Pacer Cash Cows Fund of Funds ETF NCSR/A Certified annual shareholder report (management investment company) (amended)

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

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-23024

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

16 Industrial Boulevard, Suite 201

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

Joe M. Thomson, President

16 Industrial Boulevard, Suite 201

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

610-644-8100

Registrant's telephone number, including area code

Date of fiscal year end: April 30

Date of reporting period: May 1, 2017 through April 30, 2018

Item 1. Reports to Stockholders.

	ANNUAL REPORT
	April 30, 2018

Pacer Trendpilot^® US Large Cap ETF		Ticker: PTLC
Pacer Trendpilot^® US Mid Cap ETF		Ticker: PTMC
Pacer Trendpilot^® 100 ETF		Ticker: PTNQ
Pacer Trendpilot^® European Index ETF		Ticker: PTEU
Pacer Global Cash Cows Dividend ETF		Ticker: GCOW
Pacer US Cash Cows 100 ETF		Ticker: COWZ
Pacer US Small Cap Cash Cows 100 ETF		Ticker: CALF
Pacer Developed Markets International Cash Cows 100 ETF		Ticker: ICOW
Pacer WealthShield ETF		Ticker: PWS
Pacer Military Times Best Employers ETF		Ticker: VETS

Pacer Funds

TABLE OF CONTENTS

	Page
Letters to Shareholders		1
Portfolio Allocation		13
Performance Summary		18
Expense Example		38
Schedules of Investments		41
Statements of Assets and Liabilities		134
Statements of Operations		138
Statements of Changes in Net Assets		142
Financial Highlights		152
Notes to Financial Statements		162
Report of Independent Registered Public Accounting Firm		180
Additional Information		181
Privacy Policy		187

Pacer Funds

Dear Shareholder,

Pacer ETFs continued to show strong growth during this past fiscal year. During this time, we saw several milestones including the doubling of our assets and crossing $2 billion in assets under management. Part of that growth can be attributed to strong market returns, but we also added new business during this time when the industry saw negative flows. Our strategy driven exchange traded funds (ETFs) have a distinct purpose in a portfolio which allows us to stand out from a crowded marketplace that focuses on low fees.

During this fiscal year, we expanded our fund offerings to ten by adding four ETFs and their related indexes to our Cash Cows and Custom Index series. They include Pacer Developed Markets International Cash Cows 100 ETF (ICOW), Pacer US Small Cap Cash Cows 100 ETF (CALF), Pacer WealthShield ETF (PWS) and Pacer Military Times Best Employers ETF (VETS). We are most excited about the opportunity to support veterans through our new military ETF. It invests in an index of companies that have made a commitment to recruiting, training and professional development of military veterans. Pacer will donate 10% of the VETS management fee to a military or veteran based charity.

The market continues to enjoy strong earnings, a lower regulatory environment, and positive impacts from tax relief. As the market continues to reach new highs on this good news, investors are also worried about the next bear market. Since they are not able to determine when this will happen, investors are realizing that now may be the right time to add downside risk management to their portfolios.

We thank you for entrusting your assets with us as we look to grow with you.

Best,

Joe M. Thomson

Chairman, Pacer Funds Trust

Pacer Funds

Market Environment Overview

Throughout 2017, equity markets saw historic returns and record low volatility. This market sustained itself despite the implementation of normalization policies by the Federal Reserve throughout the year. Fundamental factors like low unemployment, benign inflation and improving earnings were the domestic backdrop to this positive market sentiment. Overseas, during this time, more dovish monetary policies helped keep equity markets buoyant as well.

The promise of President Trump’s Tax Cuts and Jobs Act of 2017 was also being priced in the market throughout the year. The $1.5 trillion tax bill that was passed at the end of December 2017 had an immediate impact on first quarter earnings in 2018 and is expected to have broad effects on the economy throughout the rest of the calendar year. The tax reform is also forecasted to increase the federal government’s budget deficit going forward. This forecast pushed treasury yields to levels not seen since 2014 in Q1 2018. With this new emerging trend, equity market volatility returned as the market determined the implications of a 3% yield on treasury bonds. Other than higher interest rates in the US, populist movements and the 2018 Italian general election reintroduced uncertainty and volatility in the markets overseas.

Headline risks dealing with trade and geopolitics have had more influence on market prices in 2018. The S&P 500 was flat as of the end of April. However, positive earnings and revenue numbers have been reported by companies so far for the quarter and unemployment numbers continuing their trending lower.

The Pacer Trendpilot™ Series

The Pacer Trendpilot series is based on a trend following strategy that alternates exposure between a Benchmark Index and 3-Month US T-Bills using three indicators. It is designed to participate in the market when it is trending up, maintain some exposure during short term market declines and exit the market when it is trending down. The period referenced in this section for all Trendpilot Funds is for the fiscal year end of April 30, 2018.

The Index provider made a change to the base index from Wilshire Indexes to S&P Dow Jones Indices (SPDJI) on the Pacer Trendpilot US Large Cap Index and the Pacer Trendpilot US Mid Cap Index during the year. The advisor agrees with the change and believes it is a positive for the Funds. SPDJI is a global leader in index design and index calculation.

Pacer Trendpilot^® US Large Cap ETF

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

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P 500 Index, (ii) 50% to the S&P 500 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US

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Treasury bills, depending on the relative performance of the S&P 500 Total Return Index and its 200-business day historical simple moving average.

The S&P 500 Total Return Index is a total return version of the S&P 500 Index and reflects the reinvestment of dividends paid by the securities in the S&P 500 Index. The S&P 500 Index consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization.

The Wilshire US Large-Cap Index^TM 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^TM. The Wilshire 5000 Total Market Index^TM is an unmanaged, market-capitalization-weighted index that measures the performance of all equity securities of U.S. headquartered issuers with readily available price data.

The Fund

The Fund had a total return of 12.56% during this period while the Pacer Trendpilot^® US Large Cap Index had a total return of 11.87%. The S&P 500 Index had a total return of 13.27%.

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

The top three sectors for contribution to performance for that period were Information Technology at 24.55%, Financials at 18.60% and Consumer Discretionary at 16.81%. The three sectors with the lowest contribution to performance were Real Estate at 0.95%, Telecommunication Services at -2.58% and Consumer Staples at -5.85%. Sector performance numbers reflect their total return during the period.

Pacer Trendpilot^® US Mid Cap ETF

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

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P MidCap 400 Index, (ii) 50% to the S&P MidCap 400 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 S&P MidCap 400 Total Return Index and its 200-business day historical simple moving average.

The S&P MidCap 400 Total Return Index is a total return version of the S&P MidCap 400 Index and reflects the reinvestment of dividends paid by the securities in the S&P MidCap 400 Index. The S&P Midcap 400 measures the performance of mid-capitalization stocks in the United States.

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Wilshire 5000 Total Market Index^TM is an unmanaged, market-capitalization-weighted index that measures the performance of all equity securities of U.S. headquartered issuers with readily available price data.

The Fund

The Fund had a total return of 10.42% during this period while the Pacer Trendpilot US Mid Cap Trendpilot Index had a total return of 11.21%. The S&P 400 MidCap Index had a total return of 9.77%.

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

The top three sectors for contribution to performance were Information Technology at 15.94%, Financials at 13.10% and Industrials at 9.62%. The three sectors with the lowest contribution to performance were Consumer Staples at -2.07%, Real Estate at -3.18% and Telecommunication Services at -28.84%. Sector performance numbers reflect their total return during the period.

Pacer Trendpilot^® 100 ETF

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

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the Nasdaq-100 Index, (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.

The Fund

The Fund had a total return of 18.78% during this period while the Pacer NASDAQ-100 Trendpilot Index had a total return of 19.59%. The NASDAQ-100 Total Return Index had a total return of 19.59%.

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

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The top three sectors for contribution to performance were Consumer Discretionary at 26.62%, Information Technology at 24.75% and Industrials at 11.36%. The three sectors with the lowest contribution to performance were Healthcare at 0.85%, Telecommunications at -5.13% and Consumer Staples at -12.97%. Sector performance numbers reflect their total return during the period.

Pacer Trendpilot^® European Index ETF

The Pacer Trendpilot^® European Index ETF (the “Fund”) seeks to track the total return performance, before fees and expenses, of the Pacer Trendpilot European Index (the “Index”).

The Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the FTSE Eurozone Index, (ii) 50% to the FTSE Eurozone Index and 50% to 3-Month US Treasury bills, 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.

The Fund

The Fund had a total return of 10.43% during this period while the Pacer Trendpilot European Index had a total return of 12.20%. The FTSE Eurozone Total Return Index (USD) was 17.68%.

The Fund had three exposure changes during the fiscal year:

	•	February 13, 2018 – 50% T-Bills / 50% Equities
	•	March 2, 2018 – 100% T-Bills
	•	April 19, 2018 – 100% Equities

The Fund has remained in equities through the end of the period. The Fund’s underperformance can be attributed to the period between February 13 and April 19, where the Pacer Trendpilot European Index went to 50% T Bills/ 50% Equities and 100% T-Bills. While the Trendpilot Index was exposed to T-Bills, the market rallied 4.71% resulting in underperformance for the Trendpilot Index. When the Fund was invested in equities, the top three sectors for contribution to performance were Financials at 16.30%, Consumer Discretionary at 15.44% and Industrials at 13.00%. The three sectors that had the lowest contribution to performance were Energy at 15.22%, Telecommunication Services at 3.36% and Health Care at -4.45%. Sector performance numbers reflect their total return during the period.

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The Pacer Cash Cows Index^® ETF Series

The Pacer Cash Cows ETFs aim to provide capital appreciation over time by screening broad based indexes to identify quality companies with high free cash flow yield. The period referenced in this section for all Cash Cows Funds is for the fiscal year end of April 30, 2018.

Pacer Global Cash Cows Dividend ETF

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

The Index uses an objective, rules-based methodology to provide exposure to global companies with high dividend 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.

The Fund

The Fund had a total return of 10.86% and the Pacer Global Cash Cows Dividend Index total return was 12.15%. The FTSE Developed Large-Cap Index had a total return of 14.28%.

During the fiscal year, three top sectors that contributed to performance were Energy at 33.43%, Materials at 27.16% and Consumer Discretionary at 23.14%. The three sectors that had the lowest contribution to performance were Utilities at 5.42%, Real Estate at 3.92% and Consumer Staples at -8.91%. Sector performance numbers reflect their total return during the period.

The Fund had a weighting of 37.18% U.S. and 62.82% International exposure for the period on average. This allowed the Fund to capture the returns of the higher yielding international companies. The contribution to return for each of these regions during that period was 489 basis points from domestic holdings and 762 basis points from

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international. The top three countries that contributed most to the positive performance were the U.S., Japan and Norway. The lowest contributions came from Canada, New Zealand and Israel.

Pacer US Cash Cows 100 ETF

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

The Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization U.S. companies with high free cash flow yields. 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.

The Fund

The Fund had a total return of 13.35% and the Pacer US Cash Cows 100 Index total return was 13.67%. The Russell 1000 Index had a total return of 13.17%.

During the fiscal year, three top sectors that contributed to performance were Industrials at 25.07%, Information Technology at 16.73% and Consumer Discretionary at 9.32%. The three sectors that had the lowest contribution to performance were Utilities at 11.85%, Real Estate at 6.21% and Consumer Staples at -1.73%. Sector performance numbers reflect their total return during the period.

The Fund uses a rules-based methodology that uses quality and value screens to select top constituents from the index universe. The Fund’s weighting throughout the year was largely in cyclicals that comprised almost 60% of the Fund. Information Technology had an average weighting of 31.09% and Consumer Discretionary’s average weighting was 28.36%.

Pacer US Small Cap Cash Cows 100 ETF

The Pacer US Small Cap Cash Cows 100 ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer US Small Cap Cash Cows 100 Index (the “Index”).

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The 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 Small Cap 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.

The Fund

The Fund’s inception date was June 16, 2017. The Fund had a since inception total return of 6.69%. The Pacer US Small Cap Cash Cows Index was 6.96%. The SmallCap 600 Index had a total return of 12.42%.

CALF, like COWZ, had a heavy sector weighting in Consumer Discretionary and Information Technology. Information Technology had an average weighting of 23.59% and Consumer Discretionary’s average weighting was 39.84%. The two top sectors for contribution to performance during this period were Consumer Discretionary at 24.92% and Health Care at 7.97%. The three sectors that had the lowest contribution to performance were Industrials at -6.19%, Consumer Staples at -26.83% and Real Estate at -30.70%. Sector performance numbers reflect their total return during the period.

Pacer Developed Markets International Cash Cows 100 ETF

The Pacer Developed Markets International Cash Cows 100 ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer Developed Markets International Cash Cows 100 Index (the “Index”).

The 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

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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.

The Fund

The Fund’s inception date was June 16, 2017. The Fund had a since inception total return of 16.48%. The Pacer Developed Markets International Cash Cows 100 Index was 17.65%. The FTSE Developed ex US Index had a total return of 10.74%.

There were several factors that contributed to positive performance. ICOW also had a heavy cyclical weighting which benefited from the reflation trade continuing through 2017. The three top sectors for contribution to performance during this period were Materials at 34.74%, Consumer Discretionary at 22.94% and Industrials at 10.93%. The three sectors that had the lowest contribution to performance were Telecommunication Services at 7.62%, Utilities at 2.12% and Consumer Staples at -6.50%. Sector performance numbers reflect their total return during the period.

The three top regions for contribution to performance were Italy at 79.24%, United Kingdom, at 15.11% and Japan at 13.51%. The three regions with the lowest contributions to performance were Austria at 9.81%, Sweden at -1.71% and Switzerland at -4.32%. Region performance numbers reflect their total return during the period.

The Pacer Custom ETF Series

The Pacer Custom ETFs are strategy-driven, rules-based and are each designed to offer a specific investment focus. The period referenced in this section for all custom funds is for the fiscal year end of April 30, 2018.

Pacer WealthShield ETF

The Pacer WealthShield ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Pacer WealthShield Index (the “Index”).

The Index uses an objective, rules-based methodology to implement a trend-following strategy that directs some or all of the Index’s exposure to (i) U.S. equity securities or (ii) U.S. Treasury securities depending on the strength of the high yield corporate (“junk”) bond market relative to U.S. Treasury bonds and the momentum of certain U.S. equity sectors or industries and of long-term U.S. Treasury bonds.

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The Fund

The Fund’s inception date was December 11, 2017. The Fund had a since inception total return of 0.23%. The Pacer WealthShield Index was 0.45%. The S&P 500 Index had a total return of 0.22%.

At the time of the Fund’s launch, its holdings were 20.8% Information Technology, 20.8% Internet, 20.3% Financials, 19.5% Healthcare and 20.8% Biotechechnology. At the end of the calendar quarter in December, the Healthcare and Biotech holdings were replaced with the Material and Energy sectors by the indices’ relative strength screens. These sectors remained in the Fund until the end of February when the Energy Sector’s trend screen put this sector’s holdings into 3 Month US T-Bills for the month of March.

The Fund’s credit spread indicator remained in the Risk On position from launch until the end of March. PWS’s credit spread indicator switched to Risk Off for April and the Fund’s holdings were switched entirely to 3-Month T-bills for the remainder of the fiscal year.

Pacer Military Times Best Employers ETF

The Pacer Military Times Best Employers ETF (the “Fund”) seeks to track the total performance, before fees and expenses, of the Military Times Best for Vets^SM Index (the “Index”).

The Index is owned and developed by VETS Indexes, LLC (the “Index Provider”) and based on The Military Times Best for Vets^SM: Employers list (the “Best for Vets List”) published annually by Sightline Media Group. The Best for Vets List is published each year based on detailed surveys (the “Best for Vets Survey”) completed by companies doing business in the United States that address the recruiting of U.S. armed forces veterans and service members, company culture, policies and reservist accommodations. Responses to each such category of questions are weighted to create a composite score and companies with composite scores in the top 60% of all participating companies are included on The Best for Vets List. Companies on the Best for Vets List are expected to come from a variety of sectors and industries, such as banking, information technology, energy and telecommunications, among others. Although all the companies in the Index have their stock listed on a U.S. exchange, such companies may have significant (or a majority of their) business operations outside of the United States.

The Index is composed of the U.S.-listed stocks of companies that have been included in the Best for Vets List for the last three consecutive years, have a minimum market capitalization of $200 million and meet the Index’s liquidity threshold. Index components are equally weighted at the time of each annual reconstitution of the Index, which is effective at the close of business on the third Friday of each September. As of January 11, 2018, the Index was made up of 37 companies and included significant allocations to companies in the financial, industrial and information technology sectors. Companies previously included in the Index for two consecutive years that are no longer on the Best for Vets List may continue to be included in the Index if the reason that they

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are no longer on the Best for Vets List is because they did not complete the most recent Best for Vets Survey.

The Fund

The Fund’s inception date was April 9, 2018. The Fund had a since inception total return of 1.79%. The Military Time Best for Vets Index was 1.83%. The S&P 500 Index had a total return of 1.39%.

VETS biggest holdings were in Financials (23.45%), Industrials (22.21%) and Consumer Discretionary (12.62%). The three top sectors for contribution to performance during this period were Consumer Discretionary at 4.19%, Health Care at 4.04% and Information Technology at 2.72%. The three sectors that had the lowest contribution to performance were Industrials -3.87%, Telecommunications at -3.08% and Financials at -0.46%. Sector performance numbers reflect their total return during the period.

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

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

An investment in the Funds is subject to investment risk, including the possible loss of principal. Pacer ETF shares may be bought and sold on an exchange through a brokerage account. Brokerage commissions and ETF expenses will reduce investment returns. There can be no assurance that an active trading market for ETF shares will be developed or maintained. The risks associated with these Funds are detailed in the prospectus and could include factors such as concentration risk, currency exchange rate risk, equity market risk, European investments risk, fixed income risk, foreign securities risk, geographic concentration risk, government obligations risk, high portfolio turnover risk, index criteria risk, large and mid-capitalization investing risk, monthly exposure risk, new fund risk, non-diversification risk, other investment companies risk, passive investment risk, sector risk, smaller-capitalization companies risk, style risk, tracking risk, trend lag risk and/or special risks of exchange traded funds.

The Pacer Trendpilot^® US Large Cap Index, Pacer Trendpilot^® US Mid Cap Index, Pacer US Small Cap Cash Cows Index and Pacer WealthShield Index (the “Indices”) are the property of Index Design Group, LLC which has contracted with S&P Opco, LLC (a subsidiary of S&P Dow Jones Indices LLC) to calculate and maintain the Indices. The Indices are not sponsored by S&P Dow Jones Indices or its affiliates or its third party licensors (collectively, “S&P Dow Jones Indices”). S&P Dow Jones Indices will not be liable for any errors or omissions in calculating the Indices. “Calculated by S&P Dow Jones Indices” and the related stylized mark(s) are service marks of S&P Dow Jones Indices and have been licensed for use by Index Design Group, LLC. S&P^® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”).

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

Source: FTSE International Limited (“FTSE”) © FTSE 2017. “FTSE^®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE International Limited under licence. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data and no party may rely on any FTSE indices, ratings and / or data underlying data contained in this communication. No further distribution of FTSE Data is permitted without FTSE’s express written consent. FTSE does not promote, sponsor or endorse the content of this communication.

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

“VETS INDEXES(SM)” and “MILITARY TIMES BEST FOR VETS INDEX(SM)” are service marks of VETS Indexes LLC and have been licensed for use by Pacer Advisors, LLC. The Product is not sponsored, endorsed, sold or promoted by VETS Indexes LLC and VETS Indexes LLC makes no representation regarding the advisability of investing in the Product or such similar language as may be approved in advance by VETS.

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

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

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)

As of April 30, 2018

Pacer Trendpilot^® US Large Cap ETF

	Percentage of
Sector^(a)	Net Assets
Consumer, Non-Cyclical		21.3	%
Financial		18.9	%
Technology		15.9	%
Communications		14.2	%
Industrial		9.8	%
Consumer, Cyclical		8.3	%
Energy		6.2	%
Utilities		2.9	%
Basic Materials		2.3	%
Short-Term Investments		0.2	%
Investments Purchased with Proceeds from Securities Lending		8.1	%
Liabilities in excess of other assets		-8.1	%
Total		100.0	%

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

Pacer Trendpilot^® US Mid Cap ETF

	Percentage of
Sector^(a)	Net Assets
Financial		25.0	%
Industrial		18.0	%
Consumer, Non-Cyclical		14.5	%
Consumer, Cyclical		12.3	%
Technology		10.4	%
Utilities		5.7	%
Energy		5.3	%
Basic Materials		5.2	%
Communications		2.9	%
Investment Companies		0.6	%
Short-Term Investments		0.1	%
Investments Purchased with Proceeds from Securities Lending		23.9	%
Liabilities in excess of other assets		-23.9	%
Total		100.0	%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)

As of April 30, 2018

Pacer Trendpilot^® 100 ETF

	Percentage of
Sector^(a)	Net Assets
Technology		40.0	%
Communications		38.4	%
Consumer, Non-Cyclical		13.7	%
Consumer, Cyclical		6.9	%
Industrial		0.9	%
Short-Term Investments		0.1	%
Investments Purchased with Proceeds from Securities Lending		13.4	%
Liabilities in excess of other assets		-13.4	%
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		30.3	%
Germany		29.1	%
Spain		10.0	%
Netherlands		9.2	%
Italy		7.8	%
Belgium		3.2	%
United Kingdom		3.2	%
Finland		3.1	%
Austria		0.8	%
Luxembourg		0.8	%
Ireland		0.7	%
Portugal		0.5	%
Greece		0.5	%
Switzerland		0.3	%
Short-Term Investments		0.3	%
Other assets in excess of liabilities		0.2	%
Total		100.0	%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)

As of April 30, 2018

Pacer Global Cash Cows Dividend ETF

	Percentage of
Sector^(a)	Net Assets
Consumer, Non-Cyclical		24.8	%
Communications		20.7	%
Consumer, Cyclical		13.3	%
Energy		11.5	%
Basic Materials		9.5	%
Industrial		6.2	%
Financial		5.1	%
Technology		4.9	%
Utilities		3.0	%
Diversified		0.6	%
Short-Term Investments		0.3	%
Investments Purchased with Proceeds from Securities Lending		22.2	%
Liabilities in excess of other assets		-22.1	%
Total		100.0	%

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

Pacer US Cash Cows 100 ETF

	Percentage of
Sector^(a)	Net Assets
Consumer, Cyclical		24.4	%
Technology		21.7	%
Consumer, Non-Cyclical		20.1	%
Communications		9.1	%
Basic Materials		7.6	%
Financial		7.2	%
Energy		6.1	%
Industrial		3.0	%
Utilities		0.7	%
Short-Term Investments		0.1	%
Investments Purchased with Proceeds from Securities Lending		12.7	%
Liabilities in excess of other assets		-12.7	%
Total		100.0	%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)

As of April 30, 2018

Pacer US Small Cap Cash Cows 100 ETF

	Percentage of
Sector^(a)	Net Assets
Consumer, Cyclical		38.2	%
Consumer, Non-Cyclical		20.6	%
Industrial		16.6	%
Technology		9.1	%
Communications		6.1	%
Energy		4.9	%
Financial		3.2	%
Basic Materials		1.2	%
Short-Term Investments		0.1	%
Investments Purchased with Proceeds from Securities Lending		12.0	%
Liabilities in excess of other assets		-12.0	%
Total		100.0	%

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

Pacer Developed Markets International Cash Cows 100 ETF

	Percentage of
Sector^(a)	Net Assets
Consumer, Cyclical		27.1	%
Basic Materials		20.7	%
Communications		12.9	%
Consumer, Non-Cyclical		11.9	%
Industrial		11.2	%
Technology		6.0	%
Energy		5.5	%
Utilities		4.3	%
Short-Term Investments		0.9	%
Investments Purchased with Proceeds from Securities Lending		5.5	%
Liabilities in excess of other assets		-6.0	%
Total		100.0	%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)

As of April 30, 2018

Pacer WealthShield ETF

	Percentage of
Sector^(a)	Net Assets
Communications		35.0	%
Consumer, Non-Cyclical		21.7	%
Financial		21.3	%
Short-Term Investments		12.8	%
Technology		11.2	%
Consumer, Cyclical		10.0	%
Industrial		0.1	%
Liabilities in excess of other assets		-12.1	%
Total		100.0	%

^(a)	The Fund may classify a company in a different category than the Pacer WealthShield Index.

Pacer Military Times Best Employers ETF

	Percentage of
Sector^(a)	Net Assets
Financial		23.4	%
Consumer, Non-Cyclical		17.2	%
Industrial		15.3	%
Consumer, Cyclical		11.6	%
Communications		11.6	%
Technology		11.3	%
Utilities		9.6	%
Short-Term Investments		0.0	%*
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 Military Times Best for VETS Total Return Index.

Pacer Trendpilot^® US Large Cap ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

The Pacer Trendpilot^® US Large Cap Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P 500 Index, (ii) 50% to the S&P 500 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 S&P 500 Total Return Index and its 200-business day historical simple moving average.

Pacer Trendpilot^® US Large Cap ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the periods ended April 30, 2018)

	One	Since
	Year	Inception⁽²⁾
Pacer Trendpilot^® US Large Cap ETF – NAV	12.56%	5.42%
Pacer Trendpilot^® US Large Cap ETF – Market	12.73%	5.49%
Pacer Trendpilot^® US Large Cap Index⁽³⁾⁽⁴⁾	11.87%	4.58%
S&P 500 Total Return Index⁽⁴⁾	13.27%	10.45%
Wilshire US Large-Cap Index^TM⁽⁴⁾	13.01%	10.51%

⁽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⁾	Effective November 1, 2017, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Pacer Trendpilot^® US Large Cap Index. Prior to November 1, 2017, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Pacer Wilshire US Large-Cap Trendpilot^TM Index. Performance shown for periods beginning November 1, 2017 is that of the Pacer Trendpilot^® US Large Cap Index, and performance shown for periods prior to November 1, 2017 is that of the Pacer Wilshire US Large-Cap Trendpilot^TM Index.
⁽⁴⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Trendpilot^® US Mid Cap ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

The Pacer Trendpilot^® US Mid Cap Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P MidCap 400 Index, (ii) 50% to the S&P MidCap 400 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 S&P MidCap 400 Total Return Index and its 200-business day historical simple moving average.

The Wilshire US Mid-Cap Index^TM 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^TM. The Wilshire 5000 Total Market Index^TM is an unmanaged, market-capitalization-weighted index that measures the performance of all equity securities of U.S. headquartered issuers with readily available price data.

Pacer Trendpilot^® US Mid Cap ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the periods ended April 30, 2018)

	One	Since
	Year	Inception⁽²⁾
Pacer Trendpilot^® US Mid Cap ETF – NAV	10.42%	7.91%
Pacer Trendpilot^® US Mid Cap ETF – Market	10.28%	7.92%
Pacer Trendpilot^® US Mid Cap Index⁽³⁾⁽⁴⁾	11.21%	8.17%
S&P MidCap 400 Total Return Index⁽⁴⁾	9.77%	8.78%
Wilshire US Mid-Cap Index^TM⁽⁴⁾	11.37%	8.28%

⁽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⁾	Effective November 1, 2017, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Pacer Trendpilot^® US Mid Cap Index. Prior to November 1, 2017, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of the Pacer Wilshire US Mid-Cap Trendpilot^TM Index. Performance shown for periods beginning November 1, 2017 is that of the Pacer Trendpilot^® US Mid Cap Index, and performance shown for periods prior to November 1, 2017 is that of the Pacer Wilshire US Mid-Cap Trendpilot^TM Index.
⁽⁴⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the periods ended April 30, 2018)

	One	Since
	Year	Inception⁽²⁾
Pacer Trendpilot^® 100 ETF – NAV	18.78%	8.24%
Pacer Trendpilot^® 100 ETF – Market	18.98%	8.28%
Pacer Nasdaq-100 Trendpilot^® Index⁽³⁾	19.59%	8.99%
Nasdaq-100 Index⁽³⁾	19.59%	15.66%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2017, is 0.66%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is June 11, 2015.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Trendpilot^® European Index ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

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

Pacer Trendpilot^® European Index ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the periods ended April 30, 2018)

	One	Since
	Year	Inception⁽²⁾
Pacer Trendpilot^® European Index ETF – NAV	10.43%	7.73%
Pacer Trendpilot^® European Index ETF – Market	9.57%	7.79%
Pacer Trendpilot^® European Index⁽³⁾	12.20%	9.13%
FTSE Eurozone Index (USD)⁽³⁾	17.68%	15.27%

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

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Annualized Returns⁽¹⁾

(For the periods ended April 30, 2018)

	One	Since
	Year	Inception⁽²⁾
Pacer Global Cash Cows Dividend ETF – NAV	10.86%	12.79%
Pacer Global Cash Cows Dividend ETF – Market	10.50%	12.79%
Pacer Global Cash Cows Dividend Index⁽³⁾	12.15%	13.89%
FTSE Developed Large-Cap Index⁽³⁾	14.28%	17.54%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2017, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is February 22, 2016.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

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

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the periods ended April 30, 2018)

	One	Since
	Year	Inception⁽²⁾
Pacer US Cash Cows 100 ETF – NAV	13.35%	13.45%
Pacer US Cash Cows 100 ETF – Market	13.69%	13.68%
Pacer US Cash Cows 100 Index⁽³⁾	13.67%	13.88%
Russell 1000 Index⁽³⁾	13.17%	14.46%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2017, is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is December 16, 2016.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer US Small Cap Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

The Pacer US Small Cap Cash Cows Index uses an objective, rules-based methodology to provide exposure to small-capitalization U.S. companies with high free cash flow yields. The initial index universe is derived from the component companies of the S&P Small Cap 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.

Pacer US Small Cap Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2018)

	Since
	Inception⁽²⁾
Pacer US Small Cap Cash Cows 100 ETF – NAV	6.69%
Pacer US Small Cap Cash Cows 100 ETF – Market	6.78%
Pacer US Small Cap Cash Cows Index⁽³⁾	6.96%
S&P SmallCap 600 Index⁽³⁾	12.42%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2017, is 0.59%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is June 16, 2017.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

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

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2018)

	Since
	Inception⁽²⁾
Pacer Developed Markets International Cash Cows 100 ETF – NAV	16.48%
Pacer Developed Markets International Cash Cows 100 ETF – Market	17.72%
Pacer Developed Markets International Cash Cows 100 Index⁽³⁾	17.65%
FTSE Developed ex-US Index⁽³⁾	10.74%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2017, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is June 16, 2017.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer WealthShield ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 11, 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 WealthShield Index uses an objective, rules-based methodology to implement a trend-following strategy that directs some or all of the Index’s exposure to (i) U.S. equity securities or (ii) U.S. Treasury securities depending on the strength of the high-yield corporate (“junk”) bond market relative to U.S. Treasury bonds and the momentum of certain U.S. equity sectors or industries and of long-term U.S. Treasury bonds, as described below.

Pacer WealthShield ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2018)

	Since
	Inception⁽²⁾
Pacer WealthShield ETF – NAV	0.23%
Pacer WealthShield ETF – Market	0.33%
Pacer WealthShield Index⁽³⁾	0.45%
S&P 500 Total Return Index⁽³⁾	0.22%

⁽¹⁾	The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated December 8, 2017, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is December 11, 2017.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Military Times Best Employers ETF

PERFORMANCE SUMMARY

(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on April 9, 2018, 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 Military Times Best for VETS^SM Total Return Index is composed of the U.S.-listed stocks of companies that have been included in the Best for Vets List for the last three consecutive years, have a minimum market capitalization of $200 million, and meet the Index’s liquidity threshold. Index components are equally weighted at the time of each annual reconstitution of the Index, which is effective at the close of business on the third Friday of each September. As of January 11, 2018, the Index was made up of 37 companies and included significant allocations to companies in the financial, industrial, and information technology sectors. Companies previously included in the Index for two consecutive years that are no longer on the Best for Vets List may continue to be included in the Index if the reason that they are no longer on the Best for Vets List is because they did not complete the most recent Best for Vets Survey.

Pacer Military Times Best Employers ETF

PERFORMANCE SUMMARY

(Unaudited) (Continued)

Cumulative Returns⁽¹⁾

(For the period ended April 30, 2018)

	Since
	Inception⁽²⁾
Pacer Military Times Best Employers ETF – NAV	1.79%
Pacer Military Times Best Employers ETF – Market	2.57%
Military Times Best for VETS^SM Total Return Index⁽³⁾	1.83%
S&P 500 Total Return Index⁽³⁾	1.39%

⁽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 April 9, 2018, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.
⁽²⁾	Inception date is April 9, 2018.
⁽³⁾	Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended April 30, 2018 (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 funds. Please note, the expenses shown in the tables are meant to highlight ongoing costs only and do not reflect any transactional costs. You may pay brokerage commissions on your purchase and sale of Fund shares, which are not reflected in the following examples. Each example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below.

Actual Expenses

The columns under the heading entitled “Actual” help you estimate the actual expenses you paid over the period. The “Actual Ending Account Value” shown is derived from a Fund’s actual return and the “Actual Expenses Paid During Period” show the dollar amount that would have been paid by an investor who started with $1,000 in a Fund. To estimate the expenses you paid on your account during this period, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the column under the heading untitled “Actual Expenses Paid During Period”.

Hypothetical Example for Comparison Purposes

The columns under the heading entitled “Hypothetical” provide information about hypothetical account value and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs which may be applicable to your account. Therefore, the last column of the table (Hypothetical Expenses Paid During Period) is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended April 30, 2018 (Unaudited) (Continued)

	Fund’s	Beginning	Ending	Expenses
	Annual	Account	Account	Paid
	Expense	Value	Value	During
	Ratio	11/01/17	4/30/18	Period^(a)
Pacer Trendpilot^®
U.S. Large Cap ETF
Actual	0.60%	$1,000.00	$1,035.10	$3.03
Hypothetical^(b)	0.60%	$1,000.00	$1,021.82	$3.01

Pacer Trendpilot^®
U.S. Mid Cap ETF
Actual	0.60%	$1,000.00	$1,025.80	$3.01
Hypothetical^(b)	0.60%	$1,000.00	$1,021.82	$3.01

Pacer Trendpilot^® 100 ETF
Actual	0.65%	$1,000.00	$1,059.50	$3.32
Hypothetical^(b)	0.65%	$1,000.00	$1,021.57	$3.26

Pacer Trendpilot^® European Index ETF
Actual	0.65%	$1,000.00	$ 976.60	$3.19
Hypothetical^(b)	0.65%	$1,000.00	$1,021.57	$3.26

Pacer Global Cash
Cows Dividend ETF
Actual	0.60%	$1,000.00	$1,034.70	$3.03
Hypothetical^(b)	0.60%	$1,000.00	$1,021.82	$3.01

Pacer U.S. Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$1,081.80	$2.53
Hypothetical^(b)	0.49%	$1,000.00	$1,022.36	$2.46

Pacer U.S. Small Cap
Cash Cows 100 ETF
Actual	0.59%	$1,000.00	$1,068.20	$3.03
Hypothetical^(b)	0.59%	$1,000.00	$1,021.87	$2.96

Pacer Developed Markets
International Cash Cows 100 ETF
Actual	0.65%	$1,000.00	$1,041.00	$3.29
Hypothetical^(b)	0.65%	$1,000.00	$1,021.57	$3.26

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

Pacer Funds

EXPENSE EXAMPLE

For the Periods Ended April 30, 2018 (Unaudited) (Continued)

	Fund’s	Beginning	Ending	Expenses
	Annual	Account	Account	Paid
	Expense	Value	Value	During
	Ratio	12/11/17^(a)	4/30/18	Period
Pacer WealthShield ETF
Actual	0.60%	$1,000.00	$1,002.30	$2.30^(b)
Hypothetical^(d)	0.60%	$1,000.00	$1,021.82	$3.01^(c)

^(a)	Inception date of the Fund.
^(b)	The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (140) in the most recent six-month period and divided by the number of days in the most recent twelve month period (365).
^(c)	The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (181) in the most recent six-month period and divided by the number of days in the most recent twelve month period (365).
^(d)	Assumes 5% return before expenses.

	Fund’s	Beginning	Ending	Expenses
	Annual	Account	Account	Paid
	Expense	Value	Value	During
	Ratio	04/09/18^(a)	4/30/18	Period^(b)
Pacer Military Times
Best Employers ETF
Actual	0.60%	$1,000.00	$1,017.90	$0.35^(b)
Hypothetical^(d)	0.60%	$1,000.00	$1,021.82	$3.01^(c)

^(a)	Inception date of the Fund.
^(b)	The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (21) in the most recent six-month period and divided by the number of days in the most recent twelve month period (365).
^(c)	The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (181) in the most recent six-month period and divided by the number of days in the most recent twelve month period (365).
^(d)	Assumes 5% return before expenses.

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018

	Shares		Value

COMMON STOCKS – 97.2%

Advertising – 0.1%
Interpublic Group of Cos., Inc.		14,793	$	348,967
Omnicom Group, Inc. (a)		9,238		680,471
				1,029,438

Aerospace/Defense – 2.7%
Arconic, Inc.		16,804		299,279
Boeing Co.		22,526		7,513,772
General Dynamics Corp.		11,283		2,271,381
Harris Corp.		4,796		750,190
L3 Technologies, Inc.		3,211		628,971
Lockheed Martin Corp.		10,133		3,251,072
Northrop Grumman Corp.		7,079		2,279,721
Raytheon Co.		11,835		2,425,465
Rockwell Collins, Inc.		6,593		873,836
TransDigm Group, Inc. (a)		1,965		629,920
United Technologies Corp.		30,285		3,638,743
				24,562,350

Agriculture – 1.1%
Altria Group, Inc.		77,318		4,338,313
Archer-Daniels-Midland Co.		22,904		1,039,383
Philip Morris International, Inc.		63,496		5,206,672
				10,584,368

Airlines – 0.5%
Alaska Air Group, Inc.		5,092		330,624
American Airlines Group, Inc.		17,453		749,257
Delta Air Lines, Inc.		26,952		1,407,433
Southwest Airlines Co.		22,415		1,184,184
United Continental Holdings, Inc. (b)		10,164		686,477
				4,357,975

Apparel – 0.7%
Hanesbrands, Inc. (a)		14,542		268,591
Michael Kors Holdings Ltd. (b)		6,239		426,872
NIKE, Inc. – Class B (a)		52,844		3,614,001
PVH Corp.		3,158		504,238
Ralph Lauren Corp. – Class A		1,945		213,658

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Apparel – 0.7% (Continued)
Under Armour, Inc. – Class A (a) (b)		7,629	$	135,491
Under Armour, Inc. – Class C (b)		7,662		117,612
VF Corp.		13,525		1,093,767
				6,374,230

Auto Manufacturers – 0.5%
Ford Motor Co. (a)		159,551		1,793,353
General Motors Co.		52,353		1,923,449
PACCAR, Inc.		14,334		912,646
				4,629,448

Auto Parts & Equipment – 0.2%
Aptiv PLC		10,944		925,644
BorgWarner, Inc.		7,659		374,831
Goodyear Tire & Rubber Co.		10,044		252,205
				1,552,680

Banks – 7.8%
Bank of America Corp.		389,342		11,649,113
Bank of New York Mellon Corp.		41,535		2,264,073
BB&T Corp.		32,370		1,709,136
Capital One Financial Corp.		19,740		1,788,839
Citigroup, Inc.		104,565		7,138,652
Citizens Financial Group, Inc.		19,386		804,325
Comerica, Inc.		6,912		653,737
Fifth Third Bancorp		28,907		958,845
Goldman Sachs Group, Inc.		14,367		3,424,087
Huntington Bancshares, Inc.		44,472		663,077
JPMorgan Chase & Co.		139,688		15,195,261
KeyCorp.		42,647		849,528
M&T Bank Corp.		6,087		1,109,477
Morgan Stanley		56,043		2,892,940
Northern Trust Corp.		8,637		922,000
PNC Financial Services Group, Inc.		19,340		2,816,097
Regions Financial Corp.		45,521		851,243
State Street Corp.		15,172		1,513,862
SunTrust Banks, Inc.		19,512		1,303,402
SVB Financial Group (b)		2,134		639,368

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Banks – 7.8% (Continued)
US Bancorp		64,682	$	3,263,207
Wells Fargo & Co.		179,588		9,331,392
Zions Bancorp (a)		8,173		447,472
				72,189,133

Beverages – 1.9%
Brown-Forman Corp. – Class B		9,976		559,055
Coca-Cola Co.		156,233		6,750,828
Constellation Brands, Inc. – Class A		7,003		1,632,609
Dr Pepper Snapple Group, Inc.		7,338		880,267
Molson Coors Brewing Co. – Class B		7,621		542,920
Monster Beverage Corp. (b)		16,926		930,930
PepsiCo, Inc.		58,327		5,887,527
				17,184,136

Biotechnology – 2.1%
Alexion Pharmaceuticals, Inc. (b)		9,110		1,071,609
Amgen, Inc.		27,204		4,746,554
Biogen, Inc. (b)		8,577		2,346,667
Celgene Corp. (b)		30,596		2,664,912
Gilead Sciences, Inc.		53,330		3,852,026
Illumina, Inc. (b)		5,928		1,428,233
Incyte Corp. (b)		7,027		435,252
Regeneron Pharmaceuticals, Inc. (b)		3,172		963,273
Vertex Pharmaceuticals, Inc. (b)		10,328		1,581,837
				19,090,363

Building Materials – 0.4%
Fortune Brands Home & Security, Inc. (a)		6,873		375,884
Johnson Controls International Plc		38,007		1,287,297
Martin Marietta Materials, Inc.		2,559		498,417
Masco Corp.		13,007		492,575
Vulcan Materials Co.		5,340		596,425
				3,250,598

Chemicals – 1.9%
Air Products & Chemicals, Inc.		8,962		1,454,443
Albemarle Corp.		4,523		438,550

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Chemicals – 1.9% (Continued)
CF Industries Holdings, Inc. (a)		9,594	$	372,247
DowDuPont, Inc.		95,725		6,053,649
Eastman Chemical Co.		5,896		601,864
FMC Corp.		5,161		411,487
International Flavors & Fragrances, Inc.		3,233		456,694
LyondellBasell Industries NV – Class A		13,176		1,393,098
Monsanto Co.		17,723		2,221,933
Mosaic Co.		14,393		387,891
PPG Industries, Inc. (a)		10,190		1,078,917
Praxair, Inc.		11,687		1,782,501
Sherwin-Williams Co.		3,324		1,222,102
				17,875,376

Commercial Services – 1.8%
Automatic Data Processing, Inc.		18,163		2,144,687
Cintas Corp.		3,305		562,841
Ecolab, Inc.		10,347		1,497,935
Equifax, Inc.		4,916		550,838
Gartner, Inc. (b)		3,761		456,172
Global Payments, Inc.		6,311		713,459
H&R Block, Inc.		7,873		217,688
IHS Markit Ltd. (b)		14,778		726,043
Moody’s Corp.		6,999		1,135,238
Nielsen Holdings PLC		13,695		430,708
PayPal Holdings, Inc. (b)		46,355		3,458,547
Quanta Services, Inc. (b)		6,535		212,387
Robert Half International, Inc.		5,053		306,970
S&P Global, Inc.		10,459		1,972,567
Total System Services, Inc.		6,708		563,874
United Rentals, Inc. (b)		3,389		508,350
Verisk Analytics, Inc. (b)		6,157		655,413
Western Union Co. (a)		18,918		373,631
				16,487,348

Computers – 5.5%
Accenture PLC		25,275		3,821,580
Apple, Inc.		207,504		34,292,111

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Computers – 5.5% (Continued)
Cognizant Technology Solutions Corp. – Class A		23,921	$	1,957,216
DXC Technology Co.		11,557		1,191,064
Hewlett Packard Enterprise Co.		62,890		1,072,274
HP, Inc.		67,475		1,450,038
International Business Machines Corp.		34,834		5,049,537
NetApp, Inc.		11,026		734,111
Seagate Technology PLC		11,737		679,455
Western Digital Corp.		12,002		945,638
				51,193,024

Cosmetics/Personal Care – 1.2%
Colgate-Palmolive Co. (a)		35,902		2,341,887
Coty, Inc. – Class A		19,335		335,462
Estee Lauder Cos., Inc.		9,129		1,351,914
Procter & Gamble Co.		103,156		7,462,305
				11,491,568

Distribution/Wholesale – 0.2%
Fastenal Co.		11,219		560,838
LKQ Corp. (b)		12,542		389,053
WW Grainger, Inc.		2,064		580,706
				1,530,597

Diversified Financial Services – 3.9%
Affiliated Managers Group, Inc.		2,192		361,373
Alliance Data Systems Corp.		1,965		398,993
American Express Co.		29,527		2,915,791
Ameriprise Financial, Inc.		6,039		846,728
BlackRock, Inc.		5,104		2,661,736
Cboe Global Markets, Inc.		4,588		489,907
Charles Schwab Corp.		48,694		2,711,282
CME Group, Inc.		13,810		2,177,561
Discover Financial Services		14,878		1,060,057
E*TRADE Financial Corp. (b)		11,176		678,160
Franklin Resources, Inc.		13,359		449,397
Intercontinental Exchange, Inc.		24,037		1,741,721
Invesco Ltd.		16,285		471,776
MasterCard, Inc. – Class A		37,805		6,739,497

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Diversified Financial Services – 3.9% (Continued)
Nasdaq, Inc.		4,472	$	394,967
Navient Corp. (a)		11,062		146,682
Raymond James Financial, Inc.		5,266		472,624
Synchrony Financial		30,092		998,152
T Rowe Price Group, Inc. (a)		9,689		1,102,802
Visa, Inc. – Class A (a)		73,345		9,306,014
				36,125,220

Electric – 2.8%
AES Corp.		25,461		311,643
Alliant Energy Corp.		9,398		403,644
Ameren Corp.		9,369		549,211
American Electric Power Co., Inc.		20,105		1,406,948
CenterPoint Energy, Inc.		17,585		445,428
CMS Energy Corp.		11,537		544,431
Consolidated Edison, Inc.		12,569		1,007,154
Dominion Energy, Inc.		26,402		1,757,317
DTE Energy Co.		7,271		766,363
Duke Energy Corp. (a)		28,586		2,291,454
Edison International (a)		13,221		866,240
Entergy Corp.		7,275		593,567
Eversource Energy		12,959		780,780
Exelon Corp.		39,208		1,555,773
FirstEnergy Corp.		18,161		624,738
NextEra Energy, Inc.		19,004		3,114,946
NRG Energy, Inc.		11,269		349,339
PG&E Corp.		20,898		963,398
Pinnacle West Capital Corp.		4,556		366,758
PPL Corp.		27,970		813,927
Public Service Enterprise Group, Inc.		20,702		1,079,609
SCANA Corp.		5,840		214,737
Sempra Energy (a)		10,316		1,153,329
Southern Co. (a)		40,401		1,863,294
WEC Energy Group, Inc.		12,922		830,626
Xcel Energy, Inc. (a)		20,755		972,164
				25,626,818

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Electrical Components & Equipment – 0.3%
Acuity Brands, Inc.		1,652	$	197,860
AMETEK, Inc.		9,391		655,492
Emerson Electric Co.		26,292		1,746,052
				2,599,404

Electronics – 1.3%
Agilent Technologies, Inc.		13,084		860,142
Allegion PLC		3,885		299,844
Amphenol Corp. – Class A		12,435		1,040,934
Corning, Inc.		35,629		962,696
FLIR Systems, Inc.		5,237		280,441
Fortive Corp.		12,422		873,391
Garmin Ltd. (a)		4,537		266,186
Honeywell International, Inc.		30,590		4,425,761
Mettler-Toledo International, Inc. (b)		1,054		590,166
PerkinElmer, Inc. (a)		4,516		331,294
TE Connectivity Ltd.		14,390		1,320,282
Waters Corp. (b)		3,156		594,622
				11,845,759

Engineering & Construction – 0.1%
Fluor Corp.		5,451		321,337
Jacobs Engineering Group, Inc.		5,001		290,508
				611,845

Environmental Control – 0.2%
Republic Services, Inc. (a)		9,072		586,777
Stericycle, Inc. (b)		3,240		190,220
Waste Management, Inc.		16,382		1,331,693
				2,108,690

Food – 1.2%
Campbell Soup Co. (a)		7,837		319,593
ConAgra Foods, Inc.		16,636		616,697
General Mills, Inc.		22,709		993,292
Hershey Co.		5,522		507,693
Hormel Foods Corp. (a)		10,606		384,467
JM Smucker Co. (a)		4,552		519,292

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Food – 1.2% (Continued)
Kellogg Co.		10,225	$	602,253
Kroger Co.		36,513		919,762
McCormick & Co., Inc. (a)		4,828		508,919
Mondelez International, Inc. – Class A		61,271		2,420,205
Sysco Corp.		19,730		1,233,914
The Kraft Heinz Co. (a)		23,922		1,348,722
Tyson Foods, Inc. – Class A		11,931		836,363
				11,211,172

Forest Products & Paper – 0.1%
International Paper Co.		16,873		869,972

Gas – 0.0% (c)
NiSource, Inc.		12,526		305,509

Hand/Machine Tools – 0.1%
Snap-On, Inc. (a)		2,288		332,332
Stanley Black & Decker, Inc.		6,330		896,265
				1,228,597

Healthcare-Products – 3.3%
Abbott Laboratories		70,929		4,123,103
Align Technology, Inc. (b)		3,005		750,799
Baxter International, Inc.		20,382		1,416,549
Becton Dickinson and Co. (a)		10,765		2,496,080
Boston Scientific Corp. (b)		56,001		1,608,349
Danaher Corp.		24,949		2,502,883
DENTSPLY SIRONA, Inc.		9,010		453,563
Edwards Lifesciences Corp. (a) (b)		8,341		1,062,310
Henry Schein, Inc. (a) (b)		6,485		492,860
Hologic, Inc. (b)		11,376		441,275
IDEXX Laboratories, Inc. (b)		3,467		674,297
Intuitive Surgical, Inc. (b)		4,562		2,010,838
Medtronic PLC		54,729		4,385,435
ResMed, Inc.		5,820		550,805
Stryker Corp.		13,095		2,218,555
The Cooper Cos., Inc.		1,981		453,074
Thermo Fisher Scientific, Inc.		16,422		3,454,368

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Healthcare-Products – 3.3% (Continued)
Varian Medical Systems, Inc. (b)		3,520	$	406,877
Zimmer Biomet Holdings, Inc.		8,110		934,029
				30,436,049

Healthcare-Services – 2.4%
Aetna, Inc.		13,370		2,393,898
Anthem, Inc. (a)		10,514		2,481,199
Centene Corp. (b)		7,043		764,729
Cigna Corp.		10,050		1,726,791
DaVita, Inc. (b)		6,234		391,433
Envision Healthcare Corp. (a) (b)		5,016		186,445
HCA Healthcare, Inc.		11,246		1,076,692
Humana, Inc.		5,705		1,678,297
IQVIA Holdings, Inc. (b)		5,588		535,107
Laboratory Corp. of American Holdings (b)		4,078		696,319
Quest Diagnostics, Inc.		5,656		572,387
UnitedHealth Group, Inc.		39,315		9,294,066
Universal Health Services, Inc. – Class B		3,262		372,520
				22,169,883

Home Builders – 0.2%
DR Horton, Inc. (a)		13,839		610,853
Lennar Corp. – Class A		11,104		587,291
PulteGroup, Inc.		11,033		334,962
				1,533,106

Home Furnishings – 0.1%
Leggett & Platt, Inc. (a)		4,808		194,964
Whirlpool Corp.		2,810		435,410
				630,374

Household Products/Wares – 0.3%
Avery Dennison Corp.		3,486		365,368
Church & Dwight Co., Inc.		10,198		471,148
Clorox Co. (a)		5,249		615,183
Kimberly-Clark Corp. (a)		14,388		1,489,733
				2,941,432

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Housewares – 0.1%
Newell Brands, Inc.		20,000	$	552,600

Insurance – 4.4%
Aflac, Inc.		63,438		2,890,870
Allstate Corp.		14,638		1,431,889
American International Group, Inc. (a)		36,797		2,060,632
Aon PLC		9,949		1,417,434
Arthur J Gallagher & Co.		7,293		510,437
Assurant, Inc.		2,041		189,446
Berkshire Hathaway, Inc. – Class B (a) (b)		78,329		15,174,677
Brighthouse Financial, Inc. (b)		4,055		205,913
Chubb Ltd.		18,774		2,547,069
Cincinnati Financial Corp. (a)		6,019		423,376
Everest Re Group Ltd.		1,761		409,732
Hartford Financial Services Group, Inc.		13,965		751,876
Lincoln National Corp.		9,063		640,210
Loews Corp.		10,631		557,702
Marsh & McLennan Cos., Inc.		20,890		1,702,535
MetLife, Inc.		43,099		2,054,529
Principal Financial Group, Inc.		10,573		626,133
Progressive Corp.		23,426		1,412,354
Prudential Financial, Inc.		17,471		1,857,517
Torchmark Corp.		4,388		380,615
Travelers Cos., Inc.		10,992		1,446,547
Unum Group		9,180		444,128
Willis Towers Watson PLC		5,396		801,360
XL Group Ltd.		10,492		583,250
				40,520,231

Internet – 8.8%
Alphabet, Inc. – Class A (b)		12,289		12,517,330
Alphabet, Inc. – Class C (b)		12,380		12,594,545
Amazon.com, Inc. (b)		16,478		25,806,690
Booking Holdings, Inc. (b)		1,991		4,336,398
eBay, Inc. (a) (b)		38,682		1,465,274
Expedia Group, Inc. (a)		5,086		585,602
F5 Networks, Inc. (b)		2,573		419,631

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Internet – 8.8% (Continued)
Facebook, Inc. – Class A (b)		97,530	$	16,775,160
Netflix, Inc. (b)		17,725		5,538,354
Symantec Corp.		25,174		699,585
TripAdvisor, Inc. (a) (b)		3,931		147,098
VeriSign, Inc. (a) (b)		3,429		402,633
				81,288,300

Investment Companies – 0.0% (c)
Leucadia National Corp.		13,014		312,857

Iron/Steel – 0.1%
Nucor Corp.		13,030		802,909

Leisure Time – 0.3%
Carnival Corp.		16,365		1,031,977
Harley-Davidson, Inc.		7,023		288,856
Norwegian Cruise Line Holdings Ltd. (b)		8,393		448,774
Royal Caribbean Cruises Ltd.		7,064		764,254
				2,533,861

Lodging – 0.4%
Hilton Worldwide Holdings, Inc.		8,374		660,206
Marriott International, Inc. – Class A		12,218		1,669,956
MGM Resorts International		21,035		660,920
Wyndham Worldwide Corp.		4,106		468,946
Wynn Resorts Ltd.		3,262		607,352
				4,067,380

Machinery-Construction & Mining – 0.4%
Caterpillar, Inc.		24,346		3,514,589

Machinery-Diversified – 0.6%
Cummins, Inc.		6,431		1,028,060
Deere & Co.		13,043		1,765,109
Flowserve Corp. (a)		5,033		223,516
Rockwell Automation, Inc.		5,229		860,327
Roper Technologies, Inc.		4,090		1,080,537
Xylem, Inc.		7,277		530,493
				5,488,042

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Media – 2.3%
CBS Corp. – Class B		14,836	$	729,931
Charter Communications, Inc. – Class A (b)		7,588		2,058,549
Comcast Corp. – Class A		188,883		5,929,037
Discovery, Inc. – Class C (b)		12,278		272,817
Discovery, Inc. – Class A (a) (b)		5,611		132,700
DISH Network Corp. – Class A (a) (b)		9,237		309,901
News Corp. – Class B		5,043		81,949
News Corp. – Class A		14,809		236,648
Time Warner, Inc.		31,677		3,002,980
Twenty First Century Fox, Inc. – Class B		17,929		646,699
Twenty-First Century Fox, Inc. – Class A		43,219		1,580,087
Viacom, Inc. – Class B		14,372		433,460
Walt Disney Co.		61,062		6,126,350
				21,541,108

Mining – 0.2%
Freeport-McMoRan, Inc.		55,210		839,744
Newmont Mining Corp.		21,740		854,165
				1,693,909

Miscellaneous Manufacturing – 1.8%
3M Co.		24,281		4,719,983
AO Smith Corp.		5,939		364,358
Dover Corp.		6,078		563,431
Eaton Corp. PLC		18,079		1,356,467
General Electric Co.		353,576		4,974,814
Illinois Tool Works, Inc.		12,556		1,783,203
Ingersoll-Rand PLC		9,903		830,763
Parker-Hannifin Corp.		5,276		868,535
Pentair PLC		6,754		454,409
Textron, Inc.		10,741		667,446
				16,583,409

Office/Business Equipment – 0.0% (c)
Xerox Corp.		8,458		266,004

Oil & Gas – 5.1%
Anadarko Petroleum Corp.		22,453		1,511,536

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Oil & Gas – 5.1% (Continued)
Andeavor		5,596	$	774,039
Apache Corp. (a)		15,165		621,007
Cabot Oil & Gas Corp.		18,875		451,301
Chevron Corp.		77,739		9,725,926
Cimarex Energy Co. (a)		3,894		391,697
Concho Resources, Inc. (a) (b)		6,004		943,889
ConocoPhillips		47,812		3,131,686
Devon Energy Corp.		20,694		751,813
EOG Resources, Inc.		23,682		2,798,502
EQT Corp.		9,986		501,197
Exxon Mobil Corp.		172,428		13,406,277
Helmerich & Payne, Inc. (a)		4,470		310,888
Hess Corp. (a)		11,037		628,999
Marathon Oil Corp.		34,640		632,180
Marathon Petroleum Corp.		19,451		1,457,074
Newfield Exploration Co. (a) (b)		7,277		216,855
Noble Energy, Inc. (a)		19,868		672,134
Occidental Petroleum Corp.		31,215		2,411,671
Phillips 66		17,509		1,948,927
Pioneer Natural Resources Co.		6,863		1,383,238
Range Resources Corp. (a)		8,544		118,334
Valero Energy Corp.		17,435		1,934,065
				46,723,235

Oil & Gas Services – 0.8%
Baker Hughes a GE Co. (a)		17,501		631,961
Halliburton Co.		35,488		1,880,509
National Oilwell Varco, Inc. (a)		15,544		601,086
Schlumberger Ltd.		55,951		3,836,001
TechnipFMC PLC (a)		17,929		590,940
				7,540,497

Packaging & Containers – 0.2%
Ball Corp.		14,345		575,091
Packaging Corp. of America		3,867		447,373
Sealed Air Corp.		7,347		322,166
WestRock Co.		10,381		614,140
				1,958,770

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Pharmaceuticals – 6.0%
AbbVie, Inc.		65,076	$	6,283,088
Allergan PLC		13,478		2,070,895
AmerisourceBergen Corp.		6,600		597,828
Bristol-Myers Squibb Co.		66,075		3,444,490
Cardinal Health, Inc.		12,946		830,745
CVS Health Corp.		40,927		2,857,932
Eli Lilly & Co.		39,591		3,209,642
Express Scripts Holding Co. (b)		22,941		1,736,634
Johnson & Johnson		109,743		13,881,392
McKesson Corp.		8,538		1,333,721
Merck & Co., Inc.		110,557		6,508,491
Mylan NV (b)		21,849		846,867
Nektar Therapeutics (a) (b)		6,543		547,387
Perrigo Co. PLC		5,350		418,049
Pfizer, Inc.		243,083		8,899,269
Zoetis, Inc.		19,988		1,668,598
				55,135,028

Pipelines – 0.3%
Kinder Morgan, Inc.		78,380		1,239,972
ONEOK, Inc. (a)		17,152		1,032,893
Williams Cos., Inc.		33,770		868,902
				3,141,767

Real Estate – 0.1%
CBRE Group, Inc. – Class A (b)		11,664		528,496

Retail – 5.2%
Advance Auto Parts, Inc.		2,921		334,308
AutoZone, Inc. (b)		1,120		699,462
Best Buy Co., Inc. (a)		9,947		761,244
CarMax, Inc. (a) (b)		7,391		461,937
Chipotle Mexican Grill, Inc. (a) (b)		982		415,710
Costco Wholesale Corp.		17,925		3,534,093
Darden Restaurants, Inc.		5,144		477,672
Dollar General Corp.		10,565		1,019,839
Dollar Tree, Inc. (b)		9,696		929,749
Foot Locker, Inc. (a)		5,027		216,563

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Retail – 5.2% (Continued)
Gap, Inc.		9,139	$	267,224
Genuine Parts Co. (a)		5,951		525,592
Home Depot, Inc.		48,111		8,890,913
Kohl’s Corp. (a)		6,966		432,728
L Brands, Inc. (a)		10,112		353,010
Lowe’s Cos., Inc.		33,538		2,764,537
Macy’s, Inc. (a)		12,113		376,351
McDonald’s Corp.		32,258		5,401,280
Nordstrom, Inc. (a)		4,885		246,986
O’Reilly Automotive, Inc. (a) (b)		3,436		879,857
Ross Stores, Inc.		15,802		1,277,592
Starbucks Corp.		57,174		3,291,507
Tapestry, Inc.		11,589		623,141
Target Corp.		22,241		1,614,697
Tiffany & Co.		3,899		400,934
TJX Cos., Inc.		26,108		2,215,264
Tractor Supply Co. (a)		5,135		349,180
Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)		2,334		585,624
Walgreens Boots Alliance, Inc.		34,698		2,305,682
Walmart, Inc.		59,062		5,224,625
Yum! Brands, Inc.		13,352		1,162,959
				48,040,260

Savings & Loans – 0.0% (c)
People’s United Financial, Inc.		14,135		258,529

Semiconductors – 4.0%
Advanced Micro Devices, Inc. (a) (b)		34,051		370,475
Analog Devices, Inc.		14,994		1,309,726
Applied Materials, Inc.		42,758		2,123,790
Broadcom, Inc.		16,717		3,835,214
Intel Corp.		190,456		9,831,339
IPG Photonics Corp. (b)		1,519		323,592
KLA-Tencor Corp.		6,434		654,595
Lam Research Corp.		6,593		1,220,100
Microchip Technology, Inc. (a)		9,579		801,379
Micron Technology, Inc. (b)		47,311		2,175,360

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Semiconductors – 4.0% (Continued)
NVIDIA Corp.		24,562	$	5,523,994
Qorvo, Inc. (a) (b)		5,280		355,872
QUALCOMM, Inc.		60,281		3,074,934
Skyworks Solutions, Inc.		7,451		646,449
Texas Instruments, Inc.		39,842		4,041,174
Xilinx, Inc.		10,228		657,047
				36,945,040

Shipbuilding – 0.0% (c)
Huntington Ingalls Industries, Inc.		1,856		451,398

Software – 6.3%
Activision Blizzard, Inc.		31,009		2,057,447
Adobe Systems, Inc. (b)		20,012		4,434,659
Akamai Technologies, Inc. (b)		7,467		535,011
ANSYS, Inc. (b)		3,396		548,997
Autodesk, Inc. (b)		8,997		1,132,722
CA, Inc.		12,932		450,034
Cadence Design System, Inc. (b)		10,999		440,620
Cerner Corp. (b)		13,020		758,415
Citrix Systems, Inc. (b)		5,257		540,998
Electronic Arts, Inc. (b)		12,528		1,478,053
Fidelity National Information Services, Inc.		13,598		1,291,402
Fiserv, Inc. (b)		17,100		1,211,706
Intuit, Inc.		9,881		1,825,910
Microsoft Corp.		314,641		29,425,226
Oracle Corp.		123,255		5,629,056
Paychex, Inc.		13,043		790,015
Red Hat, Inc. (b)		7,217		1,176,804
Salesforce.com, Inc. (a) (b)		27,902		3,375,863
Synopsys, Inc. (b)		6,047		517,079
Take-Two Interactive Software, Inc. (b)		4,645		463,153
				58,083,170

Telecommunications – 2.9%
AT&T, Inc. (a)		250,954		8,206,196
CenturyLink, Inc. (a)		39,669		737,050
Cisco Systems, Inc.		196,072		8,684,029

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.2% (Continued)

Telecommunications – 2.9% (Continued)
Juniper Networks, Inc.		15,353	$	377,530
Motorola Solutions, Inc.		6,598		724,658
Verizon Communications, Inc.		167,972		8,289,418
				27,018,881

Textiles – 0.1%
Mohawk Industries, Inc. (b)		2,470		518,404

Toys/Games/Hobbies – 0.1%
Hasbro, Inc.		4,618		406,800
Mattel, Inc. (a)		12,603		186,524
				593,324

Transportation – 1.7%
CH Robinson Worldwide, Inc.		5,767		530,737
CSX Corp.		36,644		2,176,287
Expeditors International of Washington, Inc.		7,310		466,817
FedEx Corp.		9,954		2,460,629
JB Hunt Transport Services, Inc.		3,465		406,895
Kansas City Southern		4,237		451,791
Norfolk Southern Corp.		11,621		1,667,265
Union Pacific Corp.		31,758		4,243,821
United Parcel Service, Inc. – Class B		28,072		3,186,172
				15,590,414

Water – 0.1%
American Water Works Co., Inc.		7,240		626,839
TOTAL COMMON STOCKS
(Cost $794,232,692)				895,945,713


REAL ESTATE INVESTMENT TRUSTS – 2.7%

Alexandria Real Estate Equities, Inc.		3,887		484,204
American Tower Corp.		17,958		2,448,753
Apartment Investment & Management Co.		6,525		264,915
AvalonBay Communities, Inc.		5,512		898,456
Boston Properties, Inc. (a)		6,109		741,694
Crown Castle International Corp.		16,552		1,669,600
Digital Realty Trust, Inc.		8,385		886,211

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

REAL ESTATE INVESTMENT
TRUSTS – 2.7% (Continued)

Duke Realty Corp.		14,493	$	392,760
Equinix, Inc.		3,203		1,347,790
Equity Residential		14,510		895,412
Essex Property Trust, Inc.		2,671		640,212
Extra Space Storage, Inc. (a)		5,218		467,481
Federal Realty Investment Trust		2,809		325,423
GGP, Inc.		25,560		510,945
HCP, Inc.		19,388		452,904
Host Hotels & Resorts, Inc.		28,688		561,137
Iron Mountain, Inc. (a)		11,018		373,951
Kimco Realty Corp.		17,611		255,536
Macerich Co.		4,023		231,805
Mid-America Apartment Communities, Inc.		4,329		395,930
Prologis, Inc.		21,646		1,405,042
Public Storage (a)		6,031		1,216,935
Realty Income Corp. (a)		11,301		570,813
Regency Centers Corp.		5,580		328,383
SBA Communications Corp. (b)		4,556		730,008
Simon Property Group, Inc. (a)		13,029		2,036,954
SL Green Realty Corp.		3,700		361,638
UDR, Inc.		11,172		403,868
Ventas, Inc.		13,981		718,903
Vornado Realty Trust		7,074		481,244
Welltower, Inc.		14,599		780,170
Weyerhaeuser Co.		30,696		1,128,999
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $24,943,277)				24,408,076

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
STIT-Government & Agency Portfolio,
Institutional Class, 1.600% (d)		1,260,182	$	1,260,182
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,260,182)				1,260,182


INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 8.1%

Mount Vernon Liquid Assets
Portfolio, LLC 2.000% (d)		74,981,610		74,981,610
TOTAL INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $74,981,610)				74,981,610

TOTAL INVESTMENTS
(Cost $895,417,761) – 108.1%				996,595,581
Liabilities in Excess of Other Assets – (8.1)%				(74,620,674	)
TOTAL NET ASSETS – 100.0%			$	921,974,907

Percentages are stated as a percent of net assets.

(a)	All or portion of this security is on loan as of April 30, 2018. The total value of securities on loan is $72,719,957 or 7.9% of net assets.
(b)	Non-income producing security.
(c)	Less than 0.05%.
(d)	Rate disclosed is the seven day yield as of April 30, 2018.

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

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018

	Shares		Value

COMMON STOCKS – 90.7%

Aerospace/Defense – 1.5%
Curtiss-Wright Corp.		12,579	$	1,610,615
Esterline Technologies Corp. (a)		7,481		537,510
KLX, Inc. (a)		14,596		1,141,845
Orbital ATK, Inc.		16,760		2,218,689
Teledyne Technologies, Inc. (a)		10,360		1,938,252
				7,446,911

Airlines – 0.4%
JetBlue Airways Corp. (a) (b)		92,108		1,767,553

Apparel – 0.7%
Carter’s, Inc.		13,726		1,376,992
Deckers Outdoor Corp. (a)		9,098		848,480
Skechers U.S.A, Inc. – Class A (a)		39,364		1,121,874
				3,347,346

Auto Parts & Equipment – 0.5%
Cooper Tire & Rubber Co. (b)		13,910		340,100
Dana, Inc.		41,021		973,428
Delphi Technologies PLC (b)		25,709		1,244,573
				2,558,101

Banks – 8.0%
Associated Banc-Corp.		48,355		1,278,990
BancorpSouth Bank		24,384		805,891
Bank of Hawaii Corp. (b)		12,285		1,034,520
Bank of the Ozarks, Inc.		35,227		1,648,623
Cathay General Bancorp		21,553		862,335
Chemical Financial Corp. (b)		20,183		1,107,845
Commerce Bancshares, Inc. (b)		27,251		1,730,983
Cullen Frost Bankers, Inc.		16,820		1,925,049
East West Bancorp, Inc.		41,938		2,793,909
First Horizon National Corp.		94,819		1,735,188
FNB Corp. (b)		91,554		1,190,202
Fulton Financial Corp.		49,579		837,885
Hancock Holding Co.		24,734		1,208,256
Home BancShares, Inc. (b)		44,800		1,041,152
International Bancshares Corp.		15,364		611,487

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Banks – 8.0% (Continued)
MB Financial, Inc. (b)		23,794	$	1,014,100
PacWest Bancorp		35,937		1,841,412
Pinnacle Financial Partners, Inc. (b)		21,468		1,375,025
Prosperity Bancshares, Inc. (b)		20,257		1,453,845
Signature Bank (a)		15,578		1,980,743
Synovus Financial Corp.		34,436		1,799,970
TCF Financial Corp.		48,625		1,207,359
Texas Capital Bancshares, Inc. (a) (b)		14,116		1,392,543
Trustmark Corp.		19,186		600,714
UMB Financial Corp. (b)		12,772		978,080
Umpqua Holdings Corp.		63,946		1,506,568
United Bankshares, Inc.		29,764		1,010,488
Valley National Bancorp (b)		74,745		938,050
Webster Financial Corp. (b)		26,136		1,573,126
Wintrust Financial Corp.		16,309		1,458,840
				39,943,178

Beverages – 0.1%
The Boston Beer Co., Inc. (a) (b)		2,560		573,824

Biotechnology – 0.6%
Bio-Rad Laboratories, Inc. – Class A (a)		5,803		1,472,279
United Therapeutics Corp. (a)		12,536		1,380,339
				2,852,618

Building Materials – 1.1%
Cree, Inc. (a) (b)		27,723		1,034,622
Eagle Materials, Inc.		13,816		1,367,231
Lennox International, Inc. (b)		10,899		2,107,540
Louisiana-Pacific Corp.		41,038		1,162,607
				5,672,000

Chemicals – 2.8%
Ashland Global Holdings, Inc.		18,047		1,194,350
Cabot Corp.		17,930		1,001,570
Minerals Technologies, Inc.		10,003		690,707
NewMarket Corp. (b)		2,671		1,013,778
Olin Corp.		48,482		1,463,672

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Chemicals – 2.8% (Continued)
PolyOne Corp.		23,465	$	982,010
RPM International, Inc.		38,778		1,872,977
Sensient Technologies Corp. (b)		12,514		834,058
The Chemours Co.		53,721		2,600,634
Valvoline, Inc.		57,377		1,163,606
Versum Materials, Inc.		30,846		1,085,162
				13,902,524

Commercial Services – 3.8%
Aaron’s, Inc.		17,644		736,990
Adtalem Global Education, Inc. (b)		17,493		832,667
Avis Budget Group, Inc. (a) (b)		20,660		1,020,810
CoreLogic, Inc. (a)		23,648		1,170,576
Deluxe Corp.		13,909		953,323
Graham Holdings Co. – Class B		1,352		815,324
Healthcare Services Group, Inc. (b)		20,836		804,895
LendingTree, Inc. (a) (b)		2,240		534,016
ManpowerGroup, Inc.		19,195		1,837,345
MarketAxess Holdings, Inc.		10,765		2,138,252
Rollins, Inc.		27,217		1,320,569
Sabre Corp. (b)		66,119		1,364,696
Service Corp. International		53,071		1,937,622
Sotheby’s (a)		10,601		559,733
The Brink’s Co.		14,349		1,058,956
WEX, Inc. (a)		11,407		1,847,021
				18,932,795

Computers – 2.7%
3D Systems Corp. (a) (b)		32,217		323,459
Convergys Corp.		26,587		621,072
Diebold Nixdorf, Inc. (b)		21,400		328,490
Fortinet, Inc. (a)		41,662		2,306,408
Leidos Holdings, Inc.		41,309		2,653,277
Lumentum Holdings, Inc. (a) (b)		18,112		913,750
MAXIMUS, Inc.		18,446		1,247,503
NCR Corp. (a) (b)		34,398		1,058,427
NetScout Systems, Inc. (a) (b)		25,322		687,492

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Computers – 2.7% (Continued)
Science Applications International Corp.		12,405	$	1,064,225
Teradata Corp. (a)		35,400		1,448,568
VeriFone Systems, Inc. (a)		31,654		728,359
				13,381,030

Cosmetics/Personal Care – 0.1%
Edgewell Personal Care Co. (a) (b)		15,461		681,057

Distribution/Wholesale – 0.6%
Pool Corp. (b)		11,720		1,626,853
Watsco, Inc. (b)		9,277		1,553,156
				3,180,009

Diversified Financial Services – 2.6%
Eaton Vance Corp.		34,924		1,899,516
Evercore, Inc.		11,574		1,171,867
Federated Investors, Inc. – Class B		27,530		728,719
Interactive Brokers Group, Inc. (b)		20,796		1,543,063
Janus Henderson Group PLC		52,318		1,652,726
Legg Mason, Inc.		24,522		973,523
SEI Investments Co.		37,868		2,394,394
SLM Corp. (a)		125,777		1,443,920
Stifel Financial Corp.		20,845		1,214,847
				13,022,575

Electric – 2.8%
ALLETE, Inc. (b)		14,781		1,129,416
Black Hills Corp. (b)		15,198		861,423
Great Plains Energy, Inc.		62,564		2,047,720
Hawaiian Electric Industries, Inc. (b)		30,834		1,069,631
IDACORP, Inc.		14,329		1,332,597
MDU Resources Group, Inc.		56,662		1,596,169
NorthWestern Corp.		15,078		828,385
OGE Energy Corp.		57,940		1,904,488
PNM Resources, Inc.		22,583		895,416
Westar Energy, Inc.		41,269		2,235,954
				13,901,199

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Electrical Components & Equipment – 1.1%
Belden, Inc. (b)		12,012	$	739,939
Energizer Holdings, Inc.		17,732		1,017,108
EnerSys		11,738		804,757
Hubbell, Inc.		15,618		1,622,085
Littelfuse, Inc.		7,076		1,322,646
				5,506,535

Electronics – 3.6%
Arrow Electronics, Inc. (a)		25,445		1,901,759
Avnet, Inc.		34,800		1,365,204
Coherent, Inc. (a)		7,198		1,210,848
Gentex Corp. (b)		78,882		1,793,777
Jabil, Inc.		50,838		1,352,291
Keysight Technologies, Inc. (a)		55,118		2,848,498
Knowles Corp. (a) (b)		25,316		324,045
National Instruments Corp. (b)		31,216		1,276,422
SYNNEX Corp.		8,308		832,212
Tech Data Corp. (a) (b)		9,859		751,749
Trimble, Inc. (a) (b)		71,442		2,471,893
Vishay Intertechnology, Inc. (b)		38,287		675,765
Woodward, Inc. (b)		15,674		1,127,588
				17,932,051

Energy-Alternate Sources – 0.3%
First Solar, Inc. (a)		23,649		1,676,951

Engineering & Construction – 1.0%
AECOM (a)		46,183		1,590,542
Dycom Industries, Inc. (a) (b)		9,052		940,141
EMCOR Group, Inc.		16,935		1,246,247
Granite Construction, Inc.		11,332		593,570
KBR, Inc.		39,637		661,542
				5,032,042

Entertainment – 1.2%
Churchill Downs, Inc. (b)		3,290		903,434
Cinemark Holdings, Inc. (b)		30,043		1,176,784
International Speedway Corp.		7,111		292,262

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Entertainment – 1.2% (Continued)
Live Nation Entertainment, Inc. (a) (b)		39,246	$	1,549,040
Scientific Games Corp. (a)		15,395		820,553
Six Flags Entertainment Corp. (b)		22,811		1,442,568
				6,184,641

Environmental Control – 0.3%
Clean Harbors, Inc. (a)		14,922		683,427
MSA Safety, Inc.		9,864		856,590
				1,540,017

Food – 2.5%
Flowers Foods, Inc.		53,768		1,215,695
Hain Celestial Group, Inc. (a)		29,396		856,305
Ingredion, Inc.		20,951		2,536,957
Lamb Weston Holdings, Inc.		42,404		2,769,829
Lancaster Colony Corp.		5,546		696,522
Post Holdings, Inc. (a) (b)		18,795		1,495,518
Sanderson Farms, Inc. (b)		5,710		634,724
Sprouts Farmers Market, Inc. (a)		35,900		898,577
Tootsie Roll Industries, Inc. (b)		5,596		159,766
TreeHouse Foods, Inc. (a)		16,206		623,931
United Natural Foods, Inc. (a)		14,357		646,352
				12,534,176

Forest Products & Paper – 0.2%
Domtar Corp.		17,782		780,630

Gas – 2.5%
Atmos Energy Corp. (b)		32,193		2,797,250
National Fuel Gas Co. (b)		24,277		1,246,624
New Jersey Resources Corp. (b)		25,412		1,050,786
ONE Gas, Inc.		14,873		1,036,946
Southwest Gas Holdings, Inc.		13,552		989,160
UGI Corp. (b)		50,193		2,428,839
Vectren Corp.		24,872		1,747,755
WGL Holdings, Inc.		14,587		1,241,354
				12,538,714

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Hand/Machine Tools – 0.7%
Kennametal, Inc. (b)		23,672	$	862,844
Lincoln Electric Holdings, Inc.		17,902		1,483,539
Regal Beloit Corp.		12,850		914,920
				3,261,303

Healthcare-Products – 4.5%
ABIOMED, Inc. (a)		12,043		3,624,341
Bio-Techne Corp. (b)		10,669		1,610,059
Cantel Medical Corp.		10,373		1,162,502
Globus Medical, Inc. (a) (b)		20,505		1,049,651
Halyard Health, Inc. (a)		13,289		629,500
Hill-Rom Holdings, Inc.		19,199		1,647,850
ICU Medical, Inc. (a) (b)		4,378		1,101,943
LivaNova PLC (a) (b)		12,343		1,095,812
Masimo Corp. (a)		13,777		1,236,210
NuVasive, Inc. (a) (b)		14,441		768,406
Patterson Cos., Inc. (b)		23,665		550,921
STERIS PLC (b)		24,624		2,327,460
Teleflex, Inc.		13,067		3,500,388
West Pharmaceutical Services, Inc.		21,078		1,859,290
				22,164,333

Healthcare-Services – 2.1%
Acadia Healthcare Co., Inc. (a)(b)		23,165		824,211
Charles River Laboratories International, Inc. (a)		13,755		1,433,133
Encompass Health Corp.		28,015		1,703,872
Lifepoint Health, Inc. (a) (b)		11,313		541,893
MEDNAX, Inc. (a)		27,202		1,248,844
Molina Healthcare, Inc. (a) (b)		13,343		1,110,805
Syneos Health, Inc. (a)		15,931		606,971
Tenet Healthcare Corp. (a) (b)		22,852		547,077
WellCare Health Plans, Inc. (a)		12,759		2,617,636
				10,634,442

Home Builders – 1.6%
KB Home		23,669		628,412
NVR, Inc. (a)		993		3,078,300
Thor Industries, Inc. (b)		13,972		1,482,988

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Home Builders – 1.6% (Continued)
Toll Brothers, Inc.		41,472	$	1,748,460
TRI Pointe Group, Inc. (a)		43,874		750,684
				7,688,844

Home Furnishings – 0.1%
Tempur Sealy International, Inc. (a) (b)		13,022		582,734

Household Products/Wares – 0.1%
Helen of Troy Ltd. (a)		7,751		691,002

Housewares – 0.7%
Scotts Miracle-Gro Co. – Class A (b)		11,620		971,199
Toro Co.		31,090		1,815,345
Tupperware Brands Corp. (b)		14,437		643,313
				3,429,857

Insurance – 4.5%
Alleghany Corp.		4,468		2,567,626
American Financial Group, Inc.		20,003		2,264,740
Aspen Insurance Holdings Ltd.		17,254		732,432
Brown & Brown, Inc.		66,370		1,807,255
CNO Financial Group, Inc.		48,401		1,037,717
First American Financial Corp.		32,129		1,642,113
Genworth Financial, Inc. (a)		141,234		389,806
Hanover Insurance Group, Inc.		12,076		1,386,929
Kemper Corp. (b)		13,873		936,427
Mercury General Corp. (b)		10,369		474,174
Old Republic International Corp.		72,670		1,482,468
Primerica, Inc.		12,830		1,241,303
Reinsurance Group of America, Inc.		18,700		2,793,780
RenaissanceRe Holdings Ltd.		11,618		1,580,513
WR Berkley Corp.		27,847		2,076,272
				22,413,555

Internet – 0.1%
Cars.com, Inc. (a) (b)		20,290		577,859

Iron/Steel – 1.8%
Allegheny Technologies, Inc. (a) (b)		36,459		968,716

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Iron/Steel – 1.8% (Continued)
Carpenter Technology Corp. (b)		13,281	$	707,346
Commercial Metals Co.		32,832		689,800
Reliance Steel & Aluminum Co.		20,749		1,824,252
Steel Dynamics, Inc.		68,429		3,066,304
United States Steel Corp. (b)		51,034		1,726,480
				8,982,898

Leisure Time – 0.7%
Brunswick Corp.		25,401		1,521,012
Polaris Industries, Inc. (b)		17,011		1,783,093
				3,304,105

Lodging – 0.4%
Boyd Gaming Corp.		23,961		795,745
ILG, Inc. (b)		30,629		1,045,368
				1,841,113

Machinery-Construction & Mining – 0.5%
Oshkosh Corp.		21,282		1,535,709
Terex Corp. (b)		22,171		809,685
				2,345,394

Machinery-Diversified – 3.0%
AGCO Corp. (b)		18,738		1,174,498
Cognex Corp. (b)		50,339		2,328,179
Graco, Inc.		49,160		2,162,548
IDEX Corp.		22,202		2,967,519
Nordson Corp.		14,793		1,902,380
Wabtec Corp. (b)		24,809		2,203,287
Zebra Technologies Corp. (a)		15,442		2,082,045
				14,820,456

Media – 1.3%
AMC Networks, Inc. – Class A (a) (b)		14,007		728,364
Cable One, Inc. (b)		1,376		873,925
FactSet Research Systems, Inc. (b)		11,326		2,141,860
John Wiley & Sons, Inc. – Class A		12,665		835,257
Meredith Corp. (b)		11,209		580,626

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Media – 1.3% (Continued)
TEGNA, Inc.		60,940	$	644,136
The New York Times Co. (b)		37,118		870,417
				6,674,585

Metal Fabricate/Hardware – 0.5%
The Timken Co.		19,444		831,231
Valmont Industries, Inc.		6,465		918,677
Worthington Industries, Inc.		12,674		564,373
				2,314,281

Mining – 0.5%
Compass Minerals International, Inc. (b)		9,610		646,753
Royal Gold, Inc. (b)		19,372		1,720,234
				2,366,987

Miscellaneous Manufacturing – 1.8%
AptarGroup, Inc.		18,015		1,684,403
Carlisle Cos., Inc.		17,925		1,931,060
Crane Co.		14,705		1,229,926
Donaldson Co., Inc.		37,692		1,668,248
ITT, Inc.		24,977		1,221,126
Trinity Industries, Inc. (b)		42,904		1,367,350
				9,102,113

Office Furnishings – 0.2%
Herman Miller, Inc. (b)		16,938		519,996
HNI Corp.		12,538		418,644
				938,640

Office/Business Equipment – 0.1%
Pitney Bowes, Inc.		52,864		540,270

Oil & Gas – 4.3%
Callon Petroleum Co. (a) (b)		56,960		792,314
Chesapeake Energy Corp. (a) (b)		263,772		783,403
CNX Resources Corp. (a)		58,538		869,875
Diamond Offshore Drilling, Inc. (a) (b)		18,261		335,820
Energen Corp. (a)		28,583		1,870,472
Ensco PLC (b)		122,657		693,012

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Oil & Gas – 4.3% (Continued)
Gulfport Energy Corp. (a)		46,608	$	433,454
HollyFrontier Corp. (b)		51,457		3,122,925
Matador Resources Co. (a) (b)		27,331		894,817
Murphy Oil Corp. (b)		45,957		1,383,765
Murphy USA, Inc. (a)		8,994		562,755
Nabors Industries Ltd.		88,148		670,806
Patterson-UTI Energy, Inc.		64,489		1,381,354
PBF Energy, Inc. – Class A		32,619		1,250,286
QEP Resources, Inc. (a)		68,091		829,348
Rowan Cos. PLC (a) (b)		32,175		464,607
SM Energy Co. (b)		29,024		695,125
Southwestern Energy Co. (a) (b)		144,248		591,417
Transocean Ltd. (a) (b)		126,476		1,564,508
WPX Energy, Inc. (a) (b)		115,515		1,974,151
				21,164,214

Oil & Gas Services – 0.7%
Core Laboratories NV (b)		12,565		1,538,584
Dril-Quip, Inc. (a) (b)		10,738		445,090
NOW, Inc. (a) (b)		30,485		369,783
Oceaneering International, Inc. (b)		27,850		591,534
Superior Energy Services, Inc. (a)		43,283		464,427
				3,409,418

Packaging & Containers – 0.9%
Bemis Co., Inc.		25,769		1,115,025
Greif, Inc.		7,336		429,303
Owens-Illinois, Inc. (a)		46,153		938,290
Silgan Holdings, Inc.		20,950		588,067
Sonoco Products Co. (b)		28,226		1,449,687
				4,520,372

Pharmaceuticals – 0.6%
Akorn, Inc. (a)		26,574		383,463
Catalent, Inc. (a)		38,682		1,590,217
Endo International PLC (a)		56,874		325,888
Mallinckrodt PLC (a) (b)		25,799		335,387

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Pharmaceuticals – 0.6% (Continued)
Prestige Brands Holdings, Inc. (a)		15,032	$	442,542
				3,077,497

Real Estate – 0.4%
Jones Lang LaSalle, Inc.		12,958		2,196,511

Retail – 5.4%
American Eagle Outfitters, Inc. (b)		47,662		985,650
AutoNation, Inc. (a)(b)		17,312		799,641
Bed Bath & Beyond, Inc. (b)		41,320		721,447
Big Lots, Inc. (b)		11,805		501,122
Brinker International, Inc. (b)		12,863		560,698
Casey’s General Stores, Inc. (b)		10,878		1,050,815
Copart, Inc. (a)		58,560		2,991,245
Cracker Barrel Old Country Store, Inc. (b)		6,864		1,129,746
Dick’s Sporting Goods, Inc. (b)		23,997		794,061
Dillard’s, Inc. – Class A (b)		5,934		442,380
Domino’s Pizza, Inc.		12,525		3,027,668
Dunkin’ Brands Group, Inc. (b)		23,860		1,454,505
Five Below, Inc. (a)		16,098		1,136,680
GameStop Corp. – Class A (b)		28,679		391,468
Jack in the Box, Inc.		8,378		751,507
Michaels Cos., Inc. (a)		30,814		573,757
MSC Industrial Direct Co., Inc.		13,068		1,129,598
Nu Skin Enterprises, Inc. – Class A		14,382		1,023,279
Office Depot, Inc.		146,525		335,542
Papa John’s International, Inc. (b)		6,856		425,072
Sally Beauty Holdings, Inc. (a) (b)		35,054		606,084
Signet Jewelers Ltd.		17,566		682,966
Texas Roadhouse, Inc. (b)		18,544		1,188,299
The Cheesecake Factory, Inc. (b)		12,383		643,297
The Wendy’s Co.		50,412		843,897
Urban Outfitters, Inc. (a)		23,234		935,633
Williams-Sonoma, Inc. (b)		22,467		1,073,923
World Fuel Services Corp.		19,621		421,263
				26,621,243

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Savings & Loans – 0.8%
New York Community Bancorp, Inc. (b)		142,208	$	1,689,431
Sterling Bancorp (b)		65,189		1,548,239
Washington Federal, Inc. (b)		25,056		795,528
				4,033,198

Semiconductors – 2.4%
Cirrus Logic, Inc. (a)		18,076		659,232
Cypress Semiconductor Corp.		102,985		1,501,521
Integrated Device Technology, Inc. (a) (b)		38,397		1,068,588
Microsemi Corp. (a)		34,120		2,207,223
MKS Instruments, Inc.		15,799		1,617,818
Monolithic Power Systems, Inc.		11,237		1,315,853
Silicon Laboratories, Inc. (a)		12,098		1,123,904	��
Synaptics, Inc. (a) (b)		9,605		418,010
Teradyne, Inc.		56,695		1,845,422
				11,757,571

Software – 5.2%
ACI Worldwide, Inc. (a)		33,420		777,015
Acxiom Corp. (a)		22,529		585,303
Allscripts Healthcare Solutions, Inc. (a)		51,174		594,642
Blackbaud, Inc.		13,679		1,435,748
Broadridge Financial Solutions, Inc.		33,844		3,628,415
CDK Global, Inc.		36,746		2,397,309
CommVault Systems, Inc. (a)		12,021		840,869
Dun & Bradstreet Corp.		10,519		1,212,946
Fair Isaac Corp. (a)		8,729		1,511,688
j2 Global, Inc.		14,249		1,131,086
Jack Henry & Associates, Inc.		22,418		2,678,503
Manhattan Associates, Inc. (a) (b)		19,522		840,617
Medidata Solutions, Inc. (a) (b)		17,189		1,226,607
PTC, Inc. (a)		33,725		2,777,254
Tyler Technologies, Inc. (a) (b)		10,220		2,237,362
Ultimate Software Group, Inc. (a) (b)		8,429		2,022,286
				25,897,650

Telecommunications – 1.4%
ARRIS International PLC (a) (b)		49,977		1,349,379

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 90.7% (Continued)

Telecommunications – 1.4% (Continued)
Ciena Corp. (a) (b)		41,860	$	1,077,895
InterDigital, Inc.		9,852		733,481
LogMeIn, Inc. (b)		15,018		1,654,984
Plantronics, Inc.		9,588		624,658
Telephone & Data Systems, Inc.		26,003		710,662
ViaSat, Inc. (a) (b)		15,892		1,016,770
				7,167,829

Transportation – 1.9%
Genesee & Wyoming, Inc. (a) (b)		17,968		1,279,322
Kirby Corp. (a) (b)		15,280		1,303,384
Knight-Swift Transportation Holdings, Inc. (b)		37,216		1,451,796
Landstar System, Inc.		11,957		1,215,429
Old Dominion Freight Line, Inc.		19,837		2,655,381
Ryder System, Inc.		15,047		1,014,619
Werner Enterprises, Inc.		12,699		435,576
				9,355,507

Trucking & Leasing – 0.1%
GATX Corp. (b)		11,027		719,401

Water – 0.4%
Aqua America, Inc. (b)		51,563		1,812,439
TOTAL COMMON STOCKS
(Cost $423,436,061)				451,296,098


EXCHANGE TRADED FUNDS – 0.7%
SPDR S&P MidCap 400 ETF Trust		9,500		3,234,845
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,305,406)				3,234,845


REAL ESTATE INVESTMENT TRUSTS – 8.5%
Alexander & Baldwin, Inc.		19,619		449,275
American Campus Communities, Inc.		40,185		1,571,635
Camden Property Trust		26,874		2,295,040
CoreCivic, Inc.		33,481		674,977
CoreSite Realty Corp. (b)		9,733		1,013,205

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

REAL ESTATE INVESTMENT
TRUSTS – 8.5% (Continued)

Corporate Office Properties Trust (b)		29,381	$	808,271
Cousins Properties, Inc.		118,900		1,057,021
CyrusOne, Inc.		27,895		1,494,893
DCT Industrial Trust, Inc. (b)		27,178		1,782,062
Douglas Emmett, Inc.		46,244		1,723,514
Education Realty Trust, Inc.		21,976		723,230
EPR Properties		19,513		1,073,605
First Industrial Realty Trust, Inc.		33,964		1,056,620
Healthcare Realty Trust, Inc. (b)		35,154		978,336
Highwoods Properties, Inc.		29,301		1,289,830
Hospitality Properties Trust		46,547		1,158,089
JBG SMITH Properties		26,468		975,875
Kilroy Realty Corp.		28,641		2,052,700
Lamar Advertising Co. – Class A (b)		24,329		1,550,001
LaSalle Hotel Properties (b)		32,091		948,931
Liberty Property Trust		42,775		1,788,850
Life Storage, Inc. (b)		13,246		1,171,476
Mack-Cali Realty Corp.		25,452		437,011
Medical Properties Trust, Inc. (b)		105,790		1,351,996
National Retail Properties, Inc. (b)		44,647		1,698,372
Omega Healthcare Investors, Inc.		57,617		1,496,890
PotlatchDeltic Corp.		17,429		903,694
Quality Care Properties, Inc. (a) (b)		26,551		583,326
Rayonier, Inc.		38,039		1,414,670
Sabra Health Care REIT, Inc.		51,714		946,883
Senior Housing Properties Trust		67,284		1,047,612
Tanger Factory Outlet Centers, Inc. (b)		26,873		589,862
Taubman Centers, Inc.		17,233		964,703
The GEO Group, Inc.		35,127		790,358
viaSat, Inc. (a)		46,719		841,876
Urban Edge Properties		29,984		616,771
Washington Prime Group, Inc. (b)		52,569		340,122
Weingarten Realty Investors (b)		33,844		929,695
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $44,404,029)				42,591,277

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
STIT-Government & Agency Portfolio,
Institutional Class, 1.600% (c)		426,762	$	426,762
TOTAL SHORT-TERM INVESTMENTS
(Cost $426,762)				426,762


INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 23.9%

Mount Vernon Liquid Assets
Portfolio, LLC, 2.000% (c)		118,919,916		118,919,916
TOTAL INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $118,919,916)				118,919,916

TOTAL INVESTMENTS
(Cost $590,492,174) – 123.9%				616,468,898
Liabilities in Excess of Other Assets – (23.9)%				(118,878,637	)
TOTAL NET ASSETS – 100.0%			$	497,590,261

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	All or portion of this security is on loan as of April 30, 2018. The total value of securities on loan is $115,212,192 or 23.2% of net assets.
(c)	Rate disclosed is the seven day yield as of April 30, 2018.

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018

	Shares		Value

COMMON STOCKS – 99.9%

Airlines – 0.3%
American Airlines Group, Inc.		13,252	$	568,908

Auto Manufacturers – 1.0%
PACCAR, Inc.		9,848		627,022
Tesla Motors, Inc. (a) (b)		4,751		1,396,319
				2,023,341

Beverages – 0.4%
Monster Beverage Corp. (a)		15,863		872,465

Biotechnology – 6.8%
Alexion Pharmaceuticals, Inc. (a)		6,235		733,423
Amgen, Inc.		20,261		3,535,139
Biogen, Inc. (a)		5,952		1,628,467
BioMarin Pharmaceutical, Inc. (a)		4,892		408,531
Celgene Corp. (a)		21,156		1,842,688
Gilead Sciences, Inc.		36,836		2,660,664
Illumina, Inc. (a)		4,129		994,800
Incyte Corp. (a)		5,955		368,853
Regeneron Pharmaceuticals, Inc. (a)		2,976		903,752
Shire PLC – ADR		2,033		324,121
Vertex Pharmaceuticals, Inc. (a)		7,133		1,092,490
				14,492,928

Commercial Services – 2.3%
Automatic Data Processing, Inc.		12,468		1,472,221
Cintas Corp.		2,945		501,534
PayPal Holdings, Inc. (a)		33,745		2,517,714
Verisk Analytics, Inc. (a) (b)		4,639		493,822
				4,985,291

Computers – 12.5%
Apple, Inc.		142,835		23,604,912
Check Point Software Technologies Ltd. (a) (b)		4,526		436,804
Cognizant Technology Solutions Corp. – Class A		16,540		1,353,303
Seagate Technology PLC (b)		8,010		463,699
Western Digital Corp.		8,361		658,763
				26,517,481

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.9% (Continued)

Distribution/Wholesale – 0.2%
Fastenal Co.		8,083	$	404,069

Food – 1.7%
Mondelez International, Inc. – Class A		41,828		1,652,206
The Kraft Heinz Co. (b)		34,271		1,932,199
				3,584,405

Healthcare-Products – 1.6%
Align Technology, Inc. (a)		2,258		564,161
DENTSPLY SIRONA, Inc.		6,427		323,535
Henry Schein, Inc. (a) (b)		4,324		328,624
Hologic, Inc. (a)		7,578		293,951
IDEXX Laboratories, Inc. (a)		2,450		476,501
Intuitive Surgical, Inc. (a)		3,155		1,390,661
				3,377,433

Internet – 30.3%
Alphabet, Inc. – Class A (a)		8,397		8,553,016
Alphabet, Inc. – Class C (a)		9,833		10,003,406
Amazon.com, Inc. (a) (b)		13,631		21,347,918
Baidu, Inc. – ADR (a)		7,893		1,980,354
Booking Holdings, Inc. (a)		1,360		2,962,080
Ctrip.com International Ltd. – ADR (a)		13,001		531,741
eBay, Inc. (a) (b)		28,455		1,077,876
Expedia Group, Inc. (b)		3,921		451,464
Facebook, Inc. – Class A (a)		67,378		11,589,016
JD.com, Inc. – ADR (a)		25,773		940,972
MercadoLibre, Inc. (b)		1,240		421,116
Netflix, Inc. (a)		12,205		3,813,574
Symantec Corp. (b)		17,483		485,853
				64,158,386

Lodging – 0.9%
Marriott International, Inc. – Class A		10,213		1,395,913
Wynn Resorts Ltd.		2,861		532,689
				1,928,602

Media – 4.5%
Charter Communications, Inc. – Class A (a)		6,703		1,818,457

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.9% (Continued)

Media – 4.5% (Continued)
Comcast Corp. – Class A		130,340	$	4,091,373
DISH Network Corp. – Class A (a)		6,320		212,036
Liberty Global PLC – Class A (a)		5,985		180,388
Liberty Global PLC – Class C (a)		16,260		473,166
Sirius XM Holdings, Inc. (b)		127,252		805,505
Twenty First Century Fox, Inc. – Class B		22,377		807,138
Twenty-First Century Fox, Inc. – Class A		29,432		1,076,034
				9,464,097

Pharmaceuticals – 0.8%
Express Scripts Holding Co. (a)		15,872		1,201,510
Mylan NV (a)		14,925		578,493
				1,780,003

Retail – 4.4%
Costco Wholesale Corp.		12,350		2,434,926
Dollar Tree, Inc. (a)		6,667		639,299
O’Reilly Automotive, Inc. (a) (b)		2,349		601,508
Qurate Retail Group, Inc. QVC Group – Class A (a)		12,636		295,809
Ross Stores, Inc.		10,745		868,733
Starbucks Corp.		39,896		2,296,813
Ulta Salon Cosmetics & Fragrance, Inc. (a) (b)		1,720		431,565
Walgreens Boots Alliance, Inc.		27,858		1,851,164
				9,419,817

Semiconductors – 12.1%
Analog Devices, Inc.		10,393		907,829
Applied Materials, Inc.		29,541		1,467,301
ASML Holding NV – ADR		2,075		391,034
Broadcom, Inc.		11,544		2,648,425
Intel Corp.		131,268		6,776,054
KLA-Tencor Corp. (b)		4,399		447,554
Lam Research Corp.		4,586		848,685
Maxim Integrated Products, Inc.		7,864		428,588
Microchip Technology, Inc. (b)		6,535		546,718
Micron Technology, Inc. (a)		32,513		1,494,948
NVIDIA Corp.		17,011		3,825,774
QUALCOMM, Inc.		41,625		2,123,291

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.9% (Continued)

Semiconductors – 12.1% (Continued)
Skyworks Solutions, Inc.		5,071	$	439,960
Texas Instruments, Inc.		27,652		2,804,742
Xilinx, Inc.		7,026		451,350
				25,602,253

Software – 15.4%
Activision Blizzard, Inc.		21,333		1,415,445
Adobe Systems, Inc. (a)		13,827		3,064,063
Autodesk, Inc. (a)		6,218		782,846
CA, Inc.		11,517		400,792
Cadence Design System, Inc. (a)		8,157		326,770
Cerner Corp. (a)		9,355		544,929
Citrix Systems, Inc. (a)		3,827		393,837
Electronic Arts, Inc. (a)		8,620		1,016,988
Fiserv, Inc. (a)		11,626		823,818
Intuit, Inc. (b)		7,202		1,330,858
Microsoft Corp.		216,720		20,267,654
NetEase, Inc. – ADR		2,105		541,132
Paychex, Inc.		10,097		611,575
Synopsys, Inc. (a)		4,091		349,821
Take-Two Interactive Software, Inc. (a)		3,221		321,166
Workday, Inc. – Class A (a)		3,848		480,384
				32,672,078

Telecommunications – 3.7%
Cisco Systems, Inc.		135,474		6,000,144
T-Mobile US, Inc. (a)		24,029		1,453,995
Vodafone Group PLC – ADR		13,081		384,712
				7,838,851

Toys/Games/Hobbies – 0.1%
Hasbro, Inc.		3,491		307,522

Transportation – 0.9%
CSX Corp.		24,888		1,478,098
JB Hunt Transport Services, Inc.		3,090		362,859
				1,840,957

TOTAL COMMON STOCKS
(Cost $181,628,093)				211,838,887

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
STIT-Government & Agency Portfolio,
Institutional Class, 1.600% (c)		153,966	$	153,966
TOTAL SHORT-TERM INVESTMENTS
(Cost $153,966)				153,966


INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 13.4%

Mount Vernon Liquid Assets
Portfolio, LLC, 2.000% (c)		28,293,207		28,293,207
TOTAL INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $28,293,207)				28,293,207


TOTAL INVESTMENTS
(Cost $210,075,266) – 113.4%				240,286,060
Liabilities in Excess of Other Assets – (13.4%)				(28,379,692	)
TOTAL NET ASSETS – 100.0%			$	211,906,368

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt.
(a)	Non-income producing security.
(b)	All or portion of this security is on loan as of April 30, 2018. The total value of securities on loan is $27,593,246 or 13.0% of net assets.
(c)	Rate disclosed is the seven day yield as of April 30, 2018.

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018

	Shares		Value

COMMON STOCKS – 97.3%

Advertising – 0.3%
JCDecaux SA		2,213	$	79,157
Publicis Groupe SA		6,150		460,457
				539,614

Aerospace/Defense – 2.6%
Airbus SE – ADR		67,942		1,983,227
Dassault Aviation SA		72		143,897
Leonardo SpA		12,037		139,690
MTU Aero Engines AG		1,598		275,953
Safran SA		9,638		1,134,321
Thales SA		2,956		374,814
				4,051,902

Airlines – 0.2%
Air France-KLM (a)		6,857		67,387
Deutsche Lufthansa AG		7,210		210,443
				277,830

Apparel – 4.1%
adidas AG – ADR		12,309		1,513,515
Hermes International		915		592,034
Kering		2,458		1,423,585
LVMH Moet Hennessy Louis Vuitton SE – ADR		38,619		2,681,317
Moncler SpA		4,925		222,671
Puma SE		63		30,774
				6,463,896

Auto Manufacturers – 4.6%
Bayerische Motoren Werke AG		10,642		1,188,356
Daimler AG		31,938		2,526,222
Ferrari NV		3,846		473,963
Fiat Chrysler Automobiles NV (a)		36,083		809,165
Peugeot SA		13,599		335,340
Renault SA		5,329		578,146
Volkswagen AG – ADR		33,411		1,357,489
				7,268,681

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Auto Parts & Equipment – 1.9%
Cie Generale des Etablissements Michelin		5,853	$	823,784
Continental AG		3,582		956,827
Faurecia		2,361		193,307
Hella GmbH & Co. KGaA		1,378		85,284
Nokian Renkaat OYJ		4,120		165,429
Pirelli & C SpA (a)(b)		11,188		97,330
Plastic Omnium SA		1,710		82,269
Rheinmetall AG		1,329		174,372
Valeo SA		7,165		479,691
				3,058,293

Banks – 13.0%
ABN AMRO Group NV (b)		12,023		373,573
AIB Group PLC		21,543		128,568
Alpha Bank AE (a)		41,886		110,773
Banca Mediolanum SpA		7,763		62,435
Banco Bilbao Vizcaya Argentaria SA – ADR		208,060		1,676,964
Banco BPM SpA (a)		47,158		171,783
Banco de Sabadell SA		164,241		322,595
Banco Santander SA – ADR		525,242		3,424,578
Bank of Ireland Group PLC		28,535		256,718
Bankia SA		37,678		165,938
Bankinter SA		21,090		221,064
BNP Paribas SA – ADR		67,050		2,581,425
CaixaBank SA		105,717		515,634
Commerzbank AG (a)		31,186		403,340
Credit Agricole SA		33,271		547,827
Deutsche Bank AG		55,822		766,188
Erste Group Bank AG		8,823		432,578
Eurobank Ergasias SA (a)		55,398		70,177
FinecoBank Banca Fineco SpA		12,181		145,686
ING Groep NV – ADR		121,380		2,037,970
Intesa Sanpaolo SpA		448,978		1,711,678
Intesa Sanpaolo SpA – Savings Shares		29,024		115,172
KBC Groep NV		8,009		700,228
Mediobanca Banca di Credito Finanziario SpA		17,513		212,861
National Bank of Greece SA (a)		166,612		69,615

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Banks – 13.0% (Continued)
Natixis SA		25,723	$	211,602
Piraeus Bank SA (a)		9,101		38,598
Raiffeisen Bank International AG		3,930		132,884
Societe Generale SA		24,283		1,332,927
UniCredit SpA		73,822		1,602,334
Unione di Banche Italiane SpA		30,414		157,012
				20,700,725

Beverages – 3.0%
Anheuser-Busch InBev SA/NV – ADR		23,571		2,358,986
Davide Campari-Milano SpA		18,055		135,616
Heineken Holding NV		3,202		325,579
Heineken NV		7,002		738,174
Pernod Ricard SA		7,009		1,164,231
Remy Cointreau SA		749		103,202
				4,825,788

Building Materials – 1.0%
Buzzi Unicem SpA		2,214		56,039
Buzzi Unicem SpA – Savings Shares		1,224		17,589
Cie de Saint-Gobain		14,862		780,619
HeidelbergCement AG		4,407		432,456
Imerys SA		1,120		102,250
Kingspan Group PLC		4,626		209,488
Titan Cement Co SA		1,266		33,405
				1,631,846

Chemicals – 6.3%
Air Liquide SA		13,910		1,814,990
Akzo Nobel NV		7,368		666,429
Arkema SA		2,359		309,087
BASF SE – ADR		113,810		2,964,750
Brenntag AG		4,524		259,610
Covestro AG (b)		4,579		417,816
Evonik Industries AG		4,564		162,478
FUCHS PETROLUB SE		1,044		53,833
K+S AG		5,958		175,627
Koninklijke DSM NV		5,125		531,135

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Chemicals – 6.3% (Continued)
LANXESS AG		2,853	$	212,091
Linde AG		6,156		1,368,223
OCI NV (a)		2,918		69,454
Solvay SA – Class A		2,132		297,624
Symrise AG		3,691		299,081
Umicore SA		6,022		336,410
Wacker Chemie AG		466		84,130
				10,022,768

Commercial Services – 2.0%
Abertis Infraestructuras SA		18,236		402,117
ALD SA (b)		2,531		42,851
Atlantia SpA		17,621		585,175
Bureau Veritas SA		7,896		206,437
Edenred		7,218		248,419
Elis SA		5,766		138,007
Groupe Eurotunnel SE		14,189		200,303
Randstad Holding NV		3,297		212,530
RELX NV		27,262		579,913
Wirecard AG		3,490		476,662
				3,092,414

Computers – 1.0%
Atos SE		2,710		366,203
Capgemini SE		4,553		626,794
Gemalto NV		2,587		155,828
Ingenico Group SA		1,742		152,303
Teleperformance		1,715		275,240
				1,576,368

Cosmetics/Personal Care – 3.2%
Beiersdorf AG		3,024		342,975
L’Oreal SA		7,966		1,912,883
Unilever NV		50,258		2,879,810
				5,135,668

Distribution/Wholesale – 0.1%
Rexel SA		9,372		145,431

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Diversified Financial Services – 0.6%
Amundi SA (b)		1,515	$	128,944
Deutsche Boerse AG		5,549		748,162
				877,106

Electric – 4.5%
A2A SpA		48,018		96,693
E.ON SE		59,367		650,385
EDP Energias de Portugal SA		69,653		258,731
EDP Renovaveis SA		4,724		45,409
Electricite de France SA		15,034		211,506
Endesa SA		9,859		230,614
Enel SpA		257,677		1,639,245
Engie SA		54,525		958,035
Fortum OYJ		12,942		298,665
Iberdrola SA		188,915		1,463,704
Innogy SE (b)		3,977		175,440
Red Electrica Corp. SA		13,283		277,180
RWE AG		15,052		361,263
Terna Rete Elettrica Nazionale SpA		44,133		265,249
Uniper SE		5,955		184,599
				7,116,718

Electrical Components & Equipment – 1.7%
Legrand SA		7,849		611,359
OSRAM Licht AG		2,996		172,830
Philips Lighting NV (b)		3,390		103,327
Prysmian SpA		6,517		191,869
Schneider Electric SE		17,530		1,593,617
				2,673,002

Electronics – 0.8%
Koninklijke Philips NV		30,720		1,306,200

Energy-Alternate Sources – 0.1%
Siemens Gamesa Renewable Energy SA		6,956		119,827

Engineering & Construction – 2.4%
Acciona SA		806		67,568
ACS Actividades de Construccion y Servicios SA		7,472		316,082

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Engineering & Construction – 2.4% (Continued)
Aena SME SA (b)		1,939	$	400,636
Aeroports de Paris		939		206,830
Boskalis Westminster		2,513		74,562
Bouygues SA		6,067		309,545
Eiffage SA		2,297		273,779
Ferrovial SA		14,340		307,116
Fraport AG Frankfurt Airport Services Worldwide		1,102		106,994
HOCHTIEF AG		599		109,660
Mytilineos Holdings SA		3,288		39,706
Vinci SA		15,389		1,544,308
				3,756,786

Entertainment – 0.1%
OPAP SA		6,751		80,954

Food – 2.5%
Carrefour SA		16,432		338,030
Casino Guichard Perrachon SA		1,795		93,122
Colruyt SA		2,022		113,981
Danone SA – ADR		90,606		1,473,254
Distribuidora Internacional de Alimentacion SA		18,748		87,164
Glanbia PLC		6,270		106,003
Jeronimo Martins SGPS SA		7,577		133,041
Kerry Group PLC – Class A		4,371		446,026
Kesko OYJ – Class B		2,110		124,089
Koninklijke Ahold Delhaize NV		41,055		991,807
METRO AG		5,156		74,810
Parmalat SpA		5,922		21,597
Suedzucker AG		2,415		40,216
				4,043,140

Food Service – 0.2%
Elior Group SA (b)		4,210		86,072
Sodexo SA		2,687		266,399
				352,471

Forest Products & Paper – 0.5%
Stora Enso OYJ – Class R		14,670		291,153

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Forest Products & Paper – 0.5% (Continued)
UPM-Kymmene OYJ		15,940	$	571,314
				862,467

Gas – 0.7%
Enagas SA		6,895		200,999
Gas Natural SDG SA		9,406		237,510
Italgas SpA		15,526		100,608
Rubis SCA		2,378		185,223
Snam SpA		72,432		348,563
				1,072,903

Healthcare-Products – 0.9%
Carl Zeiss Meditec AG		734		49,903
Essilor International SA		6,735		919,455
QIAGEN NV (a)		6,800		224,096
Sartorius Stedim Biotech		773		72,251
Siemens Healthineers AG (a)(b)		4,061		158,328
				1,424,033

Healthcare-Services – 1.3%
BioMerieux		1,256		99,498
Eurofins Scientific SE		302		163,310
Fresenius Medical Care AG & Co KGaA – ADR		13,145		664,743
Fresenius SE & Co. KGaA		13,405		1,025,339
Orpea		1,399		179,671
				2,132,561

Holding Companies-Diversified – 0.3%
Ackermans & Van Haaren NV		692		125,181
Bollore SA		30,777		153,051
Sofina SA		474		82,884
Wendel SA		863		130,478
				491,594

Home Furnishings – 0.1%
Rational AG		105		65,871
SEB SA		847		162,529
				228,400

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Household Products/Wares – 0.3%
Henkel AG & Co. KGaA		3,530	$	420,954
Societe BIC SA		803		81,891
				502,845

Insurance – 6.4%
Aegon NV		52,842		388,742
Ageas		5,767		309,560
Allianz SE – ADR		144,427		3,417,143
ASR Nederland NV		4,330		204,764
Assicurazioni Generali SpA		39,363		795,731
AXA SA – ADR		58,917		1,686,205
CNP Assurances		4,808		123,322
Grupo Catalana Occidente SA		1,373		60,601
Hannover Rueck SE		1,867		262,885
Mapfre SA		29,448		102,559
Muenchener Rueckversicherungs-
Gesellschaft AG – Class R		4,543		1,042,088
NN Group NV		10,194		488,594
Poste Italiane SpA (b)		14,352		140,489
Sampo OYJ – Class A		13,927		752,615
SCOR SE		4,773		193,954
Talanx AG		1,180		53,265
UnipolSai Assicurazioni SpA		23,693		63,804
Vienna Insurance Group AG
Wiener Versicherung Gruppe		1,190		38,771
				10,125,092

Internet – 0.3%
Delivery Hero AG (a) (b)		3,455		165,221
Iliad SA		721		144,489
United Internet AG		3,619		235,035
				544,745

Investment Companies – 0.3%
Corp. Financiera Alba SA		635		39,568
EXOR NV		3,208		238,404
Groupe Bruxelles Lambert SA		2,210		253,429
				531,401

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Iron/Steel – 0.8%
Acerinox SA		4,412	$	62,044
ArcelorMittal (a)		17,565		595,936
ThyssenKrupp AG		13,848		361,213
Voestalpine AG		3,402		179,571
				1,198,764

Lodging – 0.2%
Accor SA		6,078		344,016

Machinery-Diversified – 1.1%
ANDRITZ AG		2,266		121,935
CNH Industrial NV		28,692		354,800
GEA Group AG		5,119		200,349
KION Group AG		2,190		183,273
Kone OYJ – Class B		11,093		552,714
MAN SE		1,105		127,435
Metso OYJ		3,238		115,703
Zardoya Otis SA		5,520		56,460
				1,712,669

Media – 1.4%
Altice NV – Class A (a)		16,001		153,384
Altice NV – Class B (a)		1,788		17,112
Axel Springer SE		1,365		111,842
Lagardere SCA		3,499		100,057
Mediaset Espana Comunicacion SA		5,502		52,848
Mediaset SpA (a)		10,657		42,405
ProSiebenSat.1 Media SE		6,990		254,077
RTL Group SA		1,190		98,078
Telenet Group Holding NV (a)		1,513		88,724
Vivendi SA		31,880		842,726
Wolters Kluwer NV		8,129		440,077
				2,201,330

Metal Fabricate/Hardware – 0.2%
Tenaris SA – ADR		7,256		271,229

Miscellaneous Manufacturing – 2.4%
Aalberts Industries NV		2,989		147,412

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Miscellaneous Manufacturing – 2.4% (Continued)
Alstom SA		4,789	$	218,084
Siemens AG – ADR		50,324		3,192,555
Wartsila OYJ ABP		13,893		296,117
				3,854,168

Oil & Gas – 5.0%
Eni SpA – ADR		38,827		1,520,854
Galp Energia SGPS SA		15,768		303,044
Hellenic Petroleum SA		1,812		18,490
Motor Oil Hellas Corinth Refineries SA		1,741		41,586
Neste OYJ		3,894		328,697
OMV AG		4,697		292,112
Repsol SA		39,315		752,506
TOTAL SA – ADR		74,662		4,674,588
				7,931,877

Oil & Gas Services – 0.3%
Saipem SpA (a)		17,551		67,271
TechnipFMC PLC		13,188		433,660
				500,931

Packaging & Containers – 0.1%
Huhtamaki OYJ		2,900		118,509

Pharmaceuticals – 4.6%
Bayer AG – ADR		109,453		3,273,192
Grifols SA		10,023		282,623
Ipsen SA		1,085		176,228
Merck KGaA		3,924		384,870
Orion OYJ – Class B		3,355		102,017
Recordati SpA		3,087		110,531
Sanofi – ADR		68,017		2,674,428
STADA Arzneimittel AG		678		68,644
UCB SA		3,628		274,962
				7,347,495

Pipelines – 0.1%
Koninklijke Vopak NV		2,095		103,474

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Private Equity – 0.1%
Eurazeo SA		1,351	$	118,771

Real Estate – 1.0%
Deutsche Wohnen SE		10,272		485,510
LEG Immobilien AG		1,966		226,825
Vonovia SE		16,090		808,493
				1,520,828

Retail – 1.3%
CECONOMY AG		5,057		56,769
FF Group (a)		1,069		20,267
Fielmann AG		757		62,254
GrandVision NV (b)		1,514		37,297
HUGO BOSS AG		1,995		187,433
Industria de Diseno Textil SA		34,810		1,083,701
JUMBO SA		3,252		59,535
Luxottica Group SpA		4,567		285,462
Salvatore Ferragamo SpA		1,339		39,648
Zalando SE (a) (b)		3,329		171,859
				2,004,225

Semiconductors – 2.5%
ASML Holding NV		13,461		2,560,238
Infineon Technologies AG		37,456		962,533
STMicroelectronics NV		19,160		419,253
				3,942,024

Software – 3.1%
Amadeus IT Holding SA		13,701		1,004,300
Dassault Systemes SE		3,653		473,118
SAP SE – ADR		28,411		3,148,791
Ubisoft Entertainment SA (a)		2,682		256,706
Worldline SA (a) (b)		1,235		62,310
				4,945,225

Telecommunications – 4.6%
1&1 Drillisch AG		1,436		104,220
Cellnex Telecom SA (b)		4,766		128,000
Deutsche Telekom AG		107,005		1,873,030

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 97.3% (Continued)

Telecommunications – 4.6% (Continued)
Elisa OYJ		4,391	$	194,710
Eutelsat Communications SA		5,428		117,594
Hellenic Telecommunications Organization SA		7,606		110,679
Koninklijke KPN NV – ADR		96,445		294,640
Nokia OYJ – ADR		168,833		1,014,686
Orange SA – ADR		59,470		1,082,949
Proximus SADP		4,382		134,568
SES SA		10,955		169,334
Telecom Italia SpA (a)		339,488		335,434
Telecom Italia SpA – Savings Shares		182,498		157,134
Telefonica Deutschland Holding AG		20,701		99,019
Telefonica SA – ADR		140,955		1,430,693
Telekom Austria AG		4,255		40,593
				7,287,283

Transportation – 0.9%
bpost SA		3,113		68,306
Deutsche Post AG – ADR		30,045		1,304,854
Hapag-Lloyd AG (b)		1,139		48,966
				1,422,126

Water – 0.3%
Suez		11,262		162,656
Veolia Environnement SA		14,564		345,681
				508,337
TOTAL COMMON STOCKS
(Cost $156,788,596)				154,366,750


PREFERRED STOCKS – 1.1%

Auto Manufacturers – 0.3%
Bayerische Motoren Werke AG		1,730		167,549
Porsche Automobil Holding SE		4,537		387,904
				555,453

Chemicals – 0.1%
FUCHS PETROLUB SE		2,164		116,394

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

PREFERRED STOCKS – 1.1% (Continued)

Electric – 0.0% (c)
RWE AG		1,020	$	20,718

Electronics – 0.1%
Sartorius AG		1,066		164,517

Household Products/Wares – 0.5%
Henkel AG & Co. KGaA		5,787		736,574

Pharmaceuticals – 0.1%
Grifols SA – Class B		8,100		168,047
TOTAL PREFERRED STOCKS
(Cost $1,801,905)				1,761,703


REAL ESTATE INVESTMENT TRUSTS – 1.1%

Fonciere Des Regions		1,220		136,499
Gecina SA		1,435		248,845
ICADE		1,149		114,263
Klepierre		6,194		253,717
Merlin Properties Socimi SA		10,432		161,250
Unibail-Rodamco SE		3,284		788,788
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $1,703,820)				1,703,362

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

SHORT-TERM INVESTMENTS – 0.3%

Money Market Funds – 0.3%
STIT-Government & Agency Portfolio,
Institutional Class, 1.600% (d)		487,588	$	487,588
TOTAL SHORT-TERM INVESTMENTS
(Cost $487,588)				487,588


TOTAL INVESTMENTS
(Cost $160,781,909) – 99.8%				158,319,403
Other Assets in Excess of Liabilities – 0.2%				383,392
TOTAL NET ASSETS – 100.0%			$	158,702,795

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 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $2,738,459 or 1.7% of net assets.
(c)	Less than 0.05%.
(d)	Rate disclosed is the seven day yield as of April 30, 2018.

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2018

	Shares		Value

COMMON STOCKS – 95.2%

Australia – 7.1%
Amcor Ltd.		54,927	$	567,758
Aurizon Holdings Ltd.		115,663		391,845
BHP Billiton Ltd. – ADR (a)		83,249		3,891,891
Coca-Cola Amatil Ltd.		56,191		392,997
Fortescue Metals Group Ltd.		407,238		1,398,042
GPT Group		106,660		388,646
Mirvac Group		208,892		352,271
South32 Ltd.		273,571		766,161
Stockland		173,580		541,012
Wesfarmers Ltd.		78,000		2,570,267
Woodside Petroleum Ltd.		45,069		1,093,228
				12,354,118

Canada – 1.3%
BCE, Inc.		3		128
BCE, Inc. – ADR		53,014		2,250,444
				2,250,572

Finland – 1.2%
Kone OYJ – Class B		22,793		1,135,673
UPM-Kymmene OYJ		25,286		906,288
				2,041,961

France – 6.8%
Orange SA – ADR (a)		146,521		2,668,147
Publicis Groupe SA		9,414		704,836
Renault SA		13,906		1,508,671
Sanofi – ADR		79,163		3,112,689
TOTAL SA – ADR		62,380		3,905,612
				11,899,955

Germany – 3.8%
BASF SE		31,767		3,311,388
Siemens AG – ADR		52,323		3,319,371
				6,630,759

Hong Kong – 4.6%
CLP Holdings Ltd.		120,310		1,249,293
NWS Holdings Ltd.		271,021		535,920

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 95.2% (Continued)

Hong Kong – 4.6% (Continued)
PCCW Ltd.		649,386	$	402,937
Power Assets Holdings Ltd.		119,506		889,978
Sands China Ltd.		558,848		3,257,541
Sun Art Retail Group Ltd.		375,788		425,168
Swire Pacific Ltd. – Class A		55,707		553,617
WH Group Ltd. (b)		629,647		657,031
				7,971,485

Israel – 1.4%
Bezeq The Israeli Telecommunication Corp. Ltd.		297,204		375,082
Israel Chemicals Ltd.		59,118		265,780
Teva Pharmaceutical Industries Ltd. – ADR (a)		101,637		1,827,433
				2,468,295

Italy – 0.4%
PRADA SpA		132,531		670,368

Japan – 10.6%
Bridgestone Corp.		27,993		1,175,081
Canon, Inc. – ADR (c)		51,438		1,764,838
ITOCHU Corp.		63,932		1,283,085
Japan Tobacco, Inc.		88,203		2,369,266
KDDI Corp.		91,649		2,462,249
Lawson, Inc.		4,489		296,885
Marubeni Corp.		81,557		614,885
Mitsubishi Corp.		73,201		2,026,888
Mitsui & Co. Ltd.		84,367		1,525,351
NTT DOCOMO, Inc. – ADR		139,662		3,516,689
Subaru Corp.		40,373		1,358,693
				18,393,910

Jersey – 0.8%
WPP PLC – ADR (a)		15,363		1,315,380

Luxembourg – 0.5%
RTL Group SA		9,727		801,686

Netherlands – 1.0%
Koninklijke Ahold Delhaize NV – ADR		47,762		1,146,288

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 95.2% (Continued)

Netherlands – 1.0% (Continued)
Koninklijke KPN NV		178,085	$	554,197
				1,700,485

New Zealand – 0.5%
Meridian Energy Ltd.		200,554		414,863
Spark New Zealand Ltd.		179,895		437,947
				852,810

Norway – 3.6%
Statoil ASA – ADR		172,540		4,417,024
Telenor ASA		83,352		1,847,349
				6,264,373

Republic of Korea – 0.4%
SK Telecom Co Ltd. – ADR		29,622		703,523

South Korea – 0.2%
KT&G Corp.		4,752		435,135

Spain – 3.4%
Ferrovial SA		29,414		629,953
Gas Natural SDG SA		53,876		1,360,416
Repsol SA		77,948		1,491,958
Telefonica SA – ADR		241,296		2,449,154
				5,931,481

Switzerland – 5.6%
ABB Ltd. – ADR		86,882		2,021,744
Novartis AG – ADR		41,035		3,146,974
Roche Holding AG – ADR (a)		110,887		3,082,659
Swisscom AG		2,929		1,409,821
				9,661,198

United Kingdom – 13.6%
BAE Systems PLC – ADR (a)		41,083		1,405,039
BT Group PLC – ADR		149,565		2,579,996
Centrica PLC		584,090		1,236,739
GlaxoSmithKline PLC – ADR (a)		100,335		4,024,437
Imperial Brands Plc – ADR		67,989		2,472,760
International Consolidated Airlines Group SA		77,852		675,445

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 95.2% (Continued)

United Kingdom – 13.6% (Continued)
Rio Tinto PLC – ADR (a)		73,155	$	4,019,867
Royal Dutch Shell PLC – ADR (a)		53,385		3,866,142
Vodafone Group PLC – ADR		114,543		3,368,710
				23,649,135

United States – 28.4%
Archer-Daniels-Midland Co.		22,816		1,035,390
AT&T, Inc. (a)		95,743		3,130,796
Cardinal Health, Inc.		12,859		825,162
Cisco Systems, Inc.		96,420		4,270,442
Eaton Corp. PLC		18,452		1,384,454
Exxon Mobil Corp.		41,671		3,239,920
Ford Motor Co. (a)		256,826		2,886,724
General Mills, Inc. (a)		25,375		1,109,903
Gilead Sciences, Inc.		46,357		3,348,366
International Business Machines Corp.		22,485		3,259,426
Kellogg Co.		14,295		841,976
Kimberly-Clark Corp. (a)		14,834		1,535,912
Las Vegas Sands Corp.		43,871		3,217,060
LyondellBasell Industries NV – Class A		17,715		1,873,007
Omnicom Group, Inc. (a)		9,117		671,558
Paychex, Inc.		13,106		793,830
Pfizer, Inc. (a)		96,030		3,515,658
Philip Morris International, Inc.		33,754		2,767,828
Procter & Gamble Co.		38,498		2,784,945
QUALCOMM, Inc.		53,118		2,709,549
Target Corp. (a)		29,578		2,147,363
Valero Energy Corp.		18,636		2,067,292
				49,416,561
TOTAL COMMON STOCKS
(Cost $164,155,905)				165,413,190

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

REAL ESTATE INVESTMENT TRUSTS – 4.4%

Australia – 0.6%
Dexus		59,234	$	423,199
Vicinity Centres		323,700		594,620
				1,017,819

United States – 3.8%
AvalonBay Communities, Inc.		5,644		919,972
Public Storage (a)		8,683		1,752,056
Simon Property Group, Inc. (a)		17,663		2,761,433
Ventas, Inc.		22,235		1,143,324
				6,576,785
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $8,079,754)				7,594,604


SHORT-TERM INVESTMENTS – 0.3%

Money Market Funds – 0.3%
STIT-Government & Agency Portfolio,
Institutional Class, 1.600% (d)		548,127		548,127
TOTAL SHORT-TERM INVESTMENTS
(Cost $548,127)				548,127

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 22.2%

Mount Vernon Liquid Assets
Portfolio, LLC, 2.000% (d)		38,582,883	$	38,582,883
TOTAL INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $38,582,883)				38,582,883


TOTAL INVESTMENTS
(Cost $211,366,669) – 122.1%				212,138,804
Liabilities in Excess of Other Assets – (22.1)%				(38,428,678	)
TOTAL NET ASSETS – 100.0%			$	173,710,126

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
(a)	All or portion of this security is on loan as of April 30, 2018. The total value of securities on loan is $37,676,316 or 21.7% of net assets.
(b)	Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $657,031 or 0.4% of net assets.
(c)	Non-income producing security.
(d)	Rate disclosed is the seven day yield as of April 30, 2018.

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

100

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018

	Shares		Value

COMMON STOCKS – 94.4%

Advertising – 2.2%
Interpublic Group of Cos., Inc.		7,552	$	178,152
Omnicom Group, Inc.		6,056		446,085
				624,237

Airlines – 0.9%
Alaska Air Group, Inc.		2,183		141,742
Copa Holdings SA		945		110,726
				252,468

Apparel – 1.6%
Michael Kors Holdings Ltd. (a)		3,609		246,927
Ralph Lauren Corp. – Class A		2,008		220,579
				467,506

Auto Manufacturers – 2.2%
Ford Motor Co. (b)		56,699		637,297

Auto Parts & Equipment – 3.1%
Allison Transmission Holdings, Inc.		3,613		140,871
Aptiv PLC		5,310		449,120
Lear Corp.		1,600		299,152
				889,143

Biotechnology – 6.1%
Amgen, Inc.		3,183		555,370
Celgene Corp. (a)		6,551		570,592
Gilead Sciences, Inc.		7,493		541,219
United Therapeutics Corp. (a)		845		93,043
				1,760,224

Building Materials – 0.5%
Owens Corning		2,091		136,940

Chemicals – 3.7%
CF Industries Holdings, Inc.		6,785		263,258
Huntsman Corp.		7,284		216,844
LyondellBasell Industries NV – Class A		5,501		581,621
				1,061,723

Coal – 0.1%
CONSOL Energy, Inc. (a)		1,289		40,539

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

101

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April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 94.4% (Continued)

Commercial Services – 1.1%
Graham Holdings Co. – Class B		90	$	54,275
H&R Block, Inc. (b)		5,196		143,669
Robert Half International, Inc.		1,744		105,948
				303,892

Computers – 9.2%
DXC Technology Co.		4,900		504,994
Fortinet, Inc. (a)		2,231		123,508
HP, Inc.		25,018		537,637
International Business Machines Corp.		3,818		553,457
NCR Corp. (a) (b)		3,359		103,356
NetApp, Inc.		4,902		326,375
Western Digital Corp.		6,683		526,554
				2,675,881

Cosmetics/Personal Care – 0.2%
Edgewell Personal Care Co. (a)		1,265		55,723

Diversified Financial Services – 1.8%
Alliance Data Systems Corp.		2,512		510,062

Electric – 0.7%
Vistra Energy Corp. (a)		8,328		190,295

Electrical Components & Equipment – 0.2%
Acuity Brands, Inc.		566		67,790

Electronics – 0.3%
Gentex Corp. (b)		4,300		97,782

Engineering & Construction – 0.5%
AECOM (a)		3,983		137,174

Food – 1.9%
General Mills, Inc.		10,915		477,422
TreeHouse Foods, Inc. (a)		1,988		76,538
				553,960

Forest Products & Paper – 0.2%
Domtar Corp.		1,443		63,348

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

102

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SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 94.4% (Continued)

Healthcare-Products – 0.2%
Patterson Cos., Inc. (b)		2,553	$	59,434

Healthcare-Services – 0.3%
MEDNAX, Inc. (a)		2,066		94,850

Home Builders – 0.8%
Toll Brothers, Inc.		5,142		216,787

Internet – 2.2%
Expedia Group, Inc.		2,557		294,413
F5 Networks, Inc. (a)		1,175		191,631
VeriSign, Inc. (a) (b)		1,384		162,509
				648,553

Leisure Time – 2.5%
Harley-Davidson, Inc.		5,484		225,557
Royal Caribbean Cruises Ltd.		4,622		500,054
				725,611

Machinery-Diversified – 1.4%
Cummins, Inc.		2,608		416,915

Media – 1.3%
Discovery, Inc. (a) (b)		15,622		369,460

Mining – 3.8%
Alcoa Corp. (a)		4,411		225,843
Freeport-McMoRan, Inc.		32,187		489,564
Newmont Mining Corp.		9,499		373,216
				1,088,623

Office/Business Equipment – 0.2%
Pitney Bowes, Inc.		6,215		63,517

Oil & Gas – 5.9%
HollyFrontier Corp.		3,780		229,408
Marathon Petroleum Corp.		9,000		674,190
PBF Energy, Inc. – Class A		2,769		106,136
Valero Energy Corp.		6,395		709,397
				1,719,131

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

103

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SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 94.4% (Continued)

Pharmaceuticals – 10.3%
Allergan PLC		4,064	$	624,434
AmerisourceBergen Corp.		4,026		364,675
CVS Health Corp.		8,740		610,314
Express Scripts Holding Co. (a)		7,887		597,046
Mallinckrodt PLC (a) (b)		8,139		105,807
Pfizer, Inc. (b)		16,334		597,988
Premier, Inc. – Class A (a) (b)		2,840		93,691
				2,993,955

Retail – 13.4%
Bed Bath & Beyond, Inc.		5,042		88,033
Best Buy Co., Inc. (b)		5,774		441,884
Dick’s Sporting Goods, Inc.		1,759		58,205
Foot Locker, Inc.		3,560		153,365
GameStop Corp. – Class A (b)		3,766		51,406
Gap, Inc.		6,567		192,019
Kohl’s Corp.		3,738		232,205
Macy’s, Inc. (b)		8,883		275,995
Michaels Cos., Inc. (a) (b)		4,568		85,056
Nu Skin Enterprises, Inc. – Class A		760		54,074
Sally Beauty Holdings, Inc. (a)		3,836		66,325
Signet Jewelers Ltd.		7,451		289,695
Target Corp.		7,847		569,692
Urban Outfitters, Inc. (a)		1,751		70,513
Walgreens Boots Alliance, Inc.		8,354		555,123
Walmart, Inc.		6,643		587,640
Williams-Sonoma, Inc. (b)		1,435		68,593
World Fuel Services Corp.		1,909		40,986
				3,880,809

Semiconductors – 6.4%
Applied Materials, Inc.		10,161		504,697
KLA-Tencor Corp.		2,478		252,112
Lam Research Corp.		2,289		423,602
Marvell Technology Group Ltd.		6,487		130,129
Micron Technology, Inc. (a)		12,008		552,128
				1,862,668

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

104

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 94.4% (Continued)

Software – 5.8%
CA, Inc.		7,071	$	246,071
Citrix Systems, Inc. (a)		2,187		225,064
Oracle Corp.		11,718		535,161
VMware, Inc. – Class A (a) (b)		5,060		674,296
				1,680,592

Telecommunications – 3.4%
ARRIS International PLC (a) (b)		4,228		114,156
Cisco Systems, Inc. (b)		13,383		592,733
Juniper Networks, Inc.		11,790		289,916
				996,805
TOTAL COMMON STOCKS
(Cost $26,830,580)				27,343,694


REAL ESTATE INVESTMENT TRUSTS – 5.5%
Annaly Capital Management, Inc.		58,270		604,260
Apple Hospitality REIT, Inc.		4,626		83,221
CoreCivic, Inc.		3,280		66,125
Park Hotels & Resorts, Inc.		4,892		140,792
Tanger Factory Outlet Centers, Inc.		2,835		62,228
Ventas, Inc.		8,531		438,664
VEREIT, Inc.		27,555		187,374
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $1,622,014)				1,582,664


SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
STIT-Government & Agency Portfolio,
Institutional Class, 1.600% (c)		39,731		39,731
TOTAL SHORT-TERM INVESTMENTS
(Cost $39,731)				39,731

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

105

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 12.7%
Mount Vernon Liquid Assets
Portfolio, LLC, 2.000% (c)		3,689,269	$	3,689,269
TOTAL INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $3,689,269)				3,689,269


TOTAL INVESTMENTS
(Cost $32,181,594) – 112.7%				32,655,358
Liabilities in Excess of Other Assets – (12.7)%				(3,674,074	)
TOTAL NET ASSETS – 100.0%			$	28,981,284

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	All or portion of this security is on loan as of April 30, 2018. The total value of securities on loan is $3,559,563 or 12.3% of net assets.
(c)	Rate disclosed is the seven day yield as of April 30, 2018.

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

106

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018

	Shares		Value

COMMON STOCKS – 98.1%

Aerospace/Defense – 1.9%
Aerojet Rocketdyne Holdings, Inc. (a)		3,483	$	97,315

Apparel – 3.7%
Crocs, Inc. (a) (b)		3,227		50,987
Oxford Industries, Inc.		621		47,842
Perry Ellis International, Inc. (a)		546		14,169
Steven Madden Ltd.		1,694		81,735
				194,733

Auto Manufacturers – 1.1%
Wabash National Corp.		2,871		57,592

Biotechnology – 5.0%
Cambrex Corp. (a)		945		50,038
Emergent BioSolutions, Inc. (a)		1,570		81,420
Innoviva, Inc. (a) (b)		4,691		68,019
Myriad Genetics, Inc. (a)		2,117		59,890
				259,367

Building Materials – 0.5%
Quanex Building Products Corp.		1,515		25,982

Chemicals – 1.2%
Aceto Corp.		4,709		11,866
Stepan Co.		746		52,459
				64,325

Coal – 1.9%
CONSOL Energy, Inc. (a)		3,109		97,778

Commercial Services – 9.0%
American Public Education, Inc. (a)		422		17,006
Cross Country Healthcare, Inc. (a)		1,897		23,864
EVERTEC, Inc.		3,499		63,857
FTI Consulting, Inc. (a)		1,257		73,409
Insperity, Inc.		1,285		103,121
LSC Communications, Inc.		4,720		82,506
Navigant Consulting, Inc. (a)		1,690		36,149
Nutrisystem, Inc.		1,095		31,755

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

107

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 98.1% (Continued)

Commercial Services – 9.0% (Continued)
TrueBlue, Inc. (a)		1,498	$	39,922
				471,589

Computers – 0.9%
Electronics For Imaging, Inc. (a)		1,767		48,946

Cosmetics/Personal Care – 1.8%
Avon Products, Inc. (a)		38,053		96,274

Distribution/Wholesale – 3.3%
Essendant, Inc.		10,406		77,421
Fossil Group, Inc. (a) (b)		6,522		97,504
				174,925

Diversified Financial Services – 1.3%
WageWorks, Inc. (a)		1,669		69,514

Electrical Components & Equipment – 1.5%
Advanced Energy Industries, Inc. (a)		1,302		77,534

Electronics – 6.1%
Bel Fuse, Inc.		481		9,307
Benchmark Electronics, Inc.		1,543		40,581
Brady Corp.		1,609		58,568
KEMET Corp. (a)		1,935		33,321
Methode Electronics, Inc.		1,055		42,094
Plexus Corp. (a)		945		51,824
TTM Technologies, Inc. (a)		5,898		82,218
				317,913

Energy-Alternate Sources – 2.0%
FutureFuel Corp.		1,870		21,879
REX American Resources Corp. (a)		247		18,471
SolarEdge Technologies, Inc. (a)		1,181		62,179
				102,529

Engineering & Construction – 0.3%
Orion Group Holdings, Inc. (a)		2,522		15,283

Healthcare-Products – 1.7%
Analogic Corp.		357		29,666

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

108

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 98.1% (Continued)

Healthcare-Products – 1.7% (Continued)
AngioDynamics, Inc. (a)		1,405	$	27,229
MiMedx Group, Inc. (a) (b)		3,861		31,699
				88,594

Healthcare-Services – 0.9%
Tivity Health, Inc. (a)		1,291		46,412

Home Builders – 1.0%
Winnebago Industries, Inc.		1,338		50,710

Home Furnishings – 1.4%
Ethan Allen Interiors, Inc.		1,219		26,879
Sleep Number Corp. (a)		1,642		46,534
				73,413

Internet – 4.0%
DHI Group, Inc. (a)		6,319		8,847
New Media Investment Group, Inc.		3,092		51,265
NIC, Inc.		2,241		33,279
Perficient, Inc. (a) (b)		1,144		28,291
Shutterfly, Inc. (a) (b)		1,058		85,613
				207,295

Leisure Time – 3.5%
Callaway Golf Co.		3,099		53,489
Nautilus, Inc. (a)		1,332		19,381
Vista Outdoor, Inc. (a)		6,635		111,136
				184,006

Machinery-Diversified – 1.6%
SPX FLOW, Inc. (a)		1,868		84,060

Media – 1.6%
Gannett Co., Inc.		8,866		85,734

Miscellaneous Manufacturing – 3.2%
Hillenbrand, Inc.		2,232		103,453
Sturm Ruger & Co, Inc.		720		39,780
Tredegar Corp.		1,295		22,792
				166,025

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

109

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 98.1% (Continued)

Oil & Gas – 0.8%
Par Pacific Holdings, Inc. (a)		2,321	$	39,155

Oil & Gas Services – 0.3%
Matrix Service Co. (a)		1,058		16,293

Pharmaceuticals – 2.2%
Depomed, Inc. (a)		4,756		29,868
Eagle Pharmaceuticals Inc/DE (a) (b)		507		26,369
Lannett Co, Inc. (a)		3,904		60,902
				117,139

Retail – 24.1%
Asbury Automotive Group, Inc. (a)		1,523		102,117
Barnes & Noble Education, Inc. (a)		2,281		16,400
Caleres, Inc.		2,262		74,035
Chico’s FAS, Inc.		8,804		87,424
DSW, Inc.		5,264		117,387
Express, Inc. (a)		8,384		65,731
Francesca’s Holdings Corp. (a)		1,743		8,628
Haverty Furniture Cos, Inc.		742		13,467
Hibbett Sports, Inc. (a)		1,718		46,730
La-Z-Boy, Inc.		1,999		57,571
Movado Group, Inc.		908		35,821
Red Robin Gourmet Burgers, Inc. (a)		645		40,216
RH (a) (b)		1,361		129,907
Shoe Carnival, Inc.		692		16,864
Tailored Brands, Inc.		4,497		141,880
The Buckle, Inc. (b)		3,512		80,952
The Cato Corp.		2,294		37,186
The Children’s Place, Inc.		621		79,209
The Finish Line, Inc.		5,072		68,827
Vera Bradley, Inc. (a)		1,773		20,177
Zumiez, Inc. (a)		981		22,955
				1,263,484

Semiconductors – 5.0%
Cohu, Inc.		784		16,778
FormFactor, Inc. (a)		2,385		27,368

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

110

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 98.1% (Continued)

Semiconductors – 5.0% (Continued)
Kulicke & Soffa Industries, Inc. (a)		2,768	$	63,360
Rambus, Inc. (a)		4,167		56,254
Rudolph Technologies, Inc. (a)		946		23,981
Xperi Corp.		3,232		71,104
				258,845

Software – 3.2%
MicroStrategy, Inc. (a)		293		37,346
Progress Software Corp.		1,362		50,299
Quality Systems, Inc. (a)		2,317		31,117
Synchronoss Technologies, Inc. (a)		4,411		49,403
				168,165

Telecommunications – 0.5%
CalAmp Corp. (a)		1,281		25,300

Transportation – 0.7%
ArcBest Corp.		1,158		37,172

Trucking & Leasing – 0.9%
The Greenbrier Cos., Inc.		1,123		49,244
TOTAL COMMON STOCKS
(Cost $5,026,177)				5,132,645


REAL ESTATE INVESTMENT TRUSTS – 1.8%

CBL & Associates Properties, Inc. (b)		22,874		95,614
TOTAL REAL ESTATE INVESTMENT TRUSTS
(Cost $119,844)				95,614


SHORT-TERM INVESTMENTS – 0.1%

Money Market Funds – 0.1%
STIT-Government & Agency Portfolio,
Institutional Class, 1.600% (c)		5,679		5,679
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,679)				5,679

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

111

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 12.0%

Mount Vernon Liquid Assets
Portfolio, LLC, 2.000% (c)		629,653	$	629,653
TOTAL INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $629,653)				629,653


TOTAL INVESTMENTS
(Cost $5,781,353) – 112.0%				5,863,591
Liabilities in Excess of Other Assets – (12.0)%				(630,446	)
TOTAL NET ASSETS – 100.0%			$	5,233,145

Percentages are stated as a percent of net assets.

(a)	Non-income producing security.
(b)	All or portion of this security is on loan as of April 30, 2018. The total value of securities on loan is $615,887 or 11.8% of net assets.
(c)	Rate disclosed is the seven day yield as of April 30, 2018.

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

112

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018

	Shares		Value

COMMON STOCKS – 99.7%

Australia – 9.3%
BHP Billiton Ltd. – ADR (a)		9,286	$	434,120
BlueScope Steel Ltd.		7,770		96,577
Fortescue Metals Group Ltd.		112,218		385,243
Newcrest Mining Ltd.		6,782		107,988
Qantas Airways Ltd.		32,337		140,470
South32 Ltd.		107,293		300,484
Woodside Petroleum Ltd.		17,005		412,486
				1,877,368

Canada – 2.9%
Magna International, Inc.		4,745		279,955
Teck Resources Ltd.		11,917		299,474
				579,429

Denmark – 1.7%
Pandora A/S		1,118		124,563
Vestas Wind Systems A/S		3,521		228,391
				352,954

Finland – 1.2%
UPM-Kymmene OYJ		6,882		246,661

France – 8.9%
Arkema SA		729		95,517
Capgemini SE		1,487		204,709
Orange SA		22,662		413,646
Peugeot SA		13,662		336,893
Publicis Groupe SA		2,438		182,536
Sanofi – ADR (a)		8,746		343,893
Thales SA		1,696		215,049
				1,792,243

Germany – 5.6%
BASF SE		3,534		368,384
Covestro AG (b)		2,618		238,882
Deutsche Lufthansa AG		9,511		277,604
ProSiebenSat.1 Media SE		7,049		256,222
				1,141,092

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

113

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.7% (Continued)

Hong Kong – 2.3%
Galaxy Entertainment Group Ltd.		35,472	$	313,654
WH Group Ltd. (b)		147,771		154,198
				467,852

Italy – 1.5%
Leonardo SpA		9,660		112,105
Pirelli & C SpA (c) (b)		14,543		126,517
Saipem SpA (c)		19,499		74,738
				313,360

Japan – 29.7%
Astellas Pharma, Inc.		8,032		117,960
Astellas Pharma, Inc. – ADR (c)		14,377		210,048
Bridgestone Corp.		7,354		308,704
Canon, Inc. – ADR (c)		10,263		352,124
DeNA Co Ltd.		996		18,996
Ebara Corp.		1,048		40,168
Fuji Electric Co Ltd.		7,624		54,676
FUJIFILM Holdings Corp.		5,531		222,869
Haseko Corp.		6,603		104,191
Hitachi Construction Machinery Co. Ltd.		2,230		81,289
Hoya Corp.		2,722		145,960
Japan Tobacco, Inc.		11,787		316,617
Kajima Corp.		20,478		197,624
KDDI Corp.		13,673		367,340
Koito Manufacturing Co. Ltd.		1,333		89,623
Kuraray Co. Ltd.		2,998		49,967
Mazda Motor Corp.		6,757		94,043
MINEBEA MITSUMI, Inc.		3,450		69,335
Mitsubishi Corp.		15,492		428,963
Mitsui Chemicals, Inc.		2,384		68,476
Nexon Co. Ltd. (c)		7,070		103,023
Nikon Corp.		4,931		86,063
NTT DOCOMO, Inc. – ADR		14,777		372,085
Obayashi Corp.		12,313		142,142
Persol Holdings Co Ltd.		1,865		44,407
SCREEN Holdings Co. Ltd.		464		38,242

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

114

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.7% (Continued)

Japan – 29.7% (Continued)
Secom Co Ltd.		2,038	$	152,906
Shimizu Corp.		13,655		135,401
Sony Corp. – ADR		8,586		393,496
Subaru Corp.		7,231		243,348
Sumitomo Rubber Industries Ltd.		5,654		101,216
Suzuki Motor Corp.		5,313		286,305
Taisei Corp.		5,338		288,580
Teijin Ltd.		2,381		44,889
Tosoh Corp.		4,926		87,507
Ulvac, Inc.		617		33,243
Yamaha Motor Co. Ltd.		3,478		111,352
				6,003,178

Jersey – 1.4%
WPP PLC – ADR (a)		3,226		276,210

Netherlands – 1.9%
Gemalto NV		1,225		73,788
Koninklijke Ahold Delhaize NV		12,765		308,377
				382,165

Norway – 1.8%
Telenor ASA		16,607		368,065

Republic of Korea – 4.3%
Hanwha Chemical Corp.		2,262		61,313
Hyundai Mobis Co. Ltd.		716		166,254
Lotte Chemical Corp.		338		131,016
Samsung Heavy Industries Co Ltd. (c)		10,525		72,430
SK Hynix, Inc.		5,467		432,528
				863,541

South Korea – 0.7%
KT&G Corp.		1,553		142,206

Spain – 6.0%
ACS Actividades de Construccion y Servicios SA		4,493		190,063
Enagas SA		6,417		187,065
Gas Natural SDG SA		16,682		421,235

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

115

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.7% (Continued)

Spain – 6.0% (Continued)
Repsol SA		21,212	$	406,007
				1,204,370

Sweden – 0.9%
Boliden AB		3,333		116,014
Electrolux AB		2,749		72,613
				188,627

Switzerland – 0.6%
Adecco Group AG		1,680		111,785

United Kingdom – 19.0%
Anglo American PLC		20,811		489,755
Antofagasta PLC		9,632		128,945
Barratt Developments PLC		10,524		80,846
Berkeley Group Holdings PLC		1,755		98,384
Burberry Group PLC		4,360		109,455
Centrica PLC		117,722		249,262
Fiat Chrysler Automobiles NV (c)		23,172		519,634
Imperial Brands PLC – ADR		9,180		333,877
Imperial Brands PLC		30		1,076
International Consolidated Airlines Group SA		21,296		184,764
J Sainsbury PLC		32,241		137,154
Marks & Spencer Group PLC		22,523		89,209
Next PLC		1,758		127,208
Persimmon PLC		3,903		145,885
Rio Tinto PLC – ADR (a)		7,983		438,666
Royal Mail PLC		11,602		92,833
Smiths Group PLC		3,430		75,436
Tate & Lyle PLC		4,136		32,718
Taylor Wimpey PLC		50,075		132,190
Vodafone Group PLC – ADR		12,655		372,183
				3,839,480
TOTAL COMMON STOCKS
(Cost $19,787,381)				20,150,586

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

116

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

SHORT-TERM INVESTMENTS – 0.9%

Money Market Funds – 0.9%
STIT-Government & Agency Portfolio,
Institutional Class, 1.600% (d)		187,021	$	187,021
TOTAL SHORT-TERM INVESTMENTS
(Cost $187,021)				187,021


INVESTMENTS PURCHASED WITH PROCEEDS
FROM SECURITIES LENDING – 5.5%

Mount Vernon Liquid Assets
Portfolio, LLC, 2.000% (d)		1,121,259		1,121,259
TOTAL INVESTMENTS PURCHASED WITH
PROCEEDS FROM SECURITIES LENDING
(Cost $1,121,259)				1,121,259


TOTAL INVESTMENTS
(Cost $21,095,661) – 106.1%				21,458,866
Liabilities in Excess of Other Assets – (6.1)%				(1,224,220	)
TOTAL NET ASSETS – 100.0%			$	20,234,646

Percentages are stated as a percent of net assets.

ADR	American Depository Receipt
(a)	All or portion of this security is on loan as of April 30, 2018. The total value of securities on loan is $1,112,043 or 5.5% of net assets.
(b)	Security exempt from registration under Rule 144(a) and Regulation S of the Securities Act of 1933. Such securities are treated as liquid securities according to the Fund’s liquidity guidelines. The value of those securities total $519,597 or 2.6% of net assets.
(c)	Non-income producing security.
(d)	Rate disclosed is the seven day yield as of April 30, 2018.

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

117

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018

	Shares		Value

COMMON STOCKS – 99.4%

Advertising – 0.2%
Interpublic Group of Cos., Inc.		1,634	$	38,546
Omnicom Group, Inc.		979		72,113
				110,659

Apparel – 1.1%
Hanesbrands, Inc.		1,531		28,278
Michael Kors Holdings Ltd. (a)		646		44,199
NIKE, Inc. – Class B		5,515		377,171
PVH Corp.		327		52,212
Ralph Lauren Corp. – Class A		236		25,925
Under Armour, Inc. – Class A (a)		788		13,995
Under Armour, Inc. – Class C (a)		784		12,034
VF Corp.		1,399		113,137
				666,951

Auto Manufacturers – 0.6%
Ford Motor Co.		16,584		186,404
General Motors Co.		5,366		197,147
				383,551

Auto Parts & Equipment – 0.3%
Aptiv PLC		1,130		95,575
BorgWarner, Inc.		841		41,159
Goodyear Tire & Rubber Co.		1,021		25,637
				162,371

Banks – 10.6%
Bank of America Corp.		35,794		1,070,957
Bank of New York Mellon Corp.		3,778		205,939
BB&T Corp.		2,908		153,542
Capital One Financial Corp.		1,819		164,838
Citigroup, Inc.		9,615		656,416
Citizens Financial Group, Inc.		1,823		75,636
Comerica, Inc.		647		61,193
Fifth Third Bancorp		2,596		86,109
Goldman Sachs Group, Inc.		1,321		314,834
Huntington Bancshares, Inc.		4,124		61,489
JPMorgan Chase & Co.		12,840		1,396,735

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

118

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Banks – 10.6% (Continued)
KeyCorp.		3,968	$	79,043
M&T Bank Corp.		562		102,436
Morgan Stanley		5,162		266,462
Northern Trust Corp.		796		84,973
PNC Financial Services Group, Inc.		1,764		256,856
Regions Financial Corp.		4,200		78,540
State Street Corp.		1,376		137,297
SunTrust Banks, Inc.		1,752		117,034
SVB Financial Group (a)		198		59,323
US Bancorp		5,871		296,192
Wells Fargo & Co.		16,424		853,391
Zions Bancorp		736		40,296
				6,619,531

Biotechnology – 13.7%
Abeona Therapeutics, Inc. (a)		5,009		87,407
ACADIA Pharmaceuticals, Inc. (a)		7,543		119,255
Acceleron Pharma, Inc. (a)		1,897		66,224
Achillion Pharmaceuticals, Inc. (a)		9,047		34,107
Acorda Therapeutics, Inc. (a)		3,607		83,322
Agenus, Inc. (a)		4,503		15,445
Alder Biopharmaceuticals, Inc. (a)		7,940		112,748
Alexion Pharmaceuticals, Inc. (a)		1,520		178,798
Alnylam Pharmaceuticals, Inc. (a)		1,436		135,745
AMAG Pharmaceuticals, Inc. (a)		4,067		83,577
Amgen, Inc.		1,000		174,480
Amicus Therapeutics, Inc. (a)		12,813		181,304
AnaptysBio, Inc. (a)		1,635		153,330
Arena Pharmaceuticals, Inc. (a)		3,135		124,898
Arrowhead Pharmaceuticals, Inc. (a)		6,255		40,157
Atara Biotherapeutics, Inc. (a)		3,608		145,583
Audentes Therapeutics, Inc. (a)		1,687		63,026
Avexis, Inc. (a)		1,395		296,661
BioCryst Pharmaceuticals, Inc. (a)		7,098		34,922
Biogen, Inc. (a)		668		182,765
BioMarin Pharmaceutical, Inc. (a)		2,280		190,403
Bluebird Bio, Inc. (a)		824		140,204

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

119

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Biotechnology – 13.7% (Continued)
Blueprint Medicines Corp. (a)		1,838	$	141,011
Celgene Corp. (a)		2,064		179,774
CytomX Therapeutics, Inc. (a)		1,578		41,501
Dynavax Technologies Corp. (a)		8,466		143,499
Editas Medicine, Inc. (a)		4,334		136,088
Emergent BioSolutions, Inc. (a)		2,033		105,431
Epizyme, Inc. (a)		2,281		29,311
Esperion Therapeutics, Inc. (a)		2,539		177,755
Exact Sciences Corp. (a)		3,664		183,237
Exelixis, Inc. (a)		7,788		162,146
FibroGen, Inc. (a)		3,445		156,575
Five Prime Therapeutics, Inc. (a)		3,594		60,200
Geron Corp. (a)		8,223		30,590
Gilead Sciences, Inc.		2,366		170,896
GlycoMimetics, Inc. (a)		4,254		71,850
Halozyme Therapeutics, Inc. (a)		6,832		129,330
ImmunoGen, Inc. (a)		13,407		147,343
Immunomedics, Inc. (a)		11,043		201,093
Incyte Corp. (a)		2,028		125,614
Inovio Pharmaceuticals, Inc. (a)		7,735		33,957
Insmed, Inc. (a)		5,061		123,134
Intellia Therapeutics, Inc. (a)		3,260		65,265
Intercept Pharmaceuticals, Inc. (a)		2,981		202,738
Intrexon Corp. (a)		7,609		138,332
Ionis Pharmaceuticals, Inc. (a)		3,606		155,166
Iovance Biotherapeutics, Inc. (a)		2,240		32,480
Karyopharm Therapeutics, Inc. (a)		955		12,491
Kura Oncology, Inc. (a)		1,186		17,968
Lexicon Pharmaceuticals, Inc. (a)		4,559		37,612
Ligand Pharmaceuticals, Inc. (a)		1,085		168,012
Loxo Oncology, Inc. (a)		1,481		186,473
MacroGenics, Inc. (a)		1,004		23,152
Myriad Genetics, Inc. (a)		4,702		133,020
Novavax, Inc. (a)		49,828		77,732
PDL BioPharma, Inc. (a)		7,969		23,269
Prothena Corp PLC (a)		2,590		31,080
PTC Therapeutics, Inc. (a)		3,660		101,492

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

120

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Biotechnology – 13.7% (Continued)
Puma Biotechnology, Inc. (a)		2,366	$	150,833
Radius Health, Inc. (a)		5,415		163,533
Regeneron Pharmaceuticals, Inc. (a)		559		169,757
REGENXBIO, Inc. (a)		1,631		60,918
Retrophin, Inc. (a)		1,312		32,931
Rigel Pharmaceuticals, Inc. (a)		6,468		23,349
Sage Therapeutics, Inc. (a)		1,075		154,714
Sangamo Therapeutics, Inc. (a)		7,250		114,550
Seattle Genetics, Inc. (a)		3,340		170,975
Spark Therapeutics, Inc. (a)		3,103		236,821
Spectrum Pharmaceuticals, Inc. (a)		6,927		110,278
Stemline Therapeutics, Inc. (a)		1,291		22,205
Ultragenyx Pharmaceutical, Inc. (a)		2,983		151,656
United Therapeutics Corp. (a)		1,656		182,342
Vertex Pharmaceuticals, Inc. (a)		1,084		166,025
ZIOPHARM Oncology, Inc. (a)		10,688		45,103
				8,556,968

Commercial Services – 1.7%
Automatic Data Processing, Inc.		533		62,937
Gartner, Inc. (a)		110		13,342
Global Payments, Inc.		178		20,123
H&R Block, Inc.		889		24,581
Moody’s Corp.		622		100,888
PayPal Holdings, Inc. (a)		8,919		665,446
S&P Global, Inc.		950		179,170
Total System Services, Inc.		138		11,600
Western Union Co.		89		1,758
				1,079,845

Computers – 2.9%
Accenture PLC		943		142,582
Apple, Inc.		8,261		1,365,213
Cognizant Technology Solutions Corp. – Class A		482		39,437
DXC Technology Co.		296		30,506
Hewlett Packard Enterprise Co.		272		4,637
HP, Inc.		355		7,629

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

121

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SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Computers – 2.9% (Continued)
International Business Machines Corp.		1,258	$	182,360
NetApp, Inc.		181		12,051
Seagate Technology PLC		170		9,841
Western Digital Corp.		242		19,067
				1,813,323

Distribution/Wholesale – 0.1%
LKQ Corp. (a)		1,315		40,791

Diversified Financial Services – 4.9%
Affiliated Managers Group, Inc.		204		33,631
Alliance Data Systems Corp.		99		20,102
American Express Co.		2,696		266,230
Ameriprise Financial, Inc.		548		76,835
BlackRock, Inc.		463		241,455
Cboe Global Markets, Inc.		421		44,954
Charles Schwab Corp.		4,484		249,669
CME Group, Inc.		1,273		200,727
Discover Financial Services		1,328		94,620
E*TRADE Financial Corp. (a)		6,929		420,452
Franklin Resources, Inc.		1,217		40,940
Intercontinental Exchange, Inc.		2,179		157,890
Invesco Ltd.		1,523		44,121
MasterCard, Inc. – Class A		1,596		284,519
Nasdaq, Inc.		436		38,508
Navient Corp.		984		13,048
Raymond James Financial, Inc.		485		43,529
Synchrony Financial		2,673		88,663
T Rowe Price Group, Inc.		915		104,145
TD Ameritrade Holding Corp.		5,713		331,868
Visa, Inc. – Class A		2,279		289,160
				3,085,066

Electronics – 0.1%
Amphenol Corp. – Class A		258		21,597
Corning, Inc.		238		6,431
FLIR Systems, Inc.		76		4,070
Garmin Ltd.		470		27,575

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

122

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SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Electronics – 0.1% (Continued)
TE Connectivity Ltd.		329	$	30,185
				89,858

Healthcare-Products – 0.8%
Foundation Medicine, Inc. (a)		1,356		103,531
Genomic Health, Inc. (a)		1,145		36,331
MiMedx Group, Inc. (a)		21,830		179,224
OPKO Health, Inc. (a)		34,506		104,898
Repligen Corp. (a)		1,715		63,455
				487,439

Home Builders – 0.3%
DR Horton, Inc.		1,454		64,180
Lennar Corp. – Class A		1,160		61,352
PulteGroup, Inc.		1,120		34,003
				159,535

Home Furnishings – 0.1%
Leggett & Platt, Inc.		562		22,789
Whirlpool Corp.		300		46,485
				69,274

Housewares – 0.1%
Newell Brands, Inc.		2,062		56,973

Insurance – 5.7%
Aflac, Inc.		2,916		132,882
Allstate Corp.		1,327		129,807
American International Group, Inc.		3,363		188,328
Aon PLC		921		131,215
Arthur J Gallagher & Co.		679		47,523
Assurant, Inc.		196		18,193
Berkshire Hathaway, Inc. – Class B (a)		7,201		1,395,050
Brighthouse Financial, Inc. (a)		358		18,179
Chubb Ltd.		1,737		235,659
Cincinnati Financial Corp.		558		39,250
Everest Re Group Ltd.		153		35,598
Hartford Financial Services Group, Inc.		1,336		71,930
Lincoln National Corp.		816		57,642

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

123

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Insurance – 5.7% (Continued)
Loews Corp.		1,009	$	52,932
Marsh & McLennan Cos., Inc.		1,899		154,768
MetLife, Inc.		3,879		184,912
Principal Financial Group, Inc.		1,008		59,694
Progressive Corp.		2,179		131,372
Prudential Financial, Inc.		1,579		167,879
Torchmark Corp.		397		34,436
Travelers Cos., Inc.		1,015		133,574
Unum Group		828		40,059
Willis Towers Watson PLC		494		73,364
XL Group Ltd.		961		53,422
				3,587,668

Internet – 29.4%
8x8, Inc. (a)		6,892		139,563
Alphabet, Inc. – Class A (a)		3,663		3,731,059
Alphabet, Inc. – Class C (a)		3,732		3,796,676
Amazon.com, Inc. (a)		2,517		3,941,949
Blucora, Inc. (a)		4,668		121,368
Booking Holdings, Inc. (a)		207		450,846
Cogent Communications Holdings, Inc.		3,117		146,967
eBay, Inc. (a)		11,437		433,234
Endurance International Group Holdings, Inc. (a)		11,050		81,217
Expedia Group, Inc.		3,357		386,525
F5 Networks, Inc. (a)		100		16,309
Facebook, Inc. – Class A (a)		10,107		1,738,404
GoDaddy, Inc. – Class A (a)		3,739		241,390
Groupon, Inc. (a)		29,861		138,555
GrubHub, Inc. (a)		2,551		258,008
Netflix, Inc. (a)		4,217		1,317,644
NIC, Inc.		7,370		109,444
Okta, Inc. (a)		3,253		139,261
Pandora Media, Inc. (a)		23,481		131,728
Snap, Inc. (a)		10,898		156,168
Symantec Corp.		172		4,780
TripAdvisor, Inc. (a)		5,210		194,958
Twitter, Inc. (a)		10,962		332,258

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

124

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Internet – 29.4% (Continued)
VeriSign, Inc. (a)		2,435	$	285,918
Web.com Group, Inc. (a)		5,475		101,835
				18,396,064

Investment Companies – 0.0% (b)
Leucadia National Corp.		1,173		28,199

Leisure Time – 0.4%
Carnival Corp.		1,725		108,779
Harley-Davidson, Inc.		715		29,408
Norwegian Cruise Line Holdings Ltd. (a)		877		46,893
Royal Caribbean Cruises Ltd.		727		78,654
				263,734

Lodging – 0.7%
Hilton Worldwide Holdings, Inc.		1,203		94,844
Marriott International, Inc. – Class A		1,276		174,404
MGM Resorts International		2,166		68,056
Wyndham Worldwide Corp.		423		48,311
Wynn Resorts Ltd.		359		66,842
				452,457

Media – 3.6%
CBS Corp. – Class B		1,466		72,127
Charter Communications, Inc. – Class A (a)		791		214,590
Comcast Corp. – Class A		19,697		618,289
Discovery Communications, Inc. – Class A (a)		661		15,633
Discovery Communications, Inc. – Class C (a)		1,298		28,842
DISH Network Corp. – Class A (a)		969		32,510
News Corp. – Class B		517		8,401
News Corp. – Class A		1,628		26,015
Time Warner, Inc.		3,314		314,167
Twenty First Century Fox, Inc. – Class B		1,866		67,307
Twenty-First Century Fox, Inc. – Class A		4,480		163,789
Viacom, Inc. – Class B		1,500		45,240
Walt Disney Co.		6,390		641,109
				2,248,019

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

125

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Office/Business Equipment – 0.0% (b)
Xerox Corp.		67	$	2,107

Pharmaceuticals – 5.6%
AbbVie, Inc.		1,601		154,577
Achaogen, Inc. (a)		6,462		92,471
Adamas Pharmaceuticals, Inc. (a)		6,464		195,148
Agios Pharmaceuticals, Inc. (a)		2,276		190,979
Aimmune Therapeutics, Inc. (a)		3,092		95,976
Akebia Therapeutics, Inc. (a)		1,871		17,232
Alkermes PLC (a)		3,266		144,586
Array BioPharma, Inc. (a)		10,584		143,519
Athenex, Inc. (a)		1,602		25,648
Cara Therapeutics, Inc. (a)		5,478		67,818
Clovis Oncology, Inc. (a)		3,075		133,393
Coherus Biosciences, Inc. (a)		3,042		36,808
Cytokinetics, Inc. (a)		2,774		23,024
Eagle Pharmaceuticals Inc/DE (a)		1,551		80,667
Enanta Pharmaceuticals, Inc. (a)		951		88,491
Flexion Therapeutics, Inc. (a)		4,480		111,642
Global Blood Therapeutics, Inc. (a)		3,342		147,549
Heron Therapeutics, Inc. (a)		5,482		166,105
Ironwood Pharmaceuticals, Inc. (a)		8,752		158,586
Keryx Biopharmaceuticals, Inc. (a)		8,730		38,674
La Jolla Pharmaceutical Co. (a)		2,912		84,506
Madrigal Pharmaceuticals, Inc. (a)		975		110,331
Mirati Therapeutics, Inc. (a)		1,710		52,668
Momenta Pharmaceuticals, Inc. (a)		4,204		87,443
Neurocrine Biosciences, Inc. (a)		2,066		167,511
Portola Pharmaceuticals, Inc. (a)		4,971		179,602
Progenics Pharmaceuticals, Inc. (a)		5,145		33,494
Sarepta Therapeutics, Inc. (a)		2,569		196,169
Sorrento Therapeutics, Inc. (a)		13,090		80,503
Synergy Pharmaceuticals, Inc. (a)		39,767		62,037
TESARO, Inc. (a)		2,805		142,803
TG Therapeutics, Inc. (a)		5,439		78,050
Vanda Pharmaceuticals, Inc. (a)		2,652		36,995
Voyager Therapeutics, Inc. (a)		1,363		24,752

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

126

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Pharmaceuticals – 5.6% (Continued)
Xencor, Inc. (a)		827	$	23,975
				3,473,732

Retail – 6.2%
Advance Auto Parts, Inc.		314		35,937
AutoZone, Inc. (a)		115		71,820
Best Buy Co., Inc.		1,081		82,729
CarMax, Inc. (a)		768		48,000
Chipotle Mexican Grill, Inc. (a)		104		44,026
Darden Restaurants, Inc.		524		48,659
Dollar General Corp.		1,096		105,797
Dollar Tree, Inc. (a)		1,007		96,561
Foot Locker, Inc.		515		22,186
Gap, Inc.		926		27,076
Genuine Parts Co.		623		55,023
Home Depot, Inc.		4,962		916,978
Kohl’s Corp.		714		44,354
L Brands, Inc.		1,044		36,446
Lowe’s Cos., Inc.		3,526		290,648
Macy’s, Inc.		1,295		40,236
McDonald’s Corp.		3,388		567,287
Nordstrom, Inc.		497		25,128
O’Reilly Automotive, Inc. (a)		355		90,905
Ross Stores, Inc.		1,624		131,301
Starbucks Corp.		5,972		343,808
Tapestry, Inc.		1,210		65,062
Target Corp.		2,310		167,706
Tiffany & Co.		433		44,525
TJX Cos., Inc.		2,687		227,992
Tractor Supply Co.		532		36,176
Ulta Salon Cosmetics & Fragrance, Inc. (a)		246		61,724
Yum! Brands, Inc.		1,413		123,072
				3,851,162

Savings & Loans – 0.0% (b)
People’s United Financial, Inc.		1,299		23,759

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

127

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Semiconductors – 1.6%
Advanced Micro Devices, Inc. (a)		92	$	1,001
Analog Devices, Inc.		326		28,476
Applied Materials, Inc.		520		25,828
Broadcom, Inc.		958		219,784
Intel Corp.		2,476		127,811
IPG Photonics Corp. (a)		81		17,256
KLA-Tencor Corp.		160		16,278
Lam Research Corp.		306		56,628
Microchip Technology, Inc.		199		16,648
Micron Technology, Inc. (a)		551		25,335
NVIDIA Corp.		1,373		308,788
Qorvo, Inc. (a)		86		5,796
QUALCOMM, Inc.		759		38,717
Skyworks Solutions, Inc.		159		13,795
Texas Instruments, Inc.		1,011		102,546
Xilinx, Inc.		165		10,600
				1,015,287

Software – 6.7%
2U, Inc. (a)		2,279		183,437
Activision Blizzard, Inc.		501		33,241
Adobe Systems, Inc. (a)		1,094		242,430
Akamai Technologies, Inc. (a)		4,380		313,827
ANSYS, Inc. (a)		137		22,147
Autodesk, Inc. (a)		280		35,252
Box, Inc. (a)		7,708		176,205
CA, Inc.		109		3,793
Cadence Design System, Inc. (a)		113		4,527
Citrix Systems, Inc. (a)		3,328		342,484
Cornerstone OnDemand, Inc. (a)		3,450		152,249
Ebix, Inc.		1,673		129,658
Electronic Arts, Inc. (a)		361		42,591
Fidelity National Information Services, Inc.		314		29,821
Fiserv, Inc. (a)		296		20,975
HubSpot, Inc. (a)		1,620		171,558
Intuit, Inc.		455		84,079
j2 Global, Inc.		2,334		185,273

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

128

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 99.4% (Continued)

Software – 6.7% (Continued)
Microsoft Corp.		7,400	$	692,048
MSCI, Inc.		337		50,493
New Relic, Inc. (a)		2,303		160,957
Oracle Corp.		1,380		63,025
Paychex, Inc.		197		11,932
Red Hat, Inc. (a)		290		47,287
Salesforce.com, Inc. (a)		5,861		709,122
Synopsys, Inc. (a)		128		10,945
Take-Two Interactive Software, Inc. (a)		113		11,267
Veeva Systems, Inc. – Class A (a)		3,414		239,424
				4,170,047

Telecommunications – 1.8%
Arista Networks, Inc. (a)		1,089		288,095
Cisco Systems, Inc.		2,160		95,666
Juniper Networks, Inc.		10,273		252,613
LogMeIn, Inc.		1,879		207,066
Motorola Solutions, Inc.		179		19,660
NETGEAR, Inc. (a)		2,371		131,116
Vonage Holdings Corp. (a)		13,814		154,441
				1,148,657

Textiles – 0.1%
Mohawk Industries, Inc. (a)		268		56,248

Toys/Games/Hobbies – 0.1%
Hasbro, Inc.		481		42,371
Mattel, Inc.		1,461		21,623
				63,994
TOTAL COMMON STOCKS (Cost $62,187,090)				62,163,269

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

129

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

SHORT-TERM INVESTMENTS – 12.7%

Money Market Funds – 12.7%
STIT-Government & Agency Portfolio,
Institutional Class, 1.600% (c)		7,972,749	$	7,972,749
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,972,749)				7,972,749


TOTAL INVESTMENTS
(Cost $70,159,839) – 112.1%				70,136,018
Liabilities in Excess of Other Assets – (12.1)%				(7,597,094	)
TOTAL NET ASSETS – 100.0%			$	62,538,924

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 April 30, 2018.

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

130

Pacer Military Times Best Employers ETF

SCHEDULE OF INVESTMENTS

April 30, 2018

	Shares		Value

COMMON STOCKS – 100.0%

Aerospace/Defense – 2.7%
Lockheed Martin Corp.		210	$	67,376

Auto Manufacturers – 2.5%
General Motors Co.		1,754		64,442

Banks – 11.2%
Bank of America Corp.		2,682		80,245
Citigroup, Inc.		942		64,310
JPMorgan Chase & Co.		704		76,581
US Bancorp		1,250		63,063
				284,199

Commercial Services – 6.1%
Booz Allen Hamilton Holding Corp.		1,878		74,425
United Rentals, Inc. (a)		542		81,300
				155,725

Computers – 8.8%
Accenture PLC		490		74,088
DXC Technology Co.		754		77,707
Leidos Holdings, Inc.		1,098		70,525
				222,320

Diversified Financial Services – 3.5%
Charles Schwab Corp.		1,606		89,422

Electric – 9.6%
Dominion Energy, Inc.		814		54,180
Exelon Corp.		1,692		67,139
Southern Co.		1,328		61,247
Xcel Energy, Inc.		1,294		60,611
				243,177

Environmental Control – 2.7%
Waste Management, Inc.		830		67,471

Food – 3.0%
Hormel Foods Corp.		2,084		75,545

Healthcare-Services – 2.7%
DaVita, Inc. (a)		1,094		68,692

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

131

Pacer Military Times Best Employers ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

COMMON STOCKS – 100.0% (Continued)

Insurance – 8.7%
Progressive Corp.		1,378	$	83,079
Prudential Financial, Inc.		628		66,769
Travelers Cos., Inc.		528		69,485
				219,333

Internet – 6.8%
Amazon.com, Inc. (a)		64		100,232
CDW Corp.		1,010		72,003
				172,235

Lodging – 3.1%
Hilton Worldwide Holdings, Inc.		996		78,525

Miscellaneous Manufacturing – 4.1%
Eaton Corp. PLC		892		66,927
General Electric Co.		2,610		36,722
				103,649

Pharmaceuticals – 5.4%
Express Scripts Holding Co. (a)		1,020		77,214
Merck & Co., Inc.		1,004		59,106
				136,320

Retail – 6.0%
Home Depot, Inc.		428		79,095
Wal-Mart Stores, Inc.		820		72,537
				151,632

Software – 2.5%
First Data Corp. – Class A (a)		3,482		63,024

Telecommunications – 4.8%
AT&T, Inc.		1,710		55,917
Verizon Communications, Inc.		1,336		65,932
				121,849

Transportation – 5.8%
Union Pacific Corp.		608		81,247
Werner Enterprises, Inc.		1,936		66,405
				147,652
TOTAL COMMON STOCKS (Cost $2,488,495)				2,532,588

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

132

Pacer Military Times Best Employers ETF

SCHEDULE OF INVESTMENTS

April 30, 2018 (Continued)

	Shares		Value

SHORT-TERM INVESTMENTS – 0.0% (b)

Money Market Funds – 0.0% (b)
STIT-Government & Agency Portfolio,
Institutional Class, 1.600% (c)		505	$	505
TOTAL SHORT-TERM INVESTMENTS
(Cost $505)				505


TOTAL INVESTMENTS
(Cost $2,489,000) – 100.0%				2,533,093
Other Assets in Excess of Liabilities – 0.0% (b)				342
TOTAL NET ASSETS – 100.0%			$	2,533,435

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 April 30, 2018.

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

133

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES

April 30, 2018

	Pacer			Pacer
	Trendpilot^®			Trendpilot^®			Pacer
	US Large Cap			US Mid Cap			Trendpilot^®
	ETF			ETF			100 ETF
ASSETS
Investments in Securities, at Value*⁺	$	996,595,581		$	616,468,898		$	240,286,060
Cash		5,725			19,650			—
Interest and Dividends Receivable		776,258			236,326			15,022
Receivable for Investment
Securities Sold		—			—			—
Receivable for Fund Shares Sold		5,682,420			—			1,558,125
Securities Lending Income Receivable		10,851			28,887			7,184
Total Assets		1,003,070,835			616,753,761			241,866,391

LIABILITIES
Management Fees Payable		443,937			243,584			109,234
Payable for Fund Shares Redeemed		—			—			—
Payable for Investment
Securities Purchased		5,670,381			—			1,557,582
Collateral Received for
Securities Loaned (See Note 5)		74,981,610			118,919,916			28,293,207
Total Liabilities		81,095,928			119,163,500			29,960,023
NET ASSETS	$	921,974,907		$	497,590,261		$	211,906,368

NET ASSETS CONSIST OF:
Paid-in Capital	$	856,163,052		$	474,122,874		$	193,577,485
Undistributed Accumulated
Net Investment Income		3,159,758			1,152,697			99,202
Accumulated Net
Realized Gain (Loss)		(38,525,723	)		(3,662,034	)		(11,981,113	)
Net Unrealized Appreciation on:
Investments in Securities		101,177,820			25,976,724			30,210,794
Net Assets	$	921,974,907		$	497,590,261		$	211,906,368
* Identified Cost:
Investments in Securities	$	895,417,761		$	590,492,174		$	210,075,266
⁺ Includes loaned
securities with a value of		72,719,957			115,212,192			27,593,246
Net Asset Value (unlimited
shares authorized):
Net Assets	$	921,974,907		$	497,590,261		$	211,906,368
Shares Outstanding (No Par Value)		32,450,000			16,200,000			6,800,000
Net Asset Value, Offering and
Redemption Price per Share	$	28.41		$	30.72		$	31.16

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

134

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES

April 30, 2018

	Pacer			Pacer			Pacer
	Trendpilot^®			Global			US
	European			Cash Cows			Cash Cows
	Index ETF			Dividend ETF			100 ETF
ASSETS
Investments in Securities, at Value*⁺	$	158,319,403		$	212,138,804		$	32,655,358
Cash		3,634			51			—
Foreign Currency at Value*		—			3			—
Interest and Dividends Receivable		461,714			618,157			25,441
Receivable for Investment
Securities Sold		—			—			—
Receivable for Fund Shares Sold		—			—			—
Securities Lending Income Receivable		—			17,536			880
Total Assets		158,784,751			212,774,551			32,681,679

LIABILITIES
Payable for Investment
Securities Purchased		—			397,450			—
Management Fees Payable		81,956			84,092			11,126
Collateral Received for
Securities Loaned (See Note 5)		—			38,582,883			3,689,269
Total Liabilities		81,956			39,064,425			3,700,395
NET ASSETS	$	158,702,795		$	173,710,126		$	28,981,284

NET ASSETS CONSIST OF:
Paid-in Capital	$	165,188,751		$	174,827,845		$	29,180,654
Undistributed Accumulated Net
Investment Income		827,950			672,131			38,618
Accumulated Net
Realized Gain (Loss)		(4,852,254	)		(2,559,544	)		(711,752	)
Net Unrealized
Appreciation (Depreciation) on:
Investments in Securities		(2,462,472	)		772,135			473,764
Foreign Currencies		820			(2,441	)		—
Net Assets	$	158,702,795		$	173,710,126		$	28,981,284
* Identified Cost:
Investments in Securities	$	160,781,909		$	211,366,669		$	32,181,594
Foreign Currencies		—			2			—
⁺ Includes loaned
securities with a value of		—			37,676,316			3,559,563
Net Asset Value (unlimited
shares authorized):
Net Assets	$	158,702,795		$	173,710,126		$	28,981,284
Shares Outstanding (No Par Value)		5,350,000			5,650,000			1,000,000
Net Asset Value, Offering and
Redemption Price per Share	$	29.66		$	30.75		$	28.98

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

135

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES

April 30, 2018

				Pacer
	Pacer			Developed
	US Small			Markets
	Cap Cash			International			Pacer
	Cows			Cash Cows			WealthShield
	100 ETF			100 ETF			ETF
ASSETS
Investments in Securities, at Value*⁺	$	5,863,591		$	21,458,866		$	70,136,018
Cash		—			2,364			108
Interest and Dividends Receivable		472			49,099			19,346
Securities Lending Income Receivable		803			1,015			—
Receivable for Investment
Securities Sold		—			—			53,349,069
Receivable for Fund Shares Sold		—			1,595			1,251,265
Total Assets		5,864,866			21,512,939			124,755,806

LIABILITIES
Payable for Investment
Securities Purchased		—			148,035			62,187,090
Management Fees Payable		2,068			8,999			29,792
Collateral Received for
Securities Loaned (See Note 5)		629,653			1,121,259			—
Total Liabilities		631,721			1,278,293			62,216,882
NET ASSETS	$	5,233,145		$	20,234,646		$	62,538,924

NET ASSETS CONSIST OF:
Paid-in Capital	$	5,345,963		$	19,873,832		$	65,087,083
Undistributed Accumulated Net
Investment Income		2,037			60,172			60,273
Accumulated Net Realized
Gain (Loss)		(197,093	)		(59,882	)		(2,584,611	)
Net Unrealized
Appreciation (Depreciation) on:
Investments in Securities		82,238			363,205			(23,821	)
Foreign Currencies		—			(2,681	)		—
Net Assets	$	5,233,145		$	20,234,646		$	62,538,924
* Identified Cost:
Investments in Securities	$	5,781,353		$	21,095,661		$	70,159,839
⁺ Includes loaned
securities with a value of		615,887			1,112,043			—
Net Asset Value (unlimited
shares authorized):
Net Assets	$	5,233,145		$	20,234,646		$	62,538,924
Shares Outstanding (No Par Value)		200,000			700,000			2,500,000
Net Asset Value, Offering and
Redemption Price per Share	$	26.17		$	28.91		$	25.02

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

136

Pacer Funds

STATEMENT OF ASSETS & LIABILITIES

April 30, 2018

	Pacer
	Military Times
	Best Employers
	ETF
ASSETS
Investments in Securities, at Value*	$	2,533,093
Interest and Dividends Receivable		1,178
Total Assets		2,534,271

LIABILITIES
Management Fees Payable		836
Total Liabilities		836
NET ASSETS	$	2,533,435

NET ASSETS CONSIST OF:
Paid-in Capital	$	2,489,000
Undistributed Accumulated Net Investment Income		342
Net Unrealized Appreciation on:
Investments in Securities		44,093
Foreign Currencies		—
Net Assets	$	2,533,435
* Identified Cost:
Investments in Securities	$	2,489,000
Net Asset Value (unlimited shares authorized):
Net Assets	$	2,533,435
Shares Outstanding (No Par Value)		100,000
Net Asset Value, Offering and Redemption Price per Share	$	25.33

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

137

Pacer Funds

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2018

	Pacer		Pacer
	Trendpilot^®		Trendpilot^®		��	Pacer
	US Large Cap		US Mid Cap			Trendpilot^®
	ETF		ETF			100 ETF
INVESTMENT INCOME
Income:
Dividends (net of fees and foreign
withholding tax of $765, $3,304,
and $522, respectively)	$	12,443,352	$	5,653,529		$	1,314,078
Interest		8,691		6,565			1,283
Securities Lending Income		34,365		101,703			21,316
Total Investment Income		12,486,408		5,761,797			1,336,677
Expenses:
Management Fees		3,907,780		2,296,859			843,234
Total Expenses		3,907,780		2,296,859			843,234
Net Investment Income		8,578,628		3,464,938			493,443

REALIZED & UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		1,324,527		3,679,029			(157,554	)
In-Kind Redemptions		7,758,960		29,352,518			1,101
Total		9,083,487		33,031,547			(156,453	)
Net Change in Unrealized
Appreciation (Depreciation) of:
Investment Securities		45,094,752		(2,103,852	)		17,873,120
Total		45,094,752		(2,103,852	)		17,873,120
Net Realized and Unrealized
Gain on Investments		54,178,239		30,927,695			17,716,667
NET INCREASE IN
NET ASSETS RESULTING
FROM OPERATIONS	$	62,756,867	$	34,392,633		$	18,210,110

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

138

Pacer Funds

STATEMENTS OF OPERATIONS

For the Year Ended April 30, 2018

	Pacer			Pacer			Pacer
	Trendpilot^®			Global			US
	European			Cash Cows			Cash Cows
	Index ETF			Dividend ETF			100 ETF
INVESTMENT INCOME
Income:
Dividends (net of fees and foreign
withholding tax of $228,226,
$267,055 and $0, respectively)	$	1,489,700		$	4,722,949		$	425,034
Interest		359,844			2,660			296
Securities Lending Income		6,867			63,967			3,384
Total Investment Income		1,856,411			4,789,576			428,714
Expenses:
Management Fees		514,863			701,665			79,218
Total Expenses		514,863			701,665			79,218
Net Investment Income		1,341,548			4,087,911			349,496

REALIZED & UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(3,466,426	)		(2,161,275	)		(781,066	)
In-Kind Redemptions		8,363,145			8,885,739			1,824,014
Foreign Currencies		(60,321	)		(15,207	)		—
Total		4,836,398			6,709,257			1,042,948
Net Change in Unrealized
Appreciation (Depreciation) of:
Investment Securities		(6,254,481	)		(1,910,656	)		328,507
Foreign Currencies		758			(2,648	)		—
Total		(6,253,723	)		(1,913,304	)		328,507
Net Realized and Unrealized
Gain (Loss) on Investments		(1,417,325	)		4,795,953			1,371,455
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS	$	(75,777	)	$	8,883,864		$	1,720,951

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

139

Pacer Funds

STATEMENTS OF OPERATIONS

For the Period Ended April 30, 2018

				Pacer
	Pacer			Developed
	US Small			Markets
	Cap Cash			International			Pacer
	Cows			Cash Cows			WealthShield
	100 ETF^(a)			100 ETF^(a)			ETF^(b)
INVESTMENT INCOME
Income:
Dividends (net of fees and foreign
withholding tax of $0, $13,936
and $0, respectively)	$	51,441		$	163,809		$	89,837
Interest		36			164			182,167
Securities Lending Income		1,793			2,772			—
Total Investment Income		53,270			166,745			272,004
Expenses:
Management Fees		17,119			35,258			99,411
Total Expenses		17,119			35,258			99,411
Net Investment Income		36,151			131,487			172,593

REALIZED & UNREALIZED
GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(219,857	)		(68,745	)		(2,804,774	)
In-Kind Redemptions		395,677			123,319			1,584,842
Foreign Currencies		—			(1,093	)		—
Total		175,820			53,481			(1,219,932	)
Net Change in Unrealized
Appreciation (Depreciation) of:
Investment Securities		82,238			363,205			(23,821	)
Foreign Currencies		—			(2,681	)		—
Total		82,238			360,524			(23,821	)
Net Realized and Unrealized
Gain (Loss) on Investments		258,058			414,005			(1,243,753	)
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS	$	294,209		$	545,492		$	(1,071,160	)

^(a)	Fund commenced operations on June 16, 2017. The information presented is from June 16, 2017 to April 30, 2018.
^(b)	Fund commenced operations on December 11, 2017. The information presented is from December 11, 2017 to April 30, 2018.

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

140

Pacer Funds

STATEMENT OF OPERATIONS

For the Period Ended April 30, 2018

	Pacer
	Military Times
	Best Employers
	ETF^(a)
INVESTMENT INCOME
Income:
Dividends	$	1,178
Total Investment Income		1,178
Expenses:
Management Fees		836
Total Expenses		836
Net Investment Income		342

UNREALIZED GAIN ON INVESTMENTS
Net Change in Unrealized Appreciation of:
Investment Securities		44,093
Total		44,093
Net Unrealized Gain on Investments		44,093
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS	$	44,435

^(a)	Fund commenced operations on April 9, 2018. The information presented is from April 9, 2018 to April 30, 2018.

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

141

Pacer Trendpilot^® US Large Cap ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	April 30, 2018			April 30, 2017
OPERATIONS
Net Investment Income	$	8,578,628		$	5,745,979
Net Realized Gain on Investments		9,083,487			6,673,431
Change in Unrealized
Appreciation of Investments		45,094,752			53,023,376
Net Increase in Net Assets
Resulting from Operations		62,756,867			65,442,786

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(7,017,355	)		(4,351,256	)
Total Distributions to Shareholders		(7,017,355	)		(4,351,256	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		433,608,925			78,013,750
Payments for Shares Redeemed		(23,553,530	)		(48,373,550	)
Transaction Fees (Note 1)		—			13
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		410,055,395			29,640,213
Net Increase in Net Assets	$	465,794,907		$	90,731,743

NET ASSETS
Beginning of Period	$	456,180,000		$	365,448,257
End of Period	$	921,974,907		$	456,180,000
Undistributed Accumulated
Net Investment Income	$	3,159,758		$	1,598,599

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

	Shares			Shares
Subscriptions		15,400,000			3,250,000
Redemptions		(850,000	)		(2,050,000	)
Net Increase		14,550,000			1,200,000

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

142

Pacer Trendpilot^® US Mid Cap ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	April 30, 2018			April 30, 2017
OPERATIONS
Net Investment Income	$	3,464,938		$	2,023,489
Net Realized Gain on Investments		33,031,547			6,213,725
Change in Unrealized
Appreciation (Depreciation) of Investments		(2,103,852	)		24,359,494
Net Increase in Net Assets
Resulting from Operations		34,392,633			32,596,708

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(2,882,696	)		(1,391,416	)
Total Distributions to Shareholders		(2,882,696	)		(1,391,416	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		278,026,940			134,728,500
Payments for Shares Redeemed		(93,376,700	)		(34,312,200	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		184,650,240			100,416,300
Net Increase in Net Assets	$	216,160,177		$	131,621,592

NET ASSETS
Beginning of Period	$	281,430,084		$	149,808,492
End of Period	$	497,590,261		$	281,430,084
Undistributed Accumulated
Net Investment Income	$	1,152,697		$	570,219

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

	Shares			Shares
Subscriptions		9,250,000			5,050,000
Redemptions		(3,100,000	)		(1,300,000	)
Net Increase		6,150,000			3,750,000

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

143

Pacer Trendpilot^® 100 ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	April 30, 2018			April 30, 2017
OPERATIONS
Net Investment Income	$	493,443		$	289,569
Net Realized Loss on Investments		(156,453	)		(1,261,535	)
Change in Unrealized
Appreciation of Investments		17,873,120			13,440,533
Net Increase in Net Assets
Resulting from Operations		18,210,110			12,468,567

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(466,293	)		(172,111	)
Total Distributions to Shareholders		(466,293	)		(172,111	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		120,466,075			25,020,200
Payments for Shares Redeemed		—			(33,309,025	)
Net Increase (Decrease) in Net Assets Derived
from Capital Share Transactions (a)		120,466,075			(8,288,825	)
Net Increase in Net Assets	$	138,209,892		$	4,007,631

NET ASSETS
Beginning of Period	$	73,696,476		$	69,688,845
End of Period	$	211,906,368		$	73,696,476
Undistributed Accumulated
Net Investment Income	$	99,202		$	72,052

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

	Shares		Shares
Subscriptions		4,000,000		1,100,000
Redemptions		—		(1,550,000	)
Net Increase (Decrease)		4,000,000		(450,000	)

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

144

Pacer Trendpilot^® European Index ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	April 30, 2018			April 30, 2017
OPERATIONS
Net Investment Income	$	1,341,548		$	183,400
Net Realized Gain (Loss) on Investments		4,836,398			(1,657,904	)
Change in Unrealized
Appreciation (Depreciation) of Investments		(6,253,723	)		3,789,571
Net Increase (Decrease) in Net Assets
Resulting from Operations		(75,777	)		2,315,067

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(538,237	)		—
Total Distributions to Shareholders		(538,237	)		—

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		174,437,090			10,855,340
Payments for Shares Redeemed		(46,201,745	)		(4,559,345	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		128,235,345			6,295,995
Net Increase in Net Assets	$	127,621,331		$	8,611,062

NET ASSETS
Beginning of Period	$	31,081,464		$	22,470,402
End of Period	$	158,702,795		$	31,081,464
Undistributed Accumulated
Net Investment Gain (Loss)	$	827,950		$	(9,004	)

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

	Shares			Shares
Subscriptions		5,750,000			450,000
Redemptions		(1,550,000	)		(200,000	)
Net Increase		4,200,000			250,000

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

145

Pacer Global Cash Cows Dividend ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Year Ended
	April 30, 2018			April 30, 2017
OPERATIONS
Net Investment Income	$	4,087,911		$	1,021,488
Net Realized Gain on Investments		6,709,257			119,136
Change in Unrealized
Appreciation (Depreciation) of Investments		(1,913,304	)		2,465,195
Net Increase in Net Assets
Resulting from Operations		8,883,864			3,605,819

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(3,669,616	)		(862,811	)
Total Distributions to Shareholders		(3,669,616	)		(862,811	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		157,190,990			73,947,045
Payments for Shares Redeemed		(58,760,010	)		(12,074,900	)
Transaction Fees (Note 1)		5,956			12,013
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		98,436,936			61,884,158
Net Increase in Net Assets	$	103,651,184		$	64,627,166

NET ASSETS
Beginning of Period	$	70,058,942		$	5,431,776
End of Period	$	173,710,126		$	70,058,942
Undistributed Accumulated
Net Investment Income	$	672,131		$	183,656

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

	Shares			Shares
Subscriptions		5,150,000			2,700,000
Redemptions		(1,950,000	)		(450,000	)
Net Increase		3,200,000			2,250,000

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

146

Pacer US Cash Cows 100 ETF

STATEMENTS OF CHANGES IN NET ASSETS

	For the			For the
	Year Ended			Period Ended
	April 30, 2018			April 30, 2017^(b)
OPERATIONS
Net Investment Income	$	349,496		$	30,292
Net Realized Gain on Investments		1,042,948			22,881
Change in Unrealized
Appreciation of Investments		328,507			145,257
Net Increase in Net Assets
Resulting from Operations		1,720,951			198,430

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(319,520	)		(21,662	)
Total Distributions to Shareholders		(319,520	)		(21,662	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		29,991,055			12,878,695
Payments for Shares Redeemed		(14,169,800	)		(1,296,865	)
Net Increase in Net Assets Derived
from Capital Share Transactions (a)		15,821,255			11,581,830
Net Increase in Net Assets	$	17,222,686		$	11,758,598

NET ASSETS
Beginning of Period	$	11,758,598		$	—
End of Period	$	28,981,284		$	11,758,598
Undistributed Accumulated
Net Investment Income	$	38,618		$	8,642

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

	Shares			Shares
Subscriptions		1,050,000			500,000
Redemptions		(500,000	)		(50,000	)
Net Increase		550,000			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.

147

Pacer US Small Cap Cash Cows 100 ETF

STATEMENT OF CHANGES IN NET ASSETS

	For the
	Period Ended
	April 30, 2018^(b)
OPERATIONS
Net Investment Income	$	36,151
Net Realized Gain on Investments		175,820
Change in Unrealized Appreciation of Investments		82,238
Net Increase in Net Assets Resulting from Operations		294,209

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(34,114	)
Total Distributions to Shareholders		(34,114	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		8,898,460
Payments for Shares Redeemed		(3,925,410	)
Net Increase in Net Assets Derived from
Capital Share Transactions (a)		4,973,050
Net Increase in Net Assets	$	5,233,145

NET ASSETS
Beginning of Period	$	—
End of Period	$	5,233,145
Undistributed Accumulated Net Investment Income	$	2,037

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

(b)	Fund commenced operations on June 16, 2017. The information presented is from June 16, 2017 to April 30, 2018.

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

148

Pacer Developed Markets International Cash Cows 100 ETF

STATEMENT OF CHANGES IN NET ASSETS

	For the
	Period Ended
	April 30, 2018^(b)
OPERATIONS
Net Investment Income	$	131,487
Net Realized Gain on Investments		53,481
Change in Unrealized Appreciation of Investments		360,524
Net Increase in Net Assets Resulting from Operations		545,492

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(70,528	)
Total Distributions to Shareholders		(70,528	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		21,155,825
Payments for Shares Redeemed		(1,402,765	)
Transaction Fees (Note 1)		6,622
Net Increase in Net Assets Derived from
Capital Share Transactions (a)		19,759,682
Net Increase in Net Assets	$	20,234,646

NET ASSETS
Beginning of Period	$	—
End of Period	$	20,234,646
Undistributed Accumulated Net Investment Income	$	60,172

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

	Shares
Subscriptions		750,000
Redemptions		(50,000	)
Net Increase		700,000

(b)	Fund commenced operations on June 16, 2017. The information presented is from June 16, 2017 to April 30, 2018.

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

149

Pacer WealthShield ETF

STATEMENT OF CHANGES IN NET ASSETS

	For the
	Period Ended
	April 30, 2018^(b)
OPERATIONS
Net Investment Income	$	172,593
Net Realized Loss on Investments		(1,219,932	)
Change in Unrealized Depreciation of Investments		(23,821	)
Net Decrease in Net Assets Resulting from Operations		(1,071,160	)

DISTRIBUTIONS TO SHAREHOLDERS
From Net Investment Income		(112,441	)
Total Distributions to Shareholders		(112,441	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		83,838,565
Payments for Shares Redeemed		(20,116,040	)
Net Increase in Net Assets Derived from
Capital Share Transactions (a)		63,722,525
Net Increase in Net Assets	$	62,538,924

NET ASSETS
Beginning of Period	$	—
End of Period	$	62,538,924
Undistributed Accumulated Net Investment Income	$	60,273

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

	Shares
Subscriptions		3,300,000
Redemptions		(800,000	)
Net Increase		2,500,000

(b)	Fund commenced operations on December 11, 2017. The information presented is from December 11, 2017 to April 30, 2018.

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

150

Pacer Military Times Best Employers ETF

STATEMENT OF CHANGES IN NET ASSETS

	For the
	Period Ended
	April 30, 2018^(b)
OPERATIONS
Net Investment Income	$	342
Change in Unrealized Appreciation of Investments		44,093
Net Increase in Net Assets Resulting from Operations		44,435

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,489,000
Net Increase in Net Assets Derived from
Capital Share Transactions (a)		2,489,000
Net Increase in Net Assets	$	2,533,435

NET ASSETS
Beginning of Period	$	—
End of Period	$	2,533,435
Undistributed Accumulated Net Investment Income	$	342

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

	Shares
Subscriptions		100,000
Net Increase		100,000

(b)	Fund commenced operations on April 9, 2018. The information presented is from April 9, 2018 to April 30, 2018.

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

151

Pacer Trendpilot^® US Large Cap ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the			For the			For the
	Year Ended			Year Ended			Period Ended
	April 30, 2018			April 30, 2017			April 30, 2016^(a)
Net Asset Value, Beginning of Period	$	25.48		$	21.88		$	25.00

INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Income^(b)		0.37			0.34			0.13
Net Realized and Unrealized
Gain (Loss) on Investments		2.84			3.52			(3.15	)
Total from Investment Operations		3.21			3.86			(3.02	)

LESS DISTRIBUTIONS:
Distributions from
Net Investment Income		(0.28	)		(0.26	)		(0.10	)
Total Distributions		(0.28	)		(0.26	)		(0.10	)
Net Asset Value, End of Period	$	28.41		$	25.48		$	21.88
Total Return		12.56	%		17.72	%		-12.10	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	921,975		$	456,180		$	365,448

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income
to Average Net Assets		1.32	%		1.44	%		0.62	%^(d)
Portfolio Turnover Rate^(e)		12	%		7	%		317	%^(c)

(a)	Commencement of operations on June 11, 2015.
(b)	Calculated based on average shares outstanding during the period.
(c)	Not annualized.
(d)	Annualized.
(e)	Excluded impact of in-kind transactions.

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

152

Pacer Trendpilot^® US Mid Cap ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the			For the			For the
	Year Ended			Year Ended			Period Ended
	April 30, 2018			April 30, 2017			April 30, 2016^(a)
Net Asset Value, Beginning of Period	$	28.00		$	23.78		$	25.00

INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Income (Loss)^(b)		0.27			0.27			(0.04	)
Net Realized and Unrealized
Gain (Loss) on Investments		2.66			4.13			(1.16	)
Total from Investment Operations		2.93			4.40			(1.20	)

LESS DISTRIBUTIONS:
Distributions from
Net Investment Income		(0.21	)		(0.18	)		—
Distributions from Return of Capital		—			—			(0.02	)
Total Distributions		(0.21	)		(0.18	)		(0.02	)
Net Asset Value, End of Period	$	30.72		$	28.00		$	23.78
Total Return		10.42	%		18.54	%		-4.82	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	497,590		$	281,430		$	149,808

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income
to Average Net Assets		0.91	%		1.02	%		-0.17	%^(d)
Portfolio Turnover Rate^(e)		66	%		27	%		379	%^(c)

(a)	Commencement of operations on June 11, 2015.
(b)	Calculated based on average shares outstanding during the period.
(c)	Not annualized.
(d)	Annualized.
(e)	Excluded impact of in-kind transactions.

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

153

Pacer Trendpilot^® 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the			For the			For the
	Year Ended			Year Ended			Period Ended
	April 30, 2018			April 30, 2017			April 30, 2016^(a)
Net Asset Value, Beginning of Period	$	26.32		$	21.44		$	25.00

INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Income^(b)		0.11			0.11			0.04
Net Realized and Unrealized
Gain (Loss) on Investments		4.83			4.84			(3.55	)
Total from Investment Operations		4.94			4.95			(3.51	)

LESS DISTRIBUTIONS:
Distributions from
Net Investment Income		(0.10	)		(0.07	)		(0.05	)
Total Distributions		(0.10	)		(0.07	)		(0.05	)
Net Asset Value, End of Period	$	31.16		$	26.32		$	21.44
Total Return		18.78	%		23.11	%		-14.04	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	211,906		$	73,696		$	69,689

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%^(d)
Net Investment Income
to Average Net Assets		0.38	%		0.46	%		0.18	%^(d)
Portfolio Turnover Rate^(e)		3	%		125	%		295	%^(c)

(a)	Commencement of operations on June 11, 2015.
(b)	Calculated based on average shares outstanding during the period.
(c)	Not annualized.
(d)	Annualized.
(e)	Excluded impact of in-kind transactions.

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

154

Pacer Trendpilot^® European Index ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the			For the			For the
	Year Ended			Year Ended			Period Ended
	April 30, 2018			April 30, 2017			April 30, 2016^(a)
Net Asset Value, Beginning of Period	$	27.03		$	24.97		$	25.00

INCOME (LOSS) FROM
INVESTMENT OPERATIONS:
Net Investment Gain (Loss)^(b)		0.51			0.18			(0.04	)
Net Realized and Unrealized
Gain on Investments		2.31			1.88	^(c)		0.01
Total from Investment Operations		2.82			2.06			(0.03	)

LESS DISTRIBUTIONS:
Distributions from
Net Investment Income		(0.19	)		—			—
Total Distributions		(0.19	)		—			—
Net Asset Value, End of Period	$	29.66		$	27.03		$	24.97
Total Return		10.43	%		8.25	%^(e)		-0.13	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	158,703		$	31,081		$	22,470

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%^(f)
Net Investment Income (Loss)
to Average Net Assets		1.69	%		0.77	%		-0.39	%^(f)
Portfolio Turnover Rate^(g)		228	%		143	%		0	%^(d)

(a)	Commencement of operations on December 14, 2015.
(b)	Calculated based on average shares outstanding during the period.
(c)	Includes $0.41 gain derived from contribution from a settlement. See Note 5.
(d)	Not annualized.
(e)	Before the contribution from a settlement, the total return for the year would have been 6.60%. See Note 8.
(f)	Annualized.
(g)	Excluded impact of in-kind transactions.

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

155

Pacer Global Cash Cows Dividend ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the			For the			For the
	Year Ended			Year Ended			Period Ended
	April 30, 2018			April 30, 2017			April 30, 2016^(a)
Net Asset Value, Beginning of Period	$	28.60		$	27.16		$	25.00

INCOME FROM
INVESTMENT OPERATIONS:
Net Investment Income^(b)		1.07			0.88			0.23
Net Realized and Unrealized
Gain on Investments		2.01			1.26			1.93
Total from Investment Operations		3.08			2.14			2.16

LESS DISTRIBUTIONS:
Distributions from
Net Investment Income		(0.93	)		(0.70	)		—
Total Distributions		(0.93	)		(0.70	)		—
Net Asset Value, End of Period	$	30.75		$	28.60		$	27.16
Total Return		10.86	%		8.03	%		8.64	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	173,710		$	70,059		$	5,432

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income
to Average Net Assets		3.50	%		3.19	%		4.63	%^(d)
Portfolio Turnover Rate^(e)		76	%		44	%		0	%^(c)

(a)	Commencement of operations on February 22, 2016.
(b)	Calculated based on average shares outstanding during the period.
(c)	Not annualized.
(d)	Annualized.
(e)	Excluded impact of in-kind transactions.

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

156

Pacer US Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the year/period

	For the			For the
	Year Ended			Period Ended
	April 30, 2018			April 30, 2017^(a)
Net Asset Value, Beginning of Period	$	26.13		$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income^(b)		0.61			0.13
Net Realized and Unrealized Gain on Investments		2.84			1.09
Total from Investment Operations		3.45			1.22

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.60	)		(0.09	)
Total Distributions		(0.60	)		(0.09	)
Net Asset Value, End of Period	$	28.98		$	26.13
Total Return		13.35	%		4.87	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	28,981		$	11,759

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%		0.49	%^(d)
Net Investment Income to Average Net Assets		2.16	%		1.37	%^(d)
Portfolio Turnover Rate^(e)		101	%		36	%^(c)

(a)	Commencement of operations on December 16, 2016.
(b)	Calculated based on average shares outstanding during the period.
(c)	Not annualized.
(d)	Annualized.
(e)	Excluded impact of in-kind transactions.

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

157

Pacer US Small Cap Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended
	April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	24.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income^(b)		0.28
Net Realized and Unrealized Gain on Investments		1.38
Total from Investment Operations		1.66

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.27	)
Total Distributions		(0.27	)
Net Asset Value, End of Period	$	26.17
Total Return		6.69	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	5,233

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%^(d)
Net Investment Income to Average Net Assets		1.25	%^(d)
Portfolio Turnover Rate^(e)		97	%^(c)

(a)	Commencement of operations on June 16, 2017.
(b)	Calculated based on average shares outstanding during the period.
(c)	Not annualized.
(d)	Annualized.
(e)	Excluded impact of in-kind transactions.

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

158

Pacer Developed Markets International Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended
	April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	25.09

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income^(b)		0.60
Net Realized and Unrealized Gain on Investments		3.53
Total from Investment Operations		4.13

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.31	)
Total Distributions		(0.31	)
Net Asset Value, End of Period	$	28.91
Total Return		16.48	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	20,235

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(d)
Net Investment Income to Average Net Assets		2.42	%^(d)
Portfolio Turnover Rate^(e)		25	%^(c)

(a)	Commencement of operations on June 16, 2017.
(b)	Calculated based on average shares outstanding during the period.
(c)	Not annualized.
(d)	Annualized.
(e)	Excluded impact of in-kind transactions.

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

159

Pacer WealthShield ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended
	April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	25.02

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income^(b)		0.10
Net Realized and Unrealized Loss on Investments		(0.05	)
Total from Investment Operations		0.05

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.05	)
Total Distributions		(0.05	)
Net Asset Value, End of Period	$	25.02
Total Return		0.23	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	62,539

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)
Net Investment Income to Average Net Assets		1.04	%^(d)
Portfolio Turnover Rate^(e)		131	%^(c)

(a)	Commencement of operations on December 11, 2017.
(b)	Calculated based on average shares outstanding during the period.
(c)	Not annualized.
(d)	Annualized.
(e)	Excluded impact of in-kind transactions.

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

160

Pacer Military Times Best Employers ETF

FINANCIAL HIGHLIGHTS

For a capital share outstanding throughout the period

	For the
	Period Ended
	April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	24.89

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income^(b)		—	^(c)
Net Unrealized Gain on Investments		0.44
Total from Investment Operations		0.44
Net Asset Value, End of Period	$	25.33
Total Return		1.79	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,533

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(e)
Net Investment Income to Average Net Assets		0.25	%^(e)
Portfolio Turnover Rate^(f)		0	%^(d)

(a)	Commencement of operations on April 10, 2018.
(b)	Calculated based on average shares outstanding during the period.
(c)	Less than 0.005.
(d)	Not annualized.
(e)	Annualized.
(f)	Excluded impact of in-kind transactions.

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

161

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018

NOTE 1 – ORGANIZATION

Pacer Trendpilot^® US Large Cap ETF, Pacer Trendpilot^® US Mid Cap 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, Pacer Developed Markets International Cash Cows 100 ETF, Pacer WealthShield ETF, and Pacer Military Times Best Employers 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 Trendpilot^® US Large Cap Index, the Pacer Trendpilot^® US Mid-Cap Index, the Pacer NASDAQ-100 Trendpilot^® Index, the Pacer Trendpilot^® European Index, the Pacer Global Cash Cows High Dividends 100 Index, the Pacer US Cash Cows 100 Index, the Pacer US Small Cap Cash Cows Index, the Pacer Developed Markets International Cash Cows 100 Index, the Pacer WealthShield Index, and the Military Times Best for VETS^SM Index. Pacer Trendpilot^® US Large Cap ETF, Pacer Trendpilot^® US Mid Cap 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. Pacer WealthShield ETF commenced operations on December 11, 2017. Pacer Military Times Best Employers ETF commenced operations on April 9, 2018. 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”) with the exception of Pacer Military Times Best Employers ETF, which is listed and traded on the Nasdaq, Inc. (“Nasdaq”). 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

162

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

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

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

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

Investment Valuation. Securities listed on a securities exchange, market or automated quotation system for which quotations are readily available, are valued at the last quoted sale price on the primary exchange or market (foreign or domestic) on which they are traded, except for securities listed on Nasdaq Global Market (“Nasdaq”). If, on a particular day, there is no such reported sale, then the most recent quoted bid price will be used. For securities traded on Nasdaq, the Nasdaq

163

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

	Official Closing Price (“NOCP”) will be used. If a Fund holds foreign shares of a security for which there is no reported volume, and there is an actively trading local version of the security, the last quoted sale price of the local security shall be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate.

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

	Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with the procedures adopted by the Board of Trustees (the “Board”). The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have 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

164

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

	valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

	The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

	The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2018:

Pacer Trendpilot^® US Large Cap ETF
							Investments
							Measured
							at Net
Description^	Level 1		Level 2		Level 3		Asset Value		Total
Common Stocks	$	895,945,713	$	—	$	—	$	—	$	895,945,713
Real Estate
Investment Trusts		24,408,076		—		—		—		24,408,076
Short-Term Investments		1,260,182		—		—		—		1,260,182
Investments Purchased
with Proceeds from
Securities Lending		—		—		—		74,981,610		74,981,610
Total Investments
in Securities	$	921,613,971	$	—	$	—	$	74,981,610	$	996,595,581

^ See Schedule of Investments for sector breakouts.

Pacer Trendpilot^® US Mid Cap ETF
							Investments
							Measured
							at Net
Description^	Level 1		Level 2		Level 3		Asset Value		Total
Common Stocks	$	451,296,098	$	—	$	—	$	—	$	451,296,098
Exchange Traded Funds		3,234,845		—		—		—		3,234,845
Real Estate
Investment Trusts		42,591,277		—		—		—		42,591,277
Short-Term Investments		426,762		—		—		—		426,762
Investments Purchased
with Proceeds from
Securities Lending		—		—		—		118,919,916		118,919,916
Total Investments
in Securities	$	497,548,982	$	—	$	—	$	118,919,916	$	616,468,898

^ See Schedule of Investments for sector breakouts.

165

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

Pacer Trendpilot^® 100 ETF
							Investments
							Measured
							at Net
Description^	Level 1		Level 2		Level 3		Asset Value		Total
Common Stocks	$	211,838,887	$	—	$	—	$	—	$	211,838,887
Short-Term Investments		153,966		—		—		—		153,966
Investments Purchased
with Proceeds from
Securities Lending		—		—		—		28,293,207		28,293,207
Total Investments
in Securities	$	211,992,853	$	—	$	—	$	28,293,207	$	240,286,060

^ See Schedule of Investments for sector breakouts.

Pacer Trendpilot^® European Index ETF

Description^			Level 1		Level 2		Level 3		Total
Common Stocks			$	154,366,750	$	—	$	—	$	154,366,750
Preferred Stocks				1,761,703		—		—		1,761,703
Real Estate
Investment Trusts				1,703,362		—		—		1,703,362
Short-Term Investments				487,588		—		—		487,588
Total Investments
in Securities			$	158,319,403	$	—	$	—	$	158,319,403

^ See Schedule of Investments for sector breakouts.

Pacer Global Cash Cows Dividend ETF
							Investments
							Measured
							at Net
Description^	Level 1		Level 2		Level 3		Asset Value		Total
Common Stocks	$	165,413,190	$	—	$	—	$	—	$	165,413,190
Real Estate Investment Trusts		7,594,604		—		—		—		7,594,604
Short-Term Investments		548,127		—		—		—		548,127
Investments Purchased
with Proceeds from
Securities Lending		—		—		—		38,582,883		38,582,883
Total	$	173,555,921	$	—	$	—	$	38,582,883	$	212,138,804

^ See Schedule of Investments for country breakouts.

166

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

Pacer US Cash Cows 100 ETF
							Investments
							Measured
							at Net
Description^	Level 1		Level 2		Level 3		Asset Value		Total
Common Stocks	$	27,343,694	$	—	$	—	$	—	$	27,343,694
Real Estate
Investment Trusts		1,582,664		—		—		—		1,582,664
Short-Term Investments		39,731		—		—		—		39,731
Investments Purchased
with Proceeds from
Securities Lending		—		—		—		3,689,269		3,689,269
Total Investments
in Securities	$	28,966,089	$	—	$	—	$	3,689,269	$	32,655,358

^ See Schedule of Investments for sector breakouts.

Pacer US Small Cap Cash Cows 100 ETF
							Investments
							Measured
							at Net
Description^	Level 1		Level 2		Level 3		Asset Value		Total
Common Stocks	$	5,132,645	$	—	$	—	$	—	$	5,132,645
Real Estate
Investment Trusts		95,614		—		—		—		95,614
Short-Term Investments		5,679		—		—		—		5,679
Investments Purchased
with Proceeds from
Securities Lending		—		—		—		629,653		629,653
Total	$	5,233,938	$	—	$	—	$	629,653	$	5,863,591

^ See Schedule of Investments for sector breakouts.

Pacer Developed Markets International Cash Cows 100 ETF
							Investments
							Measured
							at Net
Description^	Level 1		Level 2		Level 3		Asset Value		Total
Common Stocks	$	20,150,586	$	—	$	—	$	—	$	20,150,586
Short-Term Investments		187,021		—		—		—		187,021
Investments Purchased
with Proceeds from
Securities Lending		—		—		—		1,121,259		1,121,259
Total Investments
in Securities	$	20,337,607	$	—	$	—	$	1,121,259	$	21,458,866

^ See Schedule of Investments for country breakouts.

167

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

Pacer WealthShield ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	62,163,269	$	—	$	—	$	62,163,269
Short-Term Investments		7,972,749		—		—		7,972,749
Total Investments
in Securities	$	70,136,018	$	—	$	—	$	70,136,018

^ See Schedule of Investments for sector breakouts.

Pacer Military Times Best Employers ETF

Description^	Level 1		Level 2		Level 3		Total
Common Stocks	$	2,532,588	$	—	$	—	$	2,532,588
Short-Term Investments		505		—		—		505
Total Investments
in Securities	$	2,533,093	$	—	$	—	$	2,533,093

^ See Schedule of Investments for sector breakouts.

	Transfers between levels are recognized at the end of the reporting period. During the period/year ended April 30, 2018, 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 period/year ended April 30, 2018, the Funds did not have any tax

168

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

	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 period/year ended April 30, 2018, the Funds did not have liabilities for any unrecognized tax benefits on uncertain tax positions as income tax expense in the Statement of Operations. The Funds are subject to examination by U.S. taxing authorities for the tax periods since each Fund’s commencement of operations.

D.	Security Transactions and Investment Income. Investment securities transactions are accounted for on the trade date. Gains and losses realized on sales of securities are computed on the basis of highest amortized cost. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Discounts and premiums on securities purchased are accreted and amortized over the lives of the respective securities. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable tax rules and regulations.

E.	Distributions to Shareholders. Distributions to shareholders from net investment income for the Pacer Global Cash Cows Dividend ETF, Pacer US Cash Cows 100 ETF, Pacer US Small Cap Cash Cows 100 ETF, Pacer Developed Markets International Cash Cows 100 ETF, Pacer WealthShield ETF, and Pacer Military Times Best Employers ETF are declared and paid on a quarterly basis. The Pacer Trendpilot^® US Large Cap ETF, Pacer Trendpilot^® Mid Cap ETF, Pacer Trendpilot^® 100 ETF, and the Pacer Trendpilot^® European Index ETF are declared and paid on an annual basis. The net realized gains on securities normally are declared and paid on an annual basis for all Funds. 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 and/or Nasdaq 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.

169

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

	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 period/year ended April 30, 2018, the following table shows the reclassifications made:

	Undistributed
	Accumulated Net			Accumulated
	Investment			Net Realized			Paid-In
	Income/(Loss)			Gain/(Loss)			Capital
Pacer Trendpilot^®
US Large Cap ETF	$	(114	)	$	(7,746,478	)	$	7,746,592
Pacer Trendpilot^®
US Mid Cap ETF		236			(29,116,965	)		29,116,729
Pacer Trendpilot^® 100 ETF		—			(1,101	)		1,101
Pacer Trendpilot^®
European Index ETF		33,643			(8,266,147	)		8,232,504
Pacer Global Cash
Cows Dividend ETF		70,180			(8,538,769	)		8,468,589
Pacer US Cash Cows 100 ETF		—			(1,666,560	)		1,666,560
Pacer US Small Cap
Cash Cows 100 ETF		—			(372,913	)		372,913
Pacer Developed Markets
International Cash
Cows 100 ETF		(787	)		(113,363	)		114,150
Pacer WealthShield ETF		121			(1,364,679	)		1,364,558
Pacer Military Times
Best Employers ETF		—			—			—

During the fiscal period/year ended April 30, 2018, 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.

170

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

Pacer Trendpilot^® US Large Cap ETF	$	7,758,960
Pacer Trendpilot^® US Mid Cap ETF	$	29,352,518
Pacer Trendpilot^® 100 ETF	$	1,101
Pacer Trendpilot^® European Index ETF	$	8,363,145
Pacer Global Cash Cows Dividend ETF	$	8,885,739
Pacer US Cash Cows 100 ETF	$	1,824,014
Pacer US Small Cap Cash Cows 100 ETF	$	395,677
Pacer Developed Markets International Cash Cows 100 ETF	$	123,319
Pacer WealthShield ETF	$	1,584,842
Pacer Military Times Best Employers ETF	$	—

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^® US Large Cap ETF pays the Adviser 0.60%, Pacer Trendpilot^® US Mid Cap 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%, Pacer Developed Markets International Cash Cows 100 ETF pays the Adviser 0.65%, Pacer WealthShield ETF pays the Adviser 0.60%, and Pacer Military Times Best Employers ETF pays the Adviser 0.60% at an annual rate based on each Fund’s average daily net assets.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal period/year ended April 30, 2018.

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.

171

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

NOTE 5 – SECURITIES LENDING

Pacer ETF’s may lend up to 33 1/3% of the value of the securities in their portfolios to brokers, dealers and financial institutions (but not individuals) under terms of participation in a securities lending program administered by the Securities Lending Agent. The securities lending agreement requires that loans are collateralized at all times in an amount equal to at least 102% of the value of any domestic loaned securities at the time of the loan, plus accrued interest. The use of loans of foreign securities, which are denominated and payable in U.S. dollars, shall be collateralized in an amount equal to 105% of the value of any loaned securities at the time of the loan plus accrued interest. The Funds receive compensation in the form of fees and earn interest on the cash collateral. The amount of fees depends on a number of factors including the type of security and length of the loan. The Funds continue to receive interest payments or dividends on the securities loaned during the borrowing period. Gain or loss in the value of securities loaned that may occur during the term of the loan will be for the account of the Funds. The Funds have the right under the terms of the securities lending agreements to recall the securities from the borrower on demand.

As of April 30, 2018, the Funds had loaned securities and received cash collateral for the loans. The cash collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value (“NAV”) of $1.00. Although risk is mitigated by the collateral, the Funds could experience a delay in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. In addition, the Funds bear the risk of loss associated with the investment of cash collateral received.

During the period/year ended April 30, 2018, the Funds (excluding Pacer WealthShield ETF and Pacer Military Times Best Employers ETF) had loaned securities that were collateralized by cash. The cash collateral received was invested in securities as listed in each Fund’s Schedule of Investments. Income earned from these investments is allocated to each Fund based on each Fund’s portion of total cash collateral received. Securities lending income is disclosed in each Fund’s Statement of Operations as a securities lending credit.

172

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of April 30, 2018.

Securities Lending Transactions

	Investments Purchased with
	Proceeds from Securities
Overnight and Continuous	Lending Collateral*
Pacer Trendpilot^® US Large Cap ETF	$	74,981,610
Pacer Trendpilot^® US Mid Cap ETF		118,919,916
Pacer Trendpilot^® 100 ETF		28,293,207
Pacer Trendpilot^® European Index ETF		—
Pacer Global Cash Cows Dividend ETF		38,582,883
Pacer US Cash Cows 100 ETF		3,689,269
Pacer US Small Cap Cash Cows 100 ETF		629,653
Pacer Developed Markets International Cash Cows 100 ETF		1,121,259

*	Proceeds from securities lending (Investments Purchased with Proceeds from Securities Lending Collateral).

Due to the absence of a master netting agreement related to the Funds’ participation in securities lending, no additional offsetting disclosures have been made on behalf of the Funds for the total borrowings listed above.

173

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

NOTE 7 – OFFSETTING ASSETS AND LIABILITIES

The following is a summary of the Assets and Liabilities for each Fund subject to offsets as of April 30, 2018:

Liabilities

			Gross		Net
			Amounts		Amounts		Gross Amounts
			Offset		Presented		Net Offset in the
			in the		in the		Statements of
	Gross		Statement		Statements		Assets and Liabilities
	Amounts of		of Assets		of Assets				Collateral
	Recognized		and		and		Financial		Pledged		Net
Description	Liabilities		Liabilities		Liabilities		Instruments		(Received)		Amount
Pacer Trendpilot^®
US Large Cap ETF
Securities Lending	$	74,981,610	$	—	$	74,981,610	$	74,981,610	$	—	$	—
Pacer Trendpilot^®
US Mid Cap ETF
Securities Lending		118,919,916		—		118,919,916		118,919,916		—		—
Pacer Trendpilot^®
100 ETF
Securities Lending		28,293,207		—		28,293,207		28,293,207		—		—
Pacer Trendpilot^®
European Index ETF
Securities Lending		—		—		—		—		—		—
Pacer Global Cash
Cows Dividend ETF
Securities Lending		38,582,883		—		38,582,883		38,582,883		—		—
Pacer US Cash
Cows 100 ETF
Securities Lending		3,689,269		—		3,689,269		3,689,269		—		—
Pacer Small Cap
Cash Cows 100 ETF
Securities Lending		629,653		—		629,653		629,653		—		—
Pacer Developed Markets
International Cash
Cows 100 ETF
Securities Lending		1,121,259		—		1,121,259		1,121,259		—		—

174

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

NOTE 8 – INVESTMENT TRANSACTIONS

For the fiscal period/year ended April 30, 2018, 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^® US Large Cap ETF	$	86,375,262	$	81,527,674
Pacer Trendpilot^® US Mid Cap ETF		268,754,575		253,282,054
Pacer Trendpilot^® 100 ETF		3,998,187		3,873,313
Pacer Trendpilot^® European Index ETF		187,864,907		148,053,853
Pacer Global Cash Cows Dividend ETF		111,978,229		88,698,913
Pacer US Cash Cows 100 ETF		16,790,562		16,767,199
Pacer US Small Cap Cash Cows 100 ETF		3,368,209		4,059,774
Pacer Developed Markets
International Cash Cows 100 ETF		5,200,361		1,707,490
Pacer WealthShield ETF		71,731,157		61,235,942
Pacer Military Times Best Employers ETF		—		—

For the fiscal period/year ended April 30, 2018, in-kind transactions associated with creations and redemptions are as follows:

	Purchases		Sales
Pacer Trendpilot^® US Large Cap ETF	$	432,600,595	$	23,595,997
Pacer Trendpilot^® US Mid Cap ETF		277,395,886		92,869,165
Pacer Trendpilot^® 100 ETF		120,362,970		—
Pacer Trendpilot^® European Index ETF		134,248,426		45,877,719
Pacer Global Cash Cows Dividend ETF		132,144,188		56,988,835
Pacer US Cash Cows 100 ETF		29,833,369		14,021,868
Pacer US Small Cap Cash Cows 100 ETF		8,884,870		3,207,101
Pacer Developed Markets
International Cash Cows 100 ETF		17,631,849		1,391,318
Pacer WealthShield ETF		72,757,824		19,820,757
Pacer Military Times Best Employers ETF		2,488,495		—

For the fiscal period/year ended April 30, 2018, there were no long-term purchases or sales of U.S. Government Securities for the Funds.

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

175

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

NOTE 9 – TAX COST BASIS

The components of tax basis cost of investments and net unrealized appreciation for federal income tax purposes at April 30, 2018 were as follows:

	Pacer			Pacer
	Trendpilot^®			Trendpilot^®			Pacer
	US Large			US Mid			Trendpilot^®
	Cap ETF			Cap ETF			100 ETF
Tax cost of investments	$	896,631,194		$	591,463,327		$	212,336,266
Gross tax unrealized appreciation		138,735,190			50,883,288			36,734,948
Gross tax unrealized depreciation		(38,770,803	)		(25,877,717	)		(8,785,154	)
Net tax unrealized
appreciation (depreciation)		99,964,387			25,005,571			27,949,794
Undistributed ordinary income		3,141,639			1,152,697			99,202
Undistributed long-term gain		—			—			—
Total distributable earnings		3,141,639			1,152,697			99,202
Other accumulated (loss)		(37,294,171	)		(2,690,881	)		(9,720,113	)
Total accumulated gain (loss)	$	65,811,855		$	23,467,387		$	18,328,883

	Pacer			Pacer			Pacer
	Trendpilot^®			Global			US
	European			Cash Cows			Cash Cows
	Index ETF			Dividend ETF			100 ETF
Tax cost of investments	$	160,790,032		$	212,395,952		$	32,545,520
Gross tax unrealized appreciation		892,602			10,499,024			1,649,434
Gross tax unrealized depreciation		(3,362,377	)		(10,758,613	)		(1,539,596	)
Net tax unrealized
appreciation (depreciation)		(2,469,775	)		(259,589	)		109,838
Undistributed ordinary income		835,849			865,710			38,618
Undistributed long-term gain		—			—			—
Total distributable earnings		835,849			865,710			38,618
Other accumulated (loss)		(4,852,030	)		(1,723,840	)		(347,826	)
Total accumulated gain (loss)	$	(6,485,956	)	$	(1,117,719	)	$	(199,370	)

176

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

				Pacer
	Pacer			Developed
	US Small			Markets
	Cap			International			Pacer
	Cash Cows			Cash Cows			WealthShield
	100 ETF			100 ETF			ETF
Tax cost of investments	$	5,887,320		$	21,131,737		$	70,159,839
Gross tax unrealized appreciation		351,910			899,795			—
Gross tax unrealized depreciation		(375,640	)		(575,347	)		(23,821	)
Net tax unrealized
appreciation (depreciation)		(23,730	)		324,448			(23,821	)
Undistributed ordinary income		2,037			65,836			60,273
Undistributed long-term gain		—			—			—
Total distributable earnings		2,037			65,836			60,273
Other accumulated (loss)		(91,125	)		(29,470	)		(2,584,611	)
Total accumulated gain (loss)	$	(112,818	)	$	360,814		$	(2,548,159	)


	Pacer
	Military
	Times Best
	Employers
	ETF
Tax cost of investments	$	2,489,000
Gross tax unrealized appreciation		75,346
Gross tax unrealized depreciation		(31,253	)
Net tax unrealized
appreciation (depreciation)		44,093
Undistributed ordinary income		342
Undistributed long-term gain		—
Total distributable earnings		342
Other accumulated (loss)		—
Total accumulated gain (loss)	$	44,435

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.

177

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

At April 30, 2018, the Funds had the following capital loss carryforwards:

	Short-Term		Long-Term
	Amount		Amount		Expires

Pacer Trendpilot^® US Large Cap ETF	$	37,294,171	$	—	Indefinite
Pacer Trendpilot^® US Mid Cap ETF		2,690,881		—	Indefinite
Pacer Trendpilot^® 100 ETF		9,715,335		4,778	Indefinite
Pacer Trendpilot^® European Index ETF		4,852,030		—	Indefinite
Pacer Global Cash Cows Dividend ETF		1,610,376		113,464	Indefinite
Pacer US Cash Cows 100 ETF		347,826		—	Indefinite
Pacer US Small Cap Cash Cows 100 ETF		91,125		—	Indefinite
Pacer Developed Markets
International Cash Cows 100 ETF		29,470		—	Indefinite
Pacer WealthShield ETF		2,584,611		—	Indefinite
Pacer Military Times Best Employers ETF		—		—	Indefinite

NOTE 10 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal period/year ended April 30, 2018 was as follows:

	Ordinary		Capital		Return of
	Income		Gains		Capital

Pacer Trendpilot^® US Large Cap ETF	$	7,017,355	$	—	$	—
Pacer Trendpilot^® US Mid Cap ETF		2,882,696		—		—
Pacer Trendpilot^® 100 ETF		466,293		—		—
Pacer Trendpilot^® European Index ETF		538,237		—		—
Pacer Global Cash Cows Dividend ETF		3,669,616		—		—
Pacer US Cash Cows 100 ETF		319,520		—		—
Pacer US Small Cap Cash Cows 100 ETF		34,114		—		—
Pacer Developed Markets
International Cash Cows 100 ETF		70,528		—		—
Pacer WealthShield ETF		112,441		—		—
Pacer Military Times Best Employers ETF		—		—		—

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

	Ordinary		Capital		Return of
	Income		Gains		Capital

Pacer Trendpilot^® US Large Cap ETF	$	4,351,256	$	—	$	—
Pacer Trendpilot^® US Mid Cap 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		—		—

178

Pacer Funds

NOTES TO FINANCIAL STATEMENTS

April 30, 2018 (Continued)

NOTE 11 – SUBSEQUENT EVENT

Management of the Funds has evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date these financial statements were issued. The evaluation did not result in any subsequent events that necessitated disclosures and/or adjustments other than below.

On May 15, 2018, the Adviser launched three new Funds in the Pacer Funds Trust: Pacer Benchmark Retail Real Estate ETF, Pacer Benchmark Industrial Real Estate ETF and Pacer Benchmark Data & Infrastructure Real Estate ETF.

On June 25, 2018, the following Funds declared distributions from ordinary income to shareholders of record as of June 27, 2018 payable June 28, 2018, as follows:

	Ordinary		Per Share
Fund	Income		Amount
Pacer Global Cash Cows Dividend ETF	$	1,429,925	$	0.24443164
Pacer US Cash Cows 100 ETF	$	108,692	$	0.07763696
Pacer US Small Cap Cash Cows 100 ETF	$	12,447	$	0.04149140
Pacer Developed Markets
International Cash Cows 100 ETF	$	180,726	$	0.18072634
Pacer WealthShield ETF	$	137,115	$	0.04811069
Pacer Military Times Best Employers ETF	$	6,782	$	0.06782260

179

Pacer Funds

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Trustees of Pacer Funds Trust and the Shareholders of Pacer Trendpilot^® US Large Cap ETF, Pacer Trendpilot^® US Mid Cap 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, Pacer Developed Markets International Cash Cows 100 ETF, Pacer WealthShield ETF, and Pacer Military Times Best Employers ETF:

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the Pacer Trendpilot^® US Large Cap ETF, Pacer Trendpilot^® US Mid Cap 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, Pacer Developed Markets International Cash Cows 100 ETF, Pacer WealthShield ETF, and Pacer Military Times Best Employers ETF (the “Funds”), including the schedules of investments, as of April 30, 2018 and the related statements of operations for the year or period then ended, the statements of changes in net assets for each of the years or periods in the two-year period then ended and the related notes (collectively, the “financial statements”) and the financial highlights for each of the years or periods in the three-year period then ended.

In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial positions of the Funds, as of April 30, 2018, the results of their operations for the year or period then ended, the changes in their net assets for each of the years or periods in the two-year period then ended, and the financial highlights for each of the years or periods in the three-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risk of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our procedures included confirmation of securities and cash owned as of April 30, 2018, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2015

Abington, Pennsylvania

June 28, 2018

180

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

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

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

For the fiscal period/year ended April 30, 2018, 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^® US Large Cap ETF	100.00	%
Pacer Trendpilot^® US Mid Cap ETF	100.00	%
Pacer Trendpilot^® 100 ETF	100.00	%
Pacer Trendpilot^® European Index ETF	96.34	%
Pacer Global Cash Cows Dividend ETF	92.40	%
Pacer US Cash Cows 100 ETF	95.70	%
Pacer US Small Cap Cash Cows 100 ETF	100.00	%
Pacer Developed Markets International Cash Cows 100 ETF	100.00	%
Pacer WealthShield ETF	72.06	%
Pacer Military Times Best Employers ETF	0.00	%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period/year ended April 30, 2018 was as follows:

Pacer Trendpilot^® US Large Cap ETF	100.00	%
Pacer Trendpilot^® US Mid Cap ETF	100.00	%
Pacer Trendpilot^® 100 ETF	100.00	%
Pacer Trendpilot^® European Index ETF	0.00	%
Pacer Global Cash Cows Dividend ETF	29.78	%
Pacer US Cash Cows 100 ETF	96.20	%
Pacer US Small Cap Cash Cows 100 ETF	100.00	%
Pacer Developed Markets International Cash Cows 100 ETF	0.00	%
Pacer WealthShield ETF	72.06	%
Pacer Military Times Best Employers ETF	0.00	%

181

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(Unaudited) (Continued)

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^® US Large Cap ETF			0.00	%
Pacer Trendpilot^® US Mid Cap ETF			0.00	%
Pacer Trendpilot^® 100 ETF			0.00	%
Pacer Trendpilot^® European Index ETF			0.00	%
Pacer Global Cash Cows Dividend ETF			0.00	%
Pacer US Cash Cows 100 ETF			0.00	%
Pacer US Small Cap Cash Cows 100 ETF			0.00	%
Pacer Developed Markets International Cash Cows 100 ETF			0.00	%
Pacer WealthShield ETF			0.00	%
Pacer Military Times Best Employers ETF			0.00	%

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

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”), held an in-person meeting on September 29, 2017 (the “September Meeting”), for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) relating to the WealthShield ETF (“PWS”). The Board also held a meeting on March 12, 2018 (the “March Meeting” and, together with the September Meeting, the “Meetings”) for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the Investment Advisory Agreement between the Trust and the Advisor relating to the Pacer Benchmark Hotel & Lodging Real Estate SCTR ETF,

182

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

Apartments & Residential Real Estate SCTR ETF, Office Real Estate SCTR ETF, Healthcare Real Estate SCTR ETF, Industrial Real Estate SCTR ETF, Net Lease Real Estate SCTR ETF, and Data & Infrastructure Real Estate SCTR ETF (together, the “Benchmark Funds”), as well as the Military Times Best Employers ETF (together with the Benchmark Funds and PWS, each a “New Pacer Fund” and, collectively, the “New Pacer Funds”). At its March 12, 2018 meeting, the Board also considered the proposed renewal of the Investment Advisory Agreement between the Trust and the Advisor relating to the Pacer Trendpilot US Large Cap ETF, Trendpilot US Mid Cap ETF Trendpilot 100 ETF, Trendpilot European Index ETF, Global Cash Cows Dividend ETF, US Cash Cows 100 ETF, US Small Cap Cash Cows 100 ETF and the Developed Markets International Cash Cows 100 ETF (each an “Existing Pacer Fund” and, together with the New Pacer Funds, the “Funds”). The Board, including all of the Trust’s Independent Trustees voting separately, unanimously approved the Investment Advisory Agreement based on its review of qualitative and quantitative information provided by the Advisor and the Trust’s other service providers.

Prior to deciding to approve or renew, as applicable, the Investment Advisory Agreement, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. 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 or renewal of the Investment Advisory Agreement. Prior to the Meetings, the Board obtained and reviewed a variety of information, including certain comparative information regarding the Fund’s expenses (both actual and, where relevant, proposed), relative to the expenses of other comparable funds.

At the Meetings, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to questionnaires designed to provide the Board with information reasonably necessary to evaluate the terms of the Investment Advisory Agreement; (3) the Advisor’s Form ADV disclosures; (4) information describing the nature, quality and extent of services that the Advisor, where relevant, has provided and is prepared in the future to provide to each Fund, and the advisory fees payable to the Advisor for its services; (5) certain comparative information regarding the Funds’ 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 the Meetings to help the Board evaluate the Advisor’s services, fees and other aspects of the Investment Advisory Agreement.

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

183

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

	•	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 has been providing, where relevant, and is capable of providing in the future all necessary advisory services required by the Funds, 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 provided or to be provided to the Funds 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 provided and to be provided to the Funds by the Advisor.

	•	Costs of Services to be Provided to the Funds and Profitability. In considering the advisory fees payable by the Trust to the Advisor and each Fund’s expense ratio, the Board reviewed data compiled by the Advisor from an unaffiliated third party proprietary database comparing the expense ratios and performance of 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, focusing on whether each Fund charged fees that were within the range of fees charged by the Peer Group. It also noted that the Advisor had contractually agreed to pay all operating expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services, except interest, taxes, brokerage commissions and other expenses in connection with the execution of portfolio transactions, and extraordinary and non-routine expenses. It was noted that this contractual agreement cannot be changed without shareholder approval. The Board also evaluated the compensation and benefits received (or proposed or likely to be received), by the Advisor from its relationship with the Funds, taking into account assessments of the Advisor’s anticipated profitability at different asset levels. Based on the factors above, as well as those discussed below, the Board concluded, within the context of its full deliberations, that each Fund’s advisory fee was reasonable in light of the nature and quality of the services rendered and, where relevant, 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 the Funds grew or may grow in the future.

Based on the Board’s deliberations and its evaluation of the information described above, the Board, including the Independent Trustees, unanimously: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund were and are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services rendered and expected to be rendered by the Advisor to each

184

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ADDITIONAL INFORMATION

(Unaudited) (Continued)

Fund; (c) agreed to approve the Investment Advisory Agreement as to each New Pacer Fund for a term of two years; and (d) agreed to renew the Investment Advisory Agreement as to each Existing Pacer Fund for a term of one year. In its deliberations, the Board did not identify any particular factor (or conclusion with respect thereto) or single piece of information that was all-important, controlling or determinative of its decision, but considered all of the factors together, and each Trustee may have attributed different weights to the various factors (and conclusions with respect thereto) and information.

NOTE 6 – TRUSTEES AND OFFICERS

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

		Term of		Number of
		Office		Portfolios	Other
		and		in Fund	Directorships
	Position(s)	Length		Complex	held by Trustee
Name and	Held with	of Time	Principal Occupation(s)	Overseen	During Past
Year of Birth	the Trust	Served	During Past 5 Years	By Trustee	Five Years

Interested Trustee

Joe M. Thomson	Trustee,	Indefinite	Founder/President at	11	Director, First
Born: 1944	Chairman,	Term;	Pacer Advisors, Inc.		Cornerstone
	President	since	(since 2005); President		Bank
	and Principal	2014	and Chief Compliance		(2000-2016)
	Executive		Officer, Pacer Financial,
	Officer		Inc. (since 2004)

Independent Trustees

Deborah G. Wolk	Lead	Indefinite	Self-employed providing	11	None
Born: 1950	Independent	Term;	accounting services and
	Trustee	since	computer modeling
		2015	(since 1997)

Jonathan H.	Trustee	Indefinite	CEO and Chairman,	11	None
Newman, Sr.		Term;	Newman Wine &
Born: 1962		since	Spirits (since 2007)
		2015

185

Pacer Funds

ADDITIONAL INFORMATION

(Unaudited) (Continued)

		Term of		Number of
		Office		Portfolios	Other
		and		in Fund	Directorships
	Position(s)	Length		Complex	held by Trustee
Name and	Held with	of Time	Principal Occupation(s)	Overseen	During Past
Year of Birth	the Trust	Served	During Past 5 Years	By Trustee	Five Years

Officers who are not Trustees:

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

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 2005),
		since	Vice President, Pacer
		2016	Financial , Inc. (since 2005)

Perpetua Seidenberg	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	2018	management
West Chester Pike			services company)
Chadds Ford, PA			(since 2014); Auditor,
19317			PricewaterhouseCoopers
Born: 1990			(since 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.

186

FACTS	WHAT DOES PACER FUNDS TRUST DO WITH YOUR PERSONAL INFORMATION?

Why?	Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some, but not all information sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this Notice carefully to understand what we do.

What?	The types of personal information we collect and share depend on the product or service you have with us. This information can include:
	• Social Security number
	• account balances
	• account transactions
	• transaction history
	• wire transfer instructions
	• checking account information
	When you are no longer our customer, we continue to share your information as described in this notice.

How?	All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons Pacer Funds Trust chooses to share; and whether you can limit this sharing.

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

Questions?

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

187

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

188

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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

Sanville & Company

1514 Old York Rd.

Abington, PA 19001

Legal Counsel

DLA Piper LLP

1650 Market St., Suite 4900

Philadelphia, PA 19103-7300


PACER	PACER	PACER	PACER	PACER GLOBAL
TRENDPILOT®	TRENDPILOT®	TRENDPILOT®	TRENDPILOT®	CASH COWS
US LARGE CAP ETF	US MID CAP ETF	100 ETF	EUROPEAN INDEX ETF	DIVIDEND ETF
PTLC	PTMC	PTNQ	PTEU	GCOW
CUSIP	CUSIP	CUSIP	CUSIP	CUSIP
69374H105	69374H204	69374H303	69374H808	69374H709


PACER US	PACER US SMALL	PACER DEVELOPED	PACER	PACER MILITARY
CASH COWS	CAP CASH COWS	MARKETS INTERNATIONAL	WEALTHSHIELD	TIMES BEST
100 ETF	100 ETF	CASH COWS 100 ETF	ETF	EMPLOYERS ETF
COWZ	CALF	ICOW	PWS	VETS
CUSIP	CUSIP	CUSIP	CUSIP	CUSIP
69374H881	69374H857	69374H873	69374H840	69374H832

Item 2. Code of Ethics.

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

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

Item 3. Audit Committee Financial Expert.

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

Item 4. Principal Accountant Fees and Services.

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

	FYE 04/30/2018	FYE 04/30/2017
Audit Fees	$85,000	$51,000
Audit-Related Fees	$0	$0
Tax Fees	$10,000	$6,000
All Other Fees	$0	$0

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

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

	FYE 04/30/2018	FYE 04/30/2017
Audit-Related Fees	0%	0%
Tax Fees	0%	0%
All Other Fees	0%	0%

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

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

Non-Audit Related Fees	FYE 04/30/2018	FYE 04/30/2017
Registrant	$0	$0
Registrant’s Investment Adviser	$0	$0

Item 5. Audit Committee of Listed Registrants.

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

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

Item 6. Investments.

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

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

Item 11. Controls and Procedures.

(a)

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

(b)

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

Item 12. Exhibits.

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

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

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

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

SIGNATURES

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

(Registrant) Pacer Funds Trust

By (Signature and Title) /s/ Joe Thomson

Joe M. Thomson, President (Principal Executive Officer)

Date 07/18/18

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 Thomson

Joe M. Thomson, President (Principal Executive Officer)

Date 07/18/18

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

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

Date 07/18/18

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

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