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

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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23024

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

16 Industrial Boulevard, Suite 201

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

Joe M. Thomson, President

16 Industrial Boulevard, Suite 201

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

610-644-8100

Registrant's telephone number, including area code

Date of fiscal year end: April 30

Date of reporting period: May 1, 2017 through October 31, 2017

Item 1. Reports to Stockholders.

SEMI-ANNUAL REPORT

October 31, 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 US Small Cap Cash Cows 100 ETF		Ticker: CALF
Pacer Developed Markets International Cash Cows 100 ETF		Ticker: ICOW

Pacer Funds

TABLE OF CONTENTS

	Page
Performance Summary	2
Expense Example	18
Portfolio Allocation	22
Schedules of Investments	26
Statements of Assets and Liabilities	101
Statements of Operations	104
Statements of Changes in Net Assets	107
Financial Highlights	115
Notes to Financial Statements	123
Additional Information	136

Pacer Trendpilot^® 750 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

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

Pacer Trendpilot^® 750 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the period ended October 31, 2017)

	One	Since
	Year	Inception⁽²⁾
Pacer Trendpilot^® 750 ETF – NAV	23.12%	5.06%
Pacer Trendpilot^® 750 ETF – Market	23.29%	5.12%
Pacer Wilshire US Large-Cap Trendpilot^® Index⁽³⁾	23.89%	5.70%
Wilshire US Large-Cap Index™⁽³⁾	23.89%	11.06%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2017, is 0.61%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is June 11, 2015.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Trendpilot^® 450 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

Pacer Trendpilot^® 450 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the period ended October 31, 2017)

	One	Since
	Year	Inception⁽²⁾
Pacer Trendpilot^® 450 ETF – NAV	23.00%	8.48%
Pacer Trendpilot^® 450 ETF – Market	23.19%	8.61%
Pacer Wilshire US Mid-Cap Trendpilot^® Index⁽³⁾	23.81%	9.23%
Wilshire US Mid-Cap Index™⁽³⁾	23.81%	8.55%

⁽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, 2017, is 0.67%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is June 11, 2015.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the period ended October 31, 2017)

	One	Since
	Year	Inception⁽²⁾
Pacer Trendpilot^® 100 ETF – NAV	30.73%	7.42%
Pacer Trendpilot^® 100 ETF – Market	30.54%	7.45%
Pacer Nasdaq-100 Trendpilot^® Index⁽³⁾	31.68%	8.17%
Nasdaq-100^® Index⁽³⁾	31.68%	16.21%

⁽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, 2017, 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.

Pacer Trendpilot^® European Index ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

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

Pacer Trendpilot^® European Index ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the period ended October 31, 2017)

	One	Since
	Year	Inception⁽²⁾
Pacer Trendpilot^® European Index ETF – NAV	30.77%	11.26%
Pacer Trendpilot^® European Index ETF – Market	31.25%	11.93%
Pacer Trendpilot^® European Index⁽³⁾	32.49%	12.54%
FTSE Eurozone Index (USD)⁽³⁾	32.50%	17.58%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2017, is 0.67%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is December 14, 2015.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Global 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 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.

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the period ended October 31, 2017)

	One	Since
	Year	Inception⁽²⁾
Pacer Global Cash Cows Dividend ETF – NAV	16.52%	14.52%
Pacer Global Cash Cows Dividend ETF – Market	16.98%	15.00%
Pacer Global Cash Cows Dividend Index⁽³⁾	17.50%	15.51%
FTSE Developed Large-Cap Index⁽³⁾	24.20%	20.71%

⁽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, 2017, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is February 22, 2016.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer 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 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 that reflects the reinvestment of dividends paid by the securities in the Russell 1000 Index.

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended October 31, 2017)

	Since
	Inception⁽²⁾
Pacer US Cash Cows 100 ETF – NAV	9.88%
Pacer US Cash Cows 100 ETF – Market	10.00%
Pacer US Cash Cows 100 Index⁽³⁾	10.12%
Russell 1000 Index⁽³⁾	15.89%

⁽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, 2017, 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.

Pacer US Small Cap Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

The Pacer US Small Cap Cash Cows Index uses an objective, rules-based methodology to provide exposure to small-capitalization U.S. companies with high free cash flow yields. The initial index universe is derived from the component companies of the S&P SmallCap 600^® 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 S&P SmallCap 600^® Index measures the performance of 600 small sized companies in the US equity market, with market capitalization ranging from $450 million to $2.1 billion USD. The Index does not overlap holdings with the S&P 500 or S&P MidCap 400.

Pacer US Small Cap Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended October 31, 2017)

	Since
	Inception⁽²⁾
Pacer US Small Cap Cash Cows 100 ETF – NAV	-0.12%
Pacer US Small Cap Cash Cows 100 ETF – Market	-0.07%
Pacer US Small Cap Cash Cows Index⁽³⁾	-0.08%
S&P SmallCap 600^® Index⁽³⁾	7.44%

⁽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, 2017, is 0.59%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is June 16, 2017.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

The Pacer Developed Markets International Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization non-U.S. companies in developed markets with high free cash flow yields. The initial index universe is derived from the component companies of the FTSE Developed ex US Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, and companies with a market capitalization of less than $3 billion are excluded from the Index universe. The remaining companies are ranked by their average daily trading value (“ADTV”) for the prior three months. The 500 companies with the highest ADTV are then ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.

The FTSE Developed ex-US Index is comprised of Large (85%) and Mid (15%) cap stocks providing coverage of Developed markets (24 countries) excluding the US. The index is derived from the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization.

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended October 31, 2017)

	Since
	Inception⁽²⁾
Pacer Developed Markets International Cash Cows 100 ETF – NAV	11.89%
Pacer Developed Markets International Cash Cows 100 ETF – Market	13.51%
Pacer Developed Markets International Cash Cows 100 Index⁽³⁾	11.93%
FTSE Developed ex-US Index⁽³⁾	7.17%

⁽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, 2017, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is June 16, 2017.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended October 31, 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.

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended October 31, 2017 (Unaudited) (Continued)

	Fund’s	Beginning	Ending	Expenses
	Annual	Account	Account	Paid
	Expense	Value	Value	During
	Ratio	05/01/17	10/31/17	Period^(a)
Pacer Trendpilot^® 750 ETF
Actual	0.60%	$1,000.00	$1,087.50	$3.16
Hypothetical^(b)	0.60%	$1,000.00	$1,022.18	$3.06

Pacer Trendpilot^® 450 ETF
Actual	0.60%	$1,000.00	$1,076.50	$3.14
Hypothetical^(b)	0.60%	$1,000.00	$1,022.18	$3.06

Pacer Trendpilot^® 100 ETF
Actual	0.65%	$1,000.00	$1,121.10	$3.48
Hypothetical^(b)	0.65%	$1,000.00	$1,021.93	$3.31

Pacer Trendpilot^®
European Index ETF
Actual	0.65%	$1,000.00	$1,130.70	$3.49
Hypothetical^(b)	0.65%	$1,000.00	$1,021.93	$3.31

Pacer Global Cash
Cows Dividend ETF
Actual	0.60%	$1,000.00	$1,071.50	$3.13
Hypothetical^(b)	0.60%	$1,000.00	$1,022.18	$3.06

Pacer US Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$1,047.70	$2.53
Hypothetical^(b)	0.49%	$1,000.00	$1,022.74	$2.50

^(a)	The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve month period (365).
^(b)	Assumes 5% return before expenses.

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended October 31, 2017 (Unaudited) (Continued)

	Fund’s	Beginning	Ending	Expenses
	Annual	Account	Account	Paid
	Expense	Value	Value	During
	Ratio	06/16/17^(a)	10/31/17	Period
Pacer US Small Cap
Cash Cows 100 ETF
Actual	0.59%	$1,000.00	$ 998.80	$2.21^(b)
Hypothetical^(c)	0.59%	$1,000.00	$1,022.23	$2.23^(d)

Pacer Developed Markets
International Cash Cows 100 ETF
Actual	0.65%	$1,000.00	$1,118.90	$2.58^(b)
Hypothetical^(c)	0.65%	$1,000.00	$1,021.93	$2.46^(d)

^(a)	Inception date of the Fund.
^(b)	The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio multiplied by the average account value during the period, multiplied by the number of days (137) in the most recent period and divided by the number of days in the most recent twelve month period (365).
^(c)	Assumes 5% return before expenses.
^(d)	The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve month period (365).

Pacer Funds

(This Page Intentionally Left Blank.)

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)

As of October 31, 2017

Pacer Trendpilot^® 750 ETF

	Percentage of
Sector^(a)	Net Assets
Consumer, Non-Cyclical		21.8	%
Financial		18.9	%
Technology		15.6	%
Communications		13.3	%
Industrial		10.0	%
Consumer, Cyclical		8.4	%
Energy		5.9	%
Utilities		3.1	%
Basic Materials		2.5	%
Diversified		0.0	%*
Short-Term Investments		0.1	%
Other assets in excess of liabilities		0.4	%
Total		100.0	%

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

Pacer Trendpilot^® 450 ETF

	Percentage of
Sector^(a)	Net Assets
Financial		24.9	%
Industrial		19.4	%
Consumer, Non-Cyclical		14.3	%
Technology		11.5	%
Consumer, Cyclical		11.4	%
Utilities		5.6	%
Basic Materials		5.4	%
Energy		4.3	%
Communications		2.9	%
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 Wilshire US Mid-Cap Trendpilot^® Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)

As of October 31, 2017

Pacer Trendpilot^® 100 ETF

	Percentage of
Sector^(a)	Net Assets
Technology		40.2	%
Communications		36.8	%
Consumer, Non-Cyclical		14.8	%
Consumer, Cyclical		7.3	%
Industrial		0.8	%
Short-Term Investments		0.1	%
Liabilities in excess of other assets		0.0	%
Total		100.0	%

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

Pacer Trendpilot^® European Index ETF

	Percentage of
Country^(a)	Net Assets
France		30.1	%
Germany		29.7	%
Spain		10.5	%
Netherlands		9.1	%
Italy		7.3	%
Belgium		3.7	%
United Kingdom		3.2	%
Finland		3.1	%
Austria		0.8	%
Ireland		0.8	%
Portugal		0.5	%
Luxembourg		0.4	%
Greece		0.4	%
Switzerland		0.3	%
Short-Term Investments		0.1	%
Other assets in excess of liabilities		0.0	%*
Total		100.0	%

*	Less than 0.05%
^(a)	The Fund generally classifies a company based on its country of incorporation, but may designate a different country in certain circumstances.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)

As of October 31, 2017

Pacer Global Cash Cows Dividend ETF

	Percentage of
Sector^(a)	Net Assets
Consumer, Non-Cyclical		26.5	%
Communications		15.8	%
Consumer, Cyclical		11.8	%
Basic Materials		10.8	%
Industrial		9.0	%
Technology		8.8	%
Utilities		6.8	%
Financial		5.0	%
Energy		4.6	%
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 Index.

Pacer US Cash Cows 100 ETF

	Percentage of
Sector^(a)	Net Assets
Technology		29.6	%
Consumer, Cyclical		27.4	%
Consumer, Non-Cyclical		13.6	%
Communications		11.0	%
Basic Materials		6.7	%
Industrial		6.6	%
Energy		2.7	%
Financial		2.3	%
Short-Term Investments		0.1	%
Other assets in excess of liabilities		0.0	%*
Total		100.0	%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)

As of October 31, 2017

Pacer US Small Cap Cash Cows 100 ETF

	Percentage of
Sector^(a)	Net Assets
Consumer, Cyclical		36.9	%
Industrial		15.8	%
Consumer, Non-Cyclical		14.3	%
Technology		13.6	%
Communications		10.1	%
Financial		5.1	%
Basic Materials		2.7	%
Energy		1.4	%
Short-Term Investments		0.1	%
Liabilities in excess of other assets		0.0	%*
Total		100.0	%

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

Pacer Developed Markets International Cash Cows 100 ETF

	Percentage of
Sector^(a)	Net Assets
Consumer, Cyclical		31.1	%
Basic Materials		21.0	%
Industrial		11.2	%
Communications		10.9	%
Consumer, Non-Cyclical		8.9	%
Utilities		6.4	%
Technology		5.5	%
Energy		4.4	%
Exchange Traded Funds		0.1	%
Short-Term Investments		0.1	%
Other assets in excess of liabilities		0.4	%
Total		100.0	%

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS – 96.6%

Advertising – 0.1%
Interpublic Group of Cos., Inc.		9,936	$	191,268
Omnicom Group, Inc.		6,428		431,897
				623,165
Aerospace/Defense – 2.5%
Arconic, Inc.		11,491		288,654
Boeing Co.		15,708		4,052,350
General Dynamics Corp.		7,873		1,598,062
Harris Corp.		3,386		471,737
L3 Technologies, Inc.		2,211		413,855
Lockheed Martin Corp.		7,083		2,182,697
Northrop Grumman Corp.		4,879		1,441,891
Raytheon Co.		8,019		1,445,024
Rockwell Collins, Inc.		4,593		622,811
TransDigm Group, Inc.		1,365		378,787
United Technologies Corp.		21,001		2,515,080
				15,410,948
Agriculture – 1.4%
Altria Group, Inc.		54,240		3,483,293
Archer-Daniels-Midland Co.		15,904		649,996
Philip Morris International, Inc.		43,909		4,594,638
				8,727,927
Airlines – 0.5%
Alaska Air Group, Inc.		3,492		230,577
American Airlines Group, Inc.		12,860		602,105
Delta Air Lines, Inc.		18,705		935,811
Southwest Airlines Co.		15,568		838,492
United Continental Holdings, Inc. (a)		7,020		410,530
				3,017,515
Apparel – 0.5%
Hanesbrands, Inc.		9,942		223,695
Michael Kors Holdings Ltd (a)		4,286		209,200
NIKE, Inc. – Class B		37,146		2,042,658
Ralph Lauren Corp.		1,345		120,283
Under Armour, Inc. – Class A (a)		5,229		65,467

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Apparel – 0.5% (Continued)
Under Armour, Inc. – Class C (a)		5,262	$	60,671
VF Corp.		9,372		652,760
				3,374,734
Auto Manufacturers – 0.6%
Ford Motor Co.		110,571		1,356,706
General Motors Co.		36,624		1,574,100
PACCAR, Inc.		9,934		712,566
				3,643,372
Auto Parts & Equipment – 0.2%
BorgWarner, Inc.		5,249		276,727
Delphi Automotive PLC		7,544		749,723
Goodyear Tire & Rubber Co.		6,987		213,732
				1,240,182
Banks – 7.9%
Bank of America Corp.		277,394		7,597,822
Bank of New York Mellon Corp.		28,734		1,478,364
BB&T Corp.		22,466		1,106,226
Capital One Financial Corp.		13,674		1,260,469
Citigroup, Inc.		77,025		5,661,337
Citizens Financial Group, Inc.		14,154		537,994
Comerica, Inc.		4,712		370,222
Fifth Third Bancorp		20,828		601,929
Goldman Sachs Group, Inc.		10,172		2,466,507
Huntington Bancshares, Inc.		30,816		425,261
JPMorgan Chase & Co.		99,484		10,009,085
KeyCorp.		29,190		532,718
M&T Bank Corp.		4,295		716,277
Morgan Stanley		39,980		1,999,000
Northern Trust Corp.		6,219		581,601
PNC Financial Services Group, Inc.		13,340		1,824,779
Regions Financial Corp.		33,786		523,007
State Street Corp.		10,572		972,624
SunTrust Banks, Inc.		13,568		816,929
US Bancorp		44,643		2,427,686
Wells Fargo & Co.		126,301		7,090,538

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Banks – 7.9% (Continued)
Zions Bancorp		5,716	$	265,565
				49,265,940
Beverages – 2.0%
Brown-Forman Corp. – Class B		5,536		315,663
Coca-Cola Co.		108,525		4,989,980
Constellation Brands, Inc. – Class A		4,803		1,052,289
Dr Pepper Snapple Group, Inc.		5,138		440,121
Molson Coors Brewing Co. – Class B		5,221		422,222
Monster Beverage Corp. (a)		11,726		679,287
PepsiCo, Inc.		40,385		4,451,639
				12,351,201
Biotechnology – 2.3%
Alexion Pharmaceuticals, Inc. (a)		6,310		755,055
Amgen, Inc.		20,629		3,614,613
Biogen, Inc. (a)		5,977		1,862,792
Celgene Corp. (a)		22,118		2,233,255
Gilead Sciences, Inc.		36,920		2,767,523
Illumina, Inc. (a)		4,128		847,024
Incyte Corp. (a)		4,827		546,658
Regeneron Pharmaceuticals, Inc. (a)		2,172		874,491
Vertex Pharmaceuticals, Inc. (a)		7,128		1,042,327
				14,543,738
Building Materials – 0.4%
Fortune Brands Home & Security, Inc.		3,873		255,850
Johnson Controls International PLC		26,360		1,091,041
Martin Marietta Materials, Inc.		1,631		353,682
Masco Corp.		9,007		358,659
Vulcan Materials Co.		3,740		455,345
				2,514,577
Chemicals – 2.1%
Air Products & Chemicals, Inc.		6,162		982,408
Albemarle Corp.		3,123		439,999
CF Industries Holdings, Inc.		6,594		250,440
DowDuPont, Inc. (a)		65,963		4,769,785

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Chemicals – 2.1% (Continued)
Eastman Chemical Co.		4,096	$	371,958
FMC Corp.		3,561		330,674
International Flavors & Fragrances, Inc.		2,233		329,189
LyondellBasell Industries NV – Class A		9,176		949,991
Monsanto Co.		12,210		1,478,631
Mosaic Co.		8,854		197,798
PPG Industries, Inc.		6,990		812,518
Praxair, Inc.		8,087		1,181,672
Sherwin-Williams Co.		2,324		918,329
				13,013,392
Commercial Services – 1.7%
Automatic Data Processing, Inc.		12,563		1,460,574
Cintas Corp.		2,305		343,537
Ecolab, Inc.		7,147		933,827
Equifax, Inc.		3,403		369,327
Gartner, Inc. (a)		2,561		320,919
Global Payments, Inc.		4,311		448,128
H&R Block, Inc.		5,273		130,454
IHS Markit Ltd. (a)		10,270		437,605
Moody’s Corp.		4,499		640,703
Nielsen Holdings PLC		9,495		351,980
PayPal Holdings, Inc. (a)		31,953		2,318,510
Quanta Services, Inc. (a)		3,582		135,149
Robert Half International, Inc.		3,453		178,762
S&P Global, Inc.		7,266		1,136,911
Total System Services, Inc.		4,651		335,104
United Rentals, Inc. (a)		2,389		337,996
Verisk Analytics, Inc. (a)		4,157		353,553
Western Union Co.		13,118		260,523
				10,493,562
Computers – 5.7%
Accenture PLC		13,975		1,989,481
Apple, Inc.		146,025		24,684,066
Cognizant Technology Solutions Corp. – Class A		16,521		1,250,144
CSRA, Inc.		3,722		119,067

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Computers – 5.7% (Continued)
DXC Technology Co.		7,957	$	728,225
Hewlett Packard Enterprise Co.		45,746		636,784
HP, Inc.		46,577		1,003,734
International Business Machines Corp.		24,541		3,780,786
NetApp, Inc.		7,626		338,747
Seagate Technology PLC		8,137		300,825
Western Digital Corp.		8,336		744,155
				35,576,014
Cosmetics/Personal Care – 1.4%
Colgate-Palmolive Co.		24,902		1,754,346
Coty, Inc. – Class A		13,335		205,359
Estee Lauder Cos., Inc.		6,329		707,645
Procter & Gamble Co.		72,091		6,224,337
				8,891,687
Distribution/Wholesale – 0.2%
Fastenal Co.		7,619		357,864
LKQ Corp. (a)		8,732		329,109
WW Grainger, Inc.		1,464		289,433
				976,406
Diversified Financial Services – 3.6%
Affiliated Managers Group, Inc.		1,582		295,043
Alliance Data Systems Corp.		1,365		305,391
American Express Co.		20,477		1,955,963
Ameriprise Financial, Inc.		4,239		663,573
BlackRock, Inc.		3,504		1,649,788
Cboe Global Markets, Inc.		3,188		360,435
Charles Schwab Corp.		33,694		1,510,839
CME Group, Inc.		9,610		1,318,204
Discover Financial Services		10,779		717,127
E*TRADE Financial Corp. (a)		7,776		338,956
Franklin Resources, Inc.		9,302		391,893
Intercontinental Exchange, Inc.		16,637		1,099,706
Invesco Ltd.		11,172		399,846
MasterCard, Inc. – Class A		26,398		3,927,230
NASDAQ, Inc.		3,072		223,181

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Diversified Financial Services – 3.6% (Continued)
Navient Corp.		7,749	$	96,553
Raymond James Financial, Inc.		3,266		276,892
Synchrony Financial		21,615		705,081
T Rowe Price Group, Inc.		6,689		621,408
Visa, Inc. – Class A		51,718		5,687,946
				22,545,055
Electric – 2.9%
AES Corp.		17,251		183,378
Alliant Energy Corp.		6,532		282,574
Ameren Corp.		6,369		394,814
American Electric Power Co., Inc.		13,905		1,034,671
CenterPoint Energy, Inc.		12,185		360,432
CMS Energy Corp.		7,973		385,654
Consolidated Edison, Inc.		8,759		753,712
Dominion Energy, Inc.		17,879		1,450,702
DTE Energy Co.		5,071		560,143
Duke Energy Corp.		19,786		1,747,302
Edison International		9,211		736,419
Entergy Corp.		5,075		437,769
Eversource Energy		8,959		561,192
Exelon Corp.		27,142		1,091,380
FirstEnergy Corp.		12,561		413,885
NextEra Energy, Inc.		13,138		2,037,310
NRG Energy, Inc.		7,469		186,725
PG&E Corp.		14,498		837,549
Pinnacle West Capital Corp.		3,156		276,813
PPL Corp.		19,314		725,434
Public Service Enterprise Group, Inc.		14,302		703,658
SCANA Corp.		4,040		174,286
Southern Co.		27,801		1,451,212
WEC Energy Group, Inc.		8,922		601,254
Xcel Energy, Inc.		14,355		710,860
				18,099,128
Electrical Components & Equipment – 0.3%
Acuity Brands, Inc.		1,052		175,895

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Electrical Components &
Equipment – 0.3% (Continued)
AMETEK, Inc.		6,525	$	440,372
Emerson Electric Co.		17,578		1,133,078
				1,749,345
Electronics – 1.4%
Agilent Technologies, Inc.		9,084		617,985
Allegion PLC		2,685		223,902
Amphenol Corp. – Class A		8,635		751,245
Corning, Inc.		25,809		808,080
FLIR Systems, Inc.		3,437		160,920
Fortive Corp.		8,622		623,026
Garmin Ltd.		3,137		177,586
Honeywell International, Inc.		21,552		3,106,936
Mettler-Toledo International, Inc. (a)		726		495,589
PerkinElmer, Inc.		3,116		225,349
TE Connectivity Ltd		9,990		908,790
Waters Corp. (a)		2,156		422,684
				8,522,092
Engineering & Construction – 0.1%
Fluor Corp.		3,651		157,322
Jacobs Engineering Group, Inc.		3,401		197,972
				355,294
Environmental Control – 0.2%
Republic Services, Inc.		6,272		408,119
Stericycle, Inc. (a)		2,240		158,704
Waste Management, Inc.		11,382		935,259
				1,502,082
Food – 1.3%
Campbell Soup Co.		5,437		257,551
ConAgra Foods, Inc.		11,492		392,567
General Mills, Inc.		16,315		847,075
Hershey Co.		4,117		437,143
Hormel Foods Corp.		7,206		224,539
JM Smucker Co.		3,152		334,269

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Food – 1.3% (Continued)
Kellogg Co.		7,025	$	439,273
Kroger Co.		25,369		525,138
McCormick & Co., Inc.		3,362		334,620
Mondelez International, Inc. – Class A		41,915		1,736,538
Sysco Corp.		13,730		763,663
The Kraft Heinz Co.		17,118		1,323,735
Tyson Foods, Inc. – Class A		8,178		596,258
				8,212,369
Forest Product & Paper – 0.1%
International Paper Co.		11,673		668,513

Gas – 0.2%
NiSource, Inc.		8,373		220,796
Sempra Energy		7,098		834,015
				1,054,811
Hand/Machine Tools – 0.1%
Snap-On, Inc.		1,488		234,777
Stanley Black & Decker, Inc.		4,330		699,511
				934,288
Healthcare-Products – 3.2%
Abbott Laboratories		49,119		2,663,723
Align Technology, Inc. (a)		2,005		479,155
Baxter International, Inc.		14,172		913,669
Becton Dickinson and Co.		6,433		1,342,374
Boston Scientific Corp. (a)		38,791		1,091,579
CR Bard, Inc.		2,054		671,802
Danaher Corp.		17,283		1,594,702
DENTSPLY SIRONA, Inc.		6,200		378,634
Edwards Lifesciences Corp. (a)		5,741		586,903
Henry Schein, Inc. (a)		4,485		352,521
Hologic, Inc. (a)		7,929		300,113
IDEXX Laboratories, Inc. (a)		2,467		409,941
Intuitive Surgical, Inc. (a)		3,162		1,186,888
Medtronic PLC		32,081		2,583,162
Patterson Cos., Inc.		1,871		69,227

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Healthcare-Products – 3.2% (Continued)
ResMed, Inc.		4,020	$	338,404
Stryker Corp.		9,095		1,408,543
The Cooper Cos., Inc.		1,381		331,799
Thermo Fisher Scientific, Inc.		11,139		2,159,072
Varian Medical Systems, Inc. (a)		2,320		241,721
Zimmer Biomet Holdings, Inc.		5,510		670,126
				19,774,058
Healthcare-Services – 2.3%
Aetna, Inc.		9,377		1,594,371
Anthem, Inc.		7,423		1,552,966
Centene Corp. (a)		4,876		456,735
Cigna Corp.		7,118		1,403,812
DaVita, Inc. (a)		4,377		265,859
Envision Healthcare Corp. (a)		3,416		145,522
HCA Healthcare, Inc. (a)		8,170		618,060
Humana, Inc.		4,086		1,043,360
Laboratory Corp. of American Holdings (a)		2,878		442,377
Quest Diagnostics, Inc.		3,856		361,616
Quintiles Transnational Holdings, Inc. (a)		4,285		463,209
UnitedHealth Group, Inc.		27,334		5,746,153
Universal Health Services, Inc. – Class B		2,205		226,454
				14,320,494
Holding Companies-Divers – 0.0% (b)
Leucadia National Corp.		9,014		228,054

Home Builders – 0.1%
DR Horton, Inc.		9,629		425,698
Lennar Corp. – Class A		5,210		290,041
PulteGroup, Inc.		7,633		230,745
				946,484
Home Furnishings – 0.1%
Leggett & Platt, Inc.		3,208		151,610
Whirlpool Corp.		1,953		320,155
				471,765

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Household Products/Wares – 0.3%
Avery Dennison Corp.		2,286	$	242,705
Church & Dwight Co., Inc.		7,054		318,629
Clorox Co.		3,649		461,708
Kimberly-Clark Corp.		9,988		1,123,750
				2,146,792
Housewares – 0.1%
Newell Brands, Inc.		13,856		565,048

Insurance – 4.3%
Aflac, Inc.		11,173		937,303
Allstate Corp.		10,181		955,589
American International Group, Inc.		25,540		1,650,139
Aon PLC		7,190		1,031,262
Arthur J Gallagher & Co.		5,093		322,540
Assurant, Inc.		1,441		145,037
Berkshire Hathaway, Inc. – Class B (a)		54,397		10,168,975
Brighthouse Financial, Inc. (a)		2,855		177,524
Chubb Ltd		9,874		1,489,197
Cincinnati Financial Corp.		4,219		296,047
Everest Re Group Ltd.		1,161		275,679
Hartford Financial Services Group, Inc.		10,299		566,960
Lincoln National Corp.		6,263		474,610
Loews Corp.		8,116		401,823
Marsh & McLennan Cos., Inc.		14,490		1,172,676
MetLife, Inc.		30,048		1,609,972
Principal Financial Group, Inc.		7,173		472,342
Progressive Corp.		16,113		783,898
Prudential Financial, Inc.		12,072		1,333,473
Torchmark Corp.		2,988		251,380
Travelers Cos., Inc.		7,592		1,005,560
Unum Group		6,380		332,015
Willis Towers Watson PLC		3,796		611,460
XL Group Ltd.		7,292		295,107
				26,760,568
Internet – 7.9%
Alphabet, Inc. – Class A (a)		7,942		8,204,404

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

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SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Internet – 7.9% (Continued)
Alphabet, Inc. – Class C (a)		8,534	$	8,676,006
Amazon.com, Inc. (a)		11,272		12,458,716
eBay, Inc. (a)		27,827		1,047,408
Expedia, Inc.		3,216		400,906
F5 Networks, Inc. (a)		1,773		215,012
Facebook, Inc. – Class A (a)		67,011		12,066,001
Netflix, Inc. (a)		12,206		2,397,625
Symantec Corp.		17,374		564,655
The Priceline Group, Inc. (a)		1,387		2,651,888
TripAdvisor, Inc. (a)		2,531		94,912
VeriSign, Inc. (a)		2,429		261,166
				49,038,699
Iron/Steel – 0.1%
Nucor Corp.		9,030		522,205

Leisure Time – 0.3%
Carnival Corp.		11,221		744,962
Harley-Davidson, Inc.		4,823		228,321
Norwegian Cruise Line Holdings Ltd. (a)		5,031		280,478
Royal Caribbean Cruises Ltd.		4,864		602,018
				1,855,779
Lodging – 0.4%
Hilton Worldwide Holdings, Inc.		5,774		417,345
Marriott International, Inc. – Class A		8,815		1,053,216
MGM Resorts International		14,635		458,807
Wyndham Worldwide Corp.		2,906		310,506
Wynn Resorts Ltd.		2,262		333,623
				2,573,497
Machinery-Construction & Mining – 0.4%
Caterpillar, Inc.		16,707		2,268,811

Machinery-Diversified – 0.6%
Cummins, Inc.		4,594		812,587
Deere & Co.		9,043		1,201,634
Flowserve Corp.		3,433		151,292
Rockwell Automation, Inc.		3,629		728,776

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Machinery-Diversified – 0.6% (Continued)
Roper Technologies, Inc.		2,890	$	746,111
Xylem, Inc.		5,077		337,773
				3,978,173
Media – 2.5%
CBS Corp. – Class B		10,292		577,587
Charter Communications, Inc. – Class A (a)		5,648		1,887,392
Comcast Corp. – Class A		132,984		4,791,414
Discovery Communications, Inc. – Class A (a)		3,611		68,176
Discovery Communications, Inc. – Class C (a)		5,745		102,319
DISH Network Corp. – Class A (a)		6,437		312,452
News Corp.		3,443		47,858
News Corp. – Class A		9,009		123,063
Scripps Networks Interactive, Inc. – Class A		2,577		214,613
Time Warner, Inc.		21,877		2,150,290
Twenty First Century Fox, Inc. – Class B		12,416		315,987
Twenty-First Century Fox, Inc. – Class A		29,756		778,119
Viacom, Inc. – Class B		9,972		239,627
Walt Disney Co.		43,403		4,245,247
				15,854,144
Mining – 0.2%
Freeport-McMoRan, Inc. (a)		38,039		531,785
Newmont Mining Corp.		15,075		545,112
				1,076,897
Miscellaneous Manufacturing – 2.2%
3M Co.		16,871		3,883,535
AO Smith Corp.		4,139		245,029
Dover Corp.		4,078		389,408
Eaton Corp. PLC		12,479		998,570
General Electric Co.		244,767		4,934,503
Illinois Tool Works, Inc.		8,756		1,370,489
Ingersoll-Rand PLC		7,171		635,351
Parker-Hannifin Corp.		3,676		671,274
Pentair PLC		4,754		334,967
Textron, Inc.		7,484		394,706
				13,857,832

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Office/Business Equipment – 0.0% (b)
Xerox Corp.		5,858	$	177,556

Oil & Gas – 4.8%
Anadarko Petroleum Corp.		15,596		769,974
Andeavor		4,170		443,021
Apache Corp.		10,365		428,800
Cabot Oil & Gas Corp.		13,075		362,177
Chesapeake Energy Corp. (a)		25,672		100,121
Chevron Corp.		53,573		6,208,575
Cimarex Energy Co.		2,694		315,009
Concho Resources, Inc. (a)		4,204		564,219
ConocoPhillips		34,012		1,739,714
Devon Energy Corp.		14,094		520,069
EOG Resources, Inc.		16,325		1,630,378
EQT Corp.		4,900		306,446
Exxon Mobil Corp.		119,791		9,984,580
Helmerich & Payne, Inc.		3,070		166,732
Hess Corp.		7,637		337,250
Marathon Oil Corp.		24,030		341,707
Marathon Petroleum Corp.		14,312		854,999
Newfield Exploration Co. (a)		4,811		148,131
Noble Energy, Inc.		13,755		383,352
Occidental Petroleum Corp.		21,615		1,395,680
Phillips 66		12,165		1,107,988
Pioneer Natural Resources Co.		4,663		697,911
Range Resources Corp.		5,744		104,024
Valero Energy Corp.		12,486		985,020
				29,895,877
Oil & Gas Services – 0.7%
Baker Hughes a GE Co.		12,101		380,335
Halliburton Co.		24,535		1,048,626
National Oilwell Varco, Inc.		10,744		367,337
Schlumberger Ltd.		39,282		2,514,048
TechnipFMC PLC (a)		12,416		340,074
				4,650,420

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

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SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Packaging & Containers – 0.2%
Ball Corp.		9,945	$	426,939
Packaging Corp. of America		2,667		310,092
Sealed Air Corp.		5,101		225,617
WestRock Co.		7,181		440,411
				1,403,059
Pharmaceuticals – 5.8%
AbbVie, Inc.		45,066		4,067,206
Allergan PLC		9,278		1,644,340
AmerisourceBergen Corp.		4,359		335,425
Bristol-Myers Squibb Co.		46,362		2,858,681
Cardinal Health, Inc.		8,946		553,757
Eli Lilly & Co.		27,391		2,244,419
Express Scripts Holding Co. (a)		16,328		1,000,743
Johnson & Johnson		75,879		10,578,291
McKesson Corp.		5,793		798,739
Merck & Co., Inc.		77,325		4,259,834
Mylan NV (a)		15,161		541,399
Perrigo Co PLC		3,750		303,713
Pfizer, Inc.		168,716		5,915,183
Zoetis, Inc.		13,875		885,503
				35,987,233
Pipelines – 0.4%
Kinder Morgan, Inc.		54,379		984,803
ONEOK, Inc.		10,740		582,860
Williams Cos., Inc.		23,370		666,045
				2,233,708
Real Estate – 0.1%
CBRE Group, Inc. – Class A (a)		9,029		355,020

Retail – 5.3%
Advance Auto Parts, Inc.		1,921		157,022
AutoZone, Inc. (a)		792		466,884
Best Buy Co., Inc.		7,501		419,906
CarMax, Inc. (a)		5,181		389,093
Chipotle Mexican Grill, Inc. (a)		779		211,810

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

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SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Retail – 5.3% (Continued)
Costco Wholesale Corp.		12,399	$	1,997,231
CVS Health Corp.		28,214		1,933,505
Darden Restaurants, Inc.		3,544		291,565
Dollar General Corp.		7,365		595,387
Dollar Tree, Inc. (a)		6,696		611,010
Foot Locker, Inc.		3,427		103,084
Gap, Inc.		6,339		164,751
Genuine Parts Co.		4,151		366,243
Home Depot, Inc.		33,326		5,524,784
Kohl’s Corp.		4,766		199,028
L Brands, Inc.		7,055		303,647
Lowe’s Cos., Inc.		23,867		1,908,167
Macy’s, Inc.		8,313		155,952
McDonald’s Corp.		22,899		3,822,072
Nordstrom, Inc.		3,485		138,180
O’Reilly Automotive, Inc. (a)		2,488		524,844
PVH Corp.		2,158		273,656
Ross Stores, Inc.		11,002		698,517
Signet Jewelers Ltd.		1,471		96,453
Starbucks Corp.		40,188		2,203,910
Tapestry, Inc.		7,989		327,150
Target Corp.		15,441		911,637
Tiffany & Co.		2,699		252,680
TJX Cos., Inc.		17,506		1,221,919
Tractor Supply Co.		3,535		213,019
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,534		309,546
Walgreens Boots Alliance, Inc.		25,884		1,715,333
Wal-Mart Stores, Inc.		41,381		3,612,975
Yum! Brands, Inc.		9,747		725,664
				32,846,624
Savings & Loans – 0.0% (b)
People’s United Financial, Inc.		9,735		181,655

Semiconductors – 4.0%
Advanced Micro Devices, Inc. (a)		23,785		261,278
Analog Devices, Inc.		10,394		948,972

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

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SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Semiconductors – 4.0% (Continued)
Applied Materials, Inc.		29,657	$	1,673,545
Broadcom Ltd.		9,611		2,536,439
Intel Corp.		132,845		6,043,119
KLA-Tencor Corp.		4,434		482,818
Lam Research Corp.		4,593		957,962
Microchip Technology, Inc.		6,579		623,689
Micron Technology, Inc. (a)		31,496		1,395,588
NVIDIA Corp.		16,962		3,507,911
Qorvo, Inc. (a)		3,680		278,981
QUALCOMM, Inc.		41,768		2,130,586
Skyworks Solutions, Inc.		5,194		591,389
Texas Instruments, Inc.		27,989		2,706,256
Xilinx, Inc.		7,028		517,893
				24,656,426
Software – 5.9%
Activision Blizzard, Inc.		21,342		1,397,688
Adobe Systems, Inc. (a)		13,949		2,443,307
Akamai Technologies, Inc. (a)		4,267		222,951
ANSYS, Inc. (a)		2,396		327,557
Autodesk, Inc. (a)		6,197		774,377
CA, Inc.		8,932		289,218
Cadence Design System, Inc. (a)		7,399		319,341
Cerner Corp. (a)		9,020		609,030
Citrix Systems, Inc. (a)		4,077		336,801
Electronic Arts, Inc. (a)		8,728		1,043,869
Fidelity National Information Services, Inc.		9,398		871,758
Fiserv, Inc. (a)		5,950		770,108
Intuit, Inc.		6,881		1,039,169
Microsoft Corp.		217,749		18,112,362
Oracle Corp.		85,372		4,345,435
Paychex, Inc.		9,043		576,853
Red Hat, Inc. (a)		5,017		606,204
Salesforce.com, Inc. (a)		19,302		1,975,367
Synopsys, Inc. (a)		4,247		367,450
				36,428,845

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

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SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.6% (Continued)

Telecommunications – 2.8%
AT&T, Inc.		173,583	$	5,841,068
CenturyLink, Inc.		27,469		521,636
Cisco Systems, Inc.		141,356		4,827,307
Juniper Networks, Inc.		10,752		266,972
Motorola Solutions, Inc.		4,598		416,303
Verizon Communications, Inc.		115,327		5,520,704
				17,393,990
Textiles – 0.1%
Mohawk Industries, Inc. (a)		1,670		437,139

Toys/Games/Hobbies – 0.1%
Hasbro, Inc.		3,218		297,955
Mattel, Inc.		8,337		117,718
				415,673
Transportation – 1.6%
CH Robinson Worldwide, Inc.		3,967		311,528
CSX Corp.		25,820		1,302,103
Expeditors International of Washington, Inc.		5,110		298,322
FedEx Corp.		6,944		1,568,025
JB Hunt Transport Services, Inc.		2,465		262,251
Kansas City Southern		2,980		310,576
Norfolk Southern Corp.		8,021		1,054,120
Union Pacific Corp.		22,628		2,620,096
United Parcel Service, Inc. – Class B		19,472		2,288,544
				10,015,565
Water – 0.1%
American Water Works Co., Inc.		5,040		442,310
TOTAL COMMON STOCKS
(Cost $513,172,988)				601,067,737

REAL ESTATE INVESTMENT TRUSTS – 2.9%
Alexandria Real Estate Equities, Inc.		2,687		333,080
American Tower Corp.		12,133		1,743,148
Apartment Investment & Management Co.		4,525		199,009
AvalonBay Communities, Inc.		3,989		723,325

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

Pacer Trendpilot^® 750 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 2.9% (Continued)
Boston Properties, Inc.		4,459	$	540,342
Crown Castle International Corp.		11,486		1,229,921
Digital Realty Trust, Inc.		5,785		685,175
Duke Realty Corp.		10,093		287,449
Equinix, Inc.		2,203		1,021,090
Equity Residential		10,632		715,108
Essex Property Trust, Inc.		1,871		491,007
Extra Space Storage, Inc.		3,618		295,193
Federal Realty Investment Trust		2,100		253,092
GGP, Inc.		17,704		344,520
HCP, Inc.		13,578		350,856
Host Hotels & Resorts, Inc.		21,686		424,178
Iron Mountain, Inc.		7,475		299,000
Kimco Realty Corp.		12,211		221,752
Macerich Co.		3,278		178,979
Mid-America Apartment Communities, Inc.		3,328		340,621
Prologis, Inc.		15,036		971,025
Public Storage		4,231		876,875
Realty Income Corp.		7,748		415,835
Regency Centers Corp.		4,402		270,943
SBA Communications Corp. (a)		3,364		528,753
Simon Property Group, Inc.		8,788		1,365,040
SL Green Realty Corp.		2,963		283,500
UDR, Inc.		7,772		301,476
Ventas, Inc.		10,338		648,709
Vornado Realty Trust		4,874		364,868
Welltower, Inc.		10,835		725,512
Weyerhaeuser Co.		21,286		764,380
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $17,591,030)				18,193,761

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

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SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.950% (c)		590,064	$	590,064
TOTAL SHORT-TERM INVESTMENTS
(Cost $590,064)				590,064

TOTAL INVESTMENTS
(Cost $531,354,082) – 99.6%				619,851,562
Other Assets in Excess of Liabilities – 0.4%				2,293,513
TOTAL NET ASSETS – 100.0%			$	622,145,075

Percentages are stated as a percent of net assets.

(a)		Non-income producing security.
(b)		Less than 0.05%.
(c)		Rate disclosed is the seven day yield as of October 31, 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.

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SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS – 90.9%

Aerospace/Defense – 1.4%
Curtiss-Wright Corp.		9,732	$	1,150,809
Esterline Technologies Corp. (a)		5,816		551,648
KLX, Inc. (a)		11,339		622,057
Orbital ATK, Inc.		12,702		1,688,477
Teledyne Technologies, Inc. (a)		7,791		1,324,158
				5,337,149
Airlines – 0.4%
JetBlue Airways Corp. (a)		72,522		1,388,796

Apparel – 0.6%
Carter’s, Inc.		10,547		1,020,211
Deckers Outdoor Corp. (a)		7,056		481,502
Skechers U.S.A, Inc. – Class A (a)		29,521		942,310
				2,444,023
Auto Parts & Equipment – 0.4%
Cooper Tire & Rubber Co.		11,508		377,462
Dana, Inc.		31,902		972,692
				1,350,154
Banks – 8.3%
Associated Banc-Corp.		33,371		844,286
BancorpSouth, Inc.		18,667		589,877
Bank of Hawaii Corp.		9,406		767,624
Bank of the Ozarks, Inc.		26,775		1,248,250
Cathay General Bancorp		16,745		699,941
Chemical Financial Corp.		15,687		826,548
Commerce Bancshares, Inc.		19,718		1,146,799
Cullen Frost Bankers, Inc.		12,888		1,269,468
East West Bancorp, Inc.		31,858		1,906,383
First Horizon National Corp.		51,629		969,076
FNB Corp/PA		71,271		961,446
Fulton Financial Corp.		38,574		702,047
Hancock Holding Co.		18,686		910,943
Home BancShares, Inc.		34,848		783,383
International Bancshares Corp.		11,943		484,886
MB Financial, Inc.		18,485		849,201

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Banks – 8.3% (Continued)
PacWest Bancorp		28,557	$	1,379,874
Pinnacle Financial Partners, Inc.		16,265		1,076,743
Prosperity Bancshares, Inc.		15,322		1,007,881
Signature Bank (a)		12,122		1,575,981
SVB Financial Group (a)		11,619		2,547,814
Synovus Financial Corp.		26,791		1,255,158
TCF Financial Corp.		37,843		689,499
Texas Capital Bancshares, Inc. (a)		10,937		941,129
Trustmark Corp.		14,937		492,025
UMB Financial Corp.		9,704		713,535
Umpqua Holdings Corp.		48,556		993,456
United Bankshares, Inc.		23,144		832,027
Valley National Bancorp		58,205		669,358
Webster Financial Corp.		20,302		1,116,407
Wintrust Financial Corp.		12,306		1,000,355
				31,251,400
Beverages – 0.1%
The Boston Beer Co., Inc. (a)		1,967		350,224

Biotechnology – 1.2%
Bio-Rad Laboratories, Inc. – Class A (a)		4,435		974,769
Bioverativ, Inc. (a)		23,849		1,347,468
Charles River Laboratories International, Inc. (a)		10,494		1,220,347
United Therapeutics Corp. (a)		9,579		1,135,974
				4,678,558
Building Materials – 1.2%
Cree, Inc. (a)		21,539		768,942
Eagle Materials, Inc.		10,694		1,128,966
Lennox International, Inc.		8,371		1,599,949
Louisiana-Pacific Corp. (a)		31,927		867,776
				4,365,633
Chemicals – 3.2%
Ashland Global Holdings, Inc.		13,759		935,337
Cabot Corp.		13,721		836,432
Minerals Technologies, Inc.		7,738		556,362

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Chemicals – 3.2% (Continued)
NewMarket Corp.		2,039	$	816,395
Olin Corp.		36,659		1,339,153
PolyOne Corp.		18,035		830,872
RPM International, Inc.		29,444		1,570,249
Sensient Technologies Corp.		9,672		735,556
The Chemours Co.		40,748		2,306,744
Valvoline, Inc.		44,678		1,073,166
Versum Materials, Inc.		23,989		1,009,457
				12,009,723
Coal – 0.2%
CONSOL Energy, Inc. (a)		45,653		736,383

Commercial Services – 3.9%
Aaron’s, Inc.		13,724		505,043
Adtalem Global Education, Inc.		13,688		505,772
Avis Budget Group, Inc. (a)		16,038		661,567
CoreLogic, Inc. (a)		18,663		875,295
Deluxe Corp.		10,662		742,608
Graham Holdings Co. – Class B		1,020		567,579
INC Research Holdings, Inc. (a)		12,394		708,317
Live Nation Entertainment, Inc. (a)		29,544		1,293,436
ManpowerGroup, Inc.		14,715		1,814,065
MarketAxess Holdings, Inc.		8,288		1,442,112
Rollins, Inc.		21,151		928,740
Sabre Corp.		45,989		899,545
Service Corp. International		41,284		1,463,931
Sotheby’s (a)		8,246		427,308
The Brink’s Co.		11,131		847,069
WEX, Inc. (a)		8,798		1,087,345
				14,769,732
Computers – 2.8%
3D Systems Corp. (a)		25,095		310,676
Brocade Communications Systems, Inc.		91,230		1,062,830
Convergys Corp.		20,568		529,215
Diebold Nixdorf, Inc.		16,650		321,345
DST Systems, Inc.		13,342		782,108

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Computers – 2.8% (Continued)
Fortinet, Inc. (a)		33,329	$	1,313,496
Leidos Holdings, Inc.		31,341		1,959,439
MAXIMUS, Inc.		14,303		950,148
NCR Corp. (a)		26,790		859,691
NetScout Systems, Inc. (a)		19,743		560,701
Science Applications International Corp.		9,637		706,778
Teradata Corp. (a)		27,783		929,341
VeriFone Systems, Inc. (a)		24,660		470,513
				10,756,281
Cosmetics/Personal Care – 0.3%
Avon Products, Inc. (a)		97,008		221,178
Edgewell Personal Care Co. (a)		12,562		815,651
				1,036,829
Distribution/Wholesale – 0.6%
Pool Corp.		9,090		1,097,890
Watsco, Inc.		6,699		1,115,853
				2,213,743
Diversified Financial Services – 2.0%
Eaton Vance Corp.		25,353		1,279,566
Federated Investors, Inc. – Class B		21,026		653,278
Janus Henderson Group PLC		39,772		1,382,077
Legg Mason, Inc.		19,194		732,827
SEI Investments Co.		28,936		1,866,661
SLM Corp. (a)		95,155		1,007,691
Stifel Financial Corp.		15,062		798,738
				7,720,838
Electric – 2.7%
Black Hills Corp.		11,791		769,481
Great Plains Energy, Inc.		47,552		1,561,132
Hawaiian Electric Industries, Inc.		23,987		874,566
IDACORP, Inc.		11,111		1,022,545
MDU Resources Group, Inc.		43,064		1,177,800
NorthWestern Corp.		10,688		633,585
OGE Energy Corp.		44,034		1,622,213

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Electric – 2.7% (Continued)
PNM Resources, Inc.		17,563	$	762,234
Westar Energy, Inc.		31,321		1,675,047
				10,098,603
Electrical Components & Equipment – 1.2%
Belden, Inc.		9,327		745,320
Energizer Holdings, Inc.		13,634		586,126
EnerSys		9,570		663,871
Hubbell, Inc.		12,062		1,517,641
Littelfuse, Inc.		5,008		1,046,672
				4,559,630
Electronics – 4.0%
Arrow Electronics, Inc. (a)		19,461		1,626,745
Avnet, Inc.		27,135		1,079,973
Coherent, Inc. (a)		5,431		1,426,778
Gentex Corp.		62,963		1,222,112
Jabil, Inc.		39,523		1,117,710
Keysight Technologies, Inc. (a)		40,873		1,825,797
Knowles Corp. (a)		19,716		326,497
National Instruments Corp.		23,594		1,061,730
SYNNEX Corp.		6,429		867,144
Tech Data Corp. (a)		7,651		709,783
Trimble, Inc. (a)		55,819		2,281,881
Vishay Intertechnology, Inc.		29,574		658,022
Woodward, Inc.		12,168		940,951
				15,145,123
Energy-Alternate Sources – 0.3%
First Solar, Inc. (a)		17,958		984,458

Engineering & Construction – 1.1%
AECOM (a)		34,554		1,211,463
Dycom Industries, Inc. (a)		6,853		601,899
EMCOR Group, Inc.		13,049		1,050,575
Granite Construction, Inc.		8,785		559,517
KBR, Inc.		30,843		605,448
				4,028,902

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Entertainment – 0.7%
Churchill Downs, Inc.		2,854	$	595,202
Cinemark Holdings, Inc.		23,370		849,266
International Speedway Corp.		5,507		213,947
Six Flags Entertainment Corp.		17,547		1,101,776
				2,760,191
Environmental Control – 0.3%
Clean Harbors, Inc. (a)		11,468		613,653
MSA Safety, Inc.		7,494		595,773
				1,209,426
Food – 2.8%
Dean Foods Co.		20,047		195,458
Flowers Foods, Inc.		40,621		773,018
Hain Celestial Group, Inc. (a)		22,865		823,597
Ingredion, Inc.		15,805		1,981,157
Lamb Weston Holdings, Inc.		32,230		1,643,408
Lancaster Colony Corp.		4,297		538,070
Post Holdings, Inc. (a)		14,587		1,209,700
Sanderson Farms, Inc.		4,413		660,052
Snyder’s-Lance, Inc.		18,750		705,563
Sprouts Farmers Market, Inc. (a)		27,802		514,059
Tootsie Roll Industries, Inc.		4,225		150,410
TreeHouse Foods, Inc. (a)		12,610		837,052
United Natural Foods, Inc. (a)		11,160		432,673
				10,464,217
Forest Products & Paper – 0.2%
Domtar Corp.		13,801		653,063

Gas – 2.6%
Atmos Energy Corp.		23,387		2,040,282
National Fuel Gas Co.		18,854		1,094,475
New Jersey Resources Corp.		19,082		848,195
ONE Gas, Inc.		11,525		887,194
Southwest Gas Holdings, Inc.		10,492		864,436
UGI Corp.		38,228		1,829,592
Vectren Corp.		18,297		1,246,757

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Gas – 2.6% (Continued)
WGL Holdings, Inc.		11,294	$	967,896
				9,778,827
Hand/Machine Tools – 0.7%
Kennametal, Inc.		17,788		776,447
Lincoln Electric Holdings, Inc.		13,660		1,252,212
Regal Beloit Corp.		9,834		798,029
				2,826,688
Healthcare-Products – 3.4%
ABIOMED, Inc. (a)		9,238		1,782,195
Bio-Techne Corp.		8,232		1,078,557
Globus Medical, Inc. (a)		15,921		507,402
Halyard Health, Inc. (a)		10,318		434,904
Hill-Rom Holdings, Inc.		14,527		1,172,474
LivaNova PLC (a)		9,561		706,558
Masimo Corp. (a)		10,536		924,639
NuVasive, Inc. (a)		11,202		635,489
STERIS PLC		18,727		1,747,791
Teleflex, Inc.		8,657		2,051,536
West Pharmaceutical Services, Inc.		16,317		1,654,544
				12,696,089
Healthcare-Services – 1.5%
Acadia Healthcare Co., Inc. (a)		18,010		564,794
HealthSouth Corp.		21,771		1,004,514
Lifepoint Health, Inc. (a)		8,845		425,887
MEDNAX, Inc. (a)		20,632		903,475
Molina Healthcare, Inc. (a)		9,698		657,815
Tenet Healthcare Corp. (a)		17,785		253,970
WellCare Health Plans, Inc. (a)		9,814		1,940,620
				5,751,075
Home Builders – 1.9%
CalAtlantic Group, Inc.		16,767		827,284
KB Home		18,376		504,054
NVR, Inc. (a)		676		2,218,206
Thor Industries, Inc.		10,783		1,468,860

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Home Builders – 1.9% (Continued)
Toll Brothers, Inc.		33,543	$	1,544,320
TRI Pointe Group, Inc. (a)		33,370		590,315
				7,153,039
Home Furnishings – 0.2%
Tempur Sealy International, Inc. (a)		10,116		661,283

Household Products/Wares – 0.1%
Helen Of Troy Ltd. (a)		6,003		557,679

Housewares – 0.8%
Scotts Miracle-Gro Co. – Class A		9,016		898,174
Toro Co.		23,795		1,495,516
Tupperware Brands Corp.		11,219		659,116
				3,052,806
Insurance – 4.4%
Alleghany Corp. (a)		3,404		1,927,413
American Financial Group, Inc.		15,139		1,597,013
Aspen Insurance Holdings Ltd.		13,195		566,065
Brown & Brown, Inc.		25,587		1,275,256
CNO Financial Group, Inc.		37,269		893,338
First American Financial Corp.		24,414		1,328,610
Genworth Financial, Inc. (a)		110,060		364,299
Hanover Insurance Group, Inc.		9,345		919,361
Kemper Corp.		10,748		688,947
Mercury General Corp.		8,049		450,503
Old Republic International Corp.		54,072		1,097,121
Primerica, Inc.		9,897		875,884
Reinsurance Group of America, Inc.		14,221		2,124,333
RenaissanceRe Holdings Ltd.		8,882		1,228,913
WR Berkley Corp.		21,126		1,448,821
				16,785,877
Internet – 0.1%
Cars.com, Inc. (a)		15,781		375,903

Iron/Steel – 1.5%
Allegheny Technologies, Inc. (a)		24,008		604,521

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Iron/Steel – 1.5% (Continued)
Carpenter Technology Corp.		10,310	$	513,335
Commercial Metals Co.		25,529		497,305
Reliance Steel & Aluminum Co.		16,075		1,235,203
Steel Dynamics, Inc.		52,891		1,968,074
United States Steel Corp.		38,512		975,124
				5,793,562
Leisure Time – 0.7%
Brunswick Corp.		19,563		990,866
Polaris Industries, Inc.		12,828		1,519,220
				2,510,086
Lodging – 0.2%
ILG, Inc.		23,412		694,634

Machinery-Construction & Mining – 0.6%
Oshkosh Corp.		16,500		1,510,740
Terex Corp.		18,727		882,229
				2,392,969
Machinery-Diversified – 3.0%
AGCO Corp.		14,540		997,008
Cognex Corp.		19,089		2,350,810
Graco, Inc.		12,347		1,627,211
IDEX Corp.		16,852		2,160,595
Nordson Corp.		11,194		1,418,168
Wabtec Corp.		18,836		1,440,954
Zebra Technologies Corp. (a)		11,710		1,358,243
				11,352,989
Media – 1.3%
AMC Networks, Inc. – Class A (a)		11,484		584,306
Cable One, Inc.		1,034		733,944
FactSet Research Systems, Inc.		8,650		1,642,375
John Wiley & Sons, Inc. – Class A		9,826		536,991
Meredith Corp.		8,704		461,312
TEGNA, Inc.		47,432		580,093
The New York Times Co.		27,718		529,414
				5,068,435

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Metal Fabricate/Hardware – 0.5%
The Timken Co.		15,104	$	712,154
Valmont Industries, Inc.		4,981		791,481
Worthington Industries, Inc.		9,869		449,039
				1,952,674
Mining – 0.4%
Compass Minerals International, Inc.		7,458		489,245
Royal Gold, Inc.		14,407		1,211,773
				1,701,018
Miscellaneous Manufacturing – 1.9%
AptarGroup, Inc.		13,830		1,204,178
Carlisle Cos., Inc.		13,929		1,529,822
Crane Co.		11,171		928,533
Donaldson Co., Inc.		28,904		1,364,558
ITT, Inc.		19,404		905,003
Trinity Industries, Inc.		33,369		1,085,160
				7,017,254
Office Furnishings – 0.2%
Herman Miller, Inc.		13,186		443,049
HNI Corp.		9,722		332,687
				775,736
Office/Business Equipment – 0.1%
Pitney Bowes, Inc.		41,163		565,580

Oil & Gas – 3.2%
Callon Petroleum Co. (a)		44,329		491,609
Diamond Offshore Drilling, Inc. (a)		14,221		237,917
Energen Corp. (a)		21,432		1,108,034
Ensco PLC		95,421		514,319
Gulfport Energy Corp. (a)		36,283		497,077
HollyFrontier Corp.		39,090		1,444,376
Matador Resources Co. (a)		21,231		563,683
Murphy Oil Corp.		35,769		956,821
Murphy USA, Inc. (a)		7,393		549,743
Nabors Industries Ltd.		63,018		354,791
Patterson-UTI Energy, Inc.		47,043		930,511

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Oil & Gas – 3.2% (Continued)
PBF Energy, Inc. – Class A		24,186	$	700,668
QEP Resources, Inc. (a)		53,030		474,619
Rowan Cos Plc (a)		25,052		358,995
SM Energy Co.		22,570		481,418
Southwestern Energy Co. (a)		112,270		623,099
Transocean Ltd (a)		86,254		905,667
WPX Energy, Inc. (a)		87,726		989,549
				12,182,896
Oil & Gas Services – 0.6%
Core Laboratories NV		9,726		971,628
Dril-Quip, Inc. (a)		8,343		351,240
NOW, Inc. (a)		23,740		297,225
Oceaneering International, Inc.		21,668		438,127
Superior Energy Services, Inc. (a)		33,699		297,225
				2,355,445
Packaging & Containers – 1.0%
Bemis Co., Inc.		20,022		901,391
Greif, Inc.		5,697		316,354
Owens-Illinois, Inc. (a)		35,914		857,986
Silgan Holdings, Inc.		16,297		476,687
Sonoco Products Co.		21,917		1,135,081
				3,687,499
Pharmaceuticals – 1.0%
Akorn, Inc. (a)		20,658		672,831
Catalent, Inc. (a)		28,963		1,233,534
Endo International PLC (a)		44,312		282,711
Mallinckrodt PLC (a)		21,428		678,625
Owens & Minor, Inc.		13,500		331,695
Prestige Brands Holdings, Inc. (a)		11,686		548,073
				3,747,469
Real Estate – 0.5%
Alexander & Baldwin, Inc.		10,189		460,950
Jones Lang LaSalle, Inc.		9,996		1,294,382
				1,755,332

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Retail – 4.8%
American Eagle Outfitters, Inc.		37,087	$	482,873
AutoNation, Inc. (a)		14,395		682,323
Bed Bath & Beyond, Inc.		31,778		632,382
Big Lots, Inc.		9,749		500,221
Brinker International, Inc.		10,789		331,438
Buffalo Wild Wings, Inc. (a)		3,418		404,007
Casey’s General Stores, Inc.		8,431		965,940
Copart, Inc. (a)		44,185		1,603,474
Cracker Barrel Old Country Store, Inc.		5,301		827,645
Dick’s Sporting Goods, Inc.		18,666		456,757
Dillard’s, Inc. – Class A		4,632		235,306
Domino’s Pizza, Inc.		9,643		1,764,669
Dunkin’ Brands Group, Inc.		19,898		1,175,375
GameStop Corp. – Class A		22,328		417,310
HSN, Inc.		7,046		265,634
Jack in the Box, Inc.		6,488		671,573
Michaels Cos., Inc. (a)		24,343		472,741
MSC Industrial Direct Co., Inc.		9,945		824,440
Nu Skin Enterprises, Inc. – Class A		10,973		697,992
Office Depot, Inc.		114,307		354,352
Papa John’s International, Inc.		5,862		398,909
Sally Beauty Holdings, Inc. (a)		28,968		501,436
Texas Roadhouse, Inc.		14,409		720,594
The Cheesecake Factory, Inc.		9,639		431,249
The Wendy’s Co.		41,404		629,755
Urban Outfitters, Inc. (a)		17,921		439,423
Williams-Sonoma, Inc.		17,575		906,870
World Fuel Services Corp.		15,102		419,836
				18,214,524
Savings & Loans – 0.9%
New York Community Bancorp, Inc.		107,835		1,354,408
Sterling Bancorp		49,524		1,240,576
Washington Federal, Inc.		19,569		681,001
				3,275,985

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Semiconductors – 2.7%
Cirrus Logic, Inc. (a)		14,068	$	787,808
Cypress Semiconductor Corp.		73,313		1,162,744
Integrated Device Technology, Inc. (a)		29,424		914,204
IPG Photonics Corp. (a)		8,308		1,768,856
Microsemi Corp. (a)		25,462		1,358,907
Monolithic Power Systems, Inc.		8,395		1,021,419
Silicon Laboratories, Inc. (a)		9,381		890,257
Synaptics, Inc. (a)		7,431		275,839
Teradyne, Inc.		43,621		1,870,905
				10,050,939
Shipbuilding – 0.5%
Huntington Ingalls Industries, Inc.		8,706		2,027,018

Software – 5.8%
ACI Worldwide, Inc. (a)		26,028		626,754
Acxiom Corp. (a)		17,561		441,835
Allscripts Healthcare Solutions, Inc. (a)		39,824		536,828
Blackbaud, Inc.		10,597		1,073,476
Broadridge Financial Solutions, Inc.		25,682		2,206,597
CDK Global, Inc.		29,042		1,845,910
CommVault Systems, Inc. (a)		9,334		485,835
Dun & Bradstreet Corp.		8,149		952,048
Fair Isaac Corp.		6,754		980,411
j2 Global, Inc.		10,658		790,184
Jack Henry & Associates, Inc.		17,075		1,880,470
Manhattan Associates, Inc. (a)		15,198		636,188
Medidata Solutions, Inc. (a)		12,900		970,467
MSCI, Inc.		17,284		2,028,450
PTC, Inc. (a)		25,491		1,693,877
Take-Two Interactive Software, Inc. (a)		20,728		2,293,553
Tyler Technologies, Inc. (a)		7,649		1,356,091
Ultimate Software Group, Inc. (a)		6,248		1,265,782
				22,064,756
Telecommunications – 1.5%
ARRIS International PLC (a)		38,921		1,109,248
Ciena Corp. (a)		31,259		664,879

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 90.9% (Continued)

Telecommunications – 1.5% (Continued)
Frontier Communications Corp.		17,317	$	209,709
InterDigital, Inc.		7,654		561,421
LogMeIn, Inc.		11,616		1,406,117
Plantronics, Inc.		7,410		336,117
Telephone & Data Systems, Inc.		20,228		589,646
ViaSat, Inc. (a)		11,896		774,430
				5,651,567
Transportation – 1.9%
Genesee & Wyoming, Inc. (a)		13,566		973,767
Kirby Corp. (a)		11,849		839,502
Knight-Swift Transportation Holdings, Inc.		28,145		1,166,610
Landstar System, Inc.		9,244		912,845
Old Dominion Freight Line, Inc.		15,078		1,826,398
Ryder System, Inc.		11,683		947,258
Werner Enterprises, Inc.		9,880		352,222
				7,018,602
Trucking & Leasing – 0.1%
GATX Corp.		8,533		506,946

Water – 0.4%
Aqua America, Inc.		39,172		1,389,823
TOTAL COMMON STOCKS
(Cost $318,396,515)				343,706,083

REAL ESTATE INVESTMENT TRUSTS – 8.8%
American Campus Communities, Inc.		30,082		1,250,810
Camden Property Trust		20,378		1,859,289
CoreCivic, Inc.		26,058		642,590
CoreSite Realty Corp.		7,539		834,944
Corporate Office Properties Trust		21,932		700,289
Cousins Properties, Inc.		92,607		835,315
CyrusOne, Inc.		20,130		1,235,781
DCT Industrial Trust, Inc.		20,523		1,190,744
Douglas Emmett, Inc.		33,759		1,343,271
Education Realty Trust, Inc.		16,140		563,286

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 8.8% (Continued)
EPR Properties		14,131	$	977,583
First Industrial Realty Trust, Inc.		26,425		816,004
Healthcare Realty Trust, Inc.		27,296		880,023
Highwoods Properties, Inc.		22,763		1,162,051
Hospitality Properties Trust		36,221		1,035,196
JBG SMITH Properties (a)		20,590		642,614
Kilroy Realty Corp.		21,689		1,544,907
Lamar Advertising Co. – Class A		18,437		1,298,702
LaSalle Hotel Properties		24,964		704,234
Liberty Property Trust		32,483		1,392,871
Life Storage, Inc.		10,267		829,779
Mack-Cali Realty Corp.		19,811		451,096
Medical Properties Trust, Inc.		80,280		1,062,104
National Retail Properties, Inc.		32,905		1,322,123
Omega Healthcare Investors, Inc.		43,491		1,255,150
Potlatch Corp.		8,954		463,817
Quality Care Properties, Inc. (a)		20,685		327,444
Rayonier, Inc.		28,422		852,092
Sabra Health Care REIT, Inc.		38,774		772,378
Senior Housing Properties Trust		52,378		963,755
Tanger Factory Outlet Centers, Inc.		20,938		476,339
Taubman Centers, Inc.		13,386		632,087
The GEO Group, Inc.		27,349		709,707
Uniti Group, Inc.		36,365		636,388
Urban Edge Properties		23,339		547,533
Washington Prime Group, Inc.		40,961		320,725
Weingarten Realty Investors		26,334		801,870
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $33,410,452)				33,334,891

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

Pacer Trendpilot^® 450 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.950% (b)		363,827	$	363,827
TOTAL SHORT-TERM INVESTMENTS
(Cost $363,827)				363,827

TOTAL INVESTMENTS
(Cost $352,170,794) – 99.8%				377,404,801
Other Assets in Excess of Liabilities – 0.2%				747,908
TOTAL NET ASSETS – 100.0%			$	378,152,709

Percentages are stated as a percent of net assets.

(a)		Non-income producing security.
(b)		Rate disclosed is the seven day yield as of October 31, 2017.

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS – 99.9%

Airlines – 0.3%
American Airlines Group, Inc.		8,311	$	389,121

Auto Manufacturers – 1.1%
PACCAR, Inc.		5,935		425,718
Tesla Motors, Inc. (a)		2,823		935,909
				1,361,627
Beverages – 0.5%
Monster Beverage Corp. (a)		9,549		553,174

Biotechnology – 7.6%
Alexion Pharmaceuticals, Inc. (a)		3,788		453,272
Amgen, Inc.		12,366		2,166,771
Biogen, Inc. (a)		3,588		1,118,236
BioMarin Pharmaceutical, Inc. (a)		2,948		242,001
Celgene Corp. (a)		13,260		1,338,862
Gilead Sciences, Inc.		22,076		1,654,817
Illumina, Inc. (a)		2,450		502,716
Incyte Corp. (a)		3,455		391,279
Regeneron Pharmaceuticals, Inc. (a)		1,786		719,079
Vertex Pharmaceuticals, Inc. (a)		4,271		624,548
				9,211,581
Commercial Services – 2.4%
Automatic Data Processing, Inc.		7,529		875,321
Cintas Corp.		1,757		261,863
PayPal Holdings, Inc. (a)		20,296		1,472,678
Verisk Analytics, Inc. (a)		2,794		237,630
				2,847,492
Computers – 13.6%
Apple, Inc.		87,529		14,795,902
Check Point Software Technologies Ltd. (a)		2,772		326,292
Cognizant Technology Solutions Corp. – Class A		9,951		752,992
Seagate Technology PLC		4,954		183,150
Western Digital Corp.		4,997		446,082
				16,504,418

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.9% (Continued)

Distribution/Wholesale – 0.2%
Fastenal Co.		4,825	$	226,630

Food – 2.2%
Mondelez International, Inc. – Class A		25,625		1,061,644
The Kraft Heinz Co.		20,645		1,596,478
				2,658,122
Healthcare-Products – 1.3%
DENTSPLY SIRONA, Inc.		3,889		237,501
Henry Schein, Inc. (a)		2,703		212,456
Hologic, Inc. (a)		4,669		176,722
IDEXX Laboratories, Inc. (a)		1,477		245,433
Intuitive Surgical, Inc. (a)		1,890		709,430
				1,581,542
Internet – 28.2%
Alphabet, Inc. – Class A (a)		5,045		5,211,687
Alphabet, Inc. – Class C (a)		5,893		5,991,059
Amazon.com, Inc. (a)		8,137		8,993,663
Baidu, Inc. – ADR (a)		4,667		1,138,468
Ctrip.com International Ltd. – ADR (a)		7,765		371,866
eBay, Inc. (a)		18,248		686,855
Expedia, Inc.		2,355		293,574
Facebook, Inc. – Class A (a)		40,166		7,232,290
JD.com, Inc. – ADR (a)		15,501		581,598
Liberty Ventures (a)		1,365		77,750
MercadoLibre, Inc.		744		178,791
Netflix, Inc. (a)		7,314		1,436,689
Symantec Corp.		10,382		337,415
The Priceline Group, Inc. (a)		828		1,583,103
				34,114,808
Leisure Time – 0.2%
Norwegian Cruise Line Holdings Ltd. (a)		3,796		211,627

Lodging – 0.8%
Marriott International, Inc. – Class A		6,311		754,039
Wynn Resorts Ltd.		1,727		254,715
				1,008,754

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.9% (Continued)

Media – 5.4%
Charter Communications, Inc. – Class A (a)		4,367	$	1,459,320
Comcast Corp. – Class A		79,706		2,871,807
Discovery Communications, Inc. – Class A (a)		2,536		47,880
Discovery Communications, Inc. – Class C (a)		3,920		69,815
DISH Network Corp. – Class A (a)		3,782		183,578
Liberty Global PLC – Class A (a)		3,815		117,693
Liberty Global PLC – Class C (a)		10,091		301,620
Liberty Global Plc LiLAC – Class A (a)		838		18,201
Liberty Global Plc LiLAC – Class C (a)		2,031		44,682
Sirius XM Holdings, Inc.		79,056		430,065
Twenty First Century Fox, Inc. – Class B		13,496		343,473
Twenty-First Century Fox, Inc. – Class A		17,699		462,829
Viacom, Inc. – Class B		5,958		143,171
				6,494,134
Pharmaceuticals – 0.9%
Express Scripts Holding Co. (a)		9,783		599,600
Mylan NV (a)		8,960		319,962
Shire PLC – ADR		1,235		182,323
				1,101,885
Retail – 4.4%
Costco Wholesale Corp.		7,415		1,194,408
Dollar Tree, Inc. (a)		4,002		365,182
Liberty Interactive Corp. QVC Group – Class A (a)		7,140		162,221
O’Reilly Automotive, Inc. (a)		1,490		314,316
Ross Stores, Inc.		6,613		419,859
Starbucks Corp.		24,469		1,341,880
Tractor Supply Co.		2,199		132,512
Ulta Salon Cosmetics & Fragrance, Inc. (a)		1,048		211,476
Walgreens Boots Alliance, Inc.		18,131		1,201,541
				5,343,395
Semiconductors – 12.4%
Analog Devices, Inc.		6,206		566,608
Applied Materials, Inc.		18,101		1,021,440
Broadcom Ltd.		6,889		1,818,076
Intel Corp.		79,542		3,618,366

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.9% (Continued)

Semiconductors – 12.4% (Continued)
KLA-Tencor Corp.		2,613	$	284,530
Lam Research Corp.		2,748		573,150
Maxim Integrated Products, Inc.		4,732		248,619
Microchip Technology, Inc.		3,943		373,796
Micron Technology, Inc. (a)		18,875		836,351
NVIDIA Corp.		10,167		2,102,637
QUALCOMM, Inc.		24,956		1,273,006
Skyworks Solutions, Inc.		3,105		353,535
Texas Instruments, Inc.		16,797		1,624,102
Xilinx, Inc.		4,216		310,677
				15,004,893
Software – 14.1%
Activision Blizzard, Inc.		12,734		833,950
Adobe Systems, Inc. (a)		8,357		1,463,812
Akamai Technologies, Inc. (a)		2,918		152,465
Autodesk, Inc. (a)		3,733		466,476
CA, Inc.		7,138		231,128
Cerner Corp. (a)		5,605		378,450
Citrix Systems, Inc. (a)		2,581		213,216
Electronic Arts, Inc. (a)		5,239		626,584
Fiserv, Inc. (a)		3,562		461,030
Intuit, Inc.		4,331		654,068
Microsoft Corp.		130,515		10,856,238
NetEase, Inc. – ADR		1,283		361,703
Paychex, Inc.		6,004		382,995
				17,082,115
Telecommunications – 3.3%
Cisco Systems, Inc.		84,722		2,893,256
T-Mobile US, Inc. (a)		14,039		839,111
Vodafone Group PLC – ADR		7,873		228,160
				3,960,527
Toys/Games/Hobbies – 0.2%
Hasbro, Inc.		2,087		193,235
Mattel, Inc.		5,700		80,484
				273,719

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.9% (Continued)

Transportation – 0.8%
CSX Corp.		15,478	$	780,556
JB Hunt Trasport Services, Inc.		1,880		200,013
				980,569
TOTAL COMMON STOCKS
(Cost $97,829,463)				120,910,133

SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.950% (b)		114,173		114,173
TOTAL SHORT-TERM INVESTMENTS
(Cost $114,173)				114,173

TOTAL INVESTMENTS
(Cost $97,943,637) – 100.0%				121,024,306
Liabilities in Excess of Other Assets – 0.0% (c)				(45,058	)
TOTAL NET ASSETS – 100.0%			$	120,979,248

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 October 31, 2017.
(c)		Less than 0.05%.

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS – 97.0%

Advertising – 0.3%
JCDecaux SA		1,036	$	39,643
Publicis Groupe SA		2,948		192,165
				231,808
Aerospace/Defense – 2.5%
Airbus Group SE		7,757		792,886
Dassault Aviation SA		35		54,591
Leonardo SpA		5,382		92,972
MTU Aero Engines AG		716		120,726
Safran SA		4,133		435,359
Thales SA		1,409		146,861
Zodiac Aerospace		2,728		78,013
				1,721,408
Airlines – 0.2%
Deutsche Lufthansa AG		3,272		104,432
Ryanair Holdings PLC – ADR (a)		228		25,561
				129,993
Apparel – 3.0%
adidas AG – ADR		5,626		626,343
Christian Dior SE		145		49,784
Hermes International		442		229,398
LVMH Moet Hennessy Louis Vuitton SE		3,529		1,052,764
Moncler SpA		2,276		64,636
Puma SE		38		17,201
				2,040,126
Auto Manufacturers – 3.7%
Bayerische Motoren Werke AG		4,558		464,571
Daimler AG		13,689		1,136,764
Ferrari NV		1,789		214,435
Fiat Chrysler Automobiles NV (a)		15,471		267,438
Peugeot SA		6,255		148,382
Renault SA		2,438		241,789
Volkswagen AG – ADR		2,078		77,904
				2,551,283

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Auto Parts & Equipment – 1.8%
Cie Generale des Etablissements Michelin		2,511	$	363,277
Continental AG		1,537		390,122
Faurecia		1,035		75,243
Hella GmbH & Co KGaA		626		37,670
Nokian Renkaat OYJ		1,896		86,951
Plastic Omnium SA		812		33,862
Valeo SA		3,350		226,721
				1,213,846
Banks – 13.5%
ABN AMRO Group NV (b)		4,946		152,762
Allied Irish Banks PLC		9,644		57,000
Alpha Bank AE (a)		19,267		38,378
Banca Mediolanum SpA		3,596		30,641
Banco Bilbao Vizcaya Argentaria SA – ADR		94,779		828,368
Banco BPM SpA (a)		21,545		75,140
Banco de Sabadell SA		79,611		159,411
Banco Santander SA – ADR		225,780		1,521,757
Bank of Ireland Group PLC (a)		12,916		101,224
Bankia SA		16,145		77,088
Bankinter SA		9,700		91,556
BNP Paribas SA – ADR		30,628		1,198,106
CaixaBank SA		51,021		238,797
Commerzbank AG (a)		14,775		202,483
Credit Agricole SA		16,144		281,704
Deutsche Bank AG		26,380		428,666
Erste Group Bank AG		4,049		173,991
Eurobank Ergasias SA (a)		25,064		20,466
FinecoBank Banca Fineco SpA		5,593		52,316
ING Groep NV – ADR		55,492		1,027,712
Intesa Sanpaolo SpA – ADR		30,385		613,959
Intesa Sanpaolo SpA – Savings Shares		13,142		41,455
KBC Groep NV		3,911		324,869
Mediobanca SpA		8,233		90,244
National Bank of Greece SA (a)		77,212		25,543
Natixis SA		11,867		93,058
Piraeus Bank SA (a)		4,018		11,561

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Banks – 13.5% (Continued)
Raiffeisen Bank International AG (a)		1,858	$	64,734
Societe Generale SA		10,406		579,404
UniCredit SpA (a)		31,643		605,599
Unione di Banche Italiane SpA		13,950		65,519
				9,273,511
Beverages – 3.4%
Anheuser-Busch InBev SA/NV – ADR		10,809		1,327,129
Davide Campari-Milano SpA		7,976		63,921
Heineken Holding NV		1,380		128,117
Heineken NV		3,027		294,985
Pernod Ricard SA		3,007		450,973
Remy Cointreau SA		347		45,069
				2,310,194
Building Materials – 1.2%
Buzzi Unicem SpA		1,021		28,460
Buzzi Unicem SpA – Savings Shares		578		9,163
Cie de Saint-Gobain		7,032		412,510
HeidelbergCement AG		2,118		215,802
Imerys SA		523		47,635
Kingspan Group PLC		2,114		88,404
Titan Cement Co SA		621		14,988
				816,962
Chemicals – 6.4%
Air Liquide SA		5,957		758,434
Akzo Nobel NV		3,575		323,735
Arkema SA		990		125,065
BASF SE		13,004		1,418,128
Brenntag AG		2,179		123,395
Covestro AG (b)		1,587		152,252
Evonik Industries AG		2,155		78,521
FUCHS PETROLUB SE		486		24,204
K+S AG		2,687		65,166
Koninklijke DSM NV		2,498		213,113
LANXESS AG		1,290		100,798
Linde AG		2,643		570,790

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Chemicals – 6.4% (Continued)
OCI NV (a)		1,363	$	32,333
Solvay SA – Class A		988		146,794
Symrise AG		1,705		132,689
Umicore SA		2,592		115,850
Wacker Chemie AG		218		34,015
				4,415,282
Commercial Services – 1.8%
Abertis Infraestructuras SA		8,883		192,151
Atlantia SpA		7,589		247,521
Bureau Veritas SA		3,613		96,777
Edenred		3,318		95,658
Groupe Eurotunnel SE		6,453		81,106
Randstad Holding NV		1,551		95,429
RELX NV		12,696		286,757
Wirecard AG		1,613		158,861
				1,254,260
Computers – 1.0%
Atos SE		1,290		200,454
Capgemini SE		2,196		266,928
Gemalto NV		1,151		45,559
Ingenico Group SA		780		75,721
Teleperformance		804		117,442
				706,104
Cosmetics/Personal Care – 3.2%
Beiersdorf AG		1,412		158,391
L’Oreal SA		3,416		760,212
Unilever NV		21,739		1,263,728
				2,182,331
Distribution/Wholesale – 0.1%
Rexel SA		4,230		75,511

Diversified Financial Services – 0.5%
Amundi SA (b)		703		59,599
Deutsche Boerse AG		2,657		274,465
				334,064

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Electric – 4.6%
A2A SpA		21,931	$	37,681
E.ON SE		29,288		345,596
EDP – Energias de Portugal SA		32,607		116,340
EDP Renovaveis SA		2,159		17,856
Electricite de France SA		6,779		88,757
Endesa SA		4,468		102,269
Enel SpA		110,139		683,173
Engie SA		23,370		394,999
Fortum OYJ		6,231		132,316
Iberdrola SA		79,267		640,614
Innogy SE (b)		1,795		83,532
Red Electrica Corp. SA		6,093		134,922
RWE AG (a)		6,817		170,409
Terna Rete Elettrica Nazionale SpA		20,056		121,016
Uniper SE		2,798		78,613
				3,148,093
Electrical Components & Equipment – 1.7%
Legrand SA		3,770		280,045
OSRAM Licht AG		1,098		84,005
Philips Lighting NV (b)		1,161		43,986
Prysmian SpA		3,030		104,473
Schneider Electric SE		7,515		660,478
				1,172,987
Electronics – 0.8%
Koninklijke Philips NV		13,323		542,477

Energy-Alternate Sources – 0.1%
Siemens Gamesa Renewable Energy SA		3,158		45,799

Engineering & Construction – 2.3%
Acciona SA		360		29,820
ACS Actividades de Construccion y Servicios SA		3,480		137,237
Aena SME SA (b)		905		166,035
Aeroports de Paris		403		67,880
Boskalis Westminster		1,143		40,875
Bouygues SA		2,830		135,866

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Engineering & Construction – 2.3% (Continued)
Eiffage SA		1,019	$	106,460
Ferrovial SA		6,847		148,747
Fraport AG Frankfurt Airport Services Worldwide		516		48,963
HOCHTIEF AG		275		48,530	��
Vinci SA		6,601		646,275
				1,576,688
Entertainment – 0.0% (c)
OPAP SA		2,964		33,214

Food – 2.6%
Carrefour SA		7,788		156,762
Casino Guichard Perrachon SA		803		45,866
Colruyt SA		931		47,619
Danone SA – ADR		41,523		682,638
Distribuidora Internacional de Alimentacion SA		8,643		42,285
Glanbia PLC		2,797		54,052
Jeronimo Martins SGPS SA		3,456		62,801
Kerry Group PLC – Class A		2,051		206,538
Kesko OYJ – Class B		945		48,269
Koninklijke Ahold Delhaize NV – ADR		18,280		343,828
METRO AG (a)		2,313		44,173
Parmalat SpA		2,704		10,237
Suedzucker AG		1,093		21,644
				1,766,712
Food Service – 0.3%
Elior Group SA (b)		1,859		52,794
Sodexo SA		1,226		156,020
				208,814
Forest Products & Paper – 0.5%
Stora Enso OYJ – Class R		8,083		126,450
UPM-Kymmene OYJ		7,572		227,562
				354,012
Gas – 0.7%
Enagas SA		3,202		92,239
Gas Natural SDG SA		4,339		92,847

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Gas – 0.7% (Continued)
Italgas SpA		6,908	$	40,355
Rubis SCA		1,085		68,097
Snam SpA		33,605		171,689
				465,227
Healthcare-Products – 0.7%
Essilor International SA		2,880		364,663
QIAGEN NV		3,191		108,073
Sartorius Stedim Biotech		344		23,445
				496,181
Healthcare-Services – 1.4%
BioMerieux		564		44,241
Eurofins Scientific SE		134		83,820
Fresenius Medical Care AG & Co KGaA – ADR		6,043		292,360
Fresenius SE & Co KGaA		5,750		480,305
Orpea		586		70,206
				970,932
Holding Companies-Diversified – 0.3%
Ackermans & van Haaren NV		316		54,128
Bollore SA		13,931		67,344
Sofina SA		223		33,535
Wendel SA		414		69,830
				224,837
Home Furnishings – 0.1%
Rational AG		50		32,791
SEB SA		367		68,400
				101,191
Household Products/Wares – 0.4%
Henkel AG & Co. KGaA		1,661		209,347
Societe BIC SA		367		38,761
				248,108
Insurance – 6.4%
Aegon NV		25,642		151,376
Ageas		2,737		132,772

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Insurance – 6.4% (Continued)
Allianz SE – ADR		63,478	$	1,485,411
ASR Nederland NV		1,669		68,434
Assicurazioni Generali SpA		18,591		338,695
AXA SA		26,868		811,536
CNP Assurances		2,300		53,516
Euler Hermes Group		223		25,875
Grupo Catalana Occidente SA		628		26,430
Hannover Rueck SE		849		106,461
Mapfre SA		14,224		46,542
Muenchener Rueckversicherungs-
Gesellschaft AG – Class R		1,902		425,495
NN Group NV		4,835		202,528
Poste Italiane SpA (b)		6,452		47,160
Sampo OYJ – Class A		6,676		349,789
SCOR SE		2,210		91,762
Talanx AG		534		20,972
UnipolSai Assicurazioni SpA		14,324		32,636
Vienna Insurance Group AG
Wiener Versicherung Gruppe		538		15,771
				4,433,161
Internet – 0.3%
Iliad SA		344		85,892
United Internet AG		1,659		104,953
				190,845
Investment Companies – 0.3%
Corp. Financiera Alba SA		243		14,252
EXOR NV		1,519		97,406
Groupe Bruxelles Lambert SA		1,024		109,953
				221,611
Iron/Steel – 0.7%
Acerinox SA		1,972		28,335
ArcelorMittal (a)		8,540		244,865
ThyssenKrupp AG		6,003		160,165
Voestalpine AG		1,603		88,200
				521,565

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Lodging – 0.2%
Accor SA		2,459	$	122,695

Machinery-Diversified – 1.4%
Alstom SA		2,152		87,085
ANDRITZ AG		1,016		57,446
CNH Industrial NV		13,646		174,374
GEA Group AG		2,497		120,403
KION Group AG		998		79,877
Kone OYJ – Class B		5,386		291,547
MAN SE		494		54,597
Metso OYJ		1,487		54,060
Zardoya Otis SA		2,612		28,296
				947,685
Media – 1.6%
Altice NV – Class A (a)		9,012		170,009
Altice NV – Class B (a)		1,207		22,763
Axel Springer SE		631		42,558
Lagardere SCA		1,612		53,093
Mediaset Espana Comunicacion SA		2,552		27,741
Mediaset SpA (a)		4,986		18,318
ProSiebenSat.1 Media SE		3,246		113,225
RTL Group SA		540		40,062
Telenet Group Holding NV (a)		678		46,897
Vivendi SA		15,166		376,730
Wolters Kluwer NV		4,105		201,214
				1,112,610
Metal Fabricate/Hardware – 0.1%
Tenaris SA – ADR		3,436		93,631

Miscellaneous Manufacturing – 2.5%
Siemens AG – ADR		21,558		1,552,607
Wartsila OYJ Abp		2,189		141,007
				1,693,614
Oil & Gas – 4.4%
Eni SpA – ADR		17,793		580,942
Galp Energia SGPS SA		7,327		136,216

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Oil & Gas – 4.4% (Continued)
Hellenic Petroleum SA		946	$	8,353
Motor Oil Hellas Corinth Refineries SA		779		18,647
Neste OYJ		1,796		100,064
OMV AG		2,019		121,307
Repsol SA		16,340		306,156
TOTAL SA – ADR		31,693		1,765,951
				3,037,636
Oil & Gas Services – 0.3%
Saipem SpA (a)		8,103		34,055
TechnipFMC PLC (a)		6,520		177,263
				211,318
Packaging & Containers – 0.1%
Huhtamaki OYJ		1,469		62,594

Pharmaceuticals – 5.3%
Bayer AG – ADR		46,996		1,528,780
Grifols SA		4,669		146,165
Ipsen SA		490		59,246
Merck KGaA		1,839		196,843
Orion OYJ – Class B		1,431		58,675
Recordati SpA		1,425		66,247
Sanofi – ADR		31,121		1,471,401
UCB SA		1,695		123,381
				3,650,738
Pipelines – 0.1%
Koninklijke Vopak NV		938		40,619

Private Equity – 0.1%
Eurazeo SA		618		57,453

Real Estate – 0.9%
Deutsche Wohnen SE		4,989		212,495
LEG Immobilien AG		891		90,503
Vonovia SE		6,895		303,275
				606,273

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Retail – 2.1%
CECONOMY AG		2,313	$	30,176
FF Group (a)		487		10,200
Fielmann AG		356		31,205
GrandVision NV (b)		706		17,624
HUGO BOSS AG		899		80,467
Industria de Diseno Textil SA		14,926		558,021
JUMBO SA		1,379		22,167
Kering		1,049		480,828
Luxottica Group SpA		2,247		128,882
Salvatore Ferragamo SpA		617		16,200
Zalando SE (a) (b)		1,480		74,053
				1,449,823
Semiconductors – 2.1%
ASML Holding NV		4,463		804,762
Infineon Technologies AG		16,058		439,665
STMicroelectronics NV		8,894		209,275
				1,453,702
Software – 3.1%
Amadeus IT Holding SA		5,886		399,380
Dassault Systemes SE		1,838		195,194
SAP SE – ADR		12,953		1,479,233
Ubisoft Entertainment SA (a)		1,077		82,172
				2,155,979
Telecommunications – 4.5%
Cellnex Telecom SA (b)		2,170		53,878
Deutsche Telekom AG		45,877		835,799
Elisa OYJ		2,030		81,793
Eutelsat Communications SA		2,465		61,763
Hellenic Telecommunications Organization SA		3,428		40,730
Koninklijke KPN NV		43,678		150,803
Nokia OYJ – ADR		80,828		395,249
Orange SA – ADR		27,115		444,686
Proximus SADP		1,972		65,490
SES SA		5,017		81,583
Telecom Italia SpA (a)		159,994		138,845
Telecom Italia SpA – Savings Shares		84,912		60,384

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 97.0% (Continued)

Telecommunications – 4.5% (Continued)
Telefonica Deutschland Holding AG		9,585	$	48,713
Telefonica SA – ADR		62,977		655,591
Telekom Austria AG		1,975		18,524
				3,133,831
Transportation – 1.0%
bpost SA		1,416		39,941
Deutsche Post AG		13,552		620,707
				660,648
Water – 0.4%
Suez		5,162		90,796
Veolia Environnement SA		6,928		164,145
				254,941
TOTAL COMMON STOCKS
(Cost $59,698,781)				66,724,927

PREFERRED STOCKS – 1.8%

Auto Manufacturers – 1.0%
Bayerische Motoren Werke AG		763		66,588
Porsche Automobil Holding SE		2,149		155,978
Volkswagen AG		2,605		473,068
				695,634
Chemicals – 0.1%
FUCHS PETROLUB SE		982		55,129

Electric – 0.0% (c)
RWE AG		453		8,570

Electronics – 0.1%
Sartorius AG		490		45,668

Household Products/Wares – 0.5%
Henkel AG & Co. KGaA		2,480		348,104

Pharmaceuticals – 0.1%
Grifols SA – Class B		3,620		83,660
TOTAL PREFERRED STOCKS
(Cost $1,071,467)				1,236,765

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS – 1.1%
Fonciere Des Regions		561	$	57,134
Gecina SA		632		102,551
ICADE		494		43,158
Klepierre		2,894		115,105
Merlin Properties Socimi SA		4,644		61,290
Unibail-Rodamco SE		1,405		351,626
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $733,085)				730,864

SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.950% (d)		44,641		44,641
TOTAL SHORT-TERM INVESTMENTS
(Cost $44,641)				44,641

TOTAL INVESTMENTS
(Cost $61,547,974) – 100.0%				68,737,197
Other Assets in Excess of Liabilities – 0.0% (c)				22,991
TOTAL NET ASSETS – 100.0%			$	68,760,188

Percentages are stated as a percent of net assets.

ADR		American Depositary Receipt
(a)		Non-income producing security.
(b)		Security exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $903,675 or 0.01% of net assets.
(c)		Less than 0.05%.
(d)		Rate disclosed is the seven day yield as of October 31, 2017.

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS – 95.1%

Australia – 4.3%
Amcor Ltd.		36,747	$	445,490
BHP Billiton Ltd. – ADR		59,026		2,418,886
Caltex Australia Ltd.		7,261		190,390
Coca-Cola Amatil Ltd.		35,374		220,649
Fortescue Metals Group Ltd.		201,325		714,951
GPT Group		73,097		284,760
Mirvac Group		151,621		279,664
				4,554,790
Canada – 1.7%
BCE, Inc.		38,727		1,787,643

Finland – 1.3%
Kone OYJ – Class B		16,167		875,129
UPM-Kymmene OYJ		18,075		543,210
				1,418,339
France – 6.7%
Engie SA		137,737		2,328,026
Orange SA – ADR		92,698		1,520,247
Sanofi – ADR		41,818		1,977,155
Schneider Electric SE		14,754		1,296,698
				7,122,126
Germany – 2.7%
BASF SE		21,801		2,377,469
Evonik Industries AG		15,545		566,405
				2,943,874
Hong Kong – 4.9%
Chow Tai Fook Jewellery Group Ltd.		588,928		615,244
CK Infrastructure Holdings Ltd.		77,329		673,038
CLP Holdings Ltd.		77,568		788,964
Li & Fung Ltd.		556,226		280,202
NWS Holdings Ltd.		161,223		326,108
Power Assets Holdings Ltd.		214,498		1,858,649
Sun Art Retail Group Ltd.		273,739		276,497
WH Group Ltd. (b)		478,464		484,511
				5,303,213

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 95.1% (Continued)

Israel – 1.0%
Bezeq The Israeli Telecommunication Corp. Ltd.		173,951	$	259,747
Israel Chemicals Ltd.		45,569		189,976
Teva Pharmaceutical Industries Ltd. – ADR		48,988		676,035
				1,125,758
Italy – 0.2%
PRADA SpA		77,878		269,529

Japan – 10.6%
Bridgestone Corp.		20,962		993,669
Canon, Inc. – ADR		38,895		1,468,286
Daiichi Sankyo Co. Ltd.		18,982		434,046
Fuji Heavy Industries Ltd.		26,487		905,690
ITOCHU Corp.		48,003		835,055
Japan Airlines Co. Ltd.		12,237		416,492
Japan Tobacco, Inc.		52,380		1,726,115
JXTG Holdings, Inc.		75,125		385,321
Lawson, Inc.		3,120		203,052
Marubeni Corp.		46,550		309,787
NSK Ltd.		14,092		200,155
NTT DOCOMO, Inc. – ADR (a)		85,134		2,069,608
Oracle Corp. Japan		9,551		802,181
Sumitomo Corp.		40,096		576,024
				11,325,481
Jersey – 0.6%
WPP PLC – ADR		7,816		690,075

Netherlands – 0.6%
Koninklijke Ahold Delhaize NV – ADR		32,963		620,001

New Zealand – 0.2%
Meridian Energy Ltd.		126,779		247,251

Norway – 1.6%
Telenor ASA		78,895		1,675,843

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 95.1% (Continued)

Republic of Korea – 1.2%
POSCO – ADR		10,168	$	742,061
SK Telecom Co. Ltd. – ADR		22,787		595,652
				1,337,713
Singapore – 1.2%
Hutchison Port Holdings Trust – Class U		774,896		333,205
Keppel Corp. Ltd.		51,752		284,748
Singapore Press Holdings Ltd.		78,423		155,339
Singapore Technologies Engineering Ltd.		116,910		298,472
StarHub Ltd.		111,069		214,299
				1,286,063
South Korea – 0.9%
KT&G Corp.		3,562		337,012
SK Innovation Co. Ltd.		3,220		589,191
				926,203
Spain – 2.6%
Endesa SA		58,100		1,329,868
Repsol SA		75,007		1,405,376
				2,735,244
Sweden – 1.1%
Telia Co. AB		250,241		1,158,295

Switzerland – 6.6%
ABB Ltd. – ADR		58,867		1,538,195
Novartis AG – ADR		25,312		2,090,265
Roche Holding AG – ADR		61,019		1,764,364
SGS SA		207		511,249
Swisscom AG		2,222		1,122,526
				7,026,599
United Kingdom – 7.7%
BT Group PLC – ADR		92,582		1,621,111
Centrica PLC		330,399		745,112
GlaxoSmithKline PLC – ADR		46,777		1,704,086
Imperial Brands PLC		42,989		1,753,121
Rio Tinto PLC – ADR		50,616		2,426,025
				8,249,455

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 95.1% (Continued)

United States – 37.4%
AbbVie, Inc.		30,930	$	2,791,432
AT&T, Inc.		53,476		1,799,467
Caterpillar, Inc.		15,687		2,130,295
Cisco Systems, Inc.		65,003		2,219,852
Eaton Corp. PLC		12,110		969,042
Emerson Electric Co.		18,962		1,222,291
Ford Motor Co.		183,162		2,247,398
General Mills, Inc.		17,359		901,279
Gilead Sciences, Inc.		31,802		2,383,878
Intel Corp.		57,232		2,603,484
International Business Machines Corp.		13,670		2,106,000
Kellogg Co.		8,980		561,519
Kimberly-Clark Corp.		9,269		1,042,855
L Brands, Inc.		11,869		510,842
Las Vegas Sands Corp.		33,231		2,106,181
LyondellBasell Industries NV – Class A		15,660		1,621,280
Merck & Co., Inc.		31,748		1,748,997
Paychex, Inc.		9,921		632,861
Pfizer, Inc.		63,893		2,240,089
Procter & Gamble Co.		23,468		2,026,227
QUALCOMM, Inc.		35,468		1,809,223
Target Corp.		21,811		1,287,721
Valero Energy Corp.		16,462		1,298,687
VF Corp.		10,774		750,409
Williams Cos., Inc.		35,020		998,070
				40,009,379
TOTAL COMMON STOCKS
(Cost $97,500,638)				101,812,874

REAL ESTATE INVESTMENT TRUSTS – 4.6%

Australia – 1.0%
Dexus		35,965		268,928
Goodman Group		47,573		304,388
Vicinity Centres		228,364		463,163
				1,036,479

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
REAL ESTATE INVESTMENT
TRUSTS – 4.6% (Continued)

Singapore – 0.3%
CapitaLand Mall Trust		186,346	$	276,149

United States – 3.3%
JBG SMITH Properties (a)		2,240		69,910
Public Storage		5,637		1,168,268
Simon Property Group, Inc.		12,464		1,936,033
Vornado Realty Trust		4,789		358,505
				3,532,716
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $4,944,342)				4,845,344

SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.950% (c)		123,862		123,862
TOTAL SHORT-TERM INVESTMENTS
(Cost $123,862)				123,862

TOTAL INVESTMENTS
(Cost $102,568,842) – 99.8%				106,782,080
Other Assets in Excess of Liabilities – 0.2%				248,556
TOTAL NET ASSETS – 100.0%			$	107,030,636

Percentages are stated as a percent of net assets.

ADR		American Depositary Receipt
(a)		Non-income producing security.
(b)		Security exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $484,511 or 0.45% of net assets.
(c)		Rate disclosed is the seven day yield as of October 31, 2017.

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS – 99.5%

Advertising – 2.1%
Interpublic Group of Cos., Inc.		4,221	$	81,254
Omnicom Group, Inc.		3,070		206,274
				287,528
Aerospace/Defense – 2.1%
Boeing Co.		1,103		284,552

Agriculture – 2.8%
Archer-Daniels-Midland Co.		6,283		256,786
Bunge Ltd.		1,805		124,148
				380,934
Airlines – 0.9%
Alaska Air Group, Inc.		1,155		76,265
Copa Holdings SA		376		46,319
				122,584
Apparel – 1.8%
Carter’s, Inc.		430		41,594
Michael Kors Holdings Ltd. (a)		2,141		104,502
Ralph Lauren Corp.		1,071		95,780
				241,876
Auto Manufacturers – 2.1%
Ford Motor Co.		23,364		286,676

Auto Parts & Equipment – 1.6%
Allison Transmission Holdings, Inc.		1,744		74,102
Lear Corp.		815		143,106
				217,208
Biotechnology – 4.2%
Amgen, Inc.		1,499		262,655
Gilead Sciences, Inc.		3,166		237,323
United Therapeutics Corp. (a)		571		67,715
				567,693
Building Materials – 0.6%
Owens Corning		1,061		87,734

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.5% (Continued)

Chemicals – 3.0%
Huntsman Corp.		2,953	$	94,555
LyondellBasell Industries NV – Class A		2,938		304,171
				398,726
Commercial Services – 1.7%
Graham Holdings Co. – Class B		35		19,476
H&R Block, Inc.		2,349		58,114
Live Nation Entertainment, Inc. (a)		1,981		86,728
Robert Half International, Inc.		1,149		59,484
				223,802
Computers – 7.9%
HP, Inc.		13,697		295,170
International Business Machines Corp.		1,840		283,471
NCR Corp. (a)		2,096		67,261
NetApp, Inc.		2,593		115,181
Teradata Corp. (a)		1,143		38,233
Western Digital Corp.		2,933		261,829
				1,061,145
Distribution/Wholesale – 0.8%
WW Grainger, Inc.		543		107,351

Diversified Financial Services – 1.9%
Alliance Data Systems Corp.		1,162		259,974

Electronics – 0.9%
Garmin Ltd.		1,344		76,084
Gentex Corp.		2,340		45,419
				121,503
Energy-Alternate Sources – 0.2%
First Solar, Inc. (a)		603		33,056

Engineering & Construction – 1.9%
AECOM (a)		2,492		87,369
Fluor Corp.		2,409		103,804
Jacobs Engineering Group, Inc.		1,113		64,788
				255,961

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.5% (Continued)

Food – 0.3%
TreeHouse Foods, Inc. (a)		683	$	45,338

Forest Products & Paper – 0.3%
Domtar Corp.		783		37,052

Hand/Machine Tools – 0.3%
Regal Beloit Corp.		553		44,876

Healthcare-Services – 0.4%
MEDNAX, Inc. (a)		1,093		47,862

Internet – 1.7%
Expedia, Inc.		1,199		149,467
F5 Networks, Inc. (a)		687		83,313
				232,780
Iron/Steel – 0.4%
United States Steel Corp.		1,993		50,463

Leisure Time – 2.9%
Harley-Davidson, Inc.		2,862		135,487
Royal Caribbean Cruises Ltd.		2,117		262,021
				397,508
Machinery-Construction & Mining – 0.5%
Oshkosh Corp.		697		63,817

Media – 3.4%
Discovery Communications, Inc. – Class A (a)		7,422		140,128
Scripps Networks Interactive, Inc. – Class A		1,274		106,099
TEGNA, Inc.		5,532		67,656
Viacom, Inc. – Class B		5,877		141,224
				455,107
Mining – 3.1%
Freeport-McMoRan, Inc. (a)		17,597		246,006
Newmont Mining Corp.		4,609		166,661
				412,667
Miscellaneous Manufacturing – 0.3%
Crane Co.		471		39,150

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.5% (Continued)

Office/Business Equipment – 1.4%
Pitney Bowes, Inc.		3,317	$	45,576
Xerox Corp.		4,955		150,186
				195,762
Oil & Gas – 2.3%
Valero Energy Corp.		3,857		304,279

Oil & Gas Services – 0.2%
Oceaneering International, Inc.		1,050		21,231

Pharmaceuticals – 4.2%
Express Scripts Holding Co. (a)		4,266		261,463
Mallinckrodt PLC (a)		1,969		62,358
McKesson Corp.		1,775		244,737
				568,558
Retail – 17.3%
Bed Bath & Beyond, Inc.		2,960		58,904
Best Buy Co., Inc.		3,767		210,877
CVS Health Corp.		3,428		234,921
Dick’s Sporting Goods, Inc.		1,544		37,782
Foot Locker, Inc.		1,612		48,489
GameStop Corp. – Class A		3,371		63,004
Gap, Inc.		4,674		121,477
Kohl’s Corp.		2,554		106,655
L Brands, Inc.		3,382		145,561
Liberty Interactive Corp. QVC Group – Class A (a)		7,266		165,083
Macy’s, Inc.		5,265		98,771
Michaels Cos., Inc. (a)		2,471		47,987
Nordstrom, Inc.		1,531		60,704
Signet Jewelers Ltd.		928		60,849
Target Corp.		4,716		278,433
Urban Outfitters, Inc. (a)		1,265		31,018
Walgreens Boots Alliance, Inc.		3,265		216,372
Wal-Mart Stores, Inc.		3,384		295,457
Williams-Sonoma, Inc.		905		46,698
				2,329,042

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.5% (Continued)

Semiconductors – 11.7%
Applied Materials, Inc.		5,920	$	334,066
Intel Corp.		7,592		345,360
KLA-Tencor Corp.		1,331		144,933
Lam Research Corp.		1,350		281,569
Marvell Technology Group Ltd.		2,956		54,597
Maxim Integrated Products, Inc.		1,849		97,146
Microsemi Corp. (a)		1,113		59,401
ON Semiconductor Corp. (a)		4,841		103,210
Skyworks Solutions, Inc.		1,438		163,731
				1,584,013
Software – 8.5%
CA, Inc.		4,070		131,787
Citrix Systems, Inc. (a)		1,294		106,897
Microsoft Corp.		3,586		298,284
Nuance Communications, Inc. (a)		3,587		52,872
Oracle Corp.		5,239		266,665
VMware, Inc. – Class A (a)		2,467		295,275
				1,151,780
Telecommunications – 3.8%
ARRIS International PLC (a)		3,146		89,661
Cisco Systems, Inc.		8,210		280,372
Juniper Networks, Inc.		5,482		136,118
				506,151
TOTAL COMMON STOCKS
(Cost $12,955,250)				13,425,739

REAL ESTATE INVESTMENT TRUSTS – 0.4%
Taubman Centers, Inc.		1,003		47,362
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $58,593)				47,362

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.950% (b)		19,749	$	19,749
TOTAL SHORT-TERM INVESTMENTS
(Cost $19,749)				19,749

TOTAL INVESTMENTS
(Cost $13,033,592) – 100.0%				13,492,850
Other Assets in Excess of Liabilities – 0.0% (c)				558
TOTAL NET ASSETS – 100.0%			$	13,493,408

Percentages are stated as a percent of net assets.

(a)		Non-income producing security.
(b)		Rate disclosed is the seven day yield as of October 31, 2017.
(c)		Less than 0.05%.

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS – 96.2%

Aerospace/Defense – 2.3%
Aerojet Rocketdyne Holdings, Inc. (a)		2,138	$	67,518
National Presto Industries, Inc.		146		17,068
				84,586
Apparel – 3.6%
Iconix Brand Group, Inc. (a)		5,167		8,474
Oxford Industries, Inc.		555		35,853
Perry Ellis International, Inc. (a)		676		15,744
Wolverine World Wide, Inc.		2,625		71,662
				131,733
Auto Manufacturers – 1.8%
Wabash National Corp.		2,911		65,498

Auto Parts & Equipment – 1.5%
Cooper-Standard Holdings, Inc. (a)		511		56,966

Biotechnology – 1.2%
AMAG Pharmaceuticals, Inc. (a)		2,817		44,227

Building Materials – 1.0%
Gibraltar Industries, Inc. (a)		1,149		38,204

Chemicals – 2.7%
Aceto Corp.		1,476		14,863
American Vanguard Corp.		806		18,135
Innophos Holdings, Inc.		707		34,594
Rayonier Advanced Materials, Inc.		2,359		33,899
				101,491
Commercial Services – 5.9%
American Public Education, Inc. (a)		661		13,220
Capella Education Co.		314		25,575
Cross Country Healthcare, Inc. (a)		1,097		14,974
LSC Communications, Inc.		4,306		69,671
Navigant Consulting, Inc. (a)		1,516		26,242
Resources Connection, Inc.		737		11,608
TrueBlue, Inc. (a)		2,118		57,398
				218,688

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.2% (Continued)

Computers – 2.3%
Electronics For Imaging, Inc. (a)		1,072	$	33,082
TeleTech Holdings, Inc.		1,276		53,145
				86,227
Distribution/Wholesale – 4.4%
Anixter International, Inc. (a)		1,000		68,700
Essendant, Inc.		6,025		58,322
ScanSource, Inc. (a)		870		37,367
				164,389
Diversified Financial Services – 1.4%
WageWorks, Inc. (a)		792		50,490

Electrical Components & Equipment – 2.1%
Advanced Energy Industries, Inc. (a)		924		78,281

Electronics – 7.9%
Benchmark Electronics, Inc. (a)		1,992		61,652
Methode Electronics, Inc.		1,113		52,200
Plexus Corp. (a)		714		43,861
Sanmina Corp. (a)		1,951		63,847
TTM Technologies, Inc. (a)		4,576		72,209
				293,769
Energy-Alternate Sources – 1.3%
FutureFuel Corp.		1,872		28,417
REX American Resources Corp. (a)		235		20,722
				49,139
Engineering & Construction – 0.3%
Orion Group Holdings, Inc. (a)		1,557		11,210

Food – 1.9%
Sanderson Farms, Inc.		474		70,896

Healthcare-Products – 1.0%
AngioDynamics, Inc. (a)		1,165		19,770
Meridian Bioscience, Inc.		1,082		16,176
				35,946

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.2% (Continued)

Healthcare-Services – 1.5%
Magellan Health, Inc. (a)		637	$	54,336

Home Builders – 2.3%
MDC Holdings, Inc.		2,316		85,785

Home Furnishings – 2.2%
Ethan Allen Interiors, Inc.		786		23,384
Select Comfort Corp. (a)		1,738		56,485
				79,869
Internet – 5.8%
Blucora, Inc. (a)		1,381		29,968
DHI Group, Inc. (a)		5,607		12,335
FTD Cos, Inc. (a)		1,625		17,550
New Media Investment Group, Inc.		3,074		49,092
NIC, Inc.		1,450		24,650
Perficient, Inc. (a)		1,140		22,173
QuinStreet, Inc. (a)		1,127		10,030
Shutterfly, Inc. (a)		1,130		48,251
				214,049
Leisure Time – 0.3%
Nautilus, Inc. (a)		858		11,154

Machinery-Diversified – 0.9%
Alamo Group, Inc.		324		34,182

Media – 4.1%
Gannett Co., Inc.		6,925		60,247
The EW Scripps Co. (a)		2,577		44,685
Time, Inc.		4,081		47,340
				152,272
Miscellaneous Manufacturing – 0.7%
Myers Industries, Inc.		1,167		25,207

Oil & Gas Services – 0.1%
Geospace Technologies Corp. (a)		255		3,830

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.2% (Continued)

Pharmaceuticals – 2.9%
Depomed, Inc. (a)		5,753	$	27,844
Eagle Pharmaceuticals Inc/DE (a)		497		26,714
Lannett Co, Inc. (a)		2,580		51,342
				105,900
Retail – 20.8%
Ascena Retail Group, Inc. (a)		35,601		69,066
Barnes & Noble, Inc.		2,014		14,098
Big 5 Sporting Goods Corp.		1,182		7,506
Caleres, Inc.		1,875		51,244
Chico’s FAS, Inc.		6,385		51,016
DSW, Inc.		2,696		51,628
Express, Inc. (a)		4,555		30,837
Francesca’s Holdings Corp. (a)		1,773		11,471
Haverty Furniture Cos., Inc.		749		17,864
Hibbett Sports, Inc. (a)		1,523		19,494
Kirkland’s, Inc. (a)		688		8,050
La-Z-Boy, Inc.		1,688		45,492
Movado Group, Inc.		796		22,049
RH (a)		998		89,740
Ruth’s Hospitality Group, Inc.		917		19,349
Tailored Brands, Inc.		5,813		89,811
The Buckle, Inc.		3,003		49,399
The Cato Corp.		1,052		13,529
The Children’s Place, Inc.		542		58,970
The Finish Line, Inc.		2,222		20,598
Vera Bradley, Inc. (a)		1,373		9,886
Vitamin Shoppe, Inc. (a)		2,057		9,462
Zumiez, Inc. (a)		587		10,360
				770,919
Semiconductors – 6.4%
Cabot Microelectronics Corp.		588		56,842
DSP Group, Inc. (a)		427		5,722
Kulicke & Soffa Industries, Inc. (a)		1,640		37,146
MKS Instruments, Inc.		869		94,417

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 96.2% (Continued)

Semiconductors – 6.4% (Continued)
Nanometrics, Inc. (a)		572	$	16,170
Rudolph Technologies, Inc. (a)		981		27,223
				237,520
Software – 4.9%
ManTech International Corp. VA		915		42,465
MicroStrategy, Inc. (a)		239		31,610
Progress Software Corp.		1,255		53,124
Quality Systems, Inc. (a)		2,178		30,645
Synchronoss Technologies, Inc. (a)		1,958		22,184
				180,028
Telecommunications – 0.2%
Spok Holdings, Inc.		410		6,950

Transportation – 0.5%
Roadrunner Transportation Systems, Inc. (a)		2,315		20,372
TOTAL COMMON STOCKS
(Cost $3,527,389)				3,564,113

REAL ESTATE INVESTMENT TRUSTS – 3.7%
CBL & Associates Properties, Inc.		8,596		67,392
Government Properties Income Trust		3,834		69,664
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $144,268)				137,056

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.950% (b)		1,880	$	1,880
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,880)				1,880

TOTAL INVESTMENTS
(Cost $3,673,537) – 100.0%				3,703,049
Liabilities in Excess of Other Assets – 0.0% (c)				(104	)
TOTAL NET ASSETS – 100.0%			$	3,702,945

Percentages are stated as a percent of net assets.

(a)		Non-income producing security.
(b)		Rate disclosed is the seven day yield as of October 31, 2017.
(c)		Less than 0.05%.

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited)

	Shares		Value
COMMON STOCKS – 99.4%

Australia – 6.7%
BHP Billiton Ltd. – ADR		1,430	$	58,602
BlueScope Steel Ltd.		1,370		13,463
Caltex Australia Ltd.		320		8,391
Fortescue Metals Group Ltd.		13,744		48,808
Newcrest Mining Ltd.		984		16,877
Qantas Airways Ltd		3,834		18,046
South32 Ltd		8,580		22,130
				186,317
Austria – 1.2%
OMV AG		560		33,646

Canada – 3.1%
Barrick Gold Corp.		1,662		24,016
Magna International, Inc.		688		37,530
Teck Resources Ltd.		1,166		23,833
				85,379
Denmark – 3.8%
Novo Nordisk A/S – ADR		1,162		57,856
Pandora A/S		144		13,592
Vestas Wind Systems A/S		410		36,166
				107,614
Finland – 1.0%
UPM-Kymmene OYJ		962		28,911

France – 4.6%
Capgemini SE		196		23,824
Peugeot SA		2,532		60,064
Veolia Environnement SA		1,930		45,728
				129,616
Germany – 4.5%
Covestro AG (b)		374		35,880
Deutsche Lufthansa AG		1,264		40,343
ProSiebenSat.1 Media SE		595		20,755
RWE AG (a)		1,104		27,597
				124,575

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.4% (Continued)

Hong Kong – 1.9%
Galaxy Entertainment Group Ltd.		4,276	$	29,105
WH Group Ltd. (b)		25,530		25,853
				54,958
Italy – 0.5%
GEDI Gruppo Editoriale SpA (a)		224		199
Saipem SpA (a)		3,352		14,088
				14,287
Japan – 43.2%
Asahi Glass Co. Ltd.		358		13,948
Asahi Kasei Corp.		2,038		24,537
Astellas Pharma, Inc. – ADR (a)		3,336		44,335
Bridgestone Corp.		936		44,370
Canon, Inc. – ADR		1,406		53,077
Central Japan Railway Co.		304		54,996
Daiichi Sankyo Co. Ltd.		788		18,019
Fuji Heavy Industries Ltd.		1,084		37,066
FUJIFILM Holdings Corp.		772		31,408
Haseko Corp.		804		11,596
Hitachi Construction Machinery Co. Ltd.		448		15,228
ITOCHU Corp.		3,488		60,677
Japan Airlines Co. Ltd.		514		17,494
KDDI Corp.		1,826		48,563
Koito Manufacturing Co. Ltd.		178		11,804
Kuraray Co. Ltd.		388		7,586
LIXIL Group Corp.		678		18,544
Mazda Motor Corp.		1,020		14,550
MINEBEA MITSUMI, Inc.		484		8,777
Mitsubishi Corp.		2,446		56,974
Mitsubishi Electric Corp.		2,244		38,119
Mitsubishi Motors Corp.		2,804		22,219
Mitsui Chemicals, Inc.		593		18,149
NEC Corp.		503		13,714
Nexon Co. Ltd.		480		12,833
NH Foods Ltd.		242		6,938
Nikon Corp.		896		16,887

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.4% (Continued)

Japan – 43.2% (Continued)
Nippon Steel & Sumitomo Metal Corp.		1,738	$	41,285
Nippon Telegraph & Telephone Corp. – ADR		1,055		50,988
NTT DOCOMO, Inc. – ADR (a)		2,057		50,006
Omron Corp.		210		11,672
Osaka Gas Co. Ltd.		1,169		22,500
SCREEN Holdings Co. Ltd.		90		6,973
Sony Corp. – ADR		1,354		58,777
Sumitomo Chemical Co. Ltd.		4,666		32,583
Sumitomo Corp.		3,858		55,425
Sumitomo Metal Mining Co. Ltd.		461		18,066
Suzuki Motor Corp.		644		34,974
Taisei Corp.		290		15,991
Teijin Ltd.		358		7,534
Tokyo Electric Power Co Holdings, Inc.		12,114		49,434
Tosoh Corp.		598		12,822
Yamaha Motor Co. Ltd.		564		16,716
				1,208,154
Jersey – 1.0%
WPP PLC – ADR		313		27,635

Netherlands – 0.1%
Gemalto NV		90		3,562

Norway – 1.9%
Marine Harvest ASA		600		11,717
Telenor ASA		1,948		41,378
				53,095
Republic of Korea – 5.2%
Hanwha Chemical Corp.		386		10,491
Hyundai Mobis Co. Ltd.		110		26,166
Kia Motors Corp.		695		21,960
LG Uplus Corp.		698		8,006
Lotte Chemical Corp.		62		20,448
Samsung Electronics Co. Ltd.		24		58,996
				146,067

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS – 99.4% (Continued)

South Korea – 1.6%
KT&G Corp.		131	$	12,395
SK Innovation Co. Ltd.		172		31,472
				43,867
Spain – 0.8%
ACS Actividades de Construccion y Servicios SA		410		16,169
Distribuidora Internacional de Alimentacion SA		1,332		6,516
				22,685
Sweden – 0.5%
Electrolux AB		404		14,284

Switzerland – 1.8%
ABB Ltd. – ADR		1,980		51,737

United Kingdom – 16.0%
Anglo American PLC		3,268		61,633
Barratt Developments PLC		1,228		10,675
Berkeley Group Holdings PLC		152		7,552
BT Group PLC – ADR		2,574		45,071
Capita PLC		1,298		9,034
Centrica PLC		14,852		33,494
Fiat Chrysler Automobiles NV (a)		4,636		80,140
Imperial Brands PLC		1,096		44,696
ITV PLC		5,910		12,912
Kingfisher PLC		2,070		8,594
Marks & Spencer Group PLC		2,484		11,352
Next PLC		216		14,117
Persimmon PLC		534		19,873
Rio Tinto PLC – ADR		1,240		59,433
Taylor Wimpey PLC		5,414		14,345
Wm Morrison Supermarkets PLC		4,296		12,792
				445,713
TOTAL COMMON STOCKS
(Cost $2,504,110)				2,782,102

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

October 31, 2017 (Unaudited) (Continued)

	Shares		Value
EXCHANGE TRADED FUNDS – 0.1%
iShares MSCI EAFE ETF		50	$	3,482
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,474)				3,482

SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
Short-Term Investments Trust Government &
Agency Portfolio, Institutional Class, 0.950% (c)		1,776		1,776
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,776)				1,776

TOTAL INVESTMENTS
(Cost $2,509,360) – 99.6%				2,787,360
Other Assets in Excess of Liabilities – 0.4%				10,254
TOTAL NET ASSETS – 100.0%			$	2,797,614

Percentages are stated as a percent of net assets.

ADR		American Depositary Receipt
(a)		Non-income producing security.
(b)		Security exempt from registration under Rule 144A or Section 4(a)(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $61,733 or 2.21% of net assets.
(c)		Rate disclosed is the seven day yield as of October 31, 2017.

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

100

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES

October 31, 2017 (Unaudited)

	Pacer			Pacer		Pacer
	Trendpilot^®			Trendpilot^®		Trendpilot^®
	750 ETF			450 ETF		100 ETF
ASSETS
Investments in Securities, at Value*	$	619,851,562		$	377,404,801	$	121,024,306
Cash		2,793			176		—
Interest and Dividends Receivable		482,479			178,921		16,162
Receivable for Investment
Securities Sold		77,151,347			238,502,581		—
Receivable for Fund Shares Sold		27,680,220			60,035,400		—
Total Assets		725,168,401			676,121,879		121,040,468
LIABILITIES
Management Fees Payable		303,487			188,179		61,220
Payable for Fund Shares Redeemed		20,785,200			60,291,000		—
Payable for Investment
Securities Purchased		81,934,639			237,489,991		—
Total Liabilities		103,023,326			297,969,170		61,220
NET ASSETS	$	622,145,075		$	378,152,709	$	120,979,248
NET ASSETS CONSIST OF:
Paid-in Capital	$	559,704,820		$	331,586,295	$	109,285,319
Undistributed Accumulated
Net Investment Income		5,265,262			2,160,772		299,517
Accumulated Net
Realized Gain (Loss)		(31,322,487	)		19,171,635		(11,686,257	)
Net Unrealized Appreciation on:
Investments in Securities		88,497,480			25,234,007		23,080,669
Net Assets	$	622,145,075		$	378,152,709	$	120,979,248
* Identified Cost:
Investments in Securities	$	531,354,082		$	352,170,794	$	97,943,636
Net Asset Value (unlimited
shares authorized):
Net Assets	$	622,145,075		$	378,152,709	$	120,979,248
Shares Outstanding (No Par Value)		22,450,000			12,550,000		4,100,000
Net Asset Value, Offering and
Redemption Price per Share	$	27.71		$	30.13	$	29.51

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

101

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES

October 31, 2017 (Unaudited)

	Pacer			Pacer		Pacer
	Trendpilot^®			Global		US
	European			Cash Cows		Cash Cows
	Index ETF			Dividend ETF		100 ETF
ASSETS
Investments in Securities, at Value*	$	68,737,197		$	106,782,080	$	13,492,850
Cash		—			40		—
Interest and Dividends Receivable		54,860			300,836		5,730
Receivable for Fund Shares Sold		1,528,005			—		—
Total Assets		70,320,062			107,082,968		13,498,580
LIABILITIES
Management Fees Payable		33,724			52,320		5,172
Payable for Investment
Securities Purchased		1,526,150			—		—
Total Liabilities		1,559,874			52,320		5,172
NET ASSETS	$	68,760,188		$	107,030,636	$	13,493,408
NET ASSETS CONSIST OF:
Paid-in Capital	$	61,186,227		$	100,386,697	$	13,048,974
Undistributed Accumulated
Net Investment Income		452,623			199,289		8,313
Accumulated Net
Realized Gain (Loss)		(69,908	)		2,230,100		(23,137	)
Net Unrealized Appreciation on:
Investments in Securities		7,191,246			4,214,550		459,258
Net Assets	$	68,760,188		$	107,030,636	$	13,493,408
* Identified Cost:
Investments in Securities	$	61,547,974		$	102,568,842	$	13,033,592
Net Asset Value (unlimited
shares authorized):
Net Assets	$	68,760,188		$	107,030,636	$	13,493,408
Shares Outstanding (No Par Value)		2,250,000			3,550,000		500,000
Net Asset Value, Offering and
Redemption Price per Share	$	30.56		$	30.15	$	26.99

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

102

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES

October 31, 2017 (Unaudited)

					Pacer
		Pacer			Developed
		US Small			Markets
		Cap Cash			International
		Cows			Cash Cows
		100 ETF			100 ETF
ASSETS	��
Investments in Securities, at Value*		$	3,703,049		$	2,787,360
Foreign Currency, at Value*			—			844
Interest and Dividends Receivable			1,809			10,935
Total Assets			3,704,858			2,799,139
LIABILITIES
Management Fees Payable			1,913			1,525
Total Liabilities			1,913			1,525
NET ASSETS		$	3,702,945		$	2,797,614
NET ASSETS CONSIST OF:
Paid-in Capital		$	3,686,735		$	2,511,613
Undistributed Accumulated Net Investment Income			4,398			9,480
Accumulated Net Realized Loss			(17,700	)		(1,380	)
Net Unrealized Appreciation (Depreciation) on:
Investments in Securities			29,512			278,000
Foreign Currencies			—			(99	)
Net Assets		$	3,702,945		$	2,797,614
* Identified Cost:
Investments in Securities		$	3,673,537		$	2,509,360
Foreign Currencies			—			855
Net Asset Value (unlimited shares authorized):
Net Assets		$	3,702,945		$	2,797,614
Shares Outstanding (No Par Value)			150,000			100,000
Net Asset Value, Offering and
Redemption Price per Share		$	24.69		$	27.98

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

103

Pacer Funds

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2017 (Unaudited)

	Pacer		Pacer			Pacer
	Trendpilot^®		Trendpilot^®			Trendpilot^®
	750 ETF		450 ETF			100 ETF
INVESTMENT INCOME
Income:
Dividends (net of foreign withholding
tax of $765, $1,344, and
$0, respectively)	$	5,234,628	$	2,563,561		$	532,417
Interest		2,580		1,977			329
Total Investment Income		5,237,208		2,565,538			532,746
Expenses:
Management Fees		1,570,545		974,985			305,281
Total Expenses		1,570,545		974,985			305,281
Net Investment Income		3,666,663		1,590,553			227,465
REALIZED & UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		1,456,600		(161,767	)		132,189
In-Kind Redemptions		7,083,645		26,910,018			5,113
Total		8,540,245		26,748,251			137,302
Net Change in Unrealized
Appreciation (Depreciation) of:
Investments Securities		32,414,412		(2,846,569	)		10,742,995
Total		32,414,412		(2,846,569	)		10,742,995
Net Realized and Unrealized
Gain on Investments		40,954,657		23,901,682			10,880,297
NET INCREASE IN
NET ASSETS RESULTING
FROM OPERATIONS	$	44,621,320	$	25,492,235		$	11,107,762

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

104

Pacer Funds

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2017 (Unaudited)

	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 $94,832, $89,915 and
$0, respectively)	$	609,772		$	1,836,292		$	201,349
Interest		—			—			75
Total Investment Income		609,772			1,836,292			201,424
Expenses:
Management Fees		148,145			276,292			28,657
Total Expenses		148,145			276,292			28,657
Net Investment Income		461,627			1,560,000			172,767
REALIZED & UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(244,650	)		(1,435,595	)		(375,126	)
In-Kind Redemptions		1,595,958			4,338,366			440,129
Foreign Currencies		1,289			57,361			—
Total		1,352,597			2,960,132			65,003
Net Change in Unrealized
Appreciation (Depreciation) of:
Investments Securities		3,399,237			1,531,759			314,001
Foreign Currencies		(62	)		(207	)		—
Total		3,399,175			1,531,552			314,001
Net Realized and Unrealized
Gain on Investments		4,751,772			4,491,684			379,004
NET INCREASE IN
NET ASSETS RESULTING
FROM OPERATIONS	$	5,213,399		$	6,051,684		$	551,771

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

105

Pacer Funds

STATEMENTS OF OPERATIONS

For the Period Ended October 31, 2017 (Unaudited)

				Pacer
	Pacer			Developed
	US Small			Markets
	Cap Cash			International
	Cows			Cash Cows
	100 ETF^(a)			100 ETF^(a)
INVESTMENT INCOME
Income:
Dividends (net of foreign withholding
tax of $0 and $1,713, respectively)	$	20,990		$	25,471
Interest		9			—
Total Investment Income		20,999			25,471
Expenses:
Management Fees		7,033			6,378
Total Expenses		7,033			6,378
Net Investment Income		13,966			19,093
REALIZED & UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(17,700	)		6,228
Foreign Currencies		—			(7,608	)
Total		(17,700	)		(1,380	)
Net Change in Unrealized
Appreciation (Depreciation) of:
Investments Securities		29,512			278,000
Foreign Currencies		—			(99	)
Total		29,512			277,901
Net Realized and Unrealized Gain on Investments		11,812			276,521
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS	$	25,778		$	295,614

^(a)	Fund commenced operations on June 16, 2017. The information presented is from June 16, 2017 to October 31, 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
		Period Ended			For the
	October 31, 2017				Year Ended
		(Unaudited)			April 30, 2017
OPERATIONS
Net Investment Income		$	3,666,663		$	5,745,979
Net Realized Gain on Investments			8,540,245			6,673,431
Change in Unrealized
Appreciation of Investments			32,414,412			53,023,376
Net Increase in Net Assets
Resulting from Operations			44,621,320			65,442,786

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income			—			(4,351,256	)
Total Distributions to Shareholders			—			(4,351,256	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold			142,128,955			78,013,750
Payments for Shares Redeemed			(20,785,200	)		(48,373,550	)
Transaction Fees (Note 1)			—			13
Net Increase in Net Assets Derived
from Capital Share Transactions (a)			121,343,755			29,640,213
Net Increase in Net Assets		$	165,965,075		$	90,731,743

NET ASSETS
Beginning of Period		$	456,180,000		$	365,448,257
End of Period		$	622,145,075		$	456,180,000
Undistributed Accumulated
Net Investment Income		$	5,265,262		$	1,598,599

(a)	Summary of capital share transactions is as follows:

		Shares			Shares
	Subscriptions		5,300,000			3,250,000
	Redemptions		(750,000	)		(2,050,000	)
	Net Increase		4,550,000			1,200,000

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

107

Pacer Trendpilot^® 450 ETF

STATEMENTS OF CHANGES IN NET ASSETS

		For the
		Period Ended			For the
	October 31, 2017				Year Ended
		(Unaudited)			April 30, 2017
OPERATIONS
Net Investment Income		$	1,590,553		$	2,023,489
Net Realized Gain on Investments			26,748,251			6,213,725
Change in Unrealized
Appreciation (Depreciation) of Investments			(2,846,569	)		24,359,494
Net Increase in Net Assets
Resulting from Operations			25,492,235			32,596,708

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income			—			(1,391,416	)
Total Distributions to Shareholders			—			(1,391,416	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold			146,002,540			134,728,500
Payments for Shares Redeemed			(74,772,150	)		(34,312,200	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)			71,230,390			100,416,300
Net Increase in Net Assets		$	96,722,625		$	131,621,592

NET ASSETS
Beginning of Period		$	281,430,084		$	149,808,492
End of Period		$	378,152,709		$	281,430,084
Undistributed Accumulated
Net Investment Income		$	2,160,772		$	570,219

(a)	Summary of capital share transactions is as follows:
		Shares			Shares
	Subscriptions		5,000,000			5,050,000
	Redemptions		(2,500,000	)		(1,300,000	)
	Net Increase		2,500,000			3,750,000

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

108

Pacer Trendpilot^® 100 ETF

STATEMENTS OF CHANGES IN NET ASSETS

		For the
		Period Ended		For the
	October 31, 2017			Year Ended
		(Unaudited)		April 30, 2017
OPERATIONS
Net Investment Income		$	227,465	$	289,569
Net Realized Gain (Loss) on Investments			137,302		(1,261,535	)
Change in Unrealized
Appreciation of Investments			10,742,995		13,440,533
Net Increase in Net Assets
Resulting from Operations			11,107,762		12,468,567

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income			—		(172,111	)
Total Distributions to Shareholders			—		(172,111	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold			36,175,010		25,020,200
Payments for Shares Redeemed			—		(33,309,025	)
Net Increase (Decrease) in Net Assets Derived
from Capital Share Transactions (a)			36,175,010		(8,288,825	)
Net Increase in Net Assets		$	47,282,772	$	4,007,631

NET ASSETS
Beginning of Period		$	73,696,476	$	69,688,845
End of Period		$	120,979,248	$	73,696,476
Undistributed Accumulated
Net Investment Income		$	299,517	$	72,052

(a)	Summary of capital share transactions is as follows:
		Shares		Shares
	Subscriptions		1,300,000		1,100,000
	Redemptions		—		(1,550,000	)
	Net Increase (Decrease)		1,300,000		(450,000	)

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
		Period Ended			For the
	October 31, 2017				Year Ended
		(Unaudited)			April 30, 2017
OPERATIONS
Net Investment Income		$	461,627		$	183,400
Net Realized Gain (Loss) on Investments			1,352,597			(1,657,904	)
Change in Unrealized
Appreciation of Investments			3,399,175			3,789,571
Net Increase in Net Assets
Resulting from Operations			5,213,399			2,315,067

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold			40,951,095			10,855,340
Payments for Shares Redeemed			(8,485,770	)		(4,559,345	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)			32,465,325			6,295,995
Net Increase in Net Assets		$	37,678,724		$	8,611,062

NET ASSETS
Beginning of Period		$	31,081,464		$	22,470,402
End of Period		$	68,760,188		$	31,081,464
Undistributed Accumulated
Net Investment Gain (Loss)		$	452,623		$	(9,004	)

(a)	Summary of capital share transactions is as follows:
		Shares			Shares
	Subscriptions		1,400,000			450,000
	Redemptions		(300,000	)		(200,000	)
	Net Increase		1,100,000			250,000

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
		Period Ended			For the
	October 31, 2017				Year Ended
		(Unaudited)			April 30, 2017
OPERATIONS
Net Investment Income		$	1,560,000		$	1,021,488
Net Realized Gain on Investments			2,960,132			119,136
Change in Unrealized
Appreciation of Investments			1,531,552			2,465,195
Net Increase in Net Assets
Resulting from Operations			6,051,684			3,605,819

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income			(1,544,367	)		(862,811	)
Total Distributions to Shareholders			(1,544,367	)		(862,811	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold			69,309,720			73,947,045
Payments for Shares Redeemed			(36,850,500	)		(12,074,900	)
Transaction Fees (Note 1)			5,157			12,013
Net Increase in Net Assets Derived
from Capital Share Transactions (a)			32,464,377			61,884,158
Net Increase in Net Assets		$	36,971,694		$	64,627,166

NET ASSETS
Beginning of Period		$	70,058,942		$	5,431,776
End of Period		$	107,030,636		$	70,058,942
Undistributed Accumulated
Net Investment Income		$	199,289		$	183,656

(a)	Summary of capital share transactions is as follows:
		Shares			Shares
	Subscriptions		2,350,000			2,700,000
	Redemptions		(1,250,000	)		(450,000	)
	Net Increase		1,100,000			2,250,000

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

111

Pacer US Cash Cows 100 ETF

STATEMENTS OF CHANGES IN NET ASSETS

		For the
		Period Ended
	October 31, 2017				Period Ended
		(Unaudited)			April 30, 2017^(b)
OPERATIONS
Net Investment Income		$	172,767		$	30,292
Net Realized Gain on Investments			65,003			22,881
Change in Unrealized
Appreciation of Investments			314,001			145,257
Net Increase in Net Assets
Resulting from Operations			551,771			198,430

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income			(173,096	)		(21,662	)
Total Distributions to Shareholders			(173,096	)		(21,662	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold			6,615,335			12,878,695
Payments for Shares Redeemed			(5,259,200	)		(1,296,865	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)			1,356,135			11,581,830
Net Increase in Net Assets		$	1,734,810		$	11,758,598

NET ASSETS
Beginning of Period		$	11,758,598		$	—
End of Period		$	13,493,408		$	11,758,598
Undistributed Accumulated
Net Investment Income		$	8,313		$	8,642

(a)	Summary of capital share transactions is as follows:
		Shares			Shares
	Subscriptions		250,000			500,000
	Redemptions		(200,000	)		(50,000	)
	Net Increase		50,000			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 US Small Cap Cash Cows 100 ETF

STATEMENT OF CHANGES IN NET ASSETS

		For the
		Period Ended
	October 31, 2017^(b)
		(Unaudited)
OPERATIONS
Net Investment Income		$	13,966
Net Realized Loss on Investments			(17,700	)
Change in Unrealized Appreciation of Investments			29,512
Net Increase in Net Assets Resulting from Operations			25,778

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income			(9,568	)
Total Distributions to Shareholders			(9,568	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold			3,686,735
Net Increase in Net Assets Derived
from Capital Share Transactions (a)			3,686,735
Net Increase in Net Assets		$	3,702,945

NET ASSETS
Beginning of Period		$	—
End of Period		$	3,702,945
Undistributed Accumulated Net Investment Income		$	4,398

(b)	Fund commenced operations on June 16, 2017. The information presented is from June 16, 2017 to October 31, 2017.

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

113

Pacer Developed Markets International Cash Cows 100 ETF

STATEMENT OF CHANGES IN NET ASSETS

		For the
		Period Ended
	October 31, 2017^(b)
		(Unaudited)
OPERATIONS
Net Investment Income		$	19,093
Net Realized Loss on Investments			(1,380	)
Change in Unrealized Appreciation of Investments			277,901
Net Increase in Net Assets Resulting from Operations			295,614

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income			(9,613	)
Total Distributions to Shareholders			(9,613	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold			2,509,000
Transaction Fees (Note 1)			2,613
Net Increase in Net Assets Derived
from Capital Share Transactions (a)			2,511,613
Net Increase in Net Assets		$	2,797,614

NET ASSETS
Beginning of Period		$	—
End of Period		$	2,797,614
Undistributed Accumulated Net Investment Income		$	9,480

(b)	Fund commenced operations on June 16, 2017. The information presented is from June 16, 2017 to October 31, 2017.

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

114

Pacer Trendpilot^® 750 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended			For the			For the
	October 31, 2017			Year Ended			Period Ended
	(Unaudited)			April 30, 2017			April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	25.48		$	21.88		$	25.00

INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Income⁽²⁾		0.19			0.34			0.13
Net Realized and Unrealized
Gain (Loss) on Investments		2.04			3.52			(3.15	)
Total from Investment Operations		2.23			3.86			(3.02	)

LESS DISTRIBUTIONS:
Distributions from
Net Investment Income		—			(0.26	)		(0.10	)
Total Distributions		—			(0.26	)		(0.10	)
Net Asset Value, End of Period	$	27.71		$	25.48		$	21.88
Total Return		8.75	%⁽³⁾		17.72	%		-12.10	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	622,145		$	456,180		$	365,448

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%⁽⁴⁾		0.60	%		0.60	%⁽⁴⁾
Net Investment Income
to Average Net Assets		1.40	%⁽⁴⁾		1.44	%		0.62	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		14	%⁽³⁾		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.

115

Pacer Trendpilot^® 450 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended			For the			For the
	October 31, 2017			Year Ended			Period Ended
	(Unaudited)			April 30, 2017			April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	28.00		$	23.78		$	25.00

INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Income (Loss)⁽²⁾		0.14			0.27			(0.04	)
Net Realized and Unrealized
Gain (Loss) on Investments		1.99			4.13			(1.16	)
Total from Investment Operations		2.13			4.40			(1.20	)

LESS DISTRIBUTIONS:
Distributions from
Net Investment Income		—			(0.18	)		—
Distributions from Return of Capital		—			—			(0.02	)
Total Distributions		—			(0.18	)		(0.02	)
Net Asset Value, End of Period	$	30.13		$	28.00		$	23.78
Total Return		7.65	%⁽³⁾		18.54	%		-4.82	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	378,153		$	281,430		$	149,808

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%⁽⁴⁾		0.60	%		0.60	%⁽⁴⁾
Net Investment Income
to Average Net Assets		0.98	%⁽⁴⁾		1.02	%		-0.17	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		72	%⁽³⁾		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.

116

Pacer Trendpilot^® 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended			For the			For the
	October 31, 2017			Year Ended			Period Ended
	(Unaudited)			April 30, 2017			April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	26.32		$	21.44		$	25.00

INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Income⁽²⁾		0.07			0.11			0.04
Net Realized and Unrealized
Gain (Loss) on Investments		3.12			4.84			(3.55	)
Total from Investment Operations		3.19			4.95			(3.51	)

LESS DISTRIBUTIONS:
Distributions from
Net Investment Income		—			(0.07	)		(0.05	)
Total Distributions		—			(0.07	)		(0.05	)
Net Asset Value, End of Period	$	29.51		$	26.32		$	21.44
Total Return		12.11	%⁽³⁾		23.11	%		-14.04	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	120,979		$	73,696		$	69,689

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%⁽⁴⁾		0.65	%		0.65	%⁽⁴⁾
Net Investment Income
to Average Net Assets		0.48	%⁽⁴⁾		0.46	%		0.18	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		1	%⁽³⁾		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.

117

Pacer Trendpilot^® European Index ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended			For the			For the
	October 31, 2017			Year Ended			Period Ended
	(Unaudited)			April 30, 2017			April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	27.03		$	24.97		$	25.00

INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Gain (Loss)⁽²⁾		0.30			0.18			(0.04	)
Net Realized and Unrealized
Gain on Investments		3.23			1.88	⁽³⁾		0.01
Total from Investment Operations		3.53			2.06			(0.03	)
Net Asset Value, End of Period	$	30.56		$	27.03		$	24.97
Total Return		13.07	%⁽⁴⁾		8.25	%⁽⁵⁾		-0.13	%⁽⁴⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	68,760		$	31,081		$	22,470

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%⁽⁶⁾		0.65	%		0.65	%⁽⁶⁾
Net Investment Income (Loss)
to Average Net Assets		2.03	%⁽⁶⁾		0.77	%		-0.39	%⁽⁶⁾
Portfolio Turnover Rate⁽⁷⁾		27	%⁽⁴⁾		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.

118

Pacer Global Cash Cows Dividend ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended			For the			For the
	October 31, 2017			Year Ended			Period Ended
	(Unaudited)			April 30, 2017			April 30, 2016⁽¹⁾
Net Asset Value, Beginning of Period	$	28.60		$	27.16		$	25.00

INCOME FROM
INVESTMENT OPERATIONS:
Net Investment Income⁽²⁾		0.51			0.88			0.23
Net Realized and Unrealized
Gain on Investments		1.52			1.26			1.93
Total from Investment Operations		2.03			2.14			2.16

LESS DISTRIBUTIONS:
Distributions from
Net Investment Income		(0.48	)		(0.70	)		—
Total Distributions		(0.48	)		(0.70	)		—
Net Asset Value, End of Period	$	30.15		$	28.60		$	27.16
Total Return		7.15	%⁽³⁾		8.03	%		8.64	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	107,031		$	70,059		$	5,432

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%⁽⁴⁾		0.60	%		0.60	%⁽⁴⁾
Net Investment Income
to Average Net Assets		3.39	%⁽⁴⁾		3.19	%		4.63	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		45	%⁽³⁾		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.

119

Pacer US Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended			For the
	October 31, 2017			Period Ended
	(Unaudited)			April 30, 2017⁽¹⁾
Net Asset Value, Beginning of Period	$	26.13		$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income⁽²⁾		0.39			0.13
Net Realized and Unrealized Gain on Investments		0.85			1.09
Total from Investment Operations		1.24			1.22

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.38	)		(0.09	)
Total Distributions		(0.38	)		(0.09	)
Net Asset Value, End of Period	$	26.99		$	26.13
Total Return		4.77	%⁽³⁾		4.87	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	13,493		$	11,759

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%⁽⁴⁾		0.49	%⁽⁴⁾
Net Investment Income to Average Net Assets		2.95	%⁽⁴⁾		1.37	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		46	%⁽³⁾		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.

120

Pacer US Small Cap Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended
	October 31, 2017⁽¹⁾
	(Unaudited)
Net Asset Value, Beginning of Period	$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income⁽²⁾		0.11
Net Realized and Unrealized Loss on Investments		(0.36	)
Total from Investment Operations		(0.25	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.06	)
Total Distributions		(0.06	)
Net Asset Value, End of Period	$	24.69
Total Return		-0.12	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	3,703

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%⁽⁴⁾
Net Investment Income to Average Net Assets		1.17	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		37	%⁽³⁾

(1)	Commencement of operations on June 16, 2017.
(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.

121

Pacer Developed Markets International Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended
	October 31, 2017⁽¹⁾
	(Unaudited)
Net Asset Value, Beginning of Period	$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income⁽²⁾		0.20
Net Realized and Unrealized Gain on Investments		2.88
Total from Investment Operations		3.08

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.10	)
Total Distributions		(0.10	)
Net Asset Value, End of Period	$	27.98
Total Return		11.89	%⁽³⁾

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,798

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%⁽⁴⁾
Net Investment Income to Average Net Assets		1.95	%⁽⁴⁾
Portfolio Turnover Rate⁽⁵⁾		0	%⁽³⁾⁽⁶⁾

(1)	Commencement of operations on June 16, 2017.
(2)	Calculated based on average shares outstanding during the period.
(3)	Not annualized.
(4)	Annualized.
(5)	Excluded impact of in-kind transactions.
(6)	Less than 0.5%.

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

122

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited)

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, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, and Pacer Developed Markets International 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, the Pacer US Cash Cows 100 Index, the Pacer US Small Cap Cash Cows Index, and the Pacer Developed Markets International 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. Pacer US Small Cap Cash Cows 100 ETF and Pacer Developed Markets International Cash Cows 100 ETF commenced operations on June 16, 2017. Each of the Funds are non-diversified series of the Trust.

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”). 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

123

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds each currently offer one class of Shares, which have no front end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. Pacer Trendpilot^® 750 ETF charges $500, 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, Pacer US Cash Cows 100 ETF charges $250, Pacer US Small Cap Cash Cows 100 ETF charges $250, and Pacer Developed Markets International Cash Cows 100 ETF charges $1,500 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.

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.

124

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

	Investments in other open-end investment companies, including money market funds, are valued at the investment company’s net asset value per share, with the exception of exchange-traded open-end investment companies, which are priced as equity securities described above.
	Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with the procedures adopted by the Board of Trustees (the “Board”). The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have 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.

125

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

	The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
	The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2017:

Pacer Trendpilot^® 750 ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	601,067,737	$	—	$	—	$	601,067,737
Real Estate
Investment Trusts		18,193,761		—		—		18,193,761
Short-Term Investments		590,064		—		—		590,064
Total Investments
in Securities	$	619,851,562	$	—	$	—	$	619,851,562

^ See Schedule of Investments for sector breakouts.

Pacer Trendpilot^® 450 ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	343,706,083	$	—	$	—	$	343,706,083
Real Estate
Investment Trusts		33,334,891		—		—		33,334,891
Short-Term Investments		363,827		—		—		363,827
Total Investments
in Securities	$	377,404,801	$	—	$	—	$	377,404,801

^ See Schedule of Investments for sector breakouts.

Pacer Trendpilot^® 100 ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	120,910,133	$	—	$	—	$	120,910,133
Short-Term Investments		114,173		—		—		114,173
Total Investments
in Securities	$	121,024,306	$	—	$	—	$	121,024,306

^ See Schedule of Investments for sector breakouts.

126

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

Pacer Trendpilot^® European Index ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	66,724,927	$	—	$	—	$	66,724,927
Preferred Stocks		1,236,765		—		—		1,236,765
Real Estate
Investment Trusts		730,864		—		—		730,864
Short-Term Investments		44,641		—		—		44,641
Total Investments
in Securities	$	68,737,197	$	—	$	—	$	68,737,197

^ See Schedule of Investments for sector breakouts.

Pacer Global Cash Cows Dividend ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	101,812,874	$	—	$	—	$	101,812,874
Real Estate
Investment Trusts		4,845,344		—		—		4,845,344
Short-Term Investments		123,862		—		—		123,862
Total	$	106,782,080	$	—	$	—	$	106,782,080

^ See Schedule of Investments for country breakouts.

Pacer US Cash Cows 100 ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	13,425,739	$	—	$	—	$	13,425,739
Real Estate
Investment Trusts		47,362		—		—		47,362
Short-Term Investments		19,749		—		—		19,749
Total Investments
in Securities	$	13,492,850	$	—	$	—	$	13,492,850

^ See Schedule of Investments for sector breakouts.

Pacer US Small Cap Cash Cows 100 ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	3,564,113	$	—	$	—	$	3,564,113
Real Estate
Investment Trusts		137,056		—		—		137,056
Short-Term Investments		1,880		—		—		1,880
Total	$	3,703,049	$	—	$	—	$	3,703,049

^ See Schedule of Investments for sector breakouts.

127

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

Pacer Developed Markets International Cash Cows 100 ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,782,102	$	—	$	—	$	2,782,102
Exchange Traded Funds		3,482		—		—		3,482
Short-Term Investments		1,776		—		—		1,776
Total Investments
in Securities	$	2,787,360	$	—	$	—	$	2,787,360

^ See Schedule of Investments for country breakouts.

	Transfers between levels are recognized at the end of the reporting period. During the period ended October 31, 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 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.

128

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

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.
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 Cboe 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:

129

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

	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

Pacer US Small Cap Cash Cows 100 ETF and Pacer Developed Markets International Cash Cows 100 ETF commenced operations on June 16, 2017; therefore, no reclassifications of Capital Accounts are available as of April 30, 2017.

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

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%, Pacer US Cash Cows 100 ETF pays the Adviser 0.49%, Pacer US Small Cap Cash Cows 100 ETF pays the Adviser 0.59%, and Pacer Developed Markets

130

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

International Cash Cows 100 ETF pays the Adviser 0.65% at an annual rate based on each Fund’s average daily net assets.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the period ended October 31, 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 period ended October 31, 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	$	74,192,112	$	92,668,596
Pacer Trendpilot^® 450 ETF		233,900,480		294,105,816
Pacer Trendpilot^® 100 ETF		1,195,831		984,098
Pacer Trendpilot^® European Index ETF		14,444,409		12,481,846
Pacer Global Cash Cows Dividend ETF		41,238,435		44,525,977
Pacer US Cash Cows 100 ETF		5,426,336		5,546,823
Pacer US Small Cap Cash Cows 100 ETF		1,185,444		1,181,409
Pacer Developed Markets
International Cash Cows 100 ETF		2,516,735		7,874

For the period ended October 31, 2017, in-kind transactions associated with creations and redemptions are as follows:

	Purchases		Sales
Pacer Trendpilot^® 750 ETF	$	141,835,120	$	—
Pacer Trendpilot^® 450 ETF		147,114,980		14,626,189
Pacer Trendpilot^® 100 ETF		36,140,277		—
Pacer Trendpilot^® European Index ETF		39,363,856		8,384,016
Pacer Global Cash Cows Dividend ETF		70,654,942		35,060,398
Pacer US Cash Cows 100 ETF		6,572,461		5,099,095
Pacer US Small Cap Cash Cows 100 ETF		3,685,322		—
Pacer Developed Markets
International Cash Cows 100 ETF		—		—

For the period ended October 31, 2017, there were no long-term purchases or sales of U.S. Government Securities for the Funds.

131

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

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

	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

Pacer US Small Cap Cash Cows 100 ETF and Pacer Developed Markets International Cash Cows 100 ETF commenced operations on June 16, 2017; therefore, there is no tax information available as of April 30, 2017.

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.

132

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

At April 30, 2017, the Funds did not defer, on a tax basis, any post-October and Later 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		—		—

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

On August 26, 2016, Financial Accounting Standards Board (“FASB”) issued a new Accounting Standards Update No. 2016-15, “Statement of Cash Flows (Topic 230), a consensus of the FASB’s Emerging Issues Task Force” (“ASU 2016-15”). ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The issues addressed in ASU 2016-15 are: debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments, contingent

133

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, including bank-owned life insurance policies, distributions received from equity method investments, beneficial interests in securitization transactions; and, separately identifiable cash flows and application of the predominance principle. ASU 2016-15 is effective for interim and annual reporting periods beginning after December 15, 2017. Management is currently evaluating the impact, if any, of applying this provision.

In November 2016, FASB issued a new Accounting Standards Update No. 2016-18, “Statement of Cash Flows (Topic 230), Restricted Cash, a consensus of the FASB’s Emerging Issues Task Force” (“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The amendments in ASU 2016-18 do not provide a definition of restricted cash or restricted cash equivalents. ASU 2016-18 is effective for interim and annual reporting periods beginning after December 15, 2017. Management is currently evaluating the impact, if any, of applying this provision.

In March 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. The amendments in the ASU shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. The ASU does not require an accounting change for securities held at a discount; which continues to be amortized to maturity. The ASU is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management is currently evaluating the impact, if any, of applying this provision.

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.

134

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

October 31, 2017 (Unaudited) (Continued)

On November 1, 2017, the Pacer Trendpilot 750 ETF and Pacer Trendpilot 450 ETF changed their names and indexes to the following:

	Old Name	New Name
	Pacer Trendpilot^® 750 ETF	Pacer Trendpilot^® US Large Cap ETF
	Pacer Wilshire US Large-Cap	Pacer Trendpilot^® US Large Cap Index
	Trendpilot^® Index
	Pacer Trendpilot^® 450 ETF	Pacer Trendpilot^® US Mid Cap ETF
	Pacer Wilshire US Mid-Cap	Pacer Trendpilot^® US Mid Cap Index
	Trendpilot^® Index

On December 12, 2017, the Adviser launched a new Fund in the Pacer Funds Trust: Pacer Wealth Shield ETF.

135

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

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

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

For the fiscal 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%

136

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Form N-Q. The Funds’ Form N-Q is available on the website of the SEC at http://www.sec.gov. Each Fund’s portfolio holdings are posted on their website at www.paceretfs.com daily.

NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES

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

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

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, of the Trust (the “Independent Trustees”), at in-person meetings held on September 19, 2016 and June 16, 2017 (each a “Meeting”), called for the purpose of, among other things, considering and voting on the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) relating to the Developed Markets International Cash Cows 100 ETF (“ICOW”) and the US Small Cap Cash Cows 100 ETF (“CALF”), respectively (each a “Fund” and, collectively, the “Funds”). At each Meeting, the Board, including all of the Trust’s Independent Trustees voting separately, unanimously approved the Investment Advisory Agreement as to the subject Fund based on its review of qualitative and quantitative information provided by the Advisor and the Trust’s other service providers.

Prior to approving the Investment Advisory Agreement as to each Fund, 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 each 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.

137

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

At each Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials, 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 as to the subject Fund; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor is prepared in the future to provide to the subject Fund, and the advisory fees payable to the Advisor for its services with respect to that Fund; (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 ; and (7) information regarding the financial condition of the Advisor. Representatives from the Advisor presented additional information and participated in question and answer sessions at each Meeting to help the Board evaluate the Advisor’s services, fees and other aspects of the Investment Advisory Agreement.

In considering whether to approve the Investment Advisory Agreement as to each Fund, the Board considered various factors that it determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor; (ii) the fee to be paid to the Advisor; and (iii) potential economies of scale, 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 was capable of providing 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 management personnel. The Board also considered other services to be provided to each 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 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 each Fund by the Advisor.
	•	Costs of Services to be Provided to the Funds and Profitability. In considering the advisory fees payable by each Fund to the Advisor and the 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 each Fund with the expense ratios and performance of other ETFs having similar investment objectives (each Fund’s “Peer Group”). The Board compared each Fund’s expense ratio to the expense ratios of ETFs in the Fund’s Peer Group., and noted that the Advisor had contractually agreed to pay all operating expenses of each Fund, including the cost of transfer agency, custody, fund administration,

138

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

		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 each Fund, 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 at each Meeting, 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.
	•	Economies of Scale. The Board also reviewed and considered the extent to which economies of scale would be realized by the Advisor as the assets of each Fund grew or may grow in the future.

Based on its deliberations and its evaluation of the information described above at each Meeting, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund were 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 each Fund; and (c) agreed to approve the Investment Advisory Agreement as to each Fund for a term of two years. In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

NOTE 6 – TRUSTEES AND OFFICERS

The business of the Funds is managed under the direction of the Board of Trustees. The Board of Trustees formulates the general policies of the Funds and meets periodically to review the Funds’ performance, monitor investment activities and practices, and discuss other matters affecting the Funds. The Trustees are fiduciaries for the Funds’ shareholders and are governed by the laws of the State of Delaware in this regard. The names and addresses of the Trustees and officers of the Trust are listed below along with a description of their principal occupations over at least the last five years. There are currently four Trustees, three of whom are not “interested persons” of the Trust within the meaning of that term under the 1940 Act (“Independent Trustee”). The Trustees, in turn, elect the officers of the Trust to actively supervise its day-to-day operations. The address of each Trustee and officer of the Trust, unless otherwise indicated below, is c/o Pacer Advisors, Inc., 16 Industrial Blvd., Suite 201, Paoli, PA 19301. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.

139

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	12	Director, First
Born: 1944	Chairman,	Term;	Pacer Advisors, Inc.		Cornerstone
	President	since	(since 2004); President		Bank
	and Principal	2014	and Chief Compliance		(2000-2016)
	Executive		Officer, Pacer Financial,
	Officer		Inc. (since 2004)

Independent Trustees

Deborah G. Wolk	Lead	Indefinite	Self-employed providing	12	None
Born: 1950	Independent	Term;	accounting services and
	Trustee	since	computer modeling
		2015	(since 1997)

Jonathan H.	Trustee	Indefinite	CEO and Chairman,	12	None
Newman, Sr.		Term;	Newman Wine &
Born: 1962		since	Spirits (since 2007)
		2015

Dennis J. Ryan	Trustee	Indefinite	Principal/Owner,	11	None
Born: 1947		Term;	Brendan Abstract
		since	Company, Inc.
		2017	(title insurance)
			(since 1999)

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)

140

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
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.

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 TRENDPILOT^® 750 ETF PTLC	PACER TRENDPILOT^® 450 ETF PTMC	PACER TRENDPILOT^® 100 ETF PTNQ	PACER TRENDPILOT^® EUROPEAN INDEX ETF PTEU	PACER GLOBAL CASH COWS DIVIDEND ETF GCOW	PACER US CASH COWS 100 ETF COWZ



CUSIP 69374H105	CUSIP 69374H204	CUSIP 69374H303	CUSIP 69374H808	CUSIP 69374H707	CUSIP 69374H881
CUSIP 69374H105	CUSIP 69374H204	CUSIP 69374H303	CUSIP 69374H808	CUSIP 69374H707	CUSIP 69374H881

PACER US SMALL CAP CASH COWS 100 ETF CALF		PACER DEVELOPED MARKETS INTERNATIONAL CASH COWS 100 ETF ICOW



CUSIP 69374H857		CUSIP 69374H873
CUSIP 69374H857		CUSIP 69374H873

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

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

Item 6. Investments.

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not Applicable.

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)	(1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not Applicable

(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.

(1)	Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

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

SIGNATURES

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

(Registrant) Pacer Funds Trust

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

Joe M. Thomson, President (Principal Executive Officer)

Date December 14, 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 December 14, 2017

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

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

Date December 14, 2017

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

Summary of capital share transactions is as follows:

Subscriptions

Redemptions

Net Increase