UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-23024
Pacer Funds Trust
(Exact name of registrant as specified in charter)
(Exact name of registrant as specified in charter)
16 Industrial Boulevard, Suite 201
Paoli, PA 19301
(Address of principal executive offices) (Zip code)
(Address of principal executive offices) (Zip code)
Joe M. Thomson, President
16 Industrial Boulevard, Suite 201
Paoli, PA 19301
(Name and address of agent for service)
(Name and address of agent for service)
610-644-8100
Registrant's telephone number, including area code
Date of fiscal year end: April 30
Date of reporting period: May 1, 2017 through October 31, 2017
Item 1. Reports to Stockholders.
SEMI-ANNUAL REPORT
October 31, 2017
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000639/pacer-cover.jpg)
Pacer Trendpilot® 750 ETF | Ticker: PTLC | |
Pacer Trendpilot® 450 ETF | Ticker: PTMC | |
Pacer Trendpilot® 100 ETF | Ticker: PTNQ | |
Pacer Trendpilot® European Index ETF | Ticker: PTEU | |
Pacer 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 |
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000639/pacer-logo.jpg)
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
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000639/pt750etf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Wilshire US Large-Cap Trendpilot® Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Wilshire US Large-Cap Index™, (ii) 50% to the Wilshire US Large-Cap Index™ and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Wilshire US Large-Cap Total Return Index™ and its 200-business day historical simple moving average. The Wilshire US Large-Cap Total Return Index™ is a total return version of the Wilshire US Large-Cap Index™ and reflects the reinvestment of dividends paid by the securities in the Wilshire US Large-Cap Index™.
The Wilshire US Large-Cap Index™ is a rules-based, float-adjusted, market capitalization-weighted index comprised of approximately 750 of the largest companies in the Wilshire 5000 Total Market Index™. The Wilshire 5000 Total Market Index™ is an unmanaged, market-capitalization-weighted index that measures the performance of all equity securities of U.S. headquartered issuers with readily available price data.
2
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. |
3
Pacer Trendpilot® 450 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000639/pt450etf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Wilshire US Mid-Cap Trendpilot Index® uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Wilshire US Mid-Cap Index™, (ii) 50% to the Wilshire US Mid-Cap Index™ and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Wilshire US Mid-Cap Total Return Index™ and its 200-business day historical simple moving average. The Wilshire US Mid-Cap Total Return Index™ is a total return version of the Wilshire Mid-Cap Index™ and reflects the reinvestment of dividends paid by the securities in the Wilshire Mid-Cap Index™.
The Wilshire US Mid-Cap Index™ is a rules-based, float-adjusted, market capitalization-weighted index comprised of approximately 500 mid-sized companies ranked between 500 and 1,000 in the Wilshire 5000 Total Market Index™. The Wilshire 5000 Total Market Index™ is an unmanaged, market-capitalization-weighted index that measures the performance of all equity securities of U.S. headquartered issuers with readily available price data.
4
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. |
5
Pacer Trendpilot® 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000639/pt100etf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on June 11, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Nasdaq-100 Trendpilot® Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Nasdaq-100® Index, (ii) 50% to the Nasdaq-100® Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Nasdaq-100® Total Return Index and its 200-business day historical simple moving average. The Nasdaq-100® Total Return Index is a total return version of the Nasdaq-100® Index and reflects the reinvestment of dividends paid by the securities in the Nasdaq-100® Index.
The Nasdaq-100® Index includes approximately 100 of the largest non-financial securities listed on The Nasdaq Stock Market based on market capitalization. The Nasdaq-100® Index comprises securities of companies across major industry groups, including computer, biotechnology, healthcare, telecommunications and transportation. However, it does not contain securities of financial companies, including investment companies. The Nasdaq 100® Index was developed by Nasdaq OMX. There is no minimum market capitalization requirement for inclusion in the Nasdaq-100® Index. Inclusion is determined based on the top 100 largest issuers based on market capitalization meeting all other eligibility requirements.
6
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. |
7
Pacer Trendpilot® European Index ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000639/pteietf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on December 14, 2015, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Trendpilot® European Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the FTSE Eurozone Index, (ii) 50% to the FTSE Eurozone Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the FTSE Eurozone Total Return Index and its 200-business day historical simple moving average.
The FTSE Eurozone Index is a rules-based, float-adjusted, market capitalization-weighted index comprised of large- and mid-capitalization stocks providing coverage of the developed markets in the euro zone, including primarily France, Germany, Spain, the Netherlands, and Italy. The FTSE Eurozone Index is a subset of the FTSE Global Equity Index Series, which covers 98% of the world’s investable market capitalization. The FTSE Eurozone Total Return Index is a total return version of the FTSE Eurozone Index and reflects the reinvestment of dividend paid by the securities in the FTSE Eurozone Index.
8
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. |
9
Pacer Global Cash Cows Dividend ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000639/pgccdetf-linechart.jpg)
This chart illustrates the performance of a hypothetical $10,000 investment made on February 22, 2016, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.
The Pacer Global Cash Cows 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.
10
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. |
11
Pacer US Cash Cows 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000639/puscc100etf-linechart.jpg)
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.
12
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. |
13
Pacer US Small Cap Cash Cows 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000639/pussccc100etf-linechart.jpg)
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.
14
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. |
15
Pacer Developed Markets International Cash Cows 100 ETF
PERFORMANCE SUMMARY
(Unaudited)
Growth of $10,000
![](https://capedge.com/proxy/N-CSRS/0000898531-17-000639/pdmicc100etf-linechart.jpg)
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 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.
16
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. |
17
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.
18
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. |
19
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). |
20
Pacer Funds
(This Page Intentionally Left Blank.)
21
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. |
22
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. |
23
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. |
24
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. |
25
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.
26
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.
27
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.
28
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.
29
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.
30
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.
31
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.
32
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.
33
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.
34
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.
35
Pacer Trendpilot® 750 ETF
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.
36
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.
37
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.
38
Pacer Trendpilot® 750 ETF
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.
39
Pacer Trendpilot® 750 ETF
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.
40
Pacer Trendpilot® 750 ETF
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.
41
Pacer Trendpilot® 750 ETF
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.
42
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.
43
Pacer Trendpilot® 750 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% (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.
44
Pacer Trendpilot® 450 ETF
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.
45
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.
46
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.
47
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.
48
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.
49
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.
50
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.
51
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.
52
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.
53
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.
54
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.
55
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.
56
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.
57
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.
58
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.
59
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. |
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.
60
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.
61
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.
62
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.
63
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.
64
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%. |
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.
65
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.
66
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.
67
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.
68
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.
69
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.
70
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.
71
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.
72
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.
73
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.
74
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.
75
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.
76
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.
77
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. |
For Fund compliance purposes, the Fund’s industry classifications refer to any one or more of the industry sub-classifications used by one or more widely recognized market indexes or ratings group indexes, and/or they may be defined by Fund management. This definition does not apply for all purposes of this report, which may combine sub-classifications for reporting ease. Categories are shown as a percentage of net assets.
The accompanying notes are an integral part of these financial statements.
78
Pacer 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.
79
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.
80
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.
81
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.
82
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. |
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.
83
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.
84
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.
85
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.
86
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.
87
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.
88
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%. |
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.
89
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.
90
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.
91
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.
92
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.
93
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.
94
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%. |
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.
95
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.
96
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.
97
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.
98
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.
99
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. |
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.
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 |
(a) | Summary of capital share transactions is as follows: | |||||
Shares | ||||||
Subscriptions | 150,000 | |||||
Redemptions | — | |||||
Net Increase | 150,000 |
(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 |
(a) | Summary of capital share transactions is as follows: | |||||
Shares | ||||||
Subscriptions | 100,000 | |||||
Redemptions | — | |||||
Net Increase | 100,000 |
(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.
A. | Investment Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate. |
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
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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
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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
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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
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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.
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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, |
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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.
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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) |
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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 | |||||
PACER US SMALL CAP CASH COWS 100 ETF CALF | PACER DEVELOPED MARKETS INTERNATIONAL CASH COWS 100 ETF ICOW | ![]() | ||
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.