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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23024

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

16 Industrial Boulevard, Suite 201

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

Joe M. Thomson, President

16 Industrial Boulevard, Suite 201

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

610-644-8100

Registrant's telephone number, including area code

Date of fiscal year end: April 30

Date of reporting period: May 1, 2016 through October 31, 2016

Item 1. Reports to Stockholders.

	SEMI-ANNUAL REPORT
	October 31, 2016

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

Pacer Funds

TABLE OF CONTENTS

	Page
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.

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.

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.

Pacer Trendpilot™ 750 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

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

Pacer Trendpilot™ 750 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

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.

Pacer Trendpilot™ 450 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

Pacer Trendpilot™ 450 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

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.

Pacer Trendpilot™ 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

Pacer Trendpilot™ 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

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.

Pacer Trendpilot™ European Index ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

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

Pacer Trendpilot™ European Index ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended 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.

Pacer Autopilot Hedged European Index ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

The FTSE Eurozone Index is a rules-based, float adjusted, market capitalization-weighted index comprised of large- and mid-capitalization stocks providing coverage of the developed markets in the euro zone, including primarily France, Germany, Spain, the Netherlands, and Italy. The FTSE Eurozone Index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization.

Pacer Autopilot Hedged European Index ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended 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.

Pacer Global High Dividend ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

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

Pacer Global High Dividend ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended 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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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%.

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

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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

Pacer Autopilot Hedged European Index ETF

SCHEDULE OF OPEN FORWARD CURRENCY CONTRACTS

October 31, 2016 (Unaudited)

Amount of

Forward

Currency

Unrealized

Expiration

to be

Appreciation

Date

Received

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.

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.

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.

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.

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.

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.

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

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.

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.

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

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

Gross

Offset

Presented

Amounts

in the

Statement

Description/

Recognized

of Assets and

Financial

Collateral

Net

Counterparty

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

Gross

Offset

Presented

Amounts

in the

Statement

Description/

Recognized

of Assets and

Financial

Collateral

Net

Counterparty

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 TRENDPILOT™

PACER AUTOPILOT

PACER GLOBAL

TRENDPILOT™

EUROPEAN INDEX

HEDGED EUROPEAN

HIGH DIVIDEND

750 ETF

450 ETF

100 ETF

ETF

INDEX ETF

ETF

PTLC

PTMC

PTNQ

PTEU

PAEU

PGHD

CUSIP

69374H105

69374H204

69374H303

69374H808

69374H501

69374H709

Item 2. Code of Ethics.

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).

Item 6. Investments.

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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.

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