N-CSR

As filed with the U.S. Securities and Exchange Commission on [07/08/19]

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)

500 Chesterfield Parkway

Malvern, PA 19355
(Address of principal executive offices) (Zip code)

Joe M. Thomson, President

500 Chesterfield Parkway

Malvern, PA 19355
(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, 2018 through April 30, 2019

Item 1. Reports to Stockholders. 

Pacer Funds

TABLE OF CONTENTS

	Page
Letters to Shareholders	1
Portfolio Allocation	12
Performance Summary	17
Expense Example	32
Schedules of Investments	34
Statements of Assets and Liabilities	78
Statements of Operations	81
Statements of Changes in Net Assets	84
Financial Highlights	92
Notes to Financial Statements	107
Report of Independent Registered Public Accounting Firm	122
Additional Information	123

Pacer Funds

Dear Shareholder,

Pacer ETFs continued to show fast paced growth this past fiscal year. Several milestones were hit, including surpassing both three billion and four billion in assets under management (AUM) in just one year. The company has witnessed 100% growth in AUM since March of 2018. Our unique model, which centers around the distribution of our ETFs through the financial advisor community, continues to be our focus.

During this fiscal year, we expanded our fund offerings to fifteen by adding four products to our Pacer Custom ETF Series, and one to our Pacer Leaders ETF Series. They include Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF (SRVR), Pacer Benchmark Industrial Real Estate SCTR ETF (INDS), Pacer Benchmark Retail Real Estate SCTR ETF (RTL), Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (SZNE), and Pacer US Export Leaders ETF (PEXL). Four of our new ETFs were made possible by partnerships we have developed to help bring their ideas to market in an ETF.

Our goal is to remain consistent in developing and testing innovative ideas to bring new funds to market as the ETF landscape continues to evolve. Expanding a line of ETFs that aid investors in accomplishing multiple goals is something we believe in. We thank you for entrusting your assets with us as we look forward to growing with you.

Best,

Joe M. Thomson
Chairman, Pacer Funds Trust

1

Pacer Funds

Market Environment Overview

The overall picture for equity markets is showing conflicting data signals for both bullish and bearish outlooks. The U.S. economy has continued strong growth throughout fiscal year 2018, oftentimes surpassing 3% implied annual growth. During the second calendar quarter of 2018, for example, U.S. gross domestic product (GDP) increased at a rate of 4.2%, which is uncharacteristically high for a mature economy. Additionally, the unemployment rate and labor force participation rates have respectively realized record lows and highs, suggesting a robust labor market. Earnings and revenue growth across all sectors have seen notable increases. This is partially a result of the previous year’s tax reforms taking full effect, but also due to organic growth.

Despite this, several forward-looking indicators including net savings rates remaining relatively flat and the decline of new and existing home sales introduces new doubt into investors’ minds. This is replicated in overall market sentiment as seen from September through December 2018. This timeframe saw the return of volatility, which was notably low the preceding year.

In late March, the yield curve inverted for the first time since the Great Recession of 2007-2009. This signifies a disconnect between the Federal Reserve’s monetary policy and the market’s outlook on interest rates and, therefore, the economy overall. The inversion of the yield curve is generally considered a consistent indicator that a recession will occur about 12-18 months after the inversion. This, however, is not foolproof and remains to be seen.

In addition to conflicting domestic economic data, the news surrounding Brexit and on trade wars with China are causing concerns for the economy broadly and for the equity markets specifically. Sino-American tensions ripple across other markets, most notably the emerging markets that trade heavily with China, and European markets that buy large amounts of materials and goods from China. This “trade war” is best characterized as the two largest economies deciding which is more powerful: the seller or the buyer.

Europe additionally seems to be suffering a multi-front economic war, with Brexit on one side, and rising Euroscepticism, populism, and nationalism on the other. As the predominant economy in the Eurozone, Germany has repeatedly tried to keep other member nations of the European Union in line with a globalist worldview. Internal stresses in member countries, most notably Italy and France, have led to populist movements gaining wide support from voter bases with a clear message of distaste for being a part of the E.U.

The presence of these opposing forces both domestically and internationally suggests that the markets are uncertain of what the future holds. The systemic risks facing the economies and equity markets of the world may escalate to the point of global recession or may begin a gradual but sustained de-risking. Much of the deciding factor resting on U.S.-China trade tensions.

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, 2019.

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 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 Fund

The Fund had a total return of 8.65%. The Index had a total return of 9.34%. The S&P 500 Index had a total return of 13.49%.

2

Pacer Funds

The Fund had two exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTLC EXPOSURE CHANGES
Date	Resulting Exposure	U.S. Treasury 3-Month Yield (%)
October 30, 2018	100% T-Bills	2.3227
February 20, 2019	100% Equities	2.4354
Fiscal Year Maximum Drawdowns (%)
Fund	-9.92
Benchmark	-19.36

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.

The Fund

The Fund had a total return of 1.66%. The Index had a total return of 2.11%. The S&P MidCap 400 Index had a total return of 6.99%.

The Fund had five exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTMC EXPOSURE CHANGES
Date	Resulting Exposure	U.S. Treasury 3-Month Yield (%)
October 17, 2018	50% T-Bills / 50% Equities	2.3046
October 23, 2018	100% T-Bills	2.3227
February 25, 2019	100% Equities	2.4397
March 13, 2019	100% T-Bills	2.4379
April 4, 2019	100% Equities	2.4225
Fiscal Year Maximum Drawdowns (%)
Fund	-13.04
Benchmark	-23.12

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

3

Pacer Funds

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 16.04%. The Index had a total return of 16.55%. The NASDAQ-100^® Index had a total return of 19.10%.

The Fund had three exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTNQ EXPOSURE CHANGES
Date	Resulting Exposure	U.S. Treasury 3-Month Yield (%)
October 31, 2018	50% T-Bills / 50% Equities	2.3251
November 16, 2018	100% T-Bills	2.3424
February 22, 2019	100% Equities	2.4424
Fiscal Year Maximum Drawdowns (%)
Fund	-12.31
Benchmark	-22.72

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 -8.07%. The Index had a total return of -6.60%. The FTSE Eurozone Index (USD) had a total return of -6.12%.

The Fund had six exposure changes during the fiscal year. Summary details of these changes are presented in the following table.

PTEU EXPOSURE CHANGES
Date	Resulting Exposure	U.S. Treasury 3-Month Yield (%)
July 2, 2018	50% T-Bills / 50% Equities	1.9249
July 12, 2018	100% Equities	1.9612
September 10, 2018	100% T-Bills	2.1245
September 27, 2018	100% Equities	2.184
October 9, 2018	100% T-Bills	2.2345
March 8, 2019	100% Equities	2.4398
Fiscal Year Maximum Drawdowns (%)
Fund	-13.12
Benchmark	-15.69

4

Pacer Funds

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, 2019.

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 5.56%. The Index had a total return of 6.25%. The FTSE Developed Large-Cap Index had a total return of 7.04%.

During the fiscal year, the top three sectors for contribution to performance were Energy at -2.06%, Information Technology at 22.05%, and Consumer Staples at 15.48%. The three sectors with the lowest contribution to performance were Telecommunication Services at -7.12%, Consumer Discretionary at -3.21%, and Financials at 8.95%. Sector performance numbers reflect their total return during the period.

Pacer US Cash Cows 100 ETF

The Pacer US Cash Cows 100 ETF (the “Fund”) 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 4.28%. The Index had a total return of 4.84%. The Russell 1000 Index had a total return of 13.33%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 9.82%, Consumer Discretionary at 6.70%, and Materials at -8.58%. The three sectors with the lowest contribution to performance were Energy at -24.77%, Consumer Staples at -9.56%, and Financials at -0.85%. Sector performance numbers reflect their total return during the period.

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 Index (the “Index”).

5

Pacer Funds

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 had a total return of 0.20%. The Index had a total return of 0.32%. The S&P 600 Index had a total return of 4.42%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 18.77%, Industrials at 6.83%, and Energy at 10.08%. The three sectors with the lowest contribution to performance were Consumer Discretionary at -9.09%, Health Care at -22.29%, and Consumer Staples at -36.59%. 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 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 had a total return of -3.92%. The Index had a total return of -3.49%. The FTSE Developed ex US Index had a total return of -3.72%.

During the fiscal year, the top three sectors for contribution to performance were Consumer Staples at 6.22%, Information Technology at -7.95%, and Energy at -0.02%. The three sectors with the lowest contribution to performance were Materials at -8.73%, Consumer Discretionary at -8.54%, and Telecommunication Services at -8.48%. Sector 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, 2019.

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.

6

Pacer Funds

The Fund

The Fund had a total return of 1.43%. The Index had a total return of 2.57%. The S&P 500 Index had a total return of 13.49%.

Throughout the fiscal year, the Fund spent about half of the year with “risk on” and half with “risk off.” The Fund was “risk on” for the months of May, August, September, October, March, and April. The Fund was “risk off” for June, July, and November through February.

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 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 had a total return of 15.46%. The Index had a total return of 16.01%. The S&P 500 Index had a total return of 13.49%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 22.42%, Industrials at 13.46%, and Consumer Discretionary at 17.42%. The three sectors with the lowest contribution to performance were Energy at -0.66%, Health Care at 10.35%, and Consumer Staples at 16.13%. Sector performance numbers reflect their total return during the period.

Pacer Benchmark Retail Real Estate SCTR ETF

The Pacer Benchmark Retail Real Estate SCTR^SM ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Benchmark Retail Real Estate SCTR^SM Index (the “Index”).

The Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the retail real estate sector (“Eligible Companies”). At the time of each reconstitution of the Index, Eligible Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”). The real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.

The Index is reconstituted and rebalanced quarterly as of the close of business on the third Friday of each March, June, September, and December based on data as of the end of the previous month (each, a “Reference Date”). Index Constituents are weighted based on their free-float market capitalization (i.e., market capitalization based on the number of shares available to the public), subject to the following constraints as of the time of each reconstitution of the Index. Each Index Constituent’s weight is capped at 15% and the sum of Index Constituents with weights greater than 4.5% cannot exceed 45% of the total Index weight. If the foregoing limits would be exceeded at the time of a reconstitution of the Index, the excess weight is proportionally redistributed to all Index Constituents with weights below such limits.

The Fund

The Fund’s inception date was May 15, 2018. The Fund had a since inception total return of 18.30%. The Index had a total return of 18.56%. The FTSE NAREIT All Equity REITS Index had a total return of 19.31%.

7

Pacer Funds

The Fund’s top three contributors to its return were Realty Income Corporation, Simon Property Group, Inc., and National Retail Properties, Inc. These stocks realized total returns of 44.72%, 16.31%, and 44.09%, respectively.

The Fund’s bottom three contributors to its return were Macerich Company, Taubman Centers, Inc., and Urban Edge Properties These stocks realized total returns of -26.24%, -7.59%, and -5.74%, respectively.

Pacer Benchmark Industrial Real Estate SCTR ETF

The Pacer Benchmark Industrial Real Estate SCTR^SM ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Benchmark Industrial Real Estate SCTR^SM Index (the “Index”).

The Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the industrial real estate sector (“Industrial Companies”), including companies that derive at least 85% of their earnings or revenues from self-storage real estate operations (“Self-Storage Companies”). At the time of each reconstitution of the Index, Industrial Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”). The real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.

The Index is reconstituted and rebalanced quarterly as of the close of business on the third Friday of each March, June, September, and December based on data as of the end of the previous month (each, a “Reference Date”). Index Constituents are weighted based on their free-float market capitalization (i.e., market capitalization based on the number of shares available to the public), subject to the following constraints as of the time of each reconstitution of the Index. The sum of all Industrial Companies that are not Self-Storage Companies cannot exceed 80% of the total Index weight, and the remaining weight will be composed of Self-Storage Companies. Additionally, each Index Constituent’s weight is capped at 15% and the sum of Index Constituents with weights greater than 4.5% cannot exceed 45% of the total Index weight. If the foregoing limits would be exceeded at the time of a reconstitution of the Index, the excess weight is proportionally redistributed to all Index Constituents with weights below such limits.

The Fund

The Fund’s inception date was May 14, 2018. The Fund had a since inception total return of 21.62%. The Index had a total return of 22.13%. The FTSE NAREIT All Equity REITS Index had a total return of 17.40%.

The Fund’s top three contributors to its return were Innovative Industrial Properties Inc, Prologis, Inc., and Liberty Property Trust These stocks realized total returns of 156.32%, 21.68%, and 23.09%, respectively.

The Fund’s bottom three contributors to its return were CubeSmart, Monmouth Real Estate Investment Corporation Class A, and National Storage Affiliates Trust These stocks realized total returns of -1.44%, -8.07%, and -0.52%, respectively.

Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF

The Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF (the “Fund”) is an exchange traded fund that seeks to track the total return performance, before fees and expenses, of the Benchmark Data & Infrastructure Real Estate SCTR^SM Index (the “Index”).

The Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the data and infrastructure real estate sectors (“Eligible Companies”). At the time of each reconstitution of the Index, Eligible Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”). The real estate companies included in the Index may utilize leverage, and some may be highly leveraged. Additionally, such companies may include significant business operations outside of the United States.

The Index is reconstituted and rebalanced quarterly as of the close of business on the third Friday of each March, June, September, and December based on data as of the end of the previous month (each, a “Reference Date”). Index Constituents are weighted based on their free-float market capitalization (i.e., market capitalization based on the number of shares available to the public), subject to the following constraints as of the time of each reconstitution of the Index. Each Index Constituent’s weight is capped at 15% and the sum of Index Constituents with weights greater than 4.5% cannot exceed 45% of the total Index weight. If the foregoing limits would be exceeded at the time of a reconstitution of the Index, the excess weight is proportionally redistributed to all Index Constituents with weights below such limits.

8

Pacer Funds

The Fund

The Fund’s inception date was May 15, 2018. The Fund had a since inception total return of 17.89%. The Index had a total return of 19.33%. The FTSE NAREIT All Equity REITS Index had a total return of 19.31%.

The Fund’s top three contributors to its return were American Tower Corporation, Crown Castle International Corp, and Zayo Group Holdings, Inc. These stocks realized total returns of 46.25%, 29.57%, and 52.93%, respectively.

The Fund’s bottom three contributors to its return were Weyerhaeuser Company, PotlatchDeltic Corporation, and Uniti Group Inc These stocks realized total returns of -40.84%, -37.5%, and-32.52%, respectively.

The Pacer Leaders ETF Series

The Pacer Leaders ETFs are strategy-driven, rules-based and are each designed to offer exposure to leaders in specific themes. The period referenced in this section for all custom funds is for the fiscal year end of April 30, 2019.

Pacer US Export Leaders ETF

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

The Index uses an objective, rules-based methodology to measure the performance of an equal weight portfolio of approximately 100 large- and mid-capitalization U.S. companies with a high percentage of foreign sales and high free cash flow growth. Free cash flow is a company’s cash flow from operations minus its capital expenditures. Construction of the Index begins with an initial universe of the 200 companies across the S&P 900^® Index (which is comprised of the S&P 500^® Index (“S&P 500”) and S&P MidCap 400^® Index (“S&P MidCap 400”)) that have the highest annual foreign sales as a percentage of total sales. The 200 companies are then narrowed to the 100 companies with the highest change in free cash flow growth over the past five years, and those 100 companies are equally weighted to create the Index. The Index is reconstituted and rebalanced to equal-weight quarterly. From time to time, the Index may include more or less than 100 companies as a result of events such as acquisitions, spin-offs and other corporate actions. The S&P 500 consists of approximately 500 leading U.S.-listed companies representing approximately 80% of the U.S. equity market capitalization. The S&P MidCap 400 measures the performance of mid-capitalization stocks in the United States.

The Fund

The Fund’s inception date was July 23, 2018. The Fund had a since inception total return of 4.33%. The Index had a total return of 4.89%. The S&P 900 Index had a total return of 6.10%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 19.82%, Industrials at 21.93%, and Health Care at 10.95%. The three sectors with the lowest contribution to performance were Energy at -17.12%, Consumer Discretionary at -3.73%, and Real Estate at -9.36%. Sector performance numbers reflect their total return during the period.

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

The Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (the “Fund”) is an exchange traded fund (“ETF”) that seeks to track the total return performance, before fees and expenses, of the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index (the “Index”).

The Index uses an objective, rules-based methodology to track the performance of a semi-annual rotation of certain sectors within the S&P 500 Equal Weight Index (“EWI”). The S&P 500 EWI is an equal-weighted version of the S&P 500^®, which measures the performance of the large-cap segment of the U.S. equity market. The S&P 500 EWI includes stocks covering all 11 Global Industry Classification Standard (“GICS^®”) sectors, six of which are eligible for inclusion in the Index.

On the last business day of each April, the Index is equally weighted in the S&P 500 EWI Consumer Staples and Healthcare sectors. The Index holdings then float until the last business day of the following October, when the Index is reconstituted and rebalanced to an equal weighting in the S&P 500 EWI Consumer Discretionary, Industrials, Information Technology, and Materials sectors. The Index holdings then float until the last business day of the following April (the next calendar year), when the Index is reconstituted and rebalanced back to an equal weighting in the S&P 500 EWI Consumer Staples and Healthcare sectors.

9

Pacer Funds

The Fund

The Fund’s inception date was July 23, 2018. The Fund had a since inception total return of 13.67%. The Index had a total return of 14.08%. The S&P 500 Index had a total return of 6.57%.

During the fiscal year, the top three sectors for contribution to performance were Information Technology at 16.95%, Consumer Staples at 7.26%, and Health Care at 6.43%. The three sectors with the lowest contribution to performance were Materials at 6.83%, Consumer Discretionary at 8.55%, and Industrials at 11.43%. 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, data and infrastructure real estate sector risk, emerging markets risk, equity market risk, European investments risk, fixed income risk, foreign sales risk, foreign securities risk, geographic concentration risk, government obligations risk, high portfolio turnover risk, index criteria risk, industrial real estate sector risk, international operations risk, large and mid-capitalization investing risk, monthly exposure risk, new fund risk, non-diversification risk, other investment companies risk, passive investment risk, REIT investment risk, retail real estate sector risk, sector risk, sector rotation risk, smaller-capitalization companies risk, style risk, tax 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, Pacer US Export Leaders 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”).

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 license. All rights in the FTSE indices and / or FTSE ratings vest in FTSE and/or its licensors. Neither FTSE nor its licensors accept any liability for any errors or omissions in the FTSE indices and / or FTSE ratings or underlying data 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.

10

Pacer Funds

“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.

Benchmark Data & Infrastructure Real Estate SCTR Index, Benchmark Industrial Real Estate SCTR Index and Benchmark Retail Real Estate SCTR Index are trademarks of Benchmark Investments, LLC and have been licensed for use by Pacer Advisors, Inc. The Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF, Pacer Benchmark Industrial Real Estate SCTR ETF and Pacer Benchmark Retail Real Estate SCTR ETF are not sponsored, endorsed, sold or promoted by Benchmarks Investments, LLC and Benchmark Investments, LLC makes no representation or warranty regarding the advisability of investing in this Pacer Benchmark Data & Infrastructure Real Estate SCTR ETF, Pacer Benchmark Industrial Real Estate SCTR ETF and Pacer Benchmark Retail Real Estate SCTR ETF.

CFRA makes no representation or warranty, express or implied, to the owners of the Product or any member of the public regarding the advisability of investing in securities generally, or in the Product particularly, or the ability of CFRA’s Index to track general market performance. CFRA is not responsible for and has not participated in the determination of the prices and amount of the Product or the timing of the issuance or sale of the Product or in the determination or calculation of the equation by which the product may be converted into cash or other redemption mechanics. CFRA has no obligation or liability in connection with the administration, marketing or trading of the Product. CFRA is not an investment advisor. Inclusion of a security within a CFRA Index is not a recommendation by CFRA to buy, sell, or hold any security, nor is it investment advice. CFRA does not guarantee the adequacy, accuracy, timeliness and/or the completeness of the CFRA Index or any data related thereto or any communication with respect thereto, including oral, written, or electronic communications. CFRA shall not be subject to any damages or liability for any errors, omissions, or delays therein. CFRA makes no express or implied warranties, and expressly disclaims all warranties, of merchantability or fitness for a particular purpose or use or as to results to be obtained by users, owners of the product, or any other person or entity from the use of the CFRA Index or with respect to any data related thereto.

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.

11

Pacer Funds

Portfolio Allocation (Unaudited)
As of April 30, 2019

Pacer Trendpilot^® US Large Cap ETF

Sector(a)	Percentage of Net Assets
Consumer, Non-Cyclical		21.4	%
Financial		17.8	%
Technology		16.9	%
Communications		15.3	%
Industrial		9.3	%
Consumer, Cyclical		8.4	%
Energy		5.2	%
Utilities		3.2	%
Basic Materials		2.1	%
Short-Term Investments		0.3	%
Investments Purchased with Proceeds from Securities Lending		19.0	%
Liabilities in excess of other assets		-18.9	%
Total		100.0	%

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

Pacer Trendpilot^® US Mid Cap ETF

Sector(a)	Percentage of Net Assets
Financial		24.5	%
Industrial		19.2	%
Consumer, Non-Cyclical		14.6	%
Consumer, Cyclical		12.6	%
Technology		9.6	%
Basic Materials		4.6	%
Utilities		4.2	%
Energy		4.0	%
Communications		3.4	%
Investment Companies		3.2	%
Short-Term Investments		0.1	%
Investments Purchased with Proceeds from Securities Lending		29.0	%
Liabilities in excess of other assets		-29.0	%
Total		100.0	%

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

Pacer Trendpilot^® 100 ETF

Sector(a)	Percentage of Net Assets
Technology		39.9	%
Communications		37.4	%
Consumer, Non-Cyclical		14.4	%
Consumer, Cyclical		7.0	%
Industrial		0.9	%
Utilities		0.3	%
Short-Term Investments		0.1	%
Investments Purchased with Proceeds from Securities Lending		13.7	%
Liabilities in excess of other assets		-13.7	%
Total		100.0	%

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

12

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2019

Pacer Trendpilot^® European Index ETF

Country(a)	Percentage of Net Assets
France		31.3	%
Germany		27.4	%
Netherlands		10.5	%
Spain		9.5	%
Italy		7.2	%
Finland		3.8	%
Belgium		3.2	%
United Kingdom		3.0	%
Ireland		0.8	%
Austria		0.8	%
Luxembourg		0.6	%
Portugal		0.5	%
Greece		0.4	%
Switzerland		0.3	%
Short-Term Investments		0.4	%
Investments Purchased with Proceeds from Securities Lending		3.1	%
Liabilities in excess of other assets		-2.8	%
Total		100.0	%

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

Pacer Global Cash Cows Dividend ETF

Sector(a)	Percentage of Net Assets
Consumer, Non-Cyclical		20.6	%
Energy		16.5	%
Communications		15.4	%
Consumer, Cyclical		12.9	%
Basic Materials		12.7	%
Technology		9.0	%
Industrial		6.0	%
Utilities		3.8	%
Financial		1.9	%
Diversified		0.2	%
Short-Term Investments		0.5	%
Investments Purchased with Proceeds from Securities Lending		23.6	%
Liabilities in excess of other assets		-23.1	%
Total		100.0	%

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

13

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2019

Pacer US Cash Cows 100 ETF

Sector(a)	Percentage of Net Assets
Technology		30.6	%
Consumer, Non-Cyclical		19.6	%
Consumer, Cyclical		19.0	%
Communications		11.6	%
Basic Materials		6.9	%
Energy		6.8	%
Industrial		3.6	%
Financial		1.7	%
Short-Term Investments		0.2	%
Investments Purchased with Proceeds from Securities Lending		8.9	%
Liabilities in excess of other assets		-8.9	%
Total		100.0	%

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

Pacer US Small Cap Cash Cows 100 ETF

Sector(a)	Percentage of Net Assets
Consumer, Cyclical		28.9	%
Industrial		20.6	%
Consumer, Non-Cyclical		20.1	%
Technology		10.8	%
Energy		6.9	%
Basic Materials		5.3	%
Communications		5.1	%
Financial		2.1	%
Short-Term Investments		0.2	%
Investments Purchased with Proceeds from Securities Lending		27.0	%
Liabilities in excess of other assets		-27.0	%
Total		100.0	%

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

Pacer Developed Markets International Cash Cows 100 ETF

Sector(a)	Percentage of Net Assets
Consumer, Cyclical		27.9	%
Basic Materials		19.2	%
Consumer, Non-Cyclical		14.4	%
Communications		11.9	%
Industrial		9.1	%
Technology		8.4	%
Energy		6.2	%
Utilities		1.8	%
Short-Term Investments		0.5	%
Investments Purchased with Proceeds from Securities Lending		9.2	%
Liabilities in excess of other assets		-8.6	%
Total		100.0	%

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

14

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2019

Pacer WealthShield ETF

Sector(a)	Percentage of Net Assets
Financial		22.4	%
Technology		20.4	%
Utilities		19.3	%
Consumer, Non-Cyclical		18.8	%
Communications		15.3	%
Consumer, Cyclical		3.3	%
Industrial		0.3	%
Short-Term Investments		0.2	%
Investments Purchased with Proceeds from Securities Lending		4.9	%
Other assets in excess of liabilities		-4.9	%
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

Sector(a)	Percentage of Net Assets
Financial		23.1	%
Technology		16.9	%
Industrial		16.2	%
Consumer, Non-Cyclical		13.1	%
Communications		11.6	%
Consumer, Cyclical		9.3	%
Utilities		9.3	%
Short-Term Investments		0.4	%
Other assets in excess of liabilities		0.1	%
Total		100.0	%

^(a) The Fund may classify a company in a different category than the Military Times Best for VETS Total Return Index.

Pacer Benchmark Retail Real Estate ETF

Sector(a)	Percentage of Net Assets
Financial		99.7	%
Short-Term Investments		0.2	%
Other assets in excess of liabilities		0.1	%
Total		100.0	%

^(a) The Fund may classify a company in a different category than the Pacer Benchmark Retail Real Estate Index.

Pacer Benchmark Industrial Real Estate ETF

Sector(a)	Percentage of Net Assets
Financial		99.7	%
Short-Term Investments		0.3	%
Investments Purchased with Proceeds from Securities Lending		5.8	%
Liabilities in excess of other assets		-5.8	%
Total		100.0	%

^(a) The Fund may classify a company in a different category than the Pacer Benchmark Industrial Real Estate Index.

15

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of April 30, 2019

Pacer Benchmark Data & Infrastructure Real Estate ETF

Sector(a)	Percentage of Net Assets
Financial		83.3	%
Communications		11.9	%
Technology		4.6	%
Short-Term Investments		0.2	%
Investments Purchased with Proceeds from Securities Lending		4.4	%
Other assets in excess of liabilities		-4.4	%
Total		100.0	%

^(a) The Fund may classify a company in a different category than the Pacer Benchmark Data & Infrastructure Real Estate Index.

Pacer US Export Leaders ETF

Sector(a)	Percentage of Net Assets
Technology		32.9	%
Industrial		24.7	%
Consumer, Non-Cyclical		16.3	%
Consumer, Cyclical		8.7	%
Basic Materials		7.6	%
Communications		6.0	%
Energy		2.8	%
Exchange Traded Funds		0.9	%
Short-Term Investments		0.1	%
Liabilities in excess of other assets		*0.0	%
Total		100.0	%

^* Less than 0.05%

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

Sector(a)	Percentage of Net Assets
Consumer, Non-Cyclical		91.5	%
Consumer, Cyclical		4.3	%
Industrial		3.2	%
Technology		1.0	%
Short-Term Investments		0.1	%
Liabilities in excess of other assets		-0.1	%
Total		100.0	%

^(a) The Fund may classify a company in a different category than the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index.

16

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 Total Return 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. 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 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 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the year ended April 30, 2019)

	One Year	Since Inception(2)
Pacer Trendpilot® US Large Cap ETF - NAV	8.65%	6.24%
Pacer Trendpilot® US Large Cap ETF - Market	8.48%	6.25%
Pacer Trendpilot® US Large Cap Index(3)(4)	9.34%	6.90%
S&P 500 Total Return IndexTM (4)	13.49%	11.22%

⁽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 August 31, 2018, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 11, 2015.

⁽³⁾ 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.

17

Pacer Trendpilot^® US Mid 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 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 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.

Annualized Returns⁽¹⁾
(For the year ended April 30, 2019)

	One Year	Since Inception(2)
Pacer Trendpilot® US Mid Cap ETF - NAV	1.66%	6.27%
Pacer Trendpilot® US Mid Cap ETF - Market	1.65%	6.27%
Pacer Trendpilot® US Mid Cap Index(3)(4)	2.11%	6.91%
S&P MidCap 400 Total Return Index(4)	6.99%	8.32%

⁽¹⁾ The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2018, is 0.62%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 11, 2015.

⁽³⁾ Effective November 1, 2017, the Fund’s investment objective was to track the price and total return performance, before fees and expenses, of thePacer 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 Mind-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.

18

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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.

Annualized Returns⁽¹⁾
(For the year ended April 30, 2019)

	One Year	Since Inception(2)
Pacer Trendpilot® 100 ETF - NAV	16.04%	10.20%
Pacer Trendpilot® 100 ETF - Market	16.01%	10.22%
Pacer Nasdaq-100 Trendpilot® Index(3)	16.55%	10.89%
Nasdaq-100 Index(3)	19.10%	16.53%

⁽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, 2018, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is June 11, 2015.

⁽³⁾ Indexes are unmanaged statistical composites and their returns do not include fees an investor would pay to purchase the securities they represent. Such costs would lower performance. It is not possible to invest directly in an index.

19

Pacer Trendpilot^® European Index ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the year ended April 30, 2019)

	One Year	Since Inception(2)
Pacer Trendpilot® European Index ETF - NAV	-8.07%	2.79%
Pacer Trendpilot® European Index ETF - Market	-7.26%	3.09%
Pacer Trendpilot® European Index(3)	-6.60%	4.22%
FTSE Eurozone Index (USD)(3)	-6.12%	8.48%

⁽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, 2018, is 0.66%. 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.

20

Pacer Global Cash Cows Dividend ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the year ended April 30, 2019)

	One Year	Since Inception(2)
Pacer Global Cash Cows Dividend ETF - NAV	5.56%	10.47%
Pacer Global Cash Cows Dividend ETF - Market	5.73%	10.53%
Pacer Global Cash Cows Dividend Index(3)	6.25%	11.44%
FTSE Developed Large-Cap Index(3)	7.04%	14.14%

⁽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, 2018, 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

21

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the year ended April 30, 2019)

	One Year	Since Inception(2)
Pacer US Cash Cows 100 ETF - NAV	4.28%	9.49%
Pacer US Cash Cows 100 ETF - Market	4.19%	9.57%
Pacer US Cash Cows 100 Index(3)	4.84%	9.97%
Russell 1000 Index(3)	13.33%	13.98%

⁽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, 2018, 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.

22

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.

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.

Annualized Returns⁽¹⁾
(For the year ended April 30, 2019)

	One Year	Since Inception(2)
Pacer US Small Cap Cash Cows 100 ETF - NAV	0.20%	3.63%
Pacer US Small Cap Cash Cows 100 ETF - Market	0.14%	3.65%
Pacer US Small Cap Cash Cows Index(3)	0.32%	3.84%
S&P SmallCap 600 Index(3)	4.42%	8.96%

⁽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, 2018, 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.

23

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

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

Annualized Returns⁽¹⁾
(For the year ended April 30, 2019)

	One Year	Since Inception(2)
Pacer Developed Markets International Cash Cows 100 ETF - NAV	-3.92%	6.20%
Pacer Developed Markets International Cash Cows 100 ETF - Market	-4.26%	6.60%
Pacer Developed Markets International Cash Cows 100 Index(3)	-3.49%	7.03%
FTSE Developed ex-US Index(3)	-3.72%	3.49%

⁽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, 2018, 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.

24

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.

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 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the year ended April 30, 2019)

	One Year	Since Inception(2)
Pacer WealthShield ETF - NAV	1.43%	1.20%
Pacer WealthShield ETF - Market	1.36%	1.22%
Pacer WealthShield Index(3)	2.57%	2.19%
S&P 500 Total Return IndexTM(3)	13.49%	9.75%

⁽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, 2018, 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.

25

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 Pacer Military Times Best Employers 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.

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 8% of the U.S. equity market capitalization.

Annualized Returns⁽¹⁾
(For the year ended April 30, 2019)

	One Year	Since Inception(2)
Pacer Military Times Best Employers ETF - NAV	15.46%	16.50%
Pacer Military Times Best Employers ETF - Market	10.12%	12.21%
Military Times Best for VETSSM Total Return Index(3)	16.01%	17.06%
S&P 500 Total Return IndexTM(3)	13.49%	14.20%

⁽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, 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.

26

Pacer Benchmark Retail Real Estate SCTR^SM ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 15, 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 Pacer Benchmark Retail Real Estate Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the retail real estate sector (“Eligible Companies”). At the time of each reconstitution of the Index, Eligible Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”).

The FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.

Cumulative Returns⁽¹⁾
(For the year ended April 30, 2019)

	Since Inception(2)
Pacer Benchmark Retail Real Estate ETF - NAV	18.30%
Pacer Benchmark Retail Real Estate ETF - Market	18.31%
Benchmark Retail Real Estate SCTR Index(3)	18.56%
FTSE NAREIT All Equity REITS Total Return Index(3)	19.31%

⁽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 20, 2018, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 15, 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.

27

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 14, 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 Pacer Benchmark Industrial Real Estate Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the industrial real estate sector (“Industrial Companies”), including companies that derivate at least 85% of their earnings or revenues from self-storage real estate operations (“Self-Storage Companies”). At the time of each reconstitution of the Index, Industrial Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”).

The FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.

Cumulative Returns⁽¹⁾
(For the year ended April 30, 2019)

	Since Inception(2)
Pacer Benchmark Industrial Real Estate ETF - NAV	21.62%
Pacer Benchmark Industrial Real Estate ETF - Market	21.80%
Benchmark Industrial Real Estate SCTR Index(3)	22.13%
FTSE NAREIT All Equity REITS Total Return Index(3)	17.40%

⁽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 20, 2018, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 14, 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.

28

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 15, 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 Pacer Benchmark Data & Infrastructure Real Estate Index is generally composed of the U.S.-listed equity securities of companies that derive at least 85% of their earnings or revenues from real estate operations in the data and infrastructure real estate sectors (“Eligible Companies”). At the time of each reconstitution of the Index, Eligible Companies with a market capitalization of more than $200 million and average daily traded volume of at least 10,000 shares are included in the Index (the “Index Constituents”). A significant portion of the Index is expected to be composed of real estate investment trusts (“REITs”).

The FTSE Nareit All Equity REITs Index is a free-float adjusted, market capitalization-weighted index of U.S. equity REITs. Constituents of the index include all tax-qualified REITs with more than 50 percent of total assets in qualifying real estate assets other than mortgages secured by real property.

Cumulative Returns⁽¹⁾
(For the year ended April 30, 2019)

	Since Inception(2)
Pacer Benchmark Data & Infrastructure Real Estate ETF - NAV	17.89%
Pacer Benchmark Data & Infrastructure Real Estate ETF - Market	18.09%
Benchmark Data & Infrastructure Real Estate SCTR Index(3)	19.33%
FTSE NAREIT All Equity REITS Total Return Index(3)	19.31%

⁽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 20, 2018, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is May 15, 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.

29

Pacer US Export Leaders ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on July 23, 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 Pacer US Export Leaders Index uses an objective, rules-based methodology to measure the performance of an equal weight portfolio of approximately 100 large- and mid-capitalization U.S. companies with a high percentage of foreign sales and high free cash flow growth. Free cash flow is a company’s cash flow from operations minus its capital expenditures. Construction of the Index begins with an initial universe of the 200 companies across the S&P 900^® Index (which is comprised of the S&P 500^® Index (“S&P 500”) and S&P MidCap 400^® Index (“S&P MidCap 400”)) that have the highest annual foreign sales as a percentage of total sales. The 200 companies are then narrowed to the 100 companies with the highest change in free cash flow growth over the past five years, and those 100 companies are equally weighted to create the Index. The Index is reconstituted and rebalanced to equal-weight quarterly.

The S&P 900^® combines the S&P 500^® and the S&P MidCap 400^® to form an investable benchmark for the mid- to large-cap segment of the U.S. equity market.

Cumulative Returns⁽¹⁾
(For the year ended April 30, 2019)

	Since Inception(2)
Pacer US Export Leaders ETF - NAV	4.33%
Pacer US Export Leaders ETF - Market	4.27%
Pacer US Export Leaders Index(3)	4.89%
S&P 900 Total Return IndexTM(3)	6.10%

⁽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, 2018, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is July 23, 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.

30

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on July 23, 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 Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index uses an objective, rules-based methodology to track the performance of a semi-annual rotation of certain sectors within the S&P 500 Equal Weight Index (“EWI”). The S&P 500 EWI is an equal-weighted version of the S&P 500^®, which measures the performance of the large-cap segment of the U.S. equity market.

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 8% of the U.S. equity market capitalization.

Cumulative Returns⁽¹⁾
(For the year ended April 30, 2019)

	Since Inception(2)
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV	13.67%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market	13.73%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index(3)	14.08%
S&P 500 Total Return IndexTM(3)	6.57%

⁽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 July 16, 2018, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾ Inception date is July 23, 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.

31

Pacer Funds

Expense Example
For the Year Ended April 30, 2019 (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.

	Fund’s Annual Expense Ratio	Beginning Account Value 11/01/18	Ending Account Value 04/30/19	Expenses Paid During Period(a)
Pacer Trendpilot® US Large Cap ETF
Actual	0.60%	$1,000.00	$ 1,065.70	$ 3.07
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Trendpilot® US Mid Cap ETF
Actual	0.60%	$1,000.00	$ 1,006.40	$ 2.98
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer TrendpilotTM 100 ETF
Actual	0.65%	$1,000.00	$ 1,097.10	$ 3.38
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26
Pacer Trendpilot® EuropeanIndex ETF
Actual	0.65%	$1,000.00	$ 1,071.20	$ 3.34
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26
Pacer Global Cash Cows Dividend ETF
Actual	0.60%	$1,000.00	$ 1,086.10	$ 3.10
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	$ 1,065.10	$ 2.51
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	$ 1,001.10	$ 2.93
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	$ 1,080.80	$ 3.35
Hypothetical(b)	0.65%	$1,000.00	$ 1,021.57	$ 3.26

32

Pacer Funds

EXPENSE EXAMPLE
For the Periods Ended April 30, 2019 (Unaudited)(Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 11/01/18	Ending Account Value 04/30/19	Expenses Paid During Period(a)
Pacer WealthShield ETF
Actual	0.60%	$1,000.00	$ 1,044.90	$ 3.04
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Military Times Best Employers ETF
Actual	0.60%	$1,000.00	$ 1,110.00	$ 3.14
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.82	$ 3.01
Pacer Benchmark Retail Real Estate ETF
Actual	0.60%	$1,000.00	$ 1,055.00	$ 3.06
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.77	$ 3.01
Pacer Benchmark Industrial Real Estate ETF
Actual	0.60%	$1,000.00	$ 1,203.60	$ 3.28
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.77	$ 3.01
Pacer Benchmark Data & Infrastructure Real Estate ETF
Actual	0.60%	$1,000.00	$ 1,183.40	$ 3.25
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.77	$ 3.01
Pacer US Export Leaders ETF
Actual	0.60%	$1,000.00	$ 1,138.10	$ 3.18
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.77	$ 3.01
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Actual	0.60%	$1,000.00	$ 1,132.20	$ 3.17
Hypothetical(b)	0.60%	$1,000.00	$ 1,021.77	$ 3.01

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

^(b) Assumes 5% return before expenses.

33

Pacer Trendpilot^® US Large Cap ETF

Schedule of Investments
April 30, 2019

	Shares		Value
COMMON STOCKS — 96.7%
Advertising — 0.1%
Interpublic Group of Cos., Inc. (a)		33,582	$	772,386
Omnicom Group, Inc. (a)		19,582		1,567,147
				2,339,533
Aerospace/Defense — 2.5%
Arconic, Inc.		37,607		807,798
Boeing Co.		46,149		17,430,016
General Dynamics Corp.		24,246		4,333,245
Harris Corp. (a)		10,210		1,720,385
L3 Technologies, Inc.		6,893		1,506,672
Lockheed Martin Corp.		21,529		7,176,262
Northrop Grumman Corp.		15,202		4,407,212
Raytheon Co.		24,911		4,423,944
TransDigm Group, Inc. (b)		4,234		2,042,990
United Technologies Corp.		70,773		10,092,937
				53,941,461
Agriculture — 1.1%
Altria Group, Inc. (a)		163,909		8,905,176
Archer-Daniels-Midland Co.		48,983		2,184,642
Philip Morris International, Inc.		135,687		11,745,067
				22,834,885
Airlines — 0.4%
Alaska Air Group, Inc. (a)		10,834		670,625
American Airlines Group, Inc. (a)		35,695		1,220,055
Delta Air Lines, Inc. (a)		54,329		3,166,837
Southwest Airlines Co. (a)		44,096		2,391,326
United Continental Holdings, Inc. (b)		19,938		1,771,691
				9,220,534
Apparel — 0.8%
Capri Holdings Ltd. (b)		13,049		575,200
Hanesbrands, Inc. (a)		31,412		567,615
NIKE, Inc. - Class B		111,052		9,753,697
PVH Corp.		6,672		860,621
Ralph Lauren Corp. - Class A		4,685		616,452
Tapestry, Inc. (a)		25,301		816,463
Under Armour, Inc. - Class A (a)(b)		16,450		379,831
Under Armour, Inc. - Class C (a)(b)		16,804		348,179
VF Corp. (a)		28,365		2,677,940
				16,595,998
Auto Manufacturers — 0.5%
Ford Motor Co.		340,931		3,562,729
General Motors Co.		114,492		4,459,463
PACCAR, Inc. (a)		30,568		2,190,809
				10,213,001
Auto Parts&Equipment — 0.1%
Aptiv PLC		22,929		1,965,015
BorgWarner, Inc.		18,196		760,047
				2,725,062

	Shares		Value
Banks — 6.5%
Bank of America Corp.		787,566	$	24,083,768
Bank of New York Mellon Corp.		77,054		3,826,502
BB&T Corp. (a)		67,227		3,442,022
Citigroup, Inc.		206,167		14,576,007
Citizens Financial Group, Inc.		40,839		1,478,372
Comerica, Inc.		14,108		1,108,748
Fifth Third BanCorp. (a)		57,094		1,645,449
First Republic Bank (a)		14,264		1,506,564
Goldman Sachs Group, Inc.		29,957		6,168,745
Huntington Bancshares, Inc. (a)		92,499		1,287,586
JPMorgan Chase & Co.		286,839		33,287,666
KeyCorp.		90,189		1,582,817
M&T Bank Corp.		12,311		2,093,732
Morgan Stanley (a)		114,096		5,505,132
Northern Trust Corp. (a)		19,379		1,909,800
PNC Financial Services Group, Inc.		40,152		5,498,013
Regions Financial Corp. (a)		90,140		1,399,874
State Street Corp.		33,100		2,239,546
SunTrust Banks, Inc.		39,244		2,569,697
SVB Financial Group (b)		4,587		1,154,640
US BanCorp.		132,477		7,063,674
Wells Fargo & Co.		358,961		17,377,302
Zions BanCorp. (a)		16,792		828,349
				141,634,005
Beverages — 1.8%
Brown-Forman Corp. - Class B (a)		14,452		770,147
Coca-Cola Co.		337,360		16,550,882
Constellation Brands, Inc. - Class A (a)		14,440		3,056,515
Molson Coors Brewing Co. - Class B (a)		16,427		1,054,449
Monster Beverage Corp. (a)(b)		34,734		2,070,146
PepsiCo, Inc.		123,102		15,763,211
				39,265,350
Biotechnology — 1.9%
Alexion Pharmaceuticals, Inc. (b)		19,507		2,655,488
Amgen, Inc.		54,587		9,788,541
Biogen, Inc. (b)		17,487		4,008,720
Celgene Corp. (b)		61,042		5,778,236
Gilead Sciences, Inc.		112,790		7,335,861
Illumina, Inc. (b)		12,808		3,996,096
Incyte Corp. (b)		15,427		1,184,794
Regeneron Pharmaceuticals, Inc. (b)		6,813		2,337,813
Vertex Pharmaceuticals, Inc. (b)		22,337		3,774,506
				40,860,055
Building Materials — 0.3%
Fortune Brands Home & Security, Inc.		12,389		653,891
Johnson Controls International PLC (a)		80,596		3,022,350

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

34

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)
Building Materials — 0.3% (Continued)
Martin Marietta Materials, Inc.		5,496	$	1,219,562
Masco Corp.		26,597		1,038,879
Vulcan Materials Co. (a)		11,488		1,448,752
				7,383,434
Chemicals — 1.8%
Air Products & Chemicals, Inc. (a)		19,240		3,959,400
Albemarle Corp. (a)		9,354		702,111
Celanese Corp. - Class A		11,616		1,253,250
CF Industries Holdings, Inc. (a)		20,082		899,272
DOW, Inc. (b)		65,861		3,736,295
DowDuPont, Inc.		197,684		7,600,950
Eastman Chemical Co.		12,287		969,199
FMC Corp.		11,683		923,658
International Flavors & Fragrances, Inc. (a)		8,784		1,210,347
Linde PLC		48,065		8,664,197
LyondellBasell Industries NV - Class A		27,357		2,413,708
Mosaic Co.		30,956		808,261
PPG Industries, Inc. (a)		20,964		2,463,270
Sherwin-Williams Co. (a)		7,170		3,261,131
				38,865,049
Commercial Services — 2.2%
Automatic Data Processing, Inc. (a)		38,179		6,276,246
Cintas Corp. (a)		7,483		1,624,859
Ecolab, Inc. (a)		22,236		4,093,203
Equifax, Inc. (a)		10,508		1,323,483
FleetCor Technologies, Inc. (b)		7,639		1,993,397
Gartner, Inc. (a)(b)		8,007		1,272,873
Global Payments, Inc.		13,848		2,022,777
H&R Block, Inc. (a)		17,991		489,535
IHS Markit Ltd. (b)		31,340		1,794,528
Moody’s Corp.		14,482		2,847,451
Nielsen Holdings PLC (a)		30,982		790,970
PayPal Holdings, Inc. (b)		102,840		11,597,267
Quanta Services, Inc.		12,735		517,041
Robert Half International, Inc. (a)		10,495		651,635
Rollins, Inc. (a)		12,830		496,136
S&P Global, Inc.		21,787		4,807,519
Total System Services, Inc.		14,568		1,489,432
United Rentals, Inc. (b)		7,073		996,727
Verisk Analytics, Inc.		14,327		2,022,113
				47,107,192
Computers — 5.3%
Accenture PLC - Class A		55,613		10,158,827
Apple, Inc.		392,727		78,808,527
Cognizant Technology Solutions Corp. - Class A		50,560		3,688,858
DXC Technology Co.		24,375		1,602,413

	Shares		Value
Computers — 5.3% (Continued)
Fortinet, Inc. (a)(b)		12,644	$	1,181,202
Hewlett Packard Enterprise Co.		123,999		1,960,424
HP, Inc.		137,856		2,750,227
International Business Machines Corp.		77,998		10,940,779
NetApp, Inc. (a)		21,983		1,601,462
Seagate Technology PLC (a)		22,703		1,097,009
Western Digital Corp. (a)		25,273		1,291,956
				115,081,684
Cosmetics/Personal Care — 1.5%
Colgate-Palmolive Co.		75,636		5,505,544
Coty, Inc. - Class A (a)		39,346		425,724
Estee Lauder Cos., Inc. - Class A		19,268		3,310,435
Procter & Gamble Co.		219,298		23,350,851
				32,592,554
Distribution/Wholesale — 0.2%
Copart, Inc. (a)(b)		17,941		1,207,788
Fastenal Co. (a)		25,096		1,770,523
LKQ Corp. (b)		27,829		837,653
WW Grainger, Inc. (a)		4,016		1,132,512
				4,948,476
Diversified Financial Services — 4.3%
Affiliated Managers Group, Inc.		4,544		504,020
Alliance Data Systems Corp.		4,108		657,691
American Express Co.		61,055		7,157,478
Ameriprise Financial, Inc.		12,156		1,784,136
BlackRock, Inc. (a)		10,573		5,130,443
Capital One Financial Corp.		41,268		3,830,908
Cboe Global Markets, Inc.		9,802		995,981
Charles Schwab Corp.		104,802		4,797,836
CME Group, Inc. (a)		31,191		5,580,070
Discover Financial Services		29,279		2,385,946
E*TRADE Financial Corp.		22,159		1,122,575
Franklin Resources, Inc. (a)		25,884		895,328
Intercontinental Exchange, Inc. (a)		49,652		4,039,190
Invesco Ltd. (a)		35,801		786,548
Jefferies Financial Group, Inc. (a)		23,116		475,496
MasterCard, Inc. - Class A		79,129		20,117,757
Nasdaq, Inc.		9,994		921,447
Raymond James Financial, Inc.		11,257		1,030,803
Synchrony Financial		57,715		2,000,979
T Rowe Price Group, Inc.		21,021		2,259,757
Visa, Inc. - Class A (a)		153,050		25,166,011
Western Union Co. (a)		38,558		749,568
				92,389,968
Electric — 3.0%
AES Corp. (a)		57,795		989,450
Alliant Energy Corp.		20,668		976,150
Ameren Corp.		21,293		1,549,492

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

35

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)
Electric — 3.0% (Continued)
American Electric Power Co., Inc.		43,005	$	3,679,078
CenterPoint Energy, Inc.		43,731		1,355,661
CMS Energy Corp.		24,696		1,371,863
Consolidated Edison, Inc.		27,204		2,343,897
Dominion Energy, Inc.		70,109		5,459,388
DTE Energy Co.		15,823		1,989,109
Duke Energy Corp.		63,729		5,806,986
Edison International		28,397		1,810,877
Entergy Corp. (a)		15,844		1,535,284
Evergy, Inc. (a)		22,928		1,325,697
Eversource Energy (a)		27,730		1,987,132
Exelon Corp.		84,413		4,300,842
FirstEnergy Corp. (a)		42,464		1,784,762
NextEra Energy, Inc.		41,669		8,102,120
NRG Energy, Inc.		25,231		1,038,760
Pinnacle West Capital Corp.		9,793		932,979
PPL Corp. (a)		62,810		1,960,300
Public Service Enterprise Group, Inc. (a)		44,049		2,627,523
Sempra Energy (a)		23,893		3,057,109
Southern Co.		89,735		4,775,697
WEC Energy Group, Inc. (a)		27,507		2,157,374
Xcel Energy, Inc. (a)		44,892		2,536,398
				65,453,928
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		20,181		1,779,359
Emerson Electric Co.		54,609		3,876,693
				5,656,052
Electronics — 1.3%
Agilent Technologies, Inc.		27,871		2,187,874
Allegion PLC (a)		8,318		825,395
Amphenol Corp. - Class A (a)		26,365		2,624,899
FLIR Systems, Inc.		12,081		639,568
Fortive Corp. (a)		25,607		2,210,908
Garmin Ltd.		10,528		902,671
Honeywell International, Inc.		63,900		11,094,957
Keysight Technologies, Inc. (b)		16,436		1,430,425
Mettler-Toledo International, Inc. (a)(b)		2,276		1,696,212
PerkinElmer, Inc.		9,730		932,523
TE Connectivity Ltd.		29,887		2,858,692
Waters Corp. (a)(b)		6,593		1,407,869
				28,811,993
Engineering&Construction — 0.1%
Fluor Corp. (a)		12,334		490,030
Jacobs Engineering Group, Inc.		10,352		806,835
				1,296,865
Environmental Control — 0.3%
Pentair PLC (a)		13,960		544,300

	Shares		Value
Environmental Control — 0.3% (Continued)
Republic Services, Inc.		18,883	$	1,563,890
Waste Management, Inc.		34,172		3,668,023
				5,776,213
Food — 1.2%
Campbell Soup Co.		16,827		651,037
ConAgra Foods, Inc. (a)		42,364		1,303,964
General Mills, Inc.		52,048		2,678,910
Hershey Co. (a)		12,302		1,535,905
Hormel Foods Corp. (a)		23,817		951,251
JM Smucker Co. (a)		9,918		1,216,244
Kellogg Co. (a)		22,170		1,336,851
Kroger Co. (a)		69,636		1,795,216
Lamb Weston Holdings, Inc.		12,767		894,328
McCormick & Co., Inc. (a)		10,719		1,650,404
Mondelez International, Inc. - Class A		126,868		6,451,238
SYSCO Corp.		41,618		2,928,659
The Kraft Heinz Co. (a)		54,250		1,803,270
Tyson Foods, Inc. - Class A		25,698		1,927,607
				27,124,884
Forest Products&Paper — 0.1%
International Paper Co.		35,330		1,653,797
Gas — 0.1%
Atmos Energy Corp.		10,150		1,038,751
NiSource, Inc. (a)		31,683		880,154
				1,918,905
Hand/Machine Tools — 0.1%
Snap-On, Inc. (a)		4,769		802,527
Stanley Black & Decker, Inc.		13,111		1,922,073
				2,724,600
Healthcare-Products — 3.7%
Abbott Laboratories		153,199		12,188,512
ABIOMED, Inc. (b)		3,973		1,102,150
Align Technology, Inc. (b)		6,329		2,054,900
Baxter International, Inc.		41,823		3,191,095
Becton Dickinson and Co.		23,489		5,654,742
Boston Scientific Corp. (a)(b)		120,702		4,480,458
Danaher Corp.		55,085		7,295,457
Dentsply Sirona, Inc. (a)		19,466		995,297
Edwards Lifesciences Corp. (b)		18,254		3,213,982
Henry Schein, Inc. (a)(b)		13,214		846,489
Hologic, Inc. (a)(b)		23,574		1,093,362
IDEXX Laboratories, Inc. (b)		7,457		1,730,024
Intuitive Surgical, Inc. (b)		9,952		5,081,790
Medtronic PLC		117,171		10,405,956
ResMed, Inc. (a)		12,471		1,303,344
Stryker Corp. (a)		27,056		5,111,149
Teleflex, Inc.		4,044		1,157,312
The Cooper Cos., Inc.		4,280		1,240,858

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

36

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)
Healthcare-Products — 3.7% (Continued)
Thermo Fisher Scientific, Inc.		35,146	$	9,751,258
Varian Medical Systems, Inc. (b)		8,024		1,092,628
Zimmer Biomet Holdings, Inc.		17,875		2,201,485
				81,192,248
Healthcare-Services — 1.9%
Anthem, Inc.		22,568		5,936,061
Centene Corp. (b)		35,834		1,847,601
DaVita, Inc. (b)		11,047		610,236
HCA Healthcare, Inc.		23,503		2,990,287
Humana, Inc.		11,872		3,032,228
IQVIA Holdings, Inc. (b)		13,325		1,850,842
Laboratory Corp. of American Holdings (b)		8,755		1,400,100
Quest Diagnostics, Inc. (a)		11,789		1,136,224
UnitedHealth Group, Inc.		83,919		19,559,001
Universal Health Services, Inc. - Class B		7,384		936,808
WellCare Health Plans, Inc. (b)		4,343		1,122,014
				40,421,402
Home Builders — 0.2%
DR Horton, Inc.		29,840		1,322,210
Lennar Corp. - Class A (a)		25,506		1,327,077
PulteGroup, Inc.		22,549		709,392
				3,358,679
Home Furnishings — 0.1%
Leggett & Platt, Inc. (a)		11,366		447,366
Whirlpool Corp. (a)		5,578		774,338
				1,221,704
Household Products/Wares — 0.4%
Avery Dennison Corp.		7,492		828,990
Church & Dwight Co., Inc. (a)		21,438		1,606,778
Clorox Co. (a)		11,159		1,782,427
Kimberly-Clark Corp. (a)		30,131		3,868,218
				8,086,413
Housewares — 0.0%
Newell Brands, Inc. (a)		37,208		535,051
Insurance — 4.1%
Aflac, Inc.		66,407		3,345,585
Allstate Corp.		29,992		2,971,008
American International Group, Inc.		77,166		3,670,787
Aon PLC		21,035		3,789,245
Arthur J Gallagher & Co.		15,952		1,333,906
Assurant, Inc.		4,503		427,785
Berkshire Hathaway, Inc. - Class B (b)		170,508		36,950,789
Brighthouse Financial, Inc. (a)(b)		10,281		429,643
Chubb Ltd. (a)		40,106		5,823,391
Cincinnati Financial Corp.		13,133		1,263,132

	Shares		Value
Insurance — 4.1% (Continued)
Everest Re Group Ltd.		3,533	$	832,021
Hartford Financial Services Group, Inc.		31,263		1,635,368
Lincoln National Corp.		18,595		1,240,658
Loews Corp. (a)		24,104		1,236,294
Marsh & McLennan Cos., Inc. (a)		43,919		4,141,122
MetLife, Inc.		85,938		3,964,320
Principal Financial Group, Inc. (a)		22,911		1,309,593
Progressive Corp.		50,864		3,975,022
Prudential Financial, Inc. (a)		35,926		3,797,737
Torchmark Corp. (a)		8,884		778,771
Travelers Cos., Inc.		23,035		3,311,281
Unum Group		18,979		700,705
Willis Towers Watson PLC		11,330		2,088,572
				89,016,735
Internet — 9.5%
Alphabet, Inc. - Class A (b)		26,279		31,507,470
Alphabet, Inc. - Class C (b)		26,942		32,020,028
Amazon.com, Inc. (b)		36,206		69,751,583
Booking Holdings, Inc. (b)		3,963		7,351,325
eBay, Inc.		75,367		2,920,471
Expedia Group, Inc. (a)		10,271		1,333,587
F5 Networks, Inc. (a)(b)		5,340		837,846
Facebook, Inc. - Class A (b)		208,735		40,369,349
Netflix, Inc. (b)		38,056		14,101,270
Symantec Corp.		55,721		1,349,006
TripAdvisor, Inc. (a)(b)		8,867		471,991
Twitter, Inc. (b)		63,155		2,520,516
VeriSign, Inc. (b)		9,367		1,849,514
				206,383,956
Iron/Steel — 0.1%
Nucor Corp.		27,307		1,558,410
Leisure Time — 0.2%
Carnival Corp. (a)		34,984		1,919,222
Harley-Davidson, Inc. (a)		14,193		528,405
Norwegian Cruise Line Holdings Ltd. (b)		19,273		1,086,805
Royal Caribbean Cruises Ltd.		15,034		1,818,212
				5,352,644
Lodging — 0.4%
Hilton Worldwide Holdings, Inc. (a)		25,807		2,244,951
Marriott International, Inc. - Class A (a)		24,681		3,366,982
MGM Resorts International (a)		43,784		1,165,968
Wynn Resorts Ltd.		8,528		1,231,869
				8,009,770
Machinery-Constr&Mining — 0.3%
Caterpillar, Inc.		50,481		7,038,061

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

37

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)
Machinery-Diversified — 0.7%
Cummins, Inc.		12,861	$	2,138,656
Deere & Co. (a)		28,088		4,652,215
Dover Corp.		12,758		1,250,794
Flowserve Corp. (a)		11,399		558,893
Rockwell Automation, Inc.		10,436		1,885,890
Roper Technologies, Inc. (a)		8,944		3,217,157
Wabtec Corp. (a)		11,619		860,619
Xylem, Inc. (a)		15,657		1,305,794
				15,870,018
Media — 2.5%
CBS Corp. - Class B (a)		29,494		1,512,157
Charter Communications, Inc. - Class A (a)(b)		15,400		5,716,326
Comcast Corp. - Class A		396,053		17,240,187
Discovery, Inc. (a)(b)		31,376		902,374
Discovery, Inc. - Class A (b)		13,738		424,504
DISH Network Corp. - Class A (a)(b)		19,966		701,206
Fox Corp. - Class A (b)		30,453		1,187,362
Fox Corp. - Class B (b)		13,988		538,551
News Corp. (a)		10,869		135,754
News Corp. - Class A (a)		33,646		417,883
Viacom, Inc. - Class B (a)		30,867		892,365
Walt Disney Co.		174,792		23,941,319
				53,609,988
Mining — 0.1%
Freeport-McMoran, Inc. (a)		126,387		1,555,824
Newmont Goldcorp Corp. (a)		46,487		1,443,886
				2,999,710
Miscellaneous Manufactur — 1.4%
3M Co. (a)		50,803		9,627,677
AO Smith Corp. (a)		12,575		661,068
Eaton Corp. PLC		37,775		3,128,525
General Electric Co. (a)		759,061		7,719,650
Illinois Tool Works, Inc. (a)		26,659		4,148,940
Ingersoll-Rand PLC		21,395		2,623,241
Parker-Hannifin Corp. (a)		11,510		2,084,231
Textron, Inc.		21,194		1,123,282
				31,116,614
Office/Business Equip — 0.0%
Xerox Corp.		18,044		601,948
Oil&Gas — 4.3%
Anadarko Petroleum Corp.		43,962		3,202,632
Apache Corp. (a)		33,021		1,086,721
Cabot Oil & Gas Corp.		37,609		973,697
Chevron Corp.		166,685		20,012,201
Cimarex Energy Co.		8,360		573,998
Concho Resources, Inc. (a)		17,395		2,007,035

	Shares		Value
Oil&Gas — 4.3% (Continued)
ConocoPhillips		100,328	$	6,332,703
Devon Energy Corp.		40,700		1,308,098
Diamondback Energy, Inc.		13,551		1,441,691
EOG Resources, Inc. (a)		50,625		4,862,531
Exxon Mobil Corp. (a)		371,469		29,821,531
Helmerich & Payne, Inc. (a)		9,566		559,802
HESS Corp. (a)		21,714		1,392,302
HollyFrontier Corp.		13,938		665,261
Marathon Oil Corp.		72,448		1,234,514
Marathon Petroleum Corp.		60,254		3,667,661
Noble Energy, Inc. (a)		41,930		1,134,626
Occidental Petroleum Corp. (a)		65,939		3,882,488
Phillips 66		36,968		3,484,973
Pioneer Natural Resources Co.		14,886		2,477,924
Valero Energy Corp.		36,973		3,351,972
				93,474,361
Oil&Gas Services — 0.5%
Baker Hughes a GE Co. (a)		44,845		1,077,177
Halliburton Co.		76,401		2,164,440
National Oilwell Varco, Inc. (a)		33,508		875,899
Schlumberger Ltd.		120,777		5,154,762
TechnipFMC PLC (a)		37,060		911,306
				10,183,584
Packaging&Containers — 0.2%
Ball Corp. (a)		29,600		1,774,224
Packaging Corp. of America (a)		8,277		820,748
Sealed Air Corp.		13,752		641,118
WestRock Co.		22,187		851,537
				4,087,627
Pharmaceuticals — 5.7%
AbbVie, Inc.		129,360		10,269,890
Allergan PLC		27,662		4,066,314
AmerisourceBergen Corp.		13,745		1,027,576
Bristol-Myers Squibb Co. (a)		142,424		6,612,746
Cardinal Health, Inc. (a)		25,990		1,265,973
Cigna Corp.		33,193		5,272,376
CVS Health Corp.		112,919		6,140,535
Eli Lilly & Co. (a)		80,776		9,454,023
Johnson & Johnson		233,843		33,018,632
McKesson Corp.		17,030		2,030,828
Merck & Co., Inc.		226,723		17,845,367
Mylan NV (b)		45,012		1,214,874
Nektar Therapeutics (a)(b)		15,162		485,487
Perrigo Co PLC (a)		10,960		525,203
Pfizer, Inc.		486,772		19,767,811
Zoetis, Inc.		41,978		4,275,040
				123,272,675
Pipelines — 0.4%
Kinder Morgan, Inc. (a)		165,850		3,295,439
ONEOK, Inc. (a)		35,883		2,437,532

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

38

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)
Pipelines — 0.4% (Continued)
Williams Cos., Inc.		105,650	$	2,993,065
				8,726,036
Real Estate — 0.1%
CBRE Group, Inc. - Class A (b)		27,660		1,440,256
Retail — 5.4%
Advance Auto Parts, Inc.		6,258		1,040,831
AutoZone, Inc. (b)		2,289		2,353,802
Best Buy Co., Inc.		20,411		1,518,782
CarMax, Inc. (a)(b)		15,277		1,189,467
Chipotle Mexican Grill, Inc. (b)		2,232		1,535,705
Costco Wholesale Corp.		38,214		9,382,683
Darden Restaurants, Inc. (a)		10,894		1,281,134
Dollar General Corp.		22,885		2,885,570
Dollar Tree, Inc. (b)		20,821		2,316,961
Foot Locker, Inc. (a)		10,004		572,329
Gap, Inc. (a)		18,595		484,958
Genuine Parts Co.		12,790		1,311,487
Home Depot, Inc.		98,583		20,081,357
Kohl’s Corp. (a)		14,365		1,021,351
L Brands, Inc. (a)		19,900		510,236
Lowe’s Cos., Inc.		70,129		7,934,395
Macy’s, Inc. (a)		26,824		631,437
McDonald’s Corp.		67,329		13,302,191
Nordstrom, Inc. (a)		9,920		406,918
O’Reilly Automotive, Inc. (b)		6,999		2,649,611
Ross Stores, Inc. (a)		32,559		3,179,712
Starbucks Corp. (a)		108,301		8,412,822
Target Corp. (a)		45,476		3,520,752
Tiffany & Co. (a)		9,525		1,026,985
TJX Cos., Inc.		107,949		5,924,241
Tractor Supply Co.		10,742		1,111,797
Ulta Salon Cosmetics & Fragrance, Inc. (b)		4,898		1,709,304
Walgreens Boots Alliance, Inc. (a)		70,201		3,760,668
Walmart, Inc. (a)		124,202		12,772,934
Yum! Brands, Inc.		27,186		2,837,947
				116,668,367
Savings&Loans — 0.0%
People’s United Financial, Inc. (a)		32,864		568,219
Semiconductors — 4.0%
Advanced Micro Devices, Inc. (a)(b)		76,737		2,120,243
Analog Devices, Inc.		32,319		3,756,761
Applied Materials, Inc.		83,241		3,668,431
Broadcom, Inc.		34,761		11,067,902
Intel Corp.		394,253		20,122,673
IPG Photonics Corp. (a)(b)		3,079		537,994

	Shares		Value
Semiconductors — 4.0% (Continued)
KLA-Tencor Corp.		14,463	$	1,843,743
Lam Research Corp.		13,541		2,808,810
Maxim Integrated Products, Inc. (a)		24,147		1,448,820
Microchip Technology, Inc. (a)		20,711		2,068,822
Micron Technology, Inc. (b)		97,756		4,111,617
NVIDIA Corp.		53,279		9,643,499
Qorvo, Inc. (b)		10,954		828,232
QUALCOMM, Inc. (a)		105,771		9,110,056
Skyworks Solutions, Inc.		15,494		1,366,261
Texas Instruments, Inc. (a)		82,259		9,692,578
Xilinx, Inc.		22,149		2,660,981
				86,857,423
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		3,817		849,588
Software — 7.6%
Activision Blizzard, Inc.		66,539		3,207,845
Adobe Systems, Inc. (b)		42,553		12,308,455
Akamai Technologies, Inc. (a)(b)		14,196		1,136,532
ANSYS, Inc. (b)		7,257		1,420,921
Autodesk, Inc. (a)(b)		19,201		3,421,810
Broadridge Financial Solutions, Inc. (a)		10,142		1,198,075
Cadence Design System, Inc. (b)		24,527		1,701,683
Cerner Corp. (a)(b)		28,672		1,905,254
Citrix Systems, Inc. (a)		11,187		1,129,440
Electronic Arts, Inc. (b)		26,425		2,501,126
Fidelity National Information Services, Inc.		28,523		3,306,671
Fiserv, Inc. (a)(b)		34,760		3,032,462
Intuit, Inc.		22,635		5,682,743
Jack Henry & Associates, Inc. (a)		6,789		1,011,968
Microsoft Corp.		672,704		87,855,142
MSCI, Inc.		7,591		1,710,860
Oracle Corp.		222,291		12,299,361
Paychex, Inc. (a)		27,932		2,354,947
Red Hat, Inc. (b)		15,436		2,817,533
Salesforce.com, Inc. (a)(b)		66,765		11,039,593
Synopsys, Inc. (b)		12,977		1,571,255
Take-Two Interactive Software, Inc. (a)(b)		9,927		961,232
				163,574,908
Telecommunications — 3.2%
Arista Networks, Inc. (b)		4,497		1,404,368
AT&T, Inc. (a)		638,645		19,772,449
CenturyLink, Inc. (a)		83,013		948,009
Cisco Systems, Inc.		385,918		21,592,112
Corning, Inc.		69,735		2,221,060
Juniper Networks, Inc. (a)		30,126		836,599
Motorola Solutions, Inc.		14,245		2,064,243

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

39

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)
Telecommunications — 3.2% (Continued)
Verizon Communications, Inc.		362,306	$	20,720,280
				69,559,120
Textiles — 0.0%
Mohawk Industries, Inc. (a)(b)		5,523		752,509
Toys/Games/Hobbies — 0.1%
Hasbro, Inc. (a)		10,115		1,030,314
Mattel, Inc. (a)(b)		30,045		366,248
				1,396,562
Transportation — 1.7%
CH Robinson Worldwide, Inc. (a)		11,976		970,056
CSX Corp. (a)		67,925		5,408,868
Expeditors International of Washington, Inc. (a)		15,125		1,201,228
FedEx Corp. (a)		21,154		4,007,837
JB Hunt Trasport Services, Inc.		7,540		712,379
Kansas City Southern		8,815		1,085,479
Norfolk Southern Corp.		23,795		4,854,656
Union Pacific Corp. (a)		63,387		11,222,034
United Parcel Service, Inc. - Class B (a)		60,660		6,443,305
				35,905,842
Water — 0.1%
American Water Works Co., Inc. (a)		15,723		1,701,071
TOTAL COMMON STOCKS (Cost $1,982,907,479)				2,093,806,977

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 2.9%
Alexandria Real Estate Equities, Inc.		9,453	$	1,346,013
American Tower Corp. (a)		38,385		7,496,591
Apartment Investment & Management Co. (a)		13,470		664,872
AvalonBay Communities, Inc.		12,151		2,441,500
Boston Properties, Inc.		13,566		1,866,953
Crown Castle International Corp.		36,266		4,561,537
Digital Realty Trust, Inc. (a)		18,048		2,124,430
Duke Realty Corp.		31,232		971,940
Equinix, Inc.		7,291		3,315,218
Equity Residential		32,190		2,459,960
Essex Property Trust, Inc.		5,747		1,623,528
Extra Space Storage, Inc.		11,074		1,148,263
Federal Realty Investment Trust (a)		6,532		874,308
HCP, Inc. (a)		41,635		1,239,890
Host Hotels & Resorts, Inc. (a)		64,768		1,246,136
Iron Mountain, Inc. (a)		25,034		813,104
Kimco Realty Corp. (a)		36,755		639,169
Macerich Co. (a)		9,323		374,225
Mid-America Apartment Communities, Inc.		9,924		1,085,785
Prologis, Inc.		54,941		4,212,326
Public Storage (a)		13,028		2,881,533
Realty Income Corp. (a)		25,779		1,804,788
Regency Centers Corp.		14,687		986,526
SBA Communications Corp. (a)		9,886		2,014,075
Simon Property Group, Inc. (a)		26,961		4,683,126
SL Green Realty Corp.		7,385		652,391
UDR, Inc.		24,034		1,080,328
Ventas, Inc.		31,093		1,900,093
Vornado Realty Trust		15,167		1,048,646
Welltower, Inc. (a)		32,809		2,445,255
Weyerhaeuser Co. (a)		65,302		1,750,094
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $59,804,878)				61,752,603

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

40

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.3%
Money Market Funds — 0.3%
U.S. Bank Money Market Deposit Account 2.35% (c)		7,600,973	$	7,600,973
TOTAL SHORT-TERM INVESTMENTS (Cost $7,600,973)				7,600,973
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 19.0%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (c)		410,548,790		410,548,790
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $410,548,790)				410,548,790
Total Investments (Cost $2,460,862,120) — 118.9%				2,573,709,343
Liabilities in Excess of Other Assets — (18.9)%				(409,719,723	)
TOTAL NET ASSETS — 100.0%			$	2,163,989,620

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan as of April 30, 2019. The total value of securities on loan is $402,974,069 or 18.6% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2019.

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 the financial statements.

41

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 87.8%
Aerospace/Defense — 0.7%
MSA SAFETY, Inc. (a)		15,405	$	1,693,163
Teledyne Technologies, Inc. (b)		15,909		3,953,546
				5,646,709
Airlines — 0.3%
JetBlue Airways Corp. (b)		134,695		2,498,592
Apparel — 0.8%
Carter’s, Inc. (a)		20,009		2,119,153
Deckers Outdoor Corp. (b)		12,801		2,025,246
Skechers U.S.A, Inc. - Class A (a)(b)		58,646		1,856,732
				6,001,131
Auto Parts & Equipment — 0.4%
Dana, Inc.		63,001		1,228,519
Goodyear Tire & Rubber Co.		102,033		1,960,054
				3,188,573
Banks — 7.2%
Associated Banc-Corp.		72,219		1,638,649
BancorpSouth Bank		39,859		1,214,902
Bank of Hawaii Corp. (a)		18,112		1,492,067
Bank OZK (a)		53,122		1,734,433
Cathay General Bancorp		33,604		1,236,291
Chemical Financial Corp. (a)		31,412		1,379,929
Commerce Bancshares, Inc. (a)		43,372		2,620,970
Cullen Frost Bankers, Inc. (a)		27,679		2,814,677
East West Bancorp, Inc. (a)		63,696		3,279,070
First Financial Bankshares, Inc. (a)		29,796		1,833,050
First Horizon National Corp.		139,843		2,110,231
FNB Corp. (a)		142,587		1,729,580
Fulton Financial Corp. (a)		74,656		1,287,816
Hancock Whitney Corp.		37,649		1,646,767
Home BancShares, Inc.		68,196		1,308,681
International Bancshares Corp.		23,936		992,626
PacWest Bancorp (a)		53,086		2,099,551
Pinnacle Financial Partners, Inc.		32,025		1,859,692
Prosperity Bancshares, Inc. (a)		29,156		2,147,048
Signature Bank		24,209		3,197,283
Synovus Financial Corp.		69,934		2,577,767
TCF Financial Corp.		72,055		1,594,577
Texas Capital Bancshares, Inc. (b)		22,079		1,429,174
Trustmark Corp. (a)		28,641		1,029,931
UMB Financial Corp. (a)		19,396		1,355,005
Umpqua Holdings Corp.		96,835		1,681,056
United Bankshares, Inc. (a)		44,867		1,760,581
Valley National Bancorp (a)		145,882		1,528,843
Webster Financial Corp. (a)		40,551		2,154,475
Wintrust Financial Corp.		24,827		1,891,817
				54,626,539

	Shares		Value
Beverages — 0.2%
The Boston Beer Co., Inc. (b)		3,828	$	1,186,718
Biotechnology — 1.1%
Bio-Rad Laboratories, Inc. - Class A (b)		8,849		2,662,930
Exelixis, Inc. (a)(b)		131,888		2,592,918
Ligand Pharmaceuticals, Inc. (b)		8,982		1,130,385
United Therapeutics Corp. (a)(b)		19,213		1,970,677
				8,356,910
Building Materials — 1.5%
Lennox International, Inc. (a)		15,769		4,280,495
Eagle Materials, Inc.		20,170		1,833,655
MDU Resources Group, Inc.		86,169		2,253,319
Louisiana-Pacific Corp.		59,498		1,490,425
Trex Co, Inc. (a)(b)		25,872		1,792,153
				11,650,047
Chemicals — 2.9%
Ashland Global Holdings, Inc.		27,517		2,215,944
Cabot Corp.		26,154		1,186,868
Ingevity Corp. (b)		18,287		2,103,188
Minerals Technologies, Inc.		15,477		971,491
NewMarket Corp. (a)		3,835		1,609,089
Olin Corp. (a)		72,456		1,571,571
PolyOne Corp.		34,150		943,906
RPM International, Inc.		57,845		3,508,299
Sensient Technologies Corp.		18,588		1,303,391
The Chemours Co. (a)		73,401		2,643,170
Valvoline, Inc.		82,686		1,529,691
Versum Materials, Inc.		47,943		2,501,666
				22,088,274
Commercial Services — 4.5%
Aaron’s, Inc.		29,531		1,644,581
Adtalem Global Education, Inc. (a)(b)		25,394		1,252,432
ASGN, Inc. (b)		23,138		1,458,620
Avis Budget Group, Inc. (b)		27,970		994,334
CoreLogic, Inc. (b)		35,191		1,429,107
Graham Holdings Co. - Class B		1,914		1,422,925
Green Dot Corp. (b)		20,924		1,334,324
HealthEquity, Inc. (a)(b)		23,848		1,615,702
Insperity, Inc		16,368		1,956,958
LiveRamp Holdings, Inc. (a)(b)		29,985		1,749,025
ManpowerGroup, Inc.		26,535		2,548,421
MarketAxess Holdings, Inc. (a)		16,563		4,609,980
SABRE Corp. (a)		121,024		2,512,458
Service Corp. International (a)		79,672		3,315,152
Sotheby’s (a)(b)		14,457		609,796
The Brink’s Co. (a)		21,813		1,743,513
WEX, Inc. (b)		18,937		3,982,451
				34,179,779

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

42

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 87.8% (Continued)
Computers — 2.2%
CACI International, Inc. - Class A (b)		10,924	$	2,129,524
Leidos Holdings, Inc.		64,224		4,719,179
Lumentum Holdings, Inc. (a)(b)		33,442		2,072,401
MAXIMUS, Inc.		28,035		2,064,778
NCR Corp. (a)(b)		52,266		1,513,101
NetScout Systems, Inc. (b)		30,777		904,844
Perspecta, Inc.		61,795		1,426,229
Science Applications International Corp.		22,361		1,675,957
				16,506,013
Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co. (a)(b)		23,779		980,408
Distribution/Wholesale — 0.7%
Pool Corp. (a)		17,308		3,180,172
Watsco, Inc. (a)		14,125		2,238,389
				5,418,561
Diversified Financial Services — 2.6%
Eaton Vance Corp. (a)		50,609		2,103,816
Evercore, Inc. (a)		18,018		1,755,494
Federated Investors, Inc. - Class B		42,073		1,292,903
Interactive Brokers Group, Inc.		32,994		1,789,594
Janus Henderson Group PLC (a)		72,498		1,817,525
Legg Mason, Inc.		37,586		1,257,252
LendingTree, Inc. (a)(b)		3,273		1,259,516
Navient Corp. (a)		95,623		1,291,867
SEI Investments Co.		56,729		3,088,894
SLM Corp.		191,947		1,950,181
Stifel Financial Corp.		31,585		1,884,677
				19,491,719
Electric — 1.9%
Allete, Inc.		22,639		1,843,947
Black Hills Corp.		23,729		1,726,522
Hawaiian Electric Industries, Inc. (a)		47,868		1,985,565
IdacorpDACORP, Inc.		22,140		2,192,303
NorthWestern Corp.		22,125		1,545,431
OGE Energy Corp. (a)		87,766		3,716,012
PNM Resources, Inc.		35,002		1,625,493
				14,635,273
Electrical Components & Equipment — 1.7%
Acuity Brands, Inc.		17,533		2,565,604
Belden, Inc. (a)		17,312		961,682
Energizer Holdings, Inc. (a)		27,944		1,338,238
Hubbell, Inc.		23,996		3,061,890
Littelfuse, Inc. (a)		10,856		2,182,599
Universal Display Corp. (a)		18,633		2,973,827
				13,083,840

	Shares		Value
Electronics — 3.7%
Arrow Electronics, Inc. (b)		37,317	$	3,153,660
Avnet, Inc. (a)		47,649		2,316,218
Coherent, Inc. (a)(b)		10,693		1,582,671
Gentex Corp.		113,911		2,623,370
Jabil, Inc.		61,871		1,869,123
National Instruments Corp. (a)		49,391		2,326,316
nVent Electric PLC		70,870		1,980,816
Synnex Corp. (a)		18,229		1,966,544
Tech Data Corp. (b)		16,396		1,747,978
Trimble, Inc. (b)		110,519		4,511,386
Vishay Intertechnology, Inc. (a)		58,102		1,151,001
Woodward, Inc.		24,554		2,673,931
				27,903,014
Energy-Alternate Sources — 0.3%
First Solar, Inc. (a)(b)		33,184		2,041,812
Engineering & Construction — 1.1%
AECOM (a)(b)		68,590		2,325,201
EMCOR Group, Inc.		24,608		2,070,517
Granite Construction, Inc.		20,518		921,053
KBR, Inc.		61,966		1,376,885
MasTec, Inc. (b)		27,062		1,370,690
				8,064,346
Entertainment — 1.7%
Churchill Downs, Inc.		15,581		1,571,344
Cinemark Holdings, Inc. (a)		46,806		1,968,192
Eldorado Resorts, Inc. (b)		28,582		1,411,093
International Speedway Corp.		10,446		460,877
Live Nation Entertainment, Inc. (b)		60,769		3,970,647
Marriott Vacations Worldwide Corp. (a)		17,283		1,825,603
Six Flags Entertainment Corp. (a)		31,405		1,667,292
				12,875,048
Environmental Control — 0.5%
Clean Harbors, Inc. (b)		22,332		1,697,232
Stericycle, Inc. (a)(b)		37,466		2,187,640
				3,884,872
Food — 1.9%
Flowers Foods, Inc. (a)		80,629		1,752,874
Hain Celestial Group, Inc. (a)(b)		39,348		858,574
Ingredion, Inc.		29,291		2,775,322
Lancaster Colony Corp.		8,579		1,275,783
Post Holdings, Inc. (b)		29,217		3,295,093
Sprouts Farmers Market, Inc. (b)		54,546		1,168,375
Sanderson Farms, Inc. (a)		8,564		1,298,559
Tootsie Roll Industries, Inc. (a)		8,606		334,189
TreeHouse Foods, Inc. (a)(b)		24,604		1,647,976
				14,406,745

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

43

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 87.8% (Continued)
Forest Products & Paper — 0.2%
Domtar Corp.		27,649	$	1,352,036
Gas — 1.9%
National Fuel Gas Co. (a)		37,914		2,244,888
New Jersey Resources Corp.		39,007		1,953,471
ONE Gas, Inc.		23,103		2,045,078
Southwest Gas Holdings, Inc.		23,322		1,940,157
Spire, Inc. (a)		22,294		1,876,932
UGI Corp. (a)		76,393		4,164,182
				14,224,708
Hand/Machine Tools — 0.9%
Colfax Corp. (a)(b)		41,769		1,260,171
Kennametal, Inc.		36,133		1,470,613
Lincoln Electric Holdings, Inc.		27,785		2,424,797
Regal Beloit Corp.		18,801		1,599,589
				6,755,170
Healthcare - Products — 3.7%
Bio-Techne Corp.		16,598		3,395,785
Globus Medical, Inc. (a)(b)		33,460		1,508,711
Haemonetics Corp. (b)		22,418		1,956,643
Hill-Rom Holdings, Inc.		29,290		2,970,592
ICU Medical, Inc. (b)		7,298		1,660,295
Integra LifeSciences Holdings Corp. (b)		31,084		1,622,274
LivaNova PLC (b)		21,390		1,473,557
Masimo Corp. (b)		21,499		2,798,095
NuVasive, Inc. (a) (b)		22,690		1,375,014
Patterson Cos., Inc. (a)		36,304		792,879
Steris PLC		37,166		4,868,003
West Pharmaceutical Services, Inc. (a)		32,598		4,035,307
				28,457,155
Healthcare - Services — 2.4%
Acadia Healthcare Co., Inc. (a)(b)		38,870		1,244,617
Amedisys, Inc. (a)(b)		12,800		1,636,096
Catalent, Inc. (a)(b)		63,996		2,868,301
Charles River Laboratories International, Inc. (b)		21,192		2,976,840
Chemed Corp.		7,014		2,292,035
Encompass Health Corp.		43,390		2,796,486
Molina Healthcare, Inc. (b)		27,449		3,558,214
Tenet Healthcare Corp. (b)		36,541		800,248
				18,172,837
Home Builders — 1.3%
KB Home		37,181		963,360
NVR, Inc. (b)		1,494		4,709,805
Thor Industries, Inc. (a)		22,707		1,495,710
Toll Brothers, Inc. (a)		58,958		2,246,300

	Shares		Value
Home Builders — 1.3% (Continued)
TRI Pointe Group, Inc. (b)		62,250	$	812,362
				10,227,537
Home Furnishings — 0.2%
Tempur Sealy International, Inc. (a)(b)		20,170		1,238,438
Household Products/Wares — 0.2%
Helen of Troy Ltd. (b)		11,249		1,619,856
Housewares — 0.6%
Scotts Miracle-Gro Co. - Class A (a)		17,269		1,468,210
Toro Co. (a)		46,640		3,411,716
				4,879,926
Insurance — 4.8%
Alleghany Corp. (b)		6,358		4,176,443
American Financial Group, Inc.		31,005		3,209,948
Brown & Brown, Inc. (a)		102,014		3,238,944
CNO Financial Group, Inc.		70,619		1,168,744
First American Financial Corp.		48,982		2,794,913
Genworth Financial, Inc. (b)		220,050		833,989
Hanover Insurance Group, Inc.		17,828		2,150,235
Kemper Corp.		26,746		2,403,930
Mercury General Corp.		11,914		640,735
Old Republic International Corp.		125,066		2,796,476
Primerica, Inc.		18,712		2,437,987
Reinsurance Group of America, Inc.		27,602		4,181,979
RenaissanceRe Holdings Ltd.		18,550		2,881,928
WR Berkley Corp. (a)		63,536		3,894,757
				36,811,008
Internet — 0.2%
Cars.com, Inc. (a)(b)		27,243		566,927
Yelp, Inc. (a)(b)		33,158		1,328,309
				1,895,236
Iron/Steel — 1.0%
Carpenter Technology Corp. (a)		20,818		1,034,030
Commercial Metals Co.		51,691		893,738
Reliance Steel & Aluminum Co.		29,477		2,710,705
Steel Dynamics, Inc.		100,874		3,195,688
				7,834,161
Leisure Time — 0.6%
Brunswick Corp. (a)		38,246		1,958,578
Polaris Industries, Inc.		25,180		2,427,352
				4,385,930
Lodging — 0.8%
Boyd Gaming Corp.		35,109		1,010,437
Caesars Entertainment Corp. (a)(b)		256,194		2,397,976
Wyndham Hotels & Resorts, Inc.		43,012		2,396,629
				5,805,042

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

44

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 87.8% (Continued)
Machinery - Construction & Mining — 0.5%
Oshkosh Corp. (a)		30,776	$	2,541,790
Terex Corp.		27,221		907,276
				3,449,066
Machinery - Diversified — 2.7%
AGCO Corp. (a)		28,239		1,998,756
Cognex Corp. (a)		75,065		3,785,528
Curtiss-Wright Corp.		18,801		2,142,186
Graco, Inc. (a)		72,633		3,722,441
IDEX Corp.		33,309		5,218,188
Nordson Corp. (a)		22,671		3,308,832
				20,175,931
Media — 1.9%
AMC Networks, Inc. - Class A (a)(b)		19,657		1,148,166
Cable One, Inc		2,176		2,307,713
FactSet Research Systems, Inc. (a)		16,715		4,611,167
Meredith Corp. (a)		17,571		1,036,689
TEGNA, Inc.		94,834		1,509,757
The New York Times Co. (a)		62,401		2,068,593
World Wrestling Entertainment, Inc. (a)		19,220		1,611,597
				14,293,682
Metal Fabricate/Hardware — 0.5%
The Timken Co.		29,967		1,436,918
Worthington Industries, Inc.		17,252		692,323
Valmont Industries, Inc.		9,646		1,300,667
				3,429,908
Mining — 0.4%
Royal Gold, Inc.		28,786		2,506,109
Compass Minerals International, Inc. (a)		14,883		854,135
				3,360,244
Miscellaneous Manufacturing — 2.0%
AptarGroup, Inc. (a)		27,652		3,076,008
Carlisle Cos., Inc.		25,169		3,559,400
Crane Co.		22,323		1,898,571
Donaldson Co., Inc. (a)		56,198		3,008,841
ITT, Inc.		38,406		2,325,483
Trinity Industries, Inc. (a)		58,596		1,263,330
				15,131,633
Office Furnishings — 0.2%
Herman Miller, Inc.		25,885		1,004,856
HNI Corp.		19,114		701,675
				1,706,531
Office/Business Equipment — 0.7%
Pitney Bowes, Inc. (a)		82,720		588,139

	Shares		Value
Office/Business Equipment — 0.7% (Continued)
Zebra Technologies Corp. - Class A (b)		23,672	$	4,998,106
				5,586,245
Oil & Gas — 2.7%
Callon Petroleum Co. (a)(b)		100,133		751,999
Chesapeake Energy Corp. (a)(b)		458,901		1,335,402
CNX Resources Corp. (b)		87,155		780,909
Ensco Rowan PLC (a)		86,485		1,208,195
EQT Corp.		111,947		2,289,316
Matador Resources Co. (a)(b)		45,515		896,190
Murphy Oil Corp.		71,482		1,947,170
Murphy USA, Inc. (a)(b)		13,187		1,127,093
Oasis Petroleum, Inc. (a)(b)		118,778		724,546
PBF Energy, Inc. - Class A		52,665		1,768,491
QEP Resources, Inc. (a)(b)		103,867		781,080
Range Resources Corp. (a)		91,239		824,800
SM Energy Co.		45,376		722,840
Southwestern Energy Co. (a)(b)		237,872		939,594
Transocean Ltd. (b)		222,508		1,748,913
WPX Energy, Inc. (b)		173,682		2,412,443
				20,258,981
Oil & Gas Services — 0.8%
Apergy Corp. (b)		33,991		1,349,103
Core Laboratories NV		19,478		1,234,710
McDermott International, Inc. (a)(b)		79,445		642,710
NOW, Inc. (b)		47,654		696,701
Oceaneering International, Inc. (b)		43,431		833,875
Patterson-UTI Energy, Inc.		93,889		1,275,952
				6,033,051
Packaging & Containers — 1.0%
Bemis Co., Inc. (a)		40,058		2,300,131
Greif, Inc.		11,524		455,428
Owens-Illinois, Inc. (a)		67,506		1,333,919
Silgan Holdings, Inc. (a)		33,969		1,017,032
Sonoco Products Co. (a)		43,903		2,768,523
				7,875,033
Pharmaceuticals — 0.5%
Mallinckrodt PLC (a)(b)		36,690		567,227
PRA Health Sciences, Inc. (a)(b)		25,920		2,509,575
Prestige Brands Holdings, Inc. (b)		22,760		669,599
				3,746,401
Pipelines — 0.2%
Equitrans Midstream Corp. (a)		89,382		1,861,827
Real Estate — 0.4%
Jones Lang LaSalle, Inc.		20,050		3,099,129
Retail — 4.9%
American Eagle Outfitters, Inc.		73,657		1,751,563
AutoNation, Inc. (a)(b)		25,324		1,061,835

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

45

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 87.8% (Continued)
Retail — 4.9% (Continued)
Bed Bath & Beyond, Inc. (a)		60,412	$	1,009,485
Brinker International, Inc. (a)		16,475		704,636
Casey’s General Stores, Inc. (a)		16,089		2,129,379
Cracker Barrel Old Country Store, Inc. (a)		10,560		1,781,894
Dick’s Sporting Goods, Inc. (a)		32,415		1,199,355
Dillard’s, Inc. - Class A (a)		8,115		555,472
Domino’s Pizza, Inc. (a)		18,038		4,880,722
Dunkin’ Brands Group, Inc. (a)		36,315		2,710,189
Five Below, Inc. (a)(b)		24,505		3,587,287
Jack in the Box, Inc. (a)		11,340		874,314
Michaels Cos., Inc. (a)(b)		39,497		443,946
MSC Industrial Direct Co., Inc. (a)		19,836		1,659,281
Nu Skin Enterprises, Inc. - Class A		24,324		1,237,362
Papa John’s International, Inc. (a)		9,890		505,972
Ollie’s Bargain Outlet Holdings, Inc. (a)(b)		22,658		2,167,011
Sally Beauty Holdings, Inc. (a)(b)		52,978		937,711
Signet Jewelers Ltd. (a)		22,809		528,713
Texas Roadhouse, Inc. (a)		29,292		1,582,061
The Cheesecake Factory, Inc. (a)		18,326		909,336
The Wendy’s Co.		79,922		1,487,348
Urban Outfitters, Inc. (a)(b)		33,109		984,331
Williams-Sonoma, Inc. (a)		35,227		2,013,928
World Fuel Services Corp.		29,518		910,630
				37,613,761
Savings & Loans — 0.7%
New York Community Bancorp, Inc. (a)		205,361		2,388,348
Sterling Bancorp (a)		93,471		2,002,149
Washington Federal, Inc. (a)		35,640		1,181,110
				5,571,607
Semiconductors — 2.4%
Cirrus Logic, Inc. (b)		25,991		1,236,652
CREE, Inc. (a)(b)		45,359		2,997,776
Cypress Semiconductor Corp. (a)		159,902		2,747,116
MKS Instruments, Inc.		23,813		2,167,221
Monolithic Power Systems, Inc. (a)		17,348		2,701,257
Silicon Laboratories, Inc. (a)(b)		18,931		2,038,112
Synaptics, Inc. (b)		15,120		569,570
Teradyne, Inc. (a)		76,299		3,738,651
				18,196,355
Software — 4.4%
ACI Worldwide, Inc. (b)		51,040		1,812,941
Allscripts Healthcare Solutions, Inc. (a)(b)		75,290		743,112
Blackbaud, Inc		21,340		1,692,048
CDK Global, Inc. (a)		54,800		3,305,536
CommVault Systems, Inc. (b)		16,938		890,939

	Shares		Value
Software — 4.4% (Continued)
Fair Isaac Corp. (b)		12,775	$	3,573,806
J2 Global, Inc. (a)		20,351		1,783,155
Manhattan Associates, Inc. (a)(b)		28,571		1,927,114
Medidata Solutions, Inc. (a)(b)		27,370		2,472,606
PTC, Inc. (a)(b)		46,914		4,244,310
Teradata Corp. (a)(b)		51,548		2,343,887
Tyler Technologies, Inc. (b)		16,826		3,902,118
Ultimate Software Group, Inc. (b)		13,919		4,602,317
				33,293,889
Telecommunications — 1.3%
CIENA Corp. (b)		63,200		2,424,352
InterDigital, Inc.		14,332		937,169
LogMeIn, Inc.		22,337		1,840,569
Plantronics, Inc.		14,394		741,003
Telephone & Data Systems, Inc.		41,202		1,313,520
ViaSat, Inc. (a)(b)		24,985		2,269,138
				9,525,751
Transportation — 2.3%
Genesee & Wyoming, Inc. (b)		24,733		2,192,580
Kirby Corp. (a)(b)		23,679		1,935,048
Knight-Swift Transportation Holdings Inc - Class A (a)		54,737		1,825,479
Landstar System, Inc.		17,630		1,920,965
Old Dominion Freight Line, Inc.		28,527		4,258,511
Ryder System, Inc.		23,338		1,470,294
Werner Enterprises, Inc. (a)		19,204		643,334
XPO Logistics, Inc. (a)(b)		47,980		3,266,478
				17,512,689
Trucking & Leasing — 0.2%
GATX Corp. (a)		16,086		1,240,713
Water — 0.4%
Aqua America, Inc. (a)		78,283		3,057,734
TOTAL COMMON STOCKS (Cost $654,201,811)				668,394,124
EXCHANGE TRADED FUNDS — 3.2%
SPDR S&P MidCap 400 ETF Trust		68,298		24,525,812
TOTAL EXCHANGE TRADED FUNDS (Cost $24,071,365)				24,525,812

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

46

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 8.9%
Alexander & Baldwin, Inc.		29,774	$	703,262
American Campus Communities, Inc. (a)		60,213		2,842,054
Brixmor Property Group, Inc.		131,226		2,346,321
Camden Property Trust		42,462		4,273,800
CoreSite Realty Corp.		16,133		1,765,112
Corporate Office Properties Trust		48,449		1,350,758
Cousins Properties, Inc. (a)		184,729		1,767,856
CyrusOne, Inc. (a)		47,576		2,649,507
Douglas Emmett, Inc.		71,059		2,926,920
EPR Properties		32,917		2,595,835
First Industrial Realty Trust, Inc.		55,630		1,962,070
Healthcare Realty Trust, Inc.		55,060		1,700,253
Highwoods Properties, Inc.		45,503		2,028,524
Hospitality Properties Trust (a)		72,263		1,878,838
JBG Smith Properties (a)		48,480		2,062,824
Kilroy Realty Corp. (a)		44,366		3,412,189
Lamar Advertising Co. - Class A (a)		37,423		3,093,759
Liberty Property Trust		65,015		3,227,345
Life Storage, Inc. (a)		20,495		1,952,969
Mack-Cali Realty Corp.		39,693		924,053
Medical Properties Trust, Inc. (a)		167,457		2,923,799
National Retail Properties, Inc.		71,018		3,736,967
Omega Healthcare Investors, Inc.		89,742		3,175,969
Pebblebrook Hotel Trust		57,349		1,867,283
PotlatchDeltic Corp. (a)		29,826		1,153,073
Rayonier, Inc.		56,906		1,809,042
Sabra Health Care REIT, Inc. (a)		78,360		1,532,722
Senior Housing Properties Trust		104,465		838,854
Tanger Factory Outlet Centers, Inc. (a)		41,283		745,571
Taubman Centers, Inc. (a)		26,863		1,324,346
Uniti Group, Inc.		78,652		864,385
Urban Edge Properties		50,241		932,975
Weingarten Realty Investors		52,568		1,521,318
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $68,906,878)				67,890,553

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
U.S. Bank Money Market Deposit Account 2.35% (c)		388,643	$	388,643
TOTAL SHORT-TERM INVESTMENTS (Cost $388,643)				388,643
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 29.0%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (c)		221,030,289		221,030,289
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $221,030,289)				221,030,289
Total Investments (Cost $968,598,986) — 129.0%				982,229,421
Liabilities in Excess of Other Assets — (29.0)%				(220,923,987	)
TOTAL NET ASSETS — 100.0%			$	761,305,434

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan as of April 30, 2019. The Total value of securities on loan is $214,543,582 or 28.2% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2019

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 the financial statements.

47

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 99.9%
Airlines — 0.5%
American Airlines Group, Inc. (a)		27,072	$	925,321
United Continental Holdings, Inc. (b)		16,040		1,425,314
				2,350,635
Auto Manufacturers — 0.8%
PACCAR, Inc. (a)		20,596		1,476,115
Tesla Motors, Inc. (a)(b)		10,227		2,441,083
				3,917,198
Beverages — 2.5%
Monster Beverage Corp. (a)(b)		32,123		1,914,531
PepsiCo, Inc.		83,094		10,640,186
				12,554,717
Biotechnology — 5.8%
Alexion Pharmaceuticals, Inc. (b)		13,141		1,788,884
Amgen, Inc.		36,810		6,600,769
Biogen, Inc. (b)		11,644		2,669,271
BioMarin Pharmaceutical, Inc. (b)		10,506		898,578
Celgene Corp. (b)		41,537		3,931,892
Gilead Sciences, Inc.		75,464		4,908,179
Illumina, Inc. (b)		8,660		2,701,920
Incyte Corp. (b)		12,541		963,149
Regeneron Pharmaceuticals, Inc. (b)		6,357		2,181,341
Vertex Pharmaceuticals, Inc. (b)		15,059		2,544,670
				29,188,653
Broadcast Service/Program — 0.3%
Fox Corp. - Class A (b)		20,376		794,460
Fox Corp. - Class B (b)		15,397		592,772
				1,387,232
Commercial Services — 2.9%
Automatic Data Processing, Inc. (a)		25,775		4,237,153
Cintas Corp. (a)		6,179		1,341,708
PayPal Holdings, Inc. (a)(b)		69,434		7,830,072
Verisk Analytics, Inc.		9,708		1,370,187
				14,779,120
Computers — 11.2%
Apple, Inc.		251,441		50,456,666
Check Point Software Technologies Ltd. (b)		9,204		1,111,475
Cognizant Technology Solutions Corp. - Class A		34,106		2,488,374
NetApp, Inc. (a)		14,806		1,078,617
Western Digital Corp. (a)		17,077		872,976
				56,008,108
Distribution/Wholesale — 0.2%
Fastenal Co. (a)		16,927		1,194,200
Electric — 0.3%
Xcel Energy, Inc. (a)		30,294		1,711,611

	Shares		Value
Food — 1.3%
Mondelez International, Inc. - Class A		85,659	$	4,355,760
The Kraft Heinz Co. (a)		71,887		2,389,524
				6,745,284
Healthcare-Products — 1.3%
Align Technology, Inc. (b)		4,717		1,531,516
Henry Schein, Inc. (a)(b)		8,975		574,938
IDEXX Laboratories, Inc. (b)		5,073		1,176,936
Intuitive Surgical, Inc. (b)		6,764		3,453,901
				6,737,291
Insurance — 0.3%
Willis Towers Watson PLC		7,640		1,408,357
Internet — 28.7%
Alphabet, Inc. - Class A (b)		16,407		19,671,337
Alphabet, Inc. - Class C (b)		18,752		22,286,377
Amazon.com, Inc. (b)		26,190		50,455,559
Baidu, Inc. - ADR (b)		16,531		2,747,948
Booking Holdings, Inc. (b)		2,675		4,962,098
Ctrip.com International Ltd. - ADR (a)(b)		28,695		1,264,015
eBay, Inc.		54,117		2,097,034
Expedia Group, Inc. (a)		8,032		1,042,875
Facebook, Inc. - Class A (b)		128,376		24,827,918
JD.com, Inc. - ADR (a)(b)		54,454		1,648,323
MercadoLibre, Inc. (a)(b)		2,680		1,297,495
Netflix, Inc. (b)		25,837		9,573,642
Symantec Corp.		37,674		912,087
VeriSign, Inc. (b)		7,110		1,403,869
				144,190,577
Lodging — 0.7%
Marriott International, Inc. - Class A (a)		20,098		2,741,769
Wynn Resorts Ltd.		6,408		925,636
				3,667,405
Media — 4.8%
Charter Communications, Inc. - Class A (a)(b)		13,336		4,950,190
Comcast Corp. - Class A		267,101		11,626,907
Liberty Global PLC - Class A (b)		12,038		325,146
Liberty Global PLC - Class C (b)		31,673		828,249
Sirius XM Holdings, Inc. (a)		257,075		1,493,606
Walt Disney Co.		36,282		4,969,500
				24,193,598
Pharmaceuticals — 0.2%
Mylan NV (b)		30,413		820,847

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

48

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)
Retail — 4.4%
Costco Wholesale Corp.		26,073	$	6,401,704
Dollar Tree, Inc. (b)		14,040		1,562,371
O’Reilly Automotive, Inc. (b)		4,647		1,759,215
Ross Stores, Inc. (a)		22,004		2,148,911
Starbucks Corp. (a)		73,570		5,714,917
Ulta Salon Cosmetics & Fragrance, Inc. (b)		3,535		1,233,644
Walgreens Boots Alliance, Inc. (a)		55,909		2,995,045
				21,815,807
Retail-Apparel/Shoe — 0.3%
Lululemon Athletica, Inc. (b)		7,227		1,274,481
Semiconductors — 12.1%
Advanced Micro Devices, Inc. (a)(b)		58,939		1,628,485
Analog Devices, Inc.		21,804		2,534,497
Applied Materials, Inc.		56,178		2,475,764
ASML Holding NV - ADR		4,236		884,562
Broadcom, Inc.		23,431		7,460,430
Intel Corp.		266,046		13,578,988
KLA-Tencor Corp.		9,007		1,148,212
Lam Research Corp.		9,124		1,892,591
Maxim Integrated Products, Inc. (a)		16,306		978,360
Microchip Technology, Inc. (a)		13,937		1,392,167
Micron Technology, Inc. (b)		66,783		2,808,893
NVIDIA Corp.		35,948		6,506,588
NXP Semiconductors NV		19,380		2,046,916
QUALCOMM, Inc. (a)		71,449		6,153,902
Skyworks Solutions, Inc.		10,443		920,864
Texas Instruments, Inc. (a)		55,513		6,541,097
Xilinx, Inc.		14,922		1,792,729
				60,745,045
Software — 16.6%
Activision Blizzard, Inc.		44,982		2,168,582
Adobe Systems, Inc. (b)		28,786		8,326,351
Autodesk, Inc. (b)		12,875		2,294,454
Cadence Design System, Inc. (b)		16,637		1,154,275
Cerner Corp. (a)(b)		19,399		1,289,064
Citrix Systems, Inc.		7,924		800,007
Electronic Arts, Inc. (b)		17,809		1,685,622
Fiserv, Inc. (a)(b)		23,162		2,020,653
Intuit, Inc.		15,297		3,840,465
Microsoft Corp.		408,961		53,410,307
NetEase, Inc. - ADR		4,325		1,230,592
Paychex, Inc.		21,163		1,784,252
Synopsys, Inc. (b)		8,769		1,061,750
Take-Two Interactive Software, Inc. (a)(b)		6,708		649,536

	Shares		Value
Software — 16.6% (Continued)
Workday, Inc. - Class A (a)(b)		8,931	$	1,836,482
				83,552,392
Telecommunications — 3.6%
Cisco Systems, Inc.		260,404		14,569,604
T-Mobile US, Inc. (b)		50,009		3,650,157
				18,219,761
Toys/Games/Hobbies — 0.2%
Hasbro, Inc. (a)		7,464		760,283
Transportation — 0.9%
CSX Corp. (a)		48,247		3,841,908
JB Hunt Trasport Services, Inc.		6,431		607,601
				4,449,509
TOTAL COMMON STOCKS (Cost $459,487,877)				501,672,111
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
U.S. Bank Money Market Deposit Account 2.35% (c)		717,855		717,855
TOTAL SHORT-TERM INVESTMENTS (Cost $717,855)				717,855
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 13.7%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (c)		68,785,935		68,785,935
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $68,785,935)				68,785,935
Total Investments (Cost $528,991,667) — 113.7%				571,175,901
Liabilities in Excess of Other Assets — (13.7)%				(69,002,764	)
TOTAL NET ASSETS — 100.0%			$	502,173,137

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, 2019. The total value of securities on loan is $67,564,384 or 13.5% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2019

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 the financial statements.

49

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 96.3%
Advertising — 0.3%
JCDecaux SA		2,895	$	94,814
Publicis Groupe SA		8,388		497,496
				592,310
Aerospace/Defense — 3.2%
Airbus Group SE		21,933		2,998,266
Dassault Aviation SA		94		142,226
Leonardo SpA		15,455		178,458
MTU Aero Engines AG		2,058		484,043
Safran SA		11,585		1,687,893
Thales SA		3,993		476,743
				5,967,629
Airlines — 0.2%
Air France-KLM (a)		8,542		98,682
Deutsche Lufthansa AG		9,414		227,225
				325,907
Apparel — 4.9%
adidas AG		7,539		1,937,218
Hermes International		1,231		865,972
Kering		2,960		1,749,613
LVMH Moet Hennessy Louis Vuitton SE		9,912		3,880,508
Moncler SpA		6,832		280,229
Puma SE		326		201,652
				8,915,192
Auto Manufacturers — 3.3%
Bayerische Motoren Werke AG		12,823		1,091,619
Daimler AG		34,344		2,247,279
Ferrari NV		5,007		678,117
Fiat Chrysler Automobiles NV		43,974		677,381
Peugeot SA		21,708		568,764
Renault SA		7,341		500,773
Volkswagen AG		1,272		227,413
				5,991,346
Auto Parts&Equipment — 1.5%
Cie Generale des Etablissements Michelin		7,031		908,073
Continental AG		4,315		713,181
Faurecia		2,927		148,651
Hella GmbH & Co. KGaA		1,777		96,585
Nokian Renkaat OYJ (c)		5,362		179,339
Pirelli & C SPA (a)(b)		17,237		125,820
Plastic Omnium SA		2,205		66,750
Rheinmetall AG		1,712		196,435
Valeo SA		9,498		344,838
				2,779,672

	Shares		Value
Banks — 10.9%
ABN AMRO Group NV (b)		16,530	$	388,786
AIB Group PLC		31,332		145,418
Alpha Bank AE (a)		54,903		85,103
Banca Mediolanum SpA		9,716		71,324
Banco Bilbao Vizcaya Argentaria SA - ADR		265,601		1,617,510
Banco BPM SpA (a)		60,552		143,981
Banco de Sabadell SA		224,252		260,577
Banco Santander SA - ADR		636,620		3,176,734
Bank of Ireland Group PLC		36,648		233,885
BANKIA S.A.		48,228		133,339
Bankinter SA		27,348		218,335
BNP Paribas SA		43,168		2,297,406
CaixaBank SA		143,349		456,457
Commerzbank AG (a)		41,544		373,327
Credit Agricole SA		45,467		623,681
Deutsche Bank AG		81,691		675,184
Erste Group Bank AG		11,448		458,392
Eurobank Ergasias SA (a)		72,202		60,332
FinecoBank Banca Fineco SpA		15,686		206,459
ING Groep NV - ADR (c)		154,738		1,974,457
Intesa Sanpaolo SpA		602,982		1,580,530
KBC Groep NV		10,883		805,868
Mediobanca Banca di Credito Finanziario SpA		26,064		276,256
National Bank of Greece SA (a)		21,790		47,755
Natixis SA		33,363		196,381
Nordea Bank Abp (a)		126,820		1,025,279
Raiffeisen Bank International AG		5,159		137,542
Societe Generale SA		28,849		913,119
UniCredit SpA		89,133		1,232,654
Unione di Banche Italiane SpA		40,596		126,581
				19,942,652
Beverages — 3.3%
Anheuser-Busch InBev SA/NV - ADR (c)		30,744		2,734,371
Davide Campari-Milano SpA		22,622		227,976
Heineken Holding NV		4,220		428,589
Heineken NV		9,415		1,016,285
Pernod Ricard SA		8,439		1,470,422
Remy Cointreau SA		990		131,914
				6,009,557
Building Materials — 1.0%
Buzzi Unicem SpA		2,768		61,564
Buzzi Unicem SpA - Savings Shares		1,600		24,370
Cie de Saint-Gobain		19,678		804,265
HeidelbergCement AG		5,937		479,445
Imerys SA		1,454		77,431

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

50

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 96.3% (Continued)
Building Materials — 1.0% (Continued)
Kingspan Group PLC (London)		5,836	$	306,469
Kingspan Group PLC (Cboe BXE)		129		6,783
Titan Cement Co SA		1,622		35,221
				1,795,548
Chemicals — 5.2%
Air Liquide SA		16,765		2,229,178
Arkema SA		2,872		294,615
Akzo Nobel NV		8,972		761,772
BASF SE - ADR		146,063		2,981,146
Brenntag AG		6,175		332,859
Covestro AG (b)		5,646		308,713
Evonik Industries AG		6,628		197,447
FUCHS PETROLUB SE		1,341		53,395
K&S AG		7,651		155,152
Koninklijke DSM NV		6,995		799,077
LANXESS AG		3,659		211,353
OCI NV (a)		3,838		111,277
Solvay SA - Class A		2,768		332,658
Symrise AG		4,836		464,844
Umicore SA		8,218		317,998
Wacker Chemie AG		599		52,430
				9,603,914
Commercial Services — 1.4%
Adyen NV (a)(b)		241		196,134
ALD SA (b)		3,229		47,444
Atlantia SpA		21,232		579,154
Bureau Veritas SA		10,991		278,356
Edenred		9,479		446,637
Elis SA		7,562		134,857
Randstad Holding NV		4,386		250,494
Wirecard AG		4,563		684,261
				2,617,337
Computers — 1.1%
Atos SE		3,685		379,337
Capgemini SE		6,232		755,601
Gemalto NV (a)		3,296		188,722
Ingenico Group SA		2,481		209,148
Teleperformance		2,283		438,635
				1,971,443
Cosmetics/Personal Care — 3.7%
Beiersdorf AG		3,982		435,189
L’Oreal SA		9,615		2,643,214
Unilever NV		60,416		3,656,483
				6,734,886
Distribution/Wholesale — 0.1%
Rexel SA		12,086		162,397

	Shares		Value
Diversified Financial Services — 0.6%
Amundi SA (b)		2,264	$	162,643
Deutsche Boerse AG		6,527		870,432
DWS Group GmbH & Co KGaA (a)(b)		1,379		50,670
GRENKE AG		1,050		111,468
				1,195,213
Electric — 5.2%
A2A SpA		61,657		103,041
E.ON SE		86,615		929,510
EDP - Energias de Portugal SA		90,493		342,959
EDP Renovaveis SA		6,066		60,212
Electricite de France SA		19,848		285,839
Endesa SA		12,652		315,172
Enel SpA		310,497		1,963,809
Engie SA		65,446		969,307
Fortum OYJ		17,226		364,003
Hera SpA		28,677		102,089
Iberdrola SA		244,513		2,220,851
Innogy SE (b)		5,106		237,037
Red Electrica Corp. SA		17,222		357,061
RWE AG		21,317		544,413
Terna Rete Elettrica Nazionale SpA		56,354		337,398
Uniper SE		7,804		236,419
Verbund AG (a)		2,638		130,838
				9,499,958
Electrical Components & Equipment — 1.6%
Legrand SA		10,629		781,099
OSRAM Licht AG		3,523		120,479
Prysmian SpA		10,458		201,634
Schneider Electric SE		20,413		1,727,680
Signify NV (b)		4,292		128,676
				2,959,568
Energy-Alternate Sources — 0.1%
Siemens Gamesa Renewable Energy SA		8,942		160,370
Engineering&Construction — 2.6%
Acciona SA		837		96,976
Ackermans & van Haaren NV		886		142,503
ACS Actividades de Construccion y Servicios SA		9,842		451,819
Aena SME SA (b)		2,546		472,174
Aeroports de Paris		1,130		230,162
Boskalis Westminster		3,194		87,375
Bouygues SA		8,152		306,667
Eiffage SA		3,004		313,682
Ferrovial SA		19,470		479,555
Fomento de Construcciones y Contratas SA (a)		2,860		35,029
Fraport AG Frankfurt Airport Services Worldwide		1,420		117,603
HOCHTIEF AG		797		118,891

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

51

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 96.3% (Continued)
Engineering&Construction — 2.6% (Continued)
Mytilineos Holdings SA		4,224	$	45,789
Vinci SA		18,543		1,872,228
				4,770,453
Entertainment — 0.0%
OPAP SA		8,511		91,641
Food — 2.7%
Carrefour SA		22,281		434,084
Casino Guichard Perrachon SA		2,188		89,574
Colruyt SA		2,109		152,005
Danone SA - ADR		119,065		1,931,234
Glanbia PLC (London)		7,697		141,840
Glanbia PLC (Dublin)		171		3,144
Jeronimo Martins SGPS SA		9,731		158,476
Kerry Group PLC - Class A		5,820		651,468
Kesko OYJ - Class B		2,705		140,471
Koninklijke Ahold Delhaize NV		43,301		1,042,239
METRO AG		6,729		113,964
Suedzucker AG		3,102		47,665
				4,906,164
Food Service — 0.2%
Sodexo SA		3,451		395,775
Forest Products&Paper — 0.5%
Stora Enso OYJ - Class R		22,362		277,525
UPM-Kymmene OYJ		21,286		599,488
				877,013
Gas — 0.7%
Enagas SA		9,053		257,909
Italgas SpA		19,550		121,916
Naturgy Energy Group SA		12,344		350,557
Rubis SCA		3,396		185,878
Snam SpA		90,543		460,748
				1,377,008
Healthcare-Products — 2.0%
Carl Zeiss Meditec AG		1,463		143,662
DiaSorin SpA		908		88,704
EssilorLuxottica SA		11,568		1,407,757
Koninklijke Philips NV		32,780		1,395,828
QIAGEN NV (a)		8,749		337,859
Sartorius Stedim Biotech		958		130,014
Siemens Healthineers AG (b)		5,212		222,257
				3,726,081
Healthcare-Services — 1.2%
BioMerieux		1,654		131,251
Eurofins Scientific SE		446		204,096
Fresenius Medical Care AG & Co KGaA - ADR		16,933		714,234

	Shares		Value
Healthcare-Services — 1.2% (Continued)
Fresenius SE & Co. KGaA		16,191	$	918,527
Orpea		1,789		218,112
				2,186,220
Home Furnishings — 0.2%
Rational AG		133		89,802
SEB SA		1,082		198,056
				287,858
Household Products/Wares — 0.3%
Henkel AG & Co. KGaA		4,046		385,504
Societe BIC SA		1,023		88,178
				473,682
Insurance — 6.7%
Aegon NV		69,973		365,412
Ageas		7,477		394,153
Allianz SE		16,849		4,059,271
ASR Nederland NV		5,309		235,802
Assicurazioni Generali SpA		51,750		1,004,144
AXA SA		76,736		2,043,671
CNP Assurances		6,340		149,615
Hannover Rueck SE		2,396		361,182
Mapfre SA		39,462		118,398
Muenchener Rueckversicherungs-Gesellschaft AG - Class R		5,952		1,488,701
NN Group NV		13,597		592,023
Poste Italiane SpA (b)		18,429		196,572
Sampo OYJ - Class A		19,575		894,902
SCOR SE		6,254		255,048
Talanx AG		1,515		60,527
UnipolSai Assicurazioni SpA		23,126		63,341
Vienna Insurance Group AG Wiener Versicherung Gruppe		1,534		42,669
				12,325,431
Internet — 0.4%
Delivery Hero SE (a)(b)		4,351		200,523
Iliad SA		959		97,559
Rocket Internet SE (a)(b)		2,611		68,820
Scout24 AG (b)		4,300		221,371
United Internet AG		4,616		184,986
				773,259
Investment Companies — 0.5%
Corp. Financiera Alba SA		811		41,752
EXOR NV		4,263		283,824
Groupe Bruxelles Lambert SA		2,916		278,720
Sofina SA		609		125,273
Wendel SA		1,131		156,537
				886,106
Iron/Steel — 0.5%
Acerinox SA		6,895		71,720
ArcelorMittal		24,118		522,839
ThyssenKrupp AG		18,578		261,194

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

52

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 96.3% (Continued)
Iron/Steel — 0.5% (Continued)
Voestalpine AG		4,524	$	145,272
				1,001,025
Leisure Time — 0.1%
Amer Sports Corp. (a)(c)		4,130		185,289
Lodging — 0.2%
Accor SA		8,059		339,505
Machinery-Diversified — 1.1%
ANDRITZ AG		2,829		134,853
CNH Industrial NV		39,652		429,973
GEA Group AG		6,634		185,423
KION Group AG		2,811		192,449
Kone OYJ - Class B		15,548		852,055
Metso OYJ		4,269		159,014
Zardoya Otis SA		7,085		57,215
				2,010,982
Media — 1.4%
Axel Springer SE		1,779		100,764
Bollore SA		39,072		185,636
Lagardere SCA		4,601		125,194
Mediaset SpA (a)		12,328		40,984
ProSiebenSat.1 Media SE		9,149		144,021
RTL Group SA		1,528		85,862
Telenet Group Holding NV		1,925		102,168
Vivendi SA		38,288		1,110,961
Wolters Kluwer NV		10,631		741,420
				2,637,010
Metal Fabricate/Hardware — 0.1%
Tenaris SA - ADR		9,385		260,340
Miscellaneous Manufacturing — 2.5%
Aalberts Industries NV		3,840		150,744
Alstom SA		6,151		270,440
Knorr-Bremse AG (a)		1,727		187,212
Siemens AG - ADR		60,944		3,656,640
Wartsila OYJ Abp		18,164		289,702
				4,554,738
Oil&Gas — 5.1%
Eni SpA		99,914		1,705,390
Galp Energia SGPS SA		20,544		344,942
Hellenic Petroleum SA		2,318		21,449
Motor Oil Hellas Corinth Refineries SA		2,234		56,979
Neste OYJ		16,599		548,100
OMV AG		5,660		303,130
Repsol SA		48,535		823,633

	Shares		Value
Oil&Gas — 5.1% (Continued)
TOTAL SA - ADR		100,910	$	5,617,683
				9,421,306
Oil&Gas Services — 0.3%
Saipem SpA (a)		22,464		113,809
TechnipFMC Plc		18,300		453,816
				567,625
Packaging&Containers — 0.1%
Huhtamaki OYJ		3,703		141,254
Pharmaceuticals — 4.5%
Bayer AG - ADR		149,509		2,510,256
Galapagos NV (a)		1,674		191,605
Grifols SA		13,209		366,530
Ipsen SA		1,369		159,843
Merck KGaA		5,162		549,329
Orion OYJ - Class B		4,067		135,159
Recordati SpA		3,812		153,877
Sanofi - ADR		86,205		3,769,745
UCB SA		4,801		380,815
				8,217,159
Pipelines — 0.1%
Koninklijke Vopak NV		2,644		117,879
Private Equity — 0.1%
Eurazeo SE		1,903		149,302
Real Estate — 1.2%
Aroundtown SA		26,595		215,545
Deutsche Wohnen SE		14,175		637,063
LEG Immobilien AG		2,524		293,709
Vonovia SE		20,707		1,032,818
				2,179,135
Retail — 1.1%
FF Group (a)(d)		1,259		6,778
Fielmann AG		973		69,081
GrandVision NV (b)		1,950		43,874
HUGO BOSS AG		2,563		178,690
Industria de Diseno Textil SA		41,940		1,268,671
JUMBO SA		4,174		75,841
Salvatore Ferragamo SpA		2,679		60,636
Zalando SE (a)(b)		5,467		257,168
				1,960,739
Semiconductors — 2.4%
ASML Holding NV		14,284		2,972,536
Infineon Technologies AG		45,182		1,065,470
STMicroelectronics NV		25,324		465,107
				4,503,113
Software — 4.1%
Amadeus IT Holding SA		16,485		1,311,286
Dassault Systemes SE		5,269		833,568

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

53

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 96.3% (Continued)
Software — 4.1% (Continued)
SAP SE - ADR		38,333	$	4,939,590
Ubisoft Entertainment SA (a)		3,393		323,629
Worldline SA/France (a)(b)		1,586		99,883
				7,507,956
Telecommunications — 4.5%
1&1 Drillisch AG		1,841		68,636
Cellnex Telecom SA (b)		8,363		257,199
Deutsche Telekom AG		128,941		2,156,874
Elisa OYJ		5,710		242,277
Eutelsat Communications SA		7,390		133,364
Hellenic Telecommunications Organization SA		9,650		133,995
Koninklijke KPN NV		132,075		405,300
Nokia OYJ - ADR		221,332		1,168,633
Orange SA		76,585		1,199,567
Proximus SADP		5,585		156,291
SES SA		14,012		238,410
Telecom Italia SpA (a)		429,699		240,301
Telecom Italia SpA - Savings Shares		240,913		125,620
Telefonica Deutschland Holding AG		26,678		86,655
Telefonica SA - ADR		180,118		1,494,979
Telekom Austria AG		5,463		40,931
VEON Ltd.		23,646		56,491
				8,205,523
Transportation — 0.9%
Deutsche Post AG		38,782		1,344,090
Getlink SE		18,050		290,515
Hapag-Lloyd AG (b)		1,082		33,313
				1,667,918
Water — 0.4%
Suez		14,613		205,285
Veolia Environnement SA		19,882		469,632
				674,917
TOTAL COMMON STOCKS (Cost $167,050,220)				176,604,305

	Shares		Value
PREFERRED STOCKS — 1.8%
Auto Manufacturers — 1.0%
Bayerische Motoren Werke AG		2,203	$	162,585
Porsche Automobil Holding SE		6,118		424,345
Volkswagen AG		7,316		1,272,205
				1,859,135
Chemicals — 0.1%
FUCHS PETROLUB SE		2,777		120,788
Electric — 0.0%
RWE AG		1,558		39,755
Electronics — 0.2%
Sartorius AG		1,366		250,041
Household Products/Wares — 0.4%
Henkel AG & Co. KGaA		6,974		705,863
Pharmaceuticals — 0.1%
Grifols SA - Class B		10,448		201,324
TOTAL PREFERRED STOCKS (Cost $3,036,780)				3,176,906
REAL ESTATE INVESTMENT TRUSTS — 1.2%
Covivio		1,764		190,926
Gecina SA		2,086		311,410
ICADE		1,280		109,397
Inmobiliaria Colonial Socimi SA		12,113		130,358
Klepierre		7,976		283,317
Merlin Properties Socimi SA		13,319		181,504
Unibail-Rodamco-Westfield		5,378		924,402
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,045,183)				2,131,314

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

54

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.4%
Money Market Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account 2.35% (e)		768,968	$	768,968
TOTAL SHORT-TERM INVESTMENTS (Cost $768,968)				768,968
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 3.1%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (e)		5,743,553		5,743,553
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,743,553)				5,743,553
Total Investments (Cost $178,644,704) — 102.8%				188,425,046
Liabilities in Excess of Other Assets — (2.8)%				(5,045,687	)
TOTAL NET ASSETS — 100.0%			$	183,379,359

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) 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 $3,719,077 or 2.03% of net assets.

(c) All or portion of this security is on loan as of April 30, 2019. The total value of securities on loan is $5,591,627 or 3.0% of net assets.

(d) As of April 30, 2019 the fund has fair valued this security. This security is deemed illiquid according to the Fund’s liquidity guidelines value determined using significant unobservable inputs.

(e) The rate shown is as of April 30, 2019

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 the financial statements.

55

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 97.6%
Australia — 7.4%
AGL Energy Ltd.		54,688	$	857,018
Alumina Ltd.		423,314		668,450
Aurizon Holdings Ltd.		166,992		560,352
BHP Billiton Ltd. - ADR (a)		85,936		4,550,311
Caltex Australia Ltd.		15,750		302,112
CIMIC Group Ltd.		15,518		553,425
Mirvac Group		241,655		482,104
South32 Ltd.		319,248		751,680
STOCKLAND		229,193		609,118
Telstra Corp. Ltd.		811,645		1,933,932
Wesfarmers Ltd.		114,555		2,908,008
Woodside Petroleum Ltd.		55,846		1,393,256
				15,569,766
Canada — 0.8%
Canadian Natural Resources Ltd. (a)		55,446		1,662,271
Cayman Islands — 3.0%
Chow Tai Fook Jewellery Group Ltd.		1,166,791		1,247,881
Sands China Ltd.		587,252		3,226,413
WH Group Ltd. (b)		856,405		1,015,267
Wynn Macau Ltd.		267,999		768,659
				6,258,220
Finland — 0.7%
Stora Enso OYJ - Class R		38,649		479,655
UPM-Kymmene OYJ		34,425		969,528
				1,449,183
France — 4.8%
Cie Generale des Etablissements Michelin		9,306		1,201,895
Engie SA		189,261		2,803,104
Publicis Groupe SA		12,059		715,225
Renault SA		22,519		1,536,156
Sanofi - ADR		88,518		3,870,892
				10,127,272
Germany — 7.2%
BASF SE		56,335		4,580,323
Bayer AG - ADR		203,546		3,417,537
Continental AG		9,075		1,499,912
Covestro AG (b)		11,571		632,682
Evonik Industries AG		29,985		893,247
Siemens AG		34,996		4,189,723
				15,213,424
Hong Kong — 2.2%
CK Infrastructure Holdings Ltd.		130,710		1,061,369
NWS Holdings Ltd.		248,979		517,331
Power Assets Holdings Ltd.		449,427		3,133,752
				4,712,452

	Shares		Value
Israel — 0.1%
Bezeq The Israeli Telecommunication Corp. Ltd.		228,977	$	156,557
Italy — 3.8%
Atlantia SpA		71,101		1,939,452
Eni SpA		242,237		4,134,640
PRADA SpA		216,717		611,906
Snam SpA		251,243		1,278,505
				7,964,503
Japan — 10.5%
Bridgestone Corp.		34,400		1,360,621
Canon, Inc. - ADR (a)		71,536		1,980,116
ITOCHU Corp.		74,587		1,339,145
Japan Tobacco, Inc.		118,435		2,738,799
KDDI Corp.		111,974		2,553,705
Mitsubishi Chemical Holdings Corp.		78,720		557,637
Mitsui & Co. Ltd.		105,510		1,699,223
NTT DOCOMO, Inc.		169,989		3,678,428
Subaru Corp.		56,828		1,387,859
Sumitomo Chemical Co. Ltd.		82,760		410,104
Sumitomo Corp.		68,724		980,626
Takeda Pharmaceutical Co Ltd. - ADR		92,600		1,692,728
Tokyo Electron Ltd.		11,154		1,766,797
				22,145,788
Jersey — 0.7%
WPP PLC - ADR (a)		24,003		1,495,387
Netherlands Antilles — 1.6%
Schlumberger Ltd.		81,009		3,457,464
Norway — 1.1%
Norsk Hydro ASA		116,704		499,960
Telenor ASA		93,607		1,879,203
				2,379,163
Republic of Korea — 2.2%
Lotte Chemical Corp.		1,707		392,355
Samsung Electronics Co. Ltd.		108,069		4,241,719
				4,634,074
Singapore — 2.0%
Genting Singapore Ltd.		553,322		400,722
Keppel Corp. Ltd.		91,607		455,981
Singapore Technologies Engineering Ltd.		175,217		510,153
Singapore Telecommunications Ltd.		1,202,379		2,802,398
				4,169,254
South Korea — 0.3%
KT&G Corp.		6,184		539,972
Spain — 2.6%
Aena SME SA (b)		7,118		1,320,085

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

56

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 97.6% (Continued)
Spain — 2.6% (Continued)
Repsol SA		103,789	$	1,761,286
Telefonica SA - ADR		281,851		2,339,363
				5,420,734
Sweden — 0.6%
Telia Co. AB		317,448		1,351,731
Switzerland — 1.1%
ABB Ltd. - ADR (a)		110,248		2,277,724
United Kingdom — 16.1%
Anglo American PLC		81,295		2,100,459
BP PLC - ADR		99,154		4,336,025
British American Tobacco PLC - ADR (a)		114,132		4,473,974
BT Group PLC - ADR (a)		153,320		2,313,599
GlaxoSmithKline PLC - ADR		104,207		4,286,034
Imperial Brands PLC		99,496		3,160,539
International Consolidated Airlines Group SA		94,660		667,053
Rio Tinto PLC - ADR (a)		83,859		4,939,295
Royal Dutch Shell PLC - ADR (a)		63,124		4,096,116
Vodafone Group PLC - ADR		186,433		3,452,739
				33,825,833
United States — 28.8%
AbbVie, Inc.		44,244		3,512,531
Altria Group, Inc. (a)		71,139		3,864,982
AT&T, Inc. (a)		127,846		3,958,112
Chevron Corp.		33,382		4,007,843
Eaton Corp. PLC		19,402		1,606,874
Equinor ASA - ADR (a)		162,511		3,606,119
Exxon Mobil Corp. (a)		49,635		3,984,698
Ford Motor Co.		347,720		3,633,674
General Mills, Inc.		37,790		1,945,051
International Business Machines Corp.		32,341		4,536,472
International Paper Co.		20,805		973,882
Las Vegas Sands Corp. (a)		55,101		3,694,522
LyondellBasell Industries NV - Class A		22,252		1,963,294
Philip Morris International, Inc.		45,583		3,945,665
QUALCOMM, Inc. (a)		65,301		5,624,375
Southern Copper Corp. (a)		36,424		1,399,410
Target Corp. (a)		24,123		1,867,603
Valero Energy Corp.		21,530		1,951,910
Verizon Communications, Inc. (a)		66,822		3,821,550
Western Digital Corp. (a)		16,494		843,173
				60,741,740
TOTAL COMMON STOCKS (Cost $201,136,082)				205,552,512

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 1.4%
Australia — 0.5%
Dexus		60,113	$	529,708
Vincinity Centres		312,927		560,319
				1,090,027
United States — 0.9%
Public Storage (a)		8,080		1,787,135
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $2,765,961)				2,877,162
SHORT-TERM INVESTMENTS — 0.5%
Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account, 2.35% (c)		1,025,631		1,025,631
TOTAL SHORT-TERM INVESTMENTS (Cost $1,025,631)				1,025,631
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 23.6%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (c)		49,602,558		49,602,558
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $49,602,558)				49,602,558
Total Investments (Cost $254,530,232) — 123.1%				259,057,863
Liabilities in Excess of Other Assets — (23.1)%				(48,553,002	)
TOTAL NET ASSETS — 100.0%			$	210,504,861

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, 2019. The total value of securities on loan is $48,500,145 or 23.0% of net assets.

(b) Security exempt from registration under Rule 144(b) 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 $2,968,034 or 1.41% of net assets.

(c) The rate shown is as of April 30, 2019.

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

57

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 99.6%
Advertising — 1.0%
Omnicom Group, Inc.		33,593	$	2,688,448
Agriculture — 2.0%
Altria Group, Inc.		99,048		5,381,278
Airlines — 1.8%
Southwest Airlines Co.		90,650		4,915,949
Apparel — 1.0%
Capri Holdings Ltd. (b)		28,665		1,263,553
Tapestry, Inc.		43,331		1,398,292
				2,661,845
Auto Parts & Equipment — 1.1%
Allison Transmission Holdings, Inc.		25,292		1,185,183
Lear Corp.		12,191		1,743,313
				2,928,496
Beverages — 1.1%
Molson Coors Brewing Co. - Class B (a)		46,170		2,963,652
Biotechnology — 7.3%
Amgen, Inc.		27,491		4,929,686
Biogen, Inc. (b)		15,573		3,569,955
Celgene Corp. (b)		60,779		5,753,340
Gilead Sciences, Inc.		79,149		5,147,851
				19,400,832
Chemicals — 5.2%
Celanese Corp. - Class A		20,049		2,163,087
CF Industries Holdings, Inc.		43,332		1,940,407
Huntsman Corp.		60,602		1,347,789
LyondellBasell Industries NV - Class A		61,767		5,449,702
Olin Corp.		35,286		765,353
The Chemours Co. (a)		30,550		1,100,105
Westlake Chemical Corp.		17,139		1,195,445
				13,961,888
Commercial Services — 1.2%
H&R Block, Inc.		53,334		1,451,218
ManpowerGroup, Inc.		8,361		802,991
Robert Half International, Inc.		13,124		814,869
				3,069,078
Computers — 10.8%
Apple, Inc.		30,019		6,023,913
Dell Technologies, Inc. (b)		92,723		6,250,457
HP, Inc.		268,063		5,347,857
International Business Machines Corp.		37,329		5,236,139
NetApp, Inc.		31,876		2,322,167

	Shares		Value
Computers — 10.8% (Continued)
Western Digital Corp. (a)		70,109	$	3,583,972
				28,764,505
Distribution/Wholesale — 0.2%
WESCO International, Inc. (b)		8,044		460,439
Diversified Financial Services — 1.5%
Alliance Data Systems Corp.		24,849		3,978,325
Electronics — 0.3%
Gentex Corp. (a)		37,960		874,219
Forest Products & Paper — 0.2%
Domtar Corp.		11,818		577,900
Hand/Machine Tools — 0.6%
Regal Beloit Corp.		5,718		486,487
Snap-On, Inc. (a)		7,155		1,204,043
				1,690,530
Home Builders — 3.5%
Lennar Corp. - Class A		69,205		3,600,736
NVR, Inc. (a)(b)		470		1,481,665
PulteGroup, Inc.		87,824		2,762,943
Thor Industries, Inc.		7,688		506,408
Toll Brothers, Inc. (a)		27,336		1,041,502
				9,393,254
Internet — 3.3%
Booking Holdings, Inc. (b)		3,051		5,659,575
F5 Networks, Inc. (b)		7,109		1,115,402
Symantec Corp. (a)		76,753		1,858,190
				8,633,167
Iron/Steel — 1.5%
Nucor Corp.		39,471		2,252,610
Steel Dynamics, Inc.		52,437		1,661,204
				3,913,814
Leisure Time — 0.6%
Harley-Davidson, Inc.		44,236		1,646,906
Lodging — 2.2%
Las Vegas Sands Corp.		86,496		5,799,557
Machinery-Diversified — 1.5%
Cummins, Inc.		17,434		2,899,100
GrafTech International Ltd.		91,185		1,044,068
				3,943,168
Media — 2.8%
AMC Networks, Inc. - Class A (a)(b)		12,842		750,101
Discovery, Inc. - Class A (a)(b)		116,771		3,608,224
Viacom, Inc. - Class B		106,127		3,068,132
				7,426,457

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

58

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 99.6% (Continued)
Miscellaneous Manufacturing — 0.2%
Crane Co.		6,058	$	515,233
Office/Business Equipment — 0.7%
Xerox Corp.		56,666		1,890,378
Oil & Gas — 6.7%
Chevron Corp.		42,576		5,111,674
ConocoPhillips		75,368		4,757,228
HollyFrontier Corp.		40,347		1,925,762
PBF Energy, Inc. - Class A		26,905		903,470
Phillips 66		53,894		5,080,588
				17,778,722
Oil&Gas Services — 0.1%
RPC, Inc. (a)		23,036		237,040
Packaging & Containers — 0.8%
WestRock Co.		56,332		2,162,022
Pharmaceuticals — 8.1%
AbbVie, Inc.		64,856		5,148,918
Allergan PLC		37,320		5,486,040
AmerisourceBergen Corp.		31,303		2,340,212
Cardinal Health, Inc.		54,498		2,654,598
Jazz Pharmaceuticals PLC (b)		8,030		1,042,053
McKesson Corp.		34,841		4,154,789
Premier, Inc. - Class A (b)		18,968		630,307
				21,456,917
Retail — 8.5%
Best Buy Co., Inc.		30,549		2,273,151
Dick’s Sporting Goods, Inc.		24,177		894,549
Foot Locker, Inc.		13,808		789,956
Kohl’s Corp.		41,208		2,929,889
Macy’s, Inc.		75,634		1,780,424
Nordstrom, Inc.		29,632		1,215,505
Qurate Retail Group, Inc. QVC Group - Class A (b)		104,267		1,777,752
Starbucks Corp. (a)		73,744		5,728,434
Urban Outfitters, Inc. (b)		15,899		472,677
Walgreens Boots Alliance, Inc.		77,956		4,176,103
Williams-Sonoma, Inc. (a)		11,022		630,128
				22,668,568
Semiconductors — 15.7%
Applied Materials, Inc.		113,996		5,023,804
Broadcom, Inc.		19,257		6,131,429
Cypress Semiconductor Corp.		43,709		750,921
KLA-Tencor Corp.		19,011		2,423,522
Lam Research Corp.		27,236		5,649,563

	Shares		Value
Semiconductors — 15.7% (Continued)
Micron Technology, Inc. (b)		126,344	$	5,314,029
MKS Instruments, Inc. (a)		7,071		643,532
NXP Semiconductors NV		55,755		5,888,843
ON Semiconductor Corp. (b)		59,175		1,364,575
Qorvo, Inc. (b)		15,905		1,202,577
Skyworks Solutions, Inc.		19,009		1,676,214
Texas Instruments, Inc.		49,201		5,797,354
				41,866,363
Software — 3.3%
Citrix Systems, Inc.		15,331		1,547,818
Nuance Communications, Inc. (a)(b)		39,426		663,539
Oracle Corp.		99,491		5,504,837
Take-Two Interactive Software, Inc. (b)		10,687		1,034,822
				8,751,016
Telecommunications — 4.6%
Cisco Systems, Inc.		102,188		5,717,419
CenturyLink, Inc.		401,290		4,582,732
Juniper Networks, Inc.		44,584		1,238,098
LogMeIn, Inc.		7,017		578,201
				12,116,450
Transportation — 0.2%
Landstar System, Inc. (a)		4,452		485,090
TOTAL COMMON STOCKS (Cost $255,770,275)		253,463,257		265,001,506
REAL ESTATE INVESTMENT TRUSTS — 0.2%
Apple Hospitality REIT, Inc. (a)		33,776		555,615
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $557,986)				555,615

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

59

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.2%
Money Market Funds — 0.2%
U.S. Bank Money Market Deposit Account 2.35% (c)		453,773	$	453,773
TOTAL SHORT-TERM INVESTMENTS (Cost $453,773)				453,773
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.9%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (c)		23,710,020		23,710,020
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $23,710,020)				23,710,020
Total Investments (Cost $280,492,054) — 108.9%				289,720,914
Liabilities in Excess of Other Assets — (8.9)%				(23,702,797	)
TOTAL NET ASSETS — 100.0%			$	266,018,117

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan as of April 30, 2019. The total value of securities on loan is $23,102,179 or 8.7% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2019.

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 the financial statements.

60

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 99.8%
Aerospace/Defense — 3.8%
Aerojet Rocketdyne Holdings, Inc. (a)(b)		26,926	$	911,714
Kaman Corp. (a)		9,689		599,846
National Presto Industries, Inc. (a)		3,677		391,601
				1,903,161
Auto Manufacturers — 0.7%
Wabash National Corp.		24,374		367,560
Auto/Truck Parts&Equipment — 2.4%
Garrett Motion, Inc. (b)		64,419		1,211,077
Biotechnology — 1.9%
Innoviva, Inc. (a)(b)		68,661		963,314
Building Materials — 3.8%
Apogee Enterprises, Inc.		10,187		410,536
Boise Cascade Co.		13,210		365,785
Gibraltar Industries, Inc. (b)		9,251		366,987
Patrick Industries, Inc. (b)		15,704		783,159
				1,926,467
Chemicals — 1.4%
Hawkins, Inc.		3,620		133,614
Rayonier Advanced Materials, Inc. (a)		38,749		575,035
				708,649
Coal — 1.9%
Consol Energy, Inc. (b)		29,088		986,083
Commercial Services — 10.7%
American Public Education, Inc. (b)		4,457		142,624
AMN Healthcare Services, Inc. (a)(b)		17,640		918,338
Cardtronics PLC - Class A (b)		33,259		1,189,342
FTI Consulting, Inc. (b)		11,420		970,472
Heidrick & Struggles International, Inc.		10,134		362,594
Korn/Ferry International		19,014		894,038
LSC Communications, Inc. (a)		58,336		407,769
TrueBlue, Inc. (b)		21,476		518,860
				5,404,037
Computers — 3.1%
Insight Enterprises, Inc. (b)		17,799		1,007,067
TTEC Holdings, Inc.		15,606		568,995
				1,576,062
Distribution/Wholesale — 3.2%
Core-Mark Holding Co, Inc.		21,025		764,259
Fossil Group, Inc. (a)(b)		66,749		872,409
				1,636,668

	Shares		Value
Diversified Financial Services — 2.1%
WageWorks, Inc. (b)		21,788	$	1,063,036
Electronics — 2.0%
Advanced Energy Industries, Inc. (b)		11,940		689,654
Control4 Corp. (b)		7,199		125,335
Smart Global Holdings, Inc. (a)(b)		8,862		192,660
				1,007,649
Energy-Alternate Sources — 4.2%
FutureFuel Corp.		18,959		278,508
Renewable Energy Group, Inc. (a)(b)		42,437		1,023,581
REX American Resources Corp. (b)		1,276		107,835
SolarEdge Technologies, Inc. (a)(b)		16,326		723,242
				2,133,166
Environmental Control — 2.1%
Tetra Tech, Inc.		16,248		1,051,570
Food — 1.1%
Cal-Maine Foods, Inc.		13,158		540,925
Forest Products & Paper — 2.2%
Mercer International, Inc.		47,304		669,825
Schweitzer-Mauduit International, Inc.		12,660		450,316
				1,120,141
Healthcare-Services — 2.2%
Medpace Holdings, Inc. (b)		11,512		646,629
Tivity Health, Inc. (a)(b)		21,878		473,002
				1,119,631
Home Builders — 2.3%
Meritage Homes Corp. (b)		22,387		1,145,095
Home Furnishings — 0.4%
Ethan Allen Interiors, Inc.		9,037		199,718
Household Products/Wares — 0.5%
Quanex Building Products Corp.		14,864		248,526
Internet — 3.6%
New Media Investment Group, Inc.		34,377		367,490
Perficient, Inc. (b)		9,766		287,511
QuinStreet, Inc. (a)(b)		12,296		175,464
Stamps.com, Inc. (b)		11,251		965,336
				1,795,801
Iron/Steel — 1.7%
AK Steel Holding Corp. (a)(b)		350,657		848,590
Leisure Time — 0.1%
Nautilus, Inc. (b)		7,696		41,174

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

61

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 99.8% (Continued)
Machinery-Diversified — 0.5%
Ichor Holdings Ltd. (a)(b)		10,334	$	260,210
Media — 0.7%
Gannett Co., Inc. (a)		37,451		349,418
Miscellaneous Manufacturing — 7.2%
EnPro Industries, Inc.		10,288		764,604
Fabrinet (a)(b)		11,544		698,643
Hillenbrand, Inc.		22,733		977,974
Myers Industries, Inc.		13,009		232,731
Sturm Ruger & Co, Inc.		9,113		510,237
Tredegar Corp.		24,315		438,156
				3,622,345
Oil & Gas Services — 0.8%
ERA Group, Inc. (b)		18,737		180,625
Matrix Service Co. (b)		10,261		201,218
				381,843
Pharmaceuticals — 4.1%
Anika Therapeutics, Inc. (b)		4,206		133,961
Assertio Therapeutics, Inc. (a)(b)		84,930		354,158
Corcept Therapeutics, Inc. (a)(b)		40,670		503,495
Eagle Pharmaceuticals, Inc (b)		4,671		240,136
Lannett Co, Inc. (a)(b)		43,091		331,370
Supernus Pharmaceuticals, Inc. (a)(b)		14,430		530,014
				2,093,134
Retail — 19.8%
Abercrombie & Fitch Co. - Class A (a)		35,693		1,066,864
Barnes & Noble Education, Inc. (b)		50,424		216,823
BJ’s Restaurants, Inc.		6,435		321,171
Caleres, Inc.		17,441		457,477
Chico’s FAS, Inc.		113,435		397,022
Conn’s, Inc. (b)		22,631		585,464
Designer Brands, Inc. (a)		21,311		474,170
Express, Inc. (b)		36,239		133,359
GameStop Corp. - Class A (a)		69,244		598,960
Genesco, Inc. (a)(b)		15,658		701,635
Haverty Furniture Cos, Inc.		8,728		207,901
Hibbett Sports, Inc. (a)(b)		14,747		305,263
MarineMax, Inc. (b)		10,921		188,824
Movado Group, Inc.		9,995		356,322
Office Depot, Inc.		294,139		705,934
PetMed Express, Inc. (a)		6,874		150,197
Red Robin Gourmet Burgers, Inc. (a)(b)		11,731		375,744
Shoe Carnival, Inc. (a)		7,651		272,835
Tailored Brands, Inc.		82,525		672,579
The Buckle, Inc. (a)		22,954		424,190

	Shares		Value
Retail — 19.8% (Continued)
The Cato Corp. - Class A		14,919	$	226,172
The Children’s Place, Inc. (a)		4,374		493,475
Vera Bradley, Inc. (b)		15,667		192,391
Vitamin Shoppe, Inc. (a)(b)		38,350		240,838
Zumiez, Inc. (b)		8,329		221,801
				9,987,411
Semiconductors — 4.0%
COHU, Inc.		10,349		153,476
Kulicke & Soffa Industries, Inc.		20,763		483,155
Nanometrics, Inc. (a)(b)		14,134		421,052
Rambus, Inc. (b)		32,773		375,578
Xperi Corp.		23,378		580,943
				2,014,204
Software — 2.1%
Progress Software Corp.		13,371		609,851
TIVO Corp. (a)		58,551		548,623
				1,158,474
Telecommunications — 0.9%
Adtran, Inc.		13,680		234,475
CalAmp Corp. (b)		14,731		215,220
				449,695
Transportation — 2.1%
ArcBest Corp. (a)		25,312		773,535
Echo Global Logistics, Inc. (b)		12,787		293,334
				1,066,869
TOTAL COMMON STOCKS (Cost $48,399,226)				50,381,703
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account 2.35% (c)		109,951		109,951
TOTAL SHORT-TERM INVESTMENTS (Cost $109,951)				109,951

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

62

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 27.0%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (c)		13,614,390	$	13,614,390
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,614,390)
Total Investments (Cost $62,123,567) — 127.0%				64,106,044
Liabilities in Excess of Other Assets — (27.0)%				(13,632,287	)
TOTAL NET ASSETS — 100.0%			$	50,473,757

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan as of April 30, 2019. The total value of securities on loan is $13,069,315 or 25.9% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2019.

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 the financial statements.

63

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 98.9%
Australia — 8.2%
AGL Energy Ltd.		18,147	$	284,382
Alumina Ltd.		63,745		100,659
BHP Billiton Ltd. - ADR - (a)		13,891		735,529
BlueScope Steel Ltd.		15,024		142,451
Coles Group Ltd. (b)		29,632		263,411
Newcrest Mining Ltd.		12,595		222,060
Qantas Airways Ltd.		60,915		240,905
South32 Ltd.		128,961		303,643
Wesfarmers Ltd.		18,416		467,495
				2,760,535
Britain — 1.8%
Fiat Chrysler Automobiles NV		39,251		604,627
Canada — 5.9%
Canadian Natural Resources Ltd. - (a)		22,172		664,716
Imperial Oil Ltd.		16,932		492,383
Magna International, Inc.		9,159		509,607
Teck Resources Ltd. (a)		13,229		312,866
				1,979,572
Cayman Islands — 1.9%
WH Group Ltd. (c)		298,321		353,659
Wynn Macau Ltd.		98,505		282,526
				636,185
Denmark — 1.6%
Carlsberg A/S		3,021		390,225
Pandora A/S		3,867		162,202
				552,427
Finland — 1.5%
Stora Enso OYJ - Class R		15,114		187,573
UPM-Kymmene OYJ		11,501		323,908
				511,481
France — 6.4%
Atos SE		2,215		228,014
Casino Guichard Perrachon SA		9,050		370,494
Faurecia		3,055		155,152
Peugeot SA		30,151		789,977
Publicis Groupe SA		7,815		463,511
Ubisoft Entertainment SA (b)		1,724		164,437
				2,171,585
Germany — 4.8%
Continental AG		3,281		542,283
Covestro AG (c)		10,161		555,585
Deutsche Lufthansa AG		8,260		199,371
ProSiebenSat.1 Media SE		20,357		320,454
				1,617,693
Hong Kong — 1.5%
Galaxy Entertainment Group Ltd.		65,571		490,228

	Shares		Value
Ireland — 0.3%
Paddy Power Betfair PLC		1,161	$	98,225
Italy — 1.9%
Eni SpA		38,272		653,248
Japan — 24.7%
Advantest Corp.		3,345		94,289
Astellas Pharma, Inc.		37,460		507,448
Bridgestone Corp.		10,862		429,624
Dentsu, Inc.		5,098		207,545
Disco Corp.		624		106,880
Fuji Electric Co Ltd.		2,957		104,190
Fujifilm Holdings Corp.		8,041		374,205
Japan Airlines Co Ltd.		4,273		143,041
Kajima Corp.		16,334		241,209
Mazda Motor Corp.		16,315		192,669
Mitsubishi Chemical Holdings Corp.		55,438		392,712
Mitsubishi Heavy Industries Ltd.		9,866		409,271
Nexon Co. Ltd. (b)		17,472		250,328
Nikon Corp.		15,679		218,165
Nippon Telegraph & Telephone Corp.		15,078		624,804
Nitto Denko Corp.		2,492		134,001
NTT DOCOMO, Inc.		26,858		581,186
Renesas Electronics Corp. (b)		32,694		174,043
SMC Corp.		837		346,086
Sojitz Corp.		74,968		257,756
Sony Corp. - ADR (a)		11,369		572,656
Square Enix Holdings Co. Ltd.		1,583		54,427
Subaru Corp. .		6,530		159,476
SUMCO Corp.		5,629		73,776
Sumitomo Chemical Co. Ltd.		57,049		282,697
Suzuki Motor Corp.		8,158		370,935
Taisei Corp.		9,538		417,413
Tokyo Electron Ltd.		2,262		358,301
Tosoh Corp.		11,710		187,642
Yamada Denki Co Ltd. .		21,911		103,659
				8,370,434
Jersey — 1.1%
WPP PLC - ADR		5,713		355,920
Netherlands — 2.3%
Koninklijke Ahold Delhaize NV		24,483		589,297
Randstad Holding NV		3,258		186,071
				775,368
Norway — 2.5%
Aker BP ASA		9,084		299,555
Telenor ASA		28,042		562,956
				862,511

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

64

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 98.9% (Continued)
Republic of Korea — 9.2%
GS Engineering & Construction Corp.		2,905	$	100,966
Hyundai Engineering & Construction Co. Ltd.		3,065		137,750
Hyundai Mobis Co. Ltd.		2,253		448,421
Kia Motors Corp.		12,093		468,440
POSCO - ADR		10,807		596,222
Samsung Electronics Co. Ltd.		16,826		660,422
SK Hynix, Inc.		10,314		697,518
				3,109,739
Singapore — 1.4%
Genting Sing Ltd.		644,799		466,971
South Korea — 0.5%
KT&G Corp.		2,058		179,700
Spain — 0.9%
Enagas SA		10,927		311,297
Sweden — 2.3%
Boliden AB		7,985		237,100
Sandvik AB		19,495		360,560
SKF AB		9,959		184,297
				781,957
Switzerland — 0.8%
Adecco Group AG		3,243		186,251
Logitech International SA		2,405		94,033
				280,284
United Kingdom — 15.7%
Anglo American PLC		29,997		775,047
Antofagasta PLC		19,474		230,579
Barratt Developments PLC		28,795		225,968
Berkeley Group Holdings PLC		5,102		249,887
Burberry Group PLC		6,298		165,648
Imperial Brands PLC (a)		21,430		680,735
International Consolidated Airlines Group SA		54,580		384,616
ITV PLC		83,724		149,189
J Sainsbury PLC		55,293		160,427
Marks & Spencer Group PLC		45,960		171,346
Pearson PLC		18,177		196,781
Persimmon PLC		10,167		296,444
Rio Tinto PLC - ADR (a)		13,029		767,408
Royal Mail PLC		26,104		86,052
Taylor Wimpey PLC		104,913		248,168
Tesco PLC		166,073		540,966
				5,329,261

	Shares		Value
United States — 1.7%
Thomson Reuters Corp. (a)		9,358	$	578,699
TOTAL COMMON STOCKS (Cost $33,857,618)				33,477,947
SHORT-TERM INVESTMENTS — 0.5%
Money Market Deposit Accounts — 0.5%
U.S. Bank Money Market Deposit Account 2.35% (d)		159,911		159,911
TOTAL SHORT-TERM INVESTMENTS (Cost $159,911)				159,911
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 9.2%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (d)		3,114,587		3,114,587
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,114,587)				3,114,587
Total Investments (Cost $37,132,116) — 108.6%				36,752,445
Liabilities in Excess of Other Assets — (8.6)%				(2,908,069	)
TOTAL NET ASSETS — 100.0%			$	33,844,376

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, 2019. The total value of securities on loan is $3,036,508 or 9.0% of net assets.

(b) Non-income producing security.

(c) Security exempt from registration under Rule 144(a) 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 $909,224 or 2.69% of net assets.

(d) The rate shown is as of April 30, 2019.

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

65

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 81.0%
Agricultural — 2.9%
Altria Group, Inc.		23,139	$	1,257,142
Archer-Daniels-Midland Co.		6,914		308,364
Philip Morris International, Inc.		19,190		1,661,086
				3,226,592
Beverages — 5.0%
Brown-Forman Corp. - Class B (a)		2,088		111,269
Coca-Cola Co.		47,499		2,330,301
Constellation Brands, Inc. - Class A		2,086		441,544
Molson Coors Brewing Co. - Class B		2,352		150,975
Monster Beverage Corp. (b)		4,827		287,689
PepsiCo, Inc.		17,340		2,220,387
				5,542,165
Commercial Services — 2.2%
Automatic Data Processing, Inc.		1,864		306,423
FleetCor Technologies, Inc. (b)		367		95,769
Gartner, Inc. (b)		384		61,044
Global Payments, Inc. (a)		674		98,451
PayPal Holdings, Inc. (b)		15,956		1,799,358
Total System Services, Inc.		696		71,159
				2,432,204
Computers — 5.1%
Accenture PLC - Class A		2,728		498,324
Apple, Inc.		19,207		3,854,269
Cognizant Technology Solutions Corp. - Class A		2,461		179,555
DXC Technology Co.		1,148		75,469
Fortinet, Inc. (a)(b)		621		58,014
Hewlett Packard Enterprise Co. (a)		5,892		93,152
HP, Inc.		6,562		130,912
International Business Machines Corp.		3,808		534,148
NetApp, Inc.		1,057		77,002
Seagate Technology PLC		1,097		53,007
Western Digital Corp.		1,244		63,593
				5,617,445
Cosmetics/Personal Care — 4.2%
Colgate-Palmolive Co.		10,637		774,267
Coty, Inc. - Class A		5,662		61,263
Estee Lauder Cos., Inc. - Class A		2,694		462,856
Procter & Gamble Co.		30,945		3,295,024
				4,593,410
Diversified Financial Services — 3.1%
Alliance Data Systems Corp.		195		31,219
Blucora, Inc. (b)		6,460		226,100
E*TRADE Financial Corp.		9,536		483,094
MasterCard, Inc. - Class A		3,774		959,502
TD Ameritrade Holding Corp.		9,176		482,474
Visa, Inc. - Class A		7,489		1,231,416

	Shares		Value
Diversified Financial Services — 3.1% (Continued)
Western Union Co.		1,865	$	36,256
				3,450,061
Electric — 18.2%
AES Corp.		17,675		302,596
Alliant Energy Corp.		6,300		297,549
Ameren Corp.		6,529		475,115
American Electric Power Co., Inc.		13,164		1,126,180
CenterPoint Energy, Inc. (a)		13,375		414,625
CMS Energy Corp.		7,563		420,125
Consolidated Edison, Inc.		8,626		743,216
Dominion Energy, Inc. (a)		21,421		1,668,053
DTE Energy Co.		4,855		610,322
Duke Energy Corp.		19,402		1,767,910
Edison International		8,695		554,480
Entergy Corp. (a)		5,015		485,954
Evergy, Inc.		6,740		389,707
Eversource Energy		8,459		606,172
Exelon Corp.		25,879		1,318,535
FirstEnergy Corp. (a)		13,452		565,388
NextEra Energy, Inc.		12,761		2,481,249
NRG Energy, Inc.		7,499		308,734
Pinnacle West Capital Corp.		2,993		285,143
PPL Corp.		19,239		600,449
Public Service Enterprise Group, Inc.		13,489		804,619
Sempra Energy (a)		7,313		935,698
Southern Co.		27,609		1,469,351
WEC Energy Group, Inc. (a)		8,418		660,224
Xcel Energy, Inc.		13,723		775,350
				20,066,744
Electronics — 0.3%
Amphenol Corp. - Class A		1,275		126,939
FLIR Systems, Inc.		580		30,705
Keysight Technologies, Inc. (b)		803		69,885
TE Connectivity Ltd.		1,450		138,693
				366,222
Food — 3.5%
Campbell Soup Co.		2,418		93,552
ConAgra Foods, Inc.		6,101		187,789
General Mills, Inc.		7,367		379,180
Hershey Co.		1,763		220,111
Hormel Foods Corp.		3,427		136,875
JM Smucker Co.		1,432		175,606
Kellogg Co.		3,186		192,116
Kroger Co.		10,032		258,625
Lamb Weston Holdings, Inc.		1,840		128,892
McCormick & Co., Inc. (a)		1,532		235,882
Mondelez International, Inc. - Class A		17,827		906,503
Sysco Corp.		5,831		410,327
The Kraft Heinz Co.		7,817		259,837

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

66

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 81.0% (Continued)
Food — 3.5% (Continued)
Tyson Foods, Inc. - Class A		3,711	$	278,362
				3,863,657
Gas — 0.6%
Atmos Energy Corp.		3,119		319,199
NiSource, Inc.		10,057		279,383
				598,582
Household Products/Wares — 1.0%
Church & Dwight Co., Inc.		3,097		232,120
Clorox Co.		1,607		256,686
Kimberly-Clark Corp.		4,252		545,872
				1,034,678
Internet — 12.3%
Alphabet, Inc. - Class A (b)		890		1,067,075
Alphabet, Inc. - Class C (b)		914		1,086,271
Amazon.com, Inc. (b)		1,245		2,398,517
Cogent Communications Holdings, Inc.		4,390		242,460
eBay, Inc.		19,131		741,326
Endurance International Group Holdings, Inc. (b)		17,867		98,805
Etsy, Inc. (b)		5,670		382,952
Expedia Group, Inc.		4,045		525,203
F5 Networks, Inc. (b)		254		39,853
Facebook, Inc. - Class A (b)		9,798		1,894,933
GoDaddy, Inc. - Class A (b)		6,395		521,193
Groupon, Inc. (b)		53,716		189,080
GrubHub, Inc. (b)		4,762		318,054
Netflix, Inc. (b)		3,367		1,247,608
OKTA, Inc. (b)		4,363		453,883
SNAP, Inc. (b)		37,795		421,036
Symantec Corp. (a)		2,735		66,214
TripAdvisor, Inc. (b)		6,330		336,946
Twitter, Inc. (b)		19,809		790,577
VeriSign, Inc. (b)		3,633		717,336
				13,539,322
Office/Business Equipment — 0.0%
Xerox Corp.		855		28,523
Real Estate — 0.4%
CBRE Group, Inc. - Class A (b)		9,047		471,077
Retail — 3.4%
Costco Wholesale Corp.		5,438		1,335,192
Walgreens Boots Alliance, Inc.		9,899		530,290
Walmart, Inc.		17,573		1,807,207
				3,672,689

	Shares		Value
Semiconductors — 3.9%
Advanced Micro Devices, Inc. (b)		3,770	$	104,165
Analog Devices, Inc.		1,576		183,194
Applied Materials, Inc.		4,062		179,012
Broadcom, Inc.		1,695		539,688
Intel Corp.		19,242		982,112
IPG Photonics Corp. (b)		152		26,559
KLA-Tencor Corp.		707		90,128
Lam Research Corp.		653		135,452
Maxim Integrated Products, Inc.		1,170		70,200
Microchip Technology, Inc.		1,014		101,289
Micron Technology, Inc. (b)		4,797		201,762
NVIDIA Corp.		2,593		469,333
Qorvo, Inc. (b)		525		39,695
QUALCOMM, Inc. (a)		5,179		446,067
Skyworks Solutions, Inc.		745		65,694
Texas Instruments, Inc.		4,016		473,205
Xilinx, Inc.		1,083		130,112
				4,237,667
Software — 11.4%
2U, Inc. (b)		4,181		252,950
Adobe Systems, Inc. (b)		2,087		603,665
Akamai Technologies, Inc. (b)		7,092		567,785
ANSYS, Inc. (b)		358		70,096
Autodesk, Inc. (b)		937		166,983
BOX, Inc. (b)		12,819		264,328
Broadridge Financial Solutions, Inc. (a)		495		58,475
Cadence Design System, Inc. (b)		1,200		83,256
Citrix Systems, Inc.		5,164		521,357
Cornerstone OnDemand, Inc. (b)		4,613		252,100
DocuSign, Inc. (b)		3,151		178,567
Dropbox, Inc. (b)		9,537		232,512
Ebix, Inc.		3,189		160,981
Fidelity National Information Services, Inc.		1,382		160,215
Fiserv, Inc. (b)		1,676		146,214
HubSpot, Inc. (a)(b)		2,143		395,362
Intuit, Inc.		1,109		278,425
j2 Global, Inc.		3,340		292,651
Jack Henry & Associates, Inc.		330		49,190
Microsoft Corp.		32,896		4,296,218
New Relic, Inc. (b)		3,012		316,983
Oracle Corp.		10,903		603,263
Paychex, Inc.		1,367		115,252
Red Hat, Inc. (b)		756		137,993
Salesforce.com, Inc. (b)		10,159		1,679,791
Synopsys, Inc. (b)		640		77,491
Veeva Systems, Inc. - Class A (b)		4,403		615,848
				12,577,951

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

67

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 81.0% (Continued)
Telecommunications — 3.0%
8x8, Inc. (b)		10,798	$	258,288
Arista Networks, Inc. (b)		2,050		640,195
Cisco Systems, Inc.		18,835		1,053,818
Corning, Inc.		3,366		107,207
Juniper Networks, Inc.		17,055		473,617
LogMeIn, Inc.		3,591		295,898
Motorola Solutions, Inc.		701		101,582
NETGEAR, Inc. (b)		4,647		144,196
Vonage Holdings Corp. (b)		22,401		217,738
				3,292,539
Water — 0.5%
American Water Works Co., Inc.		4,824		521,909
TOTAL COMMON STOCKS (Cost $84,635,644)				89,133,437
REAL ESTATE INVESTMENT TRUSTS — 18.8%
Alexandria Real Estate Equities, Inc.		3,283		467,466
American Tower Corp.		12,874		2,514,292
Apartment Investment & Management Co.		4,540		224,094
AvalonBay Communities, Inc.		4,034		810,552
Boston Properties, Inc. (a)		4,500		619,290
Crown Castle International Corp.		12,103		1,522,315
Digital Realty Trust, Inc.		6,052		712,381
Duke Realty Corp. (a)		10,462		325,577
Equinix, Inc.		2,426		1,103,102
Equity Residential		10,774		823,349
Essex Property Trust, Inc.		1,913		540,422
Extra Space Storage, Inc.		3,707		384,379
Federal Realty Investment Trust		2,166		289,919
HCP, Inc.		13,914		414,359
Host Hotels & Resorts, Inc.		21,565		414,911
Iron Mountain, Inc.		8,340		270,883
Kimco Realty Corp.		12,272		213,410
Macerich Co.		3,187		127,926
Mid-America Apartment Communities, Inc.		3,317		362,913
Prologis, Inc.		18,358		1,407,508
Public Storage		4,370		966,557
Realty Income Corp.		8,883		621,899
Regency Centers Corp.		4,878		327,655
SBA Communications Corp. (b)		3,279		668,031
Simon Property Group, Inc.		8,998		1,562,953
SL Green Realty Corp.		2,437		215,285
UDR, Inc.		8,027		360,814
Ventas, Inc.		10,373		633,894
Vornado Realty Trust		5,050		349,157

	Shares		Value
Welltower, Inc.		11,301	$	842,263
Weyerhaeuser Co.		21,741		582,659
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $19,936,661)				20,680,215
SHORT-TERM INVESTMENTS — 0.2%
Money Market Funds — 0.2%
U.S. Bank Money Market Deposit Account, 2.35% (c)		242,111		242,111
TOTAL SHORT-TERM INVESTMENTS (Cost $242,111)				242,111
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 4.9%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (c)		5,378,550		5,378,550
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,378,550)				5,378,550
Total Investments (Cost $110,192,966) — 104.9%				115,434,313
Liabilities in Excess of Other Assets — (4.9)%				(5,356,199	)
TOTAL NET ASSETS — 100.0%			$	110,078,114

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan as of April 30, 2019. The total value of securities on loan is $5,344,012 or 4.9% of net assets.

(b) Non-income producing security.

(c) The rate shown is as of April 30, 2019

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 the financial statements.

68

Pacer Military Times Best Employers ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 99.5%
Aerospace/Defense — 4.7%
Boeing Co.		177	$	66,851
Lockheed Martin Corp.		204		67,999
				134,850
Auto Manufacturers — 2.2%
General Motors Co.		1,618		63,021
Banks — 9.1%
Bank of America Corp.		2,163		66,144
Citigroup, Inc.		948		67,024
JPMorgan Chase & Co.		586		68,005
US Bancorp		1,153		61,478
				262,651
Commercial Services — 5.1%
Booz Allen Hamilton Holding Corp.		1,219		72,275
United Rentals, Inc. (a)		533		75,110
				147,385
Computers — 11.8%
Accenture PLC - Class A		379		69,232
CACI International, Inc. - Class A (a)		351		68,424
DXC Technology Co.		971		63,833
Leidos Holdings, Inc.		975		71,643
Perspecta, Inc.		2,909		67,140
				340,272
Diversified Financial Services — 4.4%
Capital One Financial Corp.		729		67,673
Charles Schwab Corp.		1,271		58,186
				125,859
Electric — 9.3%
Dominion Energy, Inc.		824		64,165
Exelon Corp.		1,324		67,458
Southern Co.		1,298		69,079
Xcel Energy, Inc.		1,171		66,162
				266,864
Environmental Control — 2.4%
Waste Management, Inc.		655		70,308
Food — 2.0%
Hormel Foods Corp.		1,440		57,514
Healthcare-Services — 3.9%
DaVita, Inc. (a)		1,048		57,892
Humana, Inc.		210		53,636
				111,528
Insurance — 9.6%
Marsh & McLennan Cos., Inc.		692		65,249
Progressive Corp.		924		72,211
Prudential Financial, Inc.		655		69,240

	Shares		Value
Insurance — 9.6% (Continued)
Travelers Cos., Inc.		474	$	68,137
				274,837
Internet — 5.0%
Amazon.com, Inc. (a)		38		73,208
CDW Corp.		663		70,013
				143,221
Lodgings — 2.4%
Hilton Worldwide Holdings, Inc.		813		70,723
Media — 2.4%
Comcast Corp. - Class A		1,574		68,516
Miscellaneous Manufacturing — 4.5%
Eaton Corp. PLC		798		66,090
General Electric Co.		6,152		62,566
				128,656
Pharmaceuticals — 2.1%
Merck & Co., Inc.		774		60,922
Retail — 4.7%
Home Depot, Inc.		341		69,462
Walmart, Inc.		629		64,686
				134,148
Software — 5.1%
First Data Corp. - Class A (a)		2,869		74,192
ManTech International Corp. VA - Class A		1,151		71,350
				145,542
Telecommunications — 4.2%
AT&T, Inc.		1,953		60,465
Verizon Communications, Inc.		1,075		61,479
				121,944
Transportation — 4.6%
Union Pacific Corp.		399		70,639
Werner Enterprises, Inc.		1,814		60,769
				131,408
TOTAL COMMON STOCKS (Cost $2,546,092)				2,860,169

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

69

Pacer Military Times Best Employers ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.4%
Money Market Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account 2.35% (b)		10,796	$	10,796
TOTAL SHORT-TERM INVESTMENTS (Cost $10,796)				10,796
Total Investments (Cost $2,556,888) — 99.9%				2,870,965
Other Assets in Excess of Liabilities — 0.1% (b)				1,592
TOTAL NET ASSETS — 100.0%			$	2,872,557

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of April 30, 2019.

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 the financial statements.

70

Pacer Benchmark Retail Real Estate SCTR^SM ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 99.7%
Regional Malls — 27.0%
Brookfield Property REIT, Inc. - Class A		1,584	$	32,995
CBL & Associates Properties, Inc.		2,470		2,495
Macerich Co.		1,288		51,700
Pennsylvania Real Estate Investment Trust		829		4,991
Simon Property Group, Inc.		1,123		195,065
Tanger Factory Outlet Centers, Inc.		1,260		22,756
Taubman Centers, Inc.		883		43,532
Washington Prime Group, Inc.		2,639		11,743
Whitestone REIT		509		6,530
				371,807
Shopping Centers — 44.3%
Acadia Realty Trust		1,099		31,036
Alexander’s, Inc.		55		20,880
Brixmor Property Group, Inc.		3,851		68,856
Cedar Realty Trust, Inc.		687		2,109
Federal Realty Investment Trust		460		61,571
Kimco Realty Corp.		3,951		68,708
Kite Realty Group Trust		1,228		19,390
Regency Centers Corp.		1,996		134,071
Retail Opportunity Investments Corp.		1,420		24,921
Retail Properties of America, Inc. - Class A		3,124		38,394
RPT Realty		386		4,682
Saul Centers, Inc.		226		12,057
Seritage Growth Properties - Class A		340		15,161
Site Centers Corp.		2,457		32,531
Urban Edge Properties		817		15,172
Urstadt Biddle Properties, Inc.		42		722
Urstadt Biddle Properties, Inc. - Class A		336		7,368
Weingarten Realty Investors		1,863		53,915
				611,544
Single Tenant — 28.4%
Agree Realty Corp.		508		33,259
Essential Properties Realty TR, Inc.		511		10,567
Getty Realty Corp.		420		13,621
National Retail Properties, Inc.		1,268		66,722
Realty Income Corp.		3,296		230,753
Spirit Reality Capital, Inc.		916		37,061
				391,983
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,314,954)				1,375,334

	Shares		Value
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account 2.35% (a)		2,259	$	2,259
TOTAL SHORT-TERM INVESTMENTS (Cost $2,259)				2,259
Total Investments (Cost $1,317,213) — 99.9%				1,377,593
Other Assets in Excess of Liabilities — 0.1%				968
TOTAL NET ASSETS — 100.0%			$	1,378,561

Percentages are stated as a percent of net assets.

(a) The rate shown is as of April 30, 2019.

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 the financial statements.

71

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 99.7%
Diversified — 32.9%
Duke Realty Corp.		35,247	$	1,096,886
Innovative Industrial Properties, Inc. (a)		4,902		417,356
Lexington Realty Trust		33,770		306,294
One Liberty Properties, Inc.		9,625		272,388
PS Business Parks, Inc.		2,118		325,367
				2,418,291
Storage — 4.0%
Life Storage, Inc.		3,092		294,637
Warehouse/Industrial — 62.8%
Americold Realty Trust		11,037		353,294
EastGroup Properties, Inc.		2,972		339,789
First Industrial Realty Trust, Inc.		9,285		327,482
Industrial Logistics Properties Trust		11,006		218,469
Liberty Property Trust		18,981		942,217
Monmouth Real Estate Investment Corp.		21,632		297,224
Prologis, Inc.		14,795		1,134,333
Rexford Industrial Realty, Inc.		9,127		345,822
STAG Industrial, Inc. Class A (a)		11,156		321,070
Terreno Realty Corp.		7,624		340,411
				4,620,111
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $7,022,554)				7,333,039

	Shares		Value
SHORT-TERM INVESTMENTS — 0.3%
Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account 2.35% (b)		19,917	$	19,917
TOTAL SHORT-TERM INVESTMENTS (Cost $19,917)				19,917
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.8%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (b)		429,600		429,600
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $429,600)
Total Investments (Cost $7,472,071) — 105.8%				7,782,556
Liabilities in Excess of Other Assets — (5.8)%				(426,850	)
TOTAL NET ASSETS — 100.0%			$	7,355,706

Percentages are stated as a percent of net assets.

(a) All or portion of this security is on loan as of April 30, 2019. The total value of securities on loan is $412,126 or 5.6% of net assets.

(b) The rate shown is as of April 30, 2019.

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 the financial statements.

72

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 17.7%
Computer Software — 4.7%
InterXion Holding NV (a)		15,352	$	1,062,205
Internet Connective Services — 0.3%
Internap Corp. (a)		18,987		74,809
Real Estate Operations/Development — 1.2%
Landmark Infrastructure Partners LP		16,081		261,638
Telecom Services — 6.2%
GDS Holdings Ltd. - ADR (a)(b)		26,214		1,025,754
Switch, Inc. - Class A		35,473		385,591
				1,411,345
Telephone-Integrated — 5.3%
Zayo Group Holdings, Inc. (a)		38,791		1,213,770
TOTAL COMMON STOCKS (Cost $3,603,329)				4,023,767
REAL ESTATE INVESTMENT TRUSTS — 82.1%
Diversified — 68.6%
American Tower Corp.		15,370		3,001,761
CoreSite Realty Corp.		9,073		992,677
Crown Castle International Corp.		23,142		2,910,801
Digital Realty Trust, Inc.		8,742		1,029,021
Equinix, Inc.		7,455		3,389,788
Lamar Advertising Co. - Class A		12,991		1,073,966
Outfront Media, Inc.		46,235		1,101,780
SBA Communications Corp. (a)		5,466		1,113,588
Uniti Group, Inc.		87,314		959,581
				15,572,963
Storage — 4.1%
Iron Mountain, Inc.		28,382		921,847
Warehouse/Industrial — 9.4%
CyrusOne, Inc.		18,811		1,047,585
QTS Realty Trust, Inc. - Class A		24,094		1,092,663
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $17,729,986)				18,635,058

	Shares		Value
SHORT-TERM INVESTMENTS — 0.2%
Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 2.35% (c)		36,177	$	36,177
TOTAL SHORT-TERM INVESTMENTS (Cost $36,177)				36,177
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 4.4%
Mount Vernon Liquid Assets Portfolio, LLC 2.61% (c)		996,120		996,120
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITY LENDING (Cost $996,120)				996,120
Total Investments (Cost $22,365,612) — 104.4%				23,691,122
Liabilities in Excess of Other Assets — (4.4)%				(999,735	)
TOTAL NET ASSETS — 100.0%			$	22,691,387

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, 2019. The total value of securities on loan is $974,454 or 4.3% of net assets.

(c) The rate shown is as of April 30, 2019.

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 the financial statements.

73

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 99.9%
Aerospace/Defense — 0.8%
Boeing Co.		28	$	10,575
Apparel — 2.9%
NIKE, Inc. - Class B		142		12,472
PVH Corp.		109		14,060
Skechers U.S.A, Inc. - Class A (a)		371		11,746
				38,278
Auto Parts & Equipment — 2.8%
BorgWarner, Inc.		316		13,199
Goodyear Tire & Rubber Co.		683		13,120
Visteon Corp. (a)		154		10,167
				36,486
Biotechnology — 1.7%
Bio-Rad Laboratories, Inc. - Class A (a)		40		12,037
Regeneron Pharmaceuticals, Inc. (a)		30		10,294
				22,331
Building Materials — 1.0%
Johnson Controls International PLC		335		12,562
Chemicals — 4.9%
Air Products & Chemicals, Inc.		66		13,582
Celanese Corp. - Class A		121		13,055
FMC Corp.		155		12,254
Linde PLC		71		12,799
The Chemours Co.		316		11,379
				63,069
Commercial Services — 2.9%
Adtalem Global Ed, Inc. (a)		254		12,527
Sabre Corp.		571		11,854
The Brink’s Co.		166		13,268
				37,649
Computers — 6.4%
Accenture PLC - Class A		74		13,518
Apple, Inc.		70		14,047
DXC Technology Co.		187		12,293
Fortinet, Inc. (a)		149		13,920
Lumentum Holdings, Inc. (a)		257		15,926
NCR Corp. (a)		449		12,999
				82,703
Cosmetics/Personal Care — 1.0%
Estee Lauder Cos., Inc. - Class A		77		13,229
Electrical Components & Equipment — 3.0%
Ametek, Inc.		153		13,490
Littelfusse, Inc.		64		12,867

	Shares		Value
Electrical Components & Equipment — 3.0% (Continued)
Universal Display Corp.		82	$	13,087
				39,444
Electronics — 10.0%
Amphenol Corp. - Class A		130		12,943
Avnet, Inc.		285		13,854
Coherent, Inc. (a)		90		13,321
Garmin Ltd.		146		12,518
Gentex Corp.		588		13,542
Mettler-Toledo International, Inc. (a)		18		13,415
National Instruments Corp.		270		12,717
PerkinElmer, Inc.		131		12,555
Tech Data Corp. (a)		125		13,326
Waters Corp. (a)		50		10,677
				128,868
Healthcare - Products — 4.7%
Abbott Laboratories		157		12,491
LivaNova PLC (a)		130		8,956
The Cooper Cos., Inc.		42		12,177
Thermo Fisher Scientific, Inc.		48		13,318
West Pharmaceutical Services, Inc.		118		14,607
				61,549
Healthcare - Services — 3.0%
Catalent, Inc. (a)		285		12,774
IQVIA Holdings, Inc. (a)		88		12,223
Syneos Health, Inc. (a)		290		13,610
				38,607
Household Products/Wares — 1.0%
Avery Dennison Corp.		111		12,282
Internet — 3.9%
Alphabet, Inc. - Class A (a)		10		11,990
Booking Holdings, Inc. (a)		7		12,985
F5 Networks, Inc. (a)		76		11,924
Facebook, Inc. - Class A (a)		71		13,731
				50,630
Leisure Time — 1.9%
Carnival Corp.		219		12,014
Norwegian Cruise Line Holdings Ltd. (a)		219		12,350
				24,364
Machinery - Diversifed — 3.9%
Cognex Corp.		234		11,801
Nordson Corp.		91		13,281
Graco, Inc.		255		13,069
Xylem, Inc.		160		13,344
				51,495
Metal Fabrication/Hardware — 1.0%
The Timken Co.		282		13,522

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

74

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)
Mining — 2.7%
Freeport-McMoRan, Inc.		995	$	12,248
Newmont Goldcorp Corp.		357		11,089
Royal Gold, Inc.		135		11,753
				35,090
Miscellaneous Manufacturing — 2.1%
Ingersoll-Rand PLC		115		14,100
ITT, Inc.		212		12,837
				26,937
Oil & Gas — 2.8%
Apache Corp.		377		12,407
Chevron Corp.		99		11,886
Exxon Mobil Corp.		152		12,202
				36,495
Packaging & Containers — 1.9%
Ball Corp.		219		13,127
Greif, Inc.		299		11,816
				24,943
Pharmaceuticals — 2.0%
Mylan NV (a)		452		12,199
Zoetis, Inc.		130		13,239
				25,438
Semiconductors — 20.3%
Advanced Micro Devices, Inc. (a)		547		15,114
Analog Devices, Inc.		114		13,251
Applied Materials, Inc.		319		14,058
Broadcom, Inc.		46		14,646
Cypress Semiconductor Corp.		813		13,967
Intel Corp.		229		11,688
IPG Photonics Corp. (a)		81		14,153
KLA-Tencor Corp.		106		13,513
Lam Research Corp.		71		14,728
Maxim Integrated Products, Inc.		232		13,920
Microchip Technology, Inc.		142		14,184
Micron Technology, Inc. (a)		311		13,081
MKS Instruments, Inc.		153		13,925
Monolithic Power Systems, Inc.		90		14,014
NVIDIA Corp.		80		14,480
Qorvo, Inc. (a)		175		13,232
Skyworks Solutions, Inc.		150		13,227
Teradyne, Inc.		311		15,239
Texas Instruments, Inc.		115		13,551
				263,971
Software — 6.2%
ACI Worldwide, Inc. (a)		377		13,391
Activision Blizzard, Inc.		286		13,788
ANSYS, Inc. (a)		68		13,314
Cadence Design System, Inc. (a)		203		14,084

	Shares		Value
Software — 6.2% (Continued)
Electronic Arts, Inc. (a)		122	$	11,547
Microsoft Corp.		109		14,236
				80,360
Telecommunications — 2.1%
Arista Networks, Inc. (a)		44		13,741
Plantronics, Inc.		252		12,973
				26,714
Toys/Games/Hobbies — 1.1%
Hasbro, Inc.		138		14,057
Transportation — 1.0%
Expeditors International of Washington, Inc.		162		12,866
TOTAL COMMON STOCKS (Cost $1,234,905)				1,284,514
EXCHANGE TRADED FUNDS — 0.9%
SPDR S&P 500 ETF Trust		40		11,761
TOTAL EXCHANGE TRADED FUNDS (Cost $11,451)				11,761
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 2.35% (b)		1,579		1,579
TOTAL SHORT-TERM INVESTMENTS (Cost $1,579)				1,579
Total Investments (Cost $1,247,935) — 100.0%				1,297,854
Other Assets in Excess of Liabilities — 0.0% (c)				536
TOTAL NET ASSETS — 100.0%			$	1,298,390

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of April 30, 2019.

(c) Less than 0.05%.

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

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

75

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
April 30, 2019

	Shares		Value
COMMON STOCKS — 100.0%
Agricultural — 4.3%
Altria Group, Inc.		1,788	$	97,142
Archer-Daniels-Midland Co.		2,362		105,345
Philip Morris International, Inc.		1,132		97,986
				300,473
Beverages — 9.3%
Brown-Forman Corp. - Class B		1,983		105,674
Coca-Cola Co.		2,208		108,325
Constellation Brands, Inc. - Class A		590		124,885
Molson Coors Brewing Co. - Class B		1,665		106,876
Monster Beverage Corp. (a)		1,634		97,386
PepsiCo, Inc.		859		109,995
				653,141
Biotechnology — 6.9%
Alexion Pharmaceuticals, Inc. (a)		433		58,944
Amgen, Inc.		308		55,231
Biogen, Inc. (a)		181		41,492
Celgene Corp. (a)		660		62,476
Gilead Sciences, Inc.		882		57,365
Illumina, Inc. (a)		189		58,968
Incyte Corp. (a)		679		52,147
Regeneron Pharmaceuticals, Inc. (a)		138		47,353
Vertex Pharmaceuticals, Inc. (a)		314		53,060
				487,036
Cosmetics&Toiletries — 6.0%
Colgate-Palmolive Co.		1,515		110,277
Coty, Inc. - Class A		9,001		97,391
Estee Lauder Cos., Inc. - Class A		635		109,099
Procter & Gamble Co.		1,006		107,119
				423,886
Electronics — 3.2%
Agilent Technologies, Inc.		715		56,128
Mettler-Toledo International, Inc. (a)		82		61,111
PerkinElmer, Inc.		607		58,175
Waters Corp. (a)		234		49,968
				225,382
Food — 21.7%
Campbell Soup Co.		2,749		106,359
ConAgra Foods, Inc.		4,354		134,016
General Mills, Inc.		2,127		109,477
Hershey Co.		890		111,116
Hormel Foods Corp.		2,303		91,982
JM Smucker Co.		958		117,480
Kellogg Co.		1,815		109,444
Kroger Co.		4,046		104,306
Lamb Weston Holdings, Inc.		1,414		99,051
McCormick & Co., Inc.		722		111,166
Mondelez International, Inc. - Class A		2,126		108,107

	Shares		Value
Food — 21.7% (Continued)
Sysco Corp.		1,505	$	105,907
The Kraft Heinz Co.		3,084		102,512
Tyson Foods, Inc. - Class A		1,561		117,091
				1,528,014
Healthcare - Products — 17.2%
Abbott Laboratories		727		57,840
ABIOMED, Inc. (a)		177		49,102
Align Technology, Inc. (a)		241		78,248
Baxter International, Inc.		752		57,378
Becton Dickinson and Co.		226		54,407
Boston Scientific Corp. (a)		1,411		52,376
Danaher Corp.		446		59,068
Dentsply Sirona, Inc.		1,148		58,697
Edwards Lifesciences Corp. (a)		329		57,927
Henry Schein, Inc. (a)		952		60,985
Hologic, Inc. (a)		1,196		55,470
IDEXX Laboratories, Inc. (a)		276		64,032
Intuitive Surgical, Inc. (a)		104		53,106
Medtronic PLC		616		54,707
ResMed, Inc.		552		57,690
Stryker Corp.		298		56,295
Thermo Fisher Scientific, Inc.		223		61,872
Teleflex, Inc.		194		55,519
The Cooper Cos., Inc.		193		55,955
Varian Medical Systems, Inc. (a)		418		56,919
Zimmer Biomet Holdings, Inc.		458		56,407
				1,214,000
Healthcare - Services — 8.8%
Anthem, Inc.		189		49,713
Centene Corp. (a)		986		50,838
DaVita, Inc. (a)		1,116		61,648
HCA Healthcare, Inc.		447		56,872
Humana, Inc.		208		53,125
IQVIA Holdings, Inc. (a)		406		56,393
Laboratory Corp. of American Holdings (a)		380		60,770
Quest Diagnostics, Inc.		661		63,707
UnitedHealth Group, Inc.		235		54,771
Universal Health Services, Inc. - Class B		431		54,681
WellCare Health Plans, Inc. (a)		233		60,196
				622,714
Household Products/Wares — 4.6%
Clorox Co.		627		100,151
Church & Dwight Co., Inc.		1,493		111,900
Kimberly-Clark Corp.		854		109,636
				321,687

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

76

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
April 30, 2019 (Continued)

	Shares		Value
COMMON STOCKS — 100.0% (Continued)
Pharmaceuticals — 12.7%
AbbVie, Inc.		719	$	57,081
Allergan PLC		384		56,448
AmerisourceBergen Corp.		730		54,575
Bristol-Myers Squibb Co.		1,085		50,377
Cardinal Health, Inc.		1,169		56,942
Cigna Corp.		342		54,324
CVS Health Corp.		1,053		57,262
Eli Lilly & Co.		440		51,498
Johnson & Johnson		404		57,045
McKesson Corp.		498		59,386
Merck & Co., Inc.		699		55,018
Mylan NV (a)		2,095		56,544
Nektar Therapeutics (a)		1,587		50,816
Perrigo Co PLC		1,199		57,456
Pfizer, Inc.		1,363		55,351
Zoetis, Inc.		603		61,409
				891,532
Retail — 4.3%
Costco Wholesale Corp.		435		106,806
Walgreens Boots Alliance, Inc.		1,653		88,551
Walmart, Inc.		1,015		104,383
				299,740
Software — 1.0%
Cerner Corp. (a)		1,005		66,782
TOTAL COMMON STOCKS (Cost $7,036,370)				7,034,387

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Deposits — 0.1%
U.S. Bank Money Market Deposit Account 2.35% (b)		9,670	$	9,670
TOTAL SHORT-TERM INVESTMENTS (Cost $9,670)				9,670
Total Investments (Cost $7,046,040) — 100.1%				7,044,057
Liabilities in Excess of Other Assets — (0.1)%				(4,480	)
TOTAL NET ASSETS — 100.0%			$	7,039,577

Percentages are stated as a percent of net assets.

(a) Non-income producing security.

(b) The rate shown is as of April 30, 2019.

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 the financial statements.

77

Pacer Funds

Statements of Assets & Liabilities
April 30, 2019

	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
ASSETS
Investments in Securities, at Value*^	$	2,573,709,343	$	982,229,421		$	571,175,901	$	188,425,046		$	259,057,863
Cash		—		—			—		—			305,188
Foreign Currency at Value*		—		—			—		—			76,677
Interest and Dividends Receivable		1,826,269		427,686			37,151		789,837			1,052,475
Receivable for Fund Shares Sold		13,744,280		10,834,090			7,253,580		—			3,113,570
Securities Lending Income Receivable		39,898		14,304			6,263		3,262			12,093
Total Assets		2,589,319,790		993,505,501			578,472,895		189,218,145			263,617,866
LIABILITIES
Management Fees Payable		1,024,817		364,001			254,760		95,233			100,699
Payable for Fund Shares Redeemed		—		—			—		—			—
Payable for Investment Securities Purchased		13,756,563		10,805,777			7,259,063		—			3,409,748
Collateral Received for Securities Loaned (See Note 5)		410,548,790		221,030,289			68,785,935		5,743,553			49,602,558
Total Liabilities		425,330,170		232,200,067			76,299,758		5,838,786			53,113,005
NET ASSETS	$	2,163,989,620	$	761,305,434		$	502,173,137	$	183,379,359		$	210,504,861
NET ASSETS CONSIST OF:
Paid-in Capital	$	2,082,782,411	$	803,276,882		$	479,474,184	$	207,340,768		$	216,031,254
Total Distributable Earnings (Accumulated Deficit)		81,207,209		(41,971,448	)		22,698,953		(23,961,409	)		(5,526,393	)
Net Assets	$	2,163,989,620	$	761,305,434		$	502,173,137	$	183,379,359		$	210,504,861
* Identified Cost:
Investments in Securities	$	2,460,862,120	$	968,598,986		$	528,991,667	$	178,644,704		$	254,530,232
Foreign Currencies		—		—			—		—			77,167
^ Includes Loaned securities with a value of		402,974,069	$	214,543,582		$	67,564,384		5,591,627			48,500,145
Net Asset Value (unlimited shares authorized):
Net Assets	$	2,163,989,620	$	761,305,434		$	502,173,137	$	183,379,359		$	210,504,861
Shares Outstanding (No Par Value)		70,800,000		24,600,000			13,950,000		6,850,000			6,750,000
Net Asset Value, Offering and Redemption Price per Share	$	30.56	$	30.95		$	36.00	$	26.77		$	31.19

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

78

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2019

	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			Pacer Military Times Best Employers ETF
ASSETS
Investments in Securities, at Value*^	$	289,720,914		$	64,106,044		$	36,752,445		$	115,434,313		$	2,870,965
Foreign Currency at Value*		—			—			119			—			—
Interest and Dividends Receivable		110,083			3,791			223,930			51,416			2,968
Receivable for Fund Shares Sold		1,483,770			—			—			2,494,070			—
Securities Lending Income Receivable		2,408			2,217			623			34			—
Total Assets		291,317,175			64,112,052			36,977,117			117,979,833			2,873,933
LIABILITIES
Payable for Investment Securities Purchased		1,483,850			—			—			2,472,244			—
Management Fees Payable		105,188			23,905			18,154			50,925			1,376
Collateral Received for Securities Loaned (See Note 5)		23,710,020			13,614,390			3,114,587			5,378,550			—
Total Liabilities		25,299,058			13,638,295			3,132,741			7,901,719			1,376
NET ASSETS	$	266,018,117		$	50,473,757		$	33,844,376		$	110,078,114		$	2,872,557
NET ASSETS CONSIST OF:
Paid-in Capital	$	274,292,513		$	52,986,412		$	36,395,489		$	119,464,648		$	2,573,422
Total Distributable Earnings (Accumulated Deficit)		(8,274,396	)		(2,512,655	)		(2,551,113	)		(9,386,534	)		299,135
Net Assets	$	266,018,117		$	50,473,757		$	33,844,376		$	110,078,114		$	2,872,557
* Identified Cost:
Investments in Securities	$	280,492,054		$	62,123,567		$	37,132,116		$	110,192,966		$	2,556,888
Foreign Currencies		—			—			134			—			—
^ Includes loaned securities with a value of		23,102,179			13,069,315			3,036,508			5,344,012			—
Net Asset Value (unlimited shares authorized):
Net Assets	$	266,018,117		$	50,473,757		$	33,844,376		$	110,078,114		$	2,872,557
Shares Outstanding (No Par Value)		8,950,000			1,950,000			1,250,000			4,400,000			100,000
Net Asset Value, Offering and Redemption Price per Share	$	29.72		$	25.88		$	27.08		$	25.02		$	28.73

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

79

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
April 30, 2019

	Pacer Benchmark Retail Real EstateSM ETF		Pacer Benchmark Industrial Real EstateSM ETF		Pacer Benchmark Data & Infrastructure Real EstateSM ETF		Pacer US Export Leaders ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
ASSETS
Investments in Securities, at Value*^	$	1,377,593	$	7,782,556	$	23,691,122	$	1,297,854		$	7,044,057
Interest and Dividends Receivable		1,845		4,984		6,011		1,174			6,045
Receivable for Investment Securities Sold		—		—		—		—			12,625,495
Receivable for Fund Shares Sold		—		—		—		—			5,618,720
Securities Lending Income Receivable		—		57		12		—			—
Total Assets		1,379,438		7,787,597		23,697,145		1,299,028			25,294,317
LIABILITIES
Payable for Investment Securities Purchased		—		—		—		—			12,616,015
Payable for Fund Shares Redeemed		—		—		—		—			5,635,280
Management Fees Payable		877		2,291		9,638		638			3,445
Collateral Received for Securities Loaned (See Note 5)		—		429,600		996,120		—			—
Total Liabilities		877		431,891		1,005,758		638			18,254,740
NET ASSETS	$	1,378,561	$	7,355,706	$	22,691,387	$	1,298,390		$	7,039,577
NET ASSETS CONSIST OF:
Paid-in Capital	$	1,366,548	$	7,041,015	$	21,562,646	$	1,333,362		$	7,205,971
Total Distributable Earnings (Accumulated Deficit)		12,013		314,691		1,128,741		(34,972	)		(166,394	)
Net Assets	$	1,378,561	$	7,355,706	$	22,691,387	$	1,298,390		$	7,039,577
* Identified Cost:
Investments in Securities	$	1,317,213	$	7,472,071	$	22,365,612	$	1,247,935		$	7,046,040
^ Includes loaned securities with a value of		—		412,126		974,454		—			—
Net Asset Value (unlimited shares authorized):
Net Assets	$	1,378,561	$	7,355,706	$	22,691,387	$	1,298,390		$	7,039,577
Shares Outstanding (No Par Value)		50,000		250,000		800,000		50,000			250,000
Net Asset Value, Offering and Redemption Price per Share	$	27.57	$	29.42	$	28.36	$	25.97		$	28.16

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

80

Pacer Funds

Statements of Operations
For the Year Ended April 30, 2019

	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
INVESTMENT INCOME
Income:
Dividends (net of fees and foreign withholding tax of $18, $1,841, $2,121, $674,169, and $411,667 respectively)	$	17,709,193		$	5,377,924		$	2,217,465		$	3,973,565		$	8,685,886
Interest		10,865,555			6,554,366			2,473,152			1,770,308			9,837
Securities Lending Income		244,525			213,450			59,914			18,839			186,325
Total Investment Income		28,819,273			12,145,740			4,750,531			5,762,712			8,882,048
Expenses:
Management Fees		8,508,347			3,842,348			2,189,472			1,095,782			1,159,409
Total Expenses		8,508,347			3,842,348			2,189,472			1,095,782			1,159,409
Net Investment Income		20,310,926			8,303,392			2,561,059			4,666,930			7,722,639
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(1,980,515	)		(55,864,860	)		(10,616,144	)		(30,495,960	)		(8,526,326	)
In-Kind Redemptions		103,669,128			62,657,317			46,532,539			260			7,482,759
Foreign Currencies		—			—			—			(1,010,893	)		(68,753	)
Total		101,688,613			6,792,457			35,916,395			(31,506,593	)		(1,112,320	)
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		11,669,402			(12,346,289	)		11,973,440			12,242,814			3,755,496
Foreign Currencies		—			—			—			(8,401	)		(4,212	)
Total		11,669,402			(12,346,289	)		11,973,440			12,234,413			3,751,284
Net Realized and Unrealized Gain (Loss) on Investments		113,358,015			(5,553,832	)		47,889,835			(19,272,180	)		2,638,964
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	133,668,941		$	2,749,560		$	50,450,894		$	(14,605,250	)	$	10,361,603

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

81

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2019

	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			Pacer Military Times Best Employers ETF
INVESTMENT INCOME
Income:
Dividends (net of fees and foreign withholding tax of $0, $0, $104,169, $0, and $0 respectively)	$	3,386,540		$	473,269		$	1,069,479		$	685,711		$	56,789
Interest		6,697			1,413			1,238			1,286,050			107
Securities Lending Income		25,544			24,569			19,849			34			—
Total Investment Income		3,418,781			499,251			1,090,566			1,971,795			56,896
Expenses:
Management Fees		724,702			163,389			185,049			557,508			15,133
Total Expenses		724,702			163,389			185,049			557,508			15,133
Net Investment Income		2,694,079			335,862			905,517			1,414,287			41,763
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(17,195,776	)		(4,500,367	)		(2,374,640	)		(12,148,585	)		(18,432	)
In-Kind Redemptions		7,697,783			2,095,484			734,289			5,341,184			189,567
Foreign Currencies		—			—			(17,958	)		—			—
Total		(9,497,993	)		(2,404,883	)		(1,658,309	)		(6,807,401	)		171,135
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		8,755,096			1,900,238			(742,876	)		5,265,168			269,984
Foreign Currencies		—			—			735			—			—
Total		8,755,096			1,900,238			(742,141	)		5,265,168			269,984
Net Realized and Unrealized Gain (Loss) on Investments		(742,897	)		(504,645	)		(2,400,450	)		(1,542,233	)		441,119
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,951,182		$	(168,783	)	$	(1,494,933	)	$	(127,946	)	$	482,882

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

82

Pacer Funds

STATEMENTS OF OPERATIONS
For the Year Ended April 30, 2019

	Pacer Benchmark Retail Real EstateSM ETF(a)			Pacer Benchmark Industrial Real EstateSM ETF(b)			Pacer Benchmark Data & Infrastructure Real EstateSM ETF(a)			Pacer US Export Leaders ETF(c)			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF(c)
INVESTMENT INCOME
Income:
Dividends (net of fees and foreign withholding tax of $14, $0, $0, $0 and $0 respectively)	$	98,628		$	85,131		$	123,562		$	16,177		$	49,502
Interest		249			127			325			56			151
Securities Lending Income		—			57			12			—			—
Total Investment Income		98,877			85,315			123,899			16,233			49,653
Expenses:
Management Fees		15,081			16,070			34,611			8,818			16,295
Total Expenses		15,081			16,070			34,611			8,818			16,295
Net Investment Income		83,796			69,245			89,288			7,415			33,358
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(38,769	)		(4,401	)		(191,603	)		(88,511	)		(175,744	)
In-Kind Redemptions		353,871			170,347			131,474			(68,521	)		823,380
Total		315,102			165,946			(60,129	)		(157,032	)		647,636
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		60,380			310,485			1,325,510			49,919			(1,983	)
Total		60,380			310,485			1,325,510			49,919			(1,983	)
Net Realized and Unrealized Gain (Loss) on Investments		375,482			476,431			1,265,381			(107,113	)		645,653
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	459,278		$	545,676		$	1,354,669		$	(99,698	)	$	679,011

(a) Fund commenced operations on May 15, 2018. The information presented is from May 15, 2018 to April 30, 2019.

(b) Fund commenced operations on May 14, 2018. The information presented is from May 14, 2018 to April 30, 2019.

(c) Fund commenced operations on July 23, 2018. The information presented is from July 23, 2018 to April 30, 2019.

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

83

Pacer Funds

Statements of Changes in Net Assets

	Pacer Trendpilot® US Large Cap ETF						Pacer Trendpilot® US Mid Cap ETF
	For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
OPERATIONS
Net Investment Income	$	20,310,926		$	8,578,628		$	8,303,392		$	3,464,938
Net Realized Gain on Investments		101,668,613			9,083,487			6,792,457			33,031,547
Change in Unrealized Appreciation (Depreciation) of Investments		11,669,402			45,094,752			(12,346,289	)		(2,103,852	)
Net Increase in Net Assets Resulting from Operations		133,668,941			62,756,867			2,749,560			34,392,633
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(14,704,858	)		(7,017,355	)(a)		(5,930,872	)		(2,882,696	)(a)
Total Distributions to Shareholders		(14,704,858	)		(7,017,355	)		(5,930,872	)		(2,882,696	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		1,416,889,645			433,608,925			524,354,675			278,026,940
Payments for Shares Redeemed		(293,839,015	)		(23,553,530	)		(257,458,190	)		(93,376,700	)
Net Increase in Net Assets Derived from Capital Share Transactions(b)		1,123,050,630			410,055,395			266,896,485			184,650,240
Net Increase in Net Assets	$	1,242,014,713		$	465,794,907		$	263,715,173		$	216,160,177
NET ASSETS
Beginning of Period	$	921,974,907		$	456,180,000		$	497,590,261		$	281,430,084
End of Period	$	2,163,989,620		$	921,974,907	(c)	$	761,305,434		$	497,590,261	(c)

(a) These amounts are comprised of only net investment income.

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

	Shares	Shares	Shares	Shares
Subscriptions	48,500,000	15,400,000	16,600,000	9,250,000
Redemptions	(10,150,000)	(850,000)	(8,200,000)	(3,100,000)
Net Increase	38,350,000	14,550,000	8,400,000	6,150,000

(c) Includes undistributed accumulated net investment income of $3,159,758 and $1,152,697, respectively.

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

84

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot® 100 ETF						Pacer Trendpilot® European Index ETF
	For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
OPERATIONS
Net Investment Income	$	2,561,059		$	493,443		$	4,666,930		$	1,341,548
Net Realized Gain (Loss) on Investments		35,916,395			(156,453	)		(31,506,593	)		4,836,398
Change in Unrealized Appreciation (Depreciation) of Investments		11,973,440			17,873,120			12,234,413			(6,253,723	)
Net Increase (Decrease) in Net Assets Resulting from Operations		50,450,894			18,210,110			(14,605,250	)		(75,777	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(1,575,175	)		(466,293	)(a)		(2,870,463	)		(538,237	)(a)
Total Distributions to Shareholders		(1,575,175	)		(466,293	)		(2,870,463	)		(538,237	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		384,518,860			120,466,075			62,381,365			174,437,090
Payments for Shares Redeemed		(143,127,810	)		—			(20,229,155	)		(46,201,745	)
Transaction Fees (See Note 1)		—			—			67			—
Net Increase in Net Assets Derived from Capital Share Transactions(b)		241,391,050			120,466,075			42,152,277			128,235,345
Net Increase in Net Assets	$	290,266,769		$	138,209,892		$	24,676,564		$	127,621,331
NET ASSETS
Beginning of Period	$	211,906,368		$	73,696,476		$	158,702,795		$	31,081,464
End of Period	$	502,173,137		$	211,906,368	(c)	$	183,379,359		$	158,702,795	(c)

(a) These amounts are comprised of only net investment income.

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

	Shares	Shares	Shares	Shares
Subscriptions	11,500,000	4,000,000	2,300,000	5,750,000
Redemptions	(4,350,000)	—	(800,000)	(1,550,000)
Net Increase	7,150,000	4,000,000	1,500,000	4,200,000

(c) Includes undistributed accumulated net investment income of $99,202 and $827,950, respectively.

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

85

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Global Cash Cows Dividend ETF						Pacer US Cash Cows 100 ETF
	For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018
OPERATIONS
Net Investment Income	$	7,722,639		$	4,087,911		$	2,694,079		$	349,496
Net Realized Gain (Loss) on Investments		(1,112,320	)		6,709,257			(9,497,993	)		1,042,948
Change in Unrealized Appreciation (Depreciation) of Investments		3,751,284			(1,913,304	)		8,755,096			328,507
Net Increase in Net Assets Resulting from Operations		10,361,603			8,883,864			1,951,182			1,720,951
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(7,760,389	)		(3,669,616	)(a)		(2,630,630	)		(319,520	)(a)
Total Distributions to Shareholders		(7,760,389	)		(3,669,616	)		(2,630,630	)		(319,520	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		86,580,140			157,190,990			297,399,660			29,991,055
Payments for Shares Redeemed		(52,389,240	)		(58,760,010	)		(59,683,405	)		(14,169,800	)
Transaction Fees (Note 1)		2,621			5,956			26			—
Net Increase in Net Assets Derived from Capital Share Transactions(b)		34,193,521			98,436,936			237,716,281			15,821,255
Net Increase in Net Assets	$	36,794,735		$	103,651,184		$	237,036,833		$	17,222,686
NET ASSETS
Beginning of Period	$	173,710,126		$	70,058,942		$	28,981,284		$	11,758,598
End of Period	$	210,504,861		$	173,710,126	(c)	$	266,018,117		$	28,981,284	(c)

(a) These amounts are comprised of only net investment income.

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

	Shares	Shares	Shares	Shares
Subscriptions	2,850,000	5,150,000	10,050,000	1,050,000
Redemptions	(1,750,000)	(1,950,000)	(2,100,000)	(500,000)
Net Increase	1,100,000	3,200,000	7,950,000	550,000

(c) Includes undistributed accumulated net investment income of $672,131 and $38,618, respectively.

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

86

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer US Small Cap Cash Cows 100 ETF						Pacer Developed Markets International Cash Cows 100 ETF
	For the Year Ended April 30, 2019			For the Year Ended April 30, 2018(a)			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018(a)
OPERATIONS
Net Investment Income	$	335,862		$	36,151		$	905,517		$	131,487
Net Realized Gain (Loss) on Investments		(2,404,883	)		175,820			(1,658,309	)		53,481
Change in Unrealized Appreciation (Depreciation) of Investments		1,900,238			82,238			(742,141	)		360,524
Net Increase (Decrease) in Net Assets Resulting from Operations		(168,783	)		294,209			(1,494,933	)		545,492
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(329,410	)		(34,114	)(b)		(731,370	)		(70,528	)(b)
Total Distributions to Shareholders		(329,410	)		(34,114	)		(731,370	)		(70,528	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		62,486,265			8,898,460			26,199,335			21,155,825
Payments for Shares Redeemed		(16,747,460	)		(3,925,410	)		(10,378,335	)		(1,402,765	)
Transaction Fees (Note 1)		—			—			15,033			6,622
Net Increase in Net Assets Derived from Capital Share Transactions(c)		45,738,805			4,973,050			15,836,033			19,759,682
Net Increase in Net Assets	$	45,240,612		$	5,233,145		$	13,609,730		$	20,234,646
NET ASSETS
Beginning of Period	$	5,233,145		$	—		$	20,234,646		$	—
End of Period	$	50,473,757		$	5,233,145	(d)	$	33,844,376		$	20,234,646	(d)

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

(b) These amounts are comprised of only net investment income.

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

	Shares	Shares	Shares	Shares
Subscriptions	2,400,000	350,000	950,000	750,000
Redemptions	(650,000)	(150,000)	(400,000)	(50,000)
Net Increase	1,750,000	200,000	550,000	700,000

(d) Includes undistributed accumulated net investment income of $2,037 and $60,172, respectively.

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

87

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer WealthShield ETF						Pacer Military Times Best Employers ETF
	For the Year Ended April 30, 2019			For the Year Ended April 30, 2018(a)			For the Year Ended April 30, 2019			For the Year Ended April 30, 2018(b)
OPERATIONS
Net Investment Income	$	1,414,287		$	172,593		$	41,763		$	342
Net Realized Gain (Loss) on Investments		(6,807,401	)		(1,219,932	)		171,135			—
Change in Unrealized Appreciation (Depreciation) of Investments		5,265,168			(23,821	)		269,984			44,093
Net Increase (Decrease) in Net Assets Resulting from Operations		(127,946	)		(1,071,160	)		482,882			44,435
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(1,397,954	)		(112,441	)(c)		(38,615	)		—
Total Distributions to Shareholders		(1,397,954	)		(112,441	)		(38,615	)		—
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		134,051,800			83,838,565			1,289,730			2,489,000
Payments for Shares Redeemed		(84,986,710	)		(20,116,040	)		(1,394,875	)		—
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions(d)		49,065,090			63,722,525			(105,145	)		2,489,000
Net Increase in Net Assets	$	47,539,190		$	62,538,924		$	339,122		$	2,533,435
NET ASSETS
Beginning of Period	$	62,538,924		$	—		$	2,533,435		$	—
End of Period	$	110,078,114		$	62,538,924	(e)	$	2,872,557		$	2,533,435	(e)

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

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

(c) This amount is comprised of only net investment income.

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

	Shares	Shares	Shares	Shares
Subscriptions	5,250,000	3,300,000	50,000	100,000
Redemptions	(3,350,000)	(800,000)	(50,000)	—
Net Increase	1,900,000	2,500,000	—	100,000

(e) Includes undistributed accumulated net investment income of $60,273 and $342, respectively.

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

88

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Benchmark Retail Real EstateSM ETF			Pacer Benchmark Industrial Real EstateSM ETF
	For the Period Ended April 30, 2019(a)			For the Period Ended April 30, 2019(b)
OPERATIONS
Net Investment Income	$	83,796		$	69,245
Net Realized Gain on Investments		315,102			165,946
Change in Unrealized Appreciation of Investments		60,380			310,485
Net Increase in Net Assets Resulting from Operations		459,278			545,676
DISTRIBUTIONS TO SHAREHOLDERS
Net Investment Income		(83,796	)		(67,295	)
Long-Term Capital Gain		(5,909	)		—
Return of Capital		(20,617	)		—
Total Distributions to Shareholders		(110,322	)		(67,295	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		5,126,240			13,242,420
Payments for Shares Redeemed		(4,096,635	)		(6,365,095	)
Net Increase in Net Assets Derived from Capital Share Transactions(c)		1,029,605			6,877,325
Net Increase in Net Assets	$	1,378,561		$	7,355,706
NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	1,378,561		$	7,355,706

(a) Fund commenced operations on May 15, 2018. The information presented is from May 15, 2018 to April 30, 2019.

(b) Fund commenced operations on May 14, 2018. The information presented is from May 14, 2018 to April 30, 2019.

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

	Shares	Shares
Subscriptions	200,000	500,000
Redemptions	(150,000)	(250,000)
Net Increase	50,000	250,000

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

89

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Benchmark Data & Infrastructure Real EstateSM ETF			Pacer US Export Leaders ETF
	For the Period Ended April 30, 2019(a)			For the Period Ended April 30, 2019(b)
OPERATIONS
Net Investment Income	$	89,288		$	7,415
Net Realized Loss on Investments		(60,129	)		(157,032	)
Change in Unrealized Appreciation of Investments		1,325,510			49,919
Net Increase (Decrease) in Net Assets Resulting from Operations		1,354,669			(99,698	)
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(89,513	)		(6,972	)
Long-Term Capital Gain		(1,372	)		—
Return of Capital		(37,487	)		—
Total Distributions to Shareholders		(128,372	)		(6,972	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		24,042,230			2,498,000
Payments for Shares Redeemed		(2,577,140	)		(1,092,940	)
Net Increase in Net Assets Derived from Capital Share Transactions(c)		21,465,090			1,405,060
Net Increase in Net Assets	$	22,691,387		$	1,298,390
NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	22,691,387		$	1,298,390

(a) Fund commenced operations on May 15, 2018. The information presented is from May 15, 2018 to April 30, 2019.

(b) Fund commenced operations on July 23, 2018. The information presented is from July 23, 2018 to April 30, 2019.

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

	Shares	Shares
Subscriptions	900,000	100,000
Redemptions	(100,000)	(50,000)
Net Increase	800,000	50,000

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

90

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer CFRA- Stovall Equal Weight Seasonal Rotation ETF
	For the Period Ended April 30, 2019(a)
OPERATIONS
Net Investment Income	$	33,358
Net Realized Gain on Investments		647,636
Change in Unrealized Depreciation of Investments		(1,983	)
Net Increase in Net Assets Resulting from Operations		679,011
DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(29,474	)
Total Distributions to Shareholders		(29,474	)
CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		13,278,420
Payments for Shares Redeemed		(6,888,380	)
Net Increase in Net Assets Derived from Capital Share Transactions(c)		6,390,040
Net Increase in Net Assets	$	7,039,577
NET ASSETS
Beginning of Period	$	—
End of Period	$	7,039,577

(a) Fund commenced operations on July 23, 2018. The information presented is from July 23, 2018 to April 30, 2019.

(b) These amounts are only comprised of net investment income.

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

	Shares
Subscriptions		500,000
Redemptions		(250,000	)
Net Increase		250,000

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

91

Pacer Trendpilot^® US Large Cap ETF

Financial Highlights
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2019	For the Year Ended April 30, 2018	For the Year Ended April 30, 2017	For the Period Ended April 30, 2016(a)
Net Asset Value, Beginning of Period	$ 28.41	$ 25.48	$ 21.88	$ 25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income(b)	0.43	0.37	0.34	0.13
Net Realized and Unrealized Gain (Loss) on Investments(f)	2.01	2.84	3.52	(3.15)
Total from Investment Operations	2.44	3.21	3.86	(3.02)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income	(0.29)	(0.28)	(0.26)	(0.10)
Total Distributions	(0.29)	(0.28)	(0.26)	(0.10)
Net Asset Value, End of Period	$ 30.56	$ 28.41	$ 25.48	$ 21.88
Total Return	8.65%	12.56%	17.72%	-12.10%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$ 2,163,990	$ 921,975	$ 456,180	$ 365,448
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets	0.60%	0.60%	0.60%	0.60%(d)
Net Investment Income to Average Net Assets	1.43%	1.32%	1.44%	0.62%(d)
Portfolio Turnover Rate(e)	162%	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.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

92

Pacer Trendpilot^® US Mid Cap ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017			For the Period Ended April 30, 2016(a)
Net Asset Value, Beginning of Period	$	30.72		$	28.00		$	23.78		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss)(b)		0.41			0.27			0.27			(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments(f)		0.10			2.66			4.13			(1.16	)
Total from Investment Operations		0.51			2.93			4.40			(1.20	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.28	)		(0.21	)		(0.18	)		—
Distributions from Return of Capital		—			—			—			(0.02	)
Total Distributions		(0.28	)		(0.21	)		(0.18	)		(0.02	)
Net Asset Value, End of Period	$	30.95		$	30.72		$	28.00		$	23.78
Total Return		1.66	%		10.42	%		18.54	%		-4.82	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	761,305		$	497,590		$	281,430		$	149,808
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income to Average Net Assets		1.30	%		0.91	%		1.02	%		-0.17	%(d)
Portfolio Turnover Rate(e)		405	%		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.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to share transactions for the period.

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

93

Pacer Trendpilot^® 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017			For the Period Ended April 30, 2016(a)
Net Asset Value, Beginning of Period	$	31.16		$	26.32		$	21.44		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		0.26			0.11			0.11			0.04
Net Realized and Unrealized Gain (Loss) on Investments(f)		4.73			4.83			4.84			(3.55	)
Total from Investment Operations		4.99			4.94			4.95			(3.51	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.15	)		(0.10	)		(0.07	)		(0.05	)
Total Distributions		(0.15	)		(0.10	)		(0.07	)		(0.05	)
Net Asset Value, End of Period	$	36.00		$	31.16		$	26.32		$	21.44
Total Return		16.04	%		18.78	%		23.11	%		-14.04	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	502,173		$	211,906		$	73,696		$	69,689
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%(d)
Net Investment Income to Average Net Assets		0.76	%		0.38	%		0.46	%		0.18	%(d)
Portfolio Turnover Rate(e)		107	%		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.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

94

Pacer Trendpilot^® European Index ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017			For the Period Ended April 30, 2016(a)
Net Asset Value, Beginning of Period	$	29.66		$	27.03		$	24.97		$	25.00
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Gain (Loss)(b)		0.74			0.51			0.18			(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments(h)		(3.16	)		2.31			1.88	(c)		0.01
Total from Investment Operations		(2.42	)		2.82			2.06			(0.03	)
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.47	)		(0.19	)		—			—
Total Distributions		(0.47	)		(0.19	)		—			—
Net Asset Value, End of Period	$	26.77		$	29.66		$	27.03		$	24.97
Total Return		-8.07	%		10.43	%		8.25	%(e)		-0.13	%(d)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	183,379		$	158,703		$	31,081		$	22,470
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%		0.65	%		0.65	%(f)
Net Investment Income (Loss) to Average Net Assets		2.77	%		1.69	%		0.77	%		-0.39	%(f)
Portfolio Turnover Rate(g)		396	%		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 8.

(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.

(h) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

95

Pacer Global Cash Cows Dividend ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Year Ended April 30, 2017			For the Period Ended April 30, 2016(a)
Net Asset Value, Beginning of Period	$	30.75		$	28.60		$	27.16		$	25.00
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		1.21			1.07			0.88			0.23
Net Realized and Unrealized Gain on Investments(f)		0.43			2.01			1.26			1.93
Total from Investment Operations		1.64			3.08			2.14			2.16
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(1.20	)		(0.93	)		(0.70	)		—
Total Distributions		(1.20	)		(0.93	)		(0.70	)		—
Net Asset Value, End of Period	$	31.19		$	30.75		$	28.60		$	27.16
Total Return		5.56	%		10.86	%		8.03	%		8.64	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	210,505		$	173,710		$	70,059		$	5,432
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%		0.60	%		0.60	%(d)
Net Investment Income to Average Net Assets		4.00	%		3.50	%		3.19	%		4.63	%(d)
Portfolio Turnover Rate(e)		74	%		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.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

96

Pacer US Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2019			For the Year Ended April 30, 2018			For the Period Ended April 30, 2017(a)
Net Asset Value, Beginning of Period	$	28.98		$	26.13		$	25.00
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		0.53			0.61			0.13
Net Realized and Unrealized Gain on Investments(f)		0.67			2.84			1.09
Total from Investment Operations		1.20			3.45			1.22
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.46	)		(0.60	)		(0.09	)
Total Distributions		(0.46	)		(0.60	)		(0.09	)
Net Asset Value, End of Period	$	29.72		$	28.98		$	26.13
Total Return		4.28	%		13.35	%		4.87	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	266,018		$	28,981		$	11,759
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%		0.49	%		0.49	%(d)
Net Investment Income to Average Net Assets		1.82	%		2.16	%		1.37	%(d)
Portfolio Turnover Rate(e)		122	%		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.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

97

Pacer US Small Cap Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2019	For the Period Ended April 30, 2018(a)
Net Asset Value, Beginning of Period	$ 26.17	$ 24.78
INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income(b)	0.32	0.28
Net Realized and Unrealized Gain (Loss) on Investments(f)	(0.29)	1.38
Total from Investment Operations	0.03	1.66
LESS DISTRIBUTIONS:
Distributions from Net Investment Income	(0.32)	(0.27)
Total Distributions	(0.32)	(0.27)
Net Asset Value, End of Period	$ 25.88	$ 26.17
Total Return	0.20%	6.69%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$ 50,474	$ 5,233
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets	0.59%	0.59%(d)
Net Investment Income to Average Net Assets	1.21%	1.25%(d)
Portfolio Turnover Rate(e)	123%	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.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

98

Pacer Developed Markets International Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2019			For the Period Ended April 30, 2018(a)
Net Asset Value, Beginning of Period	$	28.91		$	25.09
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		0.85			0.60
Net Realized and Unrealized Gain (Loss) on Investments(f)		(2.01	)		3.53
Total from Investment Operations		(1.16	)		4.13
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.67	)		(0.31	)
Total Distributions		(0.67	)		(0.31	)
Net Asset Value, End of Period	$	27.08		$	28.91
Total Return		-3.92	%		16.48	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	33,844		$	20,235
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%		0.65	%(d)
Net Investment Income to Average Net Assets		3.18	%		2.42	%(d)
Portfolio Turnover Rate(e)		80	%		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.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

99

Pacer WealthShield ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2019			For the Period Ended April 30, 2018(a)
Net Asset Value, Beginning of Period	$	25.02		$	25.02
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		0.38			0.10
Net Realized and Unrealized Loss on Investments(f)		(0.01	)		(0.05	)
Total from Investment Operations		0.37			0.05
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.37	)		(0.05	)
Total Distributions		(0.37	)		(0.05	)
Net Asset Value, End of Period	$	25.02		$	25.02
Total Return		1.43	%		0.23	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	110,078		$	62,539
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%(d)
Net Investment Income to Average Net Assets		1.52	%		1.04	%(d)
Portfolio Turnover Rate(e)		542	%		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.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

100

Pacer Military Times Best Employers ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the year/period

	For the Year Ended April 30, 2019			For the Period Ended April 30, 2018(a)
Net Asset Value, Beginning of Period	$	25.33		$	24.89
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		0.44			—	(c)
Net Realized and Unrealized Gain on Investments(g)		3.43			0.44
Total from Investment Operations		3.87			0.44
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.47	)		—
Total Distributions		(0.47	)		—
Net Asset Value, End of Period	$	28.73		$	25.33
Total Return		15.46	%		1.79	%(d)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,873		$	2,533
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%		0.60	%(e)
Net Investment Income to Average Net Assets		1.66	%		0.25	%(e)
Portfolio Turnover Rate(f)		9	%		0	%(d)

(a) Commencement of operations on April 9, 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.

(g) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

101

Pacer Benchmark Retail Real Estate SCTR^SM ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	24.30
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		0.87
Net Realized and Unrealized Gain on Investments(f)		3.50
Total from Investment Operations		4.37
LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.83	)
Long-Term Capital Gain		(0.06	)
Return of Capital		(0.21	)
Total Distributions		(1.10	)
Net Asset Value, End of Period	$	27.57
Total Return		18.30	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,379
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)
Net Investment Income to Average Net Assets		3.33	%(d)
Portfolio Turnover Rate(e)		60	%(c)

(a) Commencement of operations on May 15, 2018.

(b) Calculated based on average shares outstanding during the period.

(c) Not annualized.

(d) Annualized.

(e) Excluded impact of in-kind transactions.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

102

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	24.83
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		0.65
Net Realized and Unrealized Gain on Investments(g)		4.61
Total from Investment Operations		5.26
LESS DISTRIBUTIONS:
Distributions from Net Investment Income(f)		(0.67	)
Total Distributions		(0.67	)
Net Asset Value, End of Period	$	29.42
Total Return		21.62	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	7,356
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)
Net Investment Income to Average Net Assets		2.60	%(d)
Portfolio Turnover Rate(e)		36	%(c)

(a) Commencement of operations on May 14, 2018.

(b) Calculated based on average shares outstanding during the period.

(c) Not annualized.

(d) Annualized.

(e) Excluded impact of in-kind transactions.

(f) These amounts are comprised of only net investment income.

(g) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

103

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	24.67
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		0.39
Net Realized and Unrealized Gain on Investments(f)		3.93
Total from Investment Operations		4.32
LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.44	)
Long-Term Capital Gain		(0.01	)
Return of Capital		(0.18	)
Total Distributions		(0.63	)
Net Asset Value, End of Period	$	28.36
Total Return		17.89	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	22,691
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)
Net Investment Income to Average Net Assets		1.55	%(d)
Portfolio Turnover Rate(e)		27	%(c)

(a) Commencement of operations on May 15, 2018.

(b) Calculated based on average shares outstanding during the period.

(c) Not annualized.

(d) Annualized.

(e) Excluded impact of in-kind transactions.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

104

Pacer US Export Leaders ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	24.98
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		0.09
Net Realized and Unrealized Gain on Investments(f)		0.98
Total from Investment Operations		1.07
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.08	)
Total Distributions		(0.08	)
Net Asset Value, End of Period	$	25.97
Total Return		4.33	%(c)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,298
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)
Net Investment Income to Average Net Assets		0.50	%(d)
Portfolio Turnover Rate(e)		55	%(c)

(a) Commencement of operations on July 23, 2018.

(b) Calculated based on average shares outstanding during the period.

(c) Not annualized.

(d) Annualized.

(e) Excluded impact of in-kind transactions.

(f) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the changes in net asset value for the period of operations due to share transactions for the period and may not reconcile with aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

105

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended April 30, 2019(a)
Net Asset Value, Beginning of Period	$	25.01
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income(b)		0.25
Net Realized and Unrealized Gain on Investments(g)		3.11
Total from Investment Operations		3.36
LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.21	)
Total Distributions		(0.21	)
Net Asset Value, End of Period	$	28.16
Total Return		13.67	%(c)(f)
SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	7,040
RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%(d)
Net Investment Income to Average Net Assets		1.23	%(d)
Portfolio Turnover Rate(e)		262	%(c)

(a) Commencement of operations on July 23, 2018.

(b) Calculated based on average shares outstanding during the period.

(c) Not annualized.

(d) Annualized.

(e) Excluded impact of in-kind transactions.

(f) Total Return was calculated using the traded NAV due to the rebalancing of the portfolio at April 30, 2019.

(g) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile to the change in net asset value for the period and may not reconcile with the aggregate gains and losses in the statement of operations due to the share transactions for the period.

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

106

Pacer Funds

Notes to Financial Statements
April 30, 2019

NOTE 1 – ORGANIZATION

Pacer Trendpilot^® US Large Cap ETF (“PTLC”), Pacer Trendpilot^® US Mid Cap ETF (“PTMC”), Pacer Trendpilot^® 100 ETF (“PTNQ”), Pacer Trendpilot^® European Index ETF (“PTEU”), Pacer Global Cash Cows Dividend ETF (“GCOW”), Pacer US Cash Cows 100 ETF (“COWZ”), Pacer US Small Cap Cash Cows 100 ETF (“CALF”), Pacer Developed Markets International Cash Cows 100 ETF (“ICOW”), Pacer WealthShield ETF (“PWS”), Pacer Military Times Best Employers ETF (“VETS”), Pacer Benchmark Industrial Real Estate SCTR^SM ETF (“INDS”), Pacer Benchmark Retail Real Estate SCTR^SM ETF (“RTL”), Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF (“SRVR”), Pacer US Export Leaders ETF (“PEXL”), and Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index ETF (“SZNE”) (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, the Military Times Best for VETS^SM Index, the Benchmark Industrial Real Estate SCTR^SM Index, the Benchmark Retail Real Estate SCTR^SM Index, the Benchmark Data & Infrastructure Real Estate SCTR^SM Index, the PEXL and the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index. PTLC, PTMC, and PTNQ commenced operations on June 11, 2015. PTEU commenced operations on December 14, 2015. GCOW commenced operations on February 22, 2016. COWZ commenced operations on December 16, 2016. CALF and ICOW commenced operations on June 16, 2017. PWS commenced operations on December 11, 2017. VETS commenced operations on April 9, 2018. INDS commenced operations on May 14, 2018. RTL and SRVR commenced operations on May 15, 2018. PEXL and SZNE commenced operations on July 23, 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 exceptions of VETS, which is listed and traded on the Nasdaq Stock Market LLC (“Nasdaq”) and RTL, INDS, SRVR, PEXL, and SZNE, which are listed and traded on the NYSE Arca, Inc. (“NYSE”). Market prices for the shares may be different from their net asset value (“NAV”). The Funds issue and redeem shares on a continuous basis at NAV only in large blocks of shares, called “Creation Units,” which generally consist of 50,000 shares. Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, Shares generally trade in the secondary market at market prices that change throughout the day in amounts less than a Creation Unit. Except when aggregated in Creation Units, Shares are not redeemable securities of a Fund. Shares of a Fund may only be purchased directly from or redeemed directly to a Fund by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a DTC participant and, in each case, must have executed a Participant Agreement with Pacer Financial, Inc. (the “Distributor”). Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem the shares directly from a Fund. Rather, most retail investors may purchase Shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Funds each currently offer one class of Shares, which have no front end sales loads, no deferred sales charges, and no redemption fees. A purchase (i.e., creation) transaction fee is imposed for the transfer and other transaction costs associated with the purchase of Creation Units. PTLC charges $500, PTMC charges $500, PTNQ charges $250, PTEU charges $2,000, GCOW charges $1,500, COWZ charges $250, CALF charges $250, ICOW charges $1,500, PWS charges $500, VETS charges $250, INDS charges $250, RTL charges $250, SRVR charges $250, PEXL charges $250, and SZNE charges $500 for the standard fixed creation fee, payable to the Custodian. For the PTLC, PTMC, PTNQ, and the PTEU, the standard fixed creation transaction fee is $200 when the Deposit Securities include only U.S. Treasury bills. The fixed transaction fee may be waived on certain orders if the Fund’s Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. 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.

107

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

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 the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 applicable to investment companies.

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

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

Fixed-income securities are normally valued on the basis of quotes obtained from independent pricing services in accordance with the procedures adopted by the Board of Trustees (the “Board”). The independent pricing services may employ methodologies that utilize market transactions (if the security is actively traded), broker-dealer supplied valuations, or matrix pricing. Short-term securities that have maturities of less than 60 days, at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates market value.

Any securities for which there are no readily available market quotations and other assets will be valued at their fair value as determined in good faith by the Fair Value Pricing Committee using the Fair Value Procedures approved by the Board.

As described above, the Funds utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuations methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available; representing the Funds’ own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

108

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

The following is a summary of the inputs used to value the Funds’ investments as of April 30, 2019:

PTLC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	2,093,806,977	$	—	$	—	$	—	$	2,093,806,977
Real Estate Investment Trusts		61,752,603		—		—		—		61,752,603
Short-Term Investments		7,600,973		—		—		—		7,600,973
Investments Purchased with Proceeds from Securities Lending		—		—		—		410,548,790		410,548,790
Total Investments in Securities	$	2,163,160,553	$	—	$	—	$	410,548,790	$	2,573,709,343

^{^} See Schedule of Investments for industry breakouts.

PTMC

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	668,394,124	$	—	$	—	$	—	$	668,394,124
Exchange Traded Funds		24,525,812		—		—		—		24,525,812
Real Estate Investment Trusts		67,890,553		—		—		—		67,890,553
Short-Term Investments		388,643		—		—		—		388,643
Investments Purchased with Proceeds from Securities Lending		—		—		—		221,030,289		221,030,289
Total Investments in Securities	$	761,199,132	$	—	$	—	$	221,030,289	$	982,229,421

^{^} See Schedule of Investments for industry breakouts.

PTNQ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	501,672,111	$	—	$	—	$	—	$	501,672,111
Short-Term Investments		717,855		—		—		—		717,855
Investments Purchased with Proceeds from Securities Lending		—		—		—		68,785,935		68,785,935
Total Investments in Securities	$	502,389,966	$	—	$	—	$	68,785,935	$	571,175,901

^{^} See Schedule of Investments for industry breakouts.

PTEU

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	176,597,527	$	—	$	6,778	$	—	$	177,604,305
Preferred Stocks		3,176,906		—		—		—		3,176,906
Real Estate Investment Trusts		2,131,314		—		—		—		2,131,314
Short-Term Investments		768,968		—		—		—		768,968
Investments Purchased with Proceeds from Securities Lending		—		—		—		5,743,553		5,743,553
Total Investments in Securities	$	182,674,715	$	—	$	6,778	$	5,743,553	$	188,425,046

^{^} See Schedule of Investments for industry breakouts.

109

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level3) were used in determining fair value:

PTEU	Balance as of 4/30/2018	Net Realized Gain (Loss)	Change in Net Unrealized Appreciation (Depreciation)	Purchases	Sales	Sales 2	Transfers Into Level 3	Transfers Out of Level 3	Balance as of 04/30/19	Net Change in Unrealized Appreciation (Depreciation) on securities held at 04/30/2019
Common Stocks	$ —	$ —	$ —	$ —	$ —	$ —	$ 6,778	$ —	$ 6,778	$ (17,590)

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

PTEU	Fair Value as of 04/30/2019		Valuation Techniques		Unobservable Input		Input Values		Range/Weighted Average Unobservable Input(a)
Common Stocks	$	6,778		Last Trade Price		Stale Data		4.80 EUR		4.80 EUR

^(a) Table presents information for one security, which is valued at $6,778 as of April 30, 2019.

GCOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	205,552,512	$	—	$	—	$	—	$	205,552,512
Real Estate Investment Trusts		2,877,162		—		—		—		2,877,162
Short-Term Investments		1,025,631		—		—		—		1,025,631
Investments Purchased with Proceeds from Securities Lending		—		—		—		49,602,558		49,602,558
Total Investments in Securities	$	209,455,305	$	—	$	—	$	49,602,558	$	259,057,863

^{^} See Schedule of Investments for country breakouts.

COWZ

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	265,001,506	$	—	$	—	$	—	$	265,001,506
Real Estate Investment Trusts		555,615		—		—		—		555,615
Short-Term Investments		453,773		—		—		—		453,773
Investments Purchased with Proceeds from Securities Lending		—		—		—		23,710,020		23,710,020
Total Investments in Securities	$	266,010,894	$	—	$	—	$	23,710,020	$	289,720,914

^{^} See Schedule of Investments for industry breakouts.

CALF

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	50,381,703	$	—	$	—	$	—	$	50,381,703
Short-Term Investments		109,951		—		—		—		109,951
Investments Purchased with Proceeds from Securities Lending		—		—		—		13,614,390		13,614,390
Total Investments in Securities	$	50,491,654	$	—	$	—	$	13,614,390	$	64,106,044

^{^} See Schedule of Investments for industry breakouts.

110

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

ICOW

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	33,477,947	$	—	$	—	$	—	$	33,477,947
Short-Term Investments		159,911		—		—		—		159,911
Investments Purchased with Proceeds from Securities Lending		—		—		—		3,114,587		3,114,587
Total Investments in Securities	$	33,637,858	$	—	$	—	$	3,114,587	$	36,752,445

^{^} See Schedule of Investments for country breakouts.

PWS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	89,133,437	$	—	$	—	$	—	$	89,133,437
Real Estate Investment Trusts		20,680,215		—		—				20,680,215
Short-Term Investments		242,111		—		—		—		242,111
Investments Purchased with Proceeds from Securities Lending		—		—		—		5,378,550		5,378,550
Total Investments in Securities	$	110,055,763	$	—	$	—	$	5,378,550	$	115,434,313

^{^} See Schedule of Investments for industry breakouts.

VETS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	2,860,169	$	—	$	—	$	—	$	2,860,169
Short-Term Investments		10,796		—		—		—		10,796
Total Investments in Securities	$	2,870,965	$	—	$	—	$	—	$	2,870,965

^{^} See Schedule of Investments for industry breakouts.

RTL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Real Estate Investment Trusts	$	1,375,334	$	—	$	—	$	—	$	1,375,334
Short-Term Investments		2,259		—		—		—		2,259
Total Investments in Securities	$	1,377,593	$	—	$	—	$	—	$	1,377,593

^{^} See Schedule of Investments for industry breakouts.

111

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

INDS

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Real Estate Investment Trusts	$	7,333,039	$	—	$	—	$	—	$	7,333,039
Short-Term Investments		19,917		—		—		—		19,917
Investments Purchased with Proceeds from Securities Lending		—		—		—		429,600		429,600
Total Investments in Securities	$	7,352,956	$	—	$	—	$	429,600	$	7,782,556

^{^} See Schedule of Investments for industry breakouts.

SRVR

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	4,023,767	$	—	$	—	$	—	$	4,023,767
Real Estate Investment Trusts		18,635,058		—		—		—		18,635,058
Short-Term Investments		36,177		—		—		—		36,177
Investments Purchased with Proceeds from Securities Lending		—		—		—		996,120		996,120
Total Investments in Securities	$	22,695,002	$	—	$	—	$	996,120	$	23,691,122

^{^} See Schedule of Investments for industry breakouts.

PEXL

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,284,514	$	—	$	—	$	—	$	1,284,514
Exchange Traded Funds		11,761		—		—		—		11,761
Short-Term Investments		1,579		—		—		—		1,579
Total Investments in Securities	$	1,297,854	$	—	$	—	$	—	$	1,297,854

^{^} See Schedule of Investments for industry breakouts.

SZNE

Description^	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	7,034,387	$	—	$	—	$	—	$	7,034,387
Short-Term Investments		9,670		—		—		—		9,670
Total Investments in Securities	$	7,044,057	$	—	$	—	$	—	$	7,044,057

^{^} See Schedule of Investments for industry breakouts.

During the year/period ended April 30, 2019, the Funds did not recognize any transfers to or from Level 3, except PTEU.

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 foreign currency transactions, and the differences between the amounts of dividends, interest

112

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the 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, 2019, the Funds did not have any tax positions that did not meet the “more-likely-than-not” threshold of being sustained by the applicable tax authority. As of and during the fiscal period/year ended April 30, 2019, 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.

Distributions received from the Fund’s investments in Real Estate Investment Trusts (“REIT”) may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Fund must use estimates in reporting the character of their income and distributions for financial statement purposes. The actual character of distributions to the Fund’s shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Fund’s shareholders may represent a return of capital.

E. Distributions to Shareholders. Distributions to shareholders from net investment income for the PTLC, PTMC, PTNQ, and the PTEU, are declared and paid on an annual basis. The GCOW, COWZ, CALF, ICOW, PWS, VETS, PEXL, INDS, RTL, SRVR and SZNE are declared and paid on a quarterly 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, Nasdaq and/or New York’s Stock Exchange (“NYSE”) is closed for trading. The offering and redemption price per share for each Fund is equal to the Fund’s net asset value per share.

H. Guarantees and Indemnifications. In the normal course of business, the Funds enter into contracts with service providers that contain general indemnification clauses. Each Fund’s maximum exposure under these arrangements is unknown as this would involve future claims that may be against the Funds that have not yet occurred.

113

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

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, 2019, the following table shows the reclassifications made:

	Distributable Earnings (Accumulated Deficit)			Paid-In Capital
PTLC	$	(103,568,729	)	$	103,568,729
PTMC		(62,257,523	)		62,257,523
PTNQ		(44,505,649	)		44,505,649
PTEU		260			(260	)
GCOW		(7,009,888	)		7,009,888
COWZ		(7,395,578	)		7,395,578
CALF		(1,901,644	)		1,901,644
ICOW		(685,624	)		685,624
PWS		(5,312,475	)		5,312,475
VETS		(189,567	)		189,567
RTL		(336,943	)		336,943
INDS		(163,690	)		163,690
SRVR		(97,556	)		97,556
PEXL		71,698			(71,698	)
SZNE		(815,931	)		815,931

During the fiscal year/period ended April 30, 2019, 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.

PTLC	$	103,669,128
PTMC	$	62,657,317
PTNQ	$	46,532,539
PTEU	$	—
GCOW	$	7,482,759
COWZ	$	7,697,783
CALF	$	2,095,484
ICOW	$	734,289
PWS	$	5,341,184
VETS	$	189,567
RTL	$	353,871
INDS	$	170,347
SRVR	$	131,474
PEXL	$	—
SZNE	$	823,380

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, PTLC pays the Adviser 0.60%, PTMC pays the Adviser 0.60%, PTNQ pays the Adviser 0.65%, PTEU pays the Adviser 0.65%, GCOW pays the Adviser 0.60%, COWZ pays the Adviser 0.49%, CALF pays the Adviser 0.59%,

114

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

ICOW pays the Adviser 0.65%, PWS pays the Adviser 0.60%, VETS pays the Adviser 0.60%, INDS pays the Adviser 0.60%, RTL pays the Adviser 0.60%, SRVR pays the Adviser 0.60%, PEXL pays the Adviser 0.60%, and SZNE 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 year/period ended April 30, 2019.

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 (“Fund Services” or “Administrator”) doing business as U.S. Global Fund Services and a Custody Agreement with U.S. Bank, N.A. (the “Custodian”), an affiliate of Fund Services. Under these agreements, Fund Services and the Custodian provide certain transfer agency, administrative, accounting and custody services. The Custodian acts as securities lending agent (the “Securities Lending Agent”) for the Funds.

NOTE 5 – SECURITIES LENDING

The Funds 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. Due to timing issues of when a security is recalled from loan, the financial statements may differ in presentation. 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, 2019, 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 year/period ended April 30, 2019, the Funds (excluding VETS, RTL, PEXL, and SZNE) 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.

115

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of April 30, 2019.

Securities Lending Transactions

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral*
PTLC	$	410,548,790
PTMC		221,030,289
PTNQ		68,785,935
PTEU		5,743,553
GCOW		49,602,558
COWZ		23,710,020
CALF		13,614,390
ICOW		3,114,587
PWS		5,378,550
VETS		—
RTL		—
INDS		429,600
SRVR		996,120
PEXL		—
SZNE		—

^* 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.

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, 2019:

Liabilities

							Gross Amounts Net Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
PTLC
Securities Lending	$	410,548,790	$	—	$	410,548,790	$	410,548,790	$	—	$	—
PTMC
Securities Lending		221,030,289		—		221,030,289		221,030,289		—		—
PTNQ
Securities Lending		68,785,935		—		68,785,935		68,785,935		—		—
PTEU
Securities Lending		5,743,553		—		5,743,553		5,743,553		—		—
GCOW
Securities Lending		49,602,558		—		49,602,558		49,602,558		—		—
COWZ
Securities Lending		23,710,020		—		23,710,020		23,710,020		—		—

116

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

							Gross Amounts Net Offset in the Statements of Assets and Liabilities
Description	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments		Collateral Pledged (Received)		Net Amount
CALF
Securities Lending	$	13,614,390	$	—	$	13,614,390	$	13,614,390	$	—	$	—
ICOW
Securities Lending		3,114,587		—		3,114,587		3,114,587		—		—
PWS
Securities Lending		5,378,550		—		5,378,550		5,378,550		—		—
VETS
Securities Lending		—		—		—		—		—		—
RTL
Securities Lending		—		—		—		—		—		—
INDS
Securities Lending		429,600		—		429,600		429,600		—		—
SRVR
Securities Lending		996,120		—		996,120		996,120		—		—
PEXL
Securities Lending		—		—		—		—		—		—
SZNE
Securities Lending		—		—		—		—		—		—

NOTE 8 – INVESTMENT TRANSACTIONS

For the period ended April 30, 2019, the aggregate purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions, were as follows:

	Purchases		Sales
PTLC	$	1,774,811,038	$	1,584,080,065
PTMC		1,493,561,447		1,516,641,083
PTNQ		405,784,656		277,720,058
PTEU		432,480,703		421,760,475
GCOW		178,891,490		142,219,103
COWZ		180,815,445		193,450,425
CALF		35,458,637		34,916,622
ICOW		25,016,606		22,747,852
PWS		473,409,456		439,343,243
VETS		496,604		233,130
RTL		4,472,975		1,536,097
INDS		3,606,149		1,125,000
SRVR		4,377,497		1,757,303
PEXL		1,060,970		1,047,065
SZNE		9,978,525		9,943,297

117

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

For the period ended April 30, 2019, in-kind transactions associated with creations and redemptions are as follows:

	Purchases		Sales
PTLC	$	966,527,883	$	28,849,895
PTMC		337,767,342		35,436,090
PTNQ		252,878,895		138,659,180
PTEU		31,664,849		—
GCOW		48,115,874		52,010,390
COWZ		312,948,585		59,291,055
CALF		62,383,252		16,784,533
ICOW		23,237,833		9,793,368
PWS		83,899,741		68,139,849
VETS		1,291,087		1,634,795
RTL		2,426,406		4,100,853
INDS		10,737,808		6,343,393
SRVR		21,394,130		2,559,334
PEXL		2,493,995		1,092,033
SZNE		13,201,021		6,841,449

For the period ended April 30, 2019, there were no long-term purchases or sales of U.S. Government Securities for the Funds, except PWS. Included in the amounts for PWS were $121,196,333 of purchases and $2,503,925 of sales of U.S. Government Securities during the year ended April 30, 2019.

During the fiscal year ended April 30, 2017, PTEU accepted a cash contribution in the amount of $409,837 to reimburse the Fund from prior securities transactions.

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, 2019 were as follows:

	PTLC			PTMC			PTNQ			PTEU			GCOW
Tax cost of investments	$	2,460,930,861		$	984,601,098		$	529,013,632		$	178,727,789		$	256,040,348
Gross tax unrealized appreciation		145,178,359			25,126,228			48,090,535			11,400,270			15,956,487
Gross tax unrealized depreciation		(32,399,877	)		(27,497,905	)		(5,928,266	)		(1,703,013	)		(12,939,462	)
Net tax unrealized appreciation (depreciation)		112,778,482			(2,371,677	)		42,162,269			9,697,257			3,017,025
Undistributed ordinary income		8,747,712			3,526,511			1,089,238			1,733,721			831,014
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		8,747,712			3,526,511			1,089,238			1,733,721			831,014
Other accumulated (loss)		(40,318,985	)		(43,126,282	)		(20,552,554	)		(35,392,387	)		(9,374,432	)
Total accumulated gain (loss)	$	81,207,209		$	(41,971,448	)	$	22,698,953		$	(23,961,409	)	$	(5,526,393	)

	COWZ			CALF			ICOW			PWS			VETS
Tax cost of investments	$	286,633,173		$	64,027,579		$	37,388,174		$	110,198,742		$	2,556,979
Gross tax unrealized appreciation		19,737,873			5,271,348			2,186,688			5,850,350			367,910
Gross tax unrealized depreciation		(16,650,132	)		(5,192,883	)		(2,822,432	)		(614,779	)		(53,924	)
Net tax unrealized appreciation (depreciation)		3,087,741			78,465			(635,744	)		5,235,571			313,986
Undistributed ordinary income		101,514			8,612			246,512			76,606			3,490
Undistributed long-term gain		—			—			—			—			—
Total distributable earnings		101,514			8,612			246,512			76,606			3,490
Other accumulated (loss)		(11,463,651	)		(2,599,732	)		(2,161,881	)		(14,698,711	)		(18,341	)
Total accumulated gain (loss)	$	(8,274,396	)	$	(2,512,655	)	$	(2,551,113	)	$	(9,386,534	)	$	299,135

118

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

	RTL			INDS			SRVR			PEXL			SZNE
Tax cost of investments	$	1,317,219		$	7,475,921		$	22,386,173		$	1,247,934		$	7,046,040
Gross tax unrealized appreciation		102,278			347,977			1,705,661			123,720			—
Gross tax unrealized depreciation		(41,904	)		(41,342	)		(400,712	)		(73,800	)		(1,983	)
Net tax unrealized appreciation (depreciation)		60,374			306,635			1,304,949			49,920			(1,983	)
Undistributed ordinary income		—			1,950			—			443			3,884
Undistributed long-term gain		—			6,106			—			—			—
Total distributable earnings		—			8,056			—			443			3,884
Other accumulated (loss)		(48,361	)		—			(176,208	)		(85,335	)		(168,295	)
Total accumulated gain (loss)	$	12,013		$	314,691		$	1,128,741		$	(34,972	)	$	(166,394	)

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 April 30, and within the taxable year are deemed to arise on the first business day of the Fund’s next taxable year.

At April 30, 2019, the Funds had the following capital loss carryforwards:

	Short-Term Amount		Long-Term Amount		Expires
PTLC	$	40,318,985		—		Indefinite
PTMC		35,081,100		8,045,182		Indefinite
PTNQ		17,192,424		3,360,130		Indefinite
PTEU		35,384,806		—		Indefinite
GCOW		6,823,440		2,544,829		Indefinite
COWZ		11,135,637		328,015		Indefinite
CALF		2,520,558		79,174		Indefinite
ICOW		1,973,261		186,689		Indefinite
PWS		14,698,711		—		Indefinite
VETS		18,341		—		Indefinite
RTL		—		—		Indefinite
INDS		—		—		Indefinite
SRVR		—		—		Indefinite
PEXL		85,335		—		Indefinite
SZNE		168,295		—		Indefinite

At April 30, 2018, RTL and SRVR deferred on a tax basis, a post-October capital loss of $48,361 and $176,208, respectively. None of the Funds deferred on a tax bases late-year ordinary losses.

119

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

NOTE 10 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2019 was as follows:

	Ordinary Income		Capital Gains		Return of Capital
PTLC	$	14,704,858	$	—	$	—
PTMC		5,930,872		—		—
PTNQ		1,575,175		—		—
PTEU		2,870,463		—		—
GCOW		7,760,389		—		—
COWZ		2,630,630		—		—
CALF		329,410		—		—
ICOW		731,370		—		—
PWS		1,397,954		—		—
VETS		38,615		—		—
RTL		83,796		5,909		20,617
INDS		67,295		—		—
SRVR		89,513		1,372		37,487
PEXL		6,972		—		—
SZNE		29,474		—		—

The tax character of distributions paid by the Funds during the fiscal year/period ended April 30, 2018 was as follows:

	Ordinary Income		Capital Gains		Return of Capital
PTLC	$	7,017,355	$	—	$	—
PTMC		2,882,696		—		—
PTNQ		466,293		—		—
PTEU		538,237		—		—
GCOW		3,669,616		—		—
COWZ		319,520		—		—
CALF		34,114		—		—
ICOW		70,528		—		—
PWS		112,441		—		—
VETS		—		—		—
RTL		—		—		—
INDS		—		—		—
SRVR		—		—		—
PEXL		—		—		—
SZNE		—		—		—

NOTE 11 – NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The primary focus of ASU 2018-13 is to improve the effectiveness of the disclosure requirements for fair value measurements. The changes affect all companies that are required to include fair value measurement disclosures. In general, the amendments in ASU 2018-13 are effective for all entities for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. An entity is permitted to early adopt the removed or modified disclosures upon the issuance of ASU 2018-13 and may delay adoption of the additional disclosures, which are required for public companies only, until their effective date. Management has evaluated the ASU 2018-13 and has decided to adopt the disclosure framework.

120

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
April 30, 2019 (Continued)

NOTE 12 – 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 3, 2019 the Adviser launched three new funds in the Pacer Funds Trust: Pacer US Cash Cows Growth ETF, Pacer Trendpilot International ETF, and Pacer Emerging Markets Cash Cows 100 ETF.

On May 6, 2019 the Adviser launched two new funds in the Pacer Funds Trust: Pacer Cash Cows Fund of Funds ETF and Pacer Trendpilot Fund of Funds ETF.

On June 25, 2019, the following Funds declared distributions from ordinary income to shareholders of record as of June 26, 2019, payable June 27, 2019, as follows:

	Ordinary Income		Per Share Amount
GCOW	$	1,962,415	$	0.28236187
COWZ	$	1,188,347	$	0.13130910
CALF	$	242,647	$	0.13480381
ICOW	$	259,965	$	0.19256656
PWS	$	344,297	$	0.07484718
VETS	$	14,106	$	0.14106470
RTL	$	10,033	$	0.10032950
INDS	$	23,731	$	0.05932848
SRVR	$	135,240	$	0.09015990
PEXL	$	1,801	$	0.03601720
SZNE	$	35,704	$	0.04200501

121

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, Pacer Military Times Best Employers ETF, Pacer Benchmark Retail Real Estate SCTR^SM ETF, Pacer Benchmark Industrial Real Estate SCTR^SM ETF, Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF, Pacer US Export Leaders ETF and Pacer CFRA-Stovall Equal Weight Seasonal Rotation 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, Pacer Military Times Best Employers ETF, Pacer Benchmark Retail Real Estate SCTR^SM ETF, Pacer Benchmark Industrial Real Estate SCTR^SM ETF, Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF, Pacer US Export Leaders ETF and Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF (the “Funds”), including the schedules of investments, as of April 30, 2019 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, referred to as the “financial statements”) and the financial highlights for each of the years or periods in the four-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, 2019, 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 four-year period then ended, in conformity with accounting principles generally accepted in the United States of America.

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. As part of our audits we are required to obtain an understanding of internal control over financial reporting 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, 2019, 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 27, 2019

122

Pacer Funds

Additional Information
(Unaudited)

NOTE 1 – FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS

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

NOTE 2 – FEDERAL TAX INFORMATION

Qualified Dividend Income/Dividends Received Deduction

For the fiscal year/period ended April 30, 2019, 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:

PTLC	92.48%
PTMC	55.11%
PTNQ	86.73%
PTEU	99.03%
GCOW	99.09%
COWZ	99.79%
CALF	100.00%
ICOW	100.00%
PWS	32.00%
VETS	99.11%
RTL	1.46%
INDS	2.02%
SRVR	10.44%
PEXL	100.00%
SZNE	100.00%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year/period ended April 30, 2019 was as follows:

PTLC	90.33%
PTMC	53.80%
PTNQ	82.55%
PTEU	0.00%
GCOW	31.44%
COWZ	99.74%
CALF	100.00%
ICOW	0.30%
PWS	31.56%
VETS	99.11%
RTL	0.00%
INDS	0.00%
SRVR	0.47%
PEXL	100.00%
SZNE	100.00%

123

Pacer Funds

ADDITIONAL INFORMATION
(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:

PTLC	0.00%
PTMC	0.00%
PTNQ	0.00%
PTEU	0.00%
GCOW	0.00%
COWZ	0.00%
CALF	0.00%
ICOW	0.00%
PWS	0.00%
VETS	0.00%
RTL	0.00%
INDS	0.00%
SRVR	0.00%
PEXL	0.00%
SZNE	0.00%

Foreign Tax Credit Pass Through

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the period ended April 30, 2019. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

					Per Share
	Gross Foreign Source Income		Foreign Taxes Passthrough		Gross Foreign Source Income		Foreign Taxes Passthrough
PTLC	$	—	$	—	$	—	$	—
PTMC		—		—		—		—
PTNQ		—		—		—		—
PTEU		4,691,018		674,169		0.68		0.10
GCOW		6,320,653		382,540		0.94		0.06
COWZ		—		—		—		—
CALF		—		—		—		—
ICOW		1,175,992		100,592		0.94		0.08
PWS		—		—		—		—
VETS		—		—		—		—
RTL		—		—		—		—
INDS		—		—		—		—
SRVR		—		—		—		—
PEXL		—		—		—		—
SZNE		—		—		—		—

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governements.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

124

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS

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

NOTE 4 – PROXY VOTING POLICIES AND PROCEDURES

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

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

The Board of Trustees (the “Board”) of Pacer Funds Trust (the “Trust”), including the Trustees who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended, of the Trust (the “Independent Trustees”), held an in-person meeting on April 8, 2019 (the “April Meeting”), for the purpose of, among other things, the consideration of, and voting on, the proposed renewal of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”) relating to the Pacer WealthShield ETF, Pacer Benchmark Retail Real Estate SCTR ETF, , Pacer Industrial Real Estate SCTR ETF, Pacer Data & Infrastructure Real Estate SCTR ETF, Pacer Military Times Best Employers ETF, Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF, Pacer US Export Leaders ETF, 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 and Pacer Developed Markets International Cash Cows 100 ETF (each a “Fund” and, together, 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 renew 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 April Meeting, 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 April Meeting, the Board, including the Independent Trustees, evaluated a number of factors and various materials in connection with the approval process, including: (1) a copy of the Investment Advisory Agreement; (2) the Advisor’s responses to 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 fee payable by each Fund to the Advisor for the Advisor’s 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 Meeting 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, including the performance of the Funds over time; (ii) the fee to be paid to the Advisor by each Fund; and (iii) potential economies of scale, as discussed in further detail below.

● Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services provided by the Advisor under the Investment Advisory Agreement and determined that the Advisor has been providing and is capable of providing in the future all necessary advisory services required by the Funds, as indicated by the firm’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of the Funds against their peers. In this regard, the Board reviewed data compiled by the Advisor comparing the performance of each Fund with the performance of other ETFs having similar investment objectives and policies (each Fund’s “Peer Group”). The Board also considered other services provided to the Funds

125

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

by the Advisor, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to each 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 of each Fund with the expense ratios of the ETFs in 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 profitability prepared and shared by the Advisor’s management. 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 Fund; and (c) agreed to renew the Investment Advisory Agreement as to each 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., 500 Chesterfield Parkway, Malvern, PA 19335. The Funds’ Statement of Additional Information includes additional information about the Trustees and is available upon request by calling toll free (800) 617-0004.

126

Pacer Funds

ADDITIONAL INFORMATION
(Unaudited) (Continued)

Name and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Trustee	Other Directorships held by Trustee During Past Five Years
Interested Trustee
Joe M. Thomson Born: 1944	Trustee , Chairman, President and Principal Executive Officer	Indefinite Term; since 2014	Founder/President at Pacer Advisors, Inc. (since 2005); President and Chief Compliance Officer, Pacer Financial, Inc. (since 2004)	20	Director, First Cornerstone Bank (2000-2016)
Independent Trustees
Deborah G. Wolk Born: 1950	Lead Independent Trustee	Indefinite Term; since 2015	Self-employed providing accounting services and computer modeling (since 1997)	20	None
Jonathan H. Newman, Sr. Born: 1962	Trustee	Indefinite Term; since 2015	CEO and Chairman, Newman Wine & Spirits (since 2007)	20	None
Dennis J. Ryan Born: 1947	Trustee	Indefinite Term; since 2017	Principal/Owner, Brendan Abstract Company, Inc. (title insurance) (since 1999)	20	None
Officers who are not Trustees:
Sean E. O’Hara Born: 1962	Treasurer and Principal Financial Officer	Indefinite Term; since 2014	Director, Index Design Group (since 2015); Director, Pacer Financial, Inc. (since 2007); Director, Pacer Advisors, Inc. (since 2007)	N/A	None
Bruce Kavanaugh Born: 1964	Secretary	Indefinite Term; since 2016	Vice President, Pacer Advisors, Inc. (since 2004), Vice President, Pacer Financial, Inc. (since 2004)	N/A	None
Perpetua Seidenberg Gateway Corporate Center, Suite 216 223 Wilmington West Chester Pike Chadds Ford, PA 19317 Born: 1990	Chief Compliance Officer and AML Officer	Indefinite Term; since 2018	Compliance Director, Vigilant Compliance, LLC (an investment management services company) (since 2014); Auditor, PricewaterhouseCoopers (since 2012)	N/A	None

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 inaccordance 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.

127

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

Advisor

Pacer Advisors, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Index Provider

Index Design Group, LLC
500 Chesterfield Parkway
Malvern, PA 19355

Benchmark Investments, LLC
1115 Broadway, 12th Floor
New York, NY 10010

CFRA
One New York Plaza, 34th Floor
New York, NY 10004

VETS Indexes, LLC
6 East 39th Street, Suite 1003
New York, NY 10016

Distributor

Pacer Financial, Inc.
500 Chesterfield Parkway
Malvern, PA 19355

Custodian

U.S. Bank National Association
Custody Operations
1555 North Rivercenter Drive
Milwaukee, WI 53212

Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Independent Registered
Public Accounting Firm

Sanville & Company
1514 Old York Rd.
Abington, PA 19001

Legal Counsel

DLA Piper LLP
1650 Market St., Suite 4900
Philadelphia, PA 19103-7300

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 04/30/2019	FYE 04/30/2018
Audit Fees	$126,500	$85,000
Audit-Related Fees	$0	$0
Tax Fees	$17,400	$10,000
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 04/30/2019	FYE 04/30/2018
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 04/30/2019	FYE 04/30/2018
Registrant	$0	$0
Registrant’s Investment Adviser	$0	$0

Item 5. Audit Committee of Listed Registrants.

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 committeeare 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.

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

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

SIGNATURES

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

(Registrant)	Pacer Funds Trust
By (Signature and Title)	/s/ Joe M. Thomson
	Joe M. Thomson, President (Principal Executive Officer)
Date	07/08/19

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

By (Signature and Title)	/s/ Joe M. Thomson
	Joe M. Thomson, President (Principal Executive Officer)
Date	07/08/19
By (Signature and Title)	/s/ Sean E. O’Hara
	Sean E. O’Hara, Treasurer (Principal Financial Officer)
Date	07/08/19

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

EX-99.CODE ETH

Exhibit 20

PACER FUNDS TRUST FINANCIAL

OFFICER CODE OF ETHICS

Purposes of the Code

The reputation and integrity of Pacer Funds Trust (the “Trust”) are valuable assets that are vital to the Trust’s success. Each officer and employee of the Trust, including each of the Trust’s senior financial officers (“SFOs”), is responsible for conducting the Trust’s business in a manner that demonstrates a commitment to the highest standards of integrity. SFOs include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any person who performs a similar function.

The Trust has adopted a Code of Ethics under Rule 17j-1 under the Investment Company Act of 1940. The Trust’s Rule 17j-1 Code is designed to prevent certain conflicts of interest that may arise when officers, employees, or trustees know about present or future Trust transactions, have the power to influence those transactions; and engage in securities transactions in their personal account(s).

The Trust has chosen to adopt a financial officer code of ethics for the purpose of promoting:

• Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

• Full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC, and in other public communications made by the Trust;

• Compliance with applicable laws and governmental rules and regulations;

• The prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and

• Accountability for adherence to the Code.

This Code of Ethics should be read in conjunction with the Trust’s other policy statements, including its Rule 17j-1 Code and its Disclosure Controls and Procedures.

Principles for the Handling of Financial Information

The Trust has adopted the following principles to govern the manner in which SFOs perform their duties. Persons subject to these guidelines include the principal executive officer, the principal financial officer, comptroller (or principal accounting officer), and any Trust officer or employee who performs a similar function or who participates in the preparation of any part of the Trust’s financial statements. Specifically, persons subject to this Code shall:

• Act with honesty and integrity

• Avoid actual or apparent conflicts of interest with the Trust in personal and professional relationships

- 1 - 

• Provide information to the Trust’s employees and service providers (adviser, administrator, outside auditor, outside counsel, custodian, etc.) that is accurate, complete, objective, relevant, timely, and understandable

• Endeavor to ensure full, fair, timely, accurate, and understandable disclosure in the Trust’s periodic reports

• Comply with the federal securities laws and other applicable laws and rules, such as the Internal Revenue Code

• Act in good faith, responsibly, and with due care, competence and diligence, without misrepresenting material facts or subordinating independent judgment to another end

• Respect the confidentiality of information acquired in the course of their work, except where disclosure is expressly permitted or is otherwise legally mandated

• Record (or participate in the recording of) entries in the Trust’s books and records that are accurate

• Refrain from using confidential information for personal advantage Violations of the Code Any action that directly or indirectly contravenes one or more of the principles outlined above shall be treated as a violation of this Code unless good cause for such apparent contravention is found to exist.

Dishonest or unethical conduct or conduct that is illegal will constitute a per se violation of this Code, regardless of whether this Code refers to that particular conduct.

A violation of this Code may result in disciplinary action, up to and including termination of employment. The Trust must and will report all suspected criminal violations to the appropriate authorities for possible prosecution, and will investigate, address and report as appropriate, non- criminal violations.

Enforcement of the Code

Violations

All persons subject to this Code who observe, learn of, or, in good faith, suspect a current or threatened violation of the Code must immediately report the violation in writing to the Compliance Officer, another member of the Trust’s senior management, or to the Audit Committee of the Board. An example of a possible Code violation is the preparation and filing of financial disclosure that omits material facts, or that is accurate but is written in a way that obscures its meaning.

Disclosures

All persons subject to this Code shall file a letter (a “Disclosure Letter”) regarding any transaction or relationship that reasonably appears to involve an actual or apparent conflict of interest with the Trust within ten days of becoming aware of such transaction or relationship. A Disclosure Letter should be prepared regarding these transactions or relationships whether you are involved or have only observed the transaction or relationship. All Disclosure Letters shall be submitted to the Compliance Officer, or if it is not possible to disclose the matter to the Compliance Officer, then the Disclosure Letter shall be submitted to another member of the Trust’s senior management or to the Audit Committee of the Board.

- 2 - 

An executive officer of the Trust or the Audit Committee will review all Disclosure Letters and determine whether further action is warranted. All determinations will be documented in writing and will be maintained by the Compliance Officer or other appropriate officers of the Trust.

Outside Service Providers

Because service providers to the Trust, such as the Administrator, outside accounting firm, and custodian, provide much of the work relating to the Trust’s financial statements, you should be alert for actions by service providers that may be illegal, or that could be viewed as dishonest or unethical conduct. You should report these actions to the Compliance Officer even if you know, or think, that the service provider has its own code of ethics covering persons who are Trust SFOs or employees.

Non-Retaliation Policy

SFOs who report violations or suspected violations in good faith will not be subject to retaliation of any kind. Reported violations will be investigated and addressed promptly and will be treated confidentially to the extent possible.

Annual Certification

SFOs will receive training on the contents and importance of this Code and related policies and the manner in which violations must be reported and how Disclosure Letters must be submitted. Each SFO will be asked to certify (Appendix A) on an annual basis that he/she is in full compliance with the Code and any related policy statements.

Questions about the Code

The Trust’s Board of Trustees has designated the Trust’s CCO to be the Compliance Officer for purposes of implementing and administering this Code. Any questions about this Code should be directed to the Compliance Officer.

- 3 -

EX-99.CERT

CERTIFICATIONS

I, Joe Thomson, certify that:

1. I have reviewed this report on Form N-CSR of Pacer Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within six months prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the first fiscal half-year covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	07/08/19	/s/ Joe M. Thomson
		Joe M. Thomson President (Principal Executive Officer)

CERTIFICATIONS

I, Sean O’Hara, certify that:

1. I have reviewed this report on Form N-CSR of Pacer Funds Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within six months prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the first fiscal half-year covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:	07/08/19	/s/ Sean E. O’Hara
		Sean E. O’Hara Treasurer (Principal Financial Officer)

EX-99.906 CERT

EX.99.906CERT

Certification Pursuant to Section 906 of the Sarbanes-Oxley Act

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the Pacer Funds Trust, does hereby certify, to such officer’s knowledge, that the report on Form N-CSR of the Pacer Funds Trust for the period ended April 30, 2019 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Pacer Funds Trust for the stated period.

/s/ Joe M. Thomson		/s/ Sean E. O’Hara
Joe M. Thomson President (Principal Executive Officer) Pacer Funds Trust		Sean E. O’Hara Treasurer (Principal Financial Officer) Pacer Funds Trust
Dated:	07/08/19

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by Pacer Funds Trust for purposes of Section 18 of the Securities Exchange Act of 1934.