%
3M Co.		11,872		1,987,135
AO Smith Corp.		1,247		96,293

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Miscellaneous Manufacturing – 2.8% (Continued)
AptarGroup, Inc.		932	$	70,832
Carlisle Cos., Inc.		1,027		104,651
Colfax Corp. (b)		1,777		57,628
Donaldson Co., Inc.		2,143		70,033
Dover Corp.		2,976		195,523
Eaton Corp. PLC		9,087		574,935
General Electric Co.		186,853		5,745,730
Illinois Tool Works, Inc.		6,126		640,290
Parker-Hannifin Corp.		2,309		267,890
Pentair PLC		3,488		202,583
Textron, Inc.		5,264		203,612
				10,217,135
Office/Business Equipment – 0.1%
Pitney Bowes, Inc.		3,351		70,271
Xerox Corp.		17,077		163,939
				234,210
Oil & Gas – 5.6%
Anadarko Petroleum Corp.		10,070		531,293
Antero Resources Corp. (b)		1,638		46,355
Apache Corp.		7,485		407,184
Cabot Oil & Gas Corp.		8,217		192,278
Cheniere Energy, Inc. (b)		4,669		181,531
Chevron Corp.		37,319		3,813,255
Cimarex Energy Co.		1,715		186,729
Concho Resources, Inc. (b)		1,821		211,546
ConocoPhillips		22,672		1,083,495
Continental Resources, Inc. (b)		1,893		70,533
Devon Energy Corp.		10,751		372,845
Diamondback Energy, Inc. (b)		1,134		98,182
EOG Resources, Inc.		10,079		832,727
EQT Corp.		2,785		195,229
Exxon Mobil Corp.		82,296		7,274,966
Helmerich & Payne, Inc.		1,364		90,188
Hess Corp.		5,921		353,010
HollyFrontier Corp.		2,817		100,285

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Oil & Gas – 5.6% (Continued)
Marathon Oil Corp.		16,453	$	231,823
Marathon Petroleum Corp.		10,477		409,441
Murphy Oil Corp.		2,750		98,285
Newfield Exploration Co. (b)		3,232		117,160
Noble Energy, Inc.		6,329		228,540
Occidental Petroleum Corp.		15,127		1,159,485
Phillips 66		9,110		748,022
Pioneer Natural Resources Co.		3,059		508,100
Range Resources Corp.		2,191		96,645
Tesoro Corp.		2,138		170,377
Valero Energy Corp.		9,230		543,370
				20,352,879
Oil & Gas Services – 1.0%
Baker Hughes, Inc.		8,676		419,571
FMC Technologies, Inc. (b)		3,816		116,350
Halliburton Co.		17,009		702,642
National Oilwell Varco, Inc.		6,974		251,343
Schlumberger Ltd.		27,447		2,205,092
Targa Resources Corp.		2,917		118,022
				3,813,020
Packaging & Containers – 0.3%
Ball Corp.		2,576		183,875
Bemis Co., Inc.		1,583		79,435
Crown Holdings, Inc. (b)		2,568		136,001
Packaging Corp of America		1,706		110,685
Sealed Air Corp.		3,715		175,943
Sonoco Products Co.		1,779		83,417
WestRock Co.		4,285		179,327
				948,683
Pharmaceuticals – 6.7%
AbbVie, Inc.		30,238		1,844,518
Alkermes PLC (b)		2,469		98,143
Allergan PLC (b)		7,811		1,691,550
AmerisourceBergen Corp.		3,519		299,467
Baxalta, Inc.		13,163		552,188

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Pharmaceuticals – 6.7% (Continued)
Bristol-Myers Squibb Co.		33,077	$	2,387,498
Cardinal Health, Inc.		6,536		512,815
DexCom, Inc. (b)		1,424		91,677
Eli Lilly & Co.		18,198		1,374,495
Endo International PLC (b)		1,588		42,876
Express Scripts Holding Co. (b)		12,258		903,782
Herbalife Ltd. (b)		1,329		77,016
Johnson & Johnson		54,680		6,128,534
McKesson Corp.		4,539		761,735
Mead Johnson Nutrition Co.		3,135		273,215
Merck & Co., Inc.		54,996		3,015,981
OPKO Health, Inc. (b)		7,468		80,281
Pfizer, Inc.		122,533		4,008,054
Premier, Inc. – Class A (b)		850		28,738
Quintiles Transnational Holdings, Inc. (b)		1,451		100,221
Zoetis, Inc.		1,995		93,825
				24,366,609
Pipelines – 0.4%
Columbia Pipeline Group, Inc.		6,480		166,018
Kinder Morgan, Inc.		24,454		434,303
ONEOK, Inc.		3,715		134,297
Spectra Energy Corp.		13,309		416,172
Williams Cos., Inc.		14,873		288,388
				1,439,178
Real Estate – 0.1%
CBRE Group, Inc. – Class A (b)		6,561		194,403
Howard Hughes Corp. (b)		779		81,927
Jones Lang LaSalle, Inc.		683		78,661
				354,991
Retail – 6.8%
Advance Auto Parts, Inc.		1,416		221,038
AutoNation, Inc. (b)		1,355		68,631
AutoZone, Inc. (b)		513		392,563
Bed Bath & Beyond, Inc. (b)		2,936		138,638
Best Buy Co., Inc.		4,026		129,154

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Retail – 6.8% (Continued)
CarMax, Inc. (b)		3,457	$	183,048
Chipotle Mexican Grill, Inc. (b)		459		193,225
Coach, Inc.		5,382		216,733
Copart, Inc. (b)		1,919		82,210
Costco Wholesale Corp.		8,674		1,284,880
CVS Health Corp.		21,761		2,186,980
Darden Restaurants, Inc.		2,300		143,175
Dick’s Sporting Goods, Inc.		1,627		75,395
Dollar General Corp.		1,097		89,855
Dollar Tree, Inc. (b)		4,562		363,637
Domino’s Pizza, Inc.		545		65,880
Foot Locker, Inc.		2,461		151,204
GameStop Corp. – Class A		2,396		78,589
Gap, Inc.		5,103		118,288
Genuine Parts Co.		2,708		259,887
Home Depot, Inc.		23,259		3,114,148
Kohl’s Corp.		3,397		150,487
L Brands, Inc.		4,332		339,152
Liberty Interactive Corp. QVC Group – Class A (b)		9,147		239,651
Lowe’s Cos., Inc.		18,031		1,370,717
Macy’s, Inc.		6,139		243,043
McDonald’s Corp.		17,876		2,261,135
Michaels Cos., Inc. (b)		620		17,627
MSC Industrial Direct Co., Inc.		710		55,025
Nordstrom, Inc.		2,636		134,779
O’Reilly Automotive, Inc. (b)		1,931		507,235
Panera Bread Co. – Class A (b)		358		76,787
PVH Corp.		1,586		151,622
Rite Aid Corp. (b)		20,527		165,242
Ross Stores, Inc.		7,250		411,655
Sally Beauty Holdings, Inc. (b)		1,240		38,936
Signet Jewelers Ltd.		1,551		168,377
Staples, Inc.		11,542		117,728
Starbucks Corp.		27,415		1,541,545
Target Corp.		11,797		937,861
Tiffany & Co.		1,975		140,916
TJX Cos., Inc.		12,283		931,297

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Retail – 6.8% (Continued)
Tractor Supply Co.		2,599	$	246,021
Ulta Salon Cosmetics & Fragrance, Inc. (b)		1,255		261,391
Urban Outfitters, Inc. (b)		1,704		51,665
Walgreens Boots Alliance, Inc.		18,649		1,478,493
Wal-Mart Stores, Inc.		37,117		2,482,014
Williams-Sonoma, Inc.		1,240		72,887
Yum! Brands, Inc.		8,012		637,435
				24,787,881
Savings & Loans – 0.1%
New York Community Bancorp, Inc.		8,807		132,369
People’s United Financial, Inc.		5,570		86,335
TFS Financial Corp.		1,281		22,930
				241,634
Semiconductors – 2.2%
Analog Devices, Inc.		5,563		313,308
Applied Materials, Inc.		22,402		458,569
Intel Corp.		93,617		2,834,723
IPG Photonics Corp. (b)		700		60,669
KLA-Tencor Corp.		2,361		165,128
Lam Research Corp.		2,648		202,307
Linear Technology Corp.		4,198		186,727
Marvell Technology Group Ltd.		7,104		70,898
Maxim Integrated Products, Inc.		5,067		180,993
Microchip Technology, Inc.		3,955		192,173
Micron Technology, Inc. (b)		19,252		206,959
NVIDIA Corp.		8,049		285,981
ON Semiconductor Corp. (b)		8,074		76,461
QUALCOMM, Inc.		29,310		1,480,741
Skyworks Solutions, Inc.		3,428		229,059
Texas Instruments, Inc.		15,264		870,659
Xilinx, Inc.		4,585		197,522
				8,012,877
Shipbuilding – 0.0% (a)
Huntington Ingalls Industries, Inc.		772		111,762

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Software – 4.7%
Activision Blizzard, Inc.		10,690	$	368,484
Adobe Systems, Inc. (b)		8,520		802,754
Akamai Technologies, Inc. (b)		3,421		174,437
ANSYS, Inc. (b)		1,460		132,524
Athenahealth, Inc. (b)		627		83,579
Autodesk, Inc. (b)		4,353		260,396
Black Knight Financial Services, Inc. – Class A (b)		295		9,434
Broadridge Financial Solutions, Inc.		2,120		126,861
CA, Inc.		6,140		182,112
Cerner Corp. (b)		6,020		337,963
Citrix Systems, Inc. (b)		2,957		242,001
Dun & Bradstreet Corp.		600		66,246
Electronic Arts, Inc. (b)		5,407		334,423
Fidelity National Information Services, Inc.		6,238		410,460
First Data Corp. – Class A (b)		1,903		21,675
Fiserv, Inc. (b)		4,281		418,339
IMS Health Holdings, Inc. (b)		2,643		70,410
Intuit, Inc.		4,157		419,400
Jack Henry & Associates, Inc.		1,315		106,554
Microsoft Corp.		156,730		7,816,125
MSCI, Inc.		1,705		129,478
NetSuite, Inc. (b)		870		70,505
Nuance Communications, Inc. (b)		6,031		103,613
Oracle Corp.		68,182		2,717,735
Paychex, Inc.		6,388		332,943
Red Hat, Inc. (b)		3,241		237,792
Salesforce.com, Inc. (b)		10,487		794,915
ServiceNow, Inc. (b)		339		24,232
SS&C Technologies Holdings, Inc.		550		33,633
Tableau Software, Inc. – Class A (b)		146		7,548
Tyler Technologies, Inc. (b)		592		86,675
Ultimate Software Group, Inc. (b)		465		91,414
VMware, Inc. – Class A (b)		1,695		96,462
Workday, Inc. – Class A (b)		404		30,292
				17,141,414

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Telecommunications – 3.7%
Arista Networks, Inc. (b)		107	$	7,128
ARRIS International PLC (b)		3,624		82,518
AT&T, Inc.		121,880		4,731,382
CenturyLink, Inc.		9,054		280,221
Cisco Systems, Inc.		99,715		2,741,165
CommScope Holding Co., Inc. (b)		2,416		73,471
Frontier Communications Corp.		22,405		124,572
Juniper Networks, Inc.		7,415		173,511
Level 3 Communications, Inc. (b)		5,644		294,955
Motorola Solutions, Inc.		3,207		241,134
Palo Alto Networks, Inc. (b)		179		27,006
Sprint Corp. (b)		13,391		45,931
T-Mobile US, Inc. (b)		15,010		589,593
Verizon Communications, Inc.		80,725		4,112,132
Zayo Group Holdings, Inc. (b)		454		11,786
				13,536,505
Textiles – 0.1%
Mohawk Industries, Inc. (b)		1,210		233,082

Toys/Games/Hobbies – 0.1%
Hasbro, Inc.		1,781		150,744
Mattel, Inc.		6,153		191,297
				342,041
Transportation – 1.5%
CH Robinson Worldwide, Inc.		2,574		182,677
CSX Corp.		17,264		470,789
Expeditors International of Washington, Inc.		3,268		162,125
FedEx Corp.		4,915		811,516
Genesee & Wyoming, Inc. (b)		987		64,264
JB Hunt Transport Services, Inc.		1,532		126,972
Kansas City Southern		2,097		198,691
Kirby Corp. (b)		977		62,352
Norfolk Southern Corp.		5,226		470,915
Old Dominion Freight Line, Inc. (b)		1,211		79,986
Union Pacific Corp.		15,534		1,355,031

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.4% (Continued)

Transportation – 1.5% (Continued)
United Parcel Service, Inc. – Class B		13,614	$	1,430,423
				5,415,741
Trucking & Leasing – 0.0% (a)
AMERCO		119		41,888

Water – 0.1%
American Water Works Co., Inc.		3,479		253,132
Aqua America, Inc.		3,218		101,882
				355,014
TOTAL COMMON STOCKS
(Cost $345,441,850)				348,602,487

EXCHANGE TRADED FUNDS – 0.6%
iShares Russell 1000 ETF		20,426		2,342,250
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,340,752)				2,342,250

INVESTMENT COMPANIES – 0.0% (a)
American Capital Ltd. (b)		5,043		79,679
Ares Capital Corp.		6,630		100,710
TOTAL INVESTMENT COMPANIES
(Cost $170,700)				180,389

REAL ESTATE INVESTMENT TRUSTS – 3.8%
Alexandria Real Estate Equities, Inc.		1,431		133,011
American Campus Communities, Inc.		2,741		122,660
American Capital Agency Corp.		6,110		112,241
American Tower Corp.		8,396		880,573
Annaly Capital Management, Inc.		16,965		176,775
Apartment Investment & Management Co.		3,304		132,358
Apple Hospitality REIT, Inc.		3,675		69,568
AvalonBay Communities, Inc.		2,896		511,984
Boston Properties, Inc.		3,245		418,151
Brixmor Property Group, Inc.		2,017		50,929

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 3.8% (Continued)
Camden Property Trust		1,821	$	147,009
Corrections Corp. of America		1,542		46,908
Crown Castle International Corp.		5,478		475,929
CubeSmart		3,702		109,616
DDR Corp.		6,769		118,458
Digital Realty Trust, Inc.		3,082		271,154
Duke Realty Corp.		7,295		159,542
Equinix, Inc.		1,447		478,016
Equity LifeStyle Properties, Inc.		1,775		121,570
Equity Residential		7,696		523,867
Essex Property Trust, Inc.		1,376		303,339
Extra Space Storage, Inc.		2,638		224,098
Federal Realty Investment Trust		1,462		222,341
Forest City Realty Trust, Inc. – Class A		5,086		105,687
General Growth Properties, Inc.		10,782		302,219
HCP, Inc.		9,804		331,669
Host Hotels & Resorts, Inc.		15,869		251,048
Iron Mountain, Inc.		2,633		96,184
Kilroy Realty Corp.		1,949		126,315
Kimco Realty Corp.		8,718		245,150
Lamar Advertising Co. – Class A		1,212		75,192
Liberty Property Trust		3,077		107,387
Macerich Co.		2,672		203,286
Mid-America Apartment Communities, Inc.		1,595		152,657
National Retail Properties, Inc.		2,348		102,748
Omega Healthcare Investors, Inc.		2,902		98,001
Prologis, Inc.		11,059		502,189
Public Storage		3,257		797,346
Realty Income Corp.		4,110		243,312
Regency Centers Corp.		1,958		144,305
Senior Housing Properties Trust		5,006		88,005
Simon Property Group, Inc.		6,639		1,335,568
SL Green Realty Corp.		2,102		220,878
Spirit Realty Capital, Inc.		7,553		86,331
Taubman Centers, Inc.		1,215		84,382
UDR, Inc.		5,536		193,317
Ventas, Inc.		7,079		439,747

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

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 3.8% (Continued)
VEREIT, Inc.		16,399	$	145,623
Vornado Realty Trust		3,977		380,718
Weingarten Realty Investors		2,617		96,620
Welltower, Inc.		7,476		518,984
Weyerhaeuser Co.		15,644		502,485
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $13,899,582)				13,787,450

SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
Fidelity Institutional Money Market Funds –
Money Market Portfolio – Class I, 0.34% (c)		342,595		342,595
TOTAL SHORT-TERM INVESTMENTS
(Cost $342,595)				342,595

TOTAL INVESTMENTS
(Cost $362,195,479) – 99.9%				365,255,171
Other Assets in Excess of Liabilities – 0.1%				193,086
TOTAL NET ASSETS – 100.0%			$	365,448,257

(a)	Less than 0.05%.
(b)	Non-income producing security.
(c)	Rate disclosed is the seven day yield as of April 30, 2016.

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 may not apply for all purposes of this report, which may combine sub-classifications for reporting ease. Categories are shown as a percentage of net assets.

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016

	Shares		Value
COMMON STOCKS – 84.5%

Administrative, Support and Waste Management
and Remediation Services – 0.4%
The ADT Corp.		14,265	$	598,845

Aerospace/Defense – 1.3%
B/E Aerospace, Inc.		8,236		400,517
Curtiss-Wright Corp.		3,132		239,848
HEICO Corp. – Class A		2,510		128,462
Orbital ATK, Inc.		4,191		364,617
Spirit AeroSystems Holdings, Inc. – Class A (a)		11,694		551,372
Teledyne Technologies, Inc. (a)		2,263		210,346
				1,895,162
Agriculture – 0.1%
Vector Group Ltd.		8,164		176,342
Airlines – 0.4%
Allegiant Travel Co.		948		152,220
JetBlue Airways Corp. (a)		15,358		303,935
Spirit Airlines, Inc. (a)		1,477		64,885
				521,040
Apparel – 0.7%
Carter’s, Inc.		4,225		450,681
Columbia Sportswear Co.		2,923		171,200
G-III Apparel Group Ltd. (a)		2,688		121,632
Skechers U.S.A, Inc. – Class A (a)		8,652		285,948
				1,029,461
Auto Parts & Equipment – 0.7%
Allison Transmission Holdings, Inc.		2,248		64,765
Tenneco, Inc. (a)		4,153		221,355
Visteon Corp.		3,170		252,554
WABCO Holdings, Inc. (a)		4,686		525,581
				1,064,255
Banks – 4.3%
Bank Hawaii Corp.		3,274		223,974
Bank of the Ozarks, Inc.		6,719		277,495
BankUnited, Inc.		2,929		101,051

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Banks – 4.3% (Continued)
BOK Financial Corp.		1,985	$	119,457
Commerce Bancshares, Inc.		7,168		335,606
Cullen/Frost Bankers, Inc.		4,651		297,617
East West Bancorp., Inc.		10,124		379,549
First Citizens BancShares, Inc. – Class A		641		163,455
First Horizon National Corp.		17,616		248,033
FirstMerit Corp.		12,903		285,930
Home BancShares, Inc.		5,268		226,471
PacWest Bancorp.		8,454		337,991
Popular, Inc.		8,362		248,519
PrivateBancorp., Inc.		5,734		238,592
Prosperity Bancshares, Inc.		5,244		276,726
Signature Bank (a)		4,150		571,995
SVB Financial Group (a)		4,211		439,123
Synovus Financial Corp.		10,308		321,197
Umpqua Holdings Corp.		16,116		255,116
Webster Financial Corp.		7,289		267,069
Western Alliance Bancorp. (a)		9,118		333,536
Zions Bancorp.		16,111		443,375
				6,391,877
Biotechnology – 2.0%
Alnylam Pharmaceuticals, Inc. (a)		5,350		358,664
Bio-Rad Laboratories, Inc. – Class A (a)		1,651		234,194
Charles River Laboratories International, Inc. (a)		3,679		291,634
Intercept Pharmaceuticals, Inc. (a)		1,187		178,928
Intrexon Corp. (a)		4,382		117,131
Ionis Pharmaceuticals, Inc. (a)		7,466		305,882
Juno Therapeutics, Inc. (a)		1,268		53,370
Medivation, Inc. (a)		12,323		712,270
Seattle Genetics, Inc. (a)		8,663		307,363
Ultragenyx Pharmaceutical, Inc. (a)		1,935		130,845
United Therapeutics Corp. (a)		3,188		335,378
				3,025,659
Building Materials – 1.0%
Armstrong Flooring, Inc. (a)		1,192		17,355
Armstrong World Industries, Inc. (a)		2,390		97,536

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Building Materials – 1.0% (Continued)
Eagle Materials, Inc.		3,697	$	274,022
Lennox International, Inc.		3,144		424,283
Owens Corning		9,102		419,329
USG Corp. (a)		8,608		232,502
				1,465,027
Chemicals – 3.3%
Albemarle Corp.		9,898		654,852
Ashland, Inc.		5,099		569,048
Axalta Coating Systems Ltd. (a)		4,916		139,959
Cabot Corp.		5,088		248,243
FMC Corp.		9,905		428,490
Huntsman Corp.		17,995		283,241
NewMarket Corp.		601		244,042
PolyOne Corp.		6,800		244,664
RPM International, Inc.		10,713		541,328
Sensient Technologies Corp.		3,584		241,024
Univar, Inc. (a)		4,399		76,543
Valspar Corp.		5,556		592,770
Westlake Chemical Corp.		3,541		177,723
WR Grace & Co. (a)		6,153		471,812
				4,913,739
Commercial Services – 4.8%
Avis Budget Group, Inc. (a)		7,826		196,433
Booz Allen Hamilton Holding Corp.		10,326		284,688
Bright Horizons Family Solutions, Inc. (a)		4,112		269,829
CoStar Group, Inc. (a)		2,867		565,688
Deluxe Corp.		3,491		219,165
Euronet Worldwide, Inc. (a)		4,031		310,790
Gartner, Inc. (a)		6,563		572,097
Global Payments, Inc.		1,394		100,588
Graham Holdings Co. – Class B		360		171,554
Hertz Global Holdings, Inc. (a)		13,121		121,500
KAR Auction Services, Inc.		3,216		120,922
Live Nation Entertainment, Inc. (a)		7,786		167,243
ManpowerGroup, Inc.		5,829		449,008

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Commercial Services – 4.8% (Continued)
Morningstar, Inc.		1,490	$	123,968
PAREXEL International Corp. (a)		4,178		255,276
Quanta Services, Inc. (a)		13,040		309,309
Robert Half International, Inc.		11,194		428,842
Rollins, Inc.		9,647		259,215
RR Donnelley & Sons Co.		13,706		238,484
Sabre Corp.		15,506		448,899
Service Corp. International		13,526		360,738
ServiceMaster Global Holdings, Inc. (a)		1,779		68,171
Square, Inc. – Class A (a)		664		9,887
Team Health Holdings, Inc. (a)		5,106		213,584
TransUnion (a)		3,420		102,429
United Rentals, Inc. (a)		7,167		479,687
WEX, Inc. (a)		3,152		297,833
				7,145,827
Computers – 3.7%
Brocade Communications Systems, Inc.		30,833		296,305
Cadence Design System, Inc. (a)		24,918		577,848
Computer Sciences Corp.		11,136		368,936
CSRA, Inc.		12,476		323,877
DST Systems, Inc.		2,431		293,373
EPAM Systems, Inc. (a)		3,920		285,886
Fortinet, Inc. (a)		11,587		376,693
Genpact Ltd. (a)		13,430		374,563
Leidos Holdings, Inc.		5,821		288,780
Manhattan Associates, Inc. (a)		5,272		319,167
MAXIMUS, Inc.		4,749		251,222
Mentor Graphics Corp.		9,585		191,317
NCR Corp. (a)		10,986		319,583
Pure Storage, Inc. – Class A (a)		2,315		33,683
Synopsys, Inc. (a)		11,938		567,294
Syntel, Inc. (a)		2,912		123,847
Teradata Corp. (a)		11,350		287,155
VeriFone Systems, Inc. (a)		10,331		294,020
				5,573,549

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

		Shares		Value
COMMON STOCKS – 84.5% (Continued)

Cosmetics/Personal Care – 0.3%
Edgewell Personal Care Co.			4,787	$	392,869

Distribution/Wholesale – 0.8%
Fossil Group, Inc. (a)			3,294		133,407
HD Supply Holdings, Inc. (a)			5,139		176,165
Ingram Micro, Inc.			11,132		389,064
Pool Corp.			3,310		289,327
Watsco, Inc.	��		1,920		258,182
					1,246,145
Diversified Financial Services – 2.5%
Air Lease Corp.			7,122		217,079
CBOE Holdings, Inc.			845		52,356
CoreLogic, Inc. (a)			7,199		255,420
Credit Acceptance Corp. (a)			944		185,279
E*TRADE Financial Corp. (a)			22,008		554,161
Eaton Vance Corp.			9,345		322,683
Federated Investors, Inc. – Class B			7,503		237,095
Legg Mason, Inc.			9,192		295,155
MarketAxess Holdings, Inc.			2,992		367,298
Navient Corp.			23,795		325,278
OneMain Holdings, Inc. (a)			4,169		132,658
Raymond James Financial, Inc.			10,466		546,011
Santander Consumer USA Holdings, Inc. (a)			1,676		22,073
SLM Corp. (a)			25,990		175,952
Virtu Financial, Inc. – Class A			1,815		37,843
					3,726,341
Electric – 3.3%
Black Hills Corp.			3,852		233,393
Calpine Corp. (a)			27,432		432,877
Great Plains Energy, Inc.			11,298		352,837
Hawaiian Electric Industries, Inc.			8,783		287,116
IDACORP, Inc.			3,351		243,718
ITC Holdings Corp.			13,321		587,057
MDU Resources Group, Inc.			14,468		290,228
NorthWestern Corp.			3,481		197,860
NRG Energy, Inc.			23,924		361,252

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Electric – 3.3% (Continued)
OGE Energy Corp.		15,920	$	471,073
Portland General Electric Co.		7,327		291,028
TECO Energy, Inc.		18,995		527,491
Westar Energy, Inc.		11,557		596,457
				4,872,387
Electrical Components & Equipment – 0.4%
Hubbell, Inc.		3,992		422,194
SunPower Corp. (a)		9,874		198,862
				621,056
Electronics – 2.4%
Arrow Electronics, Inc. (a)		6,055		376,015
Avnet, Inc.		9,970		409,966
FEI Co.		2,948		262,431
Fitbit, Inc. – Class A (a)		2,634		48,071
FLIR Systems, Inc.		10,965		331,253
Gentex Corp.		23,574		378,127
Jabil Circuit, Inc.		14,655		254,411
Keysight Technologies, Inc. (a)		13,954		363,920
National Instruments Corp.		8,631		237,957
PerkinElmer, Inc.		8,339		420,452
Trimble Navigation Ltd. (a)		14,118		338,126
Woodward, Inc.		4,529		245,517
				3,666,246
Energy-Alternate Sources – 0.2%
First Solar, Inc. (a)		6,493		362,569

Engineering & Construction – 1.1%
AECOM (a)		10,448		339,456
EMCOR Group, Inc.		4,779		231,686
Fluor Corp.		11,985		655,100
Jacobs Engineering Group, Inc. (a)		9,771		435,591
				1,661,833
Entertainment – 1.1%
Cinemark Holdings, Inc.		8,371		290,055
Dolby Laboratories, Inc. – Class A		3,595		171,158

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Entertainment – 1.1% (Continued)
Lions Gate Entertainment Corp.		11,537	$	256,122
Madison Square Garden Co. – Class A (a)		1,755		275,500
Regal Entertainment Group – Class A		7,058		147,159
Six Flags Entertainment Corp.		5,841		350,752
Vail Resorts, Inc.		986		127,825
				1,618,571
Environmental Control – 0.1%
Clean Harbors, Inc. (a)		3,890		192,166

Food – 2.0%
Blue Buffalo Pet Products, Inc. (a)		5,333		132,045
Flowers Foods, Inc.		17,523		335,741
Hain Celestial Group, Inc. (a)		8,413		352,168
Ingredion, Inc.		5,798		667,292
Lancaster Colony Corp.		1,539		179,294
Pilgrim’s Pride Corp. (a)		5,498		147,951
Pinnacle Foods, Inc.		2,846		121,211
Post Holdings, Inc. (a)		4,687		336,714
Seaboard Corp. (a)		19		57,057
Snyder’s-Lance, Inc.		6,711		214,551
Sprouts Farmers Market, Inc. (a)		1,835		51,508
TreeHouse Foods, Inc. (a)		4,705		415,922
				3,011,454
Gas – 2.9%
Atmos Energy Corp.		8,137		590,339
National Fuel Gas Co.		6,837		379,454
New Jersey Resources Corp.		6,369		227,246
NiSource, Inc.		27,291		619,779
ONE Gas, Inc.		4,168		243,703
Piedmont Natural Gas Co., Inc.		6,402		382,840
Questar Corp.		10,998		275,720
Southwest Gas Corp.		3,740		242,763
Spire, Inc.		3,420		218,743
UGI Corp.		13,706		551,529
Vectren Corp.		6,599		322,361
WGL Holdings, Inc.		3,833		260,222
				4,314,699

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Hand/Machine Tools – 0.3%
Lincoln Electric Holdings, Inc.		4,906	$	307,459
Regal Beloit Corp.		3,307		213,037
				520,496
Healthcare-Products – 2.4%
ABIOMED, Inc. (a)		2,627		255,187
Alere, Inc. (a)		6,328		246,792
Align Technology, Inc. (a)		5,527		398,994
Bio-Techne Corp.		2,756		256,804
Bruker Corp.		8,892		251,644
Cepheid (a)		4,227		120,639
Hill-Rom Holdings, Inc.		4,839		233,966
IDEXX Laboratories, Inc. (a)		6,473		545,997
Patterson Cos., Inc.		6,869		297,771
Teleflex, Inc.		3,396		529,029
VWR Corp. (a)		5,052		134,585
West Pharmaceutical Services, Inc.		5,362		381,774
				3,653,182
Healthcare-Services – 2.2%
Acadia Healthcare Co., Inc. (a)		7,281		460,086
Amsurg Corp. (a)		3,851		311,854
Brookdale Senior Living, Inc. (a)		15,087		278,506
Centene Corp. (a)		13,551		839,620
Envision Healthcare Holdings, Inc. (a)		5,088		115,142
HealthSouth Corp.		6,905		286,281
Lifepoint Health, Inc. (a)		3,481		235,176
Molina Healthcare, Inc. (a)		3,268		169,152
Tenet Healthcare Corp. (a)		7,764		246,041
WellCare Health Plans, Inc. (a)		3,517		316,495
				3,258,353
Holding Companies-Diversified – 0.3%
Leucadia National Corp.		29,220		487,390
Home Builders – 1.1%
CalAtlantic Group, Inc.		6,598		213,577
NVR, Inc. (a)		285		473,468

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Home Builders – 1.1% (Continued)
PulteGroup, Inc.		23,252	$	427,604
Thor Industries, Inc.		4,085		261,522
Toll Brothers, Inc. (a)		11,354		309,964
				1,686,135
Home Furnishings – 0.8%
Harman International Industries, Inc.		5,671		435,306
Leggett & Platt, Inc.		10,563		520,650
Tempur Sealy International, Inc. (a)		3,630		220,232
				1,176,188
Household Products/Wares – 0.5%
Avery Dennison Corp.		6,880		499,557
Helen of Troy Ltd. (a)		1,858		184,926
				684,483
Housewares – 0.4%
Scotts Miracle-Gro Co. – Class A		3,976		281,421
Toro Co.		4,392		379,689
				661,110
Insurance – 5.6%
Alleghany Corp. (a)		1,246		649,515
American Financial Group, Inc.		6,011		415,420
American National Insurance Co.		2,396		278,224
AmTrust Financial Services, Inc.		8,736		217,090
Arthur J Gallagher & Co.		13,282		611,503
Aspen Insurance Holdings Ltd.		4,634		214,786
Assurant, Inc.		4,984		421,497
Assured Guaranty Ltd.		11,727		303,378
Axis Capital Holdings Ltd.		6,676		355,631
Brown & Brown, Inc.		9,491		333,229
CNO Financial Group, Inc.		12,633		232,068
Endurance Specialty Holdings Ltd.		5,207		333,144
Erie Indemnity Co. – Class A		1,816		171,412
First American Financial Corp.		7,162		257,975
Hanover Insurance Group, Inc.		3,453		296,129
Mercury General Corp.		2,066		109,291

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Insurance – 5.6% (Continued)
MGIC Investment Corp. (a)		16,902	$	122,201
Old Republic International Corp.		18,433		340,826
Reinsurance Group of America, Inc.		5,016		477,624
RenaissanceRe Holdings Ltd.		3,117		345,707
RLI Corp.		3,269		203,266
Torchmark Corp.		9,897		572,937
Validus Holdings Ltd.		6,769		311,983
White Mountains Insurance Group Ltd.		495		410,850
WR Berkley Corp.		7,130		399,280
				8,384,966
Internet – 1.1%
CDW Corp.		2,202		84,777
FireEye, Inc. (a)		5,603		97,212
GoDaddy, Inc. – Class A (a)		1,480		44,948
Groupon, Inc. (a)		2,742		9,926
IAC/InterActiveCorp.		6,778		314,092
Liberty Ventures – Class A (a)		10,637		425,480
Match Group, Inc. (a)		14,264		162,610
Pandora Media, Inc. (a)		3,846		38,191
Splunk, Inc. (a)		2,981		154,952
Wayfair, Inc. – Class A (a)		1,422		53,680
Zillow Group, Inc. – Class C (a)		8,038		193,234
				1,579,102
Investment Companies – 0.5%
American Capital Ltd. (a)		22,449		354,694
Ares Capital Corp.		29,484		447,862
				802,556
Iron/Steel – 0.6%
Reliance Steel & Aluminum Co.		5,866		433,908
Steel Dynamics, Inc.		19,845		500,292
				934,200
Leisure Time – 0.2%
Brunswick Corp.		6,915		332,127

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Lodging – 0.3%
Choice Hotels International, Inc.		4,337	$	219,712
Extended Stay America, Inc.		2,684		42,005
Hyatt Hotels Corp. – Class A (a)		3,179		152,211
				413,928
Machinery-Construction & Mining – 0.1%
Oshkosh Corp.		3,979		194,374

Machinery-Diversified – 2.5%
AGCO Corp.		4,947		264,516
BWX Technologies, Inc.		7,766		259,307
Cognex Corp.		6,371		226,361
Flowserve Corp.		11,222		547,746
Graco, Inc.		4,136		324,221
IDEX Corp.		5,839		478,214
Middleby Corp. (a)		5,000		548,200
Nordson Corp.		3,581		274,770
Xylem, Inc.		13,224		552,499
Zebra Technologies Corp. (a)		3,230		202,069
				3,677,903
Media – 1.5%
AMC Networks, Inc. – Class A (a)		4,142		270,183
FactSet Research Systems, Inc.		3,320		500,490
Houghton Mifflin Harcourt Co. (a)		1,506		30,888
John Wiley & Sons, Inc. – Class A		3,216		159,482
Liberty Broadband Corp. – Class A (a)		9,204		527,573
Sinclair Broadcast Group, Inc. – Class A		4,530		145,277
Starz – Class A (a)		6,887		187,395
TEGNA, Inc.		18,961		442,929
				2,264,217
Mining – 0.2%
Royal Gold, Inc.		5,190		324,998

Miscellaneous Manufacturing – 1.9%
AO Smith Corp.		5,518		426,100
AptarGroup, Inc.		4,127		313,652
Carlisle Cos., Inc.		4,573		465,989

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Miscellaneous Manufacturing – 1.9% (Continued)
Colfax Corp. (a)		7,942	$	257,559
Crane Co.		3,820		212,277
Donaldson Co., Inc.		9,579		313,042
Hexcel Corp.		8,139		368,452
ITT Corp.		6,381		244,839
Trinity Industries, Inc.		11,468		223,741
				2,825,651
Office/Business Equipment – 0.2%
Pitney Bowes, Inc.		14,912		312,705

Oil & Gas – 2.8%
Antero Resources Corp. (a)		7,277		205,939
Diamond Offshore Drilling, Inc.		6,045		146,652
Diamondback Energy, Inc. (a)		5,089		440,605
Energen Corp.		7,283		309,455
Gulfport Energy Corp. (a)		10,276		321,639
Helmerich & Payne, Inc.		6,076		401,745
Murphy Oil Corp.		12,263		438,279
Nabors Industries Ltd.		22,451		220,020
Newfield Exploration Co. (a)		14,347		520,079
PBF Energy, Inc. – Class A		7,704		247,915
Range Resources Corp.		9,701		427,911
Southwestern Energy Co. (a)		24,123		323,972
Western Refining, Inc.		5,904		157,991
				4,162,202
Oil & Gas Services – 0.6%
Oceaneering International, Inc.		6,517		238,848
RPC, Inc.		6,532		98,764
Targa Resources Corp.		12,951		523,997
				861,609
Packaging & Containers – 1.6%
Bemis Co., Inc.		7,017		352,113
Berry Plastics Group, Inc. (a)		2,936		105,755
Crown Holdings, Inc. (a)		11,391		603,267
Graphic Packaging Holding Co.		10,601		140,781

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Packaging & Containers – 1.6% (Continued)
Owens-Illinois, Inc. (a)		13,136	$	242,491
Packaging Corp of America		7,602		493,218
Silgan Holdings, Inc.		2,379		120,710
Sonoco Products Co.		7,953		372,916
				2,431,251
Pharmaceuticals – 2.3%
Akorn, Inc. (a)		6,271		159,597
Alkermes PLC (a)		11,030		438,442
Anacor Pharmaceuticals, Inc. (a)		3,068		192,486
Catalent, Inc. (a)		4,202		124,085
DexCom, Inc. (a)		6,365		409,779
Endo International PLC (a)		7,041		190,107
Herbalife Ltd. (a)		5,910		342,485
Horizon Pharma PLC (a)		11,997		184,394
Impax Laboratories, Inc. (a)		5,652		188,494
Neurocrine Biosciences, Inc. (a)		5,919		269,788
OPKO Health, Inc. (a)		33,269		357,642
Premier, Inc. – Class A (a)		3,732		126,179
VCA, Inc. (a)		6,437		405,338
				3,388,816
Pipelines – 0.4%
ONEOK, Inc.		16,544		598,066

Real Estate – 0.5%
Howard Hughes Corp. (a)		3,502		368,306
Jones Lang LaSalle, Inc.		3,043		350,462
				718,768
Retail – 4.3%
American Eagle Outfitters, Inc.		15,152		216,825
AutoNation, Inc. (a)		6,034		305,622
Brinker International, Inc.		3,801		176,062
Buffalo Wild Wings, Inc. (a)		1,254		167,610
Burlington Stores, Inc. (a)		3,276		186,634
Cabela’s, Inc. (a)		3,687		192,277
Casey’s General Stores, Inc.		3,111		348,432

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Retail – 4.3% (Continued)
Copart, Inc. (a)		8,511	$	364,611
Cracker Barrel Old Country Store, Inc.		1,864		272,908
Dick’s Sporting Goods, Inc.		7,226		334,853
Dillard’s, Inc. – Class A		2,821		198,740
Domino’s Pizza, Inc.		2,385		288,299
Dunkin’ Brands Group, Inc.		515		23,948
GameStop Corp. – Class A		10,679		350,271
HSN, Inc.		3,039		161,158
Jack in the Box, Inc.		2,666		180,088
JC Penney Co., Inc. (a)		22,967		213,134
Michaels Cos., Inc. (a)		2,745		78,040
MSC Industrial Direct Co., Inc.		3,172		245,830
Office Depot, Inc. (a)		45,314		266,446
Panera Bread Co. – Class A (a)		1,602		343,613
Penske Automotive Group, Inc.		4,030		157,694
Sally Beauty Holdings, Inc. (a)		5,486		172,260
Texas Roadhouse, Inc.		4,798		195,375
Urban Outfitters, Inc. (a)		7,590		230,129
Vista Outdoor, Inc. (a)		3,952		189,617
Williams-Sonoma, Inc.		5,489		322,643
World Fuel Services Corp.		4,913		229,585
				6,412,704
Savings & Loans – 0.6%
First Niagara Financial Group, Inc.		26,618		281,086
Investors Bancorp., Inc.		10,154		117,279
People’s United Financial, Inc.		24,751		383,640
TFS Financial Corp.		5,682		101,708
				883,713
Semiconductors – 1.5%
Cavium, Inc. (a)		4,190		206,860
Cree, Inc. (a)		5,396		132,256
Cypress Semiconductor Corp.		24,194		218,472
IPG Photonics Corp. (a)		3,126		270,930
Marvell Technology Group Ltd.		31,638		315,747
Microsemi Corp. (a)		8,116		274,240
ON Semiconductor Corp. (a)		35,944		340,390

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Semiconductors – 1.5% (Continued)
Synaptics, Inc. (a)		2,889	$	206,708
Teradyne, Inc.		14,950		282,704
				2,248,307
Shipbuilding – 0.3%
Huntington Ingalls Industries, Inc.		3,471		502,497

Software – 4.2%
Aspen Technology, Inc. (a)		5,161		196,273
Athenahealth, Inc. (a)		2,776		370,041
Black Knight Financial Services, Inc. – Class A (a)		1,297		41,478
Broadridge Financial Solutions, Inc.		9,472		566,804
Dun & Bradstreet Corp.		2,646		292,145
Fair Isaac Corp.		2,209		235,722
Guidewire Software, Inc. (a)		1,892		107,787
Inovalon Holdings, Inc. – Class A (a)		4,693		80,250
j2 Global, Inc.		3,378		214,571
Jack Henry & Associates, Inc.		5,843		473,458
MSCI, Inc.		7,597		576,916
NetSuite, Inc. (a)		3,823		309,816
Nuance Communications, Inc. (a)		26,842		461,146
PTC, Inc. (a)		9,344		340,682
Qlik Technologies, Inc. (a)		7,080		217,993
Rackspace Hosting, Inc. (a)		7,251		165,830
SS&C Technologies Holdings, Inc.		2,407		147,188
SYNNEX Corp.		1,749		144,415
Tableau Software, Inc. – Class A (a)		698		36,087
Take-Two Interactive Software, Inc. (a)		6,681		228,357
Tyler Technologies, Inc. (a)		2,608		381,837
Ultimate Software Group, Inc. (a)		2,111		415,002
Veeva Systems, Inc. – Class A (a)		6,239		171,635
Verint Systems, Inc. (a)		3,677		124,430
				6,299,863
Telecommunications – 1.5%
Arista Networks, Inc. (a)		511		34,043
ARRIS International PLC (a)		16,109		366,802
Ciena Corp. (a)		10,956		184,389
CommScope Holding Co., Inc. (a)		10,778		327,759

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 84.5% (Continued)

Telecommunications – 1.5% (Continued)
EchoStar Corp. – Class A (a)		4,023	$	164,621
Frontier Communications Corp.		99,709		554,382
Telephone & Data Systems, Inc.		7,555		223,401
Ubiquiti Networks, Inc. (a)		1,942		69,174
United States Cellular Corp. (a)		1,265		53,940
ViaSat, Inc. (a)		3,348		256,792
Zayo Group Holdings, Inc. (a)		2,056		53,374
				2,288,677
Transportation – 1.0%
Genesee & Wyoming, Inc. (a)		4,387		285,638
Kirby Corp. (a)		4,340		276,979
Landstar System, Inc.		2,746		180,000
Old Dominion Freight Line, Inc. (a)		5,345		353,037
Ryder System, Inc.		3,963		273,130
XPO Logistics, Inc. (a)		6,478		195,247
				1,564,031
Trucking & Leasing – 0.1%
AMERCO		572		201,344

Water – 0.3%
Aqua America, Inc.		14,280		452,105
TOTAL COMMON STOCKS
(Cost $122,857,238)				126,675,136

EXCHANGE TRADED FUNDS – 0.8%
iShares Russell Mid-Cap ETF		6,940		1,142,185
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,136,252)				1,142,185

REAL ESTATE INVESTMENT TRUSTS – 14.5%
Alexandria Real Estate Equities, Inc.		6,401		594,973
American Campus Communities, Inc.		12,220		546,845
American Capital Agency Corp.		27,221		500,050
American Homes 4 Rent – Class A		16,830		266,251

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 14.5% (Continued)
Apartment Investment & Management Co.		14,689	$	588,441
Apple Hospitality REIT, Inc.		16,352		309,543
Brixmor Property Group, Inc.		8,978		226,695
Camden Property Trust		8,154		658,272
Chimera Investment Corp.		15,492		219,986
Communications Sales & Leasing, Inc.		13,132		305,056
Corrections Corp. of America		6,816		207,343
CubeSmart		16,482		488,032
CyrusOne, Inc.		7,337		323,782
DCT Industrial Trust, Inc.		8,298		334,990
DDR Corp.		30,151		527,643
Douglas Emmett, Inc.		13,820		448,459
Duke Realty Corp.		32,443		709,528
EPR Properties		4,513		297,316
Equity Commonwealth (a)		11,811		329,645
Equity LifeStyle Properties, Inc.		7,933		543,331
Equity One, Inc.		8,241		233,220
Forest City Realty Trust, Inc. – Class A		22,658		470,833
Gaming and Leisure Properties, Inc.		11,447		375,347
Gramercy Property Trust		31,197		264,239
Healthcare Realty Trust, Inc.		9,585		290,234
Healthcare Trust of America, Inc. – Class A		12,241		353,643
Highwoods Properties, Inc.		9,015		421,271
Hospitality Properties Trust		14,214		363,736
Iron Mountain, Inc.		11,704		427,547
Kilroy Realty Corp.		8,656		560,995
Lamar Advertising Co. – Class A		5,350		331,914
LaSalle Hotel Properties		10,591		253,125
Liberty Property Trust		13,713		478,584
Medical Properties Trust, Inc.		16,731		222,690
Mid-America Apartment Communities, Inc.		7,073		676,957
National Retail Properties, Inc.		10,450		457,292
New Residential Investment Corp.		18,591		224,951
Northstar Realty Finance Corp.		14,871		190,200
Omega Healthcare Investors, Inc.		12,881		434,991
Outfront Media, Inc.		644		13,968
Paramount Group, Inc.		15,320		255,844

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 14.5% (Continued)
Post Properties, Inc.		4,630	$	265,577
Rayonier, Inc.		8,864		218,764
Regency Centers Corp.		8,696		640,895
Retail Properties of America, Inc.		22,254		355,842
RLJ Lodging Trust		11,689		246,287
Senior Housing Properties Trust		22,272		391,542
Sovran Self Storage, Inc.		3,693		392,270
Spirit Realty Capital, Inc.		33,567		383,671
Starwood Property Trust, Inc.		19,564		378,759
STORE Capital Corp.		5,680		145,806
Sun Communities, Inc.		5,476		371,656
Sunstone Hotel Investors, Inc.		20,259		259,518
Tanger Factory Outlet Centers, Inc.		8,363		293,374
Taubman Centers, Inc.		5,369		372,877
Two Harbors Investment Corp.		26,406		206,759
VEREIT, Inc.		72,988		648,133
Weingarten Realty Investors		11,626		429,232
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $21,831,473)				21,728,724

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

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS – 0.2%

Money Market Funds – 0.2%
Fidelity Institutional Money Market Funds –
Money Market Portfolio – Class I, 0.34% (b)		243,824	$	243,824
TOTAL SHORT-TERM INVESTMENTS
(Cost $243,824)				243,824

TOTAL INVESTMENTS
(Cost $146,068,787) – 100.0%				149,789,869
Other Assets in Excess of Liabilities – 0.0% (c)				18,623
TOTAL NET ASSETS – 100.0%			$	149,808,492

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of April 30, 2016.
(c)	Less than 0.05%.

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

Pacer Trendpilot™ 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016

	Shares		Value
COMMON STOCKS – 98.9%

Airlines – 0.4%
American Airlines Group, Inc.		8,319	$	288,586

Auto Manufacturers – 1.0%
PACCAR, Inc.		4,847		285,537
Tesla Motors, Inc. (a)		1,822		438,664
				724,201
Beverages – 0.6%
Monster Beverage Corp. (a)		2,799		403,672

Biotechnology – 10.3%
Alexion Pharmaceuticals, Inc. (a)		3,108		432,882
Amgen, Inc.		10,376		1,642,521
Biogen, Inc. (a)		3,017		829,645
BioMarin Pharmaceutical, Inc. (a)		2,229		188,752
Celgene Corp. (a)		10,784		1,115,173
Gilead Sciences, Inc.		18,857		1,663,376
Illumina, Inc. (a)		2,019		272,545
Incyte Corp. (a)		2,582		186,601
Regeneron Pharmaceuticals, Inc. (a)		1,419		534,551
Vertex Pharmaceuticals, Inc. (a)		3,399		286,672
				7,152,718
Commercial Services – 2.0%
Automatic Data Processing, Inc.		6,311		558,145
PayPal Holdings, Inc. (a)		16,869		660,927
Verisk Analytics, Inc. (a)		2,318		179,831
				1,398,903
Computers – 11.4%
Apple, Inc.		76,498		7,170,923
Cognizant Technology Solutions Corp. – Class A (a)		8,404		490,541
NetApp, Inc.		4,033		95,340
Seagate Technology PLC		4,089		89,018
Western Digital Corp.		3,212		131,258
				7,977,080
Distribution/Wholesale – 0.3%
Fastenal Co.		3,981		186,271

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

Pacer Trendpilot™ 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 98.9% (Continued)

Engineering & Construction – 0.3%
SBA Communications Corp. – Class A (a)		1,727	$	177,950

Environmental Control – 0.2%
Stericycle, Inc. (a)		1,172		111,996

Food – 3.4%
Mondelez International, Inc. – Class A		21,644		929,826
The Kraft Heinz Co.		16,741		1,306,970
Whole Foods Market, Inc.		4,478		130,220
				2,367,016
Healthcare-Products – 0.7%
Henry Schein, Inc. (a)		1,130		190,631
Intuitive Surgical, Inc. (a)		515		322,575
				513,206
Internet – 26.3%
Alphabet, Inc. – Class A (a)		4,036		2,857,004
Alphabet, Inc. – Class C (a)		4,767		3,303,579
Amazon.com, Inc. (a)		6,496		4,284,697
Baidu, Inc. – ADR (a)		3,738		726,293
Ctrip.com International Ltd. – ADR (a)		4,747		207,017
eBay, Inc. (a)		16,262		397,281
Expedia, Inc.		1,901		220,079
Facebook, Inc. – Class A (a)		31,663		3,722,935
JD.com, Inc. – ADR (a)		12,035		307,614
Liberty Ventures – Class A (a)		1,862		74,480
Netflix, Inc. (a)		5,906		531,717
Symantec Corp.		8,998		149,772
The Priceline Group, Inc. (a)		684		919,063
TripAdvisor, Inc. (a)		1,827		118,006
Yahoo!, Inc. (a)		13,063		478,106
				18,297,643
Leisure Time – 0.2%
Norwegian Cruise Line Holdings Ltd. (a)		3,136		153,319

Lodging – 0.3%
Marriott International, Inc. – Class A		3,497		245,105

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

Pacer Trendpilot™ 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 98.9% (Continued)

Media – 6.3%
Charter Communications, Inc. – Class A (a)		1,551	$	329,184
Comcast Corp. – Class A		33,567		2,039,531
Discovery Communications, Inc. – Class A (a)		2,070		56,532
Discovery Communications, Inc. – Class C (a)		3,492		93,516
DISH Network Corp. – Class A (a)		3,114		153,489
Liberty Braves Group – Class C (a)		307		4,582
Liberty Braves Group – Class A (a)		141		2,204
Liberty Global PLC – Class A (a)		3,487		131,564
Liberty Global PLC – Class C (a)		8,016		293,386
Liberty Media Group – Class A (a)		352		6,446
Liberty Media Group – Class C (a)		768		13,819
Sirius XM Holdings, Inc. (a)		70,308		277,717
Twenty First Century Fox, Inc. – Class B		11,016		331,802
Twenty-First Century Fox, Inc. – Class A		15,444		467,335
Viacom, Inc. – Class B		4,779		195,461
				4,396,568
Pharmaceuticals – 1.5%
Endo International PLC (a)		3,065		82,755
Express Scripts Holding Co. (a)		9,217		679,569
Mylan NV (a)		6,770		282,377
				1,044,701
Retail – 6.9%
Bed Bath & Beyond, Inc. (a)		2,256		106,528
Costco Wholesale Corp.		6,068		898,853
Dollar Tree, Inc. (a)		3,239		258,181
Liberty Interactive Corp. QVC Group – Class A (a)		6,322		165,637
O’Reilly Automotive, Inc. (a)		1,340		351,991
Ross Stores, Inc.		5,587		317,230
Starbucks Corp.		20,393		1,146,698
Tractor Supply Co.		1,845		174,648
Ulta Salon Cosmetics & Fragrance, Inc. (a)		879		183,078
Walgreens Boots Alliance, Inc.		14,883		1,179,924
				4,782,768
Semiconductors – 9.7%
Analog Devices, Inc.		4,277		240,881

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

Pacer Trendpilot™ 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 98.9% (Continued)

Semiconductors – 9.7% (Continued)
Applied Materials, Inc.		15,600	$	319,332
Broadcom Ltd.		5,386		785,009
Intel Corp.		65,177		1,973,560
Lam Research Corp.		2,192		167,469
Linear Technology Corp.		3,302		146,873
Maxim Integrated Products, Inc.		3,951		141,130
Micron Technology, Inc. (a)		14,313		153,865
NVIDIA Corp.		7,423		263,739
NXP Semiconductors NV (a)		4,773		407,041
QUALCOMM, Inc.		20,624		1,041,924
Skyworks Solutions, Inc.		2,644		176,672
Texas Instruments, Inc.		13,869		791,088
Xilinx, Inc.		3,525		151,857
				6,760,440
Software – 12.8%
Activision Blizzard, Inc.		10,140		349,526
Adobe Systems, Inc. (a)		6,875		647,762
Akamai Technologies, Inc. (a)		2,438		124,314
Autodesk, Inc. (a)		3,108		185,921
CA, Inc.		5,749		170,515
Cerner Corp. (a)		4,691		263,353
Check Point Software Technologies Ltd. (a)		2,495		206,761
Citrix Systems, Inc. (a)		2,124		173,828
Electronic Arts, Inc. (a)		4,267		263,914
Fiserv, Inc. (a)		3,076		300,587
Intuit, Inc.		3,542		357,352
Microsoft Corp.		109,123		5,441,964
NetEase, Inc. – ADR		1,040		146,328
Paychex, Inc.		4,979		259,505
				8,891,630
Telecommunications – 3.6%
Cisco Systems, Inc.		69,427		1,908,548
T-Mobile US, Inc. (a)		11,291		443,511
Vodafone Group PLC – ADR		5,354		175,290
				2,527,349

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

Pacer Trendpilot™ 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 98.9% (Continued)

Toys/Games/Hobbies – 0.2%
Mattel, Inc.		4,691	$	145,843

Transportation – 0.5%
CSX Corp.		13,288		362,364
TOTAL COMMON STOCKS
(Cost $69,997,353)				68,909,329

EXCHANGE TRADED FUNDS – 1.0%
Powershares QQQ Trust Series 1		6,936		733,274
TOTAL EXCHANGE TRADED FUNDS
(Cost $748,109)				733,274

SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
Fidelity Institutional Money Market Funds –
Money Market Portfolio – Class I, 0.34% (b)		72,580		72,580
TOTAL SHORT-TERM INVESTMENTS
(Cost $72,580)				72,580

TOTAL INVESTMENTS
(Cost $70,818,042) – 100.0%				69,715,183
Liabilities in Excess of Other Assets – 0.0% (c)				(26,338	)
TOTAL NET ASSETS – 100.0%			$	69,688,845

ADR		American Depositary Receipt
(a)		Non-income producing security.
(b)		Rate disclosed is the seven day yield as of April 30, 2016.
(c)		Less than 0.05%.

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

Pacer Trendpilot™ European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016

	Shares		Value
SHORT-TERM INVESTMENTS – 94.5%

U.S. Treasury Bills – 85.0%
United States Treasury Bill, 0.00%,
07/07/2016		19,113,000	$	19,108,030

Money Market Funds – 9.5%
Fidelity Institutional Money Market Funds –
Money Market Portfolio – Class I, 0.34% (a)		2,124,683		2,124,683
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,230,213)				21,232,713

TOTAL INVESTMENTS
(Cost $21,230,213) – 94.5%				21,232,713
Other Assets in Excess of Liabilities – 5.5%				1,237,689
TOTAL NET ASSETS – 100.0%			$	22,470,402

(a)	Rate disclosed is the seven day yield as of April 30, 2016.

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016

	Shares		Value
COMMON STOCKS – 95.8%

Advertising – 0.5%
JCDecaux SA		50	$	2,208
Publicis Groupe SA		130		9,621
				11,829
Aerospace/Defense – 2.0%
Airbus Group SE		388		24,262
Finmeccanica SpA (a)		267		3,372
MTU Aero Engines AG		34		3,209
Safran SA		195		13,435
Thales SA		70		6,052
Zodiac Aerospace		130		3,048
				53,378
Airlines – 0.3%
Deutsche Lufthansa AG		158		2,453
Ryanair Holdings PLC – ADR		52		4,210
				6,663
Apparel – 2.3%
adidas AG		136		17,535
Christian Dior SE		36		6,321
Hermes International		16		5,698
LVMH Moet Hennessy Louis Vuitton SE		175		29,076
				58,630
Auto Manufacturers – 3.7%
Bayerische Motoren Werke AG		228		21,016
Daimler AG		670		46,561
Ferrari NV		92		4,142
Fiat Chrysler Automobiles NV		614		4,928
Peugeot SA (a)		272		4,378
Renault SA		118		11,388
Volkswagen AG		20		3,168
				95,581
Auto Parts & Equipment – 1.7%
Cie Generale des Etablissements Michelin		128		13,359
Continental AG		74		16,252
Faurecia		42		1,735

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.8% (Continued)

Auto Parts & Equipment – 1.7% (Continued)
Hella KGaA Hueck & Co		22	$	841
Nokian Renkaat OYJ		92		3,394
Valeo SA		52		8,244
				43,825
Banks – 12.0%
ABN AMRO Group NV (Acquired 12/14/15,
Cost $3,120) (a)(b)		148		3,164
Alpha Bank AE (a)		960		2,100
Banca Mediolanum SpA		180		1,481
Banca Monte dei Paschi di Siena SpA (a)		1,687		1,365
Banco Bilbao Vizcaya Argentaria SA		4,462		30,569
Banco Comercial Portugues SA – Class R (a)		28,581		1,266
Banco de Sabadell SA		3,278		6,265
Banco Popolare SC		253		1,786
Banco Popular Espanol SA		1,100		2,991
Banco Santander SA		10,110		51,180
Bank of Ireland (a)		19,308		5,859
Bankia SA		3,233		3,010
Bankinter SA		484		3,689
BNP Paribas SA		685		36,269
CaixaBank SA		1,797		5,410
Commerzbank AG		729		6,811
Credit Agricole SA		739		8,173
Deutsche Bank AG		968		18,256
Erste Group Bank AG		201		5,781
ING Groep NV		2,710		33,188
Intesa Sanpaolo SpA		8,449		23,412
Intesa Sanpaolo SpA – Savings Shares		654		1,719
KBC Groep NV		193		10,835
Mediobanca SpA		385		3,163
National Bank of Greece SA (a)		3,852		1,147
Natixis SA		655		3,613
Piraeus Bank SA (a)		4,536		1,350
Raiffeisen Bank International AG (a)		80		1,278
Societe Generale SA		514		20,158
UniCredit SpA		3,434		13,267

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.8% (Continued)

Banks – 12.0% (Continued)
Unione di Banche Italiane SpA		606	$	2,569
				311,124
Beverages – 4.1%
Anheuser-Busch InBev SA/NV		559		69,193
Davide Campari-Milano SpA		198		1,911
Heineken Holding NV		66		5,448
Heineken NV		150		14,059
Pernod Ricard SA		134		14,466
Remy Cointreau SA		16		1,328
				106,405
Building Materials – 0.9%
Cie de Saint-Gobain		314		14,380
HeidelbergCement AG		96		8,529
Imerys SA		24		1,772
				24,681
Chemicals – 6.0%
Air Liquide SA		240		27,206
Akzo Nobel NV		173		12,260
Arkema SA		48		3,830
BASF SE		647		53,452
Brenntag AG		106		6,216
Evonik Industries AG		88		2,788
Fuchs Petrolub SE		24		885
K+S AG		130		3,242
Koninklijke DSM NV		118		7,237
LANXESS AG		62		3,242
Linde AG		131		20,010
OCI NV (a)		56		1,107
Solvay SA – Class A		48		4,851
Symrise AG		82		5,433
Umicore SA		74		3,688
Wacker Chemie AG		10		959
				156,406
Commercial Services – 1.6%
Abertis Infraestructuras SA		346		5,834
Atlantia SpA		335		9,329

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.8% (Continued)

Commercial Services – 1.6% (Continued)
Bureau Veritas SA		181	$	4,290
Edenred		138		2,721
Randstad Holding NV		74		3,974
RELX NV		660		11,075
Wirecard AG		78		3,369
				40,592
Computers – 0.9%
Atos SE		60		5,338
Capgemini SA		108		10,082
Gemalto NV		54		3,512
Ingenico Group SA		38		4,482
				23,414
Cosmetics/Personal Care – 3.2%
Beiersdorf AG		68		6,101
L’Oreal SA		168		30,481
Unilever NV		1,092		47,972
				84,554
Distribution/Wholesale – 0.1%
Rexel SA		210		3,181

Diversified Financial Services – 0.4%
Deutsche Boerse AG		131		10,754

Electric – 4.5%
E.ON SE		1,315		13,565
EDP – Energias de Portugal SA		1,351		4,802
EDP Renovaveis SA		136		1,060
Electricite de France SA		178		2,557
Endesa SA		222		4,661
Enel SpA		5,346		24,229
Engie SA		998		16,456
Fortum OYJ		312		4,701
Iberdrola SA		3,958		28,117
Red Electrica Corp. SA		74		6,607
RWE AG		339		5,064
Terna Rete Elettrica Nazionale SpA		1,001		5,644
				117,463

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.8% (Continued)

Electrical Components & Equipment – 1.6%
Legrand SA		186	$	10,593
OSRAM Licht AG		58		3,027
Prysmian SpA		140		3,301
Schneider Electric SE		387		25,188
				42,109
Electronics – 0.7%
Koninklijke Philips NV		649		17,835

Engineering & Construction – 2.3%
Acciona SA		18		1,441
ACS Actividades de Construccion y Servicios SA		120		3,968
Aena SA (Acquired 12/14/15, Cost $5,081) (a)(b)		44		6,275
Aeroports de Paris		20		2,517
Boskalis Westminster		54		2,251
Bouygues SA		128		4,268
Eiffage SA		44		3,498
Ferrovial SA		336		7,229
Fraport AG Frankfurt Airport Services Worldwide		24		1,453
HOCHTIEF AG		16		2,051
Vinci SA		327		24,428
				59,379
Entertainment – 0.0% (c)
OPAP SA		144		1,088

Food – 3.3%
Carrefour SA		381		10,795
Casino Guichard Perrachon SA		40		2,380
Colruyt SA		44		2,533
Danone SA		398		27,877
Delhaize Group		70		7,337
Distribuidora Internacional de Alimentacion SA		421		2,336
Glanbia PLC		118		2,224
eronimo Martins SGPS SA		168		2,749
Kerry Group PLC – Class A		100		8,917
Kesko OYJ – Class B		46		1,838
Koninklijke Ahold NV		586		12,749
METRO AG		112		3,559

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.8% (Continued)

Food – 3.3% (Continued)
JParmalat SpA		217	$	605
Suedzucker AG		52		917
				86,816
Food Service – 0.2%
Sodexo SA		62		6,261

Forest Products & Paper – 0.6%
Smurfit Kappa Group PLC		160		4,241
Stora Enso OYJ – Class R		403		3,517
UPM-Kymmene OYJ		373		7,124
				14,882
Gas – 0.7%
Enagas SA		159		4,844
Gas Natural SDG SA		215		4,472
Snam SpA		1,522		9,289
				18,605
Healthcare-Products – 0.8%
Essilor International SA		136		17,605
QIAGEN NV (a)		154		3,451
				21,056
Healthcare-Services – 1.3%
BioMerieux		10		1,290
Fresenius Medical Care AG & Co. KGaA		146		12,663
Fresenius SE & Co KGaA		275		20,002
				33,955
Holding Companies-Diversified – 0.2%
Bollore SA		688		2,726
Wendel SA		20		2,310
				5,036
Home Furnishings – 0.1%
SEB SA		18		2,017

Household Products/Wares – 0.6%
Henkel AG & Co KGaA		118		13,468

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.8% (Continued)

Household Products/Wares – 0.6% (Continued)
Societe BIC SA		18	$	2,555
				16,023
Insurance – 6.6%
Aegon NV		1,335		7,662
Ageas		145		5,688
Allianz SE		319		54,152
Assicurazioni Generali SpA		884		13,483
AXA SA		1,352		34,082
CNP Assurances		112		1,906
Euler Hermes Group		8		760
Hannover Rueck SE		40		4,561
Mapfre SA		713		1,808
Muenchener Rueckversicherungs-Gesellschaft AG
in Muenchen – Class R		103		19,100
NN Group NV		201		6,965
Sampo OYJ – Class A		330		14,408
SCOR SE		110		3,745
Talanx AG		26		863
UnipolSai SpA		727		1,697
Vienna Insurance Group AG
Wiener Versicherung Gruppe		26		587
				171,467
Internet – 0.3%
Iliad SA		16		3,496
United Internet AG		80		3,906
				7,402
Investment Companies – 0.3%
Corp Financiera Alba SA		12		492
EXOR SpA		72		2,704
Groupe Bruxelles Lambert SA		52		4,593
				7,789
Iron/Steel – 0.6%
Acerinox SA		94		1,110
ArcelorMittal		701		3,959

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.8% (Continued)

Iron/Steel – 0.6% (Continued)
ThyssenKrupp AG		297	$	6,907
Voestalpine AG		78		2,812
				14,788
Lodging – 0.2%
Accor SA		143		6,334

Machinery-Diversified – 1.3%
Alstom SA (a)		107		2,735
ANDRITZ AG		50		2,800
CNH Industrial NV		643		4,933
GEA Group AG		120		5,563
Kone OYJ – Class B		266		12,135
MAN SE		24		2,604
Metso OYJ		92		2,211
Zardoya Otis SA		124		1,316
				34,297
Media – 2.0%
Altice NV – Class A (a)		270		4,097
Altice NV – Class B (a)		82		1,253
Axel Springer SE		28		1,563
Kabel Deutschland Holding AG		14		1,627
Lagardere SCA		76		2,016
Mediaset Espana Comunicacion SA		133		1,727
Mediaset SpA		526		2,367
Numericable-SFR SAS		62		2,029
ProSiebenSat.1 Media SE		146		7,443
RTL Group SA		26		2,172
Societe Television Francaise 1		72		865
Telenet Group Holding NV (a)		34		1,690
Vivendi SA		825		15,833
Wolters Kluwer NV		207		7,878
				52,560
Metal Fabricate/Hardware – 0.2%
Tenaris SA		331		4,465
Vallourec SA		80		415
				4,880

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.8% (Continued)

Miscellaneous Manufacturing – 2.4%
Siemens AG		555	$	57,907
Wartsila OYJ Abp		106		4,545
				62,452
Oil & Gas – 4.7%
Eni SpA		1,728		28,097
Galp Energia SGPS SA		335		4,601
Neste OYJ		88		2,816
OMV AG		98		2,941
Repsol SA		744		9,750
TOTAL SA		1,468		73,844
				122,049
Oil & Gas Services – 0.2%
Saipem SpA (a)		1,675		802
Technip SA		76		4,448
				5,250
Pharmaceuticals – 6.0%
Bayer AG		580		66,911
Grifols SA		233		5,068
Ipsen SA		24		1,452
Merck KGaA		88		8,270
Orion OYJ – Class B		70		2,442
Sanofi		792		65,395
UCB SA		82		6,136
				155,674
Pipelines – 0.1%
Koninklijke Vopak NV		46		2,499

Private Equity – 0.1%
Eurazeo SA		28		1,972

Real Estate – 0.7%
Deutsche Wohnen AG – Class BR		236		7,227
Vonovia SE		327		11,003
				18,230

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.8% (Continued)

Retail – 1.8%
Fielmann AG		18	$	1,327
GrandVision NV (Acquired 12/14/15, Cost $947) (b)		34		934
HUGO BOSS AG		44		2,806
Industria de Diseno Textil SA		743		23,852
Kering		50		8,568
Luxottica Group SpA		120		6,536
Salvatore Ferragamo SpA		32		741
Zalando SE (Acquired 12/14/15, Cost $2,760) (a)(b)		72		2,386
				47,150
Semiconductors – 1.4%
ASML Holding NV		227		21,938
Infineon Technologies AG		787		11,197
STMicroelectronics NV		435		2,672
				35,807
Software – 2.7%
Amadeus IT Holding SA		296		13,469
Dassault Systemes		86		6,726
SAP SE		627		49,051
				69,246
Telecommunications – 6.0%
Deutsche Telekom AG		2,222		38,890
Elisa OYJ		108		4,033
Eutelsat Communications SA		112		3,479
Hellenic Telecommunications Organization SA		166		1,610
Koninklijke KPN NV		2,180		8,574
Nokia OYJ		3,922		23,128
Orange SA		1,338		22,185
Proximus SADP		96		3,229
SES SA		208		5,674
Telecom Italia SpA (a)		6,856		6,673
Telecom Italia SpA – Savings Shares		4,229		3,317
Telefonica Deutschland Holding AG		480		2,437
Telefonica SA		2,972		32,404
Telekom Austria AG		54		339
				155,972

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 95.8% (Continued)

Transportation – 1.1%
bpost SA		68	$	1,918
Deutsche Post AG		667		19,583
Groupe Eurotunnel SE		322		4,111
TNT Express NV (a)		327		2,968
				28,580
Water – 0.5%
Suez Environnement Co		226		4,166
Veolia Environnement SA		326		8,009
				12,175
TOTAL COMMON STOCKS
(Cost $2,439,647)				2,490,115

EXCHANGE TRADED FUNDS – 0.8%
iShares MSCI Eurozone ETF		620		21,867
TOTAL EXCHANGE TRADED FUNDS
(Cost $20,330)				21,867

PREFERRED STOCKS – 1.5%

Auto Manufacturers – 1.0%
Bayerische Motoren Werke AG		38		3,017
Porsche Automobil Holding SE		104		5,803
Volkswagen AG		126		18,244
				27,064
Chemicals – 0.1%
Fuchs Petrolub SE		48		2,053

Electric – 0.0% (c)
RWE AG		22		241

Household Products/Wares – 0.3%
Henkel AG & Co KGaA		80		8,128

Pharmaceuticals – 0.1%
Grifols SA – Class B		176		2,772
TOTAL PREFERRED STOCKS
(Cost $37,883)				40,258

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS – 1.3%
Fonciere Des Regions		24	$	2,271
Gecina SA		26		3,760
ICADE		24		1,889
Klepierre		140		6,585
Unibail-Rodamco SE		68		18,220
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $29,782)				32,725

SHORT-TERM INVESTMENTS – 0.3%

Money Market Funds – 0.3%
Fidelity Institutional Money Market Funds –
Money Market Portfolio – Class I, 0.34% (d)		8,609		8,609
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,609)				8,609

TOTAL INVESTMENTS
(Cost $2,536,251) – 99.7%				2,593,574
Other Assets in Excess of Liabilities – 0.3%				7,002
TOTAL NET ASSETS – 100.0%			$	2,600,576

ADR		American Depositary Receipt
(a)		Non-income producing security.
(b)		Restricted securities as defined in Rule 144(a) under the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $12,759.
(c)		Less than 0.05%.
(d)		Rate disclosed is the seven day yield as of April 30, 2016.

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

Pacer Global High Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2016

	Shares		Value
COMMON STOCKS – 98.9%

Australia – 6.8%
Amcor Ltd.		2,420	$	28,337
BHP Billiton Ltd.		7,862		123,623
CIMIC Group Ltd.		862		23,457
Fortescue Metals Group Ltd.		4,332		11,232
Incitec Pivot Ltd.		2,456		6,013
Oil Search Ltd.		2,262		12,091
Orica Ltd.		1,120		13,029
Woodside Petroleum Ltd.		4,126		88,909
Woolworths Ltd.		3,738		62,841
				369,532
Belgium – 1.9%
Anheuser-Busch InBev SA/NV		820		101,500

Canada – 1.1%
Potash Corp. of Saskatchewan, Inc. (a)		3,394		60,052

Finland – 1.8%
Fortum OYJ		3,896		58,709
Kone OYJ – Class B		892		40,692
				99,401
France – 5.9%
Cie de Saint-Gobain		982		44,972
Cie Generale des Etablissements Michelin		292		30,476
Orange SA		5,136		85,157
Sanofi		1,196		98,754
Vinci SA		840		62,751
				322,110
Germany – 4.5%
BASF SE		1,330		109,879
Evonik Industries AG		844		26,736
Siemens AG		1,046		109,137
				245,752
Hong Kong – 3.5%
Cathay Pacific Airways Ltd.		6,922		11,066
Chow Tai Fook Jewellery Group Ltd.		20,322		14,147

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

Pacer Global High Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 98.9% (Continued)

Hong Kong – 3.5% (Continued)
CLP Holdings Ltd.		4,600	$	42,549
Li & Fung Ltd.		24,654		15,288
NWS Holdings Ltd.		8,868		13,513
PCCW Ltd.		15,952		10,817
Power Assets Holdings Ltd.		3,656		34,854
Swire Pacific Ltd. – Class A		3,072		33,406
Yue Yuen Industrial Holdings Ltd.		3,268		11,923
				187,563
Israel – 0.5%
Bezeq The Israeli Telecommunication Corp. Ltd.		9,460		20,179
Delek Group Ltd.		32		5,687
				25,866
Italy – 2.3%
Atlantia SpA		1,490		41,493
Enel SpA		18,768		85,059
				126,552
Japan – 3.5%
Canon, Inc.		2,042		59,724
FANUC Corp.		328		50,880
ITOCHU Corp.		2,408		32,024
JX Holdings, Inc.		3,584		15,852
Sumitomo Metal Mining Co. Ltd.		768		9,037
Tokyo Electron Ltd.		238		16,577
TonenGeneral Sekiyu KK		620		6,101
				190,195
Luxembourg – 0.5%
Tenaris SA		2,094		28,245

Macau – 1.8%
Sands China Ltd.		27,466		98,436

New Zealand – 0.2%
Fletcher Building Ltd.		1,778		10,354

Norway – 1.5%
Telenor ASA		4,712		81,110

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

Pacer Global High Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 98.9% (Continued)

Singapore – 2.6%
Hutchison Port Holdings Trust		37,164	$	16,538
Jardine Cycle & Carriage Ltd.		606		17,403
Singapore Telecommunications Ltd.		36,388		104,441
				138,382
South Korea – 1.5%
KT&G Corp.		185		19,971
POSCO		174		36,727
SK Telecom Co. Ltd.		143		25,854
				82,552
Spain – 4.4%
Abertis Infraestructuras SA		1,814		30,586
Endesa SA		2,440		51,227
Gas Natural SDG SA		2,712		56,409
Iberdrola SA		14,358		101,998
				240,220
Sweden – 2.1%
Sandvik AB		3,308		33,943
Telia Co. AB		17,180		82,045
				115,988
Switzerland – 11.3%
ABB Ltd.		4,414		93,314
Glencore PLC		76,610		182,349
Kuehne + Nagel International AG – Class R		172		24,779
Nestle SA		1,370		102,111
Novartis AG		1,178		89,888
Roche Holding AG		370		93,531
SGS SA		12		26,407
				612,379
United Kingdom – 5.2%
Imperial Brands PLC		1,790		97,256
Pearson PLC		2,812		33,076
Rio Tinto PLC		3,500		117,648
Sky PLC		2,460		33,734
				281,714

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

Pacer Global High Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
COMMON STOCKS – 98.9% (Continued)

United States – 36.0%
AbbVie, Inc.		1,724	$	105,164
Altria Group, Inc.		1,754		109,993
AT&T, Inc.		2,965		115,101
Baxter International, Inc.		1,090		48,200
Caterpillar, Inc.		1,116		86,736
CenturyLink, Inc.		2,162		66,914
Cummins, Inc.		302		35,343
Dow Chemical Co.		1,718		90,384
Eaton Corp. PLC		864		54,665
Emerson Electric Co.		1,168		63,808
Ford Motor Co.		7,250		98,310
Gap, Inc.		670		15,531
HP, Inc.		4,534		55,632
International Business Machines Corp.		742		108,288
International Paper Co.		800		34,616
Las Vegas Sands Corp.		2,020		91,203
LyondellBasell Industries NV – Class A		700		57,869
Macy’s, Inc.		530		20,983
Mosaic Co.		610		17,074
National Oilwell Varco, Inc.		938		33,806
Pfizer, Inc.		3,164		103,494
Philip Morris International, Inc.		1,162		114,015
Procter & Gamble Co.		1,286		103,034
QUALCOMM, Inc.		2,044		103,263
Seagate Technology PLC		800		17,416
Thomson Reuters Corp. (a)		1,254		51,611
Viacom, Inc. – Class B		642		26,258
Wal-Mart Stores, Inc.		1,666		111,405
Western Digital Corp.		332		13,567
				1,953,683
TOTAL COMMON STOCKS
(Cost $5,155,780)				5,371,586

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

Pacer Global High Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2016 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS – 0.8%

Australia – 0.6%
Dexus Property Group		2,764	$	17,696
GPT Group		4,198		16,055
				33,751
Singapore – 0.2%
CapitaLand Mall Trust		7,828		12,049
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $43,921)				45,800

SHORT-TERM INVESTMENTS – 0.5%

Money Market Funds – 0.5%
Fidelity Institutional Money Market Funds –
Money Market Portfolio – Class I, 0.34% (b)		24,272		24,272
TOTAL SHORT-TERM INVESTMENTS
(Cost $24,272)				24,272

TOTAL INVESTMENTS
(Cost $5,223,973) – 100.2%				5,441,658
Liabilities in Excess of Other Assets – (0.2)%				(9,882	)
TOTAL NET ASSETS – 100.0%			$	5,431,776

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of April 30, 2016.

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES

April 30, 2016

	Pacer			Pacer			Pacer
	Trendpilot™			Trendpilot™			Trendpilot™
	750 ETF			450 ETF			100 ETF
ASSETS
Investments in Securities, at Value*	$	365,255,171		$	149,789,869		$	69,715,183
Cash		2,175			179			—
Interest and Dividends Receivable		366,925			89,245			11,894
Total Assets		365,624,271			149,879,293			69,727,077
LIABILITIES
Management Fees Payable		176,014			70,801			38,232
Total Liabilities		176,014			70,801			38,232
NET ASSETS	$	365,448,257		$	149,808,492		$	69,688,845
NET ASSETS CONSIST OF:
Paid-in Capital	$	404,160,911		$	152,346,858		$	81,971,725
Undistributed Accumulated Net
Investment Income (Loss)		202,967			(61,854	)		(45,406	)
Accumulated Net Realized Loss		(41,975,313	)		(6,197,594	)		(11,134,615	)
Net Unrealized Appreciation
(Depreciation) on:
Investments in Securities		3,059,692			3,721,082			(1,102,859	)
Net Assets	$	365,448,257		$	149,808,492		$	69,688,845
* Identified Cost:
Investments in Securities	$	362,195,479		$	146,068,787		$	70,818,042
Net Asset Value (unlimited
shares authorized):
Net Assets	$	365,448,257		$	149,808,492		$	69,688,845
Shares Outstanding (No Par Value)		16,700,000			6,300,000			3,250,000
Net Asset Value, Offering and
Redemption Price per Share	$	21.88		$	23.78		$	21.44

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES

April 30, 2016

				Pacer
	Pacer			Autopilot			Pacer
	Trendpilot™			Hedged			Global High
	European			European			Dividend
	Index ETF			Index ETF			ETF
ASSETS
Investments in Securities, at Value*	$	21,232,713		$	2,593,574		$	5,441,658
Cash		—			162			—
Foreign Currency, at Value*		—			204			—
Interest and Dividends Receivable		680			8,001			10,852
Receivable for Fund Shares Sold		1,248,250			—			—
Total Assets		22,481,643			2,601,941			5,452,510
LIABILITIES
Payable for Investment
Securities Purchased		—			—			18,968
Management Fees Payable		11,241			1,365			1,766
Total Liabilities		11,241			1,365			20,734
NET ASSETS	$	22,470,402		$	2,600,576		$	5,431,776
NET ASSETS CONSIST OF:
Paid-in Capital	$	22,490,044		$	2,500,000		$	5,188,605
Undistributed Accumulated Net
Investment Income (Loss)		(22,142	)		48,988			25,368
Accumulated Net Realized
Gain (Loss)		—			(5,853	)		—
Net Unrealized Appreciation on:
Investments in Securities		2,500			57,323			217,685
Foreign Currencies		—			118			118
Net Assets	$	22,470,402		$	2,600,576		$	5,431,776
* Identified Cost:
Investments in Securities	$	21,230,213		$	2,536,251		$	5,223,973
Foreign Currencies		—			202			—
Net Asset Value (unlimited
shares authorized):
Net Assets	$	22,470,402		$	2,600,576		$	5,431,776
Shares Outstanding (No Par Value)		900,000			100,000			200,000
Net Asset Value, Offering and
Redemption Price per Share	$	24.97		$	26.01		$	27.16

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

Pacer Funds

STATEMENTS OF OPERATIONS

Period Ended April 30, 2016

	Pacer			Pacer			Pacer
	Trendpilot™			Trendpilot™			Trendpilot™
	750 ETF⁽¹⁾			450 ETF⁽¹⁾			100 ETF⁽¹⁾
INVESTMENT INCOME
Income:
Dividends (net of foreign
withholding tax of $531, $21
and $117, respectively)	$	2,757,805		$	288,596		$	377,694
Interest		183,237			115,484			37,513
Total Investment Income		2,941,042			404,080			415,207
Expenses:
Management Fees		1,445,344			567,212			326,520
Total Expenses		1,445,344			567,212			326,520
Net Investment Income (Loss)		1,495,698			(163,132	)		88,687
REALIZED & UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(42,024,833	)		(6,207,375	)		(11,134,615	)
In-kind Redemptions		4,214,421			1,054,350			2,093,301
Total		(37,810,412	)		(5,153,025	)		(9,041,314	)
Net Change in Unrealized
Appreciation (Depreciation) of:
Investments Securities		3,059,692			3,721,082			(1,102,859	)
Total		3,059,692			3,721,082			(1,102,859	)
Net Realized and Unrealized
Gain (Loss) on Investments		(34,750,720	)		(1,431,943	)		(10,144,173	)
NET DECREASE IN
NET ASSETS RESULTING
FROM OPERATIONS	$	(33,255,022	)	$	(1,595,075	)	$	(10,055,486	)

⁽¹⁾	Fund commenced operations on June 11, 2015. The information presented is from June 11, 2015 to April 30, 2016.

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

Pacer Funds

STATEMENTS OF OPERATIONS

Period Ended April 30, 2016

				Pacer
	Pacer			Autopilot			Pacer
	Trendpilot™			Hedged			Global High
	European			European			Dividend
	Index ETF⁽¹⁾			Index ETF⁽¹⁾			ETF⁽²⁾
INVESTMENT INCOME
Income:
Dividends (net of foreign
withholding tax of $0, $3,938
and $2,439, respectively)	$	—		$	24,159		$	29,090
Interest		16,204			7			4
Total Investment Income		16,204			24,166			29,094
Expenses:
Management Fees		40,171			6,009			3,335
Total Expenses		40,171			6,009			3,335
Net Investment Income (Loss)		(23,967	)		18,157			25,759
REALIZED & UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		509			(6,202	)		(485	)
Foreign Currencies		—			(59	)		94
Forwards		—			31,239			—
Total		509			24,978			(391	)
Net Change in Unrealized
Appreciation of:
Investments Securities		2,500			57,323			217,685
Foreign Currencies		—			118			118
Total		2,500			57,441			217,803
Net Realized and Unrealized
Gain (Loss) on Investments		3,009			82,419			217,412
NET INCREASE (DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS	$	(20,958	)	$	100,576		$	243,171

⁽¹⁾	Fund commenced operations on December 14, 2015. The information presented is from December 14, 2015 to April 30, 2016.
⁽²⁾	Fund commenced operations on February 22, 2016. The information presented is from February 22, 2016 to April 30, 2016.

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

100

Pacer Trendpilot™ 750 ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	April 30, 2016*
OPERATIONS
Net Investment Income	$	1,495,698
Net Realized Loss on Investments		(37,810,412	)
Change in Unrealized Appreciation of Investments		3,059,692
Net Decrease in Net Assets
Resulting from Operations		(33,255,022	)

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(1,241,121	)
Total Distributions to Shareholders		(1,241,121	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		506,407,660
Payments for Shares Redeemed		(106,463,260	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		399,944,400
Net Increase in Net Assets	$	365,448,257

NET ASSETS
Beginning of Period	$	—
End of Period	$	365,448,257
Undistributed Accumulated Net Investment Income	$	202,967

(a)	Summary of capital share transactions is as follows:
		Shares
Subscriptions			21,450,000
Redemptions			(4,750,000	)
Net Increase			16,700,000

*	Fund commenced operations on June 11, 2015. The information presented is from June 11, 2015 to April 30, 2016.

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

101

Pacer Trendpilot™ 450 ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	April 30, 2016*
OPERATIONS
Net Investment Loss	$	(163,132	)
Net Realized Loss on Investments		(5,153,025	)
Change in Unrealized Appreciation of Investments		3,721,082
Net Decrease in Net Assets
Resulting from Operations		(1,595,075	)

DISTRIBUTIONS TO SHAREHOLDERS
From Return of Capital		(74,493	)
Total Distributions to Shareholders		(74,493	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		183,982,620
Payments for Shares Redeemed		(32,504,560	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		151,478,060
Net Increase in Net Assets	$	149,808,492

NET ASSETS
Beginning of Period	$	—–
End of Period	$	149,808,492
Undistributed Accumulated Net Investment Loss	$	(61,854	)

(a)	Summary of capital share transactions is as follows:
		Shares
Subscriptions			7,700,000
Redemptions			(1,400,000	)
Net Increase			6,300,000

*	Fund commenced operations on June 11, 2015. The information presented is from June 11, 2015 to April 30, 2016.

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

102

Pacer Trendpilot™ 100 ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	April 30, 2016*
OPERATIONS
Net Investment Income	$	88,687
Net Realized Loss on Investments		(9,041,314	)
Change in Unrealized Depreciation of Investments		(1,102,859	)
Net Decrease in Net Assets
Resulting from Operations		(10,055,486	)

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(134,474	)
Total Distributions to Shareholders		(134,474	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		127,574,780
Payments for Shares Redeemed		(47,695,975	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		79,878,805
Net Increase in Net Assets	$	69,688,845

NET ASSETS
Beginning of Period	$	—
End of Period	$	69,688,845
Undistributed Accumulated Net Investment Loss	$	(45,406	)

(a)	Summary of capital share transactions is as follows:
		Shares
Subscriptions			5,350,000
Redemptions			(2,100,000	)
Net Increase			3,250,000

*	Fund commenced operations on June 11, 2015. The information presented is from June 11, 2015 to April 30, 2016.

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

103

Pacer Trendpilot™ European Index ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	April 30, 2016*
OPERATIONS
Net Investment Loss	$	(23,967	)
Net Realized Gain on Investments		509
Change in Unrealized Appreciation of Investments		2,500
Net Decrease in Net Assets
Resulting from Operations		(20,958	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		22,491,360
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		22,491,360
Net Increase in Net Assets	$	22,470,402

NET ASSETS
Beginning of Period	$	—
End of Period	$	22,470,402
Undistributed Accumulated Net Investment Loss	$	(22,142	)

(a)	Summary of capital share transactions is as follows:
		Shares
Subscriptions			900,000
Net Increase			900,000

*	Funds commenced operations on December 14, 2015. The information presented is from December 14, 2015 to April 30, 2016.

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

104

Pacer Autopilot Hedged European Index ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	April 30, 2016*
OPERATIONS
Net Investment Income	$	18,157
Net Realized Gain on Investments		24,978
Change in Unrealized Appreciation of Investments		57,441
Net Increase in Net Assets
Resulting from Operations		100,576

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,500,000
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		2,500,000
Net Increase in Net Assets	$	2,600,576

NET ASSETS
Beginning of Period	$	—
End of Period	$	2,600,576
Undistributed Accumulated Net Investment Income	$	48,988

(a)	Summary of capital share transactions is as follows:
		Shares
Subscriptions			100,000
Net Increase			100,000

*	Funds commenced operations on December 14, 2015. The information presented is from December 14, 2015 to April 30, 2016.

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

105

Pacer Global High Dividend ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	April 30, 2016*
OPERATIONS
Net Investment Income	$	25,759
Net Realized Loss on Investments		(391	)
Change in Unrealized Appreciation of Investments		217,803
Net Increase in Net Assets
Resulting from Operations		243,171

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		5,188,490
Transaction Fees (Note 1)		115
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		5,188,605
Net Increase in Net Assets	$	5,431,776

NET ASSETS
Beginning of Period	$	—
End of Period	$	5,431,776
Undistributed Accumulated Net Investment Income	$	25,368

(a)	Summary of capital share transactions is as follows:
		Shares
Subscriptions			200,000
Net Increase			200,000

*	Fund commenced operations on February 22, 2016. The information presented is from February 22, 2016 to April 30, 2016.

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

106

Pacer Trendpilot™ 750 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Period Ended
	April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income⁽²⁾		0.13
Net Realized and Unrealized Loss on Investments		(3.15	)
Total from Investment Operations		(3.02	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.10	)
Total Distributions		(0.10	)
Net Asset Value, End of Period	$	21.88
Total Return		-12.10	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	365,448

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%⁽⁴⁾
Net Investment Income to Average Net Assets		0.62	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		317	%⁽³⁾

(1)	Commencement of operations on June 11, 2015.
(2)	Calculated based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	Excluded impact of in-kind transactions.

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

107

Pacer Trendpilot™ 450 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Period Ended
	April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Loss⁽²⁾		(0.04	)
Net Realized and Unrealized Loss on Investments		(1.16	)
Total from Investment Operations		(1.20	)

LESS DISTRIBUTIONS:
Distributions from Return of Capital		(0.02	)
Total Distributions		(0.02	)
Net Asset Value, End of Period	$	23.78
Total Return		-4.82	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	149,808

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%⁽⁴⁾
Net Investment Income to Average Net Assets		-0.17	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		379	%⁽³⁾

(1)	Commencement of operations on June 11, 2015.
(2)	Calculated based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	Excluded impact of in-kind transactions.

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

108

Pacer Trendpilot™ 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Period Ended
	April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income⁽²⁾		0.04
Net Realized and Unrealized Loss on Investments		(3.55	)
Total from Investment Operations		(3.51	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.05	)
Total Distributions		(0.05	)
Net Asset Value, End of Period	$	21.44
Total Return		-14.04	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	69,689

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%⁽⁴⁾
Net Investment Income to Average Net Assets		0.18	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		295	%⁽³⁾

(1)	Commencement of operations on June 11, 2015.
(2)	Calculated based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	Excluded impact of in-kind transactions.

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

109

Pacer Trendpilot™ European Index ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Period Ended
	April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Loss⁽²⁾		(0.04	)
Net Realized and Unrealized Gain on Investments		0.01
Total from Investment Operations		(0.03	)
Net Asset Value, End of Period	$	24.97
Total Return		-0.13	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	22,470

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%⁽⁴⁾
Net Investment Income to Average Net Assets		-0.39	%⁽⁴⁾
Portfolio Turnover Rate		0	%⁽³⁾

(1)	Commencement of operations on December 14, 2015.
(2)	Calculated based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.

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

110

Pacer Autopilot Hedged European Index ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Period Ended
	April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income⁽²⁾		0.18
Net Realized and Unrealized Gain on Investments		0.83
Total from Investment Operations		1.01
Net Asset Value, End of Period	$	26.01
Total Return		4.03	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,601

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%⁽⁴⁾
Net Investment Income to Average Net Assets		1.96	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		3	%⁽³⁾

(1)	Commencement of operations on December 14, 2015.
(2)	Calculated based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	Excluded impact of in-kind transactions.

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

111

Pacer Global High Dividend ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Period Ended
	April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income⁽²⁾		0.23
Net Realized and Unrealized Gain on Investments		1.93
Total from Investment Operations		2.16
Net Asset Value, End of Period	$	27.16
Total Return		8.64	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	5,432

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%⁽⁴⁾
Net Investment Income to Average Net Assets		4.63	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		0	%⁽³⁾

(1)	Commencement of operations on February 22, 2016.
(2)	Calculated based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	Excluded impact of in-kind transactions.

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

112

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2016

NOTE 1 – ORGANIZATION

Pacer Trendpilot™ 750 ETF, Pacer Trendpilot™ 450 ETF, Pacer Trendpilot™ 100 ETF, Pacer Trendpilot™ European Index ETF, Pacer Autopilot™ Hedged European Index ETF, and Pacer Global High Dividend ETF (individually the “Fund” or collectively the “Funds”) are series of Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. 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 investment objectives of the Funds are to seek to track the total return performance, before fee and expenses, of the Pacer Wilshire US Large-Cap Trendpilot Index, the Pacer Wilshire US Mid-Cap Trendpilot Index, the Pacer NASDAQ-100 Trendpilot Index, the Pacer Trendpilot European Index, the Pacer Autopilot Hedged European Index, and the Pacer Global Cash Cows Dividend 100 Index, respectively. Pacer Trendpilot™ 750 ETF, Pacer Trendpilot™ 450 ETF, and Pacer Trendpilot™ 100 ETF commenced operations on June 11, 2015. Pacer Trendpilot™ European Index ETF and Pacer Autopilotª Hedged European Index ETF commenced operations on December 14, 2015. Pacer Global High Dividend ETF commenced operations on February 22, 2016. Each of the Funds are non-diversified series of the Trust.

Shares of the Funds are listed and traded on the BATS Exchange, Inc. (“BATS”). 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. 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 Distributors, Inc. (the “Distributor”), the Funds’ 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

113

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2016 (Continued)

Creation Units. Pacer Trendpilot™ 750 ETF charges $1,000, Pacer Trendpilot™ 450 ETF charges $750, Pacer Trendpilot™ 100 ETF charges $250, Pacer Autopilot™ Hedged European Index ETF charges $5,000, and Pacer Global High Dividend ETF charges $1,750 for the standard fixed creation fee. For the Pacer Trendpilot™ European Index ETF, the standard fixed creation transaction fee is $5,000 when the Deposit Securities include equity securities or equity securities and U.S. Treasury bills and $200 when the Deposit Securities include only U.S. Treasury bills. 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. 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.

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.

A.	Investment Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on NASDAQ Global Market (“NASDAQ”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on NASDAQ, the NASDAQ Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.
	Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.
	Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with procedures adopted by the Board of Trustees. The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied

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April 30, 2016 (Continued)

	valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.
	Foreign currency forward contracts are valued at the current day’s interpolated foreign exchange rate, as calculated using the current day’s spot rate, and the twenty, sixty, ninety and one-hundred eighty day forward rates provided by an independent source.
	Any securities for which there are no readily available market quotations and other assets will be valued at their fair value as determined in good faith by the Fair Value Pricing Committee using the Fair Value Procedures approved by the Board of Trustees (the “Board”).
	As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

	Level 1 –	Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.
	Level 2 –	Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
	Level 3 –	Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

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NOTES TO FINANCIAL STATEMENTS

April 30, 2016 (Continued)

The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2016:

Pacer Trendpilot™ 750 ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	348,602,487	$	—	$	—	$	348,602,487
Exchange Traded Funds		2,342,250		—		—		2,342,250
Investment Companies		180,389		—		—		180,389
Real Estate
Investment Trusts		13,787,450		—		—		13,787,450
Short-Term Investments		342,595		—		—		342,595
Total Investments
in Securities	$	365,255,171	$	—	$	—	$	365,255,171

^ See Schedule of Investments for industry breakouts.

Pacer Trendpilot™ 450 ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	126,675,136	$	—	$	—	$	126,675,136
Exchange Traded Funds		1,142,185		—		—		1,142,185
Real Estate
Investment Trusts		21,728,724		—		—		21,728,724
Short-Term Investments		243,824		—		—		243,824
Total Investments
in Securities	$	149,789,869	$	—	$	—	$	149,789,869

^ See Schedule of Investments for industry breakouts.

Pacer Trendpilot™ 100 ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	68,909,329	$	—	$	—	$	68,909,329
Exchange Traded Funds		733,274		—		—		733,274
Short-Term Investments		72,580		—		—		72,580
Total Investments
in Securities	$	69,715,183	$	—	$	—	$	69,715,183

^ See Schedule of Investments for industry breakouts.

Pacer Trendpilot™ European Index ETF

Description^	Level 1		Level 2		Level 3		Total
Short-Term Investments	$	2,124,683	$	19,108,030	$	—	$	21,232,713
Total Investments
in Securities	$	2,124,683	$	19,108,030	$	—	$	21,232,713

^ See Schedule of Investments for industry breakouts.

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NOTES TO FINANCIAL STATEMENTS

April 30, 2016 (Continued)

Pacer Autopilot Hedged European Index ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,490,115	$	—	$	—	$	2,490,115
Exchange Traded Funds		21,867		—		—		21,867
Preferred Stocks		40,258		—		—		40,258
Real Estate
Investment Trusts		32,725		—		—		32,725
Short-Term Investments		8,609		—		—		8,609
Total Investments
in Securities	$	2,593,574	$	—	$	—	$	2,593,574

^ See Schedule of Investments for industry breakouts.

Pacer Global High Dividend ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	5,371,586	$	—	$	—	$	5,371,586
Real Estate
Investment Trusts		45,800		—		—		45,800
Short-Term Investments		24,272		—		—		24,272
Total Investments
in Securities	$	5,441,658	$	—	$	—	$	5,441,658

^ See Schedule of Investments for country breakouts.

Transfers between levels are recognized at the end of the reporting period. During the period ended April 30, 2016, the Funds recognized no transfers to or from Levels 1, 2, or 3.

Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from the 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 securities 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 gains and losses arise from changes in the fair values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

117

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NOTES TO FINANCIAL STATEMENTS

April 30, 2016 (Continued)

C.	Federal Income Taxes. The Funds comply with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and distribute substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Funds. Therefore, no federal income tax provision is required. As of and during the period ended April 30, 2016, 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 period ended April 30, 2016, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Funds are subject to examination by U.S. taxing authorities for the tax periods since each Fund’s commencement of operations.
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.
E.	Distributions to Shareholders. Distributions to shareholders from net investment income for the Funds are declared and paid on a quarterly basis and net realized gains on securities normally are declared and paid on an annual basis. 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. The Funds’ shares will not be priced on the days on which the BATS 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.

118

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NOTES TO FINANCIAL STATEMENTS

April 30, 2016 (Continued)

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 period ended April 30, 2016, the following table shows the reclassifications made:

	Undistributed
	Accumulated Net			Accumulated
	Investment			Net Realized			Paid-In
	Income/(Loss)			Gain/(Loss)			Capital
Pacer Trendpilot™ 750 ETF	$	(51,610	)	$	(4,164,901	)	$	4,216,511
Pacer Trendpilot™ 450 ETF		175,771			(1,044,569	)		868,798
Pacer Trendpilot™ 100 ETF		381			(2,093,301	)		2,092,920
Pacer Trendpilot™
European Index ETF		1,825			(509	)		(1,316	)
Pacer Autopilot Hedged
European Index ETF		30,381			(30,381	)		—
Pacer Global High Dividend ETF		(391	)		391			—

During the fiscal period ended April 30, 2016, the Funds realized the following net capital gains 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.

Pacer Trendpilot™ 750 ETF	$	4,216,158
Pacer Trendpilot™ 450 ETF	$	1,054,383
Pacer Trendpilot™ 100 ETF	$	2,093,301
Pacer Trendpilot™ European Index ETF	$	—
Pacer Autopilot Hedged European Index ETF	$	—
Pacer Global High Dividend ETF	$	—

NOTE 3 – DERIVATIVE TRANSACTIONS

A.	Currency Transactions. The Funds m.ay enter into foreign currency forward and foreign currency futures contracts for the purpose of hedging against declines in the value of a Fund’s total assets that are denominated in one or more foreign currencies, to facilitate local securities settlements, or to protect against currency exposure in connection with distributions to shareholders.
	The Funds did not hold any derivatives as of April 30, 2016.

119

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NOTES TO FINANCIAL STATEMENTS

April 30, 2016 (Continued)

The effect of derivative instruments on the Statements of Operations for the period ended April 30, 2016:

Pacer Autopilot Hedged European Index ETF

	Type of	Location of	Realized Gain
Derivatives	Derivative Risk	Gain in Income	on Derivatives
Forward	Foreign	Net realized gain on	$31,239
Contracts	Exchange	forward contracts

The average monthly notional amount of long and short forward currency contracts during the period ended April 30, 2016 was $2,488,301 and $1,013,000, respectively.

NOTE 4 – 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, Pacer Trendpilot™ 750 ETF pays the Adviser 0.60%, Pacer Trendpilot™ 450 ETF pays the Adviser 0.60%, Pacer Trendpilot™ 100 ETF pays the Adviser 0.65%, Pacer Trendpilot™ European ETF pays the Adviser 0.65%, Pacer Autopilot™ Hedged European ETF pays the Adviser 0.65%, and Pacer Global High Dividend ETF pays the Adviser 0.60% at an annual rate based on each Fund’s average daily net assets.

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 period ended April 30, 2016.

Certain officers and a Trustee of the Trust are affiliated with the Adviser and Distributor.

NOTE 5 – SERVICE AND CUSTODY AGREEMENTS

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“USBFS”) and a Custody Agreement with U.S. Bank, N.A., an affiliate of USBFS. Under these agreements, USBFS and U.S. Bank, N.A. provide certain transfer agency, administrative, accounting and custody services.

120

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NOTES TO FINANCIAL STATEMENTS

April 30, 2016 (Continued)

NOTE 6 – INVESTMENT TRANSACTIONS

For the period ended April 30, 2016, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:

	Purchases		Sales
Pacer Trendpilot™ 750 ETF	$	621,718,147	$	549,948,077
Pacer Trendpilot™ 450 ETF		140,199,807		96,150,783
Pacer Trendpilot™ 100 ETF		130,981,468		111,717,770
Pacer Trendpilot™ European Index ETF		—		—
Pacer Autopilot Hedged European Index ETF		166,200		84,467
Pacer Global High Dividend ETF		94,650		184

For the period ended April 30, 2016, in-kind transactions associated with creations and redemptions are as follows:

	Purchases		Sales
Pacer Trendpilot™ 750 ETF	$	415,767,910	$	86,383,025
Pacer Trendpilot™ 450 ETF		124,252,025		16,005,809
Pacer Trendpilot™ 100 ETF		106,250,923		45,490,325
Pacer Trendpilot™ European Index ETF		—		—
Pacer Autopilot Hedged European Index ETF		2,451,762		—
Pacer Global High Dividend ETF		5,105,235		—

For the period ended April 30, 2016, there were no long-term purchases or sales of U.S. Government Securities for the Funds.

NOTE 7 – TAX COST BASIS

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2016 were as follows:

	Pacer			Pacer			Pacer
	Trendpilot™			Trendpilot™			Trendpilot™
	750 ETF			450 ETF			100 ETF
Tax cost of investments	$	362,195,479		$	146,068,787		$	70,818,340
Gross tax unrealized appreciation		10,389,030			5,861,592			1,702,161
Gross tax unrealized depreciation		(7,329,338	)		(2,140,510	)		(2,805,318	)
Net tax unrealized
appreciation (depreciation)		3,059,692			3,721,082			(1,103,157	)
Undistributed ordinary income		202,967			—			—
Undistributed long-term gain		—			—			—
Total distributable earnings		202,967			—			—
Other accumulated (loss)		(41,975,313	)		(6,259,448	)		(11,179,723	)
Total accumulated gain (loss)	$	(38,712,654	)	$	(2,538,366	)	$	(12,282,880	)

121

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2016 (Continued)

				Pacer
	Pacer			Autopilot			Pacer
	Trendpilot™			Hedged			Global
	European			European			High
	Index ETF			Index ETF			Dividend ETF
Tax cost of investments	$	21,230,213		$	2,536,924		$	5,226,059
Gross tax unrealized appreciation		2,500			134,613			272,964
Gross tax unrealized depreciation		—			(77,963	)		(57,365	)
Net tax unrealized
appreciation (depreciation)		2,500			56,650			215,599
Undistributed ordinary income		—			49,414			27,454
Undistributed long-term gain		—			—			—
Total distributable earnings		—			49,414			27,454
Other accumulated (loss)		(22,142	)		(5,488	)		118
Total accumulated gain (loss)	$	(19,642	)	$	100,576		$	243,171

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 October 31, and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

At April 30, 2016, the following funds deferred, on a tax basis, post-October and Late Year losses of:

	Post October Loss		Ordinary Late
	Deferral Capital		Year Loss Deferral
Pacer Trendpilot™ 750 ETF	$	28,975,080	$	—
Pacer Trendpilot™ 450 ETF		43,045		61,854
Pacer Trendpilot™ 100 ETF		10,301,256		45,406
Pacer Trendpilot™ European Index ETF		—		22,142
Pacer Autopilot Hedged European Index ETF		—		—
Pacer Global High Dividend ETF		—		—

At April 30, 2016, the Funds had the following capital loss carryforwards:

	Amount		Expires
Pacer Trendpilot™ 750 ETF	$	12,999,527	Indefinite
Pacer Trendpilot™ 450 ETF		6,154,549	Indefinite
Pacer Trendpilot™ 100 ETF		833,061	Indefinite
Pacer Trendpilot™ European Index ETF		—	Indefinite
Pacer Autopilot Hedged European Index ETF		5,606	Indefinite
Pacer Global High Dividend ETF		—	Indefinite

122

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2016 (Continued)

NOTE 8 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the period ended April 30, 2016 was as follows:

	Ordinary		Capital		Return of
	Income		Gains		Capital
Pacer Trendpilot™ 750 ETF	$	1,241,121	$	—	$	—
Pacer Trendpilot™ 450 ETF		—		—		74,493
Pacer Trendpilot™ 100 ETF		134,474		—		—
Pacer Trendpilot™ European Index ETF		—		—		—
Pacer Autopilot Hedged European Index ETF		—		—		—
Pacer Global High Dividend ETF		—		—		—

NOTE 9 – SUBSEQUENT EVENT

Management of the Funds have 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 the below.

Prior to the period end, Jonathan H. Newman, Sr. was determined to be a Trustee who was an “interested person” of the Trust (as defined in the Investment Company Act of 1940, as amended) because a member of his immediate family was employed by the Distributor. Subsequent to the period end, at a meeting of the Trust’s Governance Committee, the Governance Committee reviewed and evaluated Mr. Newman’s status as an interested person of the Trust in light of the termination of his immediate family member’s employment with the Distributor. After review and consideration of the facts, the Governance Committee recommended, and the full Board approved, Mr. Newman’s status as being a Trustee who is not an interested person of the Trust.

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Pacer Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Pacer Funds Trust and the Shareholders of

Pacer Trendpilot™ 750 ETF, Pacer Trendpilot™ 450 ETF,

Pacer Trendpilot™ 100 ETF, Pacer Trendpilot™ European Index ETF,

Pacer Autopilot Hedged European Index ETF and Pacer Global High Dividend ETF:

We have audited the accompanying statements of assets and liabilities of the Pacer Trendpilot™ 750 ETF, Pacer Trendpilot™ 450 ETF and the Pacer Trendpilot™ 100 ETF, including the schedules of investments, as of April 30, 2016 and the related statements of operations, changes in net assets, and the financial highlights for the period June 11, 2015 (commencement of operations) through April 30, 2016. We have also audited the accompanying statements of assets and liabilities of the Pacer Trendpilot™ European Index ETF and Pacer Autopilot Hedged European Index ETF, including the schedules of investments, as of April 30, 2016 and the related statements of operations, changes in net assets and the financial highlights for the period December 14, 2015 (commencement of operations) through April 30, 2016. We have also audited the accompanying statement of assets and liabilities of the Pacer Global High Dividend ETF, including the schedule of investments, as of April 30, 2016 and the related statements of operations, changes in net assets and the financial highlights for the period February 22, 2016 (commencement of operations) through April 30, 2016. Hereinafter, the above referenced funds will be collectively referred to as the “Funds”. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audit.

We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds were not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities and cash owned as of April 30, 2016, by correspondence with the custodian and brokers. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Pacer Trendpilot™ 750 ETF, Pacer Trendpilot™ 450 ETF, Pacer Trendpilot™ 100 ETF, Pacer Trendpilot™ European Index ETF, Pacer Autopilot Hedged European Index ETF and Pacer Global High Dividend ETF, as of April 30, 2016, the results of their operations, the changes in their net assets, and the financial highlights for the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Abington, Pennsylvania

June 27, 2016

124

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Closing Price vs. NAV. The following Frequency Distribution of Premiums and Discounts chart is provided to show the frequency at which the closing price for the Funds were at a premium or discount to their daily net asset value (NAV). Shareholders may pay more than NAV when they buy Fund shares and receive less than NAV when they sell those shares because shares are bought and sold at current market prices. The chart presented represents past performance and cannot be used to predict future results.

Pacer Trendpilot™ 750 ETF

Period covering June 11, 2015 through April 30, 2016

	Number of		% of Total
Premium/Discount Range	Trading Days		Trade Days
1.00% or more		1		0.45	%
0.75% to 0.999%		0		0.00	%
0.50% to 0.749%		0		0.00	%
0.25% to 0.499%		2		0.89	%
0.00% to 0.249%		161		71.88	%
-0.001% to -0.249%		60		26.79	%
-0.25% to -0.499%		0		0.00	%
-0.50% to -0.749%		0		0.00	%
-0.75% to -0.999%		0		0.00	%
-1.00% or more		0		0.00	%
		224		100.00	%

Pacer Trendpilot™ 450 ETF

Period covering June 11, 2015 through April 30, 2016

	Number of		% of Total
Premium/Discount Range	Trading Days		Trade Days
1.00% or more		0		0.00	%
0.75% to 0.999%		0		0.00	%
0.50% to 0.749%		0		0.00	%
0.25% to 0.499%		3		1.34	%
0.00% to 0.249%		157		70.09	%
-0.001% to -0.249%		64		28.57	%
-0.25% to -0.499%		0		0.00	%
-0.50% to -0.749%		0		0.00	%
-0.75% to -0.999%		0		0.00	%
-1.00% or more		0		0.00	%
		224		100.00	%

125

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

Pacer Trendpilot™ 100 ETF

Period covering June 11, 2015 through April 30, 2016

	Number of		% of Total
Premium/Discount Range	Trading Days		Trade Days
1.00% or more		0		0.00	%
0.75% to 0.999%		0		0.00	%
0.50% to 0.749%		0		0.00	%
0.25% to 0.499%		6		2.68	%
0.00% to 0.249%		152		67.86	%
-0.001% to -0.249%		58		25.89	%
-0.25% to -0.499%		4		1.79	%
-0.50% to -0.749%		2		0.89	%
-0.75% to -0.999%		0		0.00	%
-1.00% or more		2		0.89	%
		224		100.00	%

Pacer Trendpilot™ European Index ETF

Period covering December 14, 2015 through April 30, 2016

	Number of		% of Total
Premium/Discount Range	Trading Days		Trade Days
1.00% or more		1		1.05	%
0.75% to 0.999%		0		0.00	%
0.50% to 0.749%		0		0.00	%
0.25% to 0.499%		7		7.37	%
0.00% to 0.249%		81		85.26	%
-0.001% to -0.249%		6		6.32	%
-0.25% to -0.499%		0		0.00	%
-0.50% to -0.749%		0		0.00	%
-0.75% to -0.999%		0		0.00	%
-1.00% or more		0		0.00	%
		95		100.00	%

126

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

Pacer Autopilot Hedged European Index ETF

Period covering December 14, 2015 through April 30, 2016

	Number of		% of Total
Premium/Discount Range	Trading Days		Trade Days
1.00% or more		23		24.21	%
0.75% to 0.999%		3		3.16	%
0.50% to 0.749%		7		7.37	%
0.25% to 0.499%		7		7.37	%
0.00% to 0.249%		8		8.42	%
-0.001% to -0.249%		6		6.32	%
-0.25% to -0.499%		4		4.21	%
-0.50% to -0.749%		2		2.11	%
-0.75% to -0.999%		4		4.21	%
-1.00% or more		31		32.63	%
		95		100.00	%

Pacer Global High Dividend ETF

Period covering February 22, 2016 through April 30, 2016

	Number of		% of Total
Premium/Discount Range	Trading Days		Trade Days
1.00% or more		8		16.33	%
0.75% to 0.999%		17		34.69	%
0.50% to 0.749%		13		26.53	%
0.25% to 0.499%		7		14.29	%
0.00% to 0.249%		3		6.12	%
-0.001% to -0.249%		0		0.00	%
-0.25% to -0.499%		0		0.00	%
-0.50% to -0.749%		0		0.00	%
-0.75% to -0.999%		1		2.04	%
-1.00% or more		0		0.00	%
		49		100.00	%

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

For the fiscal period ended April 30, 2016, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003.

The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

127

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

Pacer Trendpilot™ 750 ETF	100.00%
Pacer Trendpilot™ 450 ETF	0.00%
Pacer Trendpilot™ 100 ETF	100.00%
Pacer Trendpilot™ European ETF	0.00%
Pacer Autopilot Hedged European ETF	0.00%
Pacer Global High Dividend ETF	0.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended April 30, 2016 was as follows:

Pacer Trendpilot™ 750 ETF	100.00%
Pacer Trendpilot™ 450 ETF	0.00%
Pacer Trendpilot™ 100 ETF	100.00%
Pacer Trendpilot™ European ETF	0.00%
Pacer Autopilot Hedged European ETF	0.00%
Pacer Global High Dividend ETF	0.00%

Short Term Capital Gains

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each fund were as follows:

Pacer Trendpilot™ 750 ETF	0.00%
Pacer Trendpilot™ 450 ETF	0.00%
Pacer Trendpilot™ 100 ETF	0.00%
Pacer Trendpilot™ European ETF	0.00%
Pacer Autopilot Hedged European ETF	0.00%
Pacer Global High Dividend ETF	0.00%

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 Form N-Q. The Funds’ Form N-Q is available on the website of the SEC at http://www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.paceretfs.com daily.

NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the Statement of Additional Information (“SAI”). The SAI is available without charge upon request by calling toll-free at (800) 617-0004, by accessing the SEC’s website at http://www.sec.gov, or by accessing the Funds’ website at www.paceretfs.com. Information on how the Fund voted proxies relating to portfolio securities during the year ended June 30 is available without charge, upon request, by calling (800) 617-0004 or by accessing the website of the SEC.

128

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

NOTE 5 – BOARD CONSIDERATIONS IN APPROVING THE INVESTMENT ADVISORY AGREEMENT FOR THE FUNDS

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, of the Trust (the “Independent Trustees”), attended an in-person meeting held on September 24, 2015 (the “Meeting”), called for the purpose of, among other things, the consideration of, and voting on, the approval of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) applicable to the following series of the Trust: Pacer Trendpilot^TM European Index ETF, Pacer Autopilot Hedged European Index ETF, Pacer International Export Leaders ETF and Pacer Global High Dividend ETF (each, a “Fund” and together, the “Funds”). The Board unanimously approved the Investment Advisory Agreement based on the Board’s review of qualitative and quantitative information provided by the Advisor and the Trust’s other service providers.

Prior to reaching the conclusion to approve the Investment Advisory Agreement, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. In addition, the Board received a memorandum from fund counsel regarding the responsibilities of the Board with respect to the approval of investment advisory agreements. Prior to the Meeting, the Board obtained and reviewed a variety of information, including certain comparative information regarding each Fund’s proposed expenses relative to the expenses of other comparable funds. The Independent Trustees carefully evaluated this information and were advised by independent legal counsel with respect to their deliberations.

At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors, including updated information from various materials that were first provided to the Board at the Trust’s organizational meetings, including: (1) a copy of the proposed Investment Advisory Agreement; (2) the Advisor’s responses to a questionnaire designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor will provide to the Funds, and the proposed advisory fees payable to the Advisor for its services; (5) certain comparative information regarding each Fund’s proposed expenses relative to the expenses of other comparable funds; (6) a copy of the Trust’s registration statement that included the Funds; and (7) information regarding the financial condition of the Advisor. Representatives from the Advisor, along with other Trust service providers, presented additional information and participated in question and answer sessions at the Meetings to help the Board evaluate the Advisor’s services, fees and other aspects of the Investment Advisory Agreement.

129

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

In considering the approval of the Investment Advisory Agreement, the Board considered various factors that they determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor; and (ii) the fees to be paid to the Advisor, as discussed in further detail below.

	•	Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement and determined that the Advisor was capable of providing the necessary advisory services to each Fund, as indicated by the firm’s management capabilities and the professional qualifications and experience of its portfolio managers. The Board also considered other services to be provided to the Funds by the Advisor, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund 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 to be provided to the Funds by the Advisor.
	•	Costs of Services to be Provided to the Funds and Profitability. In considering the advisory fees payable by the Funds to the Advisor and each Fund’s expected expense ratio, the Board reviewed certain statistical information provided by the Advisor and the Trust’s administrator that compared each Fund’s expenses to those of comparable funds in the Fund’s peer groups, as determined by the administrator and the Advisor. In the report, each Fund’s expected expense ratio was compared to those of other funds with shared key characteristics determined by the administrator and Advisor to comprise the Fund’s applicable peer groups. The Board also noted that the Advisor had contractually agreed to pay all operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, distribution fees, and extraordinary and non-routine expenses. The Board also evaluated the compensation and benefits expected to be received by the Advisor from its relationship with the Funds, taking into account projections of the Advisor’s anticipated profitability at different asset levels. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.
	•	Performance of each Fund and Economies of Scale. Because the Funds were new and had not commenced operations, they did not yet have an investment performance record for the Board to review and consider. Similarly, it was not

130

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

possible for the Board to review and consider the extent to which economies of scale would be realized by the Advisor as the assets of the Funds grow. Accordingly, the Board did not make any conclusions regarding the Funds’ investment performance or the extent to which economies of scale would be realized by the Advisor as the assets of the Funds grow, but will do so during future considerations of the Investment Advisory Agreement.

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Investment Advisory Agreement are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to the Funds; and (c) agreed to approve the Investment Advisory Agreement for an initial term of two years. In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

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 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. As of June 27, 2016, there are four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). Please see Note 9 – Subsequent Event on page 123 for more information. The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004. The information set forth in the chart below is current as of June 27, 2016.

131

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

		Term of		Number of
		Office		Portfolios	Other
		and		in Fund	Directorships
	Position(s)	Length		Complex	Held by Trustee
Name and	Held with	of Time	Principal Occupation(s)	Overseen	During Past
Year of Birth	the Trust	Served	During Past Five Years	by Trustee	Five Years
Interested Trustees
Joe M. Thomson	Trustee,	Indefinite	Founder/President at	8	Director, First
16 Industrial Blvd,	Chairman	Term;	Pacer Advisors, Inc.		Cornerstone
Suite 201	and	since	(since 2005).		Bank (since
Paoli, PA 19301	President	2014			2000).
Born: 1944

Independent Trustees
Deborah G. Wolk	Lead	Indefinite	Self-employed providing	8	None.
16 Industrial Blvd,	Independent	Term;	accounting services and
Suite 201	Trustee	since	computer modeling
Paoli, PA 19301		2015	(since 1997).
Born: 1950

John E. Coyne, III
16 Industrial Blvd,	Trustee	Indefinite	Vice Chairman	8	None.
Suite 201		Term;	(since 1991)
Paoli, PA 19301		since	and President
Born: 1955		2015	(2004-2011),
			Brinker Capital
			(broker-dealer).

Jonathan H.	Trustee	Indefinite	CEO and Chairman,	8	None.
Newman, Sr.		Term;	Newman Wine &
16 Industrial Blvd,		since	Spirits (since 2007).
Suite 201		2015
Paoli, PA 19301
Born: 1962

Officers who are not Trustees
Sean E. O’Hara	Treasurer	Indefinite	Director, Pacer	N/A	None.
16 Industrial Blvd,		Term;	Advisors, Inc.
Suite 201		since	(since 2007).
Paoli, PA 19301		2014
Born: 1962

132

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

	Term of	Number of
	Office	Portfolios	Other
	and	in Fund	Directorships
	Position(s)	Length	Complex	Held by Trustee
Name and	Held with	of Time	Principal Occupation(s)	Overseen	During Past
Year of Birth	the Trust	Served	During Past Five Years	by Trustee	Five Years
Robert Amweg	Chief	Indefinite	Compliance Director,	N/A	None.
Brandywine Two	Compliance	Term;	Vigilant Compliance,
5 Christy Drive,	Officer	since 2015	LLC (an investment
Suite 209			management
Chadds Ford, PA 19317			services company)
Born: 1953			(since 2013);
			Consultant to the
			financial services
			industry (since 2012);
			and Chief Financial
			Officer and Chief
			Accounting Officer,
			Turner Investments,
			LP (2007-2012).

Mr. Thomson is an “Interested Person” by reason of his relationship with the Adviser.

Each Trustee shall serve during the lifetime of the Trust until he or she: (a) dies; (b) resigns; (c) has reached the mandatory retirement age, if any, as set by the Trustees; (d) is declared incompetent by a court of appropriate jurisdiction; or (e) is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor in accordance with the Trust’s Declaration of Trust and By-laws. Each officer holds office at the pleasure of the Board and services for a period of one year, or until his successor is duly elected and qualified.

The Statement of Additional Information includes additional information, including compensation, about the Funds’ Trustees.

133



FACTS		WHAT DOES PACER FUNDS TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?		Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do.
What?		The types of personal information we collect and share depend on the product or service you have with us. This information can include:
		• Social Security number
		• account balances
		• account transactions
		• transaction history
		• wire transfer instructions
		• checking account information
		When you are no longer our customer, we continue to share your information as described in this notice.
How?		All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Pacer Funds Trust chooses to share; and whether you can limit this sharing.

Reasons we can share your personal information	Does Pacer Funds	Can you limit
	Trust share?	this sharing?
For our everyday business purposes –	Yes	No
such as to process your transactions, maintain your
account(s), respond to court orders and legal
investigations, or report to credit bureaus
For our marketing purposes –	No	We don’t share
to offer our products and services to you
For joint marketing with other financial companies	No	We don’t share
For our affiliates’ everyday business purposes –	Yes	No
information about your transactions and experiences
For our affiliates’ everyday business purposes –	No	We don’t share
information about your creditworthiness
For our affiliates to market to you	No	We don’t share
For nonaffiliates to market to you	No	We don’t share

Questions?

Call [1-800-617-0004] or go to [www.paceretfs.com]

134



What we do
How does Pacer Funds Trust		To protect your personal information from
protect my personal information?		unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.
How does Pacer Funds Trust		We collect your personal information,
collect my personal information?		for example, when you
		• open an account
		• provide account information
		• give us your contact information
		• make a wire transfer
		• tell us where to send the money
		We also collect your information from others, such as credit bureaus, affiliates, or other companies.
Why can’t I limit all sharing?		Federal law gives you the right to limit only
		• sharing for affiliates’ everyday business purposes – information about your creditworthiness
		• affiliates from using your information to market to you
		• sharing for nonaffiliates to market to you
		State laws and individual companies may give you additional rights to limit sharing.
Definitions
Affiliates		Companies related by common ownership or control. They can be financial and nonfinancial companies.
		• Our affiliates include companies such as Pacer Advisors, Inc. and Pacer Distributors, Inc.
Nonaffiliates		Companies not related by common ownership or control. They can be financial and nonfinancial companies.
		• Pacer Funds Trust doesn’t share with nonaffiliates so they can market to you.
Joint marketing		A formal agreement between nonaffiliated financial companies that together market financial products or services to you.
		• Pacer Funds Trust doesn’t jointly market.

135

(This Page Intentionally Left Blank.)

Advisor

Pacer Advisors, Inc.

16 Industrial Blvd., Suite 201

Paoli, PA 19301

Index Provider

Index Design Group, LLC

16 Industrial Blvd., Suite 201

Paoli, PA 19301

Distributor

Pacer Financial, Inc.

16 Industrial Blvd., Suite 201

Paoli, PA 19301

Custodian

U.S. Bank National Association

Custody Operations

1555 North Rivercenter Drive

Milwaukee, WI 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

Independent Registered Public Accounting Firm

Sanville & Company

1514 Old York Rd.

Abington, PA 19001

Legal Counsel

Morgan, Lewis & Bockius LLP

1701 Market Street

Philadelphia, PA 19103

PACER

PACER TRENDPILOT™

PACER AUTOPILOT

PACER GLOBAL

TRENDPILOT™

EUROPEAN INDEX

HEDGED EUROPEAN

HIGH DIVIDEND

750 ETF

450 ETF

100 ETF

ETF

INDEX ETF

ETF

PTLC

PTMC

PTNQ

PTEU

PAEU

PGHD

CUSIP

69374H105

69374H204

69374H303

69374H808

69374H501

69374H709

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that John E. Coyne, III and Deborah Wolk are “audit committee financial experts” and are considered to be “independent” as each term is defined in Item 3 of Form N‑CSR.

Item 4. Principal Accountant Fees and Services.

The registrant has engaged its principal accountant to perform audit services, audit-related services, and other services during the past fiscal years “Audit services” refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. No “Other services” were provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last fiscal year for audit fees, audit-related fees, and other fees by the principal accountant.

	FYE 04/30/2016
Audit Fees	$64,000
Audit-Related Fees	$0
Tax Fees	$0
All Other Fees	$0

The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre‑approve all audit and non‑audit services of the registrant, including services provided to any entity affiliated with the registrant.

The percentage of fees billed by Sanville & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

	FYE 04/30/2016
Audit-Related Fees	0%
Tax Fees	0%
All Other Fees	0%

All of the principal accountant’s hours spent on auditing the registrant’s financial statements were attributed to work performed by full‑time permanent employees of the principal accountant. (If more than 50 percent of the accountant’s hours were spent to audit the registrant's financial statements for the most recent fiscal year, state how many hours were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.)

The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years. The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.

Non-Audit Related Fees	FYE 04/30/2016
Registrant	$0
Registrant’s Investment Adviser	$0

Item 5. Audit Committee of Listed Registrants.

Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).

The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the “Act”) and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The independent members of the committee [, consisting of the entire Board,] are as follows: Jonathan Newman, John E. Coyne, III, Deborah Wolk.

Item 6. Investments.

Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed‑End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees

Item 11. Controls and Procedures.

(a)

The Registrant’s [President/Principal Executive Officer] and [Treasurer/Principal Financial Officer] have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d‑15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b)

There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 12. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Filed herewith.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Filed herewith.

(3) Any written solicitation to purchase securities under Rule 23c‑1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(b)	Certifications pursuant to Section 906 of the Sarbanes‑Oxley Act of 2002. Furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Pacer Funds Trust

By (Signature and Title) /s/Joe M. Thomson

Joe M. Thomson, President (Principal Executive Officer)

Date June 30, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title) /s/Joe M. Thomson

Joe M. Thomson, President (Principal Executive Officer)

Date June 30, 2016

By (Signature and Title) /s/Sean E. O’Hara

Sean E. O’Hara, Treasurer (Principal Financial Officer)

Date June 30, 2016

* Print the name and title of each signing officer under his or her signature.

Pacer Cash Cows Fund of Funds ETF (HERD) N-CSRCertified annual shareholder report (management investment company)