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

UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWashington, 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 April 30, 2017

Item 1. Reports to Stockholders.

ANNUAL REPORT

April 30, 2017

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 Global Cash Cows Dividend ETF	Ticker:  GCOW
Pacer US Cash Cows 100 ETF	Ticker:  COWZ

Pacer Funds

TABLE OF CONTENTS

	Page
Letters to Shareholders	1
Portfolio Allocation	11
Performance Summary	14
Expense Example	26
Schedules of Investments	28
Statements of Assets and Liabilities	103
Statements of Operations	105
Statements of Changes in Net Assets	107
Financial Highlights	113
Notes to Financial Statements	119
Report of Independent Registered Public Accounting Firm	130
Additional Information	131
Privacy Policy	140

Pacer Funds

Dear Shareholder:

Pacer ETFs recently crossed its second year in the ETF business.  We continue to grow in the development of new products, new fund launches, and assets under management.  Our strategy driven ETFs continue to find a place in client portfolios by delivering funds that accomplish specific goals for investors.  As of this writing, our assets crossed $1 billion in just under two years.  Because of that commitment from you, we are able to build out our suite of products.

The ETF marketplace continues to grow as global ETF assets recently crossed $4 trillion.  More investors are adopting the benefits of ETFs.  The wave of investors choosing passive investing over active management does not look like it will subside any time soon.  Smart Beta investing also continues to grow in number of fund offerings and assets under management.  Investors have determined that there is a real need for these strategies.  Pacer delivers for those with our belief through our Cash Cows series.  Indexes can hold hundreds, if not thousands, of securities, but we believe that not every one of those stocks is worth buying.  If you wouldn’t buy the stock on its own merit, why own it in an index.  We believe there is true value in our methodology that selects the best securities from an index in constructing our funds.

The market continues to reach new highs, but there is a complacency that is making investors nervous.  Volatility, as measured by the VIX, is also near record lows.  We believe our Trendpilot ETFs can help investors participate in market rallies and protect them against a long-term major market downturn.

Thank you for your business and support. We look forward to growing with you in the future.

Sincerely,

Joe M. Thomson

Chairman, Pacer Funds Trust

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Market Environment Overview

Investors saw a lot of global events over the last twelve months.  Some of the more notable ones include The U.S. Presidential election, the Federal Reserve raising rates in December 2016 for only the second time in a decade and the United Kingdom’s vote to withdrawal from the European Union in June 2016.

Stock markets have seen record highs extending the second longest bull market in history.  Investors are looking for a reason or catalyst for a stock market correction or recession, but market volatility is at an all-time low.  There have been periods over the last 6 months where stocks have had the lowest number of daily 1% moves since 1995.  Economic and job data continue to creep along helping perpetuate the stock market momentum.

The market’s reaction to the U.S. Presidential election and the potential policies to be implemented or eliminated saw an 11% increase only to see that erase.  The real story however, is that earnings for Q1 2017 show some of the strongest growth in years.

According to FactSet, as of May 19, 2017 (with 95% of the companies in the S&P 500 reporting actual results for Q1 2017), 75% of S&P 500 companies have beat the mean EPS estimate and 64% of S&P 500 companies have beat the mean sales estimate. The blended earnings growth rate for Q1 for the S&P 500 is 13.9%.  If 13.9% is the actual growth rate for the quarter, it will mark the highest (year-over-year) earnings growth for the index since Q3 2011 (16.7%).

Regardless of news, whether fake or real, investors must be ever vigilant that their portfolios can adapt to all market conditions and not let emotions take over.

The Trendpilot™ Series

The Trendpilot™ series, a first of their kind, uses a trend following strategy designed to participate in the market when it is trending up, maintain some exposure during short term market declines, and exit the market when it is trending down.  The period referenced in this section for all Trendpilot funds is for the fiscal year end of April 30, 2017.

Pacer Trendpilot™ 750 ETF

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

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

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day moving average”). The Wilshire Large-Cap TR is a total return version of the Wilshire Large-Cap and reflects the reinvestment of dividends paid by the securities in the Wilshire Large-Cap.

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

The Fund

The Fund had a total return of 17.72% during this period while the Pacer Wilshire US Large-Cap Trendpilot Index had a total return of 18.44 %.  The Wilshire US Large Cap Index had a total return of 18.44%.

The fund was invested in 100% equities during this period.

The top three sectors for contribution to performance for that period were Information Technology at 35.37%, Financials at 26.29%, and Consumer Discretionary at 17.31%.  The three sectors with the lowest contribution to performance were Energy at 2.75%, Real Estate at 5.53%, and Telecommunication Services at 5.43%.  Sector performance numbers reflect their total return during the period.

Pacer Trendpilot™ 450 ETF

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

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

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

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The Fund

The Fund had a total return of 18.54% during this period while the Pacer Wilshire US Mid-Cap Trendpilot Index had a total return of 19.33%.  The Wilshire US Mid-Cap Index had a total return of 19.33%.

The fund was invested in 100% equities during the period.

The top three sectors for contribution to performance were Financials at 22.97%, Information Technology at 32.06% and Industrials at 24.36%.  The three sectors with the lowest contribution to performance were Consumer Staples at 5.81%, Telecommunication Services at -16.49%, and Energy at -6.24%.  Sector performance numbers reflect their total return during the period.

Pacer Trendpilot™ 100 ETF

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

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

The NASDAQ-100^® Index includes approximately 100 of the largest non-financial securities listed on The NASDAQ Stock Market based on market capitalization. The NASDAQ-100^® Index comprises securities of companies across major industry groups, including computer, biotechnology, healthcare, telecommunications and transportation. However, it does not contain securities of financial companies, including investment companies. The NASDAQ-100^® Index was developed by NASDAQ OMX. There is no minimum market capitalization requirement for inclusion in the NASDAQ-100^® Index. Inclusion is determined based on the top 100 largest issuers based on market capitalization meeting all other eligibility requirements. As of May 31, 2017, the range of market capitalizations of companies in the NASDAQ-100^® Index was approximately $7.1 billion to $795.24 billion.

The Fund

The Fund had a total return of 23.11% during this period.  The Pacer NASDAQ-100 Trendpilot™ Index had a total return of 24.00%.  The NASDAQ-100^® Index had a total return of 30.23%.

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The fund had two exposure changes during the fiscal year:

• May 5, 2016 – 100% T-Bills  

• June 1, 2016 – 100% Equities

The underperformance can be attributed to the fund missing on 5.03% of performance when it moved from equities to T Bills and back again to 100% Equities.  The NASDAQ-100 has 52.55% of its holdings in Information Technology.  When the fund was invested in equities, the top three sectors for contribution to performance were Information Technology at 32.57%, Consumer Discretionary at 3.35%, and Consumer Staples at 10.57%. The three sectors that had the lowest contribution to performance were Telecom at 35.67%, Financials at 12.69%, and Health Care at -2.33%.  The NASDAQ-100 Total Return Index saw a 2.30% decline during June, then saw a 27% rally from June through April.  The dates referenced above represent the fund position at the close of business on that day.  Sector performance numbers reflect their total return during the period.

Pacer Trendpilot™ European Index ETF

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

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

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

The Fund

The Fund had a total return of 8.25% during this period while the Pacer Trendpilot European Index had a total return of 9.60%.  The FTSE Eurozone Total Return Index (USD) was 15.97%.

The fund had two exposure changes during the fiscal year:

• June 16, 2016 – 100% to T-Bills

• August 1, 2016 – 100% to Equities

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The fund has remained in equities through the end of the period.

The funds under performance can be attributed to the period between June 16 and August 1, where the Pacer Trendpilot European Index went to 100% T Bills. While the Trendpilot Index was exposed to T bills, the market rallied 6.55% resulting in under performance for the Trendpilot Index. For the remainder of the fiscal year, the Trendpilot Index remained 100% invested in Equities.  When the fund was invested in equities, the top three sectors for contribution to performance were Financials at 28.54%, Industrials at 16.56%, and Consumer Discretionary at 15.91%. The three sectors that had the lowest contribution to performance were Telecommunication Services at .03%, Utilities at -1.86%, and Consumer Staples at -3.66%.  Sector performance numbers reflect their total return during the period.

Pacer Cash Cows Series

The Cash Cows series are strategy driven funds designed to identify companies with high free cash flow.  The ability for a company to generate high free cash flow indicates a company is producing more cash than it needs to run the business.  Selecting the best companies from a broad based index with high free cash flow yield identifies healthier companies with the potential to produce greater returns than a broad based index.

The period referenced in this section for all Cash Cows funds is for fiscal year end April 30, 2017, except for the Pacer U.S. Cash Cows 100 ETF.

Pacer Global Cash Cows Dividend ETF

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

The Index uses an objective, rules-based methodology to provide exposure to global companies with high dividend yields backed by a high free cash flow yield.  The initial index universe is derived from the component companies of the FTSE Developed Large Cap Index. The initial universe of companies is screened based on their average projected free cash flows and earnings (if available) over each of the next two fiscal years. Companies with negative average projected free cash flows or earnings are removed from the index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), are excluded from the index universe.

The remaining companies are ranked by their free cash flow yield for the trailing twelve-month period. The 300 companies with the highest free cash flow yield are then ranked by their dividend yield. The equity securities of the 100 companies with the highest dividend yield are included in the Index.

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

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

The Fund

The Fund had a total return of 8.03% and the Pacer Global Cash Cows Dividend Index total return was 8.69%. The FTSE Developed Large-Cap Index had a total return of 15.79%.  There were several factors that contributed to performance.  Following the market bottom in February, high dividend stocks lagged the benchmark indexes, as investors turned their focus towards cyclical stocks with higher exposure to the economic recovery. This is not an unusual experience, as higher stocks tend to provide their best performance during flat or negative market periods, where investors seek the stability of high dividend paying companies. During the fiscal year, three top sectors that contributed to performance were Information technology at 21.78%, Industrials at 23.66%, and Health Care at 11.03%.  The three sectors that had the lowest contribution to performance were Real Estate at -6.39%, Telecommunication Services at -4.36%, and Utilities at -6.04%.  The Fund had a weighting of 35.24% U.S. and 64.76% International exposure at the end of the period.  This allowed the fund to capture the returns of the higher yielding international companies.  The return for each of those categories during that period is 14.03% and 5.63%, respectively.  The top three countries that contributed most to the positive performance were the U.S., Japan and Switzerland.  The fund uses a rules based methodology that uses quality and value screens to select top constituents from the index universe.  Free Cash Flow indicates a company is generating more cash than it needs to run the business and can invest in growth opportunities.  Sector performance numbers reflect their total return during the period.

Pacer US Cash Cows 100 ETF

The Pacer US Cash Cows 100 ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Pacer US Cash Cows 100 Index (the “Index”).

The Index

The Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”.

The initial index universe is derived from the component companies of the Russell 1000 Index. The initial universe of companies is screened based on their average projected free

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cash flows and earnings (if available) over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts (“REITs”), are excluded from the Index universe.

The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.

At the time of each rebalance of the Index, the companies included in the Index are weighted in proportion to their trailing twelve month free cash flow, and weightings are capped at 2% of the weight of the Index for any individual company. As of December 8, 2016, the companies included in the Index had a market capitalization of $1.48 billion to $598.3 billion. The index is reconstituted and rebalanced quarterly as of the close of business on the 3rd Friday of March, June, September, and December based on data as of the 1st Friday of the applicable rebalance month.

The Fund

The Fund’s inception date was December 16, 2016.  The Fund had a since inception total return of 4.87%.  The Pacer US Cash Cows 100 Index was 5.11%. The Russell 1000 Index had a total return of 6.32%.  There were several factors that contributed to positive performance.  The three top sectors for contribution to performance during this period were Information Technology at 15.01%, Consumer Staples at 7.57%, and Industrials at 3.54%.  The three sectors that had the lowest contribution to performance were Health Care at -.80%, Consumer Discretionary at -3.35%, and Energy at -10.47%.  The fund uses a rules based methodology that uses quality and value screens to select top constituents from the index universe.  Free Cash Flow indicates a company is generating more cash than it needs to run the business and can invest in growth opportunities. High Free Cash Flow yield stocks have historically performed well in most market cycles, with the exception of the mega growth cycles like the 1990s where stocks with high cash flow yields lagged the market.  Sector performance numbers reflect their total return during the period.

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

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

An investment in the Funds is subject to investment risk, including the possible loss of principal. Pacer ETF shares may be bought and sold on an exchange through a brokerage account. Brokerage commissions and ETF expenses will reduce investment

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returns. There can be no assurance that an active trading market for ETF shares will be developed or maintained. The risks associated with these funds are detailed in the prospectus and could include factors such as concentration risk, equity market risk, fixed income risk, government obligations risk, high portfolio turnover risk, large and mid-capitalization investing risk, new fund risk, other investment companies risk, passive investment risk, tracking risk, trend lag risk, currency exchange rate risk, European investments risk, foreign securities risk, geographic concentration risk, non-diversification risk and/or special risks of exchange traded funds.

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

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

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

Frank Russell Company (“Russell”) is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell^® is a trademark of Frank Russell Company. Neither Russell nor its licensors accept any liability for any errors or omissions in the Russell Indexes and / or Russell ratings or underlying data and no party

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may rely on any Russell Indexes and / or Russell ratings and / or underlying data contained in this communication. No further distribution of Russell Data is permitted without Russell’s express written consent. Russell does not promote, sponsor or endorse the content of this communication.

The Russell 1000 Index (the “Index”) is a trademark of Frank Russell Company (“Russell”) and has been licensed for use by Index Design Group (“IDG”). The Pacer US Cash Cows 100 Index is not in any way sponsored, endorsed, sold or promoted by Russell or the London Stock Exchange Group companies (“LSEG”) (together the “Licensor Parties”) and none of the Licensor Parties make any claim, prediction, warranty or representation whatsoever, expressly or impliedly, either as to (i) the results to be obtained from the use of the Index (upon which the Pacer US Cash Cows 100 Index is based), (ii) the figure at which the Index is said to stand at any particular time on any particular day or otherwise, or (iii) the suitability of the Index for the purpose to which it is being put in connection with the Pacer US Cash Cows 100 Index. None of the Licensor Parties have provided or will provide any financial or investment advice or recommendation in relation to the Index to IDG or to its clients. The Index is calculated by Russell or its agent. None of the Licensor Parties shall be (a) liable (whether in negligence or otherwise) to any person for any error in the Index or (b) under any obligation to advise any person of any error therein.

Distributor: Pacer Financial, Inc., member FINRA, SIPC, an affiliate of Pacer Advisors, Inc.

Investment products offered are: Not FDIC Insured • No Bank Guarantee • May Lose Value

Trendpilot^® and Strategy Driven ETFs™ are trademarks of Index Design Group, LLC.

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PORTFOLIO ALLOCATION (Unaudited)

As of April 30, 2017

Pacer Trendpilot™ 750 ETF

	Percentage of
Sector(a)	Net Assets
Consumer, Non-Cyclical		22.2	%
Financial		18.8	%
Communications		13.8	%
Technology		13.5	%
Industrial		10.1	%
Consumer, Cyclical		9.7	%
Energy		6.1	%
Utilities		3.2	%
Basic Materials		2.4	%
Diversified		0.0	%(b)
Short-Term Investments		0.2	%
Liabilities in excess of other assets		0.0	%(b)
Total		100.0	%

(a)	The Fund may classify a company in a different category than the Pacer Wilshire US Large-Cap TrendpilotTM Index.
(b)	Less than 0.05%

Pacer Trendpilot™ 450 ETF

	Percentage of
Sector(a)	Net Assets
Financial		26.9	%
Consumer, Non-Cyclical		16.5	%
Industrial		14.9	%
Consumer, Cyclical		11.4	%
Technology		10.5	%
Communications		5.3	%
Utilities		4.9	%
Energy		4.5	%
Basic Materials		4.4	%
Diversified		0.6	%
Short-Term Investments		0.1	%
Other assets in excess of liabilities		0.0	%(b)
Total		100.0	%

(a)	The Fund may classify a company in a different category than the Pacer Wilshire US Mid-Cap TrendpilotTM Index.
(b)	Less than 0.05%

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PORTFOLIO ALLOCATION (Unaudited) (Continued)

As of April 30, 2017

Pacer Trendpilot™ 100 ETF

	Percentage of
Sector(a)	Net Assets
Communications		37.9	%
Technology		36.8	%
Consumer, Non-Cyclical		16.0	%
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^TM Index.

Pacer Trendpilot™ European Index ETF

	Percentage of
Country(a)	Net Assets
France		30.2	%
Germany		30.0	%
Spain		10.8	%
Netherlands		8.3	%
Italy		6.8	%
Belgium		3.9	%
Finland		3.3	%
United Kingdom		3.1	%
Luxembourg		0.9	%
Austria		0.7	%
Ireland		0.7	%
Portugal		0.5	%
Greece		0.4	%
Switzerland		0.2	%
Short-Term Investments		0.2	%
Liabilities in excess of other assets		0.0	%(b)
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.
(b)	Less than 0.05%

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PORTFOLIO ALLOCATION (Unaudited) (Continued)

As of April 30, 2017

Pacer Global Cash Cows Dividend ETF

	Percentage of
Sector(a)	Net Assets
Consumer, Non-Cyclical		33.5	%
Communications		22.4	%
Consumer, Cyclical		11.4	%
Technology		8.0	%
Industrial		7.4	%
Financial		5.5	%
Utilities		4.4	%
Basic Materials		4.2	%
Energy		2.3	%
Diversified		0.6	%
Short-Term Investments		0.1	%
Other assets in excess of liabilities		0.2	%
Total		100.0	%

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

Pacer US Cash Cows 100 ETF

	Percentage of
Sector(a)	Net Assets
Consumer, Cyclical		28.6	%
Technology		24.1	%
Consumer, Non-Cyclical		14.1	%
Communications		9.6	%
Industrial		6.7	%
Financial		6.7	%
Basic Materials		5.3	%
Energy		4.8	%
Short-Term Investments		0.1	%
Other assets in excess of liabilities		0.0	%(b)
Total		100.0	%

(a)	The Fund may classify a company in a different category than the Pacer US Cash Cows 100 Index.
(b)	Less than 0.05%

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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.

14

Pacer Trendpilot™ 750 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the year ended April 30, 2017)

	One	Since
	Year	Inception(2)
Pacer Trendpilot™ 750 ETF – NAV	17.72%	1.82%
Pacer Trendpilot™ 750 ETF – Market	17.65%	1.84%
Pacer Wilshire US Large-Cap Trendpilot™ Index(3)	18.44%	2.47%
Wilshire US Large-Cap Index™(3)	18.44%	9.12%

(1)	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2016, is 0.62%. For performance information current to the most recent month-end, please call 1-877-337-0500.
(2)	Inception date is June 11, 2015.
(3)	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

15

Pacer Trendpilot™ 450 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 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.

16

Pacer Trendpilot™ 450 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the year ended April 30, 2017)

	One	Since
	Year	Inception(2)
Pacer Trendpilot™ 450 ETF – NAV	18.54%	6.61%
Pacer Trendpilot™ 450 ETF – Market	18.61%	6.69%
Pacer Wilshire US Mid-Cap Trendpilot™ Index(3)	19.33%	7.37%
Wilshire US Mid-Cap Index™(3)	19.33%	6.52%

(1)	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2016, is 0.63%. For performance information current to the most recent month-end, please call 1-877-337-0500.
(2)	Inception date is June 11, 2015.
(3)	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

17

Pacer Trendpilot™ 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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.

18

Pacer Trendpilot™ 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the year ended April 30, 2017)

	One	Since
	Year	Inception(2)
Pacer Trendpilot™ 100 ETF – NAV	23.11%	3.04%
Pacer Trendpilot™ 100 ETF – Market	23.27%	3.01%
Pacer NASDAQ-100 Trendpilot™ Index(3)	24.00%	3.77%
NASDAQ-100 Index(3)	30.23%	13.67%

(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 0.66%. 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.

19

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 dividends paid by the securities in the FTSE Eurozone Index.

20

Pacer Trendpilot™ European Index ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the year ended April 30, 2017)

	One	Since
	Year	Inception(2)
Pacer Trendpilot™ European Index ETF – NAV	8.25%	5.82%
Pacer Trendpilot™ European Index ETF – Market	9.08%	6.51%
Pacer Trendpilot™ European Index(3)	9.60%	6.99%
FTSE Eurozone Index (USD)(3)	15.97%	13.61%

(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.

21

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

The FTSE Developed Large-Cap Index is a market-capitalization weighted index representing the performance of large-cap stocks in developed markets.  The FTSE Developed Large-Cap Total Return Index is a total return version of the FTSE Developed Large-Cap Index and reflects the reinvestment of dividends paid by the securities in the FTSE Developed Large-Cap Index.

22

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the year ended April 30, 2017)

	One	Since
	Year	Inception(2)
Pacer Global Cash Cows Dividend ETF – NAV	8.03%	14.45%
Pacer Global Cash Cows Dividend ETF – Market	7.75%	14.76%
Pacer Global Cash Cows Dividend Index(3)	8.69%	15.46%
FTSE Developed Large-Cap Index(3)	15.79%	20.46%

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

23

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

The Russell 1000 Index is a market-capitalization weighted index representing the top 1,000 large-cap stocks in the Russell 3000 Index.  The Russell 1000 Total Return Index is a total return version of the Russell 1000 Index and reflects the reinvestment of dividends paid by the securities in the Russell 1000 Index.

24

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2017)

	Since
	Inception(2)
Pacer US Cash Cows 100 ETF – NAV	4.87%
Pacer US Cash Cows 100 ETF – Market	4.84%
Pacer US Cash Cows 100 Index(3)	5.11%
Russell 1000 Index(3)	6.32%

(1)	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated December 15, 2016, is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500.
(2)	Inception date is December 16, 2016.
(3)	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

25

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended April 30, 2017 (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.

26

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended April 30, 2017 (Unaudited) (Continued)

	Fund’s	Beginning	Ending	Expenses
	Annual	Account	Account	Paid
	Expense	Value	Value	During
	Ratio	11/01/16	04/30/17	Period(a)
Pacer Trendpilot™ 750 ETF
Actual	0.60%	$1,000.00	$1,132.10	$3.17
Hypothetical(b)	0.60%	$1,000.00	$1,021.82	$3.01
Pacer Trendpilot™ 450 ETF
Actual	0.60%	$1,000.00	$1,142.60	$3.19
Hypothetical(b)	0.60%	$1,000.00	$1,021.82	$3.01
Pacer Trendpilot™ 100 ETF
Actual	0.65%	$1,000.00	$1,166.10	$3.49
Hypothetical(b)	0.65%	$1,000.00	$1,021.57	$3.26
Pacer Trendpilot™
European Index ETF
Actual	0.65%	$1,000.00	$1,156.50	$3.48
Hypothetical(b)	0.65%	$1,000.00	$1,021.57	$3.26
Pacer Global Cash
Cows Dividend ETF
Actual	0.60%	$1,000.00	$1,087.50	$3.11
Hypothetical(b)	0.60%	$1,000.00	$1,021.82	$3.01

(a)	The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (181) in the most recent six-month period and divided by the number of days in the most recent twelve month period (365).
(b)	Assumes 5% return before expenses.

	Fund’s	Beginning	Ending	Expenses
	Annual	Account	Account	Paid
	Expense	Value	Value	During
	Ratio	12/16/16(a)	04/30/17	Period(b)
Pacer US Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$1,048.70	$1.86
Hypothetical(c)	0.49%	$1,000.00	$1,016.68	$1.83

(a)	Inception date of the Fund.
(b)	The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (135) in the most recent six-month period and divided by the number of days in the most recent twelve month period (365).
(c)	Assumes 5% return before expenses.

27

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017

	Shares		Value
COMMON STOCKS – 96.1%
Advertising – 0.1%
Interpublic Group of Cos., Inc.		7,956	$	187,523
Omnicom Group, Inc.		5,154		423,246
				610,769
Aerospace/Defense – 2.3%
Arconic, Inc.		9,216		251,873
Boeing Co.		12,335		2,279,878
General Dynamics Corp.		5,133		994,724
Harris Corp.		2,616		292,704
L3 Technologies, Inc.		1,625		279,126
Lockheed Martin Corp.		5,778		1,556,882
Northrop Grumman Corp.		3,878		953,833
Orbital ATK, Inc.		1,030		101,970
Raytheon Co.		6,381		990,395
Rockwell Collins, Inc.		3,147		327,535
Spirit AeroSystems Holdings, Inc. – Class A		2,623		149,931
TransDigm Group, Inc.		1,053		259,807
United Technologies Corp.		17,735		2,110,288
				10,548,946
Agriculture – 1.9%
Altria Group, Inc.		42,582		3,056,536
Archer-Daniels-Midland Co.		11,388		521,001
Bunge Ltd.		2,937		232,111
Philip Morris International, Inc.		32,230		3,572,373
Reynolds American, Inc.		19,135		1,234,208
				8,616,229
Airlines – 0.6%
Alaska Air Group, Inc.		2,288		194,686
American Airlines Group, Inc.		10,272		437,793
Delta Air Lines, Inc.		16,212		736,673
JetBlue Airways Corp. (a)		5,443		118,821
Southwest Airlines Co.		10,915		613,641
United Continental Holdings, Inc. (a)		6,440		452,152
				2,553,766

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

28

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Apparel – 0.6%
Carter’s, Inc.		1,011	$	93,052
Hanesbrands, Inc.		7,940		173,171
NIKE, Inc. – Class B		28,908		1,601,792
Ralph Lauren Corp.		1,072		86,532
Skechers U.S.A, Inc. – Class A (a)		2,219		56,030
Under Armour, Inc. – Class A (a)		7,136		153,353
VF Corp.		7,512		410,381
				2,574,311
Auto Manufacturers – 0.7%
Ford Motor Co.		82,623		947,686
General Motors Co.		30,276		1,048,761
PACCAR, Inc.		6,644		443,354
Tesla Motors, Inc. (a)		2,316		727,386
				3,167,187
Auto Parts & Equipment – 0.2%
Adient PLC – ADR		1,506		110,781
Allison Transmission Holdings, Inc.		3,095		119,715
Autoliv, Inc.		1,849		185,251
BorgWarner, Inc.		4,208		177,914
Goodyear Tire & Rubber Co.		5,582		202,236
Lear Corp.		1,577		224,975
WABCO Holdings, Inc. (a)		1,066		126,716
				1,147,588
Banks – 7.7%
Bank of America Corp.		219,056		5,112,767
Bank of New York Mellon Corp.		23,385		1,100,498
Bank of the Ozarks, Inc.		2,464		116,966
BB&T Corp.		17,916		773,613
Capital One Financial Corp.		9,905		796,164
Citigroup, Inc.		61,481		3,634,757
Citizens Financial Group, Inc.		10,143		372,349
Comerica, Inc.		3,376		238,683
Commerce Bancshares, Inc.		1,844		101,328
Cullen/Frost Bankers, Inc.		1,033		97,505
East West Bancorp, Inc.		2,699		146,475

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

29

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Banks – 7.7% (Continued)
Fifth Third Bancorp		15,732	$	384,333
First Republic Bank		2,805		259,350
Goldman Sachs Group, Inc.		8,365		1,872,087
Huntington Bancshares, Inc.		20,792		267,385
JPMorgan Chase & Co.		77,357		6,730,059
KeyCorp		23,275		424,536
M&T Bank Corp.		2,855		443,695
Morgan Stanley		33,489		1,452,418
Northern Trust Corp.		4,956		446,040
PacWest Bancorp		2,163		106,831
PNC Financial Services Group, Inc.		10,497		1,257,016
Regions Financial Corp.		23,970		329,587
Signature Bank (a)		1,024		141,773
State Street Corp.		8,481		711,556
SunTrust Banks, Inc.		9,604		545,603
SVB Financial Group (a)		974		171,366
US Bancorp		35,594		1,825,260
Wells Fargo & Co.		99,110		5,336,082
Zions Bancorp		3,923		157,038
				35,353,120
Beverages – 2.0%
Brown-Forman Corp. – Class B		4,990		236,127
Coca-Cola Co.		85,142		3,673,877
Constellation Brands, Inc. – Class A		3,597		620,627
Dr Pepper Snapple Group, Inc.		3,685		337,730
Molson Coors Brewing Co. – Class B		3,456		331,396
Monster Beverage Corp. (a)		8,268		375,202
PepsiCo, Inc.		31,333		3,549,402
				9,124,361
Biotechnology – 2.4%
Alexion Pharmaceuticals, Inc. (a)		3,974		507,798
Alnylam Pharmaceuticals, Inc. (a)		1,329		71,235
Amgen, Inc.		14,255		2,328,127
Biogen, Inc. (a)		4,137		1,121,996
BioMarin Pharmaceutical, Inc. (a)		2,870		275,061

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

30

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Biotechnology – 2.4% (Continued)
Bio-Rad Laboratories, Inc. – Class A (a)		416	$	90,796
Bioverativ, Inc. (a)		2,120		124,677
Celgene Corp. (a)		17,261		2,141,227
Exelixis, Inc. (a)		5,291		118,518
Gilead Sciences, Inc.		29,006		1,988,361
Illumina, Inc. (a)		2,284		422,220
Incyte Corp. (a)		3,819		474,625
Ionis Pharmaceuticals, Inc. (a)		1,838		88,573
Regeneron Pharmaceuticals, Inc. (a)		1,501		583,124
Seattle Genetics, Inc. (a)		2,137		145,957
United Therapeutics Corp. (a)		759		95,406
Vertex Pharmaceuticals, Inc. (a)		4,044		478,405
				11,056,106
Building Materials – 0.4%
Fortune Brands Home & Security, Inc.		3,094		197,212
Johnson Controls International PLC		9,692		402,896
Lennox International, Inc.		744		123,050
Martin Marietta Materials, Inc.		1,267		278,981
Masco Corp.		6,514		241,148
Owens Corning		2,236		136,061
Vulcan Materials Co.		2,521		304,738
				1,684,086
Chemicals – 1.9%
AdvanSix, Inc. (a)		653		17,801
Air Products & Chemicals, Inc.		4,339		609,630
Albemarle Corp.		2,004		218,256
Ashland Global Holdings, Inc.		1,227		151,535
Axalta Coating Systems Ltd. (a)		1,612		50,568
Celanese Corp. – Class A		2,828		246,149
CF Industries Holdings, Inc.		4,417		118,111
Dow Chemical Co.		26,639		1,672,929
Eastman Chemical Co.		2,948		235,103
EI du Pont de Nemours & Co.		16,739		1,334,935
FMC Corp.		2,296		168,136
International Flavors & Fragrances, Inc.		1,506		208,717

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

31

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Chemicals – 1.9% (Continued)
Monsanto Co.		9,507	$	1,108,611
Mosaic Co.		6,983		188,052
NewMarket Corp.		122		57,425
PPG Industries, Inc.		5,347		587,314
Praxair, Inc.		5,472		683,891
RPM International, Inc.		2,632		138,338
Sherwin-Williams Co.		1,778		595,061
The Chemours Co.		3,464		139,565
Valspar Corp.		1,393		156,629
Valvoline, Inc.		805		17,911
Westlake Chemical Corp.		865		53,846
WR Grace & Co.		1,417		98,793
				8,857,306
Commercial Services – 1.7%
AMERCO		211		79,011
Automatic Data Processing, Inc.		9,782		1,022,121
Cintas Corp.		1,850		226,569
CoStar Group, Inc. (a)		700		168,623
Ecolab, Inc.		5,691		734,651
Equifax, Inc.		2,370		320,685
FleetCor Technologies, Inc. (a)		2,021		285,244
Gartner, Inc. (a)		1,628		185,739
Global Payments, Inc.		2,812		229,909
H&R Block, Inc.		4,243		105,184
Hertz Global Holdings, Inc. (a)		632		10,422
KAR Auction Services, Inc.		2,717		118,516
Live Nation Entertainment, Inc. (a)		3,138		100,918
ManpowerGroup, Inc.		1,405		141,877
MarketAxess Holdings, Inc.		736		141,695
Moody’s Corp.		3,589		424,650
PayPal Holdings, Inc. (a)		24,804		1,183,647
Quanta Services, Inc. (a)		2,803		99,338
Robert Half International, Inc.		2,765		127,328
Rollins, Inc.		2,380		92,415
S&P Global, Inc.		5,319		713,757
Sabre Corp.		4,538		106,235

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

32

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Commercial Services – 1.7% (Continued)
Service Corp. International		3,319	$	106,938
ServiceMaster Global Holdings, Inc. (a)		2,713		103,365
Square, Inc. – Class A (a)		27		492
Total System Services, Inc.		3,701		212,104
TransUnion (a)		1,725		69,052
United Rentals, Inc. (a)		1,701		186,532
Vantiv, Inc. – Class A (a)		3,286		203,863
Verisk Analytics, Inc. (a)		3,338		276,420
Western Union Co.		7,694		152,803
				7,930,103
Computers – 5.2%
Apple, Inc.		114,638		16,467,749
Cognizant Technology Solutions Corp. – Class A (a)		13,165		792,928
CSRA, Inc.		3,029		88,083
DXC Technology Co. (a)		5,854		441,040
Fortinet, Inc. (a)		2,855		111,345
Genpact Ltd.		3,298		80,537
Hewlett Packard Enterprise Co.		36,475		679,529
HP, Inc.		37,124		698,674
International Business Machines Corp.		19,306		3,094,559
Leidos Holdings, Inc.		2,941		154,873
NCR Corp. (a)		2,463		101,599
NetApp, Inc.		4,685		186,697
Nutanix, Inc. (a)		313		4,755
Teradata Corp. (a)		2,706		78,961
Western Digital Corp.		6,062		539,942
				23,521,271
Cosmetics/Personal Care – 1.5%
Colgate-Palmolive Co.		19,198		1,383,024
Coty, Inc. – Class A		10,413		185,872
Edgewell Personal Care Co. (a)		1,174		83,929
Estee Lauder Cos., Inc.		4,184		364,594
Procter & Gamble Co.		55,267		4,826,467
				6,843,886

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

33

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Distribution/Wholesale – 0.2%
Fastenal Co.		6,072	$	271,297
HD Supply Holdings, Inc. (a)		3,851		155,195
LKQ Corp. (a)		5,551		173,413
Watsco, Inc.		501		69,539
WW Grainger, Inc.		1,191		229,506
				898,950
Diversified Financial Services – 3.3%
Affiliated Managers Group, Inc.		1,126		186,454
Alliance Data Systems Corp.		1,231		307,295
Ally Financial, Inc.		11,034		218,473
American Express Co.		16,342		1,295,104
Ameriprise Financial, Inc.		3,174		405,796
BlackRock, Inc.		2,759		1,061,029
CBOE Holdings, Inc.		2,266		186,741
Charles Schwab Corp.		25,346		984,692
CIT Group, Inc.		3,958		183,295
CME Group, Inc.		6,183		718,403
Discover Financial Services		8,646		541,153
E*TRADE Financial Corp. (a)		5,479		189,299
Eaton Vance Corp.		2,218		95,219
FNF Group		5,938		243,161
Franklin Resources, Inc.		8,501		366,478
Intercontinental Exchange, Inc.		13,078		787,296
Invesco Ltd.		8,948		294,747
MasterCard, Inc. – Class A		20,805		2,420,038
NASDAQ, Inc.		2,435		167,698
Navient Corp.		5,421		82,399
Raymond James Financial, Inc.		2,578		192,113
Santander Consumer USA Holdings, Inc. (a)		2,587		32,958
SEI Investments Co.		2,542		128,905
Synchrony Financial		17,322		481,552
T Rowe Price Group, Inc.		5,332		377,985
TD Ameritrade Holding Corp.		6,241		238,843
Visa, Inc. – Class A		34,002		3,101,662
				15,288,788

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

34

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Electric – 2.8%
AES Corp.		13,815	$	156,248
Alliant Energy Corp.		4,401		173,047
Ameren Corp.		5,095		278,646
American Electric Power Co., Inc.		10,091		684,473
Avangrid, Inc.		1,292		56,202
Calpine Corp. (a)		6,777		69,125
CMS Energy Corp.		4,800		217,920
Consolidated Edison, Inc.		6,164		488,682
Dominion Resources, Inc.		12,138		939,845
DTE Energy Co.		3,525		368,680
Duke Energy Corp.		15,362		1,267,365
Edison International		6,626		529,881
Entergy Corp.		3,554		271,028
Eversource Energy		6,303		374,398
Exelon Corp.		18,747		649,209
FirstEnergy Corp.		8,642		258,742
Great Plains Energy, Inc.		4,212		124,633
MDU Resources Group, Inc.		3,607		97,028
NextEra Energy, Inc.		10,059		1,343,480
NRG Energy, Inc.		5,944		100,454
OGE Energy Corp.		3,877		134,842
PG&E Corp.		11,059		741,506
Pinnacle West Capital Corp.		2,156		183,454
PPL Corp.		13,933		530,987
Public Service Enterprise Group, Inc.		10,286		453,098
SCANA Corp.		2,508		166,305
Southern Co.		21,483		1,069,853
WEC Energy Group, Inc.		6,195		374,921
Westar Energy, Inc.		2,816		146,516
Xcel Energy, Inc.		10,314		464,646
				12,715,214
Electrical Components & Equipment – 0.3%
Acuity Brands, Inc.		870		153,207
AMETEK, Inc.		4,311		246,589
Emerson Electric Co.		13,978		842,594

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

35

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Electrical Components
& Equipment – 0.3% (Continued)
Hubbell, Inc.		952	$	107,700
				1,350,090
Electronics – 1.2%
Agilent Technologies, Inc.		6,620		364,431
Amphenol Corp. – Class A		5,047		364,949
Arrow Electronics, Inc. (a)		1,657		116,818
Avnet, Inc.		2,522		97,576
Corning, Inc.		20,633		595,262
FLIR Systems, Inc.		2,709		99,502
Fortive Corp.		6,134		388,037
Gentex Corp.		5,799		119,749
Honeywell International, Inc.		16,889		2,214,823
Jabil Circuit, Inc.		3,336		96,811
Keysight Technologies, Inc. (a)		3,424		128,160
Mettler-Toledo International, Inc. (a)		464		238,227
PerkinElmer, Inc.		2,093		124,345
Trimble, Inc. (a)		4,141		146,716
Waters Corp. (a)		1,701		288,983
				5,384,389
Engineering & Construction – 0.1%
Fluor Corp.		2,923		150,008
Jacobs Engineering Group, Inc.		2,238		122,911
				272,919
Entertainment – 0.0% (b)
Six Flags Entertainment Corp.		1,504		94,165
Vail Resorts, Inc.		797		157,535
				251,700
Environmental Control – 0.2%
Republic Services, Inc.		4,998		314,824
Stericycle, Inc. (a)		1,785		152,332
Waste Management, Inc.		9,067		659,896
				1,127,052

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

36

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Food – 1.8%
Blue Buffalo Pet Products, Inc. (a)		2,198	$	54,181
Campbell Soup Co.		4,345		250,011
ConAgra Foods, Inc.		9,177		355,884
General Mills, Inc.		12,071		694,203
Hershey Co.		3,298		356,844
Hormel Foods Corp.		5,750		201,710
Ingredion, Inc.		1,430		177,063
JM Smucker Co.		2,515		318,701
Kellogg Co.		5,472		388,512
Kroger Co.		18,075		535,924
Lamb Weston Holdings, Inc.		3,067		128,047
McCormick & Co., Inc.		2,055		205,294
Mondelez International, Inc. – Class A		33,331		1,500,895
Pilgrim’s Pride Corp.		1,357		35,228
Pinnacle Foods, Inc.		2,403		139,734
Post Holdings, Inc. (a)		1,154		97,155
Sysco Corp.		11,864		627,250
The Kraft Heinz Co.		13,358		1,207,430
TreeHouse Foods, Inc. (a)		1,019		89,264
Tyson Foods, Inc. – Class A		6,230		400,340
US Foods Holding Corp. (a)		1,241		34,996
Whole Foods Market, Inc.		6,396		232,622
				8,031,288
Food Service – 0.0% (b)
Aramark		4,627		168,978
Forest Products & Paper – 0.1%
International Paper Co.		8,363		451,351
Gas – 0.3%
Atmos Energy Corp.		2,013		163,093
CenterPoint Energy, Inc.		8,445		240,936
National Fuel Gas Co.		1,710		94,700
NiSource, Inc.		6,746		163,591
Sempra Energy		5,122		578,888
UGI Corp.		3,344		167,735
				1,408,943

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

37

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Hand/Machine Tools – 0.2%
Lincoln Electric Holdings, Inc.		1,141	$	101,583
Snap-On, Inc.		1,215		203,549
Stanley Black & Decker, Inc.		3,062		416,891
				722,023
Healthcare-Products – 2.6%
Abbott Laboratories		38,345		1,673,376
ABIOMED, Inc. (a)		760		99,043
Align Technology, Inc. (a)		1,461		196,680
Baxter International, Inc.		11,980		667,046
Becton Dickinson and Co.		4,562		852,957
Boston Scientific Corp. (a)		23,832		628,688
CR Bard, Inc.		1,439		442,464
Danaher Corp.		13,233		1,102,706
DENTSPLY SIRONA, Inc.		4,926		311,520
Edwards Lifesciences Corp. (a)		4,569		501,082
Henry Schein, Inc. (a)		1,440		250,272
Hologic, Inc. (a)		5,284		238,573
IDEXX Laboratories, Inc. (a)		1,778		298,224
Intuitive Surgical, Inc. (a)		786		656,994
OPKO Health, Inc. (a)		8,231		63,955
Patterson Cos., Inc.		1,507		67,046
ResMed, Inc.		2,775		188,672
Stryker Corp.		6,999		954,454
Teleflex, Inc.		877		181,442
The Cooper Cos., Inc.		872		174,688
Thermo Fisher Scientific, Inc.		8,611		1,423,657
Varian Medical Systems, Inc. (a)		1,865		169,230
West Pharmaceutical Services, Inc.		1,338		123,136
Zimmer Biomet Holdings, Inc.		4,367		522,512
				11,788,417
Healthcare-Services – 2.1%
Aetna, Inc.		7,619		1,029,099
Anthem, Inc.		5,709		1,015,574
Centene Corp. (a)		3,582		266,501
Cigna Corp.		5,576		871,919

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

38

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Healthcare-Services – 2.1% (Continued)
DaVita, Inc. (a)		3,518	$	242,777
Envision Healthcare Corp. (a)		1,802		100,966
HCA Holdings, Inc. (a)		6,735		567,155
Humana, Inc.		2,890		641,522
Laboratory Corp. of American Holdings (a)		2,039		285,766
MEDNAX, Inc. (a)		1,845		111,364
Quest Diagnostics, Inc.		2,577		271,899
Quintiles Transnational Holdings, Inc. (a)		3,844		323,972
UnitedHealth Group, Inc.		19,758		3,455,279
Universal Health Services, Inc. – Class B		1,750		211,330
WellCare Health Plans, Inc. (a)		868		133,160
				9,528,283
Holding Companies-Diversified – 0.0% (b)
Leucadia National Corp.		7,194		182,656
Home Builders – 0.2%
DR Horton, Inc.		6,262		205,957
Lennar Corp. – Class A		4,158		209,979
NVR, Inc. (a)		69		145,676
PulteGroup, Inc.		6,137		139,126
Thor Industries, Inc.		1,080		103,875
Toll Brothers, Inc.		2,799		100,736
				905,349
Home Furnishings – 0.1%
Leggett & Platt, Inc.		2,571		135,080	��
Whirlpool Corp.		1,589		295,046
				430,126
Household Products/Wares – 0.4%
Avery Dennison Corp.		1,831		152,358
Church & Dwight Co., Inc.		5,036		249,433
Clorox Co.		2,509		335,428
Kimberly-Clark Corp.		7,384		958,074
				1,695,293

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

39

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Housewares – 0.2%
Newell Brands, Inc.		10,246	$	489,144
Scotts Miracle-Gro Co. – Class A		956		92,350
Toro Co.		2,184		141,785
				723,279
Insurance – 3.7%
Aflac, Inc.		8,222		615,663
Alleghany Corp. (a)		308		188,096
Allstate Corp.		8,128		660,725
American Financial Group, Inc.		1,479		143,922
American International Group, Inc.		20,294		1,236,108
AmTrust Financial Services, Inc.		2,125		34,106
Arch Capital Group Ltd. (a)		1,643		159,322
Arthur J. Gallagher & Co.		3,266		182,276
Assurant, Inc.		1,168		112,408
Assured Guaranty Ltd.		2,846		108,518
Axis Capital Holdings Ltd.		1,499		98,784
Berkshire Hathaway, Inc. – Class B (a)		37,170		6,140,856
Brown & Brown, Inc.		2,367		101,544
Cincinnati Financial Corp.		2,996		215,982
CNA Financial Corp.		629		28,469
Erie Indemnity Co. – Class A		454		56,214
Everest Re Group Ltd.		589		148,257
Hartford Financial Services Group, Inc.		7,400		357,864
Lincoln National Corp.		4,590		302,619
Loews Corp.		6,529		304,382
Markel Corp. (a)		309		299,606
Marsh & McLennan Cos., Inc.		11,317		838,929
MetLife, Inc.		20,298		1,051,639
Old Republic International Corp.		4,847		100,236
Principal Financial Group, Inc.		5,691		370,655
Progressive Corp.		11,855		470,881
Prudential Financial, Inc.		9,328		998,376
Reinsurance Group of America, Inc.		1,205		150,673
RenaissanceRe Holdings Ltd.		764		108,618
Torchmark Corp.		2,402		184,257
Travelers Cos., Inc.		6,274		763,295

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

40

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Insurance – 3.7% (Continued)
Unum Group		4,492	$	208,114
Voya Financial, Inc.		4,322		161,556
WR Berkley Corp.		1,729		117,537
				17,020,487
Internet – 7.4%
Alphabet, Inc. – Class C (a)		12,378		11,213,973
Amazon.com, Inc. (a)		8,650		8,001,163
CDW Corp.		2,812		166,161
eBay, Inc. (a)		23,069		770,735
Expedia, Inc.		2,579		344,864
F5 Networks, Inc. (a)		1,409		181,944
Facebook, Inc. – Class A (a)		48,371		7,267,743
GoDaddy, Inc. – Class A (a)		326		12,688
IAC/InterActiveCorp. (a)		1,479		122,772
Match Group, Inc. (a)		3,109		57,921
Netflix, Inc. (a)		8,210		1,249,562
Palo Alto Networks, Inc. (a)		1,999		216,712
Snap, Inc. (a)		9,372		211,339
Symantec Corp.		13,026		412,012
The Priceline Group, Inc. (a)		1,076		1,987,178
TripAdvisor, Inc. (a)		1,985		89,345
Twitter, Inc. (a)		14,686		242,025
VeriSign, Inc. (a)		1,704		151,520
Yahoo!, Inc. (a)		19,314		931,128
Zillow Group, Inc. – Class C (a)		2,018		78,702
				33,709,487
Iron/Steel – 0.2%
Nucor Corp.		6,172		378,529
Reliance Steel & Aluminum Co.		1,436		113,185
Steel Dynamics, Inc.		4,886		176,580
United States Steel Corp.		3,466		77,361
				745,655
Leisure Time – 0.3%
Brunswick Corp.		1,796		101,923
Carnival Corp.		8,610		531,840

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

41

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Leisure Time – 0.3% (Continued)
Harley-Davidson, Inc.		3,808	$	216,332
Norwegian Cruise Line Holdings Ltd. (a)		633		34,138
Polaris Industries, Inc.		1,189		101,374
Royal Caribbean Cruises Ltd.		3,005		320,333
				1,305,940
Lodging – 0.5%
Hilton Grand Vacations, Inc. (a)		266		8,903
Hilton Worldwide Holdings, Inc.		4,521		266,603
Hyatt Hotels Corp. – Class A (a)		773		42,901
Las Vegas Sands Corp.		8,347		492,390
Marriott International, Inc. – Class A		6,913		652,725
MGM Resorts International		9,543		293,066
Wyndham Worldwide Corp.		2,047		195,100
Wynn Resorts Ltd.		1,899		233,596
				2,185,284
Machinery-Construction & Mining – 0.3%
Caterpillar, Inc.		13,010		1,330,403
Machinery-Diversified – 0.7%
AGCO Corp.		1,392		89,074
Cognex Corp.		1,604		136,885
Cummins, Inc.		3,684		556,063
Deere & Co.		5,855		653,477
Flowserve Corp.		2,745		139,638
Graco, Inc.		1,042		112,380
IDEX Corp.		1,420		148,759
Middleby Corp. (a)		1,254		170,707
Nordson Corp.		887		111,053
Rockwell Automation, Inc.		2,829		445,143
Roper Technologies, Inc.		1,946		425,590
Wabtec Corp.		1,551		130,113
Xylem, Inc.		3,811		195,924
				3,314,806
Media – 2.9%
AMC Networks, Inc. – Class A (a)		1,106		66,006
CBS Corp. – Class B		7,448		495,739

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

42

Pacer Trendpilot™ 750 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Media – 2.9% (Continued)
Charter Communications, Inc. – Class A (a)		4,954	$	1,709,923
Comcast Corp. – Class A		58,938		2,309,780
Discovery Communications, Inc. – Class A (a)		2,894		83,289
DISH Network Corp. – Class A (a)		4,404		283,794
FactSet Research Systems, Inc.		807		131,751
Liberty Broadband Corp. – Class A (a)		3,983		358,191
Liberty Media Corp.-Liberty SiriusXM – Class A (a)		6,567		250,203
Liberty Media Corp-Liberty Formula One (a)		4,425		150,052
News Corp. – Class A		7,247		92,182
Scripps Networks Interactive, Inc. – Class A		2,031		151,756
Sirius XM Holdings, Inc.		36,731		181,818
TEGNA, Inc.		4,572		116,495
Thomson Reuters Corp.		6,957		316,056
Time Warner, Inc.		17,184		1,705,856
Twenty-First Century Fox, Inc. – Class A		20,544		627,414
Viacom, Inc. – Class B		6,090		259,190
Walt Disney Co.		35,090		4,056,404
				13,345,899
Mining – 0.2%
Alcoa Corp. (a)		4,260		143,690
Freeport-McMoRan, Inc. (a)		25,201		321,313
Newmont Mining Corp.		10,421		352,334
Southern Copper Corp.		1,974		69,820
				887,157
Miscellaneous Manufacturing – 2.5%
3M Co.		13,087		2,562,827
AO Smith Corp.		2,754		148,386
AptarGroup, Inc.		1,023		82,147
Carlisle Cos., Inc.		1,110		112,543
Colfax Corp. (a)		1,960		79,321
Donaldson Co., Inc.		2,371		109,730
Dover Corp.		3,259		257,070
Eaton Corp. PLC		9,942		752,013
General Electric Co.		190,798		5,531,234
Illinois Tool Works, Inc.		6,391		882,533

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

43

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Miscellaneous Manufacturing – 2.5% (Continued)
Parker-Hannifin Corp.		2,758	$	443,486
Pentair PLC		3,804		245,396
Textron, Inc.		5,359		250,051
				11,456,737
Office/Business Equipment – 0.0% (b)
Xerox Corp.		18,496		132,986
Oil & Gas – 4.9%
Anadarko Petroleum Corp.		11,473		654,190
Antero Resources Corp. (a)		3,657		77,492
Apache Corp.		8,232		400,405
Cabot Oil & Gas Corp.		10,206		237,187
Chevron Corp.		40,927		4,366,911
Cimarex Energy Co.		1,837		214,341
Concho Resources, Inc. (a)		2,437		308,670
ConocoPhillips		27,136		1,300,086
Continental Resources, Inc. (a)		2,079		88,170
Devon Energy Corp.		11,262		444,736
Diamondback Energy, Inc. (a)		1,890		188,698
Energen Corp. (a)		1,727		89,787
EOG Resources, Inc.		11,568		1,070,040
EQT Corp.		3,345		194,478
Exxon Mobil Corp.		89,639		7,319,024
Helmerich & Payne, Inc.		1,541		93,446
Hess Corp.		6,141		299,865
HollyFrontier Corp.		3,065		86,249
Marathon Oil Corp.		16,647		247,541
Marathon Petroleum Corp.		11,383		579,850
Murphy Oil Corp.		2,712		71,000
Newfield Exploration Co. (a)		3,850		133,287
Noble Energy, Inc.		7,218		233,358
Occidental Petroleum Corp.		16,782		1,032,764
Parsley Energy, Inc. – Class A (a)		4,868		145,018
Phillips 66		9,708		772,369
Pioneer Natural Resources Co.		3,713		642,312
Range Resources Corp.		4,561		120,821

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

44

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Oil & Gas – 4.9% (Continued)
RSP Permian, Inc. (a)		2,322	$	88,352
Southwestern Energy Co. (a)		8,084		60,711
Tesoro Corp.		2,490		198,478
Valero Energy Corp.		9,834		635,375
				22,395,011
Oil & Gas Services – 0.8%
Baker Hughes, Inc.		8,390		498,114
Halliburton Co.		17,810		817,123
National Oilwell Varco, Inc.		7,591		265,457
Schlumberger Ltd.		28,304		2,054,588
				3,635,282
Packaging & Containers – 0.3%
Ball Corp.		3,541		272,268
Bemis Co., Inc.		1,835		82,447
Berry Global Group, Inc. (a)		2,478		123,900
Crown Holdings, Inc. (a)		2,805		157,332
Packaging Corp. of America		1,782		176,026
Sealed Air Corp.		4,089		179,998
Sonoco Products Co.		1,924		100,644
WestRock Co.		4,038		216,275
				1,308,890
Pharmaceuticals – 5.8%
AbbVie, Inc.		30,889		2,036,821
Alkermes PLC (a)		2,730		159,023
Allergan PLC		7,367		1,796,517
AmerisourceBergen Corp.		3,449		282,990
Bristol-Myers Squibb Co.		36,723		2,058,324
Cardinal Health, Inc.		6,564		476,481
DexCom, Inc. (a)		1,573		122,631
Eli Lilly & Co.		20,321		1,667,541
Express Scripts Holding Co. (a)		12,516		767,731
Herbalife Ltd. (a)		1,512		95,649
Johnson & Johnson		58,655		7,242,133
McKesson Corp.		4,401		608,614
Mead Johnson Nutrition Co.		3,245		287,896

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

45

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Pharmaceuticals – 5.8% (Continued)
Merck & Co., Inc.		60,539	$	3,773,396
Pfizer, Inc.		131,985		4,476,931
Premier, Inc. – Class A (a)		922		31,164
TESARO, Inc. (a)		474		69,958
VCA, Inc. (a)		1,585		145,138
Zoetis, Inc.		10,825		607,391
				26,706,329
Pipelines – 0.4%
Cheniere Energy, Inc. (a)		5,116		232,011
Kinder Morgan, Inc.		43,237		891,979
ONEOK, Inc.		4,023		211,650
Targa Resources Corp.		3,674		202,548
Williams Cos., Inc.		16,567		507,447
				2,045,635
Real Estate – 0.1%
CBRE Group, Inc. – Class A (a)		7,198		257,761
Howard Hughes Corp. (a)		866		106,613
Jones Lang LaSalle, Inc.		749		86,030
				450,404
Retail – 6.0%
Advance Auto Parts, Inc.		1,557		221,312
AutoNation, Inc. (a)		1,406		59,052
AutoZone, Inc. (a)		517		357,862
Bed Bath & Beyond, Inc.		2,988		115,785
Best Buy Co., Inc.		4,276		221,540
Burlington Stores, Inc. (a)		1,510		149,369
CarMax, Inc. (a)		3,623		211,946
Casey’s General Stores, Inc.		774		86,742
Chipotle Mexican Grill, Inc. (a)		479		227,271
Coach, Inc.		5,837		229,920
Copart, Inc. (a)		4,006		123,785
Costco Wholesale Corp.		9,645		1,712,180
CVS Health Corp.		22,521		1,856,631
Darden Restaurants, Inc.		2,488		211,953
Dick’s Sporting Goods, Inc.		1,373		69,405

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

46

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Retail – 6.0% (Continued)
Dollar General Corp.		5,541	$	402,886
Dollar Tree, Inc. (a)		5,005		414,264
Domino’s Pizza, Inc.		630		114,276
Foot Locker, Inc.		2,710		209,591
Gap, Inc.		5,014		131,367
Genuine Parts Co.		2,933		269,895
Home Depot, Inc.		25,022		3,905,934
Kohl’s Corp.		3,592		140,196
L Brands, Inc.		4,711		248,788
Liberty Interactive Corp. QVC Group – Class A (a)		8,543		180,941
Lowe’s Cos., Inc.		19,099		1,621,123
Macy’s, Inc.		6,686		195,365
McDonald’s Corp.		18,234		2,551,484
Michaels Cos., Inc. (a)		673		15,721
MSC Industrial Direct Co., Inc.		825		73,862
Nordstrom, Inc.		2,768		133,611
O’Reilly Automotive, Inc. (a)		2,076		515,159
Panera Bread Co. – Class A (a)		406		126,948
PVH Corp.		1,703		172,054
Rite Aid Corp. (a)		22,536		90,144
Ross Stores, Inc.		7,604		494,260
Signet Jewelers Ltd.		1,633		107,517
Staples, Inc.		13,569		132,569
Starbucks Corp.		30,275		1,818,317
Target Corp.		12,186		680,588
Tiffany & Co.		2,153		197,323
TJX Cos., Inc.		13,280		1,044,339
Tractor Supply Co.		2,807		173,781
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,245		350,393
Walgreens Boots Alliance, Inc.		20,646		1,786,705
Wal-Mart Stores, Inc.		34,102		2,563,788
Williams-Sonoma, Inc.		1,326		71,670
Yum! Brands, Inc.		7,958		523,239
				27,312,851

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

47

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Savings & Loans – 0.1%
New York Community Bancorp, Inc.		9,655	$	128,315
People’s United Financial, Inc.		6,101		106,585
TFS Financial Corp.		1,393		23,040
				257,940
Semiconductors – 2.9%
Advanced Micro Devices, Inc. (a)		14,651		194,858
Analog Devices, Inc.		6,285		478,924
Applied Materials, Inc.		23,651		960,467
Intel Corp.		104,918		3,792,786
IPG Photonics Corp. (a)		758		95,751
KLA-Tencor Corp.		2,983		292,990
Lam Research Corp.		3,229		467,721
Marvell Technology Group Ltd.		8,397		126,123
Maxim Integrated Products, Inc.		5,527		244,017
Microchip Technology, Inc.		4,521		341,697
Micron Technology, Inc. (a)		20,845		576,781
Microsemi Corp. (a)		2,098		98,480
NVIDIA Corp.		9,815		1,023,704
ON Semiconductor Corp. (a)		8,329		118,105
Qorvo, Inc. (a)		2,952		200,825
QUALCOMM, Inc.		32,426		1,742,573
Skyworks Solutions, Inc.		3,555		354,576
Teradyne, Inc.		3,655		128,912
Texas Instruments, Inc.		18,643		1,476,153
Xilinx, Inc.		4,974		313,909
				13,029,352
Shipbuilding – 0.0% (b)
Huntington Ingalls Industries, Inc.		851		170,957
Software – 5.5%
Activision Blizzard, Inc.		14,013		732,179
Adobe Systems, Inc. (a)		9,354		1,251,004
Akamai Technologies, Inc. (a)		3,397		207,013
ANSYS, Inc. (a)		1,579		173,943
athenahealth, Inc. (a)		518		50,769
Autodesk, Inc. (a)		4,355		392,255

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

48

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Software – 5.5% (Continued)
Black Knight Financial Services, Inc. – Class A (a)		356	$	14,738
Broadridge Financial Solutions, Inc.		2,318		162,121
CA, Inc.		6,267		205,746
Cadence Design System, Inc. (a)		5,954		193,922
Cerner Corp. (a)		6,635		429,616
Citrix Systems, Inc. (a)		3,258		263,702
Dun & Bradstreet Corp.		656		71,904
Electronic Arts, Inc. (a)		5,778		547,870
Fidelity National Information Services, Inc.		6,942		584,447
First Data Corp. – Class A (a)		5,264		82,224
Fiserv, Inc. (a)		4,406		524,931
Intuit, Inc.		4,724		591,492
Jack Henry & Associates, Inc.		1,543		149,548
Microsoft Corp.		167,054		11,436,517
MSCI, Inc.		1,685		169,039
Nuance Communications, Inc. (a)		5,764		103,118
Oracle Corp.		70,698		3,178,582
Paychex, Inc.		6,485		384,431
PTC, Inc. (a)		2,356		127,342
Red Hat, Inc. (a)		3,562		313,741
Salesforce.com, Inc. (a)		13,319		1,147,032
ServiceNow, Inc. (a)		3,601		340,222
Splunk, Inc. (a)		2,540		163,347
SS&C Technologies Holdings, Inc.		3,684		135,350
Synopsys, Inc. (a)		2,941		216,752
Tableau Software, Inc. – Class A (a)		1,313		70,482
Take-Two Interactive Software, Inc. (a)		1,962		123,312
Tyler Technologies, Inc. (a)		630		103,062
Ultimate Software Group, Inc. (a)		527		106,807
Veeva Systems, Inc. – Class A (a)		1,852		99,304
VMware, Inc. – Class A (a)		1,858		174,875
Workday, Inc. – Class A (a)		450		39,330
				25,062,069
Telecommunications – 3.4%
Arista Networks, Inc. (a)		897		125,257
ARRIS International PLC (a)		3,530		91,745

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

49

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Telecommunications – 3.4% (Continued)
AT&T, Inc.		134,197	$	5,318,227
CenturyLink, Inc.		10,340		265,428
Cisco Systems, Inc.		109,945		3,745,826
CommScope Holding Co., Inc. (a)		3,155		132,636
Juniper Networks, Inc.		7,333		220,503
Level 3 Communications, Inc. (a)		4,764		289,461
Motorola Solutions, Inc.		3,302		283,873
Sprint Corp. (a)		14,745		133,147
T-Mobile US, Inc. (a)		6,733		452,929
Verizon Communications, Inc.		90,465		4,153,248
Zayo Group Holdings, Inc. (a)		4,203		147,399
				15,359,679
Textiles – 0.1%
Mohawk Industries, Inc. (a)		1,306		306,636
Toys/Games/Hobbies – 0.1%
Hasbro, Inc.		2,159		213,978
Mattel, Inc.		6,750		151,335
				365,313
Transportation – 1.6%
CH Robinson Worldwide, Inc.		2,725		198,108
CSX Corp.		19,197		975,975
Expeditors International of Washington, Inc.		3,557		199,512
FedEx Corp.		5,020		952,294
Genesee & Wyoming, Inc. (a)		1,007		68,234
JB Hunt Transport Services, Inc.		1,970		176,630
Kansas City Southern		2,262		203,738
Norfolk Southern Corp.		6,356		746,766
Old Dominion Freight Line, Inc.		1,555		137,649
Union Pacific Corp.		16,820		1,883,167
United Parcel Service, Inc. – Class B		15,199		1,633,285
XPO Logistics, Inc. (a)		2,050		101,250
				7,276,608

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

50

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.1% (Continued)
Water – 0.1%
American Water Works Co., Inc.		3,493	$	278,602
Aqua America, Inc.		3,523		116,576
				395,178
TOTAL COMMON STOCKS
(Cost $382,446,918)				438,427,098
INVESTMENT COMPANIES – 0.0% (b)
Ares Capital Corp.		9,656		169,946
TOTAL INVESTMENT COMPANIES
(Cost $146,599)				169,946
REAL ESTATE INVESTMENT TRUSTS – 3.7%
Apartments – 0.6%
American Campus Communities, Inc.		3,028		143,497
American Homes 4 Rent – Class A		5,279		121,681
Apartment Investment & Management Co.		3,615		158,120
AvalonBay Communities, Inc.		3,170		601,793
Camden Property Trust		2,016		165,977
Equity Residential		8,448		545,572
Essex Property Trust, Inc.		1,507		368,416
Invitation Homes, Inc. (a)		1,817		39,156
Mid-America Apartment Communities, Inc.		2,640		261,914
UDR, Inc.		6,174		230,537
				2,636,663
Diversified – 1.1%
American Tower Corp.		9,334		1,175,524
Crown Castle International Corp.		7,332		693,607
Digital Realty Trust, Inc.		3,700		424,908
Duke Realty Corp.		8,000		221,840
Equinix, Inc.		1,668		696,724
Forest City Realty Trust, Inc. – Class A		5,599		126,537
Gaming and Leisure Properties, Inc.		4,062		141,358
Lamar Advertising Co. – Class A		1,308		94,268
Liberty Property Trust		3,390		137,532

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

51

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 3.7% (Continued)
Diversified – 1.1% (Continued)
SBA Communications Corp. (a)		2,687	$	339,879
Vornado Realty Trust		4,463		429,519
Weyerhaeuser Co.		16,235		549,879
				5,031,575
Health Care – 0.3%
HCP, Inc.		10,797		338,486
Omega Healthcare Investors, Inc.		3,191		105,303
Senior Housing Properties Trust		5,491		118,166
Ventas, Inc.		8,205		525,202
Welltower, Inc.		8,253		589,594
				1,676,751
Hotels – 0.1%
Apple Hospitality REIT, Inc.		5,221		97,789
Host Hotels & Resorts, Inc.		17,267		309,943
Park Hotels & Resorts, Inc.		608		15,607
				423,339
Manufactured Homes – 0.1%
Equity LifeStyle Properties, Inc.		1,971		159,474
Sun Communities, Inc.		1,613		134,863
				294,337
Mortgage – 0.1%
AGNC Investment Corp.		6,567		138,367
Annaly Capital Management, Inc.		20,001		236,212
Starwood Property Trust, Inc.		4,903		111,249
				485,828
Office Property – 0.3%
Alexandria Real Estate Equities, Inc.		1,937		217,932
Boston Properties, Inc.		3,549		449,303
Douglas Emmett, Inc.		3,529		132,937
Highwoods Properties, Inc.		2,301		117,075
Kilroy Realty Corp.		2,131		150,299
SL Green Realty Corp.		2,326		244,067

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

52

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 3.7% (Continued)
Office Property – 0.3% (Continued)
VEREIT, Inc.		16,353	$	136,875
				1,448,488
Regional Malls – 0.4%
GGP, Inc.		11,636		251,454
Macerich Co.		2,641		164,878
Simon Property Group, Inc.		7,549		1,247,548
Taubman Centers, Inc.		1,316		82,316
				1,746,196
Shopping Centers – 0.2%
Brixmor Property Group, Inc.		6,765		133,609
DDR Corp.		7,430		80,318
Federal Realty Investment Trust		1,645		215,314
Kimco Realty Corp.		9,703		196,874
Regency Centers Corp.		3,492		220,625
Weingarten Realty Investors		2,896		94,902
				941,642
Single Tenant – 0.1%
National Retail Properties, Inc.		2,626		110,870
Realty Income Corp.		4,650		271,328
Spirit Realty Capital, Inc.		9,507		89,556
				471,754
Storage – 0.3%
CubeSmart		4,104		103,995
Extra Space Storage, Inc.		2,890		218,282
Iron Mountain, Inc.		3,773		131,149
Public Storage		3,639		761,934
				1,215,360
Warehouse/Industrial – 0.1%
Prologis, Inc.		12,143		660,701
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $16,953,093)				17,032,634

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

53

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS – 0.2%
Money Market Funds – 0.2%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.66% (c)		701,559	$	701,559
TOTAL SHORT-TERM INVESTMENTS
(Cost $701,559)				701,559
TOTAL INVESTMENTS
(Cost $400,248,169) – 100.0%				456,331,237
Liabilities in Excess of Other Assets – 0.0% (b)				(151,237	)
TOTAL NET ASSETS – 100.0%			$	456,180,000

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
(a)	Non-income producing security.
(b)	Less than 0.05%.
(c)	Rate disclosed is the seven day yield as of April 30, 2017

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.

54

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SCHEDULE OF INVESTMENTS

April 30, 2017

	Shares		Value
COMMON STOCKS – 87.0%
Aerospace/Defense – 1.0%
Curtiss-Wright Corp.		4,952	$	462,814
HEICO Corp. – Class A		6,278		384,826
Orbital ATK, Inc.		6,859		679,041
Rockwell Collins, Inc.		38		3,957
Spirit AeroSystems Holdings, Inc. – Class A		15,244		871,347
Teledyne Technologies, Inc. (a)		3,635		490,107
				2,892,092
Agriculture – 0.1%
Vector Group Ltd.		13,690		297,347
Airlines – 0.5%
JetBlue Airways Corp. (a)		35,732		780,029
Spirit Airlines, Inc. (a)		8,577		491,205
				1,271,234
Apparel – 0.4%
Carter’s, Inc.		5,999		552,148
Columbia Sportswear Co.		4,165		235,822
Skechers U.S.A, Inc. – Class A (a)		14,578		368,095
				1,156,065
Auto Parts & Equipment – 0.9%
Adient PLC – ADR		9,287		683,152
Allison Transmission Holdings, Inc.		19,141		740,374
Tenneco, Inc.		6,050		381,331
WABCO Holdings, Inc. (a)		5,946		706,801
				2,511,658
Banks – 5.7%
Associated Banc-Corp.		16,765		417,449
Bank of Hawaii Corp.		5,070		413,104
Bank of the Ozarks, Inc.		15,498		735,690
BankUnited, Inc.		14,428		509,164
BOK Financial Corp.		2,798		235,843
Chemical Financial Corp.		8,678		411,771
Commerce Bancshares, Inc.		11,913		654,619
Cullen/Frost Bankers, Inc.		6,557		618,915
East West Bancorp, Inc.		16,933		918,954

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

55

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Banks – 5.7% (Continued)
First Citizens BancShares, Inc. – Class A		1,000	$	348,060
First Hawaiian, Inc.		3,304		98,360
First Horizon National Corp.		26,728		490,459
Hancock Holding Co.		10,271		479,656
Home BancShares, Inc.		17,766		452,145
IBERIABANK Corp.		6,495		515,378
MB Financial, Inc.		10,690		454,432
PacWest Bancorp		13,431		663,357
Popular, Inc.		13,112		549,524
PrivateBancorp, Inc.		9,977		576,371
Prosperity Bancshares, Inc.		8,677		583,094
Signature Bank (a)		6,850		948,383
Synovus Financial Corp.		15,468		646,562
Texas Capital Bancshares, Inc. (a)		5,893		448,457
UMB Financial Corp.		3,933		285,103
Umpqua Holdings Corp.		24,647		435,513
United Bankshares, Inc.		9,418		375,778
Webster Financial Corp.		11,460		582,283
Western Alliance Bancorp (a)		14,692		703,747
Wintrust Financial Corp.		5,656		400,784
Zions Bancorp		25,405		1,016,962
				15,969,917
Biotechnology – 2.3%
Alnylam Pharmaceuticals, Inc. (a)		8,572		459,459
AquaBounty Technologies, Inc. (a)		117		909
Bio-Rad Laboratories, Inc. – Class A (a)		2,533		552,853
Bioverativ, Inc. (a)		13,670		803,933
Charles River Laboratories International, Inc. (a)		5,843		524,117
Exelixis, Inc. (a)		32,129		719,690
Intercept Pharmaceuticals, Inc. (a)		1,941		218,071
Intrexon Corp. (a)		7,656		159,551
Ionis Pharmaceuticals, Inc. (a)		11,713		564,449
Kite Pharma, Inc. (a)		4,968		407,773
Seattle Genetics, Inc. (a)		13,485		921,026
The Medicines Co. (a)		6,293		310,371
Ultragenyx Pharmaceutical, Inc. (a)		3,165		203,794

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

56

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Biotechnology – 2.3% (Continued)
United Therapeutics Corp. (a)		4,709	$	591,921
				6,437,917
Building Materials – 0.9%
Eagle Materials, Inc.		5,757		552,499
Lennox International, Inc.		4,665		771,544
Owens Corning		14,070		856,160
USG Corp. (a)		12,617		382,295
				2,562,498
Chemicals – 3.4%
Ashland Global Holdings, Inc.		7,859		970,586
Axalta Coating Systems Ltd. (a)		10,483		328,852
Cabot Corp.		7,420		446,610
FMC Corp.		16,539		1,211,151
Huntsman Corp.		28,346		702,130
NewMarket Corp.		823		387,386
Olin Corp.		18,213		585,184
PolyOne Corp.		10,363		406,333
RPM International, Inc.		16,871		886,740
Sensient Technologies Corp.		5,488		448,918
The Chemours Co.		21,307		858,459
Univar, Inc. (a)		10,030		299,395
Valspar Corp.		9,425		1,059,747
Valvoline, Inc.		4,986		110,939
Westlake Chemical Corp.		5,338		332,291
WR Grace & Co.		8,324		580,349
				9,615,070
Coal – 0.2%
CONSOL Energy, Inc. (a)		29,292		444,652
Commercial Services – 5.4%
AMERCO		1,266		474,066
Avis Budget Group, Inc. (a)		9,273		282,827
Booz Allen Hamilton Holding Corp.		19,794		711,198
Bright Horizons Family Solutions, Inc. (a)		6,198		471,792
CoreLogic, Inc. (a)		10,285		439,581
CoStar Group, Inc. (a)		4,494		1,082,560

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

57

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Commercial Services – 5.4% (Continued)
Deluxe Corp.		5,632	$	404,997
Euronet Worldwide, Inc. (a)		6,606		545,788
Gartner, Inc. (a)		11,126		1,269,365
Graham Holdings Co. – Class B		534		321,308
H&R Block, Inc.		24,068		596,646
KAR Auction Services, Inc.		16,475		718,640
Live Nation Entertainment, Inc. (a)		19,990		642,878
ManpowerGroup, Inc.		8,397		847,929
MarketAxess Holdings, Inc.		4,419		850,746
Morningstar, Inc.		2,156		157,668
PAREXEL International Corp. (a)		5,629		359,299
Quanta Services, Inc. (a)		18,653		661,062
Robert Half International, Inc.		16,945		780,317
Rollins, Inc.		15,241		591,808
Sabre Corp.		25,844		605,008
Service Corp. International		21,340		687,575
ServiceMaster Global Holdings, Inc. (a)		17,247		657,111
Square, Inc. – Class A (a)		6,108		111,410
TransUnion (a)		13,625		545,409
WEX, Inc. (a)		4,638		470,571
				15,287,559
Computers – 3.4%
Brocade Communications Systems, Inc.		49,708		624,829
CSRA, Inc.		19,457		565,809
DST Systems, Inc.		3,899		480,006
DXC Technology Co. (a)		37,048		2,791,196
EPAM Systems, Inc. (a)		6,291		484,407
Fortinet, Inc. (a)		18,529		722,631
Genpact Ltd.		18,823		459,658
Leidos Holdings, Inc.		19,216		1,011,915
MAXIMUS, Inc.		8,088		493,287
NCR Corp. (a)		15,509		639,746
NetScout Systems, Inc. (a)		10,144		381,922
Science Applications International Corp.		4,725		344,878
Teradata Corp. (a)		17,220		502,480
				9,502,764

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

58

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Cosmetics/Personal Care – 0.2%
Edgewell Personal Care Co. (a)		7,332	$	524,165
Distribution/Wholesale – 0.8%
HD Supply Holdings, Inc. (a)		24,486		986,786
Pool Corp.		5,276		631,115
Watsco, Inc.		3,264		453,043
WESCO International, Inc. (a)		4,890		298,046
				2,368,990
Diversified Financial Services – 2.5%
Air Lease Corp.		11,193		426,901
CBOE Holdings, Inc.		14,200		1,170,222
Credit Acceptance Corp. (a)		1,716		348,777
E*TRADE Financial Corp. (a)		36,520		1,261,766
Eaton Vance Corp.		14,063		603,725
Ellie Mae, Inc. (a)		3,602		366,540
Federated Investors, Inc. – Class B		11,574		310,415
Legg Mason, Inc.		11,321		423,179
LPL Financial Holdings, Inc.		9,043		380,168
Navient Corp.		31,567		479,818
OneMain Holdings, Inc. (a)		6,754		157,503
Santander Consumer USA Holdings, Inc. (a)		16,519		210,452
SLM Corp. (a)		45,893		575,498
Stifel Financial Corp. (a)		8,213		401,369
				7,116,333
Electric – 2.2%
Black Hills Corp.		6,245		424,785
Calpine Corp. (a)		36,566		372,973
Great Plains Energy, Inc.		26,913		796,356
Hawaiian Electric Industries, Inc.		13,884		465,392
IDACORP, Inc.		5,182		437,983
MDU Resources Group, Inc.		22,378		601,968
NorthWestern Corp.		5,159		308,405
NRG Energy, Inc.		35,196		594,812
OGE Energy Corp.		24,672		858,092
Portland General Electric Co.		11,394		516,604

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

59

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Electric – 2.2% (Continued)
Westar Energy, Inc.		17,892	$	930,921
				6,308,291
Electrical Components & Equipment – 0.9%
Belden, Inc.		4,536		316,159
Energizer Holdings, Inc.		8,633		511,333
Hubbell, Inc.		6,596		746,206
Littelfuse, Inc.		2,662		410,347
Universal Display Corp.		4,784		427,450
				2,411,495
Electronics – 2.9%
Arrow Electronics, Inc. (a)		9,955		701,828
Avnet, Inc.		15,961		617,531
Coherent, Inc. (a)		2,887		622,437
FLIR Systems, Inc.		18,445		677,485
Gentex Corp.		36,673		757,297
Jabil Circuit, Inc.		16,908		490,670
Keysight Technologies, Inc. (a)		21,749		814,065
National Instruments Corp.		13,901		485,284
PerkinElmer, Inc.		13,687		813,145
SYNNEX Corp.		2,652		287,556
Tech Data Corp. (a)		3,763		359,931
Trimble, Inc. (a)		26,487		938,434
Woodward, Inc.		7,168		485,059
				8,050,722
Energy-Alternate Sources – 0.1%
First Solar, Inc. (a)		10,047		296,889
Engineering & Construction – 1.0%
AECOM (a)		16,276		556,802
EMCOR Group, Inc.		7,161		470,764
Fluor Corp.		18,829		966,305
Jacobs Engineering Group, Inc.		15,109		829,786
				2,823,657
Entertainment – 1.4%
AMC Entertainment Holdings, Inc.		5,207		157,772

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

60

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Entertainment – 1.4% (Continued)
Cinemark Holdings, Inc.		13,176	$	569,203
Dolby Laboratories, Inc. – Class A		7,021		370,217
Lions Gate Entertainment Corp. – Class A (a)		1		26
Lions Gate Entertainment Corp. – Class B (a)		17,231		410,960
Madison Square Garden Co. – Class A (a)		2,661		536,910
Regal Entertainment Group – Class A		9,764		215,492
Six Flags Entertainment Corp.		9,447		591,477
Vail Resorts, Inc.		5,102		1,008,461
				3,860,518
Environmental Control – 0.1%
Clean Harbors, Inc. (a)		6,164		358,190
Food – 2.1%
B&G Foods, Inc.		7,497		314,874
Blue Buffalo Pet Products, Inc. (a)		14,041		346,111
Flowers Foods, Inc.		26,894		527,391
Hain Celestial Group, Inc. (a)		12,307		455,236
Lamb Weston Holdings, Inc.		19,400		809,950
Lancaster Colony Corp.		2,378		299,390
Pilgrim’s Pride Corp.		8,227		213,573
Pinnacle Foods, Inc.		15,284		888,765
Post Holdings, Inc. (a)		7,666		645,401
Seaboard Corp.		30		127,020
Snyder’s-Lance, Inc.		11,298		398,367
TreeHouse Foods, Inc. (a)		6,239		546,536
US Foods Holding Corp. (a)		8,176		230,563
				5,803,177
Gas – 2.3%
Atmos Energy Corp.		13,110		1,062,172
National Fuel Gas Co.		10,893		603,254
New Jersey Resources Corp.		10,247		413,466
NiSource, Inc.		40,354		978,585
ONE Gas, Inc.		6,449		443,885
Southwest Gas Holdings, Inc.		5,803		486,059
Spire, Inc.		5,580		382,509
UGI Corp.		21,313		1,069,060

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

61

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Gas – 2.3% (Continued)
Vectren Corp.		10,476	$	622,484
WGL Holdings, Inc.		6,343		523,044
				6,584,518
Hand/Machine Tools – 0.4%
Lincoln Electric Holdings, Inc.		6,986		621,964
Regal Beloit Corp.		4,625		364,681
				986,645
Healthcare-Products – 3.0%
ABIOMED, Inc. (a)		4,891		637,395
Alere, Inc. (a)		11,258		553,556
Align Technology, Inc. (a)		9,043		1,217,369
Bio-Techne Corp.		4,347		465,477
Bruker Corp.		13,817		336,996
Cantel Medical Corp.		3,843		285,958
Hill-Rom Holdings, Inc.		7,220		546,121
Integra LifeSciences Holdings Corp. (a)		6,100		280,417
Masimo Corp. (a)		5,210		535,275
NuVasive, Inc. (a)		5,460		395,904
OPKO Health, Inc. (a)		53,931		419,044
Patterson Cos., Inc.		9,434		419,719
Teleflex, Inc.		5,586		1,155,687
VWR Corp. (a)		12,715		359,326
West Pharmaceutical Services, Inc.		8,701		800,753
				8,408,997
Healthcare-Services – 1.0%
Acadia Healthcare Co., Inc. (a)		10,563		460,335
Envision Healthcare Corp. (a)		11,318		634,148
HealthSouth Corp.		11,629		545,400
Molina Healthcare, Inc. (a)		5,229		260,352
WellCare Health Plans, Inc. (a)		5,553		851,886
				2,752,121
Holding Companies-Diversified – 0.6%
HRG Group, Inc. (a)		23,035		460,930
Leucadia National Corp.		45,673		1,159,638
				1,620,568

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

62

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Home Builders – 1.2%
CalAtlantic Group, Inc.		10,019	$	362,888
NVR, Inc. (a)		435		918,394
PulteGroup, Inc.		36,190		820,427
Thor Industries, Inc.		6,771		651,235
Toll Brothers, Inc.		18,726		673,949
				3,426,893
Home Furnishings – 0.3%
Leggett & Platt, Inc.		16,305		856,665
Household Products/Wares – 0.3%
Avery Dennison Corp.		11,113		924,713
Housewares – 0.6%
Scotts Miracle-Gro Co. – Class A		5,633		544,148
Toro Co.		13,540		879,017
Tupperware Brands Corp.		5,351		384,255
				1,807,420
Insurance – 4.8%
American Financial Group, Inc.		9,296		904,594
American National Insurance Co.		3,146		367,830
AmTrust Financial Services, Inc.		12,924		207,430
Aspen Insurance Holdings Ltd.		7,618		398,802
Assurant, Inc.		5,960		573,590
Assured Guaranty Ltd.		16,385		624,760
Axis Capital Holdings Ltd.		8,111		534,515
Brown & Brown, Inc.		15,238		653,710
CNO Financial Group, Inc.		19,108		402,606
Erie Indemnity Co. – Class A		2,770		342,981
First American Financial Corp.		11,784		511,544
Hanover Insurance Group, Inc.		5,387		475,511
Mercury General Corp.		3,352		206,115
MGIC Investment Corp. (a)		43,595		459,491
Old Republic International Corp.		30,494		630,616
Primerica, Inc.		3,473		291,037
Radian Group, Inc.		24,068		406,268
Reinsurance Group of America, Inc.		8,072		1,009,323

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

63

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Insurance – 4.8% (Continued)
RenaissanceRe Holdings Ltd.		4,596	$	653,413
Torchmark Corp.		14,786		1,134,234
Validus Holdings Ltd.		10,561		583,812
Voya Financial, Inc.		25,739		962,124
White Mountains Insurance Group Ltd.		625		536,838
WR Berkley Corp.		10,837		736,699
				13,607,843
Internet – 1.8%
CDW Corp.		17,736		1,048,020
GoDaddy, Inc. – Class A (a)		722		28,100
GrubHub, Inc. (a)		9,566		411,147
IAC/InterActiveCorp. (a)		9,250		767,842
Liberty Ventures (a)		10,164		547,331
Match Group, Inc. (a)		21,001		391,249
Pandora Media, Inc. (a)		30,221		327,898
Proofpoint, Inc. (a)		5,580		420,565
TripAdvisor, Inc. (a)		11,684		525,897
Wayfair, Inc. – Class A (a)		4,292		196,187
Zillow Group, Inc. – Class C (a)		11,473		447,447
				5,111,683
Iron/Steel – 0.8%
Reliance Steel & Aluminum Co.		9,190		724,356
Steel Dynamics, Inc.		30,070		1,086,730
United States Steel Corp.		21,828		487,201
				2,298,287
Leisure Time – 0.4%
Brunswick Corp.		11,352		644,226
Polaris Industries, Inc.		6,744		574,993
				1,219,219
Lodging – 0.3%
Choice Hotels International, Inc.		6,593		413,381
Extended Stay America, Inc.		4,344		75,759
Hyatt Hotels Corp. – Class A (a)		4,493		249,362
				738,502

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

64

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Machinery-Construction & Mining – 0.4%
BWX Technologies, Inc.		13,324	$	655,141
Oshkosh Corp.		8,567		594,464
				1,249,605
Machinery-Diversified – 2.2%
AGCO Corp.		8,107		518,767
Cognex Corp.		10,067		859,118
Flowserve Corp.		17,668		898,771
Graco, Inc.		6,562		707,712
IDEX Corp.		8,844		926,497
Middleby Corp. (a)		7,887		1,073,657
Nordson Corp.		5,694		712,889
Zebra Technologies Corp. (a)		5,878		554,119
				6,251,530
Media – 1.4%
AMC Networks, Inc. – Class A (a)		6,907		412,210
Cable One, Inc.		604		411,843
FactSet Research Systems, Inc.		4,661		760,955
John Wiley & Sons, Inc. – Class A		4,868		256,544
Liberty Media Corp. – Liberty Formula One (a)		27,749		940,968
Sinclair Broadcast Group, Inc. – Class A		7,024		277,097
TEGNA, Inc.		28,719		731,760
				3,791,377
Metal Fabricate/Hardware – 0.1%
The Timken Co.		8,234		397,290
Mining – 0.2%
Royal Gold, Inc.		8,253		583,322
Miscellaneous Manufacturing – 1.9%
AO Smith Corp.		18,110		975,767
AptarGroup, Inc.		5,980		480,194
Carlisle Cos., Inc.		7,286		738,728
Colfax Corp. (a)		12,102		489,768
Crane Co.		5,664		452,610
Donaldson Co., Inc.		15,013		694,802
Hexcel Corp.		12,690		656,707

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

65

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Miscellaneous Manufacturing – 1.9% (Continued)
ITT, Inc.		9,702	$	408,745
Trinity Industries, Inc.		18,339		493,319
				5,390,640
Oil & Gas – 4.0%
Antero Resources Corp. (a)		23,350		494,786
Chesapeake Energy Corp. (a)		122,844		646,159
Diamondback Energy, Inc. (a)		11,838		1,181,906
Energen Corp. (a)		10,992		571,474
Gulfport Energy Corp. (a)		20,050		318,394
Helmerich & Payne, Inc.		9,823		595,667
HollyFrontier Corp.		19,701		554,386
Laredo Petroleum, Inc. (a)		15,961		205,258
Murphy Oil Corp.		17,426		456,213
Nabors Industries Ltd.		33,332		344,653
Parsley Energy, Inc. – Class A (a)		31,226		930,223
Patterson-UTI Energy, Inc.		20,756		449,264
PDC Energy, Inc. (a)		6,694		369,710
QEP Resources, Inc. (a)		30,673		362,248
Range Resources Corp.		29,012		768,528
Rice Energy, Inc. (a)		18,888		402,126
RSP Permian, Inc. (a)		14,113		537,000
SM Energy Co.		9,182		207,421
Southwestern Energy Co. (a)		53,473		401,582
Western Refining, Inc.		11,453		395,014
Whiting Petroleum Corp. (a)		44,745		371,383
WPX Energy, Inc. (a)		49,604		591,776
				11,155,171
Oil & Gas Services – 0.3%
Key Energy Services, Inc. (a)		15,891		376,299
Oceaneering International, Inc.		10,220		269,706
RPC, Inc.		10,568		192,020
				838,025
Packaging & Containers – 1.9%
Bemis Co., Inc.		10,473		470,552
Berry Global Group, Inc. (a)		16,500		825,000

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

66

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Packaging & Containers – 1.9% (Continued)
Crown Holdings, Inc. (a)		18,869	$	1,058,362
Graphic Packaging Holding Co.		36,711		498,535
Owens-Illinois, Inc. (a)		21,947		478,884
Packaging Corp. of America		11,274		1,113,646
Silgan Holdings, Inc.		2,844		172,403
Sonoco Products Co.		12,316		644,250
				5,261,632
Pharmaceuticals – 2.2%
ACADIA Pharmaceuticals, Inc. (a)		14,242		488,928
Akorn, Inc. (a)		13,237		442,778
Alkermes PLC (a)		17,615		1,026,074
Catalent, Inc. (a)		13,386		391,942
DexCom, Inc. (a)		8,427		656,969
Herbalife Ltd. (a)		10,809		683,777
Neurocrine Biosciences, Inc. (a)		10,218		545,641
PRA Health Sciences, Inc. (a)		4,133		264,347
Premier, Inc. – Class A (a)		6,000		202,800
TESARO, Inc. (a)		3,022		446,017
VCA, Inc. (a)		10,262		939,691
				6,088,964
Real Estate – 0.4%
Howard Hughes Corp. (a)		5,586		687,693
Jones Lang LaSalle, Inc.		4,840		555,922
				1,243,615
Retail – 4.6%
AutoNation, Inc. (a)		8,707		365,694
Bed Bath & Beyond, Inc.		17,895		693,431
Buffalo Wild Wings, Inc. (a)		1,726		271,931
Burlington Stores, Inc. (a)		9,657		955,270
Cabela’s, Inc. (a)		7,356		401,638
Casey’s General Stores, Inc.		4,967		556,652
Copart, Inc. (a)		26,932		832,199
Cracker Barrel Old Country Store, Inc.		3,035		486,177
CST Brands, Inc.		9,015		435,334
Dick’s Sporting Goods, Inc.		8,704		439,987

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

67

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Retail – 4.6% (Continued)
Domino’s Pizza, Inc.		4,491	$	814,622
Dunkin’ Brands Group, Inc.		10,502		586,642
Jack in the Box, Inc.		3,749		382,286
Michaels Cos., Inc. (a)		4,391		102,574
MSC Industrial Direct Co., Inc.		5,023		449,709
Nu Skin Enterprises, Inc. – Class A		5,580		308,183
Panera Bread Co. – Class A (a)		2,350		734,798
Penske Automotive Group, Inc.		5,446		259,829
Rite Aid Corp. (a)		140,392		561,568
Sally Beauty Holdings, Inc. (a)		15,018		285,642
Signet Jewelers Ltd.		8,986		591,638
Staples, Inc.		83,258		813,431
Texas Roadhouse, Inc.		7,571		354,928
Urban Outfitters, Inc. (a)		11,601		265,431
The Wendy’s Co.		33,180		489,073
Williams-Sonoma, Inc.		8,691		469,749
				12,908,416
Savings & Loans – 0.5%
Investors Bancorp, Inc.		37,745		522,768
People’s United Financial, Inc.		36,286		633,917
TFS Financial Corp.		8,456		139,862
				1,296,547
Semiconductors – 2.2%
Cavium, Inc. (a)		7,821		538,476
Cirrus Logic, Inc. (a)		6,295		405,083
Cypress Semiconductor Corp.		38,408		538,096
IPG Photonics Corp. (a)		5,153		650,927
Marvell Technology Group Ltd.		56,105		842,697
Microsemi Corp. (a)		13,059		612,990
MKS Instruments, Inc.		6,300		492,975
Monolithic Power Systems, Inc.		4,974		455,121
ON Semiconductor Corp. (a)		51,506		730,355
Teradyne, Inc.		23,063		813,432
				6,080,152

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

68

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Software – 5.0%
Aspen Technology, Inc. (a)		7,930	$	487,616
athenahealth, Inc. (a)		3,772		369,694
Black Knight Financial Services, Inc. – Class A (a)		3,114		128,920
Blackbaud, Inc.		4,398		353,643
Broadridge Financial Solutions, Inc.		14,651		1,024,691
Cadence Design System, Inc. (a)		34,394		1,120,212
Cotiviti Holdings, Inc. (a)		2,458		102,720
Dun & Bradstreet Corp.		4,342		475,927
Fair Isaac Corp.		3,552		481,225
Guidewire Software, Inc. (a)		8,436		518,730
j2 Global, Inc.		5,434		490,364
Jack Henry & Associates, Inc.		9,160		887,787
Manhattan Associates, Inc. (a)		6,865		320,527
Medidata Solutions, Inc. (a)		4,810		314,718
Nuance Communications, Inc. (a)		40,272		720,466
Paycom Software, Inc. (a)		4,589		276,487
PTC, Inc. (a)		14,810		800,480
Splunk, Inc. (a)		16,229		1,043,687
SS&C Technologies Holdings, Inc.		23,536		864,713
Tableau Software, Inc. – Class A (a)		7,955		427,024
Take-Two Interactive Software, Inc. (a)		12,240		769,284
Twilio, Inc. – Class A (a)		4,772		157,715
Tyler Technologies, Inc. (a)		4,013		656,487
Ultimate Software Group, Inc. (a)		3,271		662,933
Veeva Systems, Inc. – Class A (a)		11,977		642,207
				14,098,257
Telecommunications – 2.1%
Arista Networks, Inc. (a)		5,854		817,453
ARRIS International PLC (a)		22,987		597,432
Ciena Corp. (a)		14,922		341,863
CommScope Holding Co., Inc. (a)		20,098		844,920
EchoStar Corp. – Class A (a)		6,556		377,363
Finisar Corp. (a)		10,961		250,349
Frontier Communications Corp.		157,115		295,376
LogMeIn, Inc.		5,799		655,287
Telephone & Data Systems, Inc.		11,220		308,101

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

69

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 87.0% (Continued)
Telecommunications – 2.1% (Continued)
Ubiquiti Networks, Inc. (a)		2,812	$	144,874
United States Cellular Corp. (a)		1,255		49,171
ViaSat, Inc. (a)		6,688		428,233
Zayo Group Holdings, Inc. (a)		26,429		926,865
				6,037,287
Transportation – 1.1%
Genesee & Wyoming, Inc. (a)		6,948		470,797
Kirby Corp. (a)		5,779		407,997
Landstar System, Inc.		4,381		374,357
Old Dominion Freight Line, Inc.		9,818		869,089
Ryder System, Inc.		6,775		460,090
XPO Logistics, Inc. (a)		12,864		635,353
				3,217,683
Water – 0.3%
Aqua America, Inc.		22,444		742,672
TOTAL COMMON STOCKS
(Cost $218,343,918)				244,847,459
INVESTMENT COMPANIES – 0.6%
Ares Capital Corp.		63,272		1,113,587
Prospect Capital Corp.		50,136		466,265
TOTAL INVESTMENT COMPANIES
(Cost $1,411,732)				1,579,852
REAL ESTATE INVESTMENT TRUSTS – 12.3%
Apartments – 1.7%
American Campus Communities, Inc.		19,664		931,877
American Homes 4 Rent – Class A		33,617		774,872
Apartment Investment & Management Co.		23,299		1,019,098
Camden Property Trust		13,002		1,070,455
Colony Starwood Homes		12,004		414,978
Education Realty Trust, Inc.		10,863		421,158
Invitation Homes, Inc. (a)		11,044		237,998
				4,870,436

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

70

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 12.3% (Continued)
Diversified – 2.5%
CoreCivic, Inc.		12,157	$	418,809
DuPont Fabros Technology, Inc.		11,255		580,195
EPR Properties		6,552		476,396
Forest City Realty Trust, Inc. – Class A		36,029		814,255
Gaming and Leisure Properties, Inc.		24,666		858,377
Gramercy Property Trust		15,069		418,768
Lamar Advertising Co. – Class A		7,935		571,875
Liberty Property Trust		21,875		887,469
New Residential Investment Corp.		38,839		647,446
Outfront Media, Inc.		13,108		342,905
Rayonier, Inc.		14,304		403,659
Uniti Group, Inc.		18,309		502,765
				6,922,919
Health Care – 1.3%
Healthcare Realty Trust, Inc.		17,251		565,833
Healthcare Trust of America, Inc. – Class A		20,336		648,515
Medical Properties Trust, Inc.		34,383		449,386
National Health Investors, Inc.		5,716		418,240
Omega Healthcare Investors, Inc.		22,355		737,715
Senior Housing Properties Trust		35,353		760,797
				3,580,486
Hotels – 1.0%
Apple Hospitality REIT, Inc.		33,238		622,548
Hospitality Properties Trust		24,455		778,403
LaSalle Hotel Properties		16,838		480,893
Park Hotels & Resorts, Inc.		3,406		87,432
RLJ Lodging Trust		18,496		397,479
Sunstone Hotel Investors, Inc.		32,236		479,994
				2,846,749
Manufactured Homes – 0.7%
Equity LifeStyle Properties, Inc.		12,692		1,026,910
Sun Communities, Inc.		10,865		908,423
				1,935,333

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

71

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 12.3% (Continued)
Mortgage – 0.9%
AGNC Investment Corp.		41,380	$	871,877
Chimera Investment Corp.		24,304		494,829
Starwood Property Trust, Inc.		33,596		762,293
Two Harbors Investment Corp.		42,107		420,649
				2,549,648
Office Property – 1.7%
Douglas Emmett, Inc.		22,546		849,308
Equity Commonwealth (a)		17,801		569,454
Highwoods Properties, Inc.		14,908		758,519
Hudson Pacific Properties, Inc.		22,794		783,202
Kilroy Realty Corp.		14,432		1,017,889
Paramount Group, Inc.		29,451		482,996
Piedmont Office Realty Trust, Inc. – Class A		21,627		472,550
				4,933,918
Regional Malls – 0.3%
Tanger Factory Outlet Centers, Inc.		14,290		445,705
Taubman Centers, Inc.		8,452		528,673
				974,378
Shopping Centers – 0.6%
DDR Corp.		46,271		500,189
Retail Properties of America, Inc.		35,328		471,276
Weingarten Realty Investors		19,063		624,694
				1,596,159
Single Tenant – 0.6%
National Retail Properties, Inc.		15,314		646,557
Spirit Realty Capital, Inc.		56,846		535,489
STORE Capital Corp.		15,500		371,845
				1,553,891
Storage – 0.4%
CubeSmart		26,779		678,580
Life Storage, Inc.		6,892		540,264
				1,218,844

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

72

Pacer Trendpilot™ 450 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 12.3% (Continued)
Warehouse/Industrial – 0.6%
CyrusOne, Inc.		11,374	$	621,475
DCT Industrial Trust, Inc.		13,516		683,369
First Industrial Realty Trust, Inc.		17,416		490,086
				1,794,930
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $33,368,776)				34,777,691
SHORT-TERM INVESTMENTS – 0.1%
��
Money Market Funds – 0.1%
Short-Term Investments Trust Government
& Agency Portfolio, Institutional Class, 0.66% (b)		220,263		220,263
TOTAL SHORT-TERM INVESTMENTS
Cost $220,263)				220,263
TOTAL INVESTMENTS
(Cost $253,344,689) – 100.0%				281,425,265
Other Assets in Excess of Liabilities – 0.0% (c)				4,819
TOTAL NET ASSETS – 100.0%			$	281,430,084

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of April 30, 2017.
(c)	Less than 0.05%.

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

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

73

Pacer Trendpilot™ 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017

	Shares		Value
COMMON STOCKS – 100.0%
Airlines – 0.3%
American Airlines Group, Inc.		5,782	$	246,429
Auto Manufacturers – 1.1%
PACCAR, Inc.		3,984		265,852
Tesla Motors, Inc. (a)		1,722		540,829
				806,681
Beverages – 0.4%
Monster Beverage Corp. (a)		6,509		295,378
Biotechnology – 8.3%
Alexion Pharmaceuticals, Inc. (a)		2,551		325,967
Amgen, Inc.		8,449		1,379,891
Biogen, Inc. (a)		2,476		671,516
BioMarin Pharmaceutical, Inc. (a)		1,950		186,888
Celgene Corp. (a)		8,923		1,106,898
Gilead Sciences, Inc.		14,996		1,027,976
Illumina, Inc. (a)		1,670		308,716
Incyte Corp. (a)		2,174		270,185
Regeneron Pharmaceuticals, Inc. (a)		1,193		463,468
Vertex Pharmaceuticals, Inc. (a)		2,851		337,273
				6,078,778
Commercial Services – 2.0%
Automatic Data Processing, Inc.		5,139		536,974
Cintas Corp.		1,193		146,107
PayPal Holdings, Inc. (a)		13,852		661,017
Verisk Analytics, Inc. (a)		1,910		158,167
				1,502,265
Computers – 13.2%
Apple, Inc.		60,084		8,631,067
Check Point Software Technologies Ltd. (a)		1,946		202,403
Cognizant Technology Solutions Corp. – Class A (a)		6,959		419,141
Seagate Technology PLC		3,388		142,736
Western Digital Corp.		3,305		294,376
				9,689,723

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

74

Pacer Trendpilot™ 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 100.0%
Distribution/Wholesale – 0.2%
Fastenal Co.		3,284	$	146,729
Food – 2.8%
Mondelez International, Inc. – Class A		17,581		791,673
The Kraft Heinz Co.		13,962		1,262,025
				2,053,698
Healthcare Products – 1.4%
DENTSPLY SIRONA, Inc.		2,661		168,282
Henry Schein, Inc. (a)		925		160,765
Hologic, Inc. (a)		3,171		143,171
IDEXX Laboratories, Inc. (a)		1,009		169,239
Intuitive Surgical, Inc. (a)		443		370,290
				1,011,747
Internet – 27.5%
Alphabet, Inc. – Class A (a)		3,409		3,151,689
Alphabet, Inc. – Class C (a)		3,980		3,605,721
Amazon.com, Inc. (a)		5,475		5,064,320
Baidu, Inc. – ADR (a)		3,155		568,626
Ctrip.com International Ltd. – ADR (a)		4,780		241,438
eBay, Inc. (a)		12,472		416,690
Expedia, Inc.		1,571		210,074
Facebook, Inc. – Class A (a)		27,017		4,059,304
JD.com, Inc. – ADR (a)		10,448		366,411
Liberty Ventures (a)		925		49,811
Netflix, Inc. (a)		4,937		751,411
Symantec Corp.		7,100		224,573
The Priceline Group, Inc. (a)		562		1,037,913
Yahoo!, Inc. (a)		10,944		527,610
				20,275,591
Leisure Time – 0.2%
Norwegian Cruise Line Holdings Ltd. (a)		2,582		139,247
Lodging – 0.7%
Marriott International, Inc. – Class A		4,438		419,036
Wynn Resorts Ltd.		766		94,226
				513,262

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

75

Pacer Trendpilot™ 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 100.0% (Continued)
Media – 6.7%
Charter Communications, Inc. – Class A (a)		3,082	$	1,063,783
Comcast Corp. – Class A		54,293		2,127,743
Discovery Communications, Inc. – Class A (a)		1,714		49,329
Discovery Communications, Inc. – Class C (a)		2,711		75,854
DISH Network Corp. – Class A (a)		2,568		165,482
Liberty Global PLC – Class A (a)		2,923		103,533
Liberty Global PLC – Class C (a)		7,299		252,618
Liberty Global PLC LiLAC – Class A (a)		578		12,410
Liberty Global PLC LiLAC – Class C (a)		1,383		30,205
Sirius XM Holdings, Inc.		54,094		267,765
Twenty-First Century Fox, Inc. – Class A		12,069		368,587
Twenty First Century Fox, Inc. – Class B		9,070		270,830
Viacom, Inc. – Class B		3,940		167,686
				4,955,825
Pharmaceuticals – 1.1%
Express Scripts Holding Co. (a)		6,949		426,252
Mylan NV (a)		6,101		227,872
Shire PLC – ADR		930		164,573
				818,697
Retail – 5.6%
Costco Wholesale Corp.		5,039		894,523
Dollar Tree, Inc. (a)		2,673		221,244
Liberty Interactive Corp. QVC Group – Class A (a)		4,878		103,316
O’Reilly Automotive, Inc. (a)		1,052		261,054
Ross Stores, Inc.		4,518		293,670
Starbucks Corp.		16,717		1,004,023
Tractor Supply Co.		1,515		93,794
Ulta Salon Cosmetics & Fragrance, Inc. (a)		710		199,822
Walgreens Boots Alliance, Inc.		12,373		1,070,760
				4,142,206
Semiconductors – 10.5%
Analog Devices, Inc.		3,546		270,205
Applied Materials, Inc.		12,366		502,183
Broadcom Ltd.		4,600		1,015,726
Intel Corp.		54,143		1,957,269

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

76

Pacer Trendpilot™ 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 100.0% (Continued)
Semiconductors – 10.5% (Continued)
KLA-Tencor Corp.		1,781	$	174,930
Lam Research Corp.		1,853		268,407
Maxim Integrated Products, Inc.		3,226		142,428
Microchip Technology, Inc.		2,444		184,718
Micron Technology, Inc. (a)		12,652		350,081
NVIDIA Corp.		6,499		677,846
QUALCOMM, Inc.		16,942		910,463
Skyworks Solutions, Inc.		2,117		211,150
Texas Instruments, Inc.		11,469		908,115
Xilinx, Inc.		2,884		182,009
				7,755,530
Software – 13.1%
Activision Blizzard, Inc.		8,625		450,656
Adobe Systems, Inc. (a)		5,667		757,905
Akamai Technologies, Inc. (a)		1,993		121,453
Autodesk, Inc. (a)		2,557		230,309
CA, Inc.		4,741		155,647
Cerner Corp. (a)		3,831		248,057
Citrix Systems, Inc. (a)		1,769		143,183
Electronic Arts, Inc. (a)		3,536		335,284
Fiserv, Inc. (a)		2,471		294,395
Intuit, Inc.		2,929		366,740
Microsoft Corp.		88,653		6,069,184
NetEase, Inc. – ADR		869		230,624
Paychex, Inc.		4,088		242,337
				9,645,774
Telecommunications – 3.7%
Cisco Systems, Inc.		57,347		1,953,812
T-Mobile US, Inc. (a)		9,481		637,787
Vodafone Group PLC – ADR		4,907		128,515
				2,720,114
Toys/Games/Hobbies – 0.3%
Hasbro, Inc.		1,419		140,637
Mattel, Inc.		3,870		86,766
				227,403

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

77

Pacer Trendpilot™ 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 100.0% (Continued)
Transportation – 0.9%
CSX Corp.		10,664	$	542,158
JB Hunt Trasport Services, Inc.		1,282		114,944
				657,102
TOTAL COMMON STOCKS
(Cost $61,344,505)				73,682,179
SHORT-TERM INVESTMENTS – 0.1%
Money Market Funds – 0.1%
Short-Term Investments Trust Government & Agency
Portfolio, Institutional Class, 0.66% (b)		52,836		52,836
TOTAL SHORT-TERM INVESTMENTS
(Cost $52,836)				52,836
TOTAL INVESTMENTS
(Cost $61,397,341) – 100.1%				73,735,015
Liabilities in Excess of Other Assets – (0.1)%				(38,539	)
TOTAL NET ASSETS – 100.0%			$	73,696,476

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of April 30, 2017.

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.

78

Pacer Trendpilot™ European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2017

	Shares		Value
COMMON STOCKS – 96.9%
Advertising – 0.4%
JCDecaux SA		530	$	18,697
Publicis Groupe SA		1,479		106,766
				125,463
Aerospace/Defense – 2.3%
Airbus Group SE		3,950		319,392
Dassault Aviation SA		16		21,867
Leonardo SpA		2,724		42,817
MTU Aero Engines AG		364		52,200
Safran SA		2,139		177,128
Thales SA		747		78,539
Zodiac Aerospace		1,386		33,653
				725,596
Airlines – 0.2%
Deutsche Lufthansa AG		1,656		28,574
Ryanair Holdings PLC – ADR (a)		214		19,673
				48,247
Apparel – 3.1%
adidas AG		1,448		290,067
Christian Dior SE		386		105,938
Hermes International		172		82,288
LVMH Moet Hennessy Louis Vuitton SE		1,811		446,822
Moncler SpA		1,156		28,534
				953,649
Auto Manufacturers – 3.7%
Bayerische Motoren Werke AG		2,350		224,371
Daimler AG		7,442		554,490
Ferrari NV		944		71,004
Fiat Chrysler Automobiles NV (a)		7,733		87,521
Peugeot SA		2,987		62,586
Renault SA		1,242		115,823
Volkswagen AG		210		33,844
				1,149,639

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

79

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April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Auto Parts & Equipment – 1.8%
Cie Generale des Etablissements Michelin		1,307	$	170,775
Continental AG		781		174,828
Faurecia		529		25,827
Hella KGaA Hueck & Co		318		15,732
Nokian Renkaat OYJ		962		41,392
Plastic Omnium SA		416		16,272
Valeo SA		1,704		122,507
				567,333
Banks – 13.2%
ABN AMRO Group NV (b)		2,040		53,554
Alpha Bank AE (a)		9,775		20,763
Banca Mediolanum SpA		1,836		14,050
Banco Bilbao Vizcaya Argentaria SA		47,971		384,021
Banco de Sabadell SA		37,619		72,368
Banco Popular Espanol SA (a)		22,014		15,443
Banco Santander SA		104,137		679,144
Bank of Ireland (a)		196,596		49,469
Bankia SA		32,924		39,953
Bankinter SA		4,930		43,408
BNP Paribas SA		7,061		498,259
CaixaBank SA		25,975		117,960
Commerzbank AG (a)		7,428		72,782
Credit Agricole SA		8,216		122,163
Deutsche Bank AG		14,931		268,850
Erste Group Bank AG		2,051		73,325
Eurobank Ergasias SA (a)		12,654		10,173
FinecoBank Banca Fineco SpA		2,849		20,265
ING Groep NV		27,919		454,510
Intesa Sanpaolo SpA		87,030		253,500
Intesa Sanpaolo SpA – Savings Shares		6,664		18,220
KBC Groep NV		1,989		143,604
Mediobanca SpA		3,966		38,125
National Bank of Greece SA (a)		39,222		12,219
Natixis SA		6,677		46,454
Piraeus Bank SA (a)		40,569		8,617
Raiffeisen Bank International AG (a)		948		21,614

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

80

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Banks – 13.2% (Continued)
Societe Generale SA		5,297	$	289,713
UniCredit SpA (a)		15,114		245,968
Unione di Banche Italiane SpA		6,167		25,971
				4,114,465
Beverages – 3.5%
Anheuser-Busch InBev SA/NV		5,767		649,559
Davide Campari-Milano SpA		2,022		23,920
Heineken Holding NV		700		58,645
Heineken NV		1,565		139,534
Pernod Ricard SA		1,535		192,038
Remy Cointreau SA		170		17,151
				1,080,847
Building Materials – 1.2%
Buzzi Unicem SpA		525		13,496
Buzzi Unicem SpA – Savings Share		292		4,316
Cie de Saint-Gobain		3,432		185,242
HeidelbergCement AG		1,076		99,628
Imerys SA		269		23,146
Kingspan Group PLC		1,288		44,805
Titan Cement Co SA		323		8,441
				379,074
Chemicals – 6.3%
Air Liquide SA		2,782		335,166
Akzo Nobel NV		1,819		159,070
Arkema SA		506		53,581
BASF SE		6,674		650,374
Brenntag AG		1,103		65,410
Covestro AG (b)		688		53,630
Evonik Industries AG		1,099		36,698
FUCHS PETROLUB SE		244		11,018
K+S AG		1,367		32,618
Koninklijke DSM NV		1,276		91,278
LANXESS AG		654		47,232
Linde AG		1,337		240,232
OCI NV (a)		589		11,459

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

81

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Chemicals – 6.3% (Continued)
Solvay SA – Class A		504	$	64,097
Symrise AG		869		60,838
Umicore SA		658		38,526
Wacker Chemie AG		108		11,431
				1,962,658
Commercial Services – 1.5%
Abertis Infraestructuras SA		4,533		79,746
Atlantia SpA		3,867		98,063
Bureau Veritas SA		1,843		42,691
Edenred		1,674		42,861
Randstad Holding NV		783		46,663
RELX NV		6,358		122,967
Wirecard AG		821		48,481
				481,472
Computers – 1.0%
Atos SE		654		85,702
Cap Gemini SA		1,180		118,126
Gemalto NV		581		32,543
Ingenico Group SA		390		35,337
Teleperformance		408		51,266
				322,974
Cosmetics/Personal Care – 3.2%
Beiersdorf AG		713		70,941
L’Oreal SA		1,742		346,969
Unilever NV		11,252		590,105
				1,008,015
Distribution/Wholesale – 0.1%
Rexel SA		2,144		38,302
Diversified Financial Services – 0.5%
Amundi SA (b)		361		23,752
Deutsche Boerse AG		1,351		132,227
				155,979

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

82

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Electric – 3.9%
E.ON SE		14,912	$	116,256
EDP – Energias de Portugal SA		16,655		54,971
EDP Renovaveis SA		1,434		10,927
Electricite de France SA		2,771		23,140
Endesa SA		2,270		53,497
Enel SpA		55,071		261,792
Engie SA		11,258		158,810
Fortum OYJ		3,183		46,322
Iberdrola SA		40,537		291,524
Red Electrica Corp. SA		3,093		60,309
RWE AG (a)		3,457		57,258
Terna Rete Elettrica Nazionale SpA		10,198		51,433
Uniper SE		1,426		23,409
				1,209,648
Electrical Components & Equipment – 1.8%
Gamesa Corp Tecnologica SA		1,598		34,527
Legrand SA		1,916		124,036
OSRAM Licht AG		595		39,854
Prysmian SpA		1,546		44,645
Schneider Electric SE		3,923		309,816
				552,878
Electronics – 0.7%
Koninklijke Philips NV		6,567		227,622
Energy-Alternate Sources – 0.1%
Innogy SE (b)		915		33,639
Engineering & Construction – 2.3%
Acciona SA		184		15,181
ACS Actividades de Construccion y Servicios SA		1,414		52,415
Aena SA (b)		484		85,410
Aeroports de Paris		205		27,344
Boskalis Westminster		676		24,863
Bouygues SA		1,436		60,372
Eiffage SA		515		43,622
Ferrovial SA		3,402		72,393

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

83

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Engineering & Construction – 2.3% (Continued)
Fraport AG Frankfurt Airport Services Worldwide		264	$	20,763
HOCHTIEF AG		143		25,764
Vinci SA		3,370		286,701
				714,828
Entertainment – 0.0% (c)
OPAP SA		1,504		14,909
Food – 2.8%
Carrefour SA		3,880		91,398
Casino Guichard Perrachon SA		407		24,517
Colruyt SA		479		24,599
Danone SA		4,110		287,336
Distribuidora Internacional de Alimentacion SA		4,391		26,140
Glanbia PLC		1,261		24,615
Jeronimo Martins SGPS SA		1,754		32,194
Kerry Group PLC – Class A		1,041		85,070
Kesko OYJ – Class B		483		22,634
Koninklijke Ahold Delhaize NV		9,142		189,408
METRO AG		1,181		38,864
Parmalat SpA		2,252		7,629
Suedzucker AG		555		11,871
				866,275
Food Service – 0.3%
Sodexo SA		651		82,756
Forest Products & Paper – 0.5%
Stora Enso OYJ – Class R		4,107		48,853
UPM-Kymmene OYJ		3,961		104,546
				153,399
Gas – 0.6%
Enagas SA		1,620		42,617
Gas Natural SDG SA		2,197		49,683
Italgas SpA		3,502		15,831
Snam SpA		17,471		77,228
				185,359

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

84

Pacer Trendpilot™ European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Healthcare-Products – 0.8%
Essilor International SA		1,464	$	189,694
QIAGEN NV		1,631		48,769
Sartorius Stedim Biotech		170		11,402
				249,865
Healthcare-Services – 1.5%
BioMerieux		100		19,994
Eurofins Scientific SE		68		33,488
Fresenius Medical Care AG & Co. KGaA		1,549		137,433
Fresenius SE & Co KGaA		2,921		236,761
Orpea		300		30,640
				458,316
Holding Companies-Diversified – 0.3%
Ackermans & van Haaren NV		178		29,123
Bollore SA		7,008		28,513
Sofina SA		113		16,217
Wendel SA		216		30,270
				104,123
Home Furnishings – 0.1%
Rational AG		28		14,070
SEB SA		191		30,792
				44,862
Household Products/Wares – 0.4%
Henkel AG & Co. KGaA		871		101,662
Societe BIC SA		191		21,471
				123,133
Insurance – 6.2%
Aegon NV		12,604		64,240
Ageas		1,447		59,266
Allianz SE		3,292		626,829
Assicurazioni Generali SpA		9,114		144,252
AXA SA		13,926		371,807
CNP Assurances		1,178		24,599
Euler Hermes Group		113		11,038

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

85

Pacer Trendpilot™ European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Insurance – 6.2% (Continued)
Hannover Rueck SE		431	$	51,691
Mapfre SA		7,262		25,345
Muenchener Rueckversicherungs-
Gesellschaft AG – Class R		1,032		197,796
NN Group NV		2,379		78,884
Poste Italiane SpA (b)		3,268		22,391
Sampo OYJ – Class A		3,402		163,018
SCOR SE		1,122		44,390
Talanx AG		270		9,732
UnipolSai Assicurazioni SpA		7,476		17,183
Vienna Insurance Group AG
Wiener Versicherung Gruppe		274		7,105
				1,919,566
Internet – 0.3%
Iliad SA		167		40,548
United Internet AG		845		38,894
				79,442
Investment Companies – 0.3%
Corp. Financiera Alba SA		123		6,686
EXOR NV		813		45,653
Groupe Bruxelles Lambert SA		554		53,111
				105,450
Iron/Steel – 0.7%
Acerinox SA		994		13,881
ArcelorMittal (a)		13,251		104,548
ThyssenKrupp AG		3,033		72,206
Voestalpine AG		813		33,967
				224,602
Lodging – 0.2%
Accor SA		1,251		57,023
Machinery-Diversified – 1.4%
Alstom SA (a)		1,096		34,801
ANDRITZ AG		512		28,316
CNH Industrial NV		6,556		72,343

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

86

Pacer Trendpilot™ European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Machinery-Diversified – 1.4% (Continued)
GEA Group AG		1,267	$	53,881
KION Group AG		472		31,975
Kone OYJ – Class B		2,740		125,536
MAN SE		252		26,473
Metso OYJ		955		34,256
Zardoya Otis SA		1,344		12,459
				420,040
Media – 1.7%
Altice NV – Class A (a)		2,841		70,575
Altice NV – Class B (a)		857		21,313
Axel Springer SE		323		18,124
Lagardere SCA		820		25,118
Mediaset Espana Comunicacion SA		1,298		17,893
Mediaset SpA		2,548		10,419
ProSiebenSat.1 Media SE		1,654		70,248
RTL Group SA		276		21,391
SFR Group SA (a)		507		16,601
Telenet Group Holding NV (a)		348		21,137
Vivendi SA		7,827		155,300
Wolters Kluwer NV		2,181		92,631
				540,750
Metal Fabricate/Hardware – 0.2%
Tenaris SA		3,373		52,835
Miscellaneous Manufacturing – 2.8%
Siemens AG		5,496		787,862
Wartsila OYJ Abp		1,113		67,773
				855,635
Oil & Gas – 4.4%
Eni SpA		17,809		276,829
Galp Energia SGPS SA		3,735		58,058
Hellenic Petroleum SA		502		2,893
Motor Oil Hellas Corinth Refineries SA		395		6,699
Neste OYJ		916		37,408
OMV AG		1,029		47,386

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

87

Pacer Trendpilot™ European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Oil & Gas – 4.4% (Continued)
Repsol SA		8,130	$	128,722
TOTAL SA		15,896		816,773
				1,374,768
Oil & Gas Services – 0.4%
Saipem SpA (a)		41,034		17,683
TechnipFMC PLC (a)		3,324		99,935
				117,618
Packaging & Containers – 0.1%
Huhtamaki OYJ		745		28,874
Pharmaceuticals – 5.9%
Bayer AG		5,979		739,869
Grifols SA		2,373		63,731
Ipsen SA		248		28,865
Merck KGaA		960		112,730
Orion OYJ – Class B		727		41,695
Recordati SpA		729		27,007
Sanofi		8,070		761,359
UCB SA		861		67,115
				1,842,371
Pipelines – 0.1%
Koninklijke Vopak NV		476		21,477
Private Equity – 0.1%
Eurazeo SA		297		20,136
Real Estate – 0.8%
Deutsche Wohnen AG – Class BR		2,406		82,269
LEG Immobilien AG		451		38,742
Vonovia SE		3,363		121,750
				242,761
Retail – 2.1%
FF Group (a)		245		5,215
Fielmann AG		180		13,761
GrandVision NV (b)		364		9,504
HUGO BOSS AG		459		34,914

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

88

Pacer Trendpilot™ European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Retail – 2.1% (Continued)
Industria de Diseno Textil SA		7,661	$	293,832
JUMBO SA		689		10,875
Kering		538		166,759
Luxottica Group SpA		1,149		66,586
Salvatore Ferragamo SpA		451		14,448
Zalando SE (a) (b)		752		33,163
				649,057
Semiconductors – 1.8%
ASML Holding NV		2,321		306,805
Infineon Technologies AG		8,106		167,768
STMicroelectronics NV		4,534		73,342
				547,915
Software – 2.9%
Amadeus IT Holding SA		2,998		161,653
Dassault Systemes SE		905		80,768
SAP SE		6,462		648,087
				890,508
Telecommunications – 5.1%
Deutsche Telekom AG		23,218		407,191
Elisa OYJ		1,138		38,763
Eutelsat Communications SA		1,257		29,754
Hellenic Telecommunications Organization SA		1,736		16,887
Koninklijke KPN NV		22,198		64,199
Nokia OYJ		41,320		236,302
Orange SA		13,786		213,243
Proximus SADP		1,002		30,654
SES SA		2,555		55,872
Telecom Italia SpA (a)		81,132		72,027
Telecom Italia SpA – Savings Shares		43,066		30,751
Telefonica Deutschland Holding AG		4,889		23,699
Telefonica SA		31,023		343,172
Telekom Austria AG		1,009		7,086
				1,569,600

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

89

Pacer Trendpilot™ European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 96.9% (Continued)
Transportation – 1.0%
bpost SA		714	$	17,111
Deutsche Post AG		6,981		250,945
Groupe Eurotunnel SE		3,287		36,110
				304,166
Water – 0.3%
Suez		2,440		40,094
Veolia Environnement SA		3,526		66,985
				107,079
TOTAL COMMON STOCKS
(Cost $26,348,192)				30,106,998
PREFERRED STOCKS – 1.8%
Auto Manufacturers – 1.0%
Bayerische Motoren Werke AG		389		31,984
Porsche Automobil Holding SE		1,093		63,947
Volkswagen AG		1,327		210,393
				306,324
Chemicals – 0.1%
FUCHS PETROLUB SE		498		25,689
Electric – 0.0%
RWE AG		233		2,832
Electronics – 0.1%
Sartorius AG		248		22,708
Household Products/Wares – 0.5%
Henkel AG & Co. KGaA		1,254		170,748
Pharmaceuticals – 0.1%
Grifols SA – Class B		1,840		39,275
TOTAL PREFERRED STOCKS
(Cost $506,703)				567,576

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

90

Pacer Trendpilot™ European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS – 1.1%
Diversified – 1.0%
Fonciere Des Regions		287	$	25,617
Gecina SA		286		40,687
Klepierre		1,466		57,553
Merlin Properties Socimi SA		2,344		27,742
Unibail-Rodamco SE		712		174,855
				326,454
Office Property – 0.1%
ICADE		252		18,713
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $372,837)				345,167
SHORT-TERM INVESTMENTS – 0.2%
Money Market Funds- 0.2%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.66% (d)		69,003		69,003
TOTAL SHORT-TERM INVESTMENTS
(Cost $69,003)				69,003
TOTAL INVESTMENTS
(Cost $27,296,735) – 100.0%				31,088,744
Liabilities in Excess of Other Assets – 0.0% (c)				(7,280	)
TOTAL NET ASSETS – 100.0%			$	31,081,464

Percentages are stated as a percent of net assets.

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 $315,043 or 1.0% of net assets.
(c)	Less than 0.05%.
(d)	Rate disclosed is the seven day yield as of April 30, 2017.

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

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

91

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2017

	Shares		Value
COMMON STOCKS – 94.5%
Australia – 3.2%
AGL Energy Ltd		11,720	$	234,844
Amcor Ltd.		24,200		284,680
Caltex Australia Ltd.		5,771		129,078
CIMIC Group Ltd.		5,609		155,527
Coca-Cola Amatil Ltd.		19,114		134,109
GPT Group		46,869		184,251
Telstra Corp. Ltd.		347,318		1,097,503
				2,219,992
Canada – 1.5%
BCE, Inc.		22,473		1,023,184
Denmark – 2.1%
Novo Nordisk A/S		37,533		1,460,479
Finland – 0.7%
Kone OYJ – Class B		10,017		458,939
France – 6.3%
Cie de Saint-Gobain		9,736		525,499
Orange SA		67,821		1,049,060
Renault SA		5,462		509,359
Sanofi		15,920		1,501,962
Vinci SA		10,004		851,085
				4,436,965
Germany – 2.9%
Bayer AG		13,537		1,675,130
Evonik Industries AG		11,788		393,631
				2,068,761
Hong Kong – 1.9%
Chow Tai Fook Jewellery Group Ltd.		424,576		466,150
Li & Fung Ltd.		358,922		150,428
NWS Holdings Ltd.		101,841		191,418
PCCW Ltd.		238,193		134,433
Power Assets Holdings Ltd.		44,490		400,381
				1,342,810

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

92

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SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares			Value
COMMON STOCKS – 94.5% (Continued)
Israel – 1.2%
Bezeq The Israeli Telecommunication Corp. Ltd.		114,503		$	192,693
Teva Pharmaceutical Industries Ltd		20,193			638,384
					831,077
Japan – 5.0%
Bridgestone Corp.		14,563			607,211
Canon, Inc.		27,808			921,986
ITOCHU Corp.		29,164			412,312
Japan Airlines Co Ltd		6,834			215,794
Lawson, Inc.		1,720			114,178
Oracle Corp Japan		6,337			364,957
Subaru Corp.		13,213	��		499,243
Sumitomo Corp.		25,125			335,488
					3,471,169
Jersey – 0.2%
United Co RUSAL PLC		316,620			162,414
Netherlands – 2.0%
Koninklijke Ahold Delhaize NV		22,142			458,749
Koninklijke KPN NV		337,065			974,824
					1,433,573
New Zealand – 0.3%
Fletcher Building Ltd.		13,462			79,028
Meridian Energy Ltd.		80,647			153,381
					232,409
Norway – 1.2%
Telenor ASA		52,405			847,171
Singapore – 1.2%
Genting Singapore PLC		212,568			169,641
Hutchison Port Holdings Trust – Class U		479,448			194,176
Keppel Corp Ltd		52,015			242,363
Singapore Press Holdings Ltd.		36,647			91,017
StarHub Ltd.		68,334			136,458
					833,655

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

93

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 94.5% (Continued)
South Korea – 3.4%
Kia Motors Corp.		6,585	$	201,676
Korea Electric Power Corp.		25,460		1,014,686
KT&G Corp.		2,297		204,891
POSCO		1,450		340,869
SK Innovation Co. Ltd.		1,621		243,599
SK Telecom Co. Ltd.		1,720		362,018
				2,367,739
Spain – 4.5%
Endesa SA		32,181		758,410
Repsol SA		42,645		675,198
Telefonica SA		155,693		1,722,253
				3,155,861
Sweden – 2.7%
Telefonaktiebolaget LM Ericsson – Class B		151,982		979,776
Telia Co. AB		228,038		929,423
				1,909,199
Switzerland – 9.9%
ABB Ltd.		43,601		1,067,458
Kuehne + Nagel International AG – Class R		2,642		399,353
Nestle SA		19,012		1,464,593
Novartis AG		18,804		1,446,679
Roche Holding AG		5,863		1,533,808
SGS SA		150		337,538
Swisscom AG		1,525		665,176
				6,914,605
United Kingdom – 12.4%
BT Group PLC		246,151		971,590
Centrica PLC		203,236		520,936
Diageo PLC		48,750		1,418,465
Imperial Brands PLC		28,925		1,416,878
Next PLC		3,037		169,339
Rio Tinto PLC		33,593		1,332,268
Sky PLC		47,960		616,210

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

94

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 94.5% (Continued)
United Kingdom – 12.4% (Continued)
Unilever NV		32,353	$	1,696,733
WPP PLC		24,772		530,361
				8,672,780
United States – 31.9%
AbbVie, Inc.		21,525		1,419,359
AT&T, Inc.		33,133		1,313,061
Cisco Systems, Inc.		43,621		1,486,167
Eaton Corp. PLC		8,271		625,618
Emerson Electric Co.		11,907		717,754
Ford Motor Co.		104,509		1,198,718
HP, Inc.		34,064		641,085
Intel Corp.		37,449		1,353,781
International Business Machines Corp.		7,994		1,281,358
Kimberly-Clark Corp.		6,280		814,830
L Brands, Inc.		4,803		253,646
Las Vegas Sands Corp.		20,114		1,186,525
LyondellBasell Industries NV – Class A		8,222		696,897
McDonald’s Corp.		10,812		1,512,923
Merck & Co., Inc.		20,927		1,304,380
Pfizer, Inc.		40,444		1,371,860
Philip Morris International, Inc.		14,486		1,605,628
Procter & Gamble Co.		15,526		1,355,886
QUALCOMM, Inc.		19,428		1,044,061
Thomson Reuters Corp.		12,820		582,561
Valero Energy Corp.		9,314		601,778
				22,367,876
TOTAL COMMON STOCKS
(Cost $63,506,480)				66,210,658

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

95

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS – 5.2%
Australia – 1.0%
Dexus Property Group		25,476	$	194,579
Goodman Group		35,328		214,539
Vicinity Centres		133,011		286,844
				695,962
Singapore – 0.2%
CapitaLand Mall Trust		94,866		133,762
United States – 4.0%
AvalonBay Communities, Inc.		2,424		460,172
GGP, Inc.		14,701		317,689
Public Storage		3,179		665,619
Ventas, Inc.		9,560		611,936
Welltower, Inc.		10,797		771,338
				2,826,754
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $3,677,865)				3,656,478
MONEY MARKET FUNDS – 0.1%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.66% (a)		78,228		78,228
TOTAL MONEY MARKET FUNDS
(Cost $78,228)				78,228
TOTAL INVESTMENTS
(Cost $67,262,573) – 99.8%				69,945,364
Other Assets in Excess of Liabilities – 0.2%				113,578
TOTAL NET ASSETS – 100.0%			$	70,058,942

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
(a)	Rate disclosed is the seven day yield as of April 30, 2017.

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.

96

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017

	Shares		Value
COMMON STOCKS – 95.2%
Advertising – 1.8%
Omnicom Group, Inc.		2,558	$	210,063
Aerospace/Defense – 2.0%
Boeing Co.		1,296		239,540
Airlines – 3.7%
Delta Air Lines, Inc.		4,717		214,341
United Continental Holdings, Inc. (a)		3,129		219,687
				434,028
Apparel – 2.0%
Michael Kors Holdings Ltd (a)		3,127		116,731
Ralph Lauren Corp.		1,064		85,886
Skechers U.S.A, Inc. – Class A (a)		1,140		28,785
				231,402
Auto Manufacturers – 1.8%
Ford Motor Co.		18,698		214,466
Auto Parts & Equipment – 1.7%
Allison Transmission Holdings, Inc.		1,770		68,464
Lear Corp.		934		133,244
				201,708
Biotechnology – 4.3%
Amgen, Inc.		1,311		214,113
Gilead Sciences, Inc.		3,344		229,231
United Therapeutics Corp. (a)		496		62,347
				505,691
Building Materials – 0.6%
Owens Corning		1,172		71,316
Chemicals – 2.9%
Cabot Corp.		638		38,401
Huntsman Corp.		3,629		89,890
LyondellBasell Industries NV – Class A		2,563		217,240
				345,531
Commercial Services – 1.4%
CoreLogic, Inc. (a)		1,044		44,621

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

97

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 95.2% (Continued)
Commercial Services – 1.4% (Continued)
Graham Holdings Co. – Class B		43	$	25,873
LSC Communications, Inc.		824		21,317
ManpowerGroup, Inc.		683		68,969
				160,780
Computers – 6.2%
Apple, Inc.		1,690		242,769
Conduent, Inc. (a)		2,319		37,823
HP, Inc.		13,614		256,216
NCR Corp. (a)		1,685		69,506
NetApp, Inc.		2,292		91,336
Teradata Corp. (a)		1,285		37,496
				735,146
Diversified Financial Services – 2.0%
Alliance Data Systems Corp.		950		237,148
Electronics – 0.6%
Garmin Ltd.		1,461		74,277
Engineering & Construction – 1.9%
AECOM (a)		1,999		68,386
Chicago Bridge & Iron Co NV		2,261		68,011
Jacobs Engineering Group, Inc.		1,503		82,544
				218,941
Food – 2.7%
Pilgrim’s Pride Corp.		2,881		74,791
Tyson Foods, Inc. – Class A		3,719		238,983
				313,774
Hand/Machine Tools – 0.4%
Regal Beloit Corp.		617		48,650
Housewares – 0.6%
Scotts Miracle-Gro Co. – Class A		678		65,495
Internet – 1.3%
F5 Networks, Inc. (a)		542		69,988
Palo Alto Networks, Inc. (a)		721		78,164
				148,152

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

98

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 95.2% (Continued)
Iron/Steel – 0.7%
Steel Dynamics, Inc.		2,238	$	80,881
Leisure Time – 0.4%
Polaris Industries, Inc.		587		50,048
Machinery-Construction & Mining – 0.8%
Oshkosh Corp.		822		57,039
Terex Corp.		1,126		39,387
				96,426
Media – 3.5%
AMC Networks, Inc. – Class A (a)		886		52,877
Discovery Communications, Inc. – Class A (a)		6,085		175,126
John Wiley & Sons, Inc. – Class A		604		31,831
News Corp. – Class A		4,075		51,834
Scripps Networks Interactive, Inc. – Class A		1,359		101,544
				413,212
Metal Fabricate/Hardware – 0.3%
The Timken Co.		727		35,078
Mining – 1.7%
Newmont Mining Corp.		6,001		202,894
Office/Business Equipment – 1.3%
Pitney Bowes, Inc.		3,007		39,963
Xerox Corp.		16,085		115,651
				155,614
Oil & Gas – 2.4%
PBF Energy, Inc. – Class A		2,278		50,845
Valero Energy Corp.		3,574		230,916
				281,761
Oil & Gas Services – 2.4%
Baker Hughes, Inc.		3,949		234,452
Dril-Quip, Inc. (a)		475		24,486
Oceaneering International, Inc.		1,044		27,551
				286,489

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

99

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 95.2% (Continued)
Pharmaceuticals – 5.8%
AmerisourceBergen Corp.		1,989	$	163,197
Express Scripts Holding Co. (a)		3,305		202,729
Mallinckrodt PLC (a)		2,073		97,265
McKesson Corp.		1,550		214,350
				677,541
Retail – 18.5%
Bed Bath & Beyond, Inc.		2,766		107,183
Best Buy Co., Inc.		4,579		237,238
Brinker International, Inc.		774		34,203
CVS Health Corp.		2,919		240,642
Darden Restaurants, Inc.		1,081		92,090
Dillard’s, Inc. – Class A		921		50,996
GameStop Corp. – Class A		2,206		50,054
Gap, Inc.		5,290		138,598
Kate Spade & Co. (a)		1,007		17,522
Kohl’s Corp.		4,839		188,866
Michaels Cos., Inc. (a)		3,124		72,977
Nordstrom, Inc.		1,941		93,692
Nu Skin Enterprises, Inc. – Class A		549		30,321
PVH Corp.		1,139		115,073
Signet Jewelers Ltd.		877		57,742
Staples, Inc.		7,994		78,101
Target Corp.		4,124		230,325
Urban Outfitters, Inc. (a)		1,309		29,950
Wal-Mart Stores, Inc.		3,377		253,883
Williams-Sonoma, Inc.		931		50,321
				2,169,777
Semiconductors – 9.5%
Applied Materials, Inc.		6,415		260,513
Intel Corp.		6,589		238,193
Lam Research Corp.		1,363		197,431
QUALCOMM, Inc.		4,191		225,224
Skyworks Solutions, Inc.		1,407		140,334
Teradyne, Inc.		1,541		54,351
				1,116,046

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

100

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
COMMON STOCKS – 95.2% (Continued)
Software – 7.0%
CA, Inc.		3,986	$	130,860
Citrix Systems, Inc. (a)		1,478		119,629
Donnelley Financial Solutions, Inc. (a)		467		10,377
Nuance Communications, Inc. (a)		3,628		64,905
Oracle Corp.		5,533		248,764
VMware, Inc. – Class A (a)		2,634		247,912
				822,447
Telecommunications – 3.0%
Cisco Systems, Inc.		6,887		234,640
Juniper Networks, Inc.		3,896		117,153
				351,793
TOTAL COMMON STOCKS
(Cost $11,069,769)				11,196,115
REAL ESTATE INVESTMENT TRUSTS – 4.7%
Diversified – 0.8%
Liberty Property Trust		2,261		91,729
Health Care – 1.2%
Care Capital Properties, Inc.		3,127		84,022
Quality Care Properties, Inc. (a)		3,127		54,253
				138,275
Mortgage – 2.2%
Annaly Capital Management, Inc.		21,580		254,860
Regional Malls – 0.5%
Taubman Centers, Inc.		963		60,236
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $526,189)				545,100

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

101

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2017 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS – 0.1%
Money Market Funds – 0.1%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.66% (b)		12,784	$	12,784
TOTAL SHORT-TERM INVESTMENTS
(Cost $12,784)				12,784
TOTAL INVESTMENTS
(Cost $11,608,742) – 100.0%				11,753,999
Other Assets in Excess of Liabilities – 0.0% (c)				4,599
TOTAL NET ASSETS – 100.0%			$	11,758,598

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	Rate disclosed is the seven day yield as of April 30, 2017.
(c)	Less than 0.05%.

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

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

102

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES

April 30, 2017

	Pacer			Pacer			Pacer
	Trendpilot™			Trendpilot™			Trendpilot™
	750 ETF			450 ETF			100 ETF
ASSETS
Investments in Securities, at Value*	$	456,331,237		$	281,425,265		$	73,735,015
Cash		2,090			369			—
Interest and Dividends Receivable		424,625			137,147			10,004
Receivable for Investment
Securities Sold		—			—			83,211
Receivable for Fund Shares Sold		—			1,400,150			1,305,905
Total Assets		456,757,952			282,962,931			75,134,135
LIABILITIES
Payable for Investment
Securities Purchased		358,454			1,399,299			1,401,060
Management Fees Payable		219,498			133,548			36,599
Total Liabilities		577,952			1,532,847			1,437,659
NET ASSETS	$	456,180,000		$	281,430,084		$	73,696,476
NET ASSETS CONSIST OF:
Paid-in Capital	$	438,361,065		$	260,355,905		$	73,110,309
Undistributed Accumulated
Net Investment Income		1,598,599			570,219			72,052
Accumulated Net Realized Loss		(39,862,732	)		(7,576,616	)		(11,823,559	)
Net Unrealized Appreciation on:
Investments in Securities		56,083,068			28,080,576			12,337,674
Net Assets	$	456,180,000		$	281,430,084		$	73,696,476
* Identified Cost:
Investments in Securities	$	400,248,169		$	253,344,689		$	61,397,341
Net Asset Value (unlimited
shares authorized):
Net Assets	$	456,180,000		$	281,430,084		$	73,696,476
Shares Outstanding (No Par Value)		17,900,000			10,050,000			2,800,000
Net Asset Value, Offering and
Redemption Price per Share	$	25.48		$	28.00		$	26.32

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

103

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES

April 30, 2017

	Pacer			Pacer			Pacer
	Trendpilot™			Global			US
	European			Cash Cows			Cash Cows
	Index ETF			Dividend ETF			100 ETF
ASSETS
Investments in Securities, at Value*	$	31,088,744		$	69,945,364		$	11,753,999
Cash		—			—			830
Foreign Currency, at Value*		—			1			—
Interest and Dividends Receivable		54,528			130,758			5,003
Receivable for Fund Shares Sold		—			4,289,325			1,313,745
Total Assets		31,143,272			74,365,448			13,073,577
LIABILITIES
Payable for Investment
Securities Purchased		45,856			4,275,999			1,310,754
Management Fees Payable		15,952			30,507			4,225
Total Liabilities		61,808			4,306,506			1,314,979
NET ASSETS	$	31,081,464		$	70,058,942		$	11,758,598
NET ASSETS CONSIST OF:
Paid-in Capital	$	28,720,902		$	67,922,320		$	11,692,839
Undistributed Accumulated
Net Investment Income (Loss)		(9,004	)		183,656			8,642
Accumulated Net Realized Loss		(1,422,505	)		(730,032	)		(88,140	)
Net Unrealized Appreciation on:
Investments in Securities		3,792,009			2,682,791			145,257
Foreign Currencies		62			207			—
Net Assets	$	31,081,464		$	70,058,942		$	11,758,598
* Identified Cost:
Investments in Securities	$	27,296,735		$	67,262,573		$	11,608,742
Foreign Currencies		—			1			—
Net Asset Value (unlimited
shares authorized):
Net Assets	$	31,081,464		$	70,058,942		$	11,758,598
Shares Outstanding (No Par Value)		1,150,000			2,450,000			450,000
Net Asset Value, Offering and
Redemption Price per Share	$	27.03		$	28.60		$	26.13

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

104

Pacer Funds

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2017

	Pacer		Pacer			Pacer
	Trendpilot™		Trendpilot™			Trendpilot™
	750 ETF		450 ETF			100 ETF
INVESTMENT INCOME
Income:
Dividends (net of foreign withholding
tax of $1,479, $1,270, and
$0, respectively)	$	8,139,407	$	3,215,971		$	679,513
Interest		3,398		2,046			14,907
Total Investment Income		8,142,805		3,218,017			694,420
Expenses:
Management Fees		2,396,826		1,194,528			404,851
Total Expenses		2,396,826		1,194,528			404,851
Net Investment Income		5,745,979		2,023,489			289,569
REALIZED & UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		1,784,517		(1,617,958	)		(2,687,755	)
In-Kind Redemptions		4,888,914		7,831,683			1,426,220
Total		6,673,431		6,213,725			(1,261,535	)
Net Change in Unrealized
Appreciation of:
Investments Securities		53,023,376		24,359,494			13,440,533
Total		53,023,376		24,359,494			13,440,533
Net Realized and Unrealized
Gain on Investments		59,696,807		30,573,219			12,178,998
NET INCREASE IN
NET ASSETS RESULTING
FROM OPERATIONS	$	65,442,786	$	32,596,708		$	12,468,567

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

105

Pacer Funds

STATEMENTS OF OPERATIONS

For the Year/Period Ended April 30, 2017

	Pacer			Pacer			Pacer
	Trendpilot™			Global			US
	European			Cash Cows			Cash Cows
	Index ETF			Dividend ETF			100 ETF(1)
INVESTMENT INCOME
Income:
Dividends (net of foreign withholding
tax of $55,870, $89,915
and $14, respectively)	$	325,710		$	1,213,170		$	41,203
Interest		12,605			317			15
Total Investment Income		338,315			1,213,487			41,218
Expenses:
Management Fees		154,915			191,999			10,926
Total Expenses		154,915			191,999			10,926
Net Investment Income		183,400			1,021,488			30,292
REALIZED & UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(1,913,501	)		(898,053	)		(88,195	)
In-Kind Redemptions		510			1,016,892			111,076
Foreign Currencies		(154,750	)		297			—
Contribution from Settlement		409,837			—			—
Total		(1,657,904	)		119,136			22,881
Net Change in Unrealized
Appreciation of:
Investments Securities		3,789,509			2,465,106			145,257
Foreign Currencies		62			89			—
Total		3,789,571			2,465,195			145,257
Net Realized and Unrealized
Gain on Investments		2,131,667			2,584,331			168,138
NET INCREASE IN
NET ASSETS RESULTING
FROM OPERATIONS	$	2,315,067		$	3,605,819		$	198,430

⁽¹⁾ Fund commenced operations on December 16, 2016.  The information presented is from December 16, 2016 to April 30, 2017.

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

106

Pacer Trendpilot™ 750 ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the
	Year Ended			Period Ended
	April 30, 2017			April 30, 2016(b)
OPERATIONS
Net Investment Income	$	5,745,979		$	1,495,698
Net Realized Gain (Loss) on Investments		6,673,431			(37,810,412	)
Change in Unrealized
Appreciation of Investments		53,023,376			3,059,692
Net Increase (Decrease) in Net Assets
Resulting from Operations		65,442,786			(33,255,022	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(4,351,256	)		(1,241,121	)
Total Distributions to Shareholders		(4,351,256	)		(1,241,121	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		78,013,750			506,407,660
Payments for Shares Redeemed		(48,373,550	)		(106,463,260	)
Transaction Fees (Note 1)		13			—
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		29,640,213			399,944,400
Net Increase in Net Assets	$	90,731,743		$	365,448,257
NET ASSETS
Beginning of Period	$	365,448,257		$	—
End of Period	$	456,180,000		$	365,448,257
Undistributed Accumulated
Net Investment Income	$	1,598,599		$	202,967

(a)	Summary of capital share transactions is as follows:
		Shares			Shares
	Subscriptions		3,250,000			21,450,000
	Redemptions		(2,050,000	)		(4,750,000	)
	Net Increase (Decrease)		1,200,000			16,700,000

^(b) 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.

107

Pacer Trendpilot™ 450 ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the
	Year Ended			Period Ended
	April 30, 2017			April 30, 2016(b)
OPERATIONS
Net Investment Income (Loss)	$	2,023,489		$	(163,132	)
Net Realized Gain (Loss) on Investments		6,213,725			(5,153,025	)
Change in Unrealized
Appreciation of Investments		24,359,494			3,721,082
Net Increase (Decrease) in Net Assets
Resulting from Operations		32,596,708			(1,595,075	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(1,391,416	)		—
From Return of Capital		—			(74,493	)
Total Distributions to Shareholders		(1,391,416	)		(74,493	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		134,728,500			183,982,620
Payments for Shares Redeemed		(34,312,200	)		(32,504,560	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		100,416,300			151,478,060
Net Increase in Net Assets	$	131,621,592		$	149,808,492
NET ASSETS
Beginning of Period	$	149,808,492		$	—
End of Period	$	281,430,084		$	149,808,492
Undistributed Accumulated
Net Investment Income (Loss)	$	570,219		$	(61,854	)

(a)	Summary of capital share transactions is as follows:
		Shares			Shares
	Subscriptions		5,050,000			7,700,000
	Redemptions		(1,300,000	)		(1,400,000	)
	Net Increase		3,750,000			6,300,000

^(b) 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.

108

Pacer Trendpilot™ 100 ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the
	Year Ended			Period Ended
	April 30, 2017			April 30, 2016(b)
OPERATIONS
Net Investment Income	$	289,569		$	88,687
Net Realized Loss on Investments		(1,261,535	)		(9,041,314	)
Change in Unrealized
Appreciation (Depreciation) of Investments		13,440,533			(1,102,859	)
Net Increase (Decrease) in Net Assets
Resulting from Operations		12,468,567			(10,055,486	)
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(172,111	)		(134,474	)
Total Distributions to Shareholders		(172,111	)		(134,474	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		25,020,200			127,574,780
Payments for Shares Redeemed		(33,309,025	)		(47,695,975	)
Net Increase (Decrease) in Net Assets Derived
from Capital Share Transactions (a)		(8,288,825	)		79,878,805
Net Increase in Net Assets	$	4,007,631		$	69,688,845
NET ASSETS
Beginning of Period	$	69,688,845		$	—
End of Period	$	73,696,476		$	69,688,845
Undistributed Accumulated
Net Investment Income (Loss)	$	72,052		$	(45,406	)

(a)	Summary of capital share transactions is as follows:
		Shares			Shares
	Subscriptions		1,100,000			5,350,000
	Redemptions		(1,550,000	)		(2,100,000	)
	Net Increase (Decrease)		(450,000	)		3,250,000

^(b) 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.

109

Pacer Trendpilot™ European Index ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the
	Year Ended			Period Ended
	April 30, 2017			April 30, 2016(b)
OPERATIONS
Net Investment Income (Loss)	$	183,400		$	(23,967	)
Net Realized Gain (Loss) on Investments		(1,657,904	)		509
Change in Unrealized
Appreciation of Investments		3,789,571			2,500
Net Increase (Decrease) in Net Assets
Resulting from Operations		2,315,067			(20,958	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		10,855,340			22,491,360
Payments for Shares Redeemed		(4,559,345	)		—
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		6,295,995			22,491,360
Net Increase in Net Assets	$	8,611,062		$	22,470,402
NET ASSETS
Beginning of Period	$	22,470,402		$	—
End of Period	$	31,081,464		$	22,470,402
Undistributed Accumulated
Net Investment Loss	$	(9,004	)	$	(22,142	)

(a)	Summary of capital share transactions is as follows:
		Shares			Shares
	Subscriptions		450,000			900,000
	Redemptions		(200,000	)		—
	Net Increase		250,000			900,000

^(b) Fund 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.

110

Pacer Global Cash Cows Dividend ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the
	Year Ended			Period Ended
	April 30, 2017			April 30, 2016(b)
OPERATIONS
Net Investment Income	$	1,021,488		$	25,759
Net Realized Gain (Loss) on Investments		119,136			(391	)
Change in Unrealized
Appreciation of Investments		2,465,195			217,803
Net Increase in Net Assets
Resulting from Operations		3,605,819			243,171
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(862,811	)		—
Total Distributions to Shareholders		(862,811	)		—
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		73,947,045			5,188,490
Payments for Shares Redeemed		(12,074,900	)		—
Transaction Fees (Note 1)		12,013			115
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		61,884,158			5,188,605
Net Increase in Net Assets	$	64,627,166		$	5,431,776
NET ASSETS
Beginning of Period	$	5,431,776		$	—
End of Period	$	70,058,942		$	5,431,776
Undistributed Accumulated
Net Investment Income	$	183,656		$	25,368

(a)	Summary of capital share transactions is as follows:
		Shares			Shares
	Subscriptions		2,700,000			200,000
	Redemptions		(450,000	)		—
	Net Increase		2,250,000			200,000

^(b) 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.

111

Pacer US Cash Cows 100 ETF

STATEMENT OF CHANGES IN NET ASSETS

	Period Ended
	April 30, 2017(b)
OPERATIONS
Net Investment Income	$	30,292
Net Realized Gain on Investments		22,881
Change in Unrealized Appreciation of Investments		145,257
Net Increase in Net Assets
Resulting from Operations		198,430
DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(21,662	)
Total Distributions to Shareholders		(21,662	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		12,878,695
Payments for Shares Redeemed		(1,296,865	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		11,581,830
Net Increase in Net Assets	$	11,758,598
NET ASSETS
Beginning of Period	$	—
End of Period	$	11,758,598
Undistributed Accumulated Net Investment Income	$	8,642

(a)	Summary of capital share transactions is as follows:
		Shares
	Subscriptions		500,000
	Redemptions		(50,000	)
	Net Increase		450,000

^(b) Fund commenced operations on December 16, 2016.  The information presented is from December 16, 2016 to April 30, 2017.

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

112

Pacer Trendpilot™ 750 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the
	Year Ended			Period Ended
	April 30, 2017			April 30, 2016(1)
Net Asset Value, Beginning of Period	$	21.88		$	25.00
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Income(2)		0.34			0.13
Net Realized and Unrealized
Gain (Loss) on Investments		3.52			(3.15	)
Total from Investment Operations		3.86			(3.02	)
LESS DISTRIBUTIONS:
From Net Investment Income		(0.26	)		(0.10	)
Total Distributions		(0.26	)		(0.10	)
Net Asset Value, End of Period	$	25.48		$	21.88
Total Return		17.72	%		-12.10	%(3)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	456,180		$	365,448
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%(4)
Net Investment Income to Average Net Assets		1.44	%		0.62	%(4)
Portfolio Turnover Rate(5)		7	%		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.

113

Pacer Trendpilot™ 450 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the
	Year Ended			Period Ended
	April 30, 2017			April 30, 2016(1)
Net Asset Value, Beginning of Period	$	23.78		$	25.00
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Income (Loss)(2)		0.27			(0.04	)
Net Realized and Unrealized
Gain (Loss) on Investments		4.13			(1.16	)
Total from Investment Operations		4.40			(1.20	)
LESS DISTRIBUTIONS:
From Net Investment Income		(0.18	)		—
From Return of Capital		—			(0.02	)
Total Distributions		(0.18	)		(0.02	)
Net Asset Value, End of Period	$	28.00		$	23.78
Total Return		18.54	%		-4.82	%(3)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	281,430		$	149,808
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%(4)
Net Investment Income (Loss)
to Average Net Assets		1.02	%		-0.17	%(4)
Portfolio Turnover Rate(5)		27	%		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.

114

Pacer Trendpilot™ 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the
	Year Ended			Period Ended
	April 30, 2017			April 30, 2016(1)
Net Asset Value, Beginning of Period	$	21.44		$	25.00
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Income(2)		0.11			0.04
Net Realized and Unrealized
Gain (Loss) on Investments		4.84			(3.55	)
Total from Investment Operations		4.95			(3.51	)
LESS DISTRIBUTIONS:
From Net Investment Income		(0.07	)		(0.05	)
Total Distributions		(0.07	)		(0.05	)
Net Asset Value, End of Period	$	26.32		$	21.44
Total Return		23.11	%		-14.04	%(3)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	73,696		$	69,689
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%(4)
Net Investment Income to Average Net Assets		0.46	%		0.18	%(4)
Portfolio Turnover Rate(5)		125	%		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.

115

Pacer Trendpilot™ European Index ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the
	Year Ended			Period Ended
	April 30, 2017			April 30, 2016(1)
Net Asset Value, Beginning of Period	$	24.97		$	25.00
INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Gain (Loss)(2)		0.18			(0.04	)
Net Realized and Unrealized
Gain (Loss) on Investments		1.88	(3)		0.01
Total from Investment Operations		2.06			(0.03	)
Net Asset Value, End of Period	$	27.03		$	24.97
Total Return		8.25	%(5)		-0.13	%(4)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	31,081		$	22,470
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%(6)
Net Investment Income (Loss)
to Average Net Assets		0.77	%		-0.39	%(6)
Portfolio Turnover Rate(7)		143	%		0	%(4)

(1)	Commencement of operations on December 14, 2015.
(2)	Calculated based on average shares outstanding during the period.
(3)	Includes $0.41 gain derived from contribution from a settlement. See Note 5.
(4)	Not annualized.
(5)	Before the contribution from a settlement, the total return for the year would have been 6.60%. See Note 5.
(6)	Annualized.
(7)	Excluded impact of in-kind transactions.

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

116

Pacer Global Cash Cows Dividend ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the
	Year Ended			Period Ended
	April 30, 2017			April 30, 2016(1)
Net Asset Value, Beginning of Period	$	27.16		$	25.00
INCOME FROM
INVESTMENT OPERATIONS:
Net Investment Income(2)		0.88			0.23
Net Realized and Unrealized
Gain on Investments		1.26			1.93
Total from Investment Operations		2.14			2.16
LESS DISTRIBUTIONS:
From Net Investment Income		(0.70	)		—
Total Distributions		(0.70	)		—
Net Asset Value, End of Period	$	28.60		$	27.16
Total Return		8.03	%		8.64	%(3)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	70,059		$	5,432
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%(4)
Net Investment Income to Average Net Assets		3.19	%		4.63	%(4)
Portfolio Turnover Rate(5)		44	%		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.

117

Pacer US Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	Period Ended
	April 30, 2017(1)
Net Asset Value, Beginning of Period	$	25.00
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(2)		0.13
Net Realized and Unrealized Gain on Investments		1.09
Total from Investment Operations		1.22
LESS DISTRIBUTIONS:
From Net Investment Income		(0.09	)
Total Distributions		(0.09	)
Net Asset Value, End of Period	$	26.13
Total Return		4.87	%(3)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	11,759
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%(4)
Net Investment Income to Average Net Assets		1.37	%(4)
Portfolio Turnover Rate(5)		36	%(3)

(1)	Commencement of operations on December 16, 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.

118

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2017

NOTE 1 – ORGANIZATION

Pacer Trendpilot™ 750 ETF, Pacer Trendpilot™ 450 ETF, Pacer Trendpilot™ 100 ETF, Pacer Trendpilot™ European Index ETF, Pacer Global Cash Cows Dividend ETF and Pacer US Cash Cows 100 ETF (individually the “Fund” or collectively the “Funds”) are series of Pacer Funds Trust (the “Trust”), a Delaware statutory trust organized on August 12, 2014. The Trust is registered with the Securities and Exchange Commission (the “SEC”) under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company and the offering of the Funds’ shares (“Shares”) is registered under the Securities Act of 1933, as amended (the “Securities Act”). The investment objectives of the Funds are to seek to track the total return performance, before fees and expenses, of the Pacer Wilshire US Large-Cap Trendpilot Total Return Index, the Pacer Wilshire US Mid-Cap Trendpilot Total Return Index, the Pacer NASDAQ-100 Trendpilot Total Return Index, the Pacer Trendpilot European Total Return Index, the Pacer Global Cash Cows Dividend Total Return Index and the Pacer US Cash Cows 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 commenced operations on December 14, 2015. Pacer Global Cash Cows Dividend ETF commenced operations on February 22, 2016. Pacer US Cash Cows 100 ETF commenced operations on December 16, 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.

119

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2017 (Continued)

The Funds each currently offer one class of Shares, which have no front end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Pacer Trendpilot™ 750 ETF charges $750, Pacer Trendpilot™ 450 ETF charges $500, Pacer Trendpilot™ 100 ETF charges $250, Pacer Trendpilot™ European Index ETF charges $5,000, Pacer Global Cash Cows Dividend ETF charges $1,500, and Pacer US Cash Cows 100 ETF charges $250 for the standard fixed creation fee. For the Pacer Trendpilot™ 750 ETF, Pacer Trendpilot™ 450 ETF, Pacer Trendpilot™ 100 ETF, and the Pacer Trendpilot™ European Index ETF, the standard fixed creation transaction fee is $200 when the Deposit Securities include only U.S. Treasury bills. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees received by each Fund are displayed in the Capital Share Transaction section of the Statement of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with no par value. Shares of each Fund have equal rights and privileges with respect to such Fund.

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of the financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.

A.

Investment Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on NASDAQ Global Market (“NASDAQ”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on NASDAQ, the NASDAQ Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used.  Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.

Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.

120

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2017 (Continued)

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 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.

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.

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.

121

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2017 (Continued)

The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2017:

Pacer Trendpilot™ 750 ETF
Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	438,427,098	$	—	$	—	$	438,427,098
Investment Companies		169,946		—		—		169,946
Real Estate
Investment Trusts		17,032,634		—		—		17,032,634
Short-Term Investments		701,559		—		—		701,559
Total Investments
in Securities	$	456,331,237	$	—	$	—	$	456,331,237
^ See Schedule of Investments for sector breakouts.
Pacer Trendpilot™ 450 ETF
Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	244,847,459	$	—	$	—	$	244,847,459
Investment Companies		1,579,852		—		—		1,579,852
Real Estate
Investment Trusts		34,777,691		—		—		34,777,691
Short-Term Investments		220,263		—		—		220,263
Total Investments
in Securities	$	281,425,265	$	—	$	—	$	281,425,265
^ See Schedule of Investments for sector breakouts.
Pacer Trendpilot™ 100 ETF
Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	73,682,179	$	—	$	—	$	73,682,179
Short-Term Investments		52,836		—		—		52,836
Total Investments
in Securities	$	73,735,015	$	—	$	—	$	73,735,015
^ See Schedule of Investments for sector breakouts.

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April 30, 2017 (Continued)

Pacer Trendpilot™ European Index ETF
Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	30,106,998	$	—	$	—	$	30,106,998
Preferred Stocks		567,576		—		—		567,576
Real Estate
Investment Trusts		345,167		—		—		345,167
Short-Term Investments		69,003		—		—		69,003
Total Investments
in Securities	$	31,088,744	$	—	$	—	$	31,088,744
^ See Schedule of Investments for sector breakouts.
Pacer Global Cash Cows Dividend ETF
Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	66,210,658	$	—	$	—	$	66,210,658
Real Estate
Investment Trusts		3,656,478		—		—		3,656,478
Short-Term Investments		78,228		—		—		78,228
Total	$	69,945,364	$	—	$	—	$	69,945,364
^ See Schedule of Investments for country breakouts.
Pacer US Cash Cows 100 ETF
Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	11,196,115	$	—	$	—	$	11,196,115
Real Estate
Investment Trusts		545,100		—		—		545,100
Short-Term Investments		12,784		—		—		12,784
Total Investments
in Securities	$	11,753,999	$	—	$	—	$	11,753,999
^ See Schedule of Investments for sector breakouts.

Transfers between levels are recognized at the end of the reporting period. During the fiscal year/period ended April 30, 2017, 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

123

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April 30, 2017 (Continued)

	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 fiscal year/period ended April 30, 2017, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal year/period ended April 30, 2017, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Funds are subject to examination by U.S. taxing authorities for the tax periods since each Fund’s commencement of operations.
D.	Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities.  Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations.
E.	Distributions to Shareholders. Distributions to shareholders from net investment income for the Funds are declared and paid at least on an annual 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.

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April 30, 2017 (Continued)

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 fiscal year/period ended April 30, 2017, 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	$	909		$	(4,560,850	)	$	4,559,941
Pacer Trendpilot™ 450 ETF		—			(7,592,747	)		7,592,747
Pacer Trendpilot™ 100 ETF		—			572,591			(572,591	)
Pacer Trendpilot™
European Index ETF		(170,262	)		235,399			(65,137	)
Pacer Global Cash
Cows Dividend ETF		(389	)		(849,168	)		849,557
Pacer US Cash Cows 100 ETF		12			(111,021	)		111,009

During the fiscal year/period ended April 30, 2017, 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	$	4,888,914
Pacer Trendpilot™ 450 ETF	$	7,831,683
Pacer Trendpilot™ 100 ETF	$	1,426,220
Pacer Trendpilot™ European Index ETF	$	510
Pacer Global Cash Cows Dividend ETF	$	1,016,892
Pacer US Cash Cows 100 ETF	$	111,076

125

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NOTES TO FINANCIAL STATEMENTS

April 30, 2017 (Continued)

NOTE 3 – COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Pacer Advisors, Inc. (“the Adviser”) serves as the investment adviser to the Funds. Pursuant to an Investment Advisory Agreement (“Investment Advisory Agreement”) between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment advice to the Funds and oversees the day-to-day operations of the Funds, subject to the direction and control of the Board and the officers of the Trust. The Adviser administers the Funds’ business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser bears the costs of all advisory and non-advisory services required to operate the Funds, in exchange for a single unitary management fee. For services provided to the Funds, Pacer Trendpilot™ 750 ETF pays the Adviser 0.60%, Pacer Trendpilot™ 450 ETF pays the Adviser 0.60%, Pacer Trendpilot™ 100 ETF pays the Adviser 0.65%, Pacer Trendpilot™ European ETF pays the Adviser 0.65%, Pacer Global Cash Cows Dividend ETF pays the Adviser 0.60% and Pacer US Cash Cows 100 ETF pays the Adviser 0.49% 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 fiscal year/period ended April 30, 2017.

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

NOTE 4 – SERVICE AND CUSTODY AGREEMENTS

The Funds have entered into Service Agreements with U.S. Bancorp Fund Services, LLC (“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 5 – INVESTMENT TRANSACTIONS

For the fiscal year/period ended April 30, 2017, 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	$	36,350,251	$	29,328,435
Pacer Trendpilot™ 450 ETF		64,203,927		54,056,370
Pacer Trendpilot™ 100 ETF		73,257,287		72,101,592
Pacer Trendpilot™ European Index ETF		48,029,711		24,368,533
Pacer Global Cash Cows Dividend ETF		20,948,730		14,595,664
Pacer US Cash Cows 100 ETF		2,608,191		2,594,656

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NOTES TO FINANCIAL STATEMENTS

April 30, 2017 (Continued)

For the fiscal year/period ended April 30, 2017, in-kind transactions associated with creations and redemptions are as follows:

	Purchases		Sales
Pacer Trendpilot™ 750 ETF	$	77,795,525	$	48,281,474
Pacer Trendpilot™ 450 ETF		134,205,137		34,509,379
Pacer Trendpilot™ 100 ETF		23,879,321		33,175,313
Pacer Trendpilot™ European Index ETF		7,313,018		2,275,407
Pacer Global Cash Cows Dividend ETF		67,526,518		11,983,006
Pacer US Cash Cows 100 ETF		12,823,624		1,259,867

For the fiscal year/period ended April 30, 2017, there were no long-term purchases or sales of U.S. Government Securities for the Funds.

During the fiscal year ended April 30, 2017, Pacer Trendpilot™ European Index ETF accepted a cash contribution in the amount of $409,837 to reimburse the Fund from prior securities transactions.

NOTE 6 – TAX COST BASIS

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2017 were as follows:

	Pacer			Pacer			Pacer
	Trendpilot™			Trendpilot™			Trendpilot™
	750 ETF			450 ETF			100 ETF
Tax cost of investments	$	400,507,627		$	254,243,749		$	63,500,301
Gross tax unrealized appreciation		64,716,505			35,309,287			13,083,694
Gross tax unrealized depreciation		(8,892,895	)		(8,127,771	)		(2,848,980	)
Net tax unrealized
appreciation (depreciation)		55,823,610			27,181,516			10,234,714
Undistributed ordinary income		1,598,599			570,219			72,052
Undistributed long-term gain		—			—			—
Total distributable earnings		1,598,599			570,219			72,052
Other accumulated (loss)		(39,603,274	)		(6,677,556	)		(9,720,599	)
Total accumulated gain (loss)	$	17,818,935		$	21,074,179		$	586,167

127

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NOTES TO FINANCIAL STATEMENTS

April 30, 2017 (Continued)

	Pacer			Pacer			Pacer
	Trendpilot™			Global			US
	European			Cash Cows			Cash Cows
	Index ETF			Dividend ETF			100 ETF
Tax cost of investments	$	27,306,006		$	67,637,917		$	11,631,757
Gross tax unrealized appreciation		4,160,960			4,298,093			414,202
Gross tax unrealized depreciation		(378,222	)		(1,990,646	)		(291,960	)
Net tax unrealized
appreciation (depreciation)		3,782,738			2,307,447			122,242
Undistributed ordinary income		—			240,933			8,642
Undistributed long-term gain		—			—			—
Total distributable earnings		—			240,933			8,642
Other accumulated (loss)		(1,422,176	)		(411,758	)		(65,125	)
Total accumulated gain (loss)	$	2,360,562		$	2,136,622		$	65,759

The difference between book and tax-basis cost is attributable to the realization for tax purposes of unrealized gains on investments in Real Estate Investment Trusts, partnerships, passive foreign investment companies and wash sales. Under tax law, certain capital and foreign currency losses realized after October 31, and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

At April 30, 2017, the Funds did not defer, on a tax basis, any post-October or Late Year losses.

At April 30, 2017, the Funds had the following capital loss carryforwards:

	Amount		Expires
Pacer Trendpilot™ 750 ETF	$	39,603,274	Indefinite
Pacer Trendpilot™ 450 ETF		6,677,556	Indefinite
Pacer Trendpilot™ 100 ETF		9,720,599	Indefinite
Pacer Trendpilot™ European Index ETF		1,422,238	Indefinite
Pacer Global Cash Cows Dividend ETF		411,965	Indefinite
Pacer US Cash Cows 100 ETF		65,125	Indefinite

NOTE 7 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2017 was as follows:

	Ordinary		Capital		Return of
	Income		Gains		Capital
Pacer Trendpilot™ 750 ETF	$	4,351,256	$	—	$	—
Pacer Trendpilot™ 450 ETF		1,391,416		—		—
Pacer Trendpilot™ 100 ETF		172,111		—		—
Pacer Trendpilot™ European Index ETF		—		—		—
Pacer Global Cash Cows Dividend ETF		862,811		—		—
Pacer US Cash Cows 100 ETF		21,662		—		—

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NOTES TO FINANCIAL STATEMENTS

April 30, 2017 (Continued)

The tax character of distributions paid by the Funds during the fiscal year/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 Global Cash Cows Dividend ETF		—		—		—

NOTE 8 – NEW ACCOUNTING PRONOUNCEMENTS

In October 2016, the U.S. Securities and Exchange Commission adopted new rules and amended existing rules (together, “final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. In part, the final rules amend Regulation S-X and require standardized, enhanced disclosure about derivatives in investment company financial statements, as well as other amendments. The compliance date for the amendments to Regulation S-X is August 1, 2017. Management is currently evaluating the impact that the adoption of the amendments to Regulation S-X will have on the financial statements and related disclosures.

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.

On June 19, 2017, the Adviser launched two new Funds in the Pacer Funds Trust: Pacer Developed Markets International Cash Cows 100 ETF and Pacer US Small Cap Cash Cows 100 ETF.

On June 26, 2017, the following Funds declared distributions from ordinary income to shareholders of record as of June 29, 2017 payable June 30, 2017, as follows:

	Ordinary		Per Share
Fund	Income		Amount
Pacer Global Cash Cows Dividend ETF	$	678,886	$	0.21802782
Pacer US Cash Cows 100 ETF	$	42,037	$	0.09341457

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Pacer Funds Trust and the Shareholders of Pacer Trendpilot™ 750 ETF,

Pacer Trendpilot™ 450 ETF, Pacer Trendpilot™ 100 ETF, Pacer Trendpilot™ European Index ETF,

Pacer Global Cash Cows Dividend ETF and Pacer US Cash Cows 100 ETF:

We have audited the accompanying statements of assets and liabilities of the Pacer Trendpilot™ 750 ETF, Pacer Trendpilot™ 450 ETF and the Pacer Trendpilot™ 100 ETF, including the schedules of investments, as of April 30, 2017 and the related statements of operations for the year then ended and the statements of changes in net assets and financial highlights for the year then ended and for the period June 11, 2015 (commencement of operations) through April 30, 2016. We have also audited the accompanying statement of assets and liabilities of the Pacer Trendpilot™ European Index ETF, including the schedule of investments, as of April 30, 2017 and the related statement of operations for the year then ended and the statements of changes in net assets and financial highlights for the year then ended and for the period December 14, 2015 (commencement of operations) through April 30, 2016. We have also audited the accompanying statement of assets and liabilities of the Pacer Global Cash Cows Dividend ETF, including the schedule of investments, as of April 30, 2017 and the related statement of operations for the year then ended and the statements of changes in net assets and financial highlights for the year then ended and for the period February 22, 2016 (commencement of operations) through April 30, 2016. We have also audited the accompanying statement of assets and liabilities of the Pacer US Cash Cows 100 ETF, including the schedule of investments, as of April 30, 2017 and the related statements of operations, changes in net assets and the financial highlights for the period December 16, 2016 (commencement of operations) through April 30, 2017.  Hereinafter, the above referenced funds will be collectively referred to as the “Funds”.  These financial statements and financial highlights are the responsibility of the Funds’ management.  Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States).  Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement.  The Funds were not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting.  Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting.  Accordingly, we express no such opinion.  An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities and cash owned as of April 30, 2017, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Pacer Trendpilot™ 750 ETF, Pacer Trendpilot™ 450 ETF, Pacer Trendpilot™ 100 ETF, Pacer Trendpilot™ European Index ETF,  Pacer Global Cash Cows Dividend ETF and  Pacer US Cash Cows 100 ETF, as of April 30, 2017, the results of their operations, the changes in their net assets and the financial highlights for the periods indicated therein, in conformity with accounting principles generally accepted in the United States of America.

Abington, Pennsylvania

June 26, 2017

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(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of each other Fund traded on the Exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available on the Funds’ website at www.PacerETFs.com.

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year/period ended April 30, 2017, 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	100.00%
Pacer Trendpilot™ 100 ETF	100.00%
Pacer Trendpilot™ European ETF	96.00%
Pacer Global Cash Cows Dividend ETF	0.00%
Pacer US Cash Cows 100 ETF	100.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year/period ended April 30, 2017 was as follows:

Pacer Trendpilot™ 750 ETF	100.00%
Pacer Trendpilot™ 450 ETF	100.00%
Pacer Trendpilot™ 100 ETF	100.00%
Pacer Trendpilot™ European ETF	96.00%
Pacer Global Cash Cows Dividend ETF	0.00%
Pacer US Cash Cows 100 ETF	31.67%

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 Global Cash Cows Dividend ETF	0.00%
Pacer US Cash Cows 100 ETF	0.00%

131

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

Pacer US Cash Cows 100 ETF

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, of the Trust (the “Independent Trustees”), attended an in-person meeting held on September 19, 2016 (the “Meeting”), called for the purpose of, among other things, the consideration of, and voting on, the approval of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) with respect to the Pacer US Cash Cows 100 ETF (the “Fund”).

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

At the Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including:  (1) a copy of the proposed Investment Advisory Agreement; (2) the Advisor’s responses to a questionnaire designed to provide the Board with information reasonably necessary to

132

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ADDITIONAL INFORMATION

(Unaudited) (Continued)

evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing  the nature, quality and extent of services that the Advisor will provide to the Fund, and the proposed advisory fees payable to the Advisor for its services; (5) certain comparative information regarding the Fund’s proposed expenses relative to the expenses of other comparable funds; (6) a copy of the Trust’s registration statement that included the Fund; and (7) information regarding the financial condition of the Advisor.  Representatives from the Advisor, along with other Trust service providers, presented additional information and participated in question and answer sessions at the Meetings to help the Board evaluate the Advisor’s services, fees and other aspects of the Investment Advisory Agreement.

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

• Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement and determined that the Advisor was capable of providing the necessary advisory services to the Fund, as indicated by the firm’s management capabilities and the professional qualifications and experience of its portfolio managers.  Among other things, the Trustees considered the quality of the Adviser’s portfolio management personnel and the level of services provided to the existing exchange traded funds managed by the Advisor. The Board also considered other services to be provided to the Fund by the Advisor, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Fund’s investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations.  Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services to be provided to the Fund by the Advisor.  

• Costs of Services to be Provided to the Fund and Profitability.  In considering the advisory fees payable by the Fund to the Advisor and such Fund’s expected expense ratio, the Board reviewed certain statistical information provided by the Advisor and the Trust’s administrator that compared the Fund’s expenses to those of comparable funds in the Fund’s peer groups, as determined by the administrator and the Advisor. In the report, the Fund’s expected expense ratio was compared to those of other funds with shared key characteristics determined by the administrator and Advisor to comprise the Fund’s applicable peer groups.  The Board also noted that the Advisor had contractually agreed to pay all operating expenses of the Fund, including the cost of transfer agency, custody,

133

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ADDITIONAL INFORMATION

(Unaudited) (Continued)

fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. The Board also evaluated the compensation and benefits expected to be received by the Advisor from its relationship with the Fund, taking into account projections of the Advisor’s anticipated profitability at different asset levels.  Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that the Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.

•

Performance of the Fund and Economies of Scale.  Because the Fund was new and had not commenced operations, they did not yet have an investment performance record for the Board to review and consider.  Similarly, it was not possible for the Board to review and consider the extent to which economies of scale would be realized by the Advisor as the assets of the Fund grow.  Accordingly, the Board did not make any conclusions regarding the Fund’s investment performance or the extent to which economies of scale would be realized by the Advisor as the assets of the Fund grow, but will do so during future considerations of the Investment Advisory Agreement.

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

Pacer Trendpilot 750 ETF, Pacer Trendpilot 450 ETF, Pacer Trendpilot 100 ETF, Pacer Trendpilot European Index ETF, Pacer Autopilot Hedged European Index ETF, Pacer Global Cash Cows Dividend ETF, Pacer US Export Leaders ETF, and Pacer International Export Leaders ETF

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, of the Trust (the “Independent Trustees”), attended an in-person meeting held on March 27, 2017 (the “Meeting”), called for the purpose of, among other things, the consideration of, and voting on, the proposed continuation of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) relating to the following series of the Trust: Pacer Trendpilot™ 750

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ADDITIONAL INFORMATION

(Unaudited) (Continued)

ETF, Pacer Trendpilot™ 450 ETF, Pacer Trendpilot™ 100 ETF, Pacer Trendpilot™ European Index ETF, Pacer Autopilot Hedged European Index ETF (PAEU), Pacer Global Cash Cows Dividend ETF, Pacer US Export Leaders ETF and Pacer International Export Leaders ETF (each, a “Fund” and together, the “Funds”).  The Board, including all of the Trust’s Independent Trustees voting separately, unanimously approved the continuation of the Investment Advisory Agreement based on its review of qualitative and quantitative information provided by the Advisor and the Trust’s other service providers.

Prior to deciding to approve the continuation Investment Advisory Agreement, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement.  The Independent Trustees received assistance and advice from and met separately with independent counsel.  In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of investment advisory agreements. Prior to the Meeting, the Board obtained and reviewed a variety of information, including certain comparative information regarding each Fund’s proposed expenses relative to the expenses of other comparable funds.

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

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

• Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services provided by the Advisor under the Investment Advisory Agreement and determined that the Advisor had been

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ADDITIONAL INFORMATION

(Unaudited) (Continued)

	providing and was capable of providing in the future all necessary advisory services required by each Fund, as indicated by the firm’s management capabilities and the professional qualifications and experience of its portfolio managers.  The Board also considered other services provided to the Funds by the Advisor, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to the Funds’ investment restrictions, and monitoring compliance with various Fund policies and procedures and with applicable securities regulations.  Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that it was satisfied with the nature, extent and quality of the services to be provided to the Funds by the Advisor.
•	Costs of Services to be Provided to the Funds and Profitability.  In considering the advisory fees payable by the Funds to the Advisor and each Fund’s expense ratio, the Board reviewed data compiled by the Advisor from an unaffiliated third party proprietary database comparing the expense ratios and performance of the Funds with the expense ratios and performance of other ETFs having similar investment objectives (the “Peer Group”).  The Board compared each Fund’s expense ratio to the net expense ratios (i.e., expense ratios after any fee waivers and/or expense reimbursements) of the ETFs in each Fund’s Peer Group as of February 28, 2017. Except with respect to the Pacer Trendpilot™ 100 ETF, the Board noted that expense ratio of each Fund was above the median and average, but below the maximum, expense ratio of the ETFs in each such Fund’s Peer Group.  With respect to the Pacer Trendpilot™ 100 ETF, the Board noted that expense ratio of such Fund was slightly above the maximum expense ratio of the ETFs in such Fund’s Peer Group and discussed with the Advisor the reasons therefor.  The Board also noted that the Advisor had contractually agreed to pay all operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses.  It was noted that this contractual agreement cannot be changed without shareholder approval.  The Board also evaluated the compensation and benefits received by the Advisor from its relationship with the Funds, taking into account assessments of the Advisor’s anticipated profitability at different asset levels.  Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services expected to be rendered by the Advisor.
•	Performance of each Fund and Economies of Scale.  The Board reviewed the performance of the Funds since inception, including tracking difference (i.e., the difference of the returns between a fund and the underlying index it seeks to track). The Board noted that the Advisor discussed at each quarterly meeting the

136

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

factors contributing to each Fund’s investment performance. In particular, the Board considered the investment performance of each Fund relative to its stated investment objective to seek investment results that correspond (before fees and expenses) to the price and yield performance of the applicable underlying index that is referenced in the Fund’s investment objective, and the Advisor’s success in achieving each Fund’s objective. The Board also reviewed and considered the extent to which economies of scale had been and/or would be realized by the Advisor as the assets of the Funds grew or may grow in the future.

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

NOTE 6 – TRUSTEES AND OFFICERS

The business of the Funds is managed under the direction of the Board of Trustees.  The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds.  The 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 three Trustees, two 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.

137

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
Interested Trustee
Joe M. Thomson	Trustee,	Indefinite	Founder/President at	11	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)
Independent Trustees
Deborah G. Wolk	Lead	Indefinite	Self-employed providing	11	None
Born: 1950	Independent	Term;	accounting services and
	Trustee	since	computer modeling
		2015	(since 1997)
Jonathan H.	Trustee	Indefinite	CEO and Chairman,	11	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)

138

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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
Robert Amweg	Chief	Indefinite	Compliance Director,	N/A	None
Gateway Corporate	Compliance	Term;	Vigilant Compliance,
Center, Suite 216	Officer and	since	LLC (an investment
223 Wilmington	AML Officer	2015	management services
West Chester Pike			company) (since 2013);
Chadds Ford, PA			Consultant to the
19317			financial services industry
Born: 1953			(since 2012); and Chief
			Financial Officer and
			Chief Accounting Officer,
			Turner Investments, LP
			(2007-2012)

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

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

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

139

Privacy Policy

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

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

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

140

Privacy Policy (Continued)

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

141

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

DLA Piper LLP

1650 Market St., Suite 4900

Philadelphia, PA 19103-7300

PACER	PACER	PACER	PACER TRENDPILOT™	PACER GLOBAL	PACER US
TRENDPILOT™	TRENDPILOT™	TRENDPILOT™	EUROPEAN INDEX	CASH COWS	CASH COWS
750 ETF	450 ETF	100 ETF	ETF	DIVIDEND ETF	100 ETF
PTLC	PTMC	PTNQ	PTEU	GCOW	COWZ
CUSIP	CUSIP	CUSIP	CUSIP	CUSIP	CUSIP
69374H105	69374H204	69374H303	69374H808	69374H707	69374H881

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee.  Deborah Wolk is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N‑CSR.

Item 4. Principal Accountant Fees and Services.

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

	FYE  04/30/2017	FYE  04/30/2016
Audit Fees	$51,000	$64,000
Audit-Related Fees	$0	$0
Tax Fees	$6,000	$0
All Other Fees	$0	$0

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

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

	FYE  04/30/2017	FYE  04/30/2016
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

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

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

Non-Audit Related Fees	FYE  04/30/2017	FYE  04/30/2016
Registrant	$0	$0
Registrant’s Investment Adviser	$0	$0

Item 5. Audit Committee of Listed Registrants.

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

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

Item 6. Investments.

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

Item 11. Controls and Procedures.

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

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

Item 12. Exhibits.

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

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

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

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

SIGNATURES

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

(Registrant)  Pacer Funds Trust

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

Joe M. Thomson, President (Principal Executive Officer)

Date     June 26, 2017

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

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

Joe M. Thomson, President (Principal Executive Officer)

Date     June 26, 2017

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

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

Date     June 26, 2017

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