UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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)
(Exact name of registrant as specified in charter)
16 Industrial Boulevard, Suite 201
Paoli, PA 19301
(Address of principal executive offices) (Zip code)
(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)
(Name and address of agent for service)
610-644-8100
Registrant's telephone number, including area code
Date of fiscal year end: April 30
Date of reporting period: May 1, 2016 through October 31, 2016
Item 1. Reports to Stockholders.
SEMI-ANNUAL REPORT | |
October 31, 2016 |
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000002/pacer-cover.jpg)
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 | |
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Pacer Funds
TABLE OF CONTENTS
Page | ||
Portfolio Allocation | 1 | |
Performance Summary | 4 | |
Expense Example | 16 | |
Schedules of Investments | 18 | |
Statements of Assets and Liabilities | 98 | |
Statements of Operations | 100 | |
Statements of Changes in Net Assets | 102 | |
Financial Highlights | 108 | |
Notes to Financial Statements | 114 | |
Additional Information | 128 |
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2016
Pacer Trendpilot™ 750 ETF
Percentage of | ||
Sector(a) | Net Assets | |
Consumer, Non-Cyclical | 22.4 | % |
Financial | 18.4 | % |
Communications | 13.8 | % |
Technology | 12.9 | % |
Industrial | 9.7 | % |
Consumer, Cyclical | 9.6 | % |
Energy | 6.9 | % |
Utilities | 3.4 | % |
Basic Materials | 2.3 | % |
Exchange Traded Funds | 0.4 | % |
Diversified | 0.1 | % |
Short-Term Investments | 0.1 | % |
Other assets in excess of liabilities | 0.0 | %* |
Total | 100.0 | % |
* | Less than 0.05% |
(a) | The Fund may classify a company in a different category than the Pacer Wilshire US Large-Cap Trendpilot™ Index. |
Pacer Trendpilot™ 450 ETF
Percentage of | ||
Sector(a) | Net Assets | |
Financial | 28.7 | % |
Consumer, Non-Cyclical | 15.8 | % |
Industrial | 14.6 | % |
Consumer, Cyclical | 11.1 | % |
Technology | 9.6 | % |
Utilities | 5.3 | % |
Energy | 5.0 | % |
Basic Materials | 4.2 | % |
Communications | 3.8 | % |
Exchange Traded Funds | 1.0 | % |
Diversified | 0.5 | % |
Short-Term Investments | 0.4 | % |
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. |
1
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2016
Pacer Trendpilot™ 100 ETF | ||
Percentage of | ||
Sector(a) | Net Assets | |
Communications | 37.3 | % |
Technology | 36.8 | % |
Consumer, Non-Cyclical | 16.6 | % |
Consumer, Cyclical | 8.4 | % |
Industrial | 0.9 | % |
Short-Term Investments | 0.1 | % |
Liabilities in excess of other assets | -0.1 | % |
Total | 100.0 | % |
(a) | The Fund may classify a company in a different category than the Pacer NASDAQ-100 Trendpilot™ Index. |
Pacer Trendpilot™ European Index ETF
Percentage of | ||
Country(a) | Net Assets | |
France | 30.7 | % |
Germany | 29.5 | % |
Spain | 10.4 | % |
Netherlands | 7.2 | % |
Italy | 6.1 | % |
Belgium | 4.3 | % |
Finland | 3.4 | % |
United States | 2.5 | % |
United Kingdom | 2.5 | % |
Luxembourg | 0.9 | % |
Austria | 0.6 | % |
Ireland | 0.6 | % |
Portugal | 0.5 | % |
Greece | 0.4 | % |
Switzerland | 0.2 | % |
Short-Term Investments | 0.2 | % |
Liabilities in excess of other assets | 0.0 | %* |
Total | 100.0 | % |
* | Less than 0.05% |
(a) | The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances. |
2
Pacer Funds
PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2016
Pacer Autopilot Hedged European Index ETF
Percentage of | ||
Country(a) | Net Assets | |
France | 30.7 | % |
Germany | 29.7 | % |
Spain | 10.5 | % |
Netherlands | 7.4 | % |
Italy | 5.9 | % |
Belgium | 4.3 | % |
Finland | 3.3 | % |
United Kingdom | 2.6 | % |
Luxembourg | 0.8 | % |
Austria | 0.6 | % |
Ireland | 0.6 | % |
Portugal | 0.5 | % |
Greece | 0.2 | % |
Switzerland | 0.2 | % |
Short-Term Investments | 0.1 | % |
Other assets in excess of liabilities | 2.6 | % |
Total | 100.0 | % |
(a) | The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances. |
Pacer Global High Dividend ETF
Percentage of | ||
Sector(a) | Net Assets | |
Consumer, Non-Cyclical | 28.0 | % |
Communications | 19.2 | % |
Industrial | 12.5 | % |
Technology | 9.5 | % |
Consumer, Cyclical | 9.0 | % |
Basic Materials | 7.5 | % |
Utilities | 7.4 | % |
Financial | 4.0 | % |
Energy | 1.6 | % |
Exchange Traded Funds | 0.7 | % |
Short-Term Investments | 0.4 | % |
Diversified | 0.3 | % |
Liabilities in excess of other assets | -0.1 | % |
Total | 100.0 | % |
(a) | The Fund may classify a company in a different category than the Pacer Global Cash Cows High Dividends 100 Index. |
3
Pacer Trendpilot™ 750 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000002/pt750etf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer 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.
4
Pacer Trendpilot™ 750 ETF
PERFORMANCE SUMMARY
(Unaudited) (Continued)
Annualized Returns(1)
(For the period ended October 31, 2016)
One | Since | |
Year | Inception(2) | |
Pacer Trendpilot™ 750 ETF – NAV | -2.74% | -6.27% |
Pacer Trendpilot™ 750 ETF – Market | -2.98% | -6.28% |
Pacer Wilshire US Large-Cap Trendpilot™ Index(3) | -2.14% | -5.69% |
Wilshire US Large-Cap Index™(3) | 4.59% | 2.68% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2016, 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. |
5
Pacer Trendpilot™ 450 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000002/pt450etf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer 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.
6
Pacer Trendpilot™ 450 ETF
PERFORMANCE SUMMARY
(Unaudited) (Continued)
Annualized Returns(1)
(For the period ended October 31, 2016)
One | Since | |
Year | Inception(2) | |
Pacer Trendpilot™ 450 ETF – NAV | 6.34% | -0.90% |
Pacer Trendpilot™ 450 ETF – Market | 6.51% | -0.81% |
Pacer Wilshire US Mid-Cap Trendpilot™ Index(3) | 7.16% | -0.18% |
Wilshire US Mid-Cap Index™(3) | 4.65% | -1.24% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2016, 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. |
7
Pacer Trendpilot™ 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000002/pt100etf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer 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.
8
Pacer Trendpilot™ 100 ETF
PERFORMANCE SUMMARY
(Unaudited) (Continued)
Annualized Returns(1)
(For the period ended October 31, 2016)
One | Since | |
Year | Inception(2) | |
Pacer Trendpilot™ 100 ETF – NAV | -6.22% | -6.75% |
Pacer Trendpilot™ 100 ETF – Market | -6.16% | -6.59% |
Pacer NASDAQ-100 Trendpilot™ Index(3) | -5.58% | -6.08% |
NASDAQ-100 Index(3) | 4.62% | 6.23% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2016, 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. |
9
Pacer Trendpilot™ European Index ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000002/pteietf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on December 14, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Trendpilot™ European Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the FTSE Eurozone Index, (ii) 50% to the FTSE Eurozone Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the FTSE Eurozone Total Return Index and its 200-business day historical simple moving average.
The FTSE Eurozone Index is a rules-based, float-adjusted, market capitalization-weighted index comprised of large- and mid-capitalization stocks providing coverage of the developed markets in the euro zone, including primarily France, Germany, Spain, the Netherlands, and Italy. The FTSE Eurozone Index is a subset of the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. 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.
10
Pacer Trendpilot™ European Index ETF
PERFORMANCE SUMMARY
(Unaudited) (Continued)
Cumulative Returns(1)
(For the period ended October 31, 2016)
Since | |
Inception(2) | |
Pacer Trendpilot™ European Index ETF – NAV | -6.52% |
Pacer Trendpilot™ European Index ETF – Market | -5.80% |
Pacer Trendpilot™ European Index(3) | -5.73% |
FTSE Eurozone Total Return Index (USD)(3) | 2.37% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2016, 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. |
11
Pacer Autopilot Hedged European Index ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000002/paheietf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on December 14, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer 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.
12
Pacer Autopilot Hedged European Index ETF
PERFORMANCE SUMMARY
(Unaudited) (Continued)
Cumulative Returns(1)
(For the period ended October 31, 2016)
Since | |
Inception(2) | |
Pacer Autopilot Hedged European Index ETF – NAV | 5.23% |
Pacer Autopilot Hedged European Index ETF – Market | 3.14% |
Pacer Autopilot Hedged European Index(3) | 6.94% |
FTSE Eurozone Index (Hedged to USD)(3) | 4.55% |
FTSE Eurozone Index (USD) (Unhedged)(3) | 2.37% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2016, 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. |
13
Pacer Global High Dividend ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000002/pghdetf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on February 22, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Global Cash Cows 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.
14
Pacer Global High Dividend ETF
PERFORMANCE SUMMARY
(Unaudited) (Continued)
Cumulative Returns(1)
(For the period ended October 31, 2016)
Since | |
Inception(2) | |
Pacer Global High Dividend ETF – NAV | 7.92% |
Pacer Global High Dividend ETF – Market | 8.26% |
Pacer Global Cash Cows High Dividends 100 Index(3) | 8.60% |
FTSE All World Developed Large-Cap Index(3) | 10.67% |
(1) | The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2016, 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. |
15
Pacer Funds
EXPENSE EXAMPLE
For the Period Ended October 31, 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.
16
Pacer Funds
EXPENSE EXAMPLE
For the Period Ended October 31, 2016 (Unaudited) (Continued)
Fund’s | Beginning | Ending | Expenses | |
Annual | Account | Account | Paid | |
Expense | Value | Value | During | |
Ratio | 05/01/16 | 10/31/16 | Period(a) | |
Pacer Trendpilot™ 750 ETF | ||||
Actual | 0.60% | $1,000.00 | $1,039.80 | $3.08 |
Hypothetical(b) | 0.60% | $1,000.00 | $1,022.18 | $3.06 |
Pacer Trendpilot™ 450 ETF | ||||
Actual | 0.60% | $1,000.00 | $1,037.50 | $3.08 |
Hypothetical(b) | 0.60% | $1,000.00 | $1,022.18 | $3.06 |
Pacer Trendpilot™ 100 ETF | ||||
Actual | 0.65% | $1,000.00 | $1,055.80 | $3.37 |
Hypothetical(b) | 0.65% | $1,000.00 | $1,021.93 | $3.31 |
Pacer Trendpilot™ | ||||
European Index ETF | ||||
Actual | 0.65% | $1,000.00 | $ 936.00 | $3.17 |
Hypothetical(b) | 0.65% | $1,000.00 | $1,021.93 | $3.31 |
Pacer Autopilot Hedged | ||||
European Index ETF | ||||
Actual | 0.65% | $1,000.00 | $1,011.50 | $3.30 |
Hypothetical(b) | 0.65% | $1,000.00 | $1,021.93 | $3.31 |
Pacer Global High Dividend ETF | ||||
Actual | 0.60% | $1,000.00 | $ 993.40 | $3.01 |
Hypothetical(b) | 0.60% | $1,000.00 | $1,022.18 | $3.06 |
(a) | The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days (365) in the most recent twelve month period. |
(b) | Assumes 5% return before expenses. |
17
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS – 95.5% | ||||||||
Advertising – 0.1% | ||||||||
Interpublic Group of Cos., Inc. | 7,564 | $ | 169,358 | |||||
Omnicom Group, Inc. | 4,888 | 390,160 | ||||||
559,518 | ||||||||
Aerospace/Defense – 2.2% | ||||||||
B/E Aerospace, Inc. | 1,899 | 113,029 | ||||||
Boeing Co. | 11,860 | 1,689,220 | ||||||
General Dynamics Corp. | 4,858 | 732,295 | ||||||
Harris Corp. | 2,483 | 221,508 | ||||||
L-3 Communications Holdings, Inc. | 1,530 | 209,518 | ||||||
Lockheed Martin Corp. | 5,725 | 1,410,526 | ||||||
Northrop Grumman Corp. | 3,669 | 840,201 | ||||||
Orbital ATK, Inc. | 973 | 72,352 | ||||||
Raytheon Co. | 6,039 | 824,988 | ||||||
Rockwell Collins, Inc. | 2,392 | 201,693 | ||||||
Spirit AeroSystems Holdings, Inc. – Class A (a) | 2,490 | 125,396 | ||||||
TransDigm Group, Inc. | 996 | 271,370 | ||||||
United Technologies Corp. | 17,390 | 1,777,258 | ||||||
8,489,354 | ||||||||
Agriculture – 1.8% | ||||||||
Altria Group, Inc. | 40,603 | 2,684,670 | ||||||
Archer-Daniels-Midland Co. | 10,793 | 470,251 | ||||||
Bunge Ltd. | 2,785 | 172,698 | ||||||
Philip Morris International, Inc. | 28,465 | 2,745,165 | ||||||
Reynolds American, Inc. | 18,102 | 997,058 | ||||||
7,069,842 | ||||||||
Airlines – 0.5% | ||||||||
Alaska Air Group, Inc. | 2,161 | 156,067 | ||||||
American Airlines Group, Inc. | 10,191 | 413,755 | ||||||
Delta Air Lines, Inc. | 15,856 | 662,305 | ||||||
JetBlue Airways Corp. (a) | 3,592 | 62,788 | ||||||
Southwest Airlines Co. | 10,330 | 413,717 | ||||||
United Continental Holdings, Inc. (a) | 6,330 | 355,936 | ||||||
2,064,568 |
The accompanying notes are an integral part of these financial statements.
18
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Apparel – 0.6% | ||||||||
Carter’s, Inc. | 954 | $ | 82,368 | |||||
Hanesbrands, Inc. | 7,513 | 193,084 | ||||||
NIKE, Inc. – Class B | 25,424 | 1,275,776 | ||||||
Ralph Lauren Corp. | 1,015 | 99,572 | ||||||
Skechers U.S.A, Inc. – Class A (a) | 2,105 | 44,268 | ||||||
Under Armour, Inc. – Class A (a) | 6,756 | 210,112 | ||||||
VF Corp. | 7,113 | 385,596 | ||||||
2,290,776 | ||||||||
Auto Manufacturers – 0.7% | ||||||||
Ford Motor Co. | 78,198 | 918,045 | ||||||
General Motors Co. | 29,176 | 921,962 | ||||||
PACCAR, Inc. | 6,283 | 345,062 | ||||||
Tesla Motors, Inc. (a) | 1,876 | 370,941 | ||||||
2,556,010 | ||||||||
Auto Parts & Equipment – 0.2% | ||||||||
Allison Transmission Holdings, Inc. | 519 | 15,201 | ||||||
Autoliv, Inc. | 1,754 | 169,752 | ||||||
BorgWarner, Inc. | 3,993 | 143,109 | ||||||
Goodyear Tire & Rubber Co. | 5,291 | 153,598 | ||||||
Lear Corp. | 1,501 | 184,293 | ||||||
WABCO Holdings, Inc. (a) | 1,009 | 99,346 | ||||||
765,299 | ||||||||
Banks – 7.1% | ||||||||
Bank of America Corp. | 212,489 | 3,506,068 | ||||||
Bank of New York Mellon Corp. | 22,144 | 958,171 | ||||||
BB&T Corp. | 16,970 | 665,224 | ||||||
Capital One Financial Corp. | 10,526 | 779,345 | ||||||
Citigroup, Inc. | 60,328 | 2,965,121 | ||||||
Citizens Financial Group, Inc. | 4,165 | 109,706 | ||||||
Comerica, Inc. | 2,948 | 153,561 | ||||||
Commerce Bancshares, Inc. | 1,668 | 83,100 | ||||||
Cullen/Frost Bankers, Inc. | 976 | 74,166 | ||||||
East West Bancorp, Inc. | 2,551 | 100,790 | ||||||
Fifth Third Bancorp | 14,909 | 324,420 | ||||||
First Republic Bank | 285 | 21,213 |
The accompanying notes are an integral part of these financial statements.
19
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Banks – 7.1% (Continued) | ||||||||
Goldman Sachs Group, Inc. | 7,887 | $ | 1,405,779 | |||||
Huntington Bancshares, Inc. | 19,668 | 208,481 | ||||||
JPMorgan Chase & Co. | 75,061 | 5,198,725 | ||||||
KeyCorp. | 22,044 | 311,261 | ||||||
M&T Bank Corp. | 2,703 | 331,739 | ||||||
Morgan Stanley | 32,543 | 1,092,468 | ||||||
Northern Trust Corp. | 4,690 | 339,650 | ||||||
PacWest Bancorp | 2,049 | 88,906 | ||||||
PNC Financial Services Group, Inc. | 10,264 | 981,238 | ||||||
Regions Financial Corp. | 22,710 | 243,224 | ||||||
Signature Bank (a) | 967 | 116,582 | ||||||
State Street Corp. | 7,675 | 538,862 | ||||||
SunTrust Banks, Inc. | 9,095 | 411,367 | ||||||
SVB Financial Group (a) | 917 | 112,122 | ||||||
US Bancorp | 35,486 | 1,588,353 | ||||||
Wells Fargo & Co. | 95,002 | 4,371,042 | ||||||
Zions Bancorp | 3,714 | 119,628 | ||||||
27,200,312 | ||||||||
Beverages – 2.2% | ||||||||
Brown-Forman Corp. – Class B | 4,724 | 218,107 | ||||||
Coca-Cola Co. | 80,150 | 3,398,360 | ||||||
Constellation Brands, Inc. – Class A | 3,407 | 569,378 | ||||||
Dr Pepper Snapple Group, Inc. | 3,495 | 306,826 | ||||||
Molson Coors Brewing Co. – Class B | 2,910 | 302,087 | ||||||
Monster Beverage Corp. (a) | 2,611 | 376,872 | ||||||
PepsiCo, Inc. | 29,648 | 3,178,265 | ||||||
8,349,895 | ||||||||
Biotechnology – 2.3% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 3,624 | 472,932 | ||||||
Alnylam Pharmaceuticals, Inc. (a) | 1,253 | 44,607 | ||||||
Amgen, Inc. | 13,733 | 1,938,550 | ||||||
Biogen, Inc. (a) | 3,925 | 1,099,706 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 2,718 | 218,853 | ||||||
Celgene Corp. (a) | 16,109 | 1,646,018 | ||||||
Gilead Sciences, Inc. | 25,966 | 1,911,877 |
The accompanying notes are an integral part of these financial statements.
20
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Biotechnology – 2.3% (Continued) | ||||||||
Illumina, Inc. (a) | 2,170 | $ | 295,424 | |||||
Incyte Corp. (a) | 3,610 | 313,962 | ||||||
Ionis Pharmaceuticals, Inc. (a) | 1,743 | 45,283 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 1,425 | 491,654 | ||||||
Seattle Genetics, Inc. (a) | 2,023 | 104,589 | ||||||
United Therapeutics Corp. (a) | 721 | 86,570 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 4,268 | 323,770 | ||||||
8,993,795 | ||||||||
Building Materials – 0.3% | ||||||||
Fortune Brands Home & Security, Inc. | 2,927 | 159,902 | ||||||
Lennox International, Inc. | 706 | 102,998 | ||||||
Martin Marietta Materials, Inc. | 1,191 | 220,788 | ||||||
Masco Corp. | 6,185 | 190,993 | ||||||
Owens Corning | 2,122 | 103,511 | ||||||
Vulcan Materials Co. | 2,388 | 270,322 | ||||||
1,048,514 | ||||||||
Chemicals – 1.8% | ||||||||
AdvanSix, Inc. (a) | 634 | 10,114 | ||||||
Air Products & Chemicals, Inc. | 4,111 | 548,490 | ||||||
Albemarle Corp. | 1,890 | 157,910 | ||||||
Ashland Global Holdings, Inc. | 1,170 | 130,724 | ||||||
Axalta Coating Systems Ltd. (a) | 1,510 | 37,931 | ||||||
Celanese Corp. – Class A | 2,676 | 195,134 | ||||||
CF Industries Holdings, Inc. | 4,180 | 100,362 | ||||||
Dow Chemical Co. | 23,416 | 1,260,015 | ||||||
Eastman Chemical Co. | 2,796 | 201,060 | ||||||
EI du Pont de Nemours & Co. | 15,854 | 1,090,597 | ||||||
FMC Corp. | 2,169 | 101,704 | ||||||
International Flavors & Fragrances, Inc. | 1,430 | 187,015 | ||||||
Monsanto Co. | 8,998 | 906,729 | ||||||
Mosaic Co. | 6,583 | 154,898 | ||||||
NewMarket Corp. | 122 | 48,911 | ||||||
PPG Industries, Inc. | 5,062 | 471,424 | ||||||
Praxair, Inc. | 5,178 | 606,137 | ||||||
RPM International, Inc. | 2,499 | 118,802 |
The accompanying notes are an integral part of these financial statements.
21
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Chemicals – 1.8% (Continued) | ||||||||
Sherwin-Williams Co. | 1,557 | $ | 381,247 | |||||
Valspar Corp. | 1,317 | 131,173 | ||||||
Versum Materials, Inc. (a) | 2,055 | 46,649 | ||||||
Westlake Chemical Corp. | 827 | 42,830 | ||||||
WR Grace & Co. | 1,341 | 89,793 | ||||||
7,019,649 | ||||||||
Commercial Services – 1.6% | ||||||||
AMERCO | 192 | 61,899 | ||||||
Aramark | 1,274 | 47,431 | ||||||
Automatic Data Processing, Inc. | 9,269 | 806,959 | ||||||
Cintas Corp. | 1,755 | 187,206 | ||||||
CoStar Group, Inc. (a) | 662 | 123,873 | ||||||
Ecolab, Inc. | 5,387 | 615,034 | ||||||
Equifax, Inc. | 2,237 | 277,321 | ||||||
FleetCor Technologies, Inc. (a) | 1,069 | 187,396 | ||||||
Gartner, Inc. (a) | 1,533 | 131,899 | ||||||
Global Payments, Inc. | 2,660 | 192,903 | ||||||
H&R Block, Inc. | 4,024 | 92,431 | ||||||
Herc Holdings, Inc. (a) | 199 | 5,988 | ||||||
Hertz Global Holdings, Inc. (a) | 612 | 20,288 | ||||||
KAR Auction Services, Inc. | 751 | 31,978 | ||||||
Live Nation Entertainment, Inc. (a) | 1,820 | 50,359 | ||||||
ManpowerGroup, Inc. | 1,329 | 102,067 | ||||||
MarketAxess Holdings, Inc. | 698 | 105,231 | ||||||
Moody’s Corp. | 3,399 | 341,668 | ||||||
PayPal Holdings, Inc. (a) | 23,478 | 978,093 | ||||||
Quanta Services, Inc. (a) | 2,642 | 75,958 | ||||||
Robert Half International, Inc. | 2,613 | 97,778 | ||||||
Rollins, Inc. | 2,247 | 69,253 | ||||||
S&P Global, Inc. | 5,034 | 613,393 | ||||||
Sabre Corp. | 4,304 | 111,172 | ||||||
Service Corp. International | 3,135 | 80,256 | ||||||
ServiceMaster Global Holdings, Inc. (a) | 416 | 14,889 | ||||||
Total System Services, Inc. | 3,498 | 174,480 | ||||||
TransUnion (a) | 1,617 | 50,515 | ||||||
United Rentals, Inc. (a) | 1,606 | 121,510 |
The accompanying notes are an integral part of these financial statements.
22
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Commercial Services – 1.6% (Continued) | ||||||||
Vantiv, Inc. – Class A (a) | 1,465 | $ | 85,497 | |||||
Verisk Analytics, Inc. (a) | 3,167 | 258,269 | ||||||
Western Union Co. | 7,302 | 146,551 | ||||||
6,259,545 | ||||||||
Computers – 4.8% | ||||||||
Apple, Inc. | 112,200 | 12,739,188 | ||||||
Cognizant Technology Solutions Corp. – Class A (a) | 12,453 | 639,462 | ||||||
Computer Sciences Corp. | 2,577 | 140,318 | ||||||
CSRA, Inc. | 2,862 | 71,808 | ||||||
Dell Technologies, Inc. – VMware, Inc. – Class V (a) | 0 | 10 | ||||||
Fortinet, Inc. (a) | 2,703 | 86,658 | ||||||
Genpact Ltd. (a) | 3,127 | 71,890 | ||||||
Hewlett Packard Enterprise Co. | 34,532 | 775,934 | ||||||
HP, Inc. | 35,161 | 509,483 | ||||||
International Business Machines Corp. | 18,209 | 2,798,541 | ||||||
Leidos Holdings, Inc. | 2,780 | 115,565 | ||||||
NCR Corp. (a) | 2,330 | 81,666 | ||||||
NetApp, Inc. | 4,425 | 150,184 | ||||||
Teradata Corp. (a) | 2,558 | 68,964 | ||||||
Western Digital Corp. | 5,292 | 309,264 | ||||||
18,558,935 | ||||||||
Cosmetics/Personal Care – 1.7% | ||||||||
Colgate-Palmolive Co. | 17,184 | 1,226,250 | ||||||
Coty, Inc. – Class A | 9,844 | 226,314 | ||||||
Edgewell Personal Care Co. (a) | 1,117 | 84,222 | ||||||
Estee Lauder Cos., Inc. | 3,956 | 344,686 | ||||||
Procter & Gamble Co. | 55,472 | 4,814,970 | ||||||
6,696,442 | ||||||||
Distribution/Wholesale – 0.2% | ||||||||
Fastenal Co. | 5,749 | 224,096 | ||||||
HD Supply Holdings, Inc. (a) | 1,228 | 40,524 | ||||||
Ingram Micro, Inc. | 2,794 | 103,937 | ||||||
LKQ Corp. (a) | 5,236 | 169,018 | ||||||
Watsco, Inc. | 482 | 66,174 | ||||||
WW Grainger, Inc. | 1,134 | 236,008 | ||||||
839,757 |
The accompanying notes are an integral part of these financial statements.
23
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Diversified Financial Services – 3.3% | ||||||||
Affiliated Managers Group, Inc. (a) | 1,069 | $ | 141,814 | |||||
Alliance Data Systems Corp. (a) | 1,174 | 240,048 | ||||||
Ally Financial, Inc. | 10,462 | 189,048 | ||||||
American Express Co. | 15,929 | 1,058,004 | ||||||
Ameriprise Financial, Inc. | 3,192 | 282,141 | ||||||
BlackRock, Inc. | 2,607 | 889,613 | ||||||
CBOE Holdings, Inc. | 195 | 12,326 | ||||||
Charles Schwab Corp. | 23,992 | 760,546 | ||||||
CIT Group, Inc. | 3,749 | 136,201 | ||||||
CME Group, Inc. | 5,851 | 585,685 | ||||||
Discover Financial Services | 8,473 | 477,284 | ||||||
E*TRADE Financial Corp. (a) | 5,181 | 145,897 | ||||||
Eaton Vance Corp. | 2,104 | 73,766 | ||||||
FNF Group | 5,632 | 202,245 | ||||||
Franklin Resources, Inc. | 8,058 | 271,232 | ||||||
Intercontinental Exchange, Inc. | 2,475 | 669,215 | ||||||
Invesco Ltd. | 8,486 | 238,372 | ||||||
Legg Mason, Inc. | 1,866 | 53,592 | ||||||
MasterCard, Inc. – Class A | 19,697 | 2,107,973 | ||||||
NASDAQ, Inc. | 2,302 | 147,259 | ||||||
Navient Corp. | 5,136 | 65,638 | ||||||
OneMain Holdings, Inc. (a) | 972 | 27,547 | ||||||
Raymond James Financial, Inc. | 2,445 | 146,993 | ||||||
Santander Consumer USA Holdings, Inc. (a) | 392 | 4,782 | ||||||
SEI Investments Co. | 2,409 | 106,791 | ||||||
Synchrony Financial | 16,406 | 469,048 | ||||||
T Rowe Price Group, Inc. | 5,047 | 323,058 | ||||||
TD Ameritrade Holding Corp. | 5,903 | 201,942 | ||||||
Visa, Inc. – Class A | 32,255 | 2,661,360 | ||||||
12,689,420 | ||||||||
Electric – 3.0% | ||||||||
AES Corp. | 13,113 | 154,340 | ||||||
Alliant Energy Corp. | 4,173 | 158,783 | ||||||
Ameren Corp. | 4,829 | 241,209 | ||||||
American Electric Power Co., Inc. | 10,099 | 654,819 | ||||||
Avangrid, Inc. | 1,216 | 47,923 |
The accompanying notes are an integral part of these financial statements.
24
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Electric – 3.0% (Continued) | ||||||||
Calpine Corp. (a) | 6,438 | $ | 76,612 | |||||
CMS Energy Corp. | 4,531 | 190,982 | ||||||
Consolidated Edison, Inc. | 5,832 | 440,608 | ||||||
Dominion Resources, Inc. | 12,217 | 918,718 | ||||||
DTE Energy Co. | 3,335 | 320,193 | ||||||
Duke Energy Corp. | 14,160 | 1,133,083 | ||||||
Edison International | 6,269 | 460,646 | ||||||
Entergy Corp. | 3,364 | 247,859 | ||||||
Eversource Energy | 5,965 | 328,433 | ||||||
Exelon Corp. | 16,728 | 569,923 | ||||||
FirstEnergy Corp. | 8,177 | 280,389 | ||||||
Fortis, Inc. | 2,339 | 76,827 | ||||||
Great Plains Energy, Inc. | 3,984 | 113,305 | ||||||
MDU Resources Group, Inc. | 3,417 | 89,560 | ||||||
NextEra Energy, Inc. | 9,518 | 1,218,304 | ||||||
NRG Energy, Inc. | 5,638 | 59,932 | ||||||
OGE Energy Corp. | 3,668 | 113,855 | ||||||
PG&E Corp. | 10,474 | 650,645 | ||||||
Pinnacle West Capital Corp. | 2,042 | 155,457 | ||||||
PPL Corp. | 13,192 | 453,013 | ||||||
Public Service Enterprise Group, Inc. | 9,735 | 409,649 | ||||||
SCANA Corp. | 2,375 | 174,230 | ||||||
Southern Co. | 20,338 | 1,048,831 | ||||||
WEC Energy Group, Inc. | 5,872 | 350,676 | ||||||
Westar Energy, Inc. | 2,664 | 152,700 | ||||||
Xcel Energy, Inc. | 9,207 | 382,551 | ||||||
11,674,055 | ||||||||
Electrical Components & Equipment – 0.3% | ||||||||
Acuity Brands, Inc. | 823 | 183,998 | ||||||
AMETEK, Inc. | 4,083 | 180,060 | ||||||
Emerson Electric Co. | 13,228 | 670,395 | ||||||
Hubbell, Inc. | 895 | 93,546 | ||||||
1,127,999 | ||||||||
Electronics – 1.1% | ||||||||
Agilent Technologies, Inc. | 6,263 | 272,879 |
The accompanying notes are an integral part of these financial statements.
25
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Electronics – 1.1% (Continued) | ||||||||
Amphenol Corp. – Class A | 4,781 | $ | 315,211 | |||||
Arrow Electronics, Inc. (a) | 1,562 | 95,470 | ||||||
Avnet, Inc. | 2,389 | 100,219 | ||||||
Corning, Inc. | 21,548 | 489,355 | ||||||
FLIR Systems, Inc. | 2,557 | 84,176 | ||||||
Fortive Corp. | 6,724 | 343,260 | ||||||
Gentex Corp. | 5,495 | 92,921 | ||||||
Honeywell International, Inc. | 15,843 | 1,737,660 | ||||||
Jabil Circuit, Inc. | 3,178 | 67,819 | ||||||
Keysight Technologies, Inc. (a) | 3,238 | 106,206 | ||||||
Mettler-Toledo International, Inc. (a) | 445 | 179,816 | ||||||
PerkinElmer, Inc. | 1,979 | 100,711 | ||||||
Trimble, Inc. (a) | 3,913 | 108,155 | ||||||
Waters Corp. (a) | 1,610 | 224,015 | ||||||
4,317,873 | ||||||||
Energy-Alternate Sources – 0.0% (b) | ||||||||
First Solar, Inc. (a) | 1,519 | 61,504 | ||||||
Engineering & Construction – 0.1% | ||||||||
Fluor Corp. | 2,771 | 144,064 | ||||||
Jacobs Engineering Group, Inc. (a) | 2,111 | 108,885 | ||||||
SBA Communications Corp. – Class A (a) | 2,548 | 288,638 | ||||||
541,587 | ||||||||
Entertainment – 0.0% (b) | ||||||||
Six Flags Entertainment Corp. | 1,428 | 79,468 | ||||||
Vail Resorts, Inc. | 229 | 36,512 | ||||||
115,980 | ||||||||
Environmental Control – 0.2% | ||||||||
Republic Services, Inc. | 5,114 | 269,150 | ||||||
Stericycle, Inc. (a) | 1,690 | 135,352 | ||||||
Waste Management, Inc. | 8,116 | 532,897 | ||||||
937,399 | ||||||||
Food – 2.0% | ||||||||
Blue Buffalo Pet Products, Inc. (a) | 1,420 | 35,670 | ||||||
Campbell Soup Co. | 4,117 | 223,718 |
The accompanying notes are an integral part of these financial statements.
26
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Food – 2.0% (Continued) | ||||||||
ConAgra Foods, Inc. | 8,683 | $ | 418,347 | |||||
General Mills, Inc. | 11,438 | 708,927 | ||||||
Hain Celestial Group, Inc. (a) | 1,968 | 71,576 | ||||||
Hershey Co. | 3,127 | 320,393 | ||||||
Hormel Foods Corp. | 5,446 | 209,671 | ||||||
Ingredion, Inc. | 1,354 | 177,604 | ||||||
JM Smucker Co. | 2,382 | 312,780 | ||||||
Kellogg Co. | 5,187 | 389,699 | ||||||
Kroger Co. | 17,097 | 529,665 | ||||||
McCormick & Co., Inc. | 1,941 | 186,084 | ||||||
Mondelez International, Inc. – Class A | 32,327 | 1,452,775 | ||||||
Pilgrim’s Pride Corp. | 1,281 | 27,977 | ||||||
Pinnacle Foods, Inc. | 664 | 34,143 | ||||||
Post Holdings, Inc. (a) | 1,097 | 83,624 | ||||||
Sysco Corp. | 11,583 | 557,374 | ||||||
The Kraft Heinz Co. | 12,646 | 1,124,862 | ||||||
TreeHouse Foods, Inc. (a) | 962 | 84,156 | ||||||
Tyson Foods, Inc. – Class A | 4,781 | 338,734 | ||||||
WhiteWave Foods Co. (a) | 2,204 | 120,096 | ||||||
Whole Foods Market, Inc. | 6,041 | 170,900 | ||||||
7,578,775 | ||||||||
Food Service – 0.0% (b) | ||||||||
US Foods Holding Corp. (a) | 1,169 | 26,419 | ||||||
Forest Products & Paper – 0.1% | ||||||||
International Paper Co. | 7,917 | 356,503 | ||||||
Hand/Machine Tools – 0.2% | ||||||||
Lincoln Electric Holdings, Inc. | 1,084 | 71,359 | ||||||
Snap-On, Inc. | 1,158 | 178,448 | ||||||
Stanley Black & Decker, Inc. | 2,895 | 329,567 | ||||||
579,374 | ||||||||
Healthcare-Products – 2.5% | ||||||||
Abbott Laboratories | 30,283 | 1,188,305 | ||||||
ABIOMED, Inc. (a) | 722 | 75,803 | ||||||
Alere, Inc. (a) | 1,646 | 73,543 | ||||||
Align Technology, Inc. (a) | 1,385 | 118,999 |
The accompanying notes are an integral part of these financial statements.
27
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Healthcare-Products – 2.5% (Continued) | ||||||||
Baxter International, Inc. | 11,347 | $ | 540,004 | |||||
Becton Dickinson and Co. | 4,315 | 724,532 | ||||||
Boston Scientific Corp. (a) | 22,563 | 496,386 | ||||||
CR Bard, Inc. | 1,363 | 295,335 | ||||||
Danaher Corp. | 11,907 | 935,295 | ||||||
DENTSPLY SIRONA, Inc. | 4,660 | 268,276 | ||||||
Edwards Lifesciences Corp. (a) | 3,935 | 374,691 | ||||||
Henry Schein, Inc. (a) | 1,364 | 203,509 | ||||||
Hologic, Inc. (a) | 4,999 | 180,014 | ||||||
IDEXX Laboratories, Inc. (a) | 1,683 | 180,316 | ||||||
Intuitive Surgical, Inc. (a) | 748 | 502,716 | ||||||
Patterson Cos., Inc. | 1,431 | 61,118 | ||||||
ResMed, Inc. | 2,636 | 157,554 | ||||||
St. Jude Medical, Inc. | 5,923 | 461,046 | ||||||
Stryker Corp. | 6,623 | 763,963 | ||||||
Teleflex, Inc. | 830 | 118,798 | ||||||
The Cooper Cos., Inc. | 821 | 144,529 | ||||||
Thermo Fisher Scientific, Inc. | 8,210 | 1,207,116 | ||||||
Varian Medical Systems, Inc. (a) | 1,770 | 160,592 | ||||||
West Pharmaceutical Services, Inc. | 1,262 | 95,950 | ||||||
Zimmer Biomet Holdings, Inc. | 4,139 | 436,250 | ||||||
9,764,640 | ||||||||
Healthcare-Services – 1.8% | ||||||||
Acadia Healthcare Co., Inc. (a) | 1,605 | 57,716 | ||||||
Aetna, Inc. | 7,211 | 774,101 | ||||||
Anthem, Inc. | 5,405 | 658,653 | ||||||
Centene Corp. (a) | 3,392 | 211,932 | ||||||
Cigna Corp. | 5,272 | 626,472 | ||||||
DaVita, Inc. (a) | 3,341 | 195,849 | ||||||
Envision Healthcare Holdings, Inc. (a) | 1,186 | 23,459 | ||||||
HCA Holdings, Inc. (a) | 850 | 65,050 | ||||||
Humana, Inc. | 2,738 | 469,649 | ||||||
Laboratory Corp. of American Holdings (a) | 1,925 | 241,280 | ||||||
MEDNAX, Inc. (a) | 1,750 | 107,188 | ||||||
Quest Diagnostics, Inc. | 2,444 | 199,039 | ||||||
Quintiles Transnational Holdings, Inc. (a) | 2,727 | 195,635 |
The accompanying notes are an integral part of these financial statements.
28
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Healthcare-Services – 1.8% (Continued) | ||||||||
UnitedHealth Group, Inc. | 18,529 | $ | 2,618,704 | |||||
Universal Health Services, Inc. – Class B | 1,655 | 199,775 | ||||||
WellCare Health Plans, Inc. (a) | 830 | 94,213 | ||||||
6,738,715 | ||||||||
Holding Companies-Diversified – 0.0% (b) | ||||||||
Leucadia National Corp. | 6,814 | 127,217 | ||||||
Home Builders – 0.2% | ||||||||
DR Horton, Inc. | 5,920 | 170,673 | ||||||
Lennar Corp. – Class A | 3,197 | 133,283 | ||||||
NVR, Inc. (a) | 69 | 105,087 | ||||||
PulteGroup, Inc. | 5,827 | 108,382 | ||||||
Toll Brothers, Inc. (a) | 2,647 | 72,634 | ||||||
590,059 | ||||||||
Home Furnishings – 0.1% | ||||||||
Harman International Industries, Inc. | 1,296 | 103,304 | ||||||
Leggett & Platt, Inc. | 2,438 | 111,855 | ||||||
Whirlpool Corp. | 1,513 | 226,678 | ||||||
441,837 | ||||||||
Household Products/Wares – 0.4% | ||||||||
Avery Dennison Corp. | 1,736 | 121,155 | ||||||
Church & Dwight Co., Inc. | 4,770 | 230,200 | ||||||
Clorox Co. | 2,376 | 285,168 | ||||||
Kimberly-Clark Corp. | 6,998 | 800,641 | ||||||
1,437,164 | ||||||||
Housewares – 0.2% | ||||||||
Newell Brands, Inc. | 10,662 | 511,989 | ||||||
Scotts Miracle-Gro Co. – Class A | 912 | 80,338 | ||||||
Toro Co. | 2,070 | 99,112 | ||||||
691,439 | ||||||||
Insurance – 3.9% | ||||||||
Aflac, Inc. | 7,785 | 536,153 | ||||||
Alleghany Corp. (a) | 289 | 149,185 | ||||||
Allstate Corp. | 7,695 | 522,490 |
The accompanying notes are an integral part of these financial statements.
29
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Insurance – 3.9% (Continued) | ||||||||
American Financial Group, Inc. | 1,403 | $ | 104,524 | |||||
American International Group, Inc. | 20,593 | 1,270,588 | ||||||
AmTrust Financial Services, Inc. | 2,011 | 53,070 | ||||||
Arch Capital Group Ltd. (a) | 1,548 | 120,698 | ||||||
Arthur J Gallagher & Co. | 3,095 | 149,272 | ||||||
Assurant, Inc. | 1,111 | 89,458 | ||||||
Assured Guaranty Ltd. | 2,703 | 80,793 | ||||||
Axis Capital Holdings Ltd. | 1,423 | 81,068 | ||||||
Berkshire Hathaway, Inc. – Class B (a) | 41,650 | 6,010,095 | ||||||
Brown & Brown, Inc. | 2,234 | 82,345 | ||||||
Cincinnati Financial Corp. | 2,844 | 201,298 | ||||||
CNA Financial Corp. | 591 | 21,613 | ||||||
Erie Indemnity Co. – Class A | 435 | 44,540 | ||||||
Everest Re Group Ltd. | 564 | 114,785 | ||||||
Hartford Financial Services Group, Inc. | 7,828 | 345,293 | ||||||
Lincoln National Corp. | 4,756 | 233,472 | ||||||
Loews Corp. | 6,597 | 283,869 | ||||||
Markel Corp. (a) | 264 | 231,642 | ||||||
Marsh & McLennan Cos., Inc. | 10,713 | 679,097 | ||||||
MetLife, Inc. | 19,219 | 902,524 | ||||||
Old Republic International Corp. | 4,585 | 77,303 | ||||||
Principal Financial Group, Inc. | 5,387 | 294,130 | ||||||
Progressive Corp. | 11,219 | 353,511 | ||||||
Prudential Financial, Inc. | 9,085 | 770,317 | ||||||
Reinsurance Group of America, Inc. | 1,135 | 122,421 | ||||||
RenaissanceRe Holdings Ltd. | 726 | 90,235 | ||||||
Torchmark Corp. | 2,269 | 143,877 | ||||||
Travelers Cos., Inc. | 5,945 | 643,130 | ||||||
Unum Group | 4,258 | 150,733 | ||||||
Voya Financial, Inc. | 4,103 | 125,347 | ||||||
WR Berkley Corp. | 1,634 | 93,301 | ||||||
15,172,177 | ||||||||
Internet – 7.1% | ||||||||
Alphabet, Inc. – Class C (a) | 11,723 | 9,197,162 | ||||||
Amazon.com, Inc. (a) | 8,174 | 6,455,989 | ||||||
CDW Corp. | 504 | 22,635 | ||||||
The accompanying notes are an integral part of these financial statements.
30
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Internet – 7.1% (Continued) | ||||||||
eBay, Inc. (a) | 21,856 | $ | 623,115 | |||||
Expedia, Inc. | 2,052 | 265,180 | ||||||
F5 Networks, Inc. (a) | 1,333 | 184,234 | ||||||
Facebook, Inc. – Class A (a) | 45,073 | 5,904,112 | ||||||
GoDaddy, Inc. – Class A (a) | 316 | 11,310 | ||||||
IAC/InterActiveCorp. | 1,403 | 90,409 | ||||||
Liberty Ventures – Class A (a) | 2,482 | 99,032 | ||||||
LinkedIn Corp. – Class A (a) | 2,248 | 426,221 | ||||||
Match Group, Inc. (a) | 2,938 | 53,060 | ||||||
Netflix, Inc. (a) | 7,773 | 970,614 | ||||||
Palo Alto Networks, Inc. (a) | 175 | 26,920 | ||||||
Symantec Corp. | 12,323 | 308,445 | ||||||
The Priceline Group, Inc. (a) | 1,020 | 1,503,715 | ||||||
TripAdvisor, Inc. (a) | 1,884 | 121,480 | ||||||
Twitter, Inc. (a) | 1,995 | 35,810 | ||||||
VeriSign, Inc. (a) | 1,609 | 135,188 | ||||||
Yahoo!, Inc. (a) | 18,279 | 759,492 | ||||||
Zillow Group, Inc. – Class C (a) | 1,913 | 63,818 | ||||||
27,257,941 | ||||||||
Iron/Steel – 0.1% | ||||||||
Nucor Corp. | 5,840 | 285,284 | ||||||
Reliance Steel & Aluminum Co. | 1,360 | 93,541 | ||||||
Steel Dynamics, Inc. | 4,633 | 127,222 | ||||||
506,047 | ||||||||
Leisure Time – 0.3% | ||||||||
Carnival Corp. | 8,968 | 440,329 | ||||||
Harley-Davidson, Inc. | 3,603 | 205,443 | ||||||
Norwegian Cruise Line Holdings Ltd. (a) | 595 | 23,128 | ||||||
Polaris Industries, Inc. | 1,132 | 86,722 | ||||||
Royal Caribbean Cruises Ltd. | 3,059 | 235,145 | ||||||
990,767 | ||||||||
Lodging – 0.4% | ||||||||
Hilton Worldwide Holdings, Inc. | 2,597 | 58,692 | ||||||
Hyatt Hotels Corp. – Class A (a) | 735 | 37,331 | ||||||
Las Vegas Sands Corp. | 8,688 | 502,861 |
The accompanying notes are an integral part of these financial statements.
31
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Lodging – 0.4% (Continued) | ||||||||
Marriott International, Inc. – Class A | 6,539 | $ | 449,257 | |||||
MGM Resorts International (a) | 9,021 | 236,080 | ||||||
Wyndham Worldwide Corp. | 1,933 | 127,269 | ||||||
Wynn Resorts Ltd. | 1,804 | 170,568 | ||||||
1,582,058 | ||||||||
Machinery-Construction & Mining – 0.3% | ||||||||
Caterpillar, Inc. | 12,001 | 1,001,603 | ||||||
Machinery-Diversified – 0.6% | ||||||||
AGCO Corp. | 1,316 | 67,221 | ||||||
Cummins, Inc. | 3,209 | 410,174 | ||||||
Deere & Co. | 5,291 | 467,195 | ||||||
Flowserve Corp. | 2,593 | 109,814 | ||||||
Graco, Inc. | 985 | 73,777 | ||||||
IDEX Corp. | 1,344 | 116,175 | ||||||
Middleby Corp. (a) | 1,175 | 131,729 | ||||||
Nordson Corp. | 841 | 84,209 | ||||||
Rockwell Automation, Inc. | 2,677 | 320,491 | ||||||
Roper Technologies, Inc. | 1,842 | 319,237 | ||||||
Wabtec Corp. | 1,694 | 130,963 | ||||||
Xylem, Inc. | 3,602 | 174,085 | ||||||
2,405,070 | ||||||||
Media – 2.9% | ||||||||
AMC Networks, Inc. – Class A (a) | 1,049 | 51,328 | ||||||
CBS Corp. – Class B | 7,826 | 443,108 | ||||||
Charter Communications, Inc. – Class A (a) | 4,673 | 1,167,736 | ||||||
Comcast Corp. – Class A | 47,549 | 2,939,479 | ||||||
Discovery Communications, Inc. – Class A (a) | 2,751 | 71,829 | ||||||
DISH Network Corp. – Class A (a) | 4,167 | 244,020 | ||||||
FactSet Research Systems, Inc. | 769 | 118,980 | ||||||
Liberty Broadband Corp. – Class A (a) | 3,774 | 245,121 | ||||||
Liberty Media Corp.-Liberty Braves – Class A (a) | 673 | 11,407 | ||||||
Liberty Media Corp.-Liberty SiriusXM – Class A (a) | 6,811 | 226,602 | ||||||
News Corp. – Class A | 6,849 | 83,010 | ||||||
Scripps Networks Interactive, Inc. – Class A | 1,917 | 123,378 | ||||||
Sirius XM Holdings, Inc. (a) | 39,020 | 162,713 |
The accompanying notes are an integral part of these financial statements.
32
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Media – 2.9% (Continued) | ||||||||
TEGNA, Inc. | 4,329 | $ | 84,935 | |||||
Thomson Reuters Corp. | 6,581 | 259,357 | ||||||
Time Warner, Inc. | 16,164 | 1,438,434 | ||||||
Twenty-First Century Fox, Inc. – Class A | 19,463 | 511,293 | ||||||
Viacom, Inc. – Class B | 6,240 | 234,374 | ||||||
Walt Disney Co. | 30,553 | 2,831,958 | ||||||
11,249,062 | ||||||||
Mining – 0.2% | ||||||||
Alcoa, Inc. | 8,722 | 250,496 | ||||||
Freeport-McMoRan, Inc. (a) | 23,830 | 266,419 | ||||||
Newmont Mining Corp. | 9,861 | 365,252 | ||||||
Southern Copper Corp. | 1,860 | 52,805 | ||||||
934,972 | ||||||||
Miscellaneous Manufacturing – 2.7% | ||||||||
3M Co. | 12,451 | 2,058,150 | ||||||
AO Smith Corp. | 2,602 | 117,532 | ||||||
AptarGroup, Inc. | 966 | 69,011 | ||||||
Carlisle Cos., Inc. | 1,053 | 110,407 | ||||||
Colfax Corp. (a) | 1,855 | 58,971 | ||||||
Donaldson Co., Inc. | 2,238 | 81,732 | ||||||
Dover Corp. | 3,088 | 206,556 | ||||||
Eaton Corp. PLC | 9,414 | 600,331 | ||||||
General Electric Co. | 188,202 | 5,476,678 | ||||||
Illinois Tool Works, Inc. | 6,209 | 705,156 | ||||||
Parker-Hannifin Corp. | 2,606 | 319,887 | ||||||
Pentair PLC | 3,595 | 198,192 | ||||||
Textron, Inc. | 5,408 | 216,753 | ||||||
10,219,356 | ||||||||
Office/Business Equipment – 0.1% | ||||||||
Pitney Bowes, Inc. | 3,424 | 61,084 | ||||||
Xerox Corp. | 17,499 | 170,965 | ||||||
232,049 |
The accompanying notes are an integral part of these financial statements.
33
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Oil & Gas – 5.7% | ||||||||
Anadarko Petroleum Corp. | 10,492 | $ | 623,645 | |||||
Antero Resources Corp. (a) | 2,377 | 62,919 | ||||||
Apache Corp. | 7,283 | 433,193 | ||||||
Atmos Energy Corp. | 1,899 | 141,267 | ||||||
Cabot Oil & Gas Corp. | 8,337 | 174,077 | ||||||
CenterPoint Energy, Inc. | 7,255 | 165,414 | ||||||
Chevron Corp. | 38,739 | 4,057,910 | ||||||
Cimarex Energy Co. | 1,742 | 224,945 | ||||||
Concho Resources, Inc. (a) | 2,304 | 292,470 | ||||||
ConocoPhillips | 23,835 | 1,035,631 | ||||||
Continental Resources, Inc. (a) | 1,965 | 96,108 | ||||||
Devon Energy Corp. | 10,651 | 403,566 | ||||||
Diamondback Energy, Inc. (a) | 1,329 | 121,324 | ||||||
Energen Corp. | 1,632 | 81,812 | ||||||
EOG Resources, Inc. | 10,232 | 925,177 | ||||||
EQT Corp. | 3,174 | 209,484 | ||||||
Exxon Mobil Corp. | 85,254 | 7,103,363 | ||||||
Helmerich & Payne, Inc. | 1,465 | 92,456 | ||||||
Hess Corp. | 5,818 | 279,090 | ||||||
HollyFrontier Corp. | 2,894 | 72,205 | ||||||
Marathon Oil Corp. | 15,754 | 207,638 | ||||||
Marathon Petroleum Corp. | 10,775 | 469,682 | ||||||
Murphy Oil Corp. | 2,560 | 66,227 | ||||||
National Fuel Gas Co. | 1,615 | 84,594 | ||||||
Newfield Exploration Co. (a) | 3,641 | 147,788 | ||||||
NiSource, Inc. | 6,398 | 148,817 | ||||||
Noble Energy, Inc. | 6,838 | 235,706 | ||||||
Occidental Petroleum Corp. | 15,699 | 1,144,614 | ||||||
Parsley Energy, Inc. – Class A (a) | 2,343 | 77,085 | ||||||
Phillips 66 | 9,195 | 746,174 | ||||||
Pioneer Natural Resources Co. | 3,523 | 630,688 | ||||||
Range Resources Corp. | 3,339 | 112,825 | ||||||
Sempra Energy | 4,856 | 520,078 | ||||||
Southwestern Energy Co. (a) | 7,638 | 79,359 | ||||||
Tesoro Corp. | 2,361 | 200,614 | ||||||
UGI Corp. | 3,173 | 146,878 |
The accompanying notes are an integral part of these financial statements.
34
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Oil & Gas – 5.7% (Continued) | ||||||||
Valero Energy Corp. | 9,554 | $ | 565,979 | |||||
22,180,802 | ||||||||
Oil & Gas Services – 1.0% | ||||||||
Baker Hughes, Inc. | 8,229 | 455,886 | ||||||
FMC Technologies, Inc. (a) | 4,508 | 145,473 | ||||||
Halliburton Co. | 16,351 | 752,146 | ||||||
National Oilwell Varco, Inc. | 7,179 | 230,446 | ||||||
Schlumberger Ltd. | 26,747 | 2,092,418 | ||||||
Targa Resources Corp. | 3,091 | 135,695 | ||||||
3,812,064 | ||||||||
Packaging & Containers – 0.3% | ||||||||
Ball Corp. | 3,351 | 258,262 | ||||||
Bemis Co., Inc. | 1,740 | 84,773 | ||||||
Berry Plastics Group, Inc. (a) | 699 | 30,581 | ||||||
Crown Holdings, Inc. (a) | 2,653 | 143,925 | ||||||
Packaging Corp. of America | 1,687 | 139,177 | ||||||
Sealed Air Corp. | 3,885 | 177,273 | ||||||
Sonoco Products Co. | 1,829 | 91,980 | ||||||
WestRock Co. | 3,816 | 176,261 | ||||||
1,102,232 | ||||||||
Pharmaceuticals – 6.1% | ||||||||
AbbVie, Inc. | 30,241 | 1,686,843 | ||||||
Alkermes PLC (a) | 2,578 | 129,957 | ||||||
Allergan PLC (a) | 8,227 | 1,718,949 | ||||||
AmerisourceBergen Corp. | 3,522 | 247,667 | ||||||
Bristol-Myers Squibb Co. | 34,317 | 1,747,078 | ||||||
Cardinal Health, Inc. | 6,621 | 454,797 | ||||||
DexCom, Inc. (a) | 1,497 | 117,125 | ||||||
Eli Lilly & Co. | 19,072 | 1,408,276 | ||||||
Endo International PLC (a) | 3,204 | 60,075 | ||||||
Express Scripts Holding Co. (a) | 12,145 | 818,573 | ||||||
Herbalife Ltd. (a) | 1,423 | 86,348 | ||||||
Johnson & Johnson | 56,248 | 6,524,206 | ||||||
McKesson Corp. | 4,625 | 588,161 |
The accompanying notes are an integral part of these financial statements.
35
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Pharmaceuticals – 6.1% (Continued) | ||||||||
Mead Johnson Nutrition Co. | 3,061 | $ | 228,871 | |||||
Merck & Co., Inc. | 57,464 | 3,374,286 | ||||||
OPKO Health, Inc. (a) | 7,785 | 73,335 | ||||||
Pfizer, Inc. | 126,047 | 3,996,950 | ||||||
Premier, Inc. – Class A (a) | 865 | 27,542 | ||||||
VCA, Inc. (a) | 1,500 | 92,190 | ||||||
Zoetis, Inc. | 2,062 | 98,564 | ||||||
23,479,793 | ||||||||
Pipelines – 0.5% | ||||||||
Cheniere Energy, Inc. (a) | 4,841 | 182,506 | ||||||
Kinder Morgan, Inc. | 25,379 | 518,493 | ||||||
ONEOK, Inc. | 3,814 | 184,712 | ||||||
Spectra Energy Corp. | 14,372 | 600,893 | ||||||
Williams Cos., Inc. | 14,438 | 421,590 | ||||||
1,908,194 | ||||||||
Real Estate – 0.1% | ||||||||
CBRE Group, Inc. – Class A (a) | 6,818 | 175,632 | ||||||
Howard Hughes Corp. (a) | 819 | 89,951 | ||||||
Jones Lang LaSalle, Inc. | 711 | 68,860 | ||||||
334,443 | ||||||||
Retail – 6.1% | ||||||||
Advance Auto Parts, Inc. | 1,481 | 207,458 | ||||||
AutoNation, Inc. (a) | 1,330 | 58,347 | ||||||
AutoZone, Inc. (a) | 498 | 369,596 | ||||||
Bed Bath & Beyond, Inc. | 2,836 | 114,631 | ||||||
Best Buy Co., Inc. | 4,039 | 157,157 | ||||||
Burlington Stores, Inc. (a) | 725 | 54,332 | ||||||
CarMax, Inc. (a) | 3,433 | 171,444 | ||||||
Casey’s General Stores, Inc. | 736 | 83,161 | ||||||
Chipotle Mexican Grill, Inc. (a) | 460 | 165,950 | ||||||
Coach, Inc. | 5,533 | 198,579 | ||||||
Copart, Inc. (a) | 1,889 | 99,116 | ||||||
Costco Wholesale Corp. | 9,025 | 1,334,527 | ||||||
CVS Health Corp. | 21,841 | 1,836,828 | ||||||
Darden Restaurants, Inc. | 2,355 | 152,580 | ||||||
The accompanying notes are an integral part of these financial statements.
36
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Retail – 6.1% (Continued) | ||||||||
Dick’s Sporting Goods, Inc. | 1,297 | $ | 72,178 | |||||
Dollar General Corp. | 1,118 | 77,243 | ||||||
Dollar Tree, Inc. (a) | 4,739 | 358,031 | ||||||
Domino’s Pizza, Inc. | 592 | 100,190 | ||||||
Foot Locker, Inc. | 2,558 | 170,798 | ||||||
Gap, Inc. | 4,757 | 131,246 | ||||||
Genuine Parts Co. | 2,781 | 251,931 | ||||||
Home Depot, Inc. | 23,812 | 2,905,302 | ||||||
Kohl’s Corp. | 3,415 | 149,406 | ||||||
L Brands, Inc. | 4,464 | 322,256 | ||||||
Liberty Interactive Corp. QVC Group – Class A (a) | 6,813 | 125,972 | ||||||
Lowe’s Cos., Inc. | 18,021 | 1,201,100 | ||||||
Macy’s, Inc. | 6,338 | 231,274 | ||||||
McDonald’s Corp. | 17,545 | 1,975,041 | ||||||
Michaels Cos., Inc. (a) | 635 | 14,764 | ||||||
MSC Industrial Direct Co., Inc. | 844 | 61,443 | ||||||
Nordstrom, Inc. | 2,616 | 136,032 | ||||||
O’Reilly Automotive, Inc. (a) | 1,876 | 496,089 | ||||||
Panera Bread Co. – Class A (a) | 387 | 73,824 | ||||||
PVH Corp. | 1,608 | 172,024 | ||||||
Rite Aid Corp. (a) | 21,330 | 143,124 | ||||||
Ross Stores, Inc. | 7,205 | 450,601 | ||||||
Sally Beauty Holdings, Inc. (a) | 1,279 | 33,177 | ||||||
Signet Jewelers Ltd. | 1,551 | 126,034 | ||||||
Staples, Inc. | 12,864 | 95,194 | ||||||
Starbucks Corp. | 28,530 | 1,514,087 | ||||||
Target Corp. | 11,819 | 812,320 | ||||||
Tiffany & Co. | 2,039 | 149,703 | ||||||
TJX Cos., Inc. | 12,577 | 927,554 | ||||||
Tractor Supply Co. | 2,655 | 166,283 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (a) | 1,175 | 285,925 | ||||||
Urban Outfitters, Inc. (a) | 1,845 | 61,715 | ||||||
Walgreens Boots Alliance, Inc. | 19,380 | 1,603,307 | ||||||
Wal-Mart Stores, Inc. | 32,712 | 2,290,494 | ||||||
Williams-Sonoma, Inc. | 1,250 | 57,775 | ||||||
Yum! Brands, Inc. | 8,017 | 691,707 | ||||||
23,438,850 | ||||||||
The accompanying notes are an integral part of these financial statements.
37
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Savings & Loans – 0.1% | ||||||||
New York Community Bancorp, Inc. | 9,159 | $ | 131,523 | |||||
People’s United Financial, Inc. | 5,778 | 93,835 | ||||||
TFS Financial Corp. | 1,317 | 23,469 | ||||||
248,827 | ||||||||
Semiconductors – 2.8% | ||||||||
Advanced Micro Devices, Inc. (a) | 13,850 | 100,136 | ||||||
Analog Devices, Inc. | 5,712 | 366,139 | ||||||
Applied Materials, Inc. | 22,388 | 651,043 | ||||||
Intel Corp. | 98,316 | 3,428,279 | ||||||
IPG Photonics Corp. (a) | 720 | 69,847 | ||||||
KLA-Tencor Corp. | 2,622 | 196,938 | ||||||
Lam Research Corp. | 2,792 | 270,433 | ||||||
Linear Technology Corp. | 4,339 | 260,600 | ||||||
Marvell Technology Group Ltd. | 7,928 | 103,302 | ||||||
Maxim Integrated Products, Inc. | 5,227 | 207,146 | ||||||
Microchip Technology, Inc. | 4,274 | 258,791 | ||||||
Micron Technology, Inc. (a) | 19,734 | 338,636 | ||||||
NVIDIA Corp. | 8,290 | 589,916 | ||||||
ON Semiconductor Corp. (a) | 7,896 | 92,146 | ||||||
QUALCOMM, Inc. | 30,626 | 2,104,619 | ||||||
Skyworks Solutions, Inc. | 3,369 | 259,211 | ||||||
Texas Instruments, Inc. | 17,298 | 1,225,563 | ||||||
Xilinx, Inc. | 4,708 | 239,496 | ||||||
10,762,241 | ||||||||
Shipbuilding – 0.0% (b) | ||||||||
Huntington Ingalls Industries, Inc. | 813 | 131,186 | ||||||
Software – 5.2% | ||||||||
Activision Blizzard, Inc. | 13,276 | 573,125 | ||||||
Adobe Systems, Inc. (a) | 8,860 | 952,539 | ||||||
Akamai Technologies, Inc. (a) | 3,220 | 223,693 | ||||||
ANSYS, Inc. (a) | 1,503 | 137,299 | ||||||
athenahealth, Inc. (a) | 486 | 50,214 | ||||||
Autodesk, Inc. (a) | 4,127 | 298,300 | ||||||
Black Knight Financial Services, Inc. – Class A (a) | 337 | 13,261 | ||||||
Broadridge Financial Solutions, Inc. | 2,196 | 141,993 |
The accompanying notes are an integral part of these financial statements.
38
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Software – 5.2% (Continued) | ||||||||
CA, Inc. | 5,929 | $ | 182,257 | |||||
Cadence Design System, Inc. (a) | 5,653 | 144,604 | ||||||
Cerner Corp. (a) | 6,283 | 368,058 | ||||||
Citrix Systems, Inc. (a) | 3,087 | 261,778 | ||||||
CommerceHub, Inc. – Class A (a) | 251 | 3,770 | ||||||
CommerceHub, Inc. – Class C (a) | 496 | 7,465 | ||||||
Dun & Bradstreet Corp. | 618 | 77,157 | ||||||
Electronic Arts, Inc. (a) | 5,474 | 429,818 | ||||||
Fidelity National Information Services, Inc. | 6,568 | 485,507 | ||||||
First Data Corp. – Class A (a) | 4,961 | 69,404 | ||||||
Fiserv, Inc. (a) | 4,178 | 411,449 | ||||||
Intuit, Inc. | 4,477 | 486,829 | ||||||
Jack Henry & Associates, Inc. | 1,467 | 118,856 | ||||||
Microsoft Corp. | 162,259 | 9,722,559 | ||||||
MSCI, Inc. | 1,603 | 128,545 | ||||||
NetSuite, Inc. (a) | 932 | 86,788 | ||||||
Nuance Communications, Inc. (a) | 5,438 | 76,241 | ||||||
Oracle Corp. | 66,667 | 2,561,346 | ||||||
Paychex, Inc. | 6,143 | 339,094 | ||||||
Red Hat, Inc. (a) | 3,372 | 261,161 | ||||||
Salesforce.com, Inc. (a) | 11,111 | 835,103 | ||||||
ServiceNow, Inc. (a) | 356 | 31,296 | ||||||
Splunk, Inc. (a) | 696 | 41,892 | ||||||
SS&C Technologies Holdings, Inc. | 1,128 | 36,017 | ||||||
Synopsys, Inc. (a) | 2,789 | 165,416 | ||||||
Tableau Software, Inc. – Class A (a) | 162 | 7,784 | ||||||
Tyler Technologies, Inc. (a) | 592 | 94,957 | ||||||
Ultimate Software Group, Inc. (a) | 493 | 104,018 | ||||||
Veeva Systems, Inc. – Class A (a) | 1,757 | 68,259 | ||||||
VMware, Inc. – Class A (a) | 1,763 | 138,572 | ||||||
Workday, Inc. – Class A (a) | 431 | 37,359 | ||||||
20,173,783 | ||||||||
Telecommunications – 3.7% | ||||||||
Arista Networks, Inc. (a) | 121 | 10,255 | ||||||
ARRIS International PLC (a) | 3,340 | 92,785 | ||||||
AT&T, Inc. | 127,844 | 4,703,381 |
The accompanying notes are an integral part of these financial statements.
39
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Telecommunications – 3.7% (Continued) | ||||||||
CenturyLink, Inc. | 9,771 | $ | 259,713 | |||||
Cisco Systems, Inc. | 104,522 | 3,206,735 | ||||||
CommScope Holding Co., Inc. (a) | 2,311 | 70,601 | ||||||
Frontier Communications Corp. | 23,343 | 93,839 | ||||||
Juniper Networks, Inc. | 6,960 | 183,326 | ||||||
Level 3 Communications, Inc. (a) | 5,875 | 329,881 | ||||||
Motorola Solutions, Inc. | 3,131 | 227,248 | ||||||
Sprint Corp. (a) | 13,918 | 85,735 | ||||||
T-Mobile US, Inc. (a) | 15,646 | 778,076 | ||||||
Verizon Communications, Inc. | 84,707 | 4,074,407 | ||||||
Zayo Group Holdings, Inc. (a) | 478 | 15,382 | ||||||
14,131,364 | ||||||||
Textiles – 0.1% | ||||||||
Mohawk Industries, Inc. (a) | 1,230 | 226,689 | ||||||
Toys/Games/Hobbies – 0.1% | ||||||||
Hasbro, Inc. | 2,045 | 170,574 | ||||||
Mattel, Inc. | 6,402 | 201,855 | ||||||
372,429 | ||||||||
Transportation – 1.4% | ||||||||
CH Robinson Worldwide, Inc. | 2,586 | 176,158 | ||||||
CSX Corp. | 18,184 | 554,794 | ||||||
Expeditors International of Washington, Inc. | 3,380 | 173,969 | ||||||
FedEx Corp. | 4,754 | 828,717 | ||||||
Genesee & Wyoming, Inc. (a) | 950 | 64,543 | ||||||
JB Hunt Transport Services, Inc. | 1,675 | 136,697 | ||||||
Kansas City Southern | 2,148 | 188,508 | ||||||
Norfolk Southern Corp. | 6,014 | 559,302 | ||||||
Old Dominion Freight Line, Inc. (a) | 1,479 | 110,452 | ||||||
Union Pacific Corp. | 16,001 | 1,410,968 | ||||||
United Parcel Service, Inc. – Class B | 11,001 | 1,185,468 | ||||||
5,389,576 |
The accompanying notes are an integral part of these financial statements.
40
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.5% (Continued) | ||||||||
Water – 0.1% | ||||||||
American Water Works Co., Inc. | 3,303 | $ | 244,554 | |||||
Aqua America, Inc. | 3,333 | 102,323 | ||||||
346,877 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $355,279,590) | 368,150,622 | |||||||
EXCHANGE TRADED FUNDS – 0.4% | ||||||||
iShares Russell 1000 ETF | 12,587 | 1,486,147 | ||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||
(Cost $1,505,863) | 1,486,147 | |||||||
INVESTMENT COMPANIES – 0.1% | ||||||||
American Capital Ltd. (a) | 4,688 | 79,649 | ||||||
Ares Capital Corp. | 6,870 | 105,111 | ||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $169,592) | 184,760 | |||||||
REAL ESTATE INVESTMENT TRUSTS – 3.9% | ||||||||
AGNC Investment Corp. | 6,225 | 124,873 | ||||||
Alexandria Real Estate Equities, Inc. | 1,507 | 162,470 | ||||||
American Campus Communities, Inc. | 2,857 | 148,878 | ||||||
American Homes 4 Rent – Class A | 4,994 | 105,423 | ||||||
American Tower Corp. | 8,373 | 981,232 | ||||||
Annaly Capital Management, Inc. | 18,928 | 196,094 | ||||||
Apartment Investment & Management Co. | 3,425 | 150,940 | ||||||
Apple Hospitality REIT, Inc. | 4,940 | 89,068 | ||||||
AvalonBay Communities, Inc. | 2,999 | 513,369 | ||||||
Boston Properties, Inc. | 3,359 | 404,692 | ||||||
Brixmor Property Group, Inc. | 6,404 | 162,790 | ||||||
Camden Property Trust | 1,902 | 154,899 | ||||||
Crown Castle International Corp. | 5,910 | 537,751 | ||||||
CubeSmart | 3,881 | 101,178 | ||||||
DDR Corp. | 7,031 | 107,504 | ||||||
Digital Realty Trust, Inc. | 3,248 | 303,461 |
The accompanying notes are an integral part of these financial statements.
41
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
REAL ESTATE INVESTMENT | ||||||||
TRUSTS – 3.9% (Continued) | ||||||||
Douglas Emmett, Inc. | 3,339 | $ | 121,874 | |||||
Duke Realty Corp. | 7,569 | 197,929 | ||||||
Equinix, Inc. | 1,573 | 562,001 | ||||||
Equity LifeStyle Properties, Inc. | 1,855 | 140,683 | ||||||
Equity Residential | 7,992 | 493,506 | ||||||
Essex Property Trust, Inc. | 1,431 | 306,363 | ||||||
Extra Space Storage, Inc. | 2,738 | 200,285 | ||||||
Federal Realty Investment Trust | 1,550 | 225,106 | ||||||
Forest City Realty Trust, Inc. – Class A | 5,295 | 114,319 | ||||||
Gaming and Leisure Properties, Inc. | 3,853 | 126,494 | ||||||
General Growth Properties, Inc. | 11,009 | 274,675 | ||||||
HCP, Inc. | 10,218 | 349,966 | ||||||
Highwoods Properties, Inc. | 2,178 | 108,094 | ||||||
Host Hotels & Resorts, Inc. | 16,346 | 253,036 | ||||||
Iron Mountain, Inc. | 3,564 | 120,214 | ||||||
Kilroy Realty Corp. | 2,017 | 144,881 | ||||||
Kimco Realty Corp. | 9,177 | 244,200 | ||||||
Lamar Advertising Co. – Class A | 1,232 | 78,170 | ||||||
Liberty Property Trust | 3,205 | 129,578 | ||||||
Macerich Co. | 2,760 | 195,353 | ||||||
Mid-America Apartment Communities, Inc. | 1,651 | 153,130 | ||||||
National Retail Properties, Inc. | 2,493 | 113,731 | ||||||
Omega Healthcare Investors, Inc. | 3,007 | 95,713 | ||||||
Prologis, Inc. | 11,488 | 599,214 | ||||||
Public Storage | 3,449 | 737,120 | ||||||
Realty Income Corp. | 4,394 | 260,301 | ||||||
Regency Centers Corp. | 2,193 | 158,049 | ||||||
Senior Housing Properties Trust | 5,197 | 110,540 | ||||||
Simon Property Group, Inc. | 6,949 | 1,292,236 | ||||||
SL Green Realty Corp. | 2,191 | 215,200 | ||||||
Spirit Realty Capital, Inc. | 9,020 | 107,428 | ||||||
Starwood Property Trust, Inc. | 4,632 | 103,016 | ||||||
Sun Communities, Inc. | 1,516 | 116,626 | ||||||
Taubman Centers, Inc. | 1,240 | 89,850 | ||||||
UDR, Inc. | 5,842 | 204,295 | ||||||
Ventas, Inc. | 7,768 | 526,282 | ||||||
VEREIT, Inc. | 15,444 | 145,174 |
The accompanying notes are an integral part of these financial statements.
42
Pacer Trendpilot™ 750 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
REAL ESTATE INVESTMENT | ||||||||
TRUSTS – 3.9% (Continued) | ||||||||
Vornado Realty Trust | 4,128 | $ | 382,996 | |||||
Weingarten Realty Investors | 2,744 | 99,360 | ||||||
Welltower, Inc. | 7,807 | 535,014 | ||||||
Weyerhaeuser Co. | 15,361 | 459,755 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | ||||||||
(Cost $15,396,664) | 15,136,379 | |||||||
SHORT-TERM INVESTMENTS – 0.1% | ||||||||
Money Market Funds – 0.1% | ||||||||
Short-Term Investments Trust Government & | ||||||||
Agency Portfolio, Institutional Class, 0.29% (c) | 533,606 | 533,606 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $533,606) | 533,606 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost $372,885,315) – 100.0% | 385,491,514 | |||||||
Other Assets in Excess of Liabilities – 0.0% (b) | 171,356 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 385,662,870 |
(a) | Non-income producing security. | |
(b) | Less than 0.05%. | |
(c) | Rate disclosed is the seven day yield as of October 31, 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 does not apply for all purposes of this report, which may combine sub-classifications for reporting ease. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of these financial statements.
43
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS – 82.9% | ||||||||
Aerospace/Defense – 1.4% | ||||||||
B/E Aerospace, Inc. | 9,794 | $ | 582,939 | |||||
Curtiss-Wright Corp. | 3,895 | 349,070 | ||||||
HEICO Corp. – Class A | 3,352 | 201,120 | ||||||
Orbital ATK, Inc. | 5,379 | 399,982 | ||||||
Spirit AeroSystems Holdings, Inc. – Class A (a) | 12,635 | 636,298 | ||||||
Teledyne Technologies, Inc. (a) | 2,751 | 296,228 | ||||||
2,465,637 | ||||||||
Agriculture – 0.1% | ||||||||
Vector Group Ltd. | 10,391 | 217,588 | ||||||
Airlines – 0.2% | ||||||||
JetBlue Airways Corp. (a) | 18,713 | 327,103 | ||||||
Spirit Airlines, Inc. (a) | 1,741 | 83,446 | ||||||
410,549 | ||||||||
Apparel – 0.5% | ||||||||
Carter’s, Inc. | 4,846 | 418,404 | ||||||
Columbia Sportswear Co. | 3,484 | 197,334 | ||||||
Skechers U.S.A, Inc. – Class A (a) | 10,684 | 224,684 | ||||||
840,422 | ||||||||
Auto Parts & Equipment – 0.5% | ||||||||
Allison Transmission Holdings, Inc. | 2,638 | 77,267 | ||||||
Tenneco, Inc. (a) | 4,834 | 266,208 | ||||||
WABCO Holdings, Inc. (a) | 5,122 | 504,312 | ||||||
847,787 | ||||||||
Banks – 4.7% | ||||||||
Bank of Hawaii Corp. | 3,864 | 290,380 | ||||||
Bank of the Ozarks, Inc. | 12,218 | 451,577 | ||||||
BankUnited, Inc. | 3,473 | 101,203 | ||||||
BOK Financial Corp. | 2,239 | 159,014 | ||||||
Chemical Financial Corp. | 2,646 | 113,646 | ||||||
Commerce Bancshares, Inc. | 8,649 | 430,893 | ||||||
Cullen/Frost Bankers, Inc. | 5,071 | 385,345 | ||||||
East West Bancorp, Inc. | 12,951 | 511,694 | ||||||
First Citizens BancShares, Inc. – Class A | 892 | 259,572 | ||||||
First Hawaiian, Inc. (a) | 2,427 | 66,208 |
The accompanying notes are an integral part of these financial statements.
44
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Banks – 4.7% (Continued) | ||||||||
First Horizon National Corp. | 20,130 | $ | 310,203 | |||||
Home BancShares, Inc. | 12,468 | 268,187 | ||||||
MB Financial, Inc. | 8,003 | 291,229 | ||||||
PacWest Bancorp | 10,513 | 456,159 | ||||||
Popular, Inc. | 9,996 | 362,855 | ||||||
PrivateBancorp, Inc. | 7,660 | 346,538 | ||||||
Prosperity Bancshares, Inc. | 6,697 | 371,483 | ||||||
Signature Bank (a) | 5,235 | 631,132 | ||||||
SVB Financial Group (a) | 4,780 | 584,451 | ||||||
Synovus Financial Corp. | 11,985 | 396,344 | ||||||
Umpqua Holdings Corp. | 19,086 | 291,634 | ||||||
Webster Financial Corp. | 8,649 | 349,420 | ||||||
Western Alliance Bancorp (a) | 11,196 | 418,282 | ||||||
Zions Bancorp | 19,766 | 636,663 | ||||||
8,484,112 | ||||||||
Biotechnology – 1.4% | ||||||||
Alnylam Pharmaceuticals, Inc. (a) | 6,510 | 231,756 | ||||||
Bio-Rad Laboratories, Inc. – Class A (a) | 1,997 | 315,686 | ||||||
Charles River Laboratories International, Inc. (a) | 4,399 | 333,796 | ||||||
Intercept Pharmaceuticals, Inc. (a) | 1,424 | 176,206 | ||||||
Intrexon Corp. (a) | 5,632 | 146,995 | ||||||
Ionis Pharmaceuticals, Inc. (a) | 8,844 | 229,767 | ||||||
Juno Therapeutics, Inc. (a) | 1,517 | 36,848 | ||||||
Seattle Genetics, Inc. (a) | 10,037 | 518,913 | ||||||
Ultragenyx Pharmaceutical, Inc. (a) | 2,301 | 135,736 | ||||||
United Therapeutics Corp. (a) | 3,660 | 439,456 | ||||||
2,565,159 | ||||||||
Building Materials – 0.9% | ||||||||
Eagle Materials, Inc. | 4,376 | 354,325 | ||||||
Lennox International, Inc. | 3,648 | 532,207 | ||||||
Owens Corning | 10,929 | 533,116 | ||||||
USG Corp. (a) | 10,201 | 256,861 | ||||||
1,676,509 | ||||||||
Chemicals – 3.0% | ||||||||
Ashland Global Holdings, Inc. | 6,054 | 676,413 |
The accompanying notes are an integral part of these financial statements.
45
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Chemicals – 3.0% (Continued) | ||||||||
Axalta Coating Systems Ltd. (a) | 7,680 | $ | 192,922 | |||||
Cabot Corp. | 5,963 | 310,911 | ||||||
FMC Corp. | 12,137 | 569,104 | ||||||
Huntsman Corp. | 21,414 | 362,967 | ||||||
NewMarket Corp. | 630 | 252,573 | ||||||
Olin Corp. | 18,726 | 410,661 | ||||||
PolyOne Corp. | 7,929 | 231,765 | ||||||
RPM International, Inc. | 12,853 | 611,032 | ||||||
Sensient Technologies Corp. | 4,277 | 318,679 | ||||||
Univar, Inc. (a) | 7,197 | 160,133 | ||||||
Valspar Corp. | 7,189 | 716,024 | ||||||
Westlake Chemical Corp. | 4,201 | 217,570 | ||||||
WR Grace & Co. | 6,802 | 455,462 | ||||||
5,486,216 | ||||||||
Coal – 0.2% | ||||||||
CONSOL Energy, Inc. | 22,628 | 383,545 | ||||||
Commercial Services – 5.6% | ||||||||
AMERCO | 979 | 315,620 | ||||||
Avis Budget Group, Inc. (a) | 8,750 | 283,150 | ||||||
Booz Allen Hamilton Holding Corp. | 13,641 | 415,641 | ||||||
Bright Horizons Family Solutions, Inc. (a) | 4,673 | 312,670 | ||||||
CoreLogic, Inc. (a) | 8,582 | 365,250 | ||||||
CoStar Group, Inc. (a) | 3,436 | 642,944 | ||||||
Deluxe Corp. | 4,125 | 252,450 | ||||||
Euronet Worldwide, Inc. (a) | 4,962 | 394,727 | ||||||
Gartner, Inc. (a) | 7,869 | 677,049 | ||||||
Graham Holdings Co. – Class B | 344 | 163,400 | ||||||
H&R Block, Inc. | 20,617 | 473,573 | ||||||
Hertz Global Holdings, Inc. (a) | 3,251 | 107,771 | ||||||
KAR Auction Services, Inc. | 3,811 | 162,272 | ||||||
Live Nation Entertainment, Inc. (a) | 9,236 | 255,560 | ||||||
LSC Communications, Inc. (a) | 1 | 15 | ||||||
ManpowerGroup, Inc. | 6,527 | 501,274 | ||||||
MarketAxess Holdings, Inc. | 3,370 | 508,061 | ||||||
Morningstar, Inc. | 1,762 | 124,450 | ||||||
PAREXEL International Corp. (a) | 4,618 | 269,045 |
The accompanying notes are an integral part of these financial statements.
46
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Commercial Services – 5.6% (Continued) | ||||||||
Quanta Services, Inc. (a) | 13,703 | $ | 393,961 | |||||
Robert Half International, Inc. | 13,481 | 504,459 | ||||||
Rollins, Inc. | 11,413 | 351,749 | ||||||
RR Donnelley & Sons Co. | 5,346 | 94,892 | ||||||
Sabre Corp. | 22,068 | 570,016 | ||||||
Service Corp. International | 16,245 | 415,872 | ||||||
ServiceMaster Global Holdings, Inc. (a) | 2,104 | �� | 75,302 | |||||
Square, Inc. – Class A (a) | 4,460 | 49,952 | ||||||
Team Health Holdings, Inc. (a) | 6,052 | 259,328 | ||||||
TransUnion (a) | 8,287 | 258,886 | ||||||
United Rentals, Inc. (a) | 8,160 | 617,386 | ||||||
WEX, Inc. (a) | 3,779 | 412,289 | ||||||
10,229,014 | ||||||||
Computers – 2.7% | ||||||||
Brocade Communications Systems, Inc. | 35,903 | 380,572 | ||||||
Computer Sciences Corp. | 13,531 | 736,763 | ||||||
CSRA, Inc. | 15,209 | 381,594 | ||||||
DST Systems, Inc. | 2,830 | 272,133 | ||||||
EPAM Systems, Inc. (a) | 5,079 | 326,935 | ||||||
Fortinet, Inc. (a) | 14,095 | 451,886 | ||||||
Genpact Ltd. (a) | 14,569 | 334,941 | ||||||
Leidos Holdings, Inc. | 14,261 | 592,830 | ||||||
MAXIMUS, Inc. | 6,127 | 318,971 | ||||||
Mentor Graphics Corp. | 10,422 | 301,196 | ||||||
NCR Corp. (a) | 11,833 | 414,747 | ||||||
Syntel, Inc. | 3,524 | 70,832 | ||||||
Teradata Corp. (a) | 13,306 | 358,730 | ||||||
4,942,130 | ||||||||
Cosmetics/Personal Care – 0.2% | ||||||||
Edgewell Personal Care Co. (a) | 5,672 | 427,669 | ||||||
Distribution/Wholesale – 0.8% | ||||||||
HD Supply Holdings, Inc. (a) | 6,236 | 205,788 | ||||||
Ingram Micro, Inc. | 14,592 | 542,822 | ||||||
Pool Corp. | 4,146 | 383,837 | ||||||
Watsco, Inc. | 2,493 | 342,264 | ||||||
1,474,711 |
The accompanying notes are an integral part of these financial statements.
47
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Diversified Financial Services – 2.2% | ||||||||
Air Lease Corp. | 7,528 | $ | 227,797 | |||||
CBOE Holdings, Inc. | 997 | 63,020 | ||||||
Credit Acceptance Corp. (a) | 1,220 | 224,602 | ||||||
E*TRADE Financial Corp. (a) | 26,297 | 740,524 | ||||||
Eaton Vance Corp. | 10,680 | 374,441 | ||||||
Ellie Mae, Inc. (a) | 2,835 | 300,198 | ||||||
Federated Investors, Inc. – Class B | 8,775 | 236,925 | ||||||
Legg Mason, Inc. | 9,483 | 272,352 | ||||||
Navient Corp. | 27,676 | 353,699 | ||||||
OneMain Holdings, Inc. (a) | 4,941 | 140,028 | ||||||
Raymond James Financial, Inc. | 12,580 | 756,310 | ||||||
Santander Consumer USA Holdings, Inc. (a) | 1,994 | 24,327 | ||||||
SLM Corp. (a) | 34,929 | 246,249 | ||||||
3,960,472 | ||||||||
Electric – 2.5% | ||||||||
Black Hills Corp. | 4,744 | 293,416 | ||||||
Calpine Corp. (a) | 33,387 | 397,305 | ||||||
Fortis, Inc. | 1 | 7 | ||||||
Great Plains Energy, Inc. | 20,450 | 581,598 | ||||||
Hawaiian Electric Industries, Inc. | 10,549 | 311,196 | ||||||
IDACORP, Inc. | 3,972 | 311,365 | ||||||
MDU Resources Group, Inc. | 17,340 | 454,481 | ||||||
NorthWestern Corp. | 3,760 | 216,388 | ||||||
NRG Energy, Inc. | 26,808 | 284,969 | ||||||
OGE Energy Corp. | 19,019 | 590,350 | ||||||
Portland General Electric Co. | 8,771 | 382,766 | ||||||
Westar Energy, Inc. | 13,658 | 782,877 | ||||||
4,606,718 | ||||||||
Electrical Components & Equipment – 0.6% | ||||||||
Belden, Inc. | 3,436 | 222,687 | ||||||
Energizer Holdings, Inc. | 6,597 | 306,827 | ||||||
Hubbell, Inc. | 4,643 | 485,286 | ||||||
1,014,800 | ||||||||
Electronics – 2.5% | ||||||||
Arrow Electronics, Inc. (a) | 8,070 | 493,239 | ||||||
Avnet, Inc. | 12,131 | 508,896 | ||||||
The accompanying notes are an integral part of these financial statements.
48
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Electronics – 2.5% (Continued) | ||||||||
Fitbit, Inc. – Class A (a) | 3,138 | $ | 41,610 | |||||
FLIR Systems, Inc. | 14,163 | 466,246 | ||||||
Gentex Corp. | 27,890 | 471,620 | ||||||
Jabil Circuit, Inc. | 15,815 | 337,492 | ||||||
Keysight Technologies, Inc. (a) | 16,438 | 539,166 | ||||||
National Instruments Corp. | 10,204 | 286,630 | ||||||
PerkinElmer, Inc. | 10,418 | 530,172 | ||||||
Trimble, Inc. (a) | 20,058 | 554,403 | ||||||
Woodward, Inc. | 5,436 | 320,615 | ||||||
4,550,089 | ||||||||
Energy-Alternate Sources – 0.2% | ||||||||
First Solar, Inc. (a) | 7,923 | 320,802 | ||||||
Engineering & Construction – 1.1% | ||||||||
AECOM (a) | 12,546 | 349,406 | ||||||
EMCOR Group, Inc. | 5,791 | 350,124 | ||||||
Fluor Corp. | 14,366 | 746,888 | ||||||
Jacobs Engineering Group, Inc. (a) | 11,702 | 603,589 | ||||||
2,050,007 | ||||||||
Entertainment – 1.1% | ||||||||
Cinemark Holdings, Inc. | 9,934 | 395,373 | ||||||
Dolby Laboratories, Inc. – Class A | 4,347 | 206,874 | ||||||
Lions Gate Entertainment Corp. | 13,057 | 265,841 | ||||||
Madison Square Garden Co. – Class A (a) | 2,039 | 337,434 | ||||||
Regal Entertainment Group – Class A | 7,141 | 153,603 | ||||||
Six Flags Entertainment Corp. | 7,371 | 410,196 | ||||||
Vail Resorts, Inc. | 1,168 | 186,226 | ||||||
1,955,547 | ||||||||
Environmental Control – 0.1% | ||||||||
Clean Harbors, Inc. (a) | 4,724 | 223,540 | ||||||
Food – 1.7% | ||||||||
B&G Foods, Inc. | 6,323 | 268,095 | ||||||
Blue Buffalo Pet Products, Inc. (a) | 9,354 | 234,972 | ||||||
Flowers Foods, Inc. | 20,403 | 316,655 | ||||||
Hain Celestial Group, Inc. (a) | 10,205 | 371,156 |
The accompanying notes are an integral part of these financial statements.
49
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Food – 1.7% (Continued) | ||||||||
Lancaster Colony Corp. | 1,819 | $ | 237,652 | |||||
Pilgrim’s Pride Corp. | 6,500 | 141,960 | ||||||
Pinnacle Foods, Inc. | 3,372 | 173,388 | ||||||
Post Holdings, Inc. (a) | 5,864 | 447,013 | ||||||
Seaboard Corp. (a) | 25 | 84,625 | ||||||
Snyder’s-Lance, Inc. | 8,620 | 306,613 | ||||||
Sprouts Farmers Market, Inc. (a) | 2,178 | 48,243 | ||||||
TreeHouse Foods, Inc. (a) | 5,081 | 444,486 | ||||||
3,074,858 | ||||||||
Food Service – 0.1% | ||||||||
US Foods Holding Corp. (a) | 6,003 | 135,668 | ||||||
Hand/Machine Tools – 0.3% | ||||||||
Lincoln Electric Holdings, Inc. | 5,501 | 362,131 | ||||||
Regal Beloit Corp. | 3,399 | 200,881 | ||||||
563,012 | ||||||||
Healthcare-Products – 2.7% | ||||||||
ABIOMED, Inc. (a) | 3,707 | 389,198 | ||||||
Alere, Inc. (a) | 8,554 | 382,193 | ||||||
Align Technology, Inc. (a) | 7,032 | 604,189 | ||||||
Bio-Techne Corp. | 3,341 | 347,430 | ||||||
Bruker Corp. | 10,073 | 206,396 | ||||||
Cantel Medical Corp. | 2,977 | 212,052 | ||||||
Cepheid (a) | 6,374 | 337,185 | ||||||
Hill-Rom Holdings, Inc. | 4,795 | 265,691 | ||||||
Integra LifeSciences Holdings Corp. (a) | 2,412 | 191,778 | ||||||
NuVasive, Inc. (a) | 4,214 | 251,702 | ||||||
Patterson Cos., Inc. | 7,261 | 310,117 | ||||||
Teleflex, Inc. | 4,292 | 614,314 | ||||||
VWR Corp. (a) | 7,900 | 217,329 | ||||||
West Pharmaceutical Services, Inc. | 6,639 | 504,763 | ||||||
4,834,337 | ||||||||
Healthcare-Services – 1.1% | ||||||||
Acadia Healthcare Co., Inc. (a) | 8,326 | 299,403 | ||||||
Amsurg Corp. (a) | 4,722 | 282,140 | ||||||
Brookdale Senior Living, Inc. (a) | 16,293 | 235,108 |
The accompanying notes are an integral part of these financial statements.
50
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Healthcare-Services – 1.1% (Continued) | ||||||||
Envision Healthcare Holdings, Inc. (a) | 6,023 | $ | 119,135 | |||||
HealthSouth Corp. | 8,195 | 329,029 | ||||||
Molina Healthcare, Inc. (a) | 3,830 | 208,390 | ||||||
WellCare Health Plans, Inc. (a) | 4,266 | 484,234 | ||||||
1,957,439 | ||||||||
Holding Companies-Diversified – 0.5% | ||||||||
HRG Group, Inc. (a) | 17,528 | 263,621 | ||||||
Leucadia National Corp. | 35,138 | 656,027 | ||||||
919,648 | ||||||||
Home Builders – 1.2% | ||||||||
CalAtlantic Group, Inc. | 7,785 | 251,611 | ||||||
NVR, Inc. (a) | 352 | 536,096 | ||||||
PulteGroup, Inc. | 29,997 | 557,944 | ||||||
Thor Industries, Inc. | 4,940 | 391,792 | ||||||
Toll Brothers, Inc. (a) | 14,478 | 397,276 | ||||||
2,134,719 | ||||||||
Home Furnishings – 0.7% | ||||||||
Harman International Industries, Inc. | 6,725 | 536,050 | ||||||
Leggett & Platt, Inc. | 12,370 | 567,535 | ||||||
Tempur Sealy International, Inc. (a) | 3,445 | 186,271 | ||||||
1,289,856 | ||||||||
Household Products/Wares – 0.4% | ||||||||
Avery Dennison Corp. | 8,965 | 625,667 | ||||||
Helen Of Troy Ltd. (a) | 2,239 | 182,479 | ||||||
808,146 | ||||||||
Housewares – 0.6% | ||||||||
Scotts Miracle-Gro Co. – Class A | 4,690 | 413,142 | ||||||
Toro Co. | 10,660 | 510,401 | ||||||
Tupperware Brands Corp. | 3,898 | 232,009 | ||||||
1,155,552 | ||||||||
Insurance – 5.6% | ||||||||
Alleghany Corp. (a) | 1,487 | 767,604 | ||||||
American Financial Group, Inc. | 7,129 | 531,110 | ||||||
American National Insurance Co. | 2,305 | 270,054 |
The accompanying notes are an integral part of these financial statements.
51
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Insurance – 5.6% (Continued) | ||||||||
AmTrust Financial Services, Inc. | 8,902 | $ | 234,924 | |||||
Aspen Insurance Holdings Ltd. | 5,794 | 279,561 | ||||||
Assurant, Inc. | 5,530 | 445,276 | ||||||
Assured Guaranty Ltd. | 13,722 | 410,151 | ||||||
Axis Capital Holdings Ltd. | 6,991 | 398,277 | ||||||
Brown & Brown, Inc. | 11,571 | 426,507 | ||||||
CNO Financial Group, Inc. | 14,915 | 224,918 | ||||||
Endurance Specialty Holdings Ltd. | 6,301 | 579,377 | ||||||
Erie Indemnity Co. – Class A | 2,204 | 225,668 | ||||||
First American Financial Corp. | 8,956 | 349,821 | ||||||
Hanover Insurance Group, Inc. | 4,058 | 309,179 | ||||||
Mercury General Corp. | 2,457 | 133,833 | ||||||
MGIC Investment Corp. (a) | 20,040 | 163,526 | ||||||
Old Republic International Corp. | 23,286 | 392,602 | ||||||
Reinsurance Group of America, Inc. | 5,957 | 642,522 | ||||||
RenaissanceRe Holdings Ltd. | 3,504 | 435,512 | ||||||
RLI Corp. | 4,119 | 229,593 | ||||||
Torchmark Corp. | 11,679 | 740,565 | ||||||
Validus Holdings Ltd. | 7,960 | 406,756 | ||||||
Voya Financial, Inc. | 20,885 | 638,037 | ||||||
White Mountains Insurance Group Ltd. | 534 | 443,070 | ||||||
WR Berkley Corp. | 8,490 | 484,779 | ||||||
10,163,222 | ||||||||
Internet – 1.1% | ||||||||
CDW Corp. | 2,580 | 115,868 | ||||||
GoDaddy, Inc. – Class A (a) | 1,605 | 57,443 | ||||||
Groupon, Inc. (a) | 3,208 | 12,800 | ||||||
GrubHub, Inc. (a) | 870 | 33,156 | ||||||
IAC/InterActiveCorp. | 7,308 | 470,927 | ||||||
Liberty Ventures – Class A (a) | 12,878 | 513,832 | ||||||
Match Group, Inc. (a) | 15,410 | 278,305 | ||||||
Pandora Media, Inc. (a) | 4,569 | 51,767 | ||||||
Proofpoint, Inc. (a) | 1,001 | 78,458 | ||||||
Wayfair, Inc. – Class A (a) | 2,634 | 87,791 | ||||||
Zillow Group, Inc. – Class C (a) | 9,803 | 327,028 | ||||||
2,027,375 | ||||||||
The accompanying notes are an integral part of these financial statements.
52
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Iron/Steel – 0.8% | ||||||||
Reliance Steel & Aluminum Co. | 7,018 | $ | 482,698 | |||||
Steel Dynamics, Inc. | 23,527 | 646,052 | ||||||
United States Steel Corp. | 16,524 | 319,574 | ||||||
1,448,324 | ||||||||
Leisure Time – 0.5% | ||||||||
Brunswick Corp. | 8,796 | 382,626 | ||||||
Polaris Industries, Inc. | 5,814 | 445,411 | ||||||
828,037 | ||||||||
Lodging – 0.3% | ||||||||
Choice Hotels International, Inc. | 5,141 | 249,082 | ||||||
Extended Stay America, Inc. | 3,184 | 45,531 | ||||||
Hyatt Hotels Corp. – Class A (a) | 3,723 | 189,091 | ||||||
483,704 | ||||||||
Machinery-Construction & Mining – 0.2% | ||||||||
Oshkosh Corp. | 5,415 | 289,702 | ||||||
Machinery-Diversified – 2.2% | ||||||||
AGCO Corp. | 6,255 | 319,505 | ||||||
BWX Technologies, Inc. | 9,966 | 390,867 | ||||||
Cognex Corp. | 7,623 | 393,347 | ||||||
Flowserve Corp. | 13,452 | 569,692 | ||||||
Graco, Inc. | 4,999 | 374,425 | ||||||
IDEX Corp. | 6,992 | 604,389 | ||||||
Middleby Corp. (a) | 6,065 | 679,947 | ||||||
Nordson Corp. | 4,409 | 441,473 | ||||||
Zebra Technologies Corp. (a) | 4,069 | 267,903 | ||||||
4,041,548 | ||||||||
Media – 1.2% | ||||||||
AMC Networks, Inc. – Class A (a) | 5,320 | 260,308 | ||||||
Cable One, Inc. | 460 | 265,301 | ||||||
FactSet Research Systems, Inc. | 3,963 | 613,155 | ||||||
John Wiley & Sons, Inc. – Class A | 4,042 | 208,567 | ||||||
Sinclair Broadcast Group, Inc. – Class A | 5,479 | 137,523 | ||||||
Starz – Class A (a) | 7,759 | 244,098 | ||||||
TEGNA, Inc. | 21,981 | 431,267 | ||||||
2,160,219 |
The accompanying notes are an integral part of these financial statements.
53
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Mining – 0.4% | ||||||||
Royal Gold, Inc. | 6,362 | $ | 437,833 | |||||
Tahoe Resources, Inc. | 16,923 | 204,091 | ||||||
641,924 | ||||||||
Miscellaneous Manufacturing – 2.1% | ||||||||
AO Smith Corp. | 13,452 | 607,627 | ||||||
AptarGroup, Inc. | 4,994 | 356,771 | ||||||
Carlisle Cos., Inc. | 5,568 | 583,805 | ||||||
CLARCOR, Inc. | 4,203 | 261,469 | ||||||
Colfax Corp. (a) | 9,392 | 298,572 | ||||||
Crane Co. | 4,401 | 299,312 | ||||||
Donaldson Co., Inc. | 11,620 | 424,362 | ||||||
Hexcel Corp. | 9,753 | 443,664 | ||||||
ITT, Inc. | 7,604 | 267,813 | ||||||
Trinity Industries, Inc. | 13,820 | 295,057 | ||||||
3,838,452 | ||||||||
Office/Business Equipment – 0.2% | ||||||||
Pitney Bowes, Inc. | 17,380 | 310,059 | ||||||
Oil & Gas – 6.5% | ||||||||
Antero Resources Corp. (a) | 12,189 | 322,643 | ||||||
Atmos Energy Corp. | 10,006 | 744,347 | ||||||
Chesapeake Energy Corp. (a) | 81,918 | 451,368 | ||||||
Diamond Offshore Drilling, Inc. | 6,533 | 107,729 | ||||||
Diamondback Energy, Inc. (a) | 6,813 | 621,959 | ||||||
Energen Corp. | 8,363 | 419,237 | ||||||
Gulfport Energy Corp. (a) | 12,222 | 294,672 | ||||||
Helmerich & Payne, Inc. | 7,597 | 479,447 | ||||||
HollyFrontier Corp. | 15,008 | 374,450 | ||||||
Murphy Oil Corp. | 13,003 | 336,388 | ||||||
Nabors Industries Ltd. | 25,700 | 305,830 | ||||||
National Fuel Gas Co. | 8,203 | 429,673 | ||||||
New Jersey Resources Corp. | 7,741 | 262,807 | ||||||
NiSource, Inc. | 32,873 | 764,626 | ||||||
ONE Gas, Inc. | 4,861 | 297,882 | ||||||
Parsley Energy, Inc. – Class A (a) | 12,013 | 395,228 | ||||||
PDC Energy, Inc. (a) | 4,743 | 290,888 |
The accompanying notes are an integral part of these financial statements.
54
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Oil & Gas – 6.5% (Continued) | ||||||||
QEP Resources, Inc. | 23,360 | $ | 375,395 | |||||
Range Resources Corp. | 17,156 | 579,701 | ||||||
Rice Energy, Inc. (a) | 18,044 | 398,592 | ||||||
RSP Permian, Inc. (a) | 9,419 | 340,026 | ||||||
SM Energy Co. | 6,698 | 225,254 | ||||||
Southwest Gas Corp. | 4,483 | 324,838 | ||||||
Southwestern Energy Co. (a) | 39,160 | 406,872 | ||||||
Spire, Inc. | 4,255 | 267,214 | ||||||
UGI Corp. | 16,301 | 754,573 | ||||||
Vectren Corp. | 7,984 | 401,675 | ||||||
Western Refining, Inc. | 8,664 | 249,956 | ||||||
WGL Holdings, Inc. | 4,745 | 299,267 | ||||||
WPX Energy, Inc. (a) | 33,963 | 368,838 | ||||||
11,891,375 | ||||||||
Oil & Gas Services – 0.6% | ||||||||
Oceaneering International, Inc. | 7,733 | 184,045 | ||||||
RPC, Inc. (a) | 7,734 | 133,566 | ||||||
Targa Resources Corp. | 16,435 | 721,497 | ||||||
1,039,108 | ||||||||
Packaging & Containers – 1.7% | ||||||||
Bemis Co., Inc. | 9,020 | 439,454 | ||||||
Berry Plastics Group, Inc. (a) | 3,492 | 152,775 | ||||||
Crown Holdings, Inc. (a) | 13,619 | 738,831 | ||||||
Graphic Packaging Holding Co. | 12,506 | 156,325 | ||||||
Owens-Illinois, Inc. (a) | 16,539 | 319,203 | ||||||
Packaging Corp. of America | 8,653 | 713,873 | ||||||
Silgan Holdings, Inc. | 2,816 | 143,475 | ||||||
Sonoco Products Co. | 9,276 | 466,490 | ||||||
3,130,426 | ||||||||
Pharmaceuticals – 2.5% | ||||||||
ACADIA Pharmaceuticals, Inc. (a) | 10,996 | 256,317 | ||||||
Akorn, Inc. (a) | 9,286 | 222,400 | ||||||
Alkermes PLC (a) | 13,403 | 675,645 | ||||||
Catalent, Inc. (a) | 4,982 | 113,639 | ||||||
DexCom, Inc. (a) | 7,323 | 572,951 |
The accompanying notes are an integral part of these financial statements.
55
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Pharmaceuticals – 2.5% (Continued) | ||||||||
Endo International PLC (a) | 13,384 | $ | 250,950 | |||||
Herbalife Ltd. (a) | 8,109 | 492,054 | ||||||
Horizon Pharma PLC (a) | 13,317 | 222,660 | ||||||
Neurocrine Biosciences, Inc. (a) | 7,770 | 340,093 | ||||||
OPKO Health, Inc. (a) | 41,031 | 386,512 | ||||||
PRA Health Sciences, Inc. (a) | 2,764 | 147,100 | ||||||
Premier, Inc. – Class A (a) | 4,403 | 140,192 | ||||||
TESARO, Inc. (a) | 2,212 | 267,387 | ||||||
VCA, Inc. (a) | 7,626 | 468,694 | ||||||
4,556,594 | ||||||||
Real Estate – 0.5% | ||||||||
Howard Hughes Corp. (a) | 4,245 | 466,228 | ||||||
Jones Lang LaSalle, Inc. | 3,687 | 357,086 | ||||||
823,314 | ||||||||
Retail – 4.4% | ||||||||
American Eagle Outfitters, Inc. | 16,074 | 273,901 | ||||||
AutoNation, Inc. (a) | 6,752 | 296,210 | ||||||
Brinker International, Inc. | 4,420 | 217,641 | ||||||
Buffalo Wild Wings, Inc. (a) | 1,482 | 215,853 | ||||||
Burlington Stores, Inc. (a) | 3,653 | 273,756 | ||||||
Cabela’s, Inc. (a) | 5,513 | 339,656 | ||||||
Casey’s General Stores, Inc. | 3,778 | 426,876 | ||||||
Copart, Inc. (a) | 10,046 | 527,114 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,308 | 318,504 | ||||||
CST Brands, Inc. | 7,378 | 354,292 | ||||||
Dick’s Sporting Goods, Inc. | 6,586 | 366,511 | ||||||
Domino’s Pizza, Inc. | 3,391 | 573,893 | ||||||
Dunkin’ Brands Group, Inc. | 608 | 29,403 | ||||||
GameStop Corp. – Class A | 11,784 | 283,405 | ||||||
Jack in the Box, Inc. | 3,111 | 291,594 | ||||||
JC Penney Co., Inc. (a) | 27,987 | 240,408 | ||||||
Michaels Cos., Inc. (a) | 3,226 | 75,005 | ||||||
MSC Industrial Direct Co., Inc. | 4,390 | 319,592 | ||||||
Nu Skin Enterprises, Inc. – Class A | 4,631 | 285,501 | ||||||
Panera Bread Co. – Class A (a) | 1,957 | 373,317 | ||||||
Penske Automotive Group, Inc. | 4,361 | 195,155 | ||||||
The accompanying notes are an integral part of these financial statements.
56
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Retail – 4.4% (Continued) | ||||||||
Sally Beauty Holdings, Inc. (a) | 6,492 | $ | 168,402 | |||||
Staples, Inc. | 67,102 | 496,555 | ||||||
Texas Roadhouse, Inc. | 5,831 | 236,272 | ||||||
Urban Outfitters, Inc. (a) | 8,899 | 297,672 | ||||||
Williams-Sonoma, Inc. | 6,343 | 293,173 | ||||||
World Fuel Services Corp. | 5,893 | 237,193 | ||||||
8,006,854 | ||||||||
Savings & Loans – 0.4% | ||||||||
Investors Bancorp, Inc. | 11,693 | 143,356 | ||||||
People’s United Financial, Inc. | 29,991 | 487,054 | ||||||
TFS Financial Corp. | 6,694 | 119,287 | ||||||
749,697 | ||||||||
Semiconductors – 2.1% | ||||||||
Advanced Micro Devices, Inc. (a) | 71,028 | 513,532 | ||||||
Cavium, Inc. (a) | 5,720 | 322,894 | ||||||
Cirrus Logic, Inc. (a) | 4,603 | 248,470 | ||||||
Cypress Semiconductor Corp. | 29,493 | 294,045 | ||||||
IPG Photonics Corp. (a) | 3,855 | 373,973 | ||||||
Marvell Technology Group Ltd. | 41,728 | 543,716 | ||||||
Microsemi Corp. (a) | 9,753 | 410,894 | ||||||
Monolithic Power Systems, Inc. | 3,855 | 303,813 | ||||||
ON Semiconductor Corp. (a) | 40,987 | 478,318 | ||||||
Teradyne, Inc. | 17,592 | 409,718 | ||||||
3,899,373 | ||||||||
Shipbuilding – 0.4% | ||||||||
Huntington Ingalls Industries, Inc. | 4,122 | 665,126 | ||||||
Software – 4.6% | ||||||||
Aspen Technology, Inc. (a) | 6,549 | 322,473 | ||||||
athenahealth, Inc. (a) | 2,766 | 285,783 | ||||||
Black Knight Financial Services, Inc. – Class A (a) | 1,714 | 67,446 | ||||||
Blackbaud, Inc. | 3,450 | 211,830 | ||||||
Broadridge Financial Solutions, Inc. | 11,264 | 728,330 | ||||||
Cadence Design System, Inc. (a) | 27,840 | 712,147 | ||||||
Donnelley Financial Solutions, Inc. (a) | 1 | 13 |
The accompanying notes are an integral part of these financial statements.
57
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Software – 4.6% (Continued) | ||||||||
Dun & Bradstreet Corp. | 3,251 | $ | 405,887 | |||||
Fair Isaac Corp. | 2,600 | 313,768 | ||||||
Guidewire Software, Inc. (a) | 2,249 | 129,205 | ||||||
j2 Global, Inc. | 4,220 | 300,253 | ||||||
Jack Henry & Associates, Inc. | 7,570 | 613,321 | ||||||
Manhattan Associates, Inc. (a) | 5,762 | 291,788 | ||||||
Medidata Solutions, Inc. (a) | 3,519 | 168,877 | ||||||
Nuance Communications, Inc. (a) | 29,488 | 413,422 | ||||||
Paycom Software, Inc. (a) | 2,171 | 112,306 | ||||||
PTC, Inc. (a) | 11,209 | 531,755 | ||||||
Rackspace Hosting, Inc. (a) | 8,452 | 269,957 | ||||||
Splunk, Inc. (a) | 3,530 | 212,471 | ||||||
SS&C Technologies Holdings, Inc. | 5,927 | 189,249 | ||||||
SYNNEX Corp. | 2,070 | 212,258 | ||||||
Tableau Software, Inc. – Class A (a) | 831 | 39,930 | ||||||
Take-Two Interactive Software, Inc. (a) | 8,093 | 359,248 | ||||||
Twilio, Inc. – Class A (a) | 1,087 | 37,088 | ||||||
Tyler Technologies, Inc. (a) | 3,174 | 509,110 | ||||||
Ultimate Software Group, Inc. (a) | 2,499 | 527,264 | ||||||
Veeva Systems, Inc. – Class A (a) | 9,015 | 350,233 | ||||||
8,315,412 | ||||||||
Telecommunications – 1.4% | ||||||||
Acacia Communications, Inc. (a) | 529 | 36,866 | ||||||
Arista Networks, Inc. (a) | 599 | 50,765 | ||||||
ARRIS International PLC (a) | 16,429 | 456,398 | ||||||
Ciena Corp. (a) | 12,472 | 241,707 | ||||||
CommScope Holding Co., Inc. (a) | 13,102 | 400,266 | ||||||
EchoStar Corp. – Class A (a) | 4,792 | 223,978 | ||||||
Frontier Communications Corp. | 118,500 | 476,370 | ||||||
Telephone & Data Systems, Inc. | 8,832 | 228,219 | ||||||
Ubiquiti Networks, Inc. (a) | 2,208 | 115,766 | ||||||
United States Cellular Corp. (a) | 931 | 32,632 | ||||||
ViaSat, Inc. (a) | 4,134 | 292,108 | ||||||
Zayo Group Holdings, Inc. (a) | 2,423 | 77,972 | ||||||
2,633,047 |
The accompanying notes are an integral part of these financial statements.
58
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 82.9% (Continued) | ||||||||
Transportation – 1.1% | ||||||||
Genesee & Wyoming, Inc. (a) | 4,936 | $ | 335,352 | |||||
Kirby Corp. (a) | 4,422 | 260,677 | ||||||
Landstar System, Inc. | 3,141 | 223,482 | ||||||
Old Dominion Freight Line, Inc. (a) | 6,949 | 518,951 | ||||||
Ryder System, Inc. | 5,153 | 357,567 | ||||||
XPO Logistics, Inc. (a) | 7,866 | 259,027 | ||||||
1,955,056 | ||||||||
Water – 0.3% | ||||||||
Aqua America, Inc. | 16,920 | 519,444 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $144,625,737) | 150,423,650 | |||||||
EXCHANGE TRADED FUNDS – 1.0% | ||||||||
iShares Russell Mid-Cap ETF | 10,277 | 1,734,655 | ||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||
(Cost $1,770,590) | 1,734,655 | |||||||
INVESTMENT COMPANIES – 0.7% | ||||||||
American Capital Ltd. (a) | 24,426 | 414,998 | ||||||
Ares Capital Corp. | 35,593 | 544,573 | ||||||
Prospect Capital Corp. | 38,122 | 300,782 | ||||||
TOTAL INVESTMENT COMPANIES | ||||||||
(Cost $1,212,058) | 1,260,353 | |||||||
REAL ESTATE INVESTMENT TRUSTS – 15.0% | ||||||||
AGNC Investment Corp. | 32,031 | 642,542 | ||||||
American Campus Communities, Inc. | 14,791 | 770,759 | ||||||
American Homes 4 Rent – Class A | 25,605 | 540,521 | ||||||
Apartment Investment & Management Co. | 17,714 | 780,656 | ||||||
Apple Hospitality REIT, Inc. | 25,325 | 456,610 | ||||||
Camden Property Trust | 9,912 | 807,233 | ||||||
Chimera Investment Corp. | 18,337 | 287,341 | ||||||
Colony Starwood Homes | 10,701 | 310,436 | ||||||
Communications Sales & Leasing, Inc. | 13,958 | 396,826 | ||||||
CubeSmart | 20,327 | 529,925 | ||||||
The accompanying notes are an integral part of these financial statements.
59
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
REAL ESTATE INVESTMENT | ||||||||
TRUSTS – 15.0% (Continued) | ||||||||
CyrusOne, Inc. | 9,467 | $ | 422,323 | |||||
DDR Corp. | 36,914 | 564,415 | ||||||
DCT Industrial Trust, Inc. | 10,221 | 477,832 | ||||||
Douglas Emmett, Inc. | 17,124 | 625,026 | ||||||
DuPont Fabros Technology, Inc. | 8,563 | 349,456 | ||||||
Education Realty Trust, Inc. | 8,283 | 352,773 | ||||||
EPR Properties | 4,977 | 361,927 | ||||||
Equity Commonwealth (a) | 14,231 | 429,918 | ||||||
Equity LifeStyle Properties, Inc. | 9,670 | 733,373 | ||||||
Equity One, Inc. | 10,594 | 301,929 | ||||||
First Industrial Realty Trust, Inc. | 13,247 | 349,853 | ||||||
Forest City Realty Trust, Inc. – Class A | 27,449 | 592,624 | ||||||
Gaming and Leisure Properties, Inc. | 19,767 | 648,951 | ||||||
Gramercy Property Trust | 34,632 | 319,307 | ||||||
Healthcare Realty Trust, Inc. | 13,136 | 418,907 | ||||||
Healthcare Trust of America, Inc. – Class A | 15,618 | 477,911 | ||||||
Highwoods Properties, Inc. | 11,179 | 554,814 | ||||||
Hospitality Properties Trust | 18,431 | 504,272 | ||||||
Hudson Pacific Properties, Inc. | 13,529 | 454,845 | ||||||
Kilroy Realty Corp. | 10,458 | 751,198 | ||||||
Lamar Advertising Co. – Class A | 6,410 | 406,714 | ||||||
LaSalle Hotel Properties | 12,819 | 304,451 | ||||||
Liberty Property Trust | 16,637 | 672,634 | ||||||
Life Storage, Inc. | 5,260 | 424,219 | ||||||
Medical Properties Trust, Inc. | 25,157 | 350,689 | ||||||
Mid-America Apartment Communities, Inc. | 8,562 | 794,125 | ||||||
National Health Investors, Inc. | 4,439 | 336,299 | ||||||
National Retail Properties, Inc. | 13,001 | 593,106 | ||||||
New Residential Investment Corp. | 24,708 | 344,924 | ||||||
Omega Healthcare Investors, Inc. | 17,107 | 544,516 | ||||||
Outfront Media, Inc. | 762 | 16,391 | ||||||
Paramount Group, Inc. | 21,896 | 340,483 | ||||||
Piedmont Office Realty Trust, Inc. – Class A | 16,463 | 337,162 | ||||||
Post Properties, Inc. | 5,580 | 367,108 | ||||||
Rayonier, Inc. | 10,499 | 281,583 | ||||||
Regency Centers Corp. | 11,255 | 811,148 | ||||||
Retail Properties of America, Inc. | 26,913 | 419,035 |
The accompanying notes are an integral part of these financial statements.
60
Pacer Trendpilot™ 450 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
REAL ESTATE INVESTMENT | ||||||||
TRUSTS – 15.0% (Continued) | ||||||||
RLJ Lodging Trust | 13,857 | $ | 273,260 | |||||
Senior Housing Properties Trust | 26,924 | 572,673 | ||||||
Spirit Realty Capital, Inc. | 46,412 | 552,767 | ||||||
Starwood Property Trust, Inc. | 23,749 | 528,178 | ||||||
STORE Capital Corp. | 7,471 | 203,884 | ||||||
Sun Communities, Inc. | 7,783 | 598,746 | ||||||
Sunstone Hotel Investors, Inc. | 24,626 | 309,302 | ||||||
Tanger Factory Outlet Centers, Inc. | 10,889 | 378,937 | ||||||
Two Harbors Investment Corp. | 30,867 | 257,122 | ||||||
Taubman Centers, Inc. | 6,436 | 466,353 | ||||||
Weingarten Realty Investors | 14,493 | 524,792 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | ||||||||
(Cost $26,667,371) | 27,225,104 | |||||||
SHORT-TERM INVESTMENTS – 0.4% | ||||||||
Money Market Funds – 0.4% | ||||||||
Short-Term Investments Trust Government & | ||||||||
Agency Portfolio, Institutional Class, 0.29% (b) | 654,447 | 654,447 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $654,447) | 654,447 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost $174,930,203) – 100.0% | 181,298,209 | |||||||
Other Assets in Excess of Liabilities – 0.0% (c) | 31,306 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 181,329,515 |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day yield as of October 31, 2016. |
(c) | Less than 0.05%. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of these financial statements.
61
Pacer Trendpilot™ 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS – 100.0% | ||||||||
Airlines – 0.4% | ||||||||
American Airlines Group, Inc. | 5,608 | $ | 227,685 | |||||
Auto Manufacturers – 0.9% | ||||||||
PACCAR, Inc. | 3,695 | 202,929 | ||||||
Tesla Motors, Inc. (a) | 1,579 | 312,216 | ||||||
515,145 | ||||||||
Beverages – 0.5% | ||||||||
Monster Beverage Corp. (a) | 2,014 | 290,701 | ||||||
Biotechnology – 8.6% | ||||||||
Alexion Pharmaceuticals, Inc. (a) | 2,365 | 308,633 | ||||||
Amgen, Inc. | 7,921 | 1,118,128 | ||||||
Biogen, Inc. (a) | 2,312 | 647,776 | ||||||
BioMarin Pharmaceutical, Inc. (a) | 1,810 | 145,741 | ||||||
Celgene Corp. (a) | 8,202 | 838,080 | ||||||
Gilead Sciences, Inc. | 13,965 | 1,028,243 | ||||||
Illumina, Inc. (a) | 1,550 | 211,017 | ||||||
Incyte Corp. (a) | 1,978 | 172,027 | ||||||
Regeneron Pharmaceuticals, Inc. (a) | 1,094 | 377,452 | ||||||
Vertex Pharmaceuticals, Inc. (a) | 2,609 | 197,919 | ||||||
5,045,016 | ||||||||
Commercial Services – 1.9% | ||||||||
Automatic Data Processing, Inc. | 4,805 | 418,323 | ||||||
PayPal Holdings, Inc. (a) | 12,775 | 532,206 | ||||||
Verisk Analytics, Inc. (a) | 1,774 | 144,670 | ||||||
1,095,199 | ||||||||
Computers – 12.5% | ||||||||
Apple, Inc. | 57,021 | 6,474,164 | ||||||
Check Point Software Technologies Ltd. (a) | 1,806 | 152,715 | ||||||
Cognizant Technology Solutions Corp. – Class A (a) | 6,386 | 327,921 | ||||||
NetApp, Inc. | 2,944 | 99,920 | ||||||
Seagate Technology PLC | 3,148 | 108,008 | ||||||
Western Digital Corp. | 3,008 | 175,788 | ||||||
7,338,516 |
The accompanying notes are an integral part of these financial statements.
62
Pacer Trendpilot™ 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 100.0% (Continued) | ||||||||
Distribution/Wholesale – 0.2% | ||||||||
Fastenal Co. | 3,048 | $ | 118,811 | |||||
Engineering & Construction – 0.2% | ||||||||
SBA Communications Corp. – Class A (a) | 1,329 | �� | 150,549 | |||||
Environmental Control – 0.1% | ||||||||
Stericycle, Inc. (a) | 897 | 71,841 | ||||||
Food – 3.4% | ||||||||
Mondelez International, Inc. – Class A | 16,461 | 739,757 | ||||||
The Kraft Heinz Co. | 12,885 | 1,146,121 | ||||||
Whole Foods Market, Inc. | 3,385 | 95,762 | ||||||
1,981,640 | ||||||||
Healthcare-Products – 0.9% | ||||||||
DENTSPLY SIRONA, Inc. | 2,473 | 142,371 | ||||||
Henry Schein, Inc. (a) | 861 | 128,461 | ||||||
Intuitive Surgical, Inc. (a) | 407 | 273,536 | ||||||
544,368 | ||||||||
Internet – 27.3% | ||||||||
Alphabet, Inc. – Class A (a) | 3,120 | 2,526,888 | ||||||
Alphabet, Inc. – Class C (a) | 3,636 | 2,852,588 | ||||||
Amazon.com, Inc. (a) | 5,017 | 3,962,527 | ||||||
Baidu, Inc. – ADR (a) | 2,890 | 511,125 | ||||||
Ctrip.com International Ltd. – ADR (a) | 3,929 | 173,465 | ||||||
eBay, Inc. (a) | 11,947 | 340,609 | ||||||
Expedia, Inc. | 1,433 | 185,187 | ||||||
Facebook, Inc. – Class A (a) | 24,582 | 3,219,996 | ||||||
JD.com, Inc. – ADR (a) | 9,692 | 251,507 | ||||||
Liberty Ventures – Class A (a) | 1,427 | 56,937 | ||||||
Netflix, Inc. (a) | 4,514 | 563,663 | ||||||
Symantec Corp. | 6,456 | 161,594 | ||||||
The Priceline Group, Inc. (a) | 523 | 771,022 | ||||||
TripAdvisor, Inc. (a) | 1,401 | 90,337 | ||||||
Yahoo!, Inc. (a) | 10,072 | 418,492 | ||||||
16,085,937 |
The accompanying notes are an integral part of these financial statements.
63
Pacer Trendpilot™ 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 100.0% (Continued) | ||||||||
Leisure Time – 0.1% | ||||||||
Norwegian Cruise Line Holdings Ltd. (a) | 2,393 | $ | 93,016 | |||||
Lodging – 0.5% | ||||||||
Marriott International, Inc. – Class A | 4,122 | 283,181 | ||||||
Media – 6.3% | ||||||||
Charter Communications, Inc. – Class A (a) | 2,867 | 716,434 | ||||||
Comcast Corp. – Class A | 25,422 | 1,571,588 | ||||||
Discovery Communications, Inc. – Class A (a) | 1,590 | 41,515 | ||||||
Discovery Communications, Inc. – Class C (a) | 2,524 | 63,378 | ||||||
DISH Network Corp. – Class A (a) | 2,384 | 139,607 | ||||||
Liberty Global PLC – Class A (a) | 2,798 | 91,215 | ||||||
Liberty Global PLC – Class C (a) | 6,823 | 216,971 | ||||||
Sirius XM Holdings, Inc. (a) | 51,618 | 215,247 | ||||||
Twenty First Century Fox, Inc. – Class B | 8,417 | 222,125 | ||||||
Twenty-First Century Fox, Inc. – Class A | 11,259 | 295,774 | ||||||
Viacom, Inc. – Class B | 3,656 | 137,319 | ||||||
3,711,173 | ||||||||
Pharmaceuticals – 1.4% | ||||||||
Express Scripts Holding Co. (a) | 6,670 | 449,558 | ||||||
Mylan NV (a) | 5,660 | 206,590 | ||||||
Shire PLC – ADR | 936 | 157,847 | ||||||
813,995 | ||||||||
Retail – 6.1% | ||||||||
Bed Bath & Beyond, Inc. | 1,630 | 65,885 | ||||||
Costco Wholesale Corp. | 4,628 | 684,342 | ||||||
Dollar Tree, Inc. (a) | 2,481 | 187,440 | ||||||
Liberty Interactive Corp. QVC Group – Class A (a) | 4,761 | 88,031 | ||||||
O’Reilly Automotive, Inc. (a) | 1,005 | 265,762 | ||||||
Ross Stores, Inc. | 4,239 | 265,107 | ||||||
Starbucks Corp. | 15,520 | 823,646 | ||||||
Tractor Supply Co. | 1,407 | 88,120 | ||||||
Ulta Salon Cosmetics & Fragrance, Inc. (a) | 658 | 160,118 | ||||||
Walgreens Boots Alliance, Inc. | 11,453 | 947,507 | ||||||
3,575,958 |
The accompanying notes are an integral part of these financial statements.
64
Pacer Trendpilot™ 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 100.0% (Continued) | ||||||||
Semiconductors – 11.0% | ||||||||
Analog Devices, Inc. | 3,242 | $ | 207,812 | |||||
Applied Materials, Inc. | 11,480 | 333,838 | ||||||
Broadcom Ltd. | 4,185 | 712,622 | ||||||
Intel Corp. | 50,064 | 1,745,732 | ||||||
Lam Research Corp. | 1,683 | 163,015 | ||||||
Maxim Integrated Products, Inc. | 2,994 | 118,652 | ||||||
Microchip Technology, Inc. | 2,268 | 137,327 | ||||||
Micron Technology, Inc. (a) | 10,931 | 187,576 | ||||||
NVIDIA Corp. | 5,631 | 400,702 | ||||||
NXP Semiconductors NV (a) | 3,590 | 359,000 | ||||||
QUALCOMM, Inc. | 15,594 | 1,071,620 | ||||||
Skyworks Solutions, Inc. | 2,007 | 154,419 | ||||||
Texas Instruments, Inc. | 10,583 | 749,806 | ||||||
Xilinx, Inc. | 2,678 | 136,230 | ||||||
6,478,351 | ||||||||
Software – 13.3% | ||||||||
Activision Blizzard, Inc. | 7,846 | 338,712 | ||||||
Adobe Systems, Inc. (a) | 5,276 | 567,223 | ||||||
Akamai Technologies, Inc. (a) | 1,853 | 128,728 | ||||||
Autodesk, Inc. (a) | 2,372 | 171,448 | ||||||
CA, Inc. | 4,394 | 135,072 | ||||||
Cerner Corp. (a) | 3,565 | 208,838 | ||||||
Citrix Systems, Inc. (a) | 1,639 | 138,987 | ||||||
Electronic Arts, Inc. (a) | 3,181 | 249,772 | ||||||
Fiserv, Inc. (a) | 2,344 | 230,837 | ||||||
Intuit, Inc. | 2,696 | 293,163 | ||||||
Microsoft Corp. | 82,461 | 4,941,063 | ||||||
NetEase, Inc. – ADR | 809 | 207,905 | ||||||
Paychex, Inc. | 3,796 | 209,539 | ||||||
7,821,287 | ||||||||
Telecommunications – 3.7% | ||||||||
Cisco Systems, Inc. | 53,225 | 1,632,943 | ||||||
T-Mobile US, Inc. (a) | 8,665 | 430,910 | ||||||
Vodafone Group PLC – ADR | 4,233 | 117,847 | ||||||
2,181,700 | ||||||||
The accompanying notes are an integral part of these financial statements.
65
Pacer Trendpilot™ 100 ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 100.0% (Continued) | ||||||||
Toys/Games/Hobbies – 0.2% | ||||||||
Mattel, Inc. | 3,589 | $ | 113,161 | |||||
Transportation – 0.5% | ||||||||
CSX Corp. | 10,075 | 307,388 | ||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $55,451,615) | 58,844,618 | |||||||
SHORT-TERM INVESTMENTS – 0.1% | ||||||||
Money Market Funds – 0.1% | ||||||||
Short-Term Investments Trust Government & | ||||||||
Agency Portfolio, Institutional Class, 0.29% (b) | 45,230 | 45,230 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $45,230) | 45,230 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost $55,496,845) – 100.1% | 58,889,848 | |||||||
Liabilities in Excess of Other Assets – (0.1)% | (30,116 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 58,859,732 |
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day yield as of October 31, 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 does not apply for all purposes of this report, which may combine sub-classifications for reporting ease. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of these financial statements.
66
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS – 94.3% | ||||||||
Advertising – 0.4% | ||||||||
JCDecaux SA | 461 | $ | 14,096 | |||||
Publicis Groupe SA | 1,253 | 85,968 | ||||||
100,064 | ||||||||
Aerospace/Defense – 2.1% | ||||||||
Airbus Group SE | 3,434 | 204,129 | ||||||
Leonardo-Finmeccanica SpA (a) | 2,366 | 28,830 | ||||||
MTU Aero Engines AG | 316 | 32,982 | ||||||
Safran SA | 1,836 | 126,230 | ||||||
Thales SA | 649 | 61,106 | ||||||
Zodiac Aerospace | 1,204 | 29,302 | ||||||
482,579 | ||||||||
Airlines – 0.2% | ||||||||
Deutsche Lufthansa AG | 1,436 | 18,357 | ||||||
Ryanair Holdings PLC – ADR | 349 | 26,206 | ||||||
44,563 | ||||||||
Apparel – 2.6% | ||||||||
adidas AG | 1,243 | 203,858 | ||||||
Christian Dior SE | 322 | 62,124 | ||||||
Hermes International | 148 | 59,967 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 1,555 | 282,595 | ||||||
608,544 | ||||||||
Auto Manufacturers – 3.6% | ||||||||
Bayerische Motoren Werke AG | 2,018 | 175,826 | ||||||
Daimler AG | 5,931 | 422,615 | ||||||
Ferrari NV | 821 | 43,242 | ||||||
Fiat Chrysler Automobiles NV | 5,434 | 39,788 | ||||||
Peugeot SA (a) | 2,411 | 36,114 | ||||||
Renault SA | 1,068 | 92,749 | ||||||
Volkswagen AG | 183 | 27,321 | ||||||
837,655 | ||||||||
Auto Parts & Equipment – 1.7% | ||||||||
Cie Generale des Etablissements Michelin | 1,122 | 121,481 | ||||||
Continental AG | 671 | 128,572 |
The accompanying notes are an integral part of these financial statements.
67
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Auto Parts & Equipment – 1.7% (Continued) | ||||||||
Faurecia | 460 | $ | 16,921 | |||||
Hella KGaA Hueck & Co | 276 | 10,523 | ||||||
Nokian Renkaat OYJ | 836 | 28,055 | ||||||
Plastic Omnium SA | 362 | 11,794 | ||||||
Valeo SA | 1,446 | 83,336 | ||||||
400,682 | ||||||||
Banks – 11.2% | ||||||||
ABN AMRO Group NV | ||||||||
(Acquired 08/01/16, Cost $24,259) (b) | 1,342 | 30,974 | ||||||
Alpha Bank AE (a) | 8,492 | 14,542 | ||||||
Banca Mediolanum SpA | 1,594 | 11,024 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 39,992 | 288,784 | ||||||
Banco de Sabadell SA | 29,669 | 39,702 | ||||||
Banco Popular Espanol SA | 19,124 | 20,972 | ||||||
Banco Santander SA | 89,433 | 439,532 | ||||||
Bank of Ireland (a) | 170,793 | 36,560 | ||||||
Bankia SA | 28,603 | 25,182 | ||||||
Bankinter SA | 4,282 | 32,782 | ||||||
BNP Paribas SA | 6,063 | 351,687 | ||||||
CaixaBank SA | 14,707 | 44,511 | ||||||
Commerzbank AG | 6,454 | 43,834 | ||||||
Credit Agricole SA | 7,043 | 76,016 | ||||||
Deutsche Bank AG (a) | 8,563 | 123,658 | ||||||
Erste Group Bank AG | 1,782 | 55,967 | ||||||
Eurobank Ergasias SA (a) | 10,993 | 6,468 | ||||||
FinecoBank Banca Fineco SpA | 1,694 | 9,893 | ||||||
ING Groep NV | 23,977 | 315,719 | ||||||
Intesa Sanpaolo SpA | 74,740 | 173,117 | ||||||
Intesa Sanpaolo SpA – Savings Shares | 5,790 | 12,509 | ||||||
KBC Groep NV | 1,709 | 104,140 | ||||||
Mediobanca SpA | 3,446 | 25,251 | ||||||
National Bank of Greece SA (a) | 34,075 | 6,995 | ||||||
Natixis SA | 5,801 | 29,325 | ||||||
Piraeus Bank SA (a) | 35,244 | 5,842 | ||||||
Raiffeisen Bank International AG (a) | 728 | 11,932 | ||||||
Societe Generale SA | 4,550 | 177,615 |
The accompanying notes are an integral part of these financial statements.
68
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Banks – 11.2% (Continued) | ||||||||
UniCredit SpA | 33,374 | $ | 82,798 | |||||
Unione di Banche Italiane SpA | 5,368 | 14,803 | ||||||
2,612,134 | ||||||||
Beverages – 3.9% | ||||||||
Anheuser-Busch InBev SA/NV | 4,952 | 568,343 | ||||||
Davide Campari-Milano SpA | 1,756 | 17,686 | ||||||
Heineken Holding NV | 608 | 46,794 | ||||||
Heineken NV | 1,344 | 110,728 | ||||||
Pernod Ricard SA | 1,318 | 156,765 | ||||||
Remy Cointreau SA | 147 | 11,925 | ||||||
912,241 | ||||||||
Building Materials – 1.0% | ||||||||
Cie de Saint-Gobain | 2,985 | 132,530 | ||||||
HeidelbergCement AG | 935 | 88,435 | ||||||
Imerys SA | 233 | 16,206 | ||||||
Titan Cement Co SA | 281 | 6,530 | ||||||
243,701 | ||||||||
Chemicals – 6.3% | ||||||||
Air Liquide SA | 2,419 | 246,109 | ||||||
Akzo Nobel NV | 1,537 | 99,345 | ||||||
Arkema SA | 440 | 41,723 | ||||||
BASF SE | 5,731 | 505,186 | ||||||
Brenntag AG | 959 | 51,264 | ||||||
Covestro AG | ||||||||
(Acquired 08/01/16, Cost $18,489) (b) | 390 | 23,050 | ||||||
Evonik Industries AG | 955 | 29,836 | ||||||
FUCHS PETROLUB SE | 211 | 8,341 | ||||||
K+S AG | 1,188 | 24,035 | ||||||
Koninklijke DSM NV | 1,085 | 69,773 | ||||||
LANXESS AG | 568 | 36,370 | ||||||
Linde AG | 1,149 | 189,576 | ||||||
OCI NV (a) | 510 | 7,082 | ||||||
Solvay SA – Class A | 438 | 50,269 | ||||||
Symrise AG | 755 | 51,809 | ||||||
Umicore SA | 570 | 34,659 |
The accompanying notes are an integral part of these financial statements.
69
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Chemicals – 6.3% (Continued) | ||||||||
Wacker Chemie AG | 93 | $ | 8,284 | |||||
1,476,711 | ||||||||
Commercial Services – 1.5% | ||||||||
Abertis Infraestructuras SA | 3,611 | 53,613 | ||||||
Atlantia SpA | 2,963 | 72,567 | ||||||
Bureau Veritas SA | 1,601 | 30,247 | ||||||
Edenred | 1,253 | 29,030 | ||||||
Randstad Holding NV | 681 | 35,072 | ||||||
RELX NV | 5,702 | 96,238 | ||||||
Wirecard AG | 713 | 33,824 | ||||||
350,591 | ||||||||
Computers – 1.0% | ||||||||
Atos SE | 556 | 57,752 | ||||||
Capgemini SA | 988 | 81,864 | ||||||
Gemalto NV | 504 | 27,406 | ||||||
Ingenico Group SA | 339 | 26,831 | ||||||
Teleperformance | 354 | 37,411 | ||||||
231,264 | ||||||||
Cosmetics/Personal Care – 3.1% | ||||||||
Beiersdorf AG | 620 | 54,585 | ||||||
L’Oreal SA | 1,495 | 267,589 | ||||||
Unilever NV | 9,663 | 404,998 | ||||||
727,172 | ||||||||
Distribution/Wholesale – 0.1% | ||||||||
Rexel SA | 1,863 | 25,840 | ||||||
Diversified Financial Services – 0.4% | ||||||||
Amundi SA (Acquired 08/01/16, Cost $12,180) (b) | 259 | 12,694 | ||||||
Deutsche Boerse AG | 1,159 | 86,605 | ||||||
99,299 | ||||||||
Electric – 4.2% | ||||||||
E.ON SE | 11,637 | 85,232 | ||||||
EDP – Energias de Portugal SA | 11,951 | 39,502 | ||||||
EDP Renovaveis SA | 1,246 | 9,416 | ||||||
The accompanying notes are an integral part of these financial statements.
70
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Electric – 4.2% (Continued) | ||||||||
Electricite de France SA | 1,667 | $ | 18,684 | |||||
Endesa SA | 1,972 | 41,921 | ||||||
Enel SpA | 47,295 | 203,520 | ||||||
Engie SA | 8,925 | 128,689 | ||||||
Fortum OYJ | 2,765 | 46,106 | ||||||
Iberdrola SA | 35,467 | 241,742 | ||||||
Red Electrica Corp. SA | 2,688 | 56,079 | ||||||
RWE AG (a) | 3,003 | 47,668 | ||||||
Terna Rete Elettrica Nazionale SpA | 8,860 | 43,398 | ||||||
Uniper SE (a) | 1,163 | 15,480 | ||||||
977,437 | ||||||||
Electrical Components & Equipment – 1.8% | ||||||||
Gamesa Corp Tecnologica SA | 1,389 | 32,135 | ||||||
Legrand SA | 1,649 | 93,207 | ||||||
OSRAM Licht AG | 519 | 29,427 | ||||||
Prysmian SpA | 1,275 | 31,730 | ||||||
Schneider Electric SE | 3,370 | 226,183 | ||||||
412,682 | ||||||||
Electronics – 0.7% | ||||||||
Koninklijke Philips NV | 5,669 | 170,888 | ||||||
Energy-Alternate Sources – 0.1% | ||||||||
Innogy SE (Acquired 08/01/16, Cost $32,487) (a)(b) | 795 | 31,570 | ||||||
Engineering & Construction – 2.2% | ||||||||
Acciona SA | 160 | 12,179 | ||||||
ACS Actividades de Construccion y Servicios SA | 1,048 | 32,132 | ||||||
Aena SA (Acquired 08/01/16, Cost $57,600) (b) | 400 | 58,730 | ||||||
Aeroports de Paris | 178 | 17,979 | ||||||
Boskalis Westminster | 489 | 15,779 | ||||||
Bouygues SA | 1,200 | 39,131 | ||||||
Eiffage SA | 447 | 33,093 | ||||||
Ferrovial SA | 2,956 | 57,517 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 229 | 13,592 | ||||||
HOCHTIEF AG | 133 | 18,155 | ||||||
Vinci SA | 2,895 | 209,684 | ||||||
507,971 |
The accompanying notes are an integral part of these financial statements.
71
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Entertainment – 0.0% (c) | ||||||||
OPAP SA | 1,307 | $ | 11,148 | |||||
Food – 3.2% | ||||||||
Carrefour SA | 3,433 | 90,050 | ||||||
Casino Guichard Perrachon SA | 353 | 17,566 | ||||||
Colruyt SA | 391 | 21,017 | ||||||
Danone SA | 3,529 | 244,370 | ||||||
Distribuidora Internacional de Alimentacion SA | 3,814 | 20,419 | ||||||
Glanbia PLC | 1,083 | 17,667 | ||||||
Jeronimo Martins SGPS SA | 1,524 | 26,216 | ||||||
Kerry Group PLC – Class A | 904 | 65,635 | ||||||
Kesko OYJ – Class B | 420 | 20,877 | ||||||
Koninklijke Ahold Delhaize NV | 7,852 | 179,244 | ||||||
METRO AG | 1,026 | 30,737 | ||||||
Parmalat SpA | 1,956 | 5,166 | ||||||
Suedzucker AG | 483 | 12,375 | ||||||
751,339 | ||||||||
Food Service – 0.3% | ||||||||
Sodexo SA | 567 | 65,853 | ||||||
Forest Products & Paper – 0.5% | ||||||||
Stora Enso OYJ – Class R | 3,568 | 33,743 | ||||||
UPM-Kymmene OYJ | 3,303 | 76,869 | ||||||
110,612 | ||||||||
Healthcare-Products – 0.8% | ||||||||
Essilor International SA | 1,237 | 139,051 | ||||||
QIAGEN NV (a) | 1,402 | 34,329 | ||||||
Sartorius Stedim Biotech | 149 | 10,048 | ||||||
183,428 | ||||||||
Healthcare-Services – 1.4% | ||||||||
BioMerieux | 88 | 12,829 | ||||||
Eurofins Scientific SE | 53 | 24,081 | ||||||
Fresenius Medical Care AG & Co. KGaA | 1,324 | 107,859 | ||||||
Fresenius SE & Co KGaA | 2,300 | 169,770 | ||||||
Orpea | 261 | 21,729 | ||||||
336,268 |
The accompanying notes are an integral part of these financial statements.
72
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Holding Companies-Diversified – 0.3% | ||||||||
Ackermans & van Haaren NV | 154 | $ | 21,394 | |||||
Bollore SA | 6,089 | 20,053 | ||||||
Sofina SA | 98 | 13,695 | ||||||
Wendel SA | 189 | 21,743 | ||||||
76,885 | ||||||||
Home Furnishings – 0.2% | ||||||||
Rational AG | 25 | 12,967 | ||||||
SEB SA | 167 | 24,575 | ||||||
37,542 | ||||||||
Household Products/Wares – 0.4% | ||||||||
Henkel AG & Co. KGaA | 726 | 79,936 | ||||||
Societe BIC SA | 167 | 23,154 | ||||||
103,090 | ||||||||
Insurance – 6.2% | ||||||||
Aegon NV | 11,809 | 50,920 | ||||||
Ageas | 1,222 | 44,637 | ||||||
Allianz SE | 2,827 | 440,676 | ||||||
Assicurazioni Generali SpA | 7,827 | 101,129 | ||||||
AXA SA | 11,960 | 269,607 | ||||||
CNP Assurances | 1,023 | 17,727 | ||||||
Euler Hermes Group | 98 | 8,504 | ||||||
Hannover Rueck SE | 374 | 41,693 | ||||||
Mapfre SA | 6,310 | 18,751 | ||||||
Muenchener Rueckversicherungs- | ||||||||
Gesellschaft AG – Class R | 897 | 173,896 | ||||||
NN Group NV | 2,071 | 62,406 | ||||||
Poste Italiane SpA | ||||||||
(Acquired 08/01/16, Cost $19,303) (b) | 2,838 | 18,895 | ||||||
Sampo OYJ – Class A | 2,921 | 133,937 | ||||||
SCOR SE | 975 | 31,564 | ||||||
Talanx AG | 234 | 7,263 | ||||||
UnipolSai SpA | 6,548 | 12,507 | ||||||
Vienna Insurance Group AG | ||||||||
Wiener Versicherung Gruppe | 238 | 4,695 | ||||||
1,438,807 |
The accompanying notes are an integral part of these financial statements.
73
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Internet – 0.3% | ||||||||
Iliad SA | 146 | $ | 30,628 | |||||
United Internet AG | 734 | 30,127 | ||||||
60,755 | ||||||||
Investment Companies – 0.3% | ||||||||
Corp. Financiera Alba SA | 108 | 4,733 | ||||||
EXOR SpA | 640 | 27,196 | ||||||
Groupe Bruxelles Lambert SA | 482 | 41,462 | ||||||
73,391 | ||||||||
Iron/Steel – 0.7% | ||||||||
Acerinox SA | 861 | 10,605 | ||||||
ArcelorMittal (a) | 11,379 | 76,672 | ||||||
ThyssenKrupp AG | 2,635 | 61,004 | ||||||
Voestalpine AG | 706 | 24,979 | ||||||
173,260 | ||||||||
Lodging – 0.2% | ||||||||
Accor SA | 1,090 | 41,383 | ||||||
Machinery-Diversified – 1.4% | ||||||||
Alstom SA (a) | 952 | 25,573 | ||||||
ANDRITZ AG | 446 | 23,329 | ||||||
CNH Industrial NV | 5,695 | 44,262 | ||||||
GEA Group AG | 1,100 | 42,535 | ||||||
KION Group AG | 411 | 24,824 | ||||||
Kone OYJ – Class B | 2,358 | 108,536 | ||||||
MAN SE | 219 | 22,397 | ||||||
Metso OYJ | 831 | 21,802 | ||||||
Zardoya Otis SA | 1,168 | 9,860 | ||||||
323,118 | ||||||||
Media – 1.8% | ||||||||
Altice NV – Class A (a) | 2,322 | 42,823 | ||||||
Altice NV – Class B (a) | 746 | 13,885 | ||||||
Axel Springer SE | 281 | 14,071 | ||||||
Lagardere SCA | 712 | 18,133 | ||||||
Mediaset Espana Comunicacion SA | 1,128 | 12,599 | ||||||
Mediaset SpA | 4,657 | 13,312 |
The accompanying notes are an integral part of these financial statements.
74
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Media – 1.8% (Continued) | ||||||||
ProSiebenSat.1 Media SE | 1,323 | $ | 57,019 | |||||
RTL Group SA | 240 | 18,811 | ||||||
SFR Group SA | 571 | 15,382 | ||||||
Telenet Group Holding NV (a) | 303 | 16,220 | ||||||
Vivendi SA | 6,924 | 140,008 | ||||||
Wolters Kluwer NV | 1,811 | 70,088 | ||||||
432,351 | ||||||||
Metal Fabricate/Hardware – 0.2% | ||||||||
Tenaris SA | 2,932 | 41,456 | ||||||
Miscellaneous Manufacturing – 2.5% | ||||||||
Siemens AG | 4,719 | 535,903 | ||||||
Wartsila OYJ Abp | 967 | 41,824 | ||||||
577,727 | ||||||||
Oil & Gas – 5.3% | ||||||||
Enagas SA | 1,408 | 40,418 | ||||||
Eni SpA | 15,294 | 221,784 | ||||||
Galp Energia SGPS SA | 2,969 | 40,251 | ||||||
Gas Natural SDG SA | 1,909 | 37,669 | ||||||
Hellenic Petroleum SA (a) | 436 | 1,996 | ||||||
Motor Oil Hellas Corinth Refineries SA | 344 | 4,120 | ||||||
Neste OYJ | 796 | 34,367 | ||||||
OMV AG | 894 | 27,945 | ||||||
Repsol SA | 6,803 | 95,329 | ||||||
Snam SpA | 15,201 | 80,131 | ||||||
TOTAL SA | 13,507 | 648,253 | ||||||
1,232,263 | ||||||||
Oil & Gas Services – 0.3% | ||||||||
Saipem SpA (a) | 35,648 | 14,675 | ||||||
Technip SA | 704 | 46,694 | ||||||
61,369 | ||||||||
Packaging & Containers – 0.1% | ||||||||
Huhtamaki OYJ | 649 | 26,204 |
The accompanying notes are an integral part of these financial statements.
75
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Pharmaceuticals – 5.5% | ||||||||
Bayer AG | 5,134 | $ | 508,863 | |||||
Grifols SA | 2,062 | 40,767 | ||||||
Ipsen SA | 215 | 14,860 | ||||||
Merck KGaA | 802 | 82,458 | ||||||
Orion OYJ – Class B | 630 | 26,827 | ||||||
Recordati SpA | 633 | 17,914 | ||||||
Sanofi | 6,930 | 539,824 | ||||||
UCB SA | 748 | 50,655 | ||||||
1,282,168 | ||||||||
Pipelines – 0.1% | ||||||||
Koninklijke Vopak NV | 413 | 20,857 | ||||||
Private Equity – 0.1% | ||||||||
Eurazeo SA | 260 | 14,964 | ||||||
Real Estate – 0.9% | ||||||||
Deutsche Wohnen AG – Class BR | 2,091 | 68,219 | ||||||
LEG Immobilien AG | 390 | 32,897 | ||||||
Vonovia SE | 2,893 | 101,896 | ||||||
203,012 | ||||||||
Retail – 2.0% | ||||||||
FF Group (a) | 212 | 5,078 | ||||||
Fielmann AG | 156 | 10,820 | ||||||
GrandVision NV | ||||||||
(Acquired 08/01/16, Cost $8,603) (b) | 316 | 7,238 | ||||||
HUGO BOSS AG | 399 | 25,058 | ||||||
Industria de Diseno Textil SA | 6,579 | 229,989 | ||||||
JUMBO SA | 599 | 8,515 | ||||||
Kering | 462 | 102,472 | ||||||
Luxottica Group SpA | 1,106 | 55,060 | ||||||
Salvatore Ferragamo SpA | 293 | 7,170 | ||||||
Zalando SE | ||||||||
(Acquired 08/01/16, Cost $24,506) (a)(b) | 653 | 28,666 | ||||||
480,066 |
The accompanying notes are an integral part of these financial statements.
76
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Semiconductors – 1.6% | ||||||||
ASML Holding NV | 1,993 | $ | 211,125 | |||||
Infineon Technologies AG | 6,962 | 124,994 | ||||||
STMicroelectronics NV | 3,850 | 36,770 | ||||||
372,889 | ||||||||
Software – 2.9% | ||||||||
Amadeus IT Holding SA | 2,575 | 121,549 | ||||||
Dassault Systemes | 786 | 62,245 | ||||||
SAP SE | 5,549 | 488,777 | ||||||
672,571 | ||||||||
Telecommunications – 5.3% | ||||||||
Deutsche Telekom AG | 20,191 | 329,036 | ||||||
Elisa OYJ | 989 | 33,330 | ||||||
Eutelsat Communications SA | 1,017 | 21,324 | ||||||
Hellenic Telecommunications Organization SA | 1,509 | 13,832 | ||||||
Koninklijke KPN NV | 19,284 | 62,893 | ||||||
Nokia OYJ | 35,486 | 158,469 | ||||||
Orange SA | 11,840 | 186,513 | ||||||
Proximus SADP | 869 | 24,879 | ||||||
SES SA | 2,220 | 51,056 | ||||||
Telecom Italia SpA (a) | 62,193 | 53,970 | ||||||
Telecom Italia SpA – Savings Shares | 37,414 | 26,532 | ||||||
Telefonica Deutschland Holding AG | 4,248 | 16,466 | ||||||
Telefonica SA | 26,586 | 270,252 | ||||||
Telekom Austria AG | 495 | 2,844 | ||||||
1,251,396 | ||||||||
Transportation – 1.0% | ||||||||
bpost SA | 621 | 16,521 | ||||||
Deutsche Post AG | 5,903 | 182,932 | ||||||
Groupe Eurotunnel SE | 2,856 | 26,746 | ||||||
226,199 |
The accompanying notes are an integral part of these financial statements.
77
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.3% (Continued) | ||||||||
Water – 0.4% | ||||||||
Suez | 2,008 | $ | 31,797 | |||||
Veolia Environnement SA | 2,892 | 63,113 | ||||||
94,910 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $21,767,692) | 22,030,869 | |||||||
EXCHANGE TRADED FUNDS – 2.5% | ||||||||
iShares MSCI Eurozone ETF | 17,150 | 585,501 | ||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||
(Cost $583,125) | 585,501 | |||||||
PREFERRED STOCKS – 1.9% | ||||||||
Auto Manufacturers – 1.0% | ||||||||
Bayerische Motoren Werke AG | 338 | 25,657 | ||||||
Porsche Automobil Holding SE | 951 | 51,285 | ||||||
Volkswagen AG | 1,139 | 156,543 | ||||||
233,485 | ||||||||
Chemicals – 0.1% | ||||||||
FUCHS PETROLUB SE | 432 | 19,313 | ||||||
Electric – 0.0% (c) | ||||||||
RWE AG | 203 | 2,341 | ||||||
Electronics – 0.1% | ||||||||
Sartorius AG | 232 | 18,228 | ||||||
Household Products/Wares – 0.6% | ||||||||
Henkel AG & Co. KGaA | 1,077 | 138,209 | ||||||
Pharmaceuticals – 0.1% | ||||||||
Grifols SA – Class B | 1,598 | 23,050 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $433,807) | 434,626 |
The accompanying notes are an integral part of these financial statements.
78
Pacer Trendpilot™ European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS – 1.1% | ||||||||
Fonciere Des Regions | 227 | $ | 19,843 | |||||
Gecina SA | 248 | 36,154 | ||||||
ICADE | 219 | 15,742 | ||||||
Klepierre | 1,274 | 52,117 | ||||||
Unibail-Rodamco SE | 611 | 145,548 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | ||||||||
(Cost $304,988) | 269,404 | |||||||
SHORT-TERM INVESTMENTS – 0.2% | ||||||||
Money Market Funds – 0.2% | ||||||||
Short-Term Investments Trust Government & | ||||||||
Agency Portfolio, Institutional Class, 0.29% (d) | 48,973 | 48,973 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $48,973) | 48,973 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost $23,138,586) – 100.0% | 23,369,373 | |||||||
Other Assets in Excess of Liabilities – 0.0% (c) | 829 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 23,370,202 |
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Restricted securities as defined in Rule 144(a) and Regulation S 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 $211,817. |
(c) | Less than 0.05%. |
(d) | Rate disclosed is the seven day yield as of October 31, 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 does not apply for all purposes of this report, which may combine sub-classifications for reporting ease. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of these financial statements.
79
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS – 94.4% | ||||||||
Advertising – 0.4% | ||||||||
JCDecaux SA | 50 | $ | 1,529 | |||||
Publicis Groupe SA | 130 | 8,919 | ||||||
10,448 | ||||||||
Aerospace/Defense – 2.1% | ||||||||
Airbus Group SE | 380 | 22,588 | ||||||
Leonardo-Finmeccanica SpA (a) | 262 | 3,192 | ||||||
MTU Aero Engines AG | 34 | 3,549 | ||||||
Safran SA | 195 | 13,407 | ||||||
Thales SA | 70 | 6,591 | ||||||
Zodiac Aerospace | 127 | 3,091 | ||||||
52,418 | ||||||||
Airlines – 0.2% | ||||||||
Deutsche Lufthansa AG | 155 | 1,982 | ||||||
Ryanair Holdings PLC – ADR | 35 | 2,628 | ||||||
4,610 | ||||||||
Apparel – 2.7% | ||||||||
adidas AG | 136 | 22,305 | ||||||
Christian Dior SE | 36 | 6,945 | ||||||
Hermes International | 16 | 6,483 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 175 | 31,803 | ||||||
67,536 | ||||||||
Auto Manufacturers – 3.6% | ||||||||
Bayerische Motoren Werke AG | 223 | 19,430 | ||||||
Daimler AG | 657 | 46,815 | ||||||
Ferrari NV | 92 | 4,845 | ||||||
Fiat Chrysler Automobiles NV | 602 | 4,408 | ||||||
Peugeot SA (a) | 267 | 3,999 | ||||||
Renault SA | 116 | 10,074 | ||||||
Volkswagen AG | 20 | 2,986 | ||||||
92,557 | ||||||||
Auto Parts & Equipment – 1.7% | ||||||||
Cie Generale des Etablissements Michelin | 128 | 13,859 | ||||||
Continental AG | 72 | 13,796 | ||||||
The accompanying notes are an integral part of these financial statements.
80
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.4% (Continued) | ||||||||
Auto Parts & Equipment – 1.7% (Continued) | ||||||||
Faurecia | 42 | $ | 1,545 | |||||
Hella KGaA Hueck & Co | 22 | 839 | ||||||
Nokian Renkaat OYJ | 92 | 3,087 | ||||||
Valeo SA | 156 | 8,991 | ||||||
42,117 | ||||||||
Banks – 11.2% | ||||||||
ABN AMRO Group NV | ||||||||
(Acquired 12/14/15, Cost $3,057) (b) | 145 | 3,347 | ||||||
Alpha Bank AE (a) | 960 | 1,644 | ||||||
Banca Mediolanum SpA | 180 | 1,245 | ||||||
Banco Bilbao Vizcaya Argentaria SA | 4,375 | 31,592 | ||||||
Banco de Sabadell SA | 3,213 | 4,300 | ||||||
Banco Popular Espanol SA | 1,078 | 1,182 | ||||||
Banco Santander SA | 9,912 | 48,714 | ||||||
Bank of Ireland (a) | 18,915 | 4,049 | ||||||
Bankia SA | 3,167 | 2,788 | ||||||
Bankinter SA | 484 | 3,705 | ||||||
BNP Paribas SA | 671 | 38,922 | ||||||
CaixaBank SA | 1,760 | 5,327 | ||||||
Commerzbank AG | 715 | 4,856 | ||||||
Credit Agricole SA | 725 | 7,825 | ||||||
Deutsche Bank AG (a) | 949 | 13,704 | ||||||
Erste Group Bank AG | 197 | 6,187 | ||||||
ING Groep NV | 2,656 | 34,973 | ||||||
Intesa Sanpaolo SpA | 8,277 | 19,172 | ||||||
Intesa Sanpaolo SpA – Savings Shares | 641 | 1,385 | ||||||
KBC Groep NV | 193 | 11,761 | ||||||
Mediobanca SpA | 377 | 2,762 | ||||||
National Bank of Greece SA (a) | 3,852 | 791 | ||||||
Natixis SA | 642 | 3,245 | ||||||
Piraeus Bank SA (a) | 4,536 | 752 | ||||||
Raiffeisen Bank International AG (a) | 78 | 1,278 | ||||||
Societe Generale SA | 504 | 19,674 | ||||||
UniCredit SpA | 3,364 | 8,346 | ||||||
Unione di Banche Italiane SpA | 594 | 1,638 | ||||||
285,164 |
The accompanying notes are an integral part of these financial statements.
81
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.4% (Continued) | ||||||||
Beverages – 3.9% | ||||||||
Anheuser-Busch InBev SA/NV | 549 | $ | 63,009 | |||||
Davide Campari-Milano SpA | 198 | 1,994 | ||||||
Heineken Holding NV | 66 | 5,080 | ||||||
Heineken NV | 150 | 12,358 | ||||||
Pernod Ricard SA | 131 | 15,581 | ||||||
Remy Cointreau SA | 16 | 1,298 | ||||||
99,320 | ||||||||
Building Materials – 1.0% | ||||||||
Cie de Saint-Gobain | 314 | 13,941 | ||||||
HeidelbergCement AG | 96 | 9,080 | ||||||
Imerys SA | 24 | 1,669 | ||||||
24,690 | ||||||||
Chemicals – 6.3% | ||||||||
Air Liquide SA | 235 | 23,909 | ||||||
Akzo Nobel NV | 173 | 11,182 | ||||||
Arkema SA | 48 | 4,551 | ||||||
BASF SE | 647 | 57,033 | ||||||
Brenntag AG | 106 | 5,666 | ||||||
Evonik Industries AG | 86 | 2,687 | ||||||
FUCHS PETROLUB SE | 24 | 949 | ||||||
K+S AG | 127 | 2,569 | ||||||
Koninklijke DSM NV | 118 | 7,588 | ||||||
LANXESS AG | 62 | 3,970 | ||||||
Linde AG | 131 | 21,614 | ||||||
OCI NV (a) | 56 | 778 | ||||||
Solvay SA – Class A | 48 | 5,509 | ||||||
Symrise AG | 80 | 5,490 | ||||||
Umicore SA | 74 | 4,499 | ||||||
Wacker Chemie AG | 10 | 891 | ||||||
158,885 | ||||||||
Commercial Services – 1.5% | ||||||||
Abertis Infraestructuras SA | 363 | 5,390 | ||||||
Atlantia SpA | 328 | 8,033 | ||||||
Bureau Veritas SA | 181 | 3,420 | ||||||
Edenred | 138 | 3,197 | ||||||
Randstad Holding NV | 72 | 3,708 |
The accompanying notes are an integral part of these financial statements.
82
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.4% (Continued) | ||||||||
Commercial Services – 1.5% (Continued) | ||||||||
RELX NV | 660 | $ | 11,139 | |||||
Wirecard AG | 76 | 3,605 | ||||||
38,492 | ||||||||
Computers – 1.0% | ||||||||
Atos SE | 60 | 6,232 | ||||||
Capgemini SA | 108 | 8,949 | ||||||
Gemalto NV | 54 | 2,936 | ||||||
Ingenico Group SA | 38 | 3,008 | ||||||
Teleperformance | 38 | 4,016 | ||||||
25,141 | ||||||||
Cosmetics/Personal Care – 3.2% | ||||||||
Beiersdorf AG | 68 | 5,987 | ||||||
L’Oreal SA | 168 | 30,070 | ||||||
Unilever NV | 1,092 | 45,768 | ||||||
81,825 | ||||||||
Distribution/Wholesale – 0.1% | ||||||||
Rexel SA | 210 | 2,913 | ||||||
Diversified Financial Services – 0.4% | ||||||||
Deutsche Boerse AG | 131 | 9,789 | ||||||
Electric – 4.2% | ||||||||
E.ON SE | 1,315 | 9,631 | ||||||
EDP – Energias de Portugal SA | 1,324 | 4,376 | ||||||
EDP Renovaveis SA | 136 | 1,028 | ||||||
Electricite de France SA | 174 | 1,950 | ||||||
Endesa SA | 218 | 4,634 | ||||||
Enel SpA | 5,346 | 23,005 | ||||||
Engie SA | 978 | 14,102 | ||||||
Fortum OYJ | 312 | 5,203 | ||||||
Iberdrola SA | 3,786 | 25,805 | ||||||
Red Electrica Corp. SA | 296 | 6,176 | ||||||
RWE AG (a) | 339 | 5,381 | ||||||
Terna Rete Elettrica Nazionale SpA | 1,001 | 4,903 | ||||||
Uniper SE (a) | 131 | 1,744 | ||||||
107,938 |
The accompanying notes are an integral part of these financial statements.
83
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.4% (Continued) | ||||||||
Electrical Components & Equipment – 1.8% | ||||||||
Gamesa Corp Tecnologica SA | 156 | $ | 3,609 | |||||
Legrand SA | 182 | 10,287 | ||||||
OSRAM Licht AG | 58 | 3,289 | ||||||
Prysmian SpA | 140 | 3,484 | ||||||
Schneider Electric SE | 387 | 25,974 | ||||||
46,643 | ||||||||
Electronics – 0.8% | ||||||||
Koninklijke Philips NV | 649 | 19,564 | ||||||
Engineering & Construction – 2.2% | ||||||||
Acciona SA | 18 | 1,370 | ||||||
ACS Actividades de Construccion y Servicios SA | 120 | 3,679 | ||||||
Aena SA (Acquired 12/14/15, Cost $5,082) (b) | 44 | 6,460 | ||||||
Aeroports de Paris | 20 | 2,020 | ||||||
Boskalis Westminster | 54 | 1,743 | ||||||
Bouygues SA | 125 | 4,076 | ||||||
Eiffage SA | 44 | 3,257 | ||||||
Ferrovial SA | 330 | 6,421 | ||||||
Fraport AG Frankfurt Airport Services Worldwide | 24 | 1,425 | ||||||
HOCHTIEF AG | 16 | 2,184 | ||||||
Vinci SA | 327 | 23,685 | ||||||
56,320 | ||||||||
Entertainment – 0.0% (c) | ||||||||
OPAP SA | 144 | 1,228 | ||||||
Food – 3.3% | ||||||||
Carrefour SA | 373 | 9,784 | ||||||
Casino Guichard Perrachon SA | 40 | 1,990 | ||||||
Colruyt SA | 44 | 2,365 | ||||||
Danone SA | 398 | 27,560 | ||||||
Distribuidora Internacional de Alimentacion SA | 412 | 2,206 | ||||||
Glanbia PLC | 118 | 1,922 | ||||||
Jeronimo Martins SGPS SA | 168 | 2,890 | ||||||
Kerry Group PLC – Class A | 100 | 7,261 | ||||||
Kesko OYJ – Class B | 46 | 2,287 | ||||||
Koninklijke Ahold Delhaize NV | 883 | 20,157 |
The accompanying notes are an integral part of these financial statements.
84
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.4% (Continued) | ||||||||
Food – 3.3% (Continued) | ||||||||
METRO AG | 112 | $ | 3,355 | |||||
Parmalat SpA | 217 | 573 | ||||||
Suedzucker AG | 52 | 1,332 | ||||||
83,682 | ||||||||
Food Service – 0.3% | ||||||||
Sodexo SA | 62 | 7,201 | ||||||
Forest Products & Paper – 0.5% | ||||||||
Stora Enso OYJ – Class R | 395 | 3,735 | ||||||
UPM-Kymmene OYJ | 373 | 8,681 | ||||||
12,416 | ||||||||
Healthcare-Products – 0.7% | ||||||||
Essilor International SA | 136 | 15,288 | ||||||
QIAGEN NV (a) | 151 | 3,697 | ||||||
18,985 | ||||||||
Healthcare-Services – 1.3% | ||||||||
BioMerieux | 10 | 1,458 | ||||||
Fresenius Medical Care AG & Co. KGaA | 146 | 11,894 | ||||||
Fresenius SE & Co KGaA | 275 | 20,298 | ||||||
33,650 | ||||||||
Holding Companies-Diversified – 0.2% | ||||||||
Bollore SA | 674 | 2,220 | ||||||
Wendel SA | 20 | 2,301 | ||||||
4,521 | ||||||||
Home Furnishings – 0.1% | ||||||||
SEB SA | 18 | 2,649 | ||||||
Household Products/Wares – 0.4% | ||||||||
Henkel AG & Co. KGaA | 80 | 8,808 | ||||||
Societe BIC SA | 18 | 2,496 | ||||||
11,304 | ||||||||
Insurance – 6.1% | ||||||||
Aegon NV | 1,309 | 5,644 | ||||||
Ageas | 142 | 5,187 | ||||||
The accompanying notes are an integral part of these financial statements.
85
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.4% (Continued) | ||||||||
Insurance – 6.1% (Continued) | ||||||||
Allianz SE | 313 | $ | 48,791 | |||||
Assicurazioni Generali SpA | 867 | 11,202 | ||||||
AXA SA | 1,325 | 29,869 | ||||||
CNP Assurances | 112 | 1,941 | ||||||
Euler Hermes Group | 8 | 694 | ||||||
Hannover Rueck SE | 40 | 4,459 | ||||||
Mapfre SA | 699 | 2,077 | ||||||
Muenchener Rueckversicherungs- | ||||||||
Gesellschaft AG – Class R | 98 | 18,999 | ||||||
NN Group NV | 197 | 5,936 | ||||||
Sampo OYJ – Class A | 323 | 14,811 | ||||||
SCOR SE | 108 | 3,496 | ||||||
Talanx AG | 26 | 807 | ||||||
UnipolSai SpA | 713 | 1,362 | ||||||
Vienna Insurance Group AG | ||||||||
Wiener Versicherung Gruppe | 26 | 513 | ||||||
155,788 | ||||||||
Internet – 0.3% | ||||||||
Iliad SA | 16 | 3,356 | ||||||
United Internet AG | 78 | 3,202 | ||||||
6,558 | ||||||||
Investment Companies – 0.3% | ||||||||
Corp. Financiera Alba SA | 12 | 526 | ||||||
EXOR SpA | 72 | 3,060 | ||||||
Groupe Bruxelles Lambert SA | 52 | 4,473 | ||||||
8,059 | ||||||||
Iron/Steel – 0.8% | ||||||||
Acerinox SA | 94 | 1,158 | ||||||
ArcelorMittal (a) | 1,281 | 8,631 | ||||||
ThyssenKrupp AG | 297 | 6,876 | ||||||
Voestalpine AG | 78 | 2,760 | ||||||
19,425 | ||||||||
Lodging – 0.2% | ||||||||
Accor SA | 118 | 4,480 |
The accompanying notes are an integral part of these financial statements.
86
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.4% (Continued) | ||||||||
Machinery-Diversified – 1.4% | ||||||||
Alstom SA (a) | 105 | $ | 2,821 | |||||
ANDRITZ AG | 50 | 2,615 | ||||||
CNH Industrial NV | 643 | 4,998 | ||||||
GEA Group AG | 120 | 4,640 | ||||||
KION Group AG | 41 | 2,476 | ||||||
Kone OYJ – Class B | 266 | 12,244 | ||||||
MAN SE | 24 | 2,454 | ||||||
Metso OYJ | 92 | 2,414 | ||||||
Zardoya Otis SA | 121 | 1,021 | ||||||
35,683 | ||||||||
Media – 1.9% | ||||||||
Altice NV – Class A (a) | 270 | 4,979 | ||||||
Altice NV – Class B (a) | 82 | 1,526 | ||||||
Axel Springer SE | 28 | 1,402 | ||||||
Lagardere SCA | 74 | 1,885 | ||||||
Mediaset Espana Comunicacion SA | 133 | 1,486 | ||||||
Mediaset SpA | 526 | 1,504 | ||||||
ProSiebenSat.1 Media SE | 143 | 6,163 | ||||||
Rizzoli Corriere Della Sera Mediagroup SpA (a) | 42 | 44 | ||||||
RTL Group SA | 26 | 2,038 | ||||||
SFR Group SA | 62 | 1,670 | ||||||
Telenet Group Holding NV (a) | 34 | 1,820 | ||||||
Vivendi SA | 751 | 15,186 | ||||||
Wolters Kluwer NV | 207 | 8,011 | ||||||
47,714 | ||||||||
Metal Fabricate/Hardware – 0.2% | ||||||||
Tenaris SA | 331 | 4,680 | ||||||
Miscellaneous Manufacturing – 2.5% | ||||||||
Siemens AG | 518 | 58,826 | ||||||
Wartsila OYJ Abp | 104 | 4,498 | ||||||
63,324 | ||||||||
Oil & Gas – 5.3% | ||||||||
Enagas SA | 159 | 4,564 | ||||||
Eni SpA | 1,728 | 25,058 |
The accompanying notes are an integral part of these financial statements.
87
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.4% (Continued) | ||||||||
Oil & Gas – 5.3% (Continued) | ||||||||
Galp Energia SGPS SA | 335 | $ | 4,542 | |||||
Gas Natural SDG SA | 211 | 4,164 | ||||||
Neste OYJ | 88 | 3,799 | ||||||
OMV AG | 98 | 3,063 | ||||||
Repsol SA | 744 | 10,426 | ||||||
Snam SpA | 1,522 | 8,023 | ||||||
TOTAL SA | 1,468 | 70,455 | ||||||
134,094 | ||||||||
Oil & Gas Services – 0.2% | ||||||||
Saipem SpA (a) | 1,672 | 688 | ||||||
Technip SA | 76 | 5,041 | ||||||
5,729 | ||||||||
Pharmaceuticals – 5.5% | ||||||||
Bayer AG | 569 | 56,397 | ||||||
Grifols SA | 228 | 4,508 | ||||||
Ipsen SA | 24 | 1,659 | ||||||
Merck KGaA | 88 | 9,048 | ||||||
Orion OYJ – Class B | 70 | 2,981 | ||||||
Sanofi | 761 | 59,279 | ||||||
UCB SA | 80 | 5,417 | ||||||
139,289 | ||||||||
Pipelines – 0.1% | ||||||||
Koninklijke Vopak NV | 46 | 2,323 | ||||||
Private Equity – 0.1% | ||||||||
Eurazeo SA | 29 | 1,669 | ||||||
Real Estate – 0.9% | ||||||||
Deutsche Wohnen AG – Class BR | 236 | 7,700 | ||||||
LEG Immobilien AG | 43 | 3,627 | ||||||
Vonovia SE | 327 | 11,517 | ||||||
22,844 | ||||||||
Retail – 2.0% | ||||||||
Fielmann AG | 18 | 1,248 | ||||||
GrandVision NV | ||||||||
(Acquired 12/14/15, Cost $947) (b) | 34 | 779 |
The accompanying notes are an integral part of these financial statements.
88
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.4% (Continued) | ||||||||
Retail – 2.0% (Continued) | ||||||||
HUGO BOSS AG | 44 | $ | 2,763 | |||||
Industria de Diseno Textil SA | 728 | 25,450 | ||||||
Kering | 50 | 11,090 | ||||||
Luxottica Group SpA | 118 | 5,874 | ||||||
Salvatore Ferragamo SpA | 32 | 783 | ||||||
Zalando SE | ||||||||
(Acquired 12/14/15, Cost $2,760) (a)(b) | 72 | 3,161 | ||||||
51,148 | ||||||||
Semiconductors – 1.7% | ||||||||
ASML Holding NV | 227 | 24,047 | ||||||
Infineon Technologies AG | 787 | 14,130 | ||||||
STMicroelectronics NV | 426 | 4,062 | ||||||
42,239 | ||||||||
Software – 3.0% | ||||||||
Amadeus IT Holding SA | 296 | 13,972 | ||||||
Dassault Systemes | 84 | 6,652 | ||||||
SAP SE | 627 | 55,229 | ||||||
75,853 | ||||||||
Telecommunications – 5.4% | ||||||||
Deutsche Telekom AG | 2,178 | 35,493 | ||||||
Elisa OYJ | 108 | 3,640 | ||||||
Eutelsat Communications SA | 110 | 2,306 | ||||||
Hellenic Telecommunications Organization SA | 166 | 1,522 | ||||||
Koninklijke KPN NV | 2,180 | 7,110 | ||||||
Nokia OYJ | 3,842 | 17,157 | ||||||
Orange SA | 1,338 | 21,077 | ||||||
Proximus SADP | 96 | 2,748 | ||||||
SES SA | 204 | 4,692 | ||||||
Telecom Italia SpA (a) | 6,717 | 5,829 | ||||||
Telecom Italia SpA – Savings Shares | 4,143 | 2,938 | ||||||
Telefonica Deutschland Holding AG | 471 | 1,826 | ||||||
Telefonica SA | 2,913 | 29,611 | ||||||
Telekom Austria AG | 54 | 310 | ||||||
136,259 |
The accompanying notes are an integral part of these financial statements.
89
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 94.4% (Continued) | ||||||||
Transportation – 1.0% | ||||||||
bpost SA | 68 | $ | 1,809 | |||||
Deutsche Post AG | 667 | 20,670 | ||||||
Groupe Eurotunnel SE | 322 | 3,016 | ||||||
25,495 | ||||||||
Water – 0.4% | ||||||||
Suez | 222 | 3,515 | ||||||
Veolia Environnement SA | 320 | 6,984 | ||||||
10,499 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $2,398,424) | 2,395,158 | |||||||
PREFERRED STOCKS – 1.8% | ||||||||
Auto Manufacturers – 1.0% | ||||||||
Bayerische Motoren Werke AG | 38 | 2,885 | ||||||
Porsche Automobil Holding SE | 104 | 5,608 | ||||||
Volkswagen AG | 126 | 17,317 | ||||||
25,810 | ||||||||
Chemicals – 0.1% | ||||||||
FUCHS PETROLUB SE | 48 | 2,146 | ||||||
Electric – 0.0% (c) | ||||||||
RWE AG | 22 | 254 | ||||||
Household Products/Wares – 0.6% | ||||||||
Henkel AG & Co. KGaA | 118 | 15,142 | ||||||
Pharmaceuticals – 0.1% | ||||||||
Grifols SA – Class B | 176 | 2,539 | ||||||
TOTAL PREFERRED STOCKS | ||||||||
(Cost $43,328) | 45,891 | |||||||
The accompanying notes are an integral part of these financial statements.
90
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS – 1.1% | ||||||||
Fonciere Des Regions | 24 | $ | 2,098 | |||||
Gecina SA | 26 | 3,790 | ||||||
ICADE | 24 | 1,725 | ||||||
Klepierre | 140 | 5,727 | ||||||
Unibail-Rodamco SE | 68 | 16,199 | ||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | ||||||||
(Cost $29,783) | 29,539 | |||||||
SHORT-TERM INVESTMENTS – 0.1% | ||||||||
Money Market Funds – 0.1% | ||||||||
Short-Term Investments Trust Government & | ||||||||
Agency Portfolio, Institutional Class, 0.29% (d) | 2,466 | 2,466 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $2,466) | 2,466 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost $2,474,001) – 97.4% | 2,473,054 | |||||||
Other Assets in Excess of Liabilities – 2.6% | 65,123 | |||||||
TOTAL NET ASSETS – 100.0% | $ | 2,538,177 |
ADR | American Depositary Receipt |
(a) | Non-income producing security. |
(b) | Restricted securities as defined in Rule 144(a) and Regulation S 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 $13,747. |
(c) | Less than 0.05%. |
(d) | Rate disclosed is the seven day yield as of October 31, 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 does not apply for all purposes of this report, which may combine sub-classifications for reporting ease. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of these financial statements.
91
Pacer Autopilot Hedged European Index ETF
SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS
October 31, 2016 (Unaudited)
Amount of | Amount of | |||||||||||||
Forward | Currency | Currency | Currency | Currency | Unrealized | |||||||||
Expiration | to be | to be | to be | to be | Appreciation | |||||||||
Date | Received | Received | Delivered | Delivered | (Depreciation) | |||||||||
12/2/16 | Euro | 2,224,909 | U.S. Dollars | 2,441,192 | $ | (4,409 | ) | |||||||
12/2/16 | Euro | 117,803 | �� | U.S. Dollars | 129,254 | (233 | ) | |||||||
11/2/16 | Euro | 2,297,613 | U.S. Dollars | 2,585,373 | 62,967 | |||||||||
11/2/16 | U.S. Dollars | 81,839 | Euro | 72,704 | (2,022 | ) | ||||||||
11/2/16 | U.S. Dollars | 2,224,909 | Euro | 2,438,722 | 3,866 | |||||||||
$ | 60,169 |
The accompanying notes are an integral part of these financial statements.
92
Pacer Global High Dividend ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited)
Shares | Value | |||||||
COMMON STOCKS – 95.0% | ||||||||
Australia – 5.4% | ||||||||
Amcor Ltd. | 10,934 | $ | 122,267 | |||||
BHP Billiton Ltd. | 46,990 | 824,643 | ||||||
Caltex Australia Ltd. | 2,593 | 60,615 | ||||||
Coca-Cola Amatil Ltd. | 10,501 | 76,206 | ||||||
Tatts Group Ltd. | 17,386 | 53,696 | ||||||
Telstra Corp. Ltd. | 155,753 | 590,036 | ||||||
1,727,463 | ||||||||
Belgium – 1.8% | ||||||||
Anheuser-Busch InBev SA/NV | 4,967 | 570,064 | ||||||
Finland – 1.6% | ||||||||
Fortum OYJ | 18,972 | 316,356 | ||||||
Kone OYJ – Class B | 4,578 | 210,720 | ||||||
527,076 | ||||||||
France – 6.2% | ||||||||
Cie de Saint-Gobain | 4,556 | 202,280 | ||||||
Cie Generale des Etablissements Michelin | 1,463 | 158,401 | ||||||
Engie SA | 41,678 | 600,956 | ||||||
Orange SA | 27,117 | 427,168 | ||||||
Sanofi | 7,766 | 604,946 | ||||||
1,993,751 | ||||||||
Germany – 3.4% | ||||||||
E.ON SE | 29,468 | 215,830 | ||||||
Evonik Industries AG | 5,319 | 166,177 | ||||||
Siemens AG | 5,900 | 670,020 | ||||||
Uniper SE (a) | 2,945 | 39,199 | ||||||
1,091,226 | ||||||||
Hong Kong – 1.8% | ||||||||
Li & Fung Ltd. | 189,709 | 93,441 | ||||||
NWS Holdings Ltd. | 53,090 | 94,056 | ||||||
PCCW Ltd. | 100,345 | 59,776 | ||||||
Power Assets Holdings Ltd. | 20,502 | 192,845 | ||||||
Sun Art Retail Group Ltd. | 96,027 | 67,728 | ||||||
Yue Yue Industrial Holdings Ltd. | 17,678 | 67,357 | ||||||
575,203 |
The accompanying notes are an integral part of these financial statements.
93
Pacer Global High Dividend ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.0% (Continued) | ||||||||
Israel – 0.3% | ||||||||
Bezeq The Israeli Telecommunication Corp. Ltd. | 60,206 | $ | 109,386 | |||||
Italy – 0.6% | ||||||||
Atlantia SpA | 8,033 | 196,735 | ||||||
Japan – 6.2% | ||||||||
Bridgestone Corp. | 6,618 | 247,063 | ||||||
Canon, Inc. | 12,515 | 360,044 | ||||||
FANUC Corp. | 2,203 | 413,417 | ||||||
ITOCHU Corp. | 13,529 | 171,386 | ||||||
JX Holdings, Inc. | 22,135 | 87,784 | ||||||
Kawasaki Heavy Industries Ltd | 14,575 | 42,667 | ||||||
Kubota Corp. | 10,510 | 169,822 | ||||||
Mitsui & Co. Ltd. | 21,054 | 292,712 | ||||||
NSK Ltd. | 4,504 | 50,078 | ||||||
Seiko Epson Corp. | 3,120 | 63,459 | ||||||
Sumitomo Metal Mining Co. Ltd. | 5,444 | 70,574 | ||||||
1,969,006 | ||||||||
Luxembourg – 0.5% | ||||||||
Tenaris SA | 10,955 | 154,894 | ||||||
Netherlands – 0.4% | ||||||||
Koninklijke KPN NV | 35,653 | 116,280 | ||||||
New Zealand – 0.6% | ||||||||
Fletcher Building Ltd. | 8,009 | 59,391 | ||||||
Meridian Energy Ltd. | 33,764 | 62,052 | ||||||
Spark New Zealand Ltd. | 29,419 | 76,997 | ||||||
198,440 | ||||||||
Norway – 1.1% | ||||||||
Telenor ASA | 21,916 | 348,806 | ||||||
Singapore – 0.7% | ||||||||
Hutchison Port Holdings Trust – Class U | 234,858 | 104,512 | ||||||
Singapore Press Holdings Ltd. | 16,498 | 44,113 | ||||||
StarHub Ltd. | 25,275 | 61,405 | ||||||
210,030 |
The accompanying notes are an integral part of these financial statements.
94
Pacer Global High Dividend ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.0% (Continued) | ||||||||
South Korea – 2.7% | ||||||||
Korea Electric Power Corp. | 9,277 | $ | 399,294 | |||||
POSCO | 863 | 178,747 | ||||||
SK Innovation Co. Ltd. | 795 | 105,259 | ||||||
SK Telecom Co. Ltd. | 885 | 172,862 | ||||||
856,162 | ||||||||
Spain – 3.0% | ||||||||
Endesa SA | 15,773 | 335,303 | ||||||
Telefonica SA | 62,249 | 632,774 | ||||||
968,077 | ||||||||
Sweden – 1.3% | ||||||||
Telefonaktiebolaget LM Ericsson – Class B | 49,997 | 242,010 | ||||||
Telia Co. AB | 43,301 | 173,067 | ||||||
415,077 | ||||||||
Switzerland – 7.3% | ||||||||
ABB Ltd. | 21,292 | 438,944 | ||||||
Kuehne + Nagel International AG – Class R | 1,176 | 159,486 | ||||||
Nestle SA | 8,509 | 616,968 | ||||||
Novartis AG | 7,890 | 561,322 | ||||||
Roche Holding AG | 2,419 | 556,134 | ||||||
2,332,854 | ||||||||
Britain – 11.3% | ||||||||
British American Tobacco PLC | 10,450 | 600,083 | ||||||
BT Group PLC | 89,606 | 412,335 | ||||||
Centrica PLC | 84,883 | 222,548 | ||||||
Diageo PLC | 22,040 | 587,965 | ||||||
Imperial Brands PLC | 11,109 | 537,848 | ||||||
Next PLC | 1,220 | 71,917 | ||||||
Rio Tinto PLC | 23,187 | 805,879 | ||||||
Sky PLC | 17,073 | 170,941 | ||||||
WPP PLC | 10,186 | 221,676 | ||||||
3,631,192 | ||||||||
United States – 38.8% | ||||||||
AbbVie, Inc. | 9,920 | 553,338 |
The accompanying notes are an integral part of these financial statements.
95
Pacer Global High Dividend ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
COMMON STOCKS – 95.0% (Continued) | ||||||||
United States – 38.8% (Continued) | ||||||||
Altria Group, Inc. | 9,875 | $ | 652,935 | |||||
AT&T, Inc. | 16,445 | 605,012 | ||||||
Boeing Co. | 5,062 | 720,981 | ||||||
Cisco Systems, Inc. | 22,135 | 679,102 | ||||||
Cummins, Inc. | 1,487 | 190,068 | ||||||
Eaton Corp. PLC | 4,434 | 282,756 | ||||||
Emerson Electric Co. | 6,237 | 316,091 | ||||||
Ford Motor Co. | 48,917 | 574,286 | ||||||
HP, Inc. | 20,458 | 296,436 | ||||||
Intel Corp. | 20,392 | 711,069 | ||||||
International Business Machines Corp. | 4,217 | 648,111 | ||||||
Las Vegas Sands Corp. | 12,294 | 711,577 | ||||||
LyondellBasell Industries NV – Class A | 4,484 | 356,702 | ||||||
Merck & Co., Inc. | 11,384 | 668,468 | ||||||
Paychex, Inc. | 2,881 | 159,031 | ||||||
Pfizer, Inc. | 18,392 | 583,210 | ||||||
Philip Morris International, Inc. | 6,377 | 614,998 | ||||||
Procter & Gamble Co. | 7,819 | 678,689 | ||||||
QUALCOMM, Inc. | 11,737 | 806,567 | ||||||
Target Corp. | 5,182 | 356,159 | ||||||
Thomson Reuters Corp. (a) | 6,451 | 254,231 | ||||||
Valero Energy Corp. | 4,338 | 256,983 | ||||||
Verizon Communications, Inc. | 12,663 | 609,090 | ||||||
Viacom, Inc. – Class B | 3,767 | 141,488 | ||||||
12,427,378 | ||||||||
TOTAL COMMON STOCKS | ||||||||
(Cost $30,821,478) | 30,419,100 | |||||||
EXCHANGE TRADED FUNDS – 0.7% | ||||||||
iShares MSCI EAFE ETF | 2,720 | 157,270 | ||||||
SPDR S&P 500 ETF Trust | 382 | 81,194 | ||||||
TOTAL EXCHANGE TRADED FUNDS | ||||||||
(Cost $238,445) | 238,464 | |||||||
The accompanying notes are an integral part of these financial statements.
96
Pacer Global High Dividend ETF
SCHEDULE OF INVESTMENTS
October 31, 2016 (Unaudited) (Continued)
Shares | Value | |||||||
REAL ESTATE INVESTMENT TRUSTS – 4.0% | ||||||||
Australia – 0.9% | ||||||||
Dexus Property Group | 13,481 | $ | 91,679 | |||||
Goodman Group | 15,687 | 81,026 | ||||||
Vicinity Centres | 57,645 | 125,851 | ||||||
298,556 | ||||||||
Singapore – 0.4% | ||||||||
Ascendas Real Estate Investment Trust | 37,976 | 64,692 | ||||||
CapitaLand Mall Trust | 42,509 | 63,248 | ||||||
127,940 | ||||||||
United States – 2.7% | ||||||||
HCP, Inc. | 8,461 | 289,789 | ||||||
Ventas, Inc. | 4,004 | 271,271 | ||||||
Welltower, Inc. | 4,463 | 305,850 | ||||||
866,910 | ||||||||
TOTAL REAL ESTATE INVESTMENT TRUSTS | ||||||||
(Cost $1,389,807) | 1,293,406 | |||||||
SHORT-TERM INVESTMENTS – 0.4% | ||||||||
Money Market Funds – 0.4% | ||||||||
Short-Term Investments Trust Government & | ||||||||
Agency Portfolio, Institutional Class, 0.29% (b) | 113,516 | 113,516 | ||||||
TOTAL SHORT-TERM INVESTMENTS | ||||||||
(Cost $113,516) | 113,516 | |||||||
TOTAL INVESTMENTS | ||||||||
(Cost $32,563,246) – 100.1% | 32,064,486 | |||||||
Liabilities in Excess of Other Assets – (0.1)% | (47,167 | ) | ||||||
TOTAL NET ASSETS – 100.0% | $ | 32,017,319 |
(a) | Non-income producing security. |
(b) | Rate disclosed is the seven day yield as of October 31, 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 does not apply for all purposes of this report, which may combine sub-classifications for reporting ease. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of these financial statements.
97
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2016 (Unaudited)
Pacer | Pacer | Pacer | ||||||||||
Trendpilot™ | Trendpilot™ | Trendpilot™ | ||||||||||
750 ETF | 450 ETF | 100 ETF | ||||||||||
ASSETS | ||||||||||||
Investments in Securities, at Value* | $ | 385,491,514 | $ | 181,298,209 | $ | 58,889,848 | ||||||
Cash | 3,658 | — | 81 | |||||||||
Interest and Dividends Receivable | 365,654 | 119,184 | 2,692 | |||||||||
Receivable for Fund Shares Sold | — | 3,681,750 | — | |||||||||
Total Assets | 385,860,826 | 185,099,143 | 58,892,621 | |||||||||
LIABILITIES | ||||||||||||
Due to Custodian | — | 81 | — | |||||||||
Management Fees Payable | 197,956 | 91,456 | 32,808 | |||||||||
Payable for Investment | ||||||||||||
Securities Purchased | — | 3,678,091 | 81 | |||||||||
Total Liabilities | 197,956 | 3,769,628 | 32,889 | |||||||||
NET ASSETS | $ | 385,662,870 | $ | 181,329,515 | $ | 58,859,732 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in Capital | $ | 409,564,529 | $ | 178,735,363 | $ | 68,166,275 | ||||||
Undistributed Accumulated | ||||||||||||
Net Investment Income | 3,120,471 | 1,143,702 | 69,476 | |||||||||
Accumulated Net Realized Loss | (39,628,329 | ) | (4,917,556 | ) | (12,769,022 | ) | ||||||
Net Unrealized Appreciation on: | ||||||||||||
Investments in Securities | 12,606,199 | 6,368,006 | 3,393,003 | |||||||||
Net Assets | $ | 385,662,870 | $ | 181,329,515 | $ | 58,859,732 | ||||||
* Identified Cost: | ||||||||||||
Investments in Securities | $ | 372,885,315 | $ | 174,930,203 | $ | 55,496,845 | ||||||
Net Asset Value (unlimited | ||||||||||||
shares authorized): | ||||||||||||
Net Assets | $ | 385,662,870 | $ | 181,329,515 | $ | 58,859,732 | ||||||
Shares Outstanding (No Par Value) | 16,950,000 | 7,350,000 | 2,600,000 | |||||||||
Net Asset Value, Offering and | ||||||||||||
Redemption Price per Share | $ | 22.75 | $ | 24.67 | $ | 22.64 |
The accompanying notes are an integral part of these financial statements.
98
Pacer Funds
STATEMENTS OF ASSETS & LIABILITIES
October 31, 2016 (Unaudited)
Pacer | ||||||||||||
Pacer | Autopilot | Pacer | ||||||||||
Trendpilot™ | Hedged | Global High | ||||||||||
European | European | Dividend | ||||||||||
Index ETF | Index ETF | ETF | ||||||||||
ASSETS | ||||||||||||
Investments in Securities, at Value* | $ | 23,369,373 | $ | 2,473,054 | $ | 32,064,486 | ||||||
Cash | 48 | — | — | |||||||||
Foreign Currency, at Value* | — | 176 | 33 | |||||||||
Interest and Dividends Receivable | 13,742 | 6,179 | 63,232 | |||||||||
Appreciation on Forward | ||||||||||||
Foreign Currency Contracts | — | 66,833 | — | |||||||||
Total Assets | 23,383,163 | 2,546,242 | 32,127,751 | |||||||||
LIABILITIES | ||||||||||||
Depreciation on Forward | ||||||||||||
Foreign Currency Contracts | — | 6,664 | — | |||||||||
Due to Custodian | — | 7 | — | |||||||||
Payable for Investment | ||||||||||||
Securities Purchased | 48 | — | 94,735 | |||||||||
Management Fees Payable | 12,913 | 1,394 | 15,697 | |||||||||
Total Liabilities | 12,961 | 8,065 | 110,432 | |||||||||
NET ASSETS | $ | 23,370,202 | $ | 2,538,177 | $ | 32,017,319 | ||||||
NET ASSETS CONSIST OF: | ||||||||||||
Paid-in Capital | $ | 24,886,734 | $ | 2,500,000 | $ | 32,448,724 | ||||||
Undistributed Accumulated | ||||||||||||
Net Investment Income (Loss) | (5,842 | ) | 1,423 | 103,586 | ||||||||
Accumulated Net Realized Loss | (1,741,442 | ) | (22,390 | ) | (35,507 | ) | ||||||
Net Unrealized Appreciation | ||||||||||||
(Depreciation) on: | ||||||||||||
Investments in Securities | 230,787 | (947 | ) | (498,760 | ) | |||||||
Foreign Currencies | (35 | ) | (78 | ) | (724 | ) | ||||||
Forwards | — | 60,169 | — | |||||||||
Net Assets | $ | 23,370,202 | $ | 2,538,177 | $ | 32,017,319 | ||||||
* Identified Cost: | ||||||||||||
Investments in Securities | $ | 23,138,585 | $ | 2,474,001 | $ | 32,563,246 | ||||||
Foreign Currencies | — | 205 | 34 | |||||||||
Net Asset Value (unlimited | ||||||||||||
shares authorized): | ||||||||||||
Net Assets | $ | 23,370,202 | $ | 2,538,177 | $ | 32,017,319 | ||||||
Shares Outstanding (No Par Value) | 1,000,000 | 100,000 | 1,200,000 | |||||||||
Net Asset Value, Offering and | ||||||||||||
Redemption Price per Share | $ | 23.37 | $ | 25.38 | $ | 26.68 |
The accompanying notes are an integral part of these financial statements.
99
Pacer Funds
STATEMENTS OF OPERATIONS
Period Ended October 31, 2016 (Unaudited)
Pacer | Pacer | Pacer | ||||||||||
Trendpilot™ | Trendpilot™ | Trendpilot™ | ||||||||||
750 ETF | 450 ETF | 100 ETF | ||||||||||
INVESTMENT INCOME | ||||||||||||
Income: | ||||||||||||
Dividends (net of foreign withholding | ||||||||||||
tax of $708, $559, and | ||||||||||||
$0, respectively) | $ | 4,074,088 | $ | 1,712,209 | $ | 306,385 | ||||||
Interest | 1,672 | 777 | 14,790 | |||||||||
Total Investment Income | 4,075,760 | 1,712,986 | 321,175 | |||||||||
Expenses: | ||||||||||||
Management Fees | 1,158,256 | 507,430 | 206,293 | |||||||||
Total Expenses | 1,158,256 | 507,430 | 206,293 | |||||||||
Net Investment Income | 2,917,504 | 1,205,556 | 114,882 | |||||||||
REALIZED & UNREALIZED | ||||||||||||
GAIN (LOSS) ON INVESTMENTS | ||||||||||||
Net Realized Gain (Loss) on: | ||||||||||||
Investment Securities | 265,755 | (1,115,660 | ) | (2,717,906 | ) | |||||||
In-Kind Redemptions | 2,081,229 | 2,395,698 | 1,083,499 | |||||||||
Total | 2,346,984 | 1,280,038 | (1,634,407 | ) | ||||||||
Net Change in Unrealized | ||||||||||||
Appreciation of: | ||||||||||||
Investments Securities | 9,546,507 | 2,646,924 | 4,495,862 | |||||||||
Total | 9,546,507 | 2,646,924 | 4,495,862 | |||||||||
Net Realized and Unrealized | ||||||||||||
Gain on Investments | 11,893,491 | 3,926,962 | 2,861,455 | |||||||||
NET INCREASE IN | ||||||||||||
NET ASSETS RESULTING | ||||||||||||
FROM OPERATIONS | $ | 14,810,995 | $ | 5,132,518 | $ | 2,976,337 |
The accompanying notes are an integral part of these financial statements.
100
Pacer Funds
STATEMENTS OF OPERATIONS
Period Ended October 31, 2016 (Unaudited)
Pacer | ||||||||||||
Pacer | Autopilot | Pacer | ||||||||||
Trendpilot™ | Hedged | Global High | ||||||||||
European | European | Dividend | ||||||||||
Index ETF | Index ETF | ETF | ||||||||||
INVESTMENT INCOME | ||||||||||||
Income: | ||||||||||||
Dividends (net of foreign withholding | ||||||||||||
tax of $13,359, $7,858 | ||||||||||||
and $14,720, respectively) | $ | 79,185 | $ | 47,881 | $ | 297,910 | ||||||
Interest | 12,508 | 37 | 143 | |||||||||
Total Investment Income | 91,693 | 47,918 | 298,053 | |||||||||
Expenses: | ||||||||||||
Management Fees | 75,393 | 8,232 | 52,938 | |||||||||
Total Expenses | 75,393 | 8,232 | 52,938 | |||||||||
Net Investment Income | 16,300 | 39,686 | 245,115 | |||||||||
REALIZED & UNREALIZED | ||||||||||||
GAIN (LOSS) ON INVESTMENTS | ||||||||||||
Net Realized Loss on: | ||||||||||||
Investment Securities | (2,016,399 | ) | (8,298 | ) | (170,203 | ) | ||||||
In-Kind Redemptions | 19,192 | — | 133,782 | |||||||||
Foreign Currencies | (154,072 | ) | 8,197 | 914 | ||||||||
Forwards | — | (16,436 | ) | — | ||||||||
Contribution from Settlement | 409,837 | — | — | |||||||||
Total | (1,741,442 | ) | (16,537 | ) | (35,507 | ) | ||||||
Net Change in Unrealized | ||||||||||||
Appreciation (Depreciation) of: | ||||||||||||
Investments Securities | 228,287 | (58,270 | ) | (716,445 | ) | |||||||
Foreign Currencies | (35 | ) | (196 | ) | (842 | ) | ||||||
Forwards | — | 60,169 | — | |||||||||
Total | 228,252 | 1,703 | (717,287 | ) | ||||||||
Net Realized and Unrealized | ||||||||||||
Loss on Investments | (1,513,190 | ) | (14,834 | ) | (752,794 | ) | ||||||
NET INCREASE (DECREASE) IN | ||||||||||||
NET ASSETS RESULTING | ||||||||||||
FROM OPERATIONS | $ | (1,496,890 | ) | $ | 24,852 | $ | (507,679 | ) |
The accompanying notes are an integral part of these financial statements.
101
Pacer Trendpilot™ 750 ETF
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016* | |||||||
OPERATIONS | ||||||||
Net Investment Income | $ | 2,917,504 | $ | 1,495,698 | ||||
Net Realized Gain (Loss) on Investments | 2,346,984 | (37,810,412 | ) | |||||
Net Change in Unrealized | ||||||||
Appreciation of Investments | 9,546,507 | 3,059,692 | ||||||
Net Increase (Decrease) in Net Assets | ||||||||
Resulting from Operations | 14,810,995 | (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 | 30,742,265 | 506,407,660 | ||||||
Payments for Shares Redeemed | (25,338,660 | ) | (106,463,260 | ) | ||||
Transaction Fees (Note 1) | 13 | — | ||||||
Net Increase in Net Assets Derived | ||||||||
from Capital Share Transactions (a) | 5,403,618 | 399,944,400 | ||||||
Net Increase in Net Assets | $ | 20,214,613 | $ | 365,448,257 | ||||
NET ASSETS | ||||||||
Beginning of Period | $ | 365,448,257 | $ | — | ||||
End of Period | $ | 385,662,871 | $ | 365,448,257 | ||||
Undistributed Accumulated | ||||||||
Net Investment Income | $ | 3,120,471 | $ | 202,967 | ||||
(a) Summary of capital share transactions is as follows: | ||||||||
Shares | Shares | |||||||
Subscriptions | 1,350,000 | 21,450,000 | ||||||
Redemptions | (1,100,000 | ) | (4,750,000 | ) | ||||
Net Increase | 250,000 | 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.
102
Pacer Trendpilot™ 450 ETF
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016* | |||||||
OPERATIONS | ||||||||
Net Investment Income (Loss) | $ | 1,205,556 | $ | (163,132 | ) | |||
Net Realized Gain (Loss) on Investments | 1,280,038 | (5,153,025 | ) | |||||
Net Change in Unrealized | ||||||||
Appreciation of Investments | 2,646,924 | 3,721,082 | ||||||
Net Increase (Decrease) in Net Assets | ||||||||
Resulting from Operations | 5,132,518 | (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 | 37,581,645 | 183,982,620 | ||||||
Payments for Shares Redeemed | (11,193,140 | ) | (32,504,560 | ) | ||||
Net Increase in Net Assets Derived | ||||||||
from Capital Share Transactions (a) | 26,388,505 | 151,478,060 | ||||||
Net Increase in Net Assets | $ | 31,521,023 | $ | 149,808,492 | ||||
NET ASSETS | ||||||||
Beginning of Period | $ | 149,808,492 | $ | — | ||||
End of Period | $ | 181,329,515 | $ | 149,808,492 | ||||
Undistributed Accumulated | ||||||||
Net Investment Income (Loss) | $ | 1,143,702 | $ | (61,854 | ) | |||
(a) Summary of capital share transactions is as follows: | ||||||||
Shares | Shares | |||||||
Subscriptions | 1,500,000 | 7,700,000 | ||||||
Redemptions | (450,000 | ) | (1,400,000 | ) | ||||
Net Increase | 1,050,000 | 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.
103
Pacer Trendpilot™ 100 ETF
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016* | |||||||
OPERATIONS | ||||||||
Net Investment Income | $ | 114,882 | $ | 88,687 | ||||
Net Realized Loss on Investments | (1,634,407 | ) | (9,041,314 | ) | ||||
Net Change in Unrealized | ||||||||
Appreciation (Depreciation) of Investments | 4,495,862 | (1,102,859 | ) | |||||
Net Increase (Decrease) in Net Assets | ||||||||
Resulting from Operations | 2,976,337 | (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 | 14,912,160 | 127,574,780 | ||||||
Payments for Shares Redeemed | (28,717,610 | ) | (47,695,975 | ) | ||||
Net Increase (Decrease) in Net Assets Derived | ||||||||
from Capital Share Transactions (a) | (13,805,450 | ) | 79,878,805 | |||||
Net Increase (Decrease) in Net Assets | $ | (10,829,113 | ) | $ | 69,688,845 | |||
NET ASSETS | ||||||||
Beginning of Period | $ | 69,688,845 | $ | — | ||||
End of Period | $ | 58,859,732 | $ | 69,688,845 | ||||
Undistributed Accumulated | ||||||||
Net Investment Income (Loss) | $ | 69,476 | $ | (45,406 | ) | |||
(a) Summary of capital share transactions is as follows: |
Shares | Shares | |||||||
Subscriptions | 700,000 | 5,350,000 | ||||||
Redemptions | (1,350,000 | ) | (2,100,000 | ) | ||||
Net Increase (Decrease) | (650,000 | ) | 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.
104
Pacer Trendpilot™ European Index ETF
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016* | |||||||
OPERATIONS | ||||||||
Net Investment Income (Loss) | $ | 16,300 | $ | (23,967 | ) | |||
Net Realized Gain (Loss) on Investments | (1,741,442 | ) | 509 | |||||
Net Change in Unrealized | ||||||||
Appreciation of Investments | 228,252 | 2,500 | ||||||
Net Decrease in Net Assets | ||||||||
Resulting from Operations | (1,496,890 | ) | (20,958 | ) | ||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from Shares Sold | 5,819,440 | 22,491,360 | ||||||
Payments for Shares Redeemed | (3,422,750 | ) | — | |||||
Net Increase in Net Assets Derived | ||||||||
from Capital Share Transactions (a) | 2,396,690 | 22,491,360 | ||||||
Net Increase in Net Assets | $ | 899,800 | $ | 22,470,402 | ||||
NET ASSETS | ||||||||
Beginning of Period | $ | 22,470,402 | $ | — | ||||
End of Period | $ | 23,370,202 | $ | 22,470,402 | ||||
Undistributed Accumulated | ||||||||
Net Investment Loss | $ | (5,842 | ) | $ | (22,142 | ) | ||
(a) Summary of capital share transactions is as follows: | ||||||||
Shares | Shares | |||||||
Subscriptions | 250,000 | 900,000 | ||||||
Redemptions | (150,000 | ) | — | |||||
Net Increase | 100,000 | 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.
105
Pacer Autopilot Hedged European Index ETF
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016* | |||||||
OPERATIONS | ||||||||
Net Investment Income | $ | 39,686 | $ | 18,157 | ||||
Net Realized Gain (Loss) on Investments | (16,537 | ) | 24,978 | |||||
Net Change in Unrealized | ||||||||
Appreciation of Investments | 1,703 | 57,441 | ||||||
Net Increase in Net Assets | ||||||||
Resulting from Operations | 24,852 | 100,576 | ||||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From Net Investment Income | (87,251 | ) | — | |||||
Total Distributions to Shareholders | (87,251 | ) | — | |||||
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 (Decrease) in Net Assets | $ | (62,399 | ) | $ | 2,600,576 | |||
NET ASSETS | ||||||||
Beginning of Period | $ | 2,600,576 | $ | — | ||||
End of Period | $ | 2,538,177 | $ | 2,600,576 | ||||
Undistributed Accumulated | ||||||||
Net Investment Income | $ | 1,423 | $ | 48,988 | ||||
(a) Summary of capital share transactions is as follows: | ||||||||
Shares | 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.
106
Pacer Global High Dividend ETF
STATEMENTS OF CHANGES IN NET ASSETS
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016* | |||||||
OPERATIONS | ||||||||
Net Investment Income | $ | 245,115 | $ | 25,759 | ||||
Net Realized Loss on Investments | (35,507 | ) | (391 | ) | ||||
Net Change in Unrealized | ||||||||
Appreciation (Depreciation) of Investments | (717,287 | ) | 217,803 | |||||
Net Increase (Decrease) in Net Assets | ||||||||
Resulting from Operations | (507,679 | ) | 243,171 | |||||
DISTRIBUTIONS TO SHAREHOLDERS | ||||||||
From Net Investment Income | (166,897 | ) | — | |||||
Total Distributions to Shareholders | (166,897 | ) | — | |||||
CAPITAL SHARE TRANSACTIONS | ||||||||
Proceeds from Shares Sold | 29,875,580 | 5,188,490 | ||||||
Payments for Shares Redeemed | (2,623,640 | ) | — | |||||
Transaction Fees (Note 1) | 8,179 | 115 | ||||||
Net Increase in Net Assets Derived | ||||||||
from Capital Share Transactions (a) | 27,260,119 | 5,188,605 | ||||||
Net Increase in Net Assets | $ | 26,585,543 | $ | 5,431,776 | ||||
NET ASSETS | ||||||||
Beginning of Period | $ | 5,431,776 | $ | — | ||||
End of Period | $ | 32,017,319 | $ | 5,431,776 | ||||
Undistributed Accumulated | ||||||||
Net Investment Income | $ | 103,586 | $ | 25,368 | ||||
(a) Summary of capital share transactions is as follows: | ||||||||
Shares | Shares | |||||||
Subscriptions | 1,100,000 | 200,000 | ||||||
Redemptions | (100,000 | ) | — | |||||
Net Increase | 1,000,000 | 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.
107
Pacer Trendpilot™ 750 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016(1) | |||||||
Net Asset Value, Beginning of Period | $ | 21.88 | $ | 25.00 | ||||
INCOME (LOSS) FROM | ||||||||
INVESTMENT OPERATIONS: | ||||||||
Net Investment Income(2) | 0.17 | 0.13 | ||||||
Net Realized and Unrealized | ||||||||
Gain (Loss) on Investments | 0.70 | (3.15 | ) | |||||
Total from Investment Operations | 0.87 | (3.02 | ) | |||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | — | (0.10 | ) | |||||
Total Distributions | — | (0.10 | ) | |||||
Net Asset Value, End of Period | $ | 22.75 | $ | 21.88 | ||||
Total Return | 3.98 | %(3) | -12.10 | %(3) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 385,663 | $ | 365,448 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.60 | %(4) | 0.60 | %(4) | ||||
Net Investment Income to Average Net Assets | 1.51 | %(4) | 0.62 | %(4) | ||||
Portfolio Turnover Rate(5) | 3 | %(3) | 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.
108
Pacer Trendpilot™ 450 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016(1) | |||||||
Net Asset Value, Beginning of Period | $ | 23.78 | $ | 25.00 | ||||
INCOME (LOSS) FROM | ||||||||
INVESTMENT OPERATIONS: | ||||||||
Net Investment Income (Loss)(2) | 0.18 | (0.04 | ) | |||||
Net Realized and Unrealized | ||||||||
Gain (Loss) on Investments | 0.71 | (1.16 | ) | |||||
Total from Investment Operations | 0.89 | (1.20 | ) | |||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Return of Capital | — | (0.02 | ) | |||||
Total Distributions | — | (0.02 | ) | |||||
Net Asset Value, End of Period | $ | 24.67 | $ | 23.78 | ||||
Total Return | 3.75 | %(3) | -4.82 | %(3) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 181,330 | $ | 149,808 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.60 | %(4) | 0.60 | %(4) | ||||
Net Investment Income to Average Net Assets | 1.43 | %(4) | -0.17 | %(4) | ||||
Portfolio Turnover Rate(5) | 13 | %(3) | 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.
109
Pacer Trendpilot™ 100 ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016(1) | |||||||
Net Asset Value, Beginning of Period | $ | 21.44 | $ | 25.00 | ||||
INCOME (LOSS) FROM | ||||||||
INVESTMENT OPERATIONS: | ||||||||
Net Investment Income(2) | 0.04 | 0.04 | ||||||
Net Realized and Unrealized | ||||||||
Gain (Loss) on Investments | 1.16 | (3.55 | ) | |||||
Total from Investment Operations | 1.20 | (3.51 | ) | |||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | — | (0.05 | ) | |||||
Total Distributions | — | (0.05 | ) | |||||
Net Asset Value, End of Period | $ | 22.64 | $ | 21.44 | ||||
Total Return | 5.58 | %(3) | -14.04 | %(3) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 58,860 | $ | 69,689 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.65 | %(4) | 0.65 | %(4) | ||||
Net Investment Income to Average Net Assets | 0.36 | %(4) | 0.18 | %(4) | ||||
Portfolio Turnover Rate(5) | 134 | %(3) | 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.
110
Pacer Trendpilot™ European Index ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016(1) | |||||||
Net Asset Value, Beginning of Period | $ | 24.97 | $ | 25.00 | ||||
LOSS FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Gain (Loss)(2) | 0.02 | (0.04 | ) | |||||
Net Realized and Unrealized | ||||||||
Gain (Loss) on Investments | (1.62 | )(3) | 0.01 | |||||
Total from Investment Operations | (1.60 | ) | (0.03 | ) | ||||
Net Asset Value, End of Period | $ | 23.37 | $ | 24.97 | ||||
Total Return | -6.40 | %(4)(5) | -0.13 | %(4) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 23,370 | $ | 22,470 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.65 | %(6) | 0.65 | %(6) | ||||
Net Investment Income to Average Net Assets | 0.14 | %(6) | -0.39 | %(6) | ||||
Portfolio Turnover Rate(7) | 234 | %(4) | 0 | %(4) |
(1) | Commencement of operations on December 14, 2015. |
(2) | Calculated based on average shares outstanding during the period. |
(3) | Includes $0.42 gain derived from contribution from a settlement. See Note 6. |
(4) | Not annualized. |
(5) | Before the contribution from a settlement, the total return for the year would have been -8.08%. See Note 6. |
(6) | Annualized. |
(7) | Excluded impact of in-kind transactions. |
The accompanying notes are an integral part of these financial statements.
111
Pacer Autopilot Hedged European Index ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016(1) | |||||||
Net Asset Value, Beginning of Period | $ | 26.01 | $ | 25.00 | ||||
INCOME FROM INVESTMENT OPERATIONS: | ||||||||
Net Investment Income(2) | 0.40 | 0.18 | ||||||
Net Realized and Unrealized | ||||||||
Gain (Loss) on Investments | (0.16 | ) | 0.83 | |||||
Total from Investment Operations | 0.24 | 1.01 | ||||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | (0.87 | ) | — | |||||
Total Distributions | (0.87 | ) | — | |||||
Net Asset Value, End of Period | $ | 25.38 | $ | 26.01 | ||||
Total Return | 1.15 | %(3) | 4.03 | %(3) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 2,538 | $ | 2,601 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.65 | %(4) | 0.65 | %(4) | ||||
Net Investment Income to Average Net Assets | 3.13 | %(4) | 1.96 | %(4) | ||||
Portfolio Turnover Rate(5) | 2 | %(3) | 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.
112
Pacer Global High Dividend ETF
FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period
Period Ended | ||||||||
October 31, 2016 | Period Ended | |||||||
(Unaudited) | April 30, 2016(1) | |||||||
Net Asset Value, Beginning of Period | $ | 27.16 | $ | 25.00 | ||||
INCOME (LOSS) FROM | ||||||||
INVESTMENT OPERATIONS: | ||||||||
Net Investment Income(2) | 0.38 | 0.23 | ||||||
Net Realized and Unrealized | ||||||||
Gain (Loss) on Investments | (0.57 | ) | 1.93 | |||||
Total from Investment Operations | (0.19 | ) | 2.16 | |||||
LESS DISTRIBUTIONS: | ||||||||
Distributions from Net Investment Income | (0.29 | ) | — | |||||
Total Distributions | (0.29 | ) | — | |||||
Net Asset Value, End of Period | $ | 26.68 | $ | 27.16 | ||||
Total Return | -0.66 | %(3) | 8.64 | %(3) | ||||
SUPPLEMENTAL DATA: | ||||||||
Net Assets at End of Period (000’s) | $ | 32,017 | $ | 5,432 | ||||
RATIOS TO AVERAGE NET ASSETS: | ||||||||
Expenses to Average Net Assets | 0.60 | %(4) | 0.60 | %(4) | ||||
Net Investment Income to Average Net Assets | 2.78 | %(4) | 4.63 | %(4) | ||||
Portfolio Turnover Rate(5) | 20 | %(3) | 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.
113
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited)
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 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 Autopilot 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 Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.
The Funds each currently offer one class of Shares, which have no front end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of
114
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (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 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 the procedures adopted by the Board of Trustees (the “Board”). The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have |
115
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
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. |
116
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2016: |
Pacer Trendpilot™ 750 ETF | |||||||||||||||||
Description^ | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 368,150,622 | $ | — | $ | — | $ | 368,150,622 | |||||||||
Exchange Traded Funds | 1,486,147 | — | — | 1,486,147 | |||||||||||||
Investment Companies | 184,760 | — | — | 184,760 | |||||||||||||
Real Estate | |||||||||||||||||
Investment Trusts | 15,136,379 | — | — | 15,136,379 | |||||||||||||
Short-Term Investments | 533,606 | — | — | 533,606 | |||||||||||||
Total Investments | |||||||||||||||||
in Securities | $ | 385,491,514 | $ | — | $ | — | $ | 385,491,514 | |||||||||
^ See Schedule of Investments for sector breakouts. | |||||||||||||||||
Pacer Trendpilot™ 450 ETF | |||||||||||||||||
Description^ | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 150,423,650 | $ | — | $ | — | $ | 150,423,650 | |||||||||
Exchange Traded Funds | 1,734,655 | — | — | 1,734,655 | |||||||||||||
Investment Companies | 1,260,353 | — | — | 1,260,353 | |||||||||||||
Real Estate | |||||||||||||||||
Investment Trusts | 27,225,104 | — | — | 27,225,104 | |||||||||||||
Short-Term Investments | 654,447 | — | — | 654,447 | |||||||||||||
Total Investments | |||||||||||||||||
in Securities | $ | 181,298,209 | $ | — | $ | — | $ | 181,298,209 | |||||||||
^ See Schedule of Investments for sector breakouts. | |||||||||||||||||
Pacer Trendpilot™ 100 ETF | |||||||||||||||||
Description^ | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 58,844,618 | $ | — | $ | — | $ | 58,844,618 | |||||||||
Short-Term Investments | 45,230 | — | — | 45,230 | |||||||||||||
Total Investments | |||||||||||||||||
in Securities | $ | 58,889,848 | $ | — | $ | — | $ | 58,889,848 | |||||||||
^ See Schedule of Investments for sector breakouts. |
117
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
Pacer Trendpilot™ European Index ETF | |||||||||||||||||
Description^ | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 22,030,869 | $ | — | $ | — | $ | 22,030,869 | |||||||||
Exchange Traded Funds | 585,501 | — | — | 585,501 | |||||||||||||
Preferred Stocks | 434,626 | — | — | 434,626 | |||||||||||||
Real Estate | |||||||||||||||||
Investment Trusts | 269,404 | — | — | 269,404 | |||||||||||||
Short-Term Investments | 48,973 | — | — | 48,973 | |||||||||||||
Total Investments | |||||||||||||||||
in Securities | $ | 23,369,373 | $ | — | $ | — | $ | 23,369,373 | |||||||||
^ See Schedule of Investments for sector breakouts. | |||||||||||||||||
Pacer Autopilot Hedged European Index ETF | |||||||||||||||||
Description^ | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 2,395,158 | $ | — | $ | — | $ | 2,395,158 | |||||||||
Preferred Stocks | 45,891 | — | — | 45,891 | |||||||||||||
Real Estate | |||||||||||||||||
Investment Trusts | 29,539 | — | — | 29,539 | |||||||||||||
Short-Term Investments | 2,466 | — | — | 2,466 | |||||||||||||
Total | $ | 2,473,054 | $ | — | $ | — | $ | 2,473,054 | |||||||||
^ See Schedule of Investments for sector breakouts. | |||||||||||||||||
Other Financial Instruments* | |||||||||||||||||
Forward | |||||||||||||||||
Currency Contracts | $ | 60,169 | $ | — | $ | — | $ | 60,169 | |||||||||
Total | $ | 60,169 | $ | — | $ | — | $ | 60,169 |
* | Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as forward currency contracts. These instruments are reflected at the unrealized appreciation (depreciation) on the instrument. |
Pacer Global High Dividend ETF | |||||||||||||||||
Description^ | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Common Stocks | $ | 30,419,100 | $ | — | $ | — | $ | 30,419,100 | |||||||||
Exchange Traded Funds | 238,464 | — | — | 238,464 | |||||||||||||
Real Estate | |||||||||||||||||
Investment Trusts | 1,293,406 | — | — | 1,293,406 | |||||||||||||
Short-Term Investments | 113,516 | — | — | 113,516 | |||||||||||||
Total Investments | |||||||||||||||||
in Securities | $ | 32,064,486 | $ | — | $ | — | $ | 32,064,486 | |||||||||
^ See Schedule of Investments for sector breakouts. |
118
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
Transfers between levels are recognized at the end of the reporting period. During the period ended October 31, 2016, the Funds recognized no transfers to or from Levels 1, 2, or 3. | |
B. | Foreign Currency. Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on 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. |
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. |
119
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
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. |
I. | Reclassification of Capital Accounts. Additionally, U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the 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 | — |
120
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
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 may 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 Trust has adopted derivative instruments disclosure standards, in order to enable the investor to understand how and why an entity used derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
Pacer Autopilot Hedged European Index ETF
The Fund enter into foreign currency forward 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. Currency exchange trading risks include, but are not limited to, exchange rate risk, maturity gap, interest rate risk, and potential interference by foreign governments through regulation of local exchange markets, foreign investment or particular transactions in foreign currency.
Statement of Assets & Liabilities – Values of Derivative Instruments as of October 31, 2016
Liability Derivatives | ||
Derivatives not accounted | Statement of Assets and | |
for as hedging instruments | Liabilities Location | Value |
Foreign Exchange Contracts – | Appreciation of Forward | |
Forward Currency Contracts | Foreign Currency Contracts | $69,169 |
121
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
The effect of derivative instruments on the Statement of Operations for the period ended October 31, 2016:
Change in | |||
Amount of | Unrealized | ||
Realized Loss | Appreciation | ||
Derivatives | Type of Risk | on Derivatives | on Derivatives |
Forward Currency Contracts | Foreign Exchange | $(16,436) | $60,169 |
The average monthly notional amount of long and short forward currency contracts during the period ended October 31, 2016, was $2,972,755 and $(433,733), respectively.
Derivative Risks
The risks of using various types of derivatives in which the Fund may engage include: the risk that movements in the value of the derivative may not fully offset or complement instruments currently held in the Fund in the manner intended by the Adviser; the risk that the counterparty to a derivative contract may fail to comply with its obligations to the Fund; the risk that there may not be a liquid secondary market for the derivative at a time when the Fund would look to disengage the position; the risk that additional capital from the Fund may be called upon to fulfill the conditions of the derivative contract; the risk that the use of derivatives in the Fund may induce leverage in the Fund, and the risk that the cost of the derivative contracts may reduce the overall returns experienced by the Fund.
Offsetting Assets & Liabilities
The Fund recently adopted guidance requiring entities to present gross and net information about transactions that are either offset in the financial statements or subject to an enforceable master netting arrangement or similar agreement with a designated counterparty, regardless of whether the transactions are actually offset in the Statement of Assets and Liabilities.
In order to better define its contractual rights and to secure rights that will help the Fund mitigate its counterparty risk, the Fund may enter into an International Swaps and Derivatives Association, Inc. Master Agreement (“ISDA Master Agreement”) or similar agreement with its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between a Fund and a counterparty that governs OTC derivatives and forward foreign currency exchange contracts and typically contains, among other things, collateral posting terms and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, in the event of a default and/or termination event, the Fund may offset with each counterparty certain derivative financial instrument’s payables and/or receivables with collateral held and/or posted and create one single net payment. Note that for financial reporting purposes, the Fund does not offset certain derivative financial instrument’s payables and receivables and related collateral on the Statement of Assets and Liabilities.
122
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
Gross Amounts not | ||||||||||||||||||||||||
offset in the Statement | ||||||||||||||||||||||||
Assets | of Assets and Liabilities | |||||||||||||||||||||||
Gross | Net | |||||||||||||||||||||||
Amounts | Amounts | |||||||||||||||||||||||
Gross | Offset | Presented | ||||||||||||||||||||||
Amounts | in the | in the | ||||||||||||||||||||||
of | Statement | Statement | ||||||||||||||||||||||
Description/ | Recognized | of Assets and | of Assets and | Financial | Collateral | Net | ||||||||||||||||||
Counterparty | Liabilities | Liabilities | Liabilities | Instruments | Received | Amount | ||||||||||||||||||
Pacer Autopilot Hedged European Index ETF | ||||||||||||||||||||||||
Futures | ||||||||||||||||||||||||
Citigroup | ||||||||||||||||||||||||
Global Markets | $ | 66,833 | $ | — | $ | 66,833 | $ | (6,664 | ) | $ | — | $ | 60,169 | |||||||||||
Gross Amounts not | ||||||||||||||||||||||||
offset in the Statement | ||||||||||||||||||||||||
Liabilities | of Assets and Liabilities | |||||||||||||||||||||||
Gross | Net | |||||||||||||||||||||||
Amounts | Amounts | |||||||||||||||||||||||
Gross | Offset | Presented | ||||||||||||||||||||||
Amounts | in the | in the | ||||||||||||||||||||||
of | Statement | Statement | ||||||||||||||||||||||
Description/ | Recognized | of Assets and | of Assets and | Financial | Collateral | Net | ||||||||||||||||||
Counterparty | Liabilities | Liabilities | Liabilities | Instruments | Received | Amount | ||||||||||||||||||
Pacer Autopilot Hedged European Index ETF | ||||||||||||||||||||||||
Futures | ||||||||||||||||||||||||
Citigroup | ||||||||||||||||||||||||
Global Markets | $ | 6,664 | $ | — | $ | 6,664 | $ | (6,664 | ) | $ | — | $ | — |
In some instances, the collateral amounts disclosed in the tables were adjusted due to the requirement to limit the collateral amounts to avoid the effect of overcollateralization. Actual collateral received/pledged may be more than the amounts disclosed herein.
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™
123
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
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 October 31, 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.
NOTE 6 – INVESTMENT TRANSACTIONS
For the period ended October 31, 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 | $ | 17,542,060 | $ | 11,136,544 | ||||
Pacer Trendpilot™ 450 ETF | 26,978,768 | 22,340,075 | ||||||
Pacer Trendpilot™ 100 ETF | 71,735,590 | 70,579,381 | ||||||
Pacer Trendpilot™ European Index ETF | 46,889,063 | 23,390,304 | ||||||
Pacer Autopilot Hedged European Index ETF | 56,022 | 99,251 | ||||||
Pacer Global High Dividend ETF | 8,352,734 | 3,633,251 |
For the period ended October 31, 2016, in-kind transactions associated with creations and redemptions are as follows:
Purchases | Sales | |||||||
Pacer Trendpilot™ 750 ETF | $ | 30,616,226 | $ | 25,286,923 | ||||
Pacer Trendpilot™ 450 ETF | 37,473,305 | 11,568,313 | ||||||
Pacer Trendpilot™ 100 ETF | 13,755,312 | 28,591,837 | ||||||
Pacer Trendpilot™ European Index ETF | 2,284,331 | 1,140,482 | ||||||
Pacer Autopilot Hedged European Index ETF | — | — | ||||||
Pacer Global High Dividend ETF | 25,140,189 | 2,584,537 |
For the period ended October 31, 2016, there were no long-term purchases or sales of U.S. Government Securities for the Funds.
124
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
During the period ended October 31, 2016, Pacer Trendpilot™ European Index ETF accepted a cash contribution in the amount of $409,837 to reimburse the Fund from prior securities transactions.
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 | ) | |||
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,
125
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
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 Later 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 |
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 has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.
126
Pacer Funds
NOTES TO FINANCIAL STATEMENTS
October 31, 2016 (Unaudited) (Continued)
On December 19, 2016, the Adviser launched a new Fund in the Pacer Funds Trust, Pacer US Cash Cows 100 ETF.
After careful consideration, the Board of Trustees of Pacer Funds Trust determined to close and liquidate the Pacer Autopilot Hedged European Index ETF (the “Fund”). On December 23, 2016, the Fund liquidated its assets and distributed cash pro rata to all remaining shareholders. Once the distributions were complete, the Fund terminated.
127
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited)
NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS
Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.
NOTE 2 – FEDERAL TAX INFORMATION
Qualified Dividend Income/Dividends Received Deduction
For the fiscal 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:
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% |
128
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
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.
NOTE 5 – TRUSTEES AND OFFICERS
The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 16 Industrial Blvd., Suite 201, Paoli, PA 19301. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.
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 5 Years | By Trustee | Five Years |
Interested Trustee | |||||
Joe M. Thomson | Trustee, | Indefinite | Founder/President at | 8 | Director, First |
Born: 1944 | Chairman, | Term; | Pacer Advisors, Inc. | Cornerstone | |
President | since | (since 2005); President | Bank | ||
and Principal | 2014 | and Chief Compliance | (2000-2016) | ||
Executive | Officer, Pacer Financial, | ||||
Officer | Inc. (since 2005) |
129
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 5 Years | By Trustee | Five Years |
Independent Trustees | |||||
Deborah G. Wolk | Lead | Indefinite | Self-employed providing | 8 | None |
Born: 1950 | Independent | Term; | accounting services and | ||
Trustee | since | computer modeling | |||
2015 | (since 1997) | ||||
Jonathan H. | Trustee | Indefinite | CEO and Chairman, | 8 | None |
Newman, Sr. | Term; | Newman Wine & | |||
Born: 1962 | since | Spirits (since 2007) | |||
2015 | |||||
Officers who are not Trustees: | |||||
Sean E. O’Hara | Treasurer | Indefinite | Director, Index Design | N/A | None |
Born: 1962 | and Principal | Term; | Group (since 2015); | ||
Financial | since | Director, Pacer Financial, | |||
Officer | 2014 | Inc. (since 2007); | |||
Director, Pacer Advisors, | |||||
Inc. (since 2007) | |||||
Bruce Kavanaugh | Secretary | Indefinite | Vice President, Pacer | N/A | None |
Born: 1964 | Term; | Advisors, Inc. (since 2004), | |||
since | Vice President, Pacer | ||||
2016 | Financial , Inc. (since 2004) | ||||
Robert Amweg | Chief | Indefinite | Compliance Director, | N/A | None |
Gateway Corporate | Compliance | Term; | Vigilant Compliance, LLC | ||
Center, Suite 216 | Officer and | since | (an investment management | ||
223 Wilmington | AML Officer | 2015 | services company) (since | ||
West Chester Pike | 2013); Consultant to the | ||||
Chadds Ford, PA | financial services industry | ||||
19317 | (since 2012); and Chief | ||||
Born: 1953 | 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.
130
Pacer Funds
ADDITIONAL INFORMATION
(Unaudited) (Continued)
Each Trustee shall serve during the lifetime of the Trust until he or she: (a) dies; (b) resigns; (c) has reached the mandatory retirement age, if any, as set by the Trustees; (d) is declared incompetent by a court of appropriate jurisdiction; or (e) is removed, or, if sooner, until the next meeting of shareholders called for the purpose of electing Trustees and until the election and qualification of his or her successor in accordance with the Trust’s Declaration of Trust and By-laws. Each officer holds office at the pleasure of the Board and services for a period of one year, or until his or her successor is duly elected and qualified.
The Statement of Additional Information includes additional information, including compensation, about the Funds’ Trustees.
131
(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 | PACER | PACER TRENDPILOT™ | PACER AUTOPILOT | PACER GLOBAL | |||||||||||
TRENDPILOT™ | TRENDPILOT™ | TRENDPILOT™ | EUROPEAN INDEX | HEDGED EUROPEAN | HIGH DIVIDEND | |||||||||||
750 ETF | 450 ETF | 100 ETF | ETF | INDEX ETF | ETF | |||||||||||
PTLC | PTMC | PTNQ | PTEU | PAEU | PGHD | |||||||||||
CUSIP | CUSIP | CUSIP | CUSIP | CUSIP | CUSIP | |||||||||||
69374H105 | 69374H204 | 69374H303 | 69374H808 | 69374H501 | 69374H709 |
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000002/pacer-logo.jpg)
Item 2. Code of Ethics.
Not applicable for semi-annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semi-annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semi-annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable to registrants who are not listed issuers (as defined in Rule 10A-3 under the Securities Exchange Act of 1934).
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.
Not Applicable.
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. Not applicable to semi-annual reports. |
(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 December 22, 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 December 22, 2016
By (Signature and Title) /s/ Sean E. O'Hara
Sean E. O’Hara, Treasurer (Principal Financial Officer)
Date December 22, 2016
* Print the name and title of each signing officer under his or her signature.