fp0047744

N-CSRS 1 fp0048559_ncsrs.htm fp0047744_INXS

As filed with the U.S. Securities and Exchange Commission on 01/09/2020

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, 2019 through October 31, 2019

Updated July 14, 2017

Item 1. Reports to Stockholders.

Pacer Funds

TABLE OF CONTENTS

	Page
Portfolio Allocation	1
Performance Summary	9
Expense Example	32
Schedules of Investments	35
Statements of Assets & Liabilities	100
Statements of Operations	105
Statements of Changes in Net Assets	110
Financial Highlights	121
Notes to Financial Statements	142
Additional Information	160

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited)
As of October 31, 2019

Pacer Trendpilot^® US Large Cap ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	21.9%
Financial	17.9%
Technology	17.8%
Communications	14.9%
Industrial	9.1%
Consumer, Cyclical	8.4%
Energy	4.3%
Utilities	3.5%
Basic Materials	2.1%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	10.4%
Liabilities in Excess of Other Assets	-10.3%
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	27.3%
Industrial	19.9%
Consumer, Non-Cyclical	15.3%
Consumer, Cyclical	13.9%
Technology	8.4%
Utilities	4.4%
Basic Materials	4.3%
Communications	3.5%
Energy	2.6%
Short-Term Investments	0.4%
Investments Purchased with Proceeds from Securities Lending	27.6%
Liabilities in excess of other assets	-27.6%
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	42.6%
Communications	34.5%
Consumer, Non-Cyclical	14.1%
Consumer, Cyclical	7.2%
Industrial	0.8%
Utilities	0.4%
Financial	0.3%
Short-Term Investments	0.2%
Investments Purchased with Proceeds from Securities Lending	7.9%
Liabilities in Excess of Other Assets	-8.0%
Total	100.0%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019

Pacer Trendpilot^® European Index ETF

Country^(a)	Percentage of Net Assets
France	31.3%
Germany	27.5%
Netherlands	10.5%
Spain	9.5%
Italy	7.2%
Finland	3.9%
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	0.0%^*
Investments Purchased with Proceeds from Securities Lending	3.1%
Liabilities in excess of other assets	-2.8%
Total	100.0%

^*	Less than 0.05%

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

Pacer Global Cash Cows Dividend ETF

Sector^(a)	Percentage of Net Assets
Energy	20.2%
Communications	18.6%
Consumer, Non-Cyclical	16.6%
Consumer, Cyclical	14.8%
Basic Materials	12.8%
Industrial	6.6%
Technology	4.3%
Financial	3.0%
Utilities	2.6%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	17.0%
Liabilities in excess of other assets	-16.6%
Total	100.0%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019

Pacer US Cash Cows 100 ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	25.2%
Consumer, Cyclical	16.1%
Communications	15.8%
Technology	14.7%
Basic Materials	9.5%
Industrial	7.5%
Energy	6.5%
Utilities	2.6%
Financial	1.8%
Exchange Traded Funds	0.1%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	20.7%
Liabilities in excess of other assets	-20.7%
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%
Short-Term Investments	0.0%^*
Investments Purchased with Proceeds from Securities Lending	27.2%
Liabilities in excess of other assets	-27.0%
Total	100.0%

^*	Less than 0.05%.

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019

Pacer Developed Markets International Cash Cows 100 ETF

Sector^(a)	Percentage of Net Assets
Consumer, Cyclical	25.4%
Basic Materials	15.9%
Energy	14.2%
Consumer, Non-Cyclical	13.2%
Communications	10.8%
Technology	10.0%
Industrial	7.7%
Utilities	2.1%
Short-Term Investments	0.0%^*
Investments Purchased with Proceeds from Securities Lending	15.9%
Liabilities in excess of other assets	-15.4%
Total	100.0%

^*	Less than 0.05%.

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

Pacer WealthShield ETF

Sector^(a)	Percentage of Net Assets
Financial	40.0%
Utilities	20.1%
Consumer, Non-Cyclical	17.8%
Technology	16.9%
Consumer, Cyclical	3.6%
Communications	1.3%
Industrial	0.3%
Short-Term Investments	0.0%^*
Investments Purchased with Proceeds from Securities Lending	17.0%
Liabilities in Excess of Other Assets	-17.0%
Total	100.0%

^*	Less than 0.05%.

^(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	23.2%
Technology	10.1%
Industrial	16.5%
Consumer, Non-Cyclical	20.9%
Communications	10.5%
Consumer, Cyclical	10.3%
Utilities	8.2%
Short-Term Investments	0.3%
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^SM Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019

Pacer Benchmark Retail Real Estate ETF

Sector^(a)	Percentage of Net Assets
Financial	99.8%
Investments Purchased with Proceeds from Securities Lending	8.7%
Technology	0.0%^*
Short-Term Investments	0.1%
Liabilities in excess of other assets	-8.6%
Total	100.0%

^*	Less than 0.05%.

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

Pacer Benchmark Industrial Real Estate ETF

Sector^(a)	Percentage of Net Assets
Financial	99.7%
Investments Purchased with Proceeds from Securities Lending	6.1%
Short-Term Investments	0.0%^*
Liabilities in excess of other assets	-5.8%
Total	100.0%

^*	Less than 0.05%

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

Pacer Benchmark Data & Infrastructure Real Estate ETF

Sector^(a)	Percentage of Net Assets
Financial	86.0%
Communications	9.0%
Technology	4.9%
Short-Term Investments	0.1%
Investments Purchased with Proceeds from Securities Lending	22.6%
Liabilities in excess of other assets	-22.6%
Total	100.0%

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

Pacer US Export Leaders ETF

Sector^(a)	Percentage of Net Assets
Technology	31.2%
Industrial	29.7%
Consumer, Non-Cyclical	15.0%
Consumer, Cyclical	10.3%
Basic Materials	5.8%
Communications	5.0%
Energy	1.8%
Utilities	1.1%
Short-Term Investments	0.1%
Other assets in excess of liabilities	0.0%^*
Total	100.0%

^*	Less than 0.05%

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

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

Sector^(a)	Percentage of Net Assets
Industrial	26.4%
Consumer, Cyclical	25.9%
Technology	17.0%
Basic Materials	16.7%
Consumer, Non-Cyclical	7.3%
Communications	4.9%
Financial	1.4%
Short-Term Investments	0.1%
Other assets in excess of liabilities	0.2%
Total	100.0%

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

Pacer US Cash Cows Growth ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	24.7%
Technology	21.5%
Communications	19.1%
Industrial	15.4%
Energy	10.6%
Consumer, Cyclical	6.6%
Financial	2.0%
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 US Cash Cows Growth ETF.

Pacer Trendpilot International ETF

Sector^(a)	Percentage of Net Assets
Consumer, Non-Cyclical	24.1%
Financial	22.7%
Consumer, Cyclical	11.7%
Industrial	11.3%
Energy	6.6%
Technology	5.8%
Basic Materials	5.5%
Communications	5.0%
Utilities	3.3%
Diversified	0.3%
Exchange Traded Funds	3.3%
Short-Term Investments	0.4%
Other Assets in Excess of Liabilities	0.0%^*
Total	100.0%

^*	Less than 0.05%

^(a)	The Fund may classify a company in a different category than the Pacer Trendpilot^® International ETF.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019

Pacer Emerging Markets Cash Cows 100 ETF

Sector^(a)	Percentage of Net Assets
Energy	22.2%
Basic Materials	16.6%
Communications	11.7%
Industrial	10.6%
Consumer, Cyclical	9.3%
Technology	7.6%
Consumer, Non-Cyclical	6.1%
Utilities	5.0%
Financial	1.6%
Diversified	1.4%
Exchange Traded Funds	7.2%
Short-Term Investments	0.3%
Other Assets in Excess of Liabilities	0.3%
Total	21.9%

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

Pacer Cash Cows Fund of Funds ETF

Sector^(a)	Percentage of Net Assets
Exchange Traded Funds	99.9%
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 Cash Cows Fund of Funds Index.

Pacer Trendpilot Fund of Funds ETF

Sector^(a)	Percentage of Net Assets
Exchange Traded Funds	99.9%
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 Trendpilot^® Fund of Funds Index.

Pacer Funds

PORTFOLIO ALLOCATION (Unaudited) (Continued)
As of October 31, 2019

Pacer Trendpilot US Bond ETF

Sector^(a)	Percentage of Net Assets
Industrial	20.5%
Consumer, Cyclical	18.9%
Energy	14.8%
Financial	9.9%
Basic Materials	9.3%
Communications	7.4%
Technology	6.4%
Utilities	5.6%
Consumer, Non-Cyclical	5.2%
Other Assets in Excess of Liabilities	2.0%
Total	100.0%

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

Pacer Trendpilot^® US Large Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

The Pacer Trendpilot^® US Large Cap Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P 500 Index, (ii) 50% to the S&P 500 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P 500 Total Return Index and its 200-business day historical simple moving average. 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 period ended October 31, 2019)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Trendpilot^® US Large Cap ETF - NAV	10.64%	12.86%	6.41%
Pacer Trendpilot^® US Large Cap ETF - Market	10.58%	12.87%	6.42%
Pacer Trendpilot^® US Large Cap Index⁽³⁾⁽⁴⁾	11.34%	13.57%	7.08%
S&P 500 Index^TM ⁽⁴⁾	14.33%	14.91%	10.90%

⁽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, 2019, 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.

Pacer Trendpilot^® US Mid Cap ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

The Pacer Trendpilot^® US Mid Cap Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P MidCap 400 Index, (ii) 50% to the S&P MidCap 400 Index and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the S&P MidCap 400 Total Return Index and its 200-business day historical simple moving average.

The S&P MidCap 400 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 period ended October 31, 2019)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Trendpilot^® US Mid Cap ETF - NAV	-4.16%	6.89%	4.36%
Pacer Trendpilot^® US Mid Cap ETF - Market	-4.24%	6.85%	4.36%
Pacer Trendpilot^® US Mid Cap Index⁽³⁾⁽⁴⁾	-3.78%	7.41%	4.95%
S&P MidCap 400 Index⁽⁴⁾	9.02%	10.79%	7.36%

⁽¹⁾

⁽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.

Pacer Trendpilot^® 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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 period ended October 31, 2019)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Trendpilot^® 100 ETF - NAV	14.25%	18.73%	9.99%
Pacer Trendpilot^® 100 ETF - Market	14.01%	18.66%	10.00%
Pacer Nasdaq-100 Trendpilot^® Index⁽³⁾	14.83%	19.43%	10.68%
Nasdaq-100 Index⁽³⁾	17.34%	20.30%	15.66%

⁽¹⁾

The performance data quoted is historical. Past performance is no guarantee of future results. Current performance may be higher or lower than the performance data quoted. The principal value and investment return of an investment will fluctuate so that investor’s shares, when redeemed, may be worth more or less than the original cost. The returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on redemptions of Fund shares. The total annual operating expenses as stated in the fee table to the Fund’s prospectus dated August 31, 2019, 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.

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 period ended October 31, 2019)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Trendpilot^® European Index ETF - NAV	9.19%	6.17%	2.93%
Pacer Trendpilot^® European Index ETF - Market	8.86%	5.79%	2.85%
Pacer Trendpilot^® European Index⁽³⁾	10.76%	7.69%	4.38%
FTSE Eurozone Index (USD)⁽³⁾	11.58%	9.71%	8.08%

⁽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, 2019, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is December 14, 2015.

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

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 All-World Developed Large-Cap Index is a market-capitalization weighted index representing the performance of large-cap stocks in developed markets. The FTSE All-World 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 period ended October 31, 2019)

	One Year	Three Year	Since Inception⁽²⁾
Pacer Global Cash Cows Dividend ETF - NAV	8.31%	8.27%	8.90%
Pacer Global Cash Cows Dividend ETF - Market	7.93%	8.09%	8.84%
Pacer Global Cash Cows Dividend Index⁽³⁾	9.17%	9.22%	9.86%
FTSE All-World Developed Large-Cap Index⁽³⁾	13.54%	12.78%	13.35%

⁽¹⁾

⁽²⁾	Inception date is February 22, 2016.

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

Pacer US Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2019)

	One Year	Since Inception⁽²⁾
Pacer US Cash Cows 100 ETF - NAV	6.90%	7.90%
Pacer US Cash Cows 100 ETF - Market	6.41%	7.78%
Pacer US Cash Cows 100 Index⁽³⁾	7.44%	8.38%
Russell 1000 Index⁽³⁾	14.15%	12.84%

⁽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, 2019, is 0.49%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is December 16, 2016.

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

Pacer US Small Cap Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

The Pacer US Small Cap Cash Cows Index uses an objective, rules-based methodology to provide exposure to small-capitalization U.S. companies with high free cash flow yields. The initial index universe is derived from the component companies of the S&P Small Cap 600 Index. The initial universe of companies is screened based on their average projected free cash flows and earnings over each of the next two fiscal years. Companies with no forward year estimates available for free cash flows or earnings will remain in the Index universe. Companies with negative average projected free cash flows or earnings are removed from the Index universe. Additionally, financial companies, other than real estate investment trusts, are excluded from the Index universe. The remaining companies are ranked by their free cash flow yield for the trailing twelve month period. The equity securities of the 100 companies with the highest free cash flow yield are included in the Index.

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 period ended October 31, 2019)

	One Year	Since Inception⁽²⁾
Pacer US Small Cap Cash Cows 100 ETF - NAV	-1.47%	2.21%
Pacer US Small Cap Cash Cows 100 ETF - Market	-2.17%	2.11%
Pacer US Small Cap Cash Cows Index⁽³⁾	-1.05%	2.45%
S&P SmallCap 600 Index⁽³⁾	3.24%	6.88%

⁽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, 2019, is 0.59%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 16, 2017.

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

Pacer Developed Markets International Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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

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

Annualized Returns⁽¹⁾
(For the period ended October 31, 2019)

	One Year	Since Inception⁽²⁾
Pacer Developed Markets International Cash Cows 100 ETF - NAV	6.55%	4.23%
Pacer Developed Markets International Cash Cows 100 ETF - Market	6.19%	3.99%
Pacer Developed Markets International Cash Cows 100 Index⁽³⁾	7.43%	5.07%
FTSE Developed ex-US Index⁽³⁾	10.77%	4.08%

⁽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, 2019, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is June 16, 2017.

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

Pacer WealthShield ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on December 11, 2017, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

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

The S&P 500 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 period ended October 31, 2019)

	One Year	Since Inception⁽²⁾
Pacer WealthShield ETF - NAV	-2.62%	-2.82%
Pacer WealthShield ETF - Market	-2.48%	-2.87%
Pacer WealthShield Index⁽³⁾	-2.07%	-2.06%
S&P 500 Index^TM(3)	14.33%	9.39%

⁽¹⁾

⁽²⁾	Inception date is December 11, 2017.

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

Pacer Military Times Best Employers ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on April 9, 2018, and is not intended to imply any future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. The chart assumes reinvestment of capital gains and dividends.

The 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.

Annualized Returns⁽¹⁾
(For the period ended October 31, 2019)

	One Year	Since Inception⁽²⁾
Pacer Military Times Best Employers ETF - NAV	17.93%	15.28%
Pacer Military Times Best Employers ETF - Market	16.04%	15.34%
Military Times Best for VETS^SM Total Return Index⁽³⁾	18.18%	15.59%
S&P 500 Index^TM(3)	14.33%	12.30%

⁽¹⁾

⁽²⁾	Inception date is April 9, 2018.

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

Pacer 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 Benchmark Retail Real Estate SCTR^SM 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.

Annualized Returns⁽¹⁾
(For the period ended October 31, 2019)

	One Year	Since Inception⁽²⁾
Pacer Benchmark Retail Real Estate ETF - NAV	12.66%	17.32%
Pacer Benchmark Retail Real Estate ETF - Market	12.50%	17.34%
Benchmark Retail Real Estate SCTR Index⁽³⁾	12.72%	17.58%
FTSE NAREIT All Equity REITS Total Return Index⁽³⁾	25.32%	21.25%

⁽¹⁾

⁽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.

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 Benchmark Industrial Real Estate SCTR^SM 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”).

Annualized Returns⁽¹⁾
(For the period ended October 31, 2019)

	One Year	Since Inception⁽²⁾
Pacer Benchmark Industrial Real Estate ETF - NAV	39.63%	17.32%
Pacer Benchmark Industrial Real Estate ETF - Market	39.45%	17.34%
Benchmark Industrial Real Estate SCTR Index⁽³⁾	40.28%	17.58%
FTSE NAREIT All Equity REITS Total Return Index⁽³⁾	25.32%	19.87%

⁽¹⁾

⁽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.

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

The Benchmark Data & Infrastructure Real Estate SCTR^SM 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”).

Annualized Returns⁽¹⁾
(For the period ended October 31, 2019)

	One Year	Since Inception⁽²⁾
Pacer Benchmark Data & Infrastructure Real Estate ETF - NAV	32.94%	21.17%
Pacer Benchmark Data & Infrastructure Real Estate ETF - Market	33.00%	21.34%
Benchmark Data & Infrastructure Real Estate SCTR Index⁽³⁾	35.13%	22.90%
FTSE NAREIT All Equity REITS Total Return Index⁽³⁾	25.32%	21.25%

⁽¹⁾

⁽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.

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.

Accumulated Returns⁽¹⁾
(For the period ended October 31, 2019)

	One Year	Since Inception⁽²⁾
Pacer US Export Leaders ETF - NAV	16.60%	5.37%
Pacer US Export Leaders ETF - Market	16.19%	5.20%
Pacer US Export Leaders Index⁽³⁾	17.25%	6.07%
S&P 900 Total Return Index^TM⁽³⁾	13.97%	7.94%

⁽¹⁾

⁽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.

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

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.

Annualized Returns⁽¹⁾
(For the period ended October 31, 2019)

	One Year	Since Inception⁽²⁾
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - NAV	18.58%	14.67%
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF - Market	18.40%	14.59%
CFRA-Stovall Equal Weight Seasonal Rotation Index⁽³⁾	19.76%	15.54%
S&P 500 Index^TM⁽³⁾	14.33%	8.53%

⁽¹⁾

⁽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.

Pacer US Cash Cows Growth ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 2, 2019, 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 Growth Index uses an objective, rules-based methodology to provide exposure to mid- and large-capitalization U.S. companies with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”.

The S&P 900^® Pure Growth Index measures growth stocks using three factors: sales growth, the ratio of earnings change to price, and momentum. Constituents are drawn from the S&P 900, which combines the S&P 500^® and S&P 400^®.

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2019)

	Since Inception⁽²⁾
Pacer US Cash Cows Growth ETF - NAV	-0.20%
Pacer US Cash Cows Growth ETF - Market	-0.31%
Pacer US Cash Cows Growth Index⁽³⁾	-0.23%
S&P 900 Pure Growth Index⁽³⁾	-0.76%

⁽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 May 1, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 2, 2019.

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

Pacer Trendpilot International ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

The Pacer Trendpilot International Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the S&P Developed Ex-U.S. LargeCap Index, (ii) 50% to the S&P Developed Ex-U.S. LargeCap 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 Developed Ex-U.S. LargeCap Index and its 200-business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for the S&P Developed Ex-U.S. LargeCap Index is based on the total return version of the S&P Developed Ex-U.S. LargeCap Local Currency Index and reflects the reinvestment of dividends paid by the securities in the S&P Developed Ex-U.S. LargeCap Index. The Index is expected to be predominantly invested in the components of the S&P Developed Ex-U.S. LargeCap Index over most short- and long-term periods and is only expected to invest in 3-Month US Treasury bills from time to time in response to adverse market conditions as defined by the “50/50 Indicator” and “T-Bill Indicator” below.

The S&P Developed Ex-U.S. LargeCap Index is a rules-based, float-adjusted, market capitalization-weighted index comprised of large-capitalization stocks providing coverage of the developed markets excluding the United States.

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2019)

	Since Inception⁽²⁾
Pacer Trendpilot International ETF - NAV	3.66%
Pacer Trendpilot International ETF - Market	4.13%
Pacer Trendpilot International Index	3.94%
S&P Developed Ex-U.S. Large Cap USD Total Return Index⁽³⁾	4.22%

⁽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 April 30, 2019, is 0.65%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 2, 2019.

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

Pacer Emerging Markets Cash Cows 100 ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

The Pacer Emerging Markets Cash Cows 100 Index uses an objective, rules-based methodology to provide exposure to large and mid-capitalization companies in emerging markets with high free cash flow yields. Companies with high free cash flow yields are commonly referred to as “cash cows”.

The FTSE Emerging Net Tax Index Total Return USD Index is a free-float, market-capitalization weighted index representing the performance of around 850 large and mid cap companies in 22 emerging markets.

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2019)

	Since Inception⁽²⁾
Pacer Emerging Markets Cash Cows 100 ETF - NAV	1.82%
Pacer Emerging Markets Cash Cows 100 ETF - Market	2.47%
Pacer Emerging Markets Cash Cows 100 Index⁽³⁾	2.66%
FTSE Emerging Net Tax Index Total Return USD⁽³⁾	-0.78%

⁽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 30, 2019, is 0.70%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 2, 2019.

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

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on May 3, 2019, 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 Cash Cows Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Cash Cows ETFs”). Each of the Cash Cows ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the applicable underlying index listed in the following table (collectively, the “Cash Cows Indexes”). Each Cash Cows Index uses an objective, rules-based methodology to provide exposure to companies with high free cash flow yields (commonly referred to as “cash cows”) selected from the applicable “Equity Universe” as indicated in the following table.

Weight	Cash Cows ETF	Cash Cows Index	Equity Universe
20%	Pacer US Cash Cows 100 ETF	Pacer US Cash Cows 100 ETF	Russell 1000 Index
20%	Pacer Global Cash Cows Dividend ETF	Pacer Global Cash Cows Dividend Index	FTSE Developed Large Cap Index
20%	Pacer US Small Cap Cash Cows 100 ETF	Pacer US Small Cap Cash Cows 100 Index	S&P Small Cap 600^® Index
20%	Pacer US Cash Cows Growth ETF	Pacer US Cash Cows Growth Index	S&P 900^® Pure Growth Index
20%	Pacer Developed Markets International Cash Cows 100 ETF	Pacer Developed Markets International Cash Cows 100 Index	FTSE Developed ex US Index

The FTSE Developed Index is a market-capitalization weighted index representing the performance of large and mid cap companies in Developed and Emerging Markets, excluding the USA. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization.

Pacer Cash Cows Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2019)

	Since Inception⁽²⁾
Pacer Cash Cows Fund of Funds ETF - NAV	-1.38%
Pacer Cash Cows Fund of Funds ETF - Market	0.09%
Pacer Cash Cows Fund of Funds Index⁽³⁾	-0.61%
FTSE Developed Index - Net Total Return USD⁽³⁾	3.50%

⁽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 30, 2019, is 0.74%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 3, 2019.

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

Pacer Trendpilot Fund of Funds ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

The Pacer Trendpilot Fund of Funds Index uses an objective, rules-based approach to construct a portfolio that, as of each quarterly rebalance, is composed of the ETFs listed in the following table, each advised by the Adviser (collectively, the “Trendpilot ETFs”). Each of the Trendpilot ETFs is an index-based ETF that seeks to track the total return performance, before fees and expenses, of the underlying index listed in the following table (collectively, the “Trendpilot Indexes”). Each Trendpilot Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure (i) 100% to the “Equity Component” specified in the table below, (ii) 50% to the applicable Equity Component and 50% to 3-Month US Treasury bills, or (iii) 100% to 3-Month US Treasury bills, depending on the relative performance of the Equity Component and its 200-business day historical simple moving average (the “200-day moving average”). The calculation of the 200-day moving average for each Equity Component is based on the total return version of such Equity Component and reflects the reinvestment of dividends paid by the securities in such Equity Component.

Weight	Trendpilot ETF	Trendpilot Index	Equity Component
20%	Pacer Trendpilot^® US Large Cap ETF	Pacer Trendpilot^® US Large Cap Index	S&P 500^® Index
20%	Pacer Trendpilot^® US Mid Cap ETF	Pacer Trendpilot^® US Mid Cap Index	S&P MidCap 400^® Index
20%	Pacer Trendpilot^® 100 ETF	Pacer NASDAQ-100 Trendpilot^® Index	NASDAQ-100^® Index
40%	Pacer Trendpilot^® International ETF	Pacer Trendpilot^® International Index	S&P Developed Ex-US Large Cap Index

The S&P Global 1200 Total Return Index captures approximately 70% of global market capitalization, and is constructed as a composite of 7 indices, including the S&P 500^® (US), S&P Europe 350, S&P TOPIX 150 (Japan), S&P/TSX 60 (Canada), S&P/ASX All Australian 50, S&P Asia 50 and S&P Latin America 40.

Pacer Trendpilot Fund of Funds ETF

PERFORMANCE SUMMARY (Continued)
(Unaudited)

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2019)

	Since Inception⁽²⁾
Pacer Trendpilot Fund of Funds ETF - NAV	1.27%
Pacer Trendpilot Fund of Funds ETF - Market	1.20%
Pacer Trendpilot Fund of Funds Index⁽³⁾	1.78%
S&P Global 1200 Total Return Index⁽³⁾	3.85%

⁽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 30, 2019, is 0.78%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is May 3, 2019.

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

Pacer Trendpilot US Bond ETF

PERFORMANCE SUMMARY
(Unaudited)

Growth of $10,000

This chart illustrates the performance of a hypothetical $10,000 investment made on October 22, 2019, 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 Bond Index uses an objective, rules-based methodology to implement a systematic trend-following strategy that directs exposure to one of the following positions: (i) 100% to the S&P U.S. High Yield Corporate Bond Index, (ii) 50% to the S&P U.S. High Yield Corporate Bond Index and 50% to the S&P U.S. Treasury Bond 7-10 Year Index or (iii) 100% to S&P U.S. Treasury Bond 7-10 Year Index.

The S&P U.S. High Yield Corporate Bond Index is designed to track the performance of U.S. dollar-denominated, high-yield corporate bonds issued in the U.S. The S&P U.S. Treasury Bond 7-10 Year Index is designed to measure the performance of U.S. Treasury bonds maturing in 7 to 10 years. The Index uses a “Risk Ratio” to signal a change in the position of the Index. The Risk Ratio is calculated by dividing the value of the S&P U.S. High Yield Corporate Bond Index by the value of the S&P U.S. Treasury Bond 7-10 Year Index.

Cumulative Returns⁽¹⁾
(For the period ended October 31, 2019)

	Since Inception⁽²⁾
Pacer Trendpilot US Bond ETF - NAV	-0.23%
Pacer Trendpilot US Bond ETF - Market	-0.22%
Pacer Trendpilot US Bond Index⁽³⁾	-0.28%
S&P U.S. High Yield Corporate Bond Index^TM(3)	0.09%
S&P U.S. Treasury Bond 7-10 Year Index⁽³⁾	0.64%

⁽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 October 18, 2019 as supplemented October 28, 2019, is 0.60%. For performance information current to the most recent month-end, please call 1-877-337-0500.

⁽²⁾	Inception date is October 22, 2019.

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

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 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 05/01/19	Ending Account Value 10/31/19	Expenses Paid During Period^(a)
Pacer Trendpilot^® US Large Cap ETF
Actual	0.60%	$1,000.00	$ 1,038.10	$ 3.07
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Trendpilot^® US Mid Cap ETF
Actual	0.60%	$1,000.00	$ 952.30	$ 2.94
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Trendpilot^TM 100 ETF
Actual	0.65%	$1,000.00	$ 1,041.40	$ 3.34
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.87	$ 3.30
Pacer Trendpilot^® European Index ETF
Actual	0.65%	$1,000.00	$ 1,019.30	$ 3.30
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.87	$ 3.30
Pacer Global Cash Cows Dividend ETF
Actual	0.60%	$1,000.00	$ 997.20	$ 3.01
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer U.S. Cash Cows 100 ETF
Actual	0.49%	$1,000.00	$ 1,003.70	$ 2.47
Hypothetical^(b)	0.49%	$1,000.00	$ 1,022.12	$ 2.49
Pacer U.S. Small Cap Cash Cows 100 ETF
Actual	0.59%	$1,000.00	$ 985.20	$ 2.94
Hypothetical^(b)	0.59%	$1,000.00	$ 1,022.17	$ 3.00
Pacer Developed Markets International Cash Cows 100 ETF
Actual	0.65%	$1,000.00	$ 985.90	$ 3.24
Hypothetical^(b)	0.65%	$1,000.00	$ 1,021.87	$ 3.30

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2019 (Unaudited) (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 05/01/19	Ending Account Value 10/31/19	Expenses Paid During Period^(a)
Pacer WealthShield ETF
Actual	0.60%	$1,000.00	$ 931.90	$ 2.91
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Military Times Best Employers ETF
Actual	0.60%	$1,000.00	$ 1,062.50	$ 3.11
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Benchmark Retail Real Estate SCTR^SM ETF
Actual	0.60%	$1,000.00	$ 1,067.90	$ 3.12
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Benchmark Industrial Real Estate SCTR^SM ETF
Actual	0.60%	$1,000.00	$ 1,160.20	$ 3.26
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF
Actual	0.60%	$1,000.00	$ 1,123.30	$ 3.20
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer US Export Leaders ETF
Actual	0.60%	$1,000.00	$ 1,024.60	$ 3.05
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05
Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
Actual	0.60%	$1,000.00	$ 1,047.40	$ 3.09
Hypothetical^(b)	0.60%	$1,000.00	$ 1,022.12	$ 3.05

^(a)

The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (184) in the most recent six-month period and divided by the number of days in the most recent twelve-month period (366).

^(b)	Assumes 5% return before expenses.

	Fund’s Annual Expense Ratio	Beginning Account Value 05/02/19⁽^c⁾	Ending Account Value 10/31/19	Expenses Paid During Period
Pacer US Cash Cows Growth ETF
Actual	0.60%	$1,000.00	$ 998.00	$ 2.98⁽^d⁾
Hypothetical⁽^f⁾	0.60%	$1,000.00	$ 1,022.12	$ 3.05⁽^e⁾
Pacer Trendpilot International ETF
Actual	0.65%	$1,000.00	$ 1,036.60	$ 3.29⁽^d⁾
Hypothetical⁽^f⁾	0.65%	$1,000.00	$ 1,021.87	$ 3.30⁽^e⁾
Pacer Emerging Markets Cash Cows 100 ETF
Actual	0.70%	$1,000.00	$ 1,018.20	$ 3.51⁽^d⁾
Hypothetical⁽^f⁾	0.70%	$1,000.00	$ 1,021.62	$ 3.56⁽^e⁾

⁽^c⁾	Inception date of the Fund.

⁽^d⁾

The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (182) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366).

⁽^e⁾

⁽^f⁾	Assumes 5% return before expenses.

Pacer Funds

EXPENSE EXAMPLE
For the Period Ended October 31, 2019 (Unaudited) (Continued)

	Fund’s Annual Expense Ratio	Beginning Account Value 05/03/19^(a)	Ending Account Value 10/31/19	Expenses Paid During Period
Pacer Trendpilot Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 1,012.70	$ 0.75^(b)
Hypothetical^(d)	0.15%	$1,000.00	$ 1,024.38	$ 0.76^(c)
Pacer Cash Cows Fund of Funds ETF
Actual	0.15%	$1,000.00	$ 986.20	$ 0.74^(b)
Hypothetical^(d)	0.15%	$1,000.00	$ 1,024.38	$ 0.76^(c)

^(a)	Inception date of the Fund.

^(b)

The dollar amounts shown as expenses paid during the period are equal to the annualized six-month expense ratio multiplied by the average account value during the period, multiplied by the number of days (181) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366).

^(c)

^(d)	Assumes 5% return before expenses.

	Fund’s Annual Expense Ratio	Beginning Account Value 10/22/19⁽^e⁾	Ending Account Value 10/31/19	Expenses Paid During Period
Pacer Trendpilot US Bond ETF
Actual	0.60%	$1,000.00	$ 997.70	$ 0.15⁽^f⁾
Hypothetical⁽^h⁾	0.60%	$1,000.00	$ 1,022.12	$ 3.05⁽^g⁾

⁽^e⁾	Inception date of the Fund.

⁽^f⁾

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 (9) in the most recent six-month period and divided by the number of days in the most recent twelve month period (366).

⁽^g⁾

⁽^h⁾	Assumes 5% return before expenses.

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.8%

Advertising — 0.1%
Interpublic Group of Cos., Inc.		41,096	$	893,838
Omnicom Group, Inc. ^(a)		23,846		1,840,673
				2,734,511
Aerospace/Defense — 2.5%
Arconic, Inc.		46,090		1,266,092
Boeing Co.		58,637		19,931,303
General Dynamics Corp.		25,645		4,534,036
L3Harris Technologies, Inc.		24,500		5,054,595
Lockheed Martin Corp.		27,245		10,262,647
Northrop Grumman Corp.		17,231		6,073,583
Raytheon Co.		30,473		6,466,675
TransDigm Group, Inc.		5,442		2,864,016
United Technologies Corp.		89,011		12,780,199
				69,233,146
Agriculture — 0.9%
Altria Group, Inc. ^(a)		214,481		9,606,604
Archer-Daniels-Midland Co. ^(a)		60,072		2,525,427
Philip Morris International, Inc.		170,922		13,919,888
				26,051,919
Airlines — 0.4%
Alaska Air Group, Inc. ^(a)		13,148		912,865
American Airlines Group, Inc. ^(a)		43,820		1,317,229
Delta Air Lines, Inc.		63,485		3,496,754
Southwest Airlines Co.		54,169		3,040,506
United Airlines Holdings, Inc. ^(b)		24,488		2,224,490
				10,991,844
Apparel — 0.7%
Capri Holdings Ltd. ^(b)		15,976		496,374
Hanesbrands, Inc. ^(a)		38,564		586,558
NIKE, Inc. - Class B		136,404		12,214,978
PVH Corp.		8,011		698,239
Ralph Lauren Corp. - Class A		5,660		543,700
Tapestry, Inc.		30,865		798,169
Under Armour, Inc. - Class A ^(a)(b)		20,064		414,322
Under Armour, Inc. - Class C ^(a)(b)		20,418		377,733
VF Corp.		34,867		2,869,205
				18,999,278
Auto Manufacturers — 0.4%
Ford Motor Co.		419,054		3,599,674
General Motors Co.		140,527		5,221,983
PACCAR, Inc.		37,432		2,847,078
				11,668,735
Auto Parts & Equipment — 0.1%
Aptiv PLC ^(a)		28,129		2,518,952
BorgWarner, Inc.		22,135		922,587
				3,441,539

	Shares		Value
Banks — 6.4%
Bank of America Corp.		919,353	$	28,748,168
Bank of New York Mellon Corp.		94,641		4,424,467
BB&T Corp. ^(a)		82,504		4,376,837
Citigroup, Inc.		247,895		17,813,735
Citizens Financial Group, Inc.		49,976		1,757,156
Comerica, Inc.		17,070		1,116,719
Fifth Third Bancorp		80,163		2,331,140
First Republic Bank ^(a)		17,516		1,863,002
Goldman Sachs Group, Inc.		35,496		7,574,136
Huntington Bancshares, Inc. ^(a)		113,624		1,605,507
JPMorgan Chase & Co.		350,874		43,831,180
KeyCorp.		110,664		1,988,632
M&T Bank Corp.		14,948		2,339,810
Morgan Stanley		140,131		6,453,033
Northern Trust Corp. ^(a)		23,641		2,356,535
PNC Financial Services Group, Inc.		49,252		7,225,268
Regions Financial Corp.		110,615		1,780,902
State Street Corp.		40,612		2,683,235
SunTrust Banks, Inc.		48,058		3,284,284
SVB Financial Group ^(b)		5,562		1,231,872
US Bancorp		157,353		8,972,268
Wells Fargo & Co.		441,221		22,780,240
Zions Bancorp ^(a)		20,404		988,982
				177,527,108
Beverages — 1.9%
Brown-Forman Corp. - Class B ^(a)		19,954		1,307,386
Coca-Cola Co.		420,872		22,908,063
Constellation Brands, Inc. - Class A ^(a)		17,690		3,366,938
Molson Coors Brewing Co. - Class B ^(a)		20,041		1,056,562
Monster Beverage Corp. ^(b)		42,534		2,387,433
PepsiCo, Inc.		153,671		21,079,051
				52,105,433
Biotechnology — 2.1%
Alexion Pharmaceuticals, Inc. ^(b)		23,771		2,505,463
Amgen, Inc.		65,780		14,027,585
Biogen, Inc. ^(b)		20,217		6,039,020
Celgene Corp. ^(b)		77,751		8,399,441
Corteva, Inc.		80,883		2,133,694
Gilead Sciences, Inc.		138,467		8,821,733
Illumina, Inc. ^(b)		15,733		4,649,416
Incyte Corp. ^(b)		18,716		1,570,647
Nektar Therapeutics ^(a)(b)		18,451		315,973
Regeneron Pharmaceuticals, Inc. ^(b)		8,768		2,685,463
Vertex Pharmaceuticals, Inc. ^(b)		28,199		5,512,340
				56,660,775

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.8% (Continued)

Building Materials — 0.4%
Fortune Brands Home & Security, Inc.		15,028	$	902,431
Johnson Controls International PLC		87,315		3,783,359
Martin Marietta Materials, Inc. ^(a)		6,510		1,705,034
Masco Corp.		32,447		1,500,674
Vulcan Materials Co.		14,088		2,012,753
				9,904,251
Chemicals — 1.8%
Air Products & Chemicals, Inc.		25,345		5,405,075
Albemarle Corp. ^(a)		11,343		688,974
Celanese Corp. - Class A ^(a)		14,216		1,722,268
CF Industries Holdings, Inc.		24,632		1,117,061
Dow, Inc. ^(a)		80,813		4,080,248
DuPont de Nemours, Inc.		80,884		5,331,065
Eastman Chemical Co.		14,926		1,134,973
Ecolab, Inc.		27,150		5,214,701
FMC Corp.		14,283		1,306,895
International Flavors & Fragrances, Inc. ^(a)		10,736		1,309,899
Linde PLC ^(a)		58,829		11,668,732
LyondellBasell Industries NV - Class A		28,317		2,540,035
Mosaic Co.		37,820		751,862
PPG Industries, Inc.		25,553		3,197,191
Sherwin-Williams Co. ^(a)		8,795		5,033,554
				50,502,533
Commercial Services — 2.1%
Automatic Data Processing, Inc.		49,132		7,970,684
Cintas Corp. ^(a)		9,108		2,447,046
Equifax, Inc. ^(a)		12,822		1,752,896
FleetCor Technologies, Inc. ^(b)		9,264		2,725,654
Gartner, Inc. ^(a)(b)		9,671		1,490,108
Global Payments, Inc.		32,890		5,564,330
H&R Block, Inc. ^(a)		21,930		548,031
IHS Markit Ltd. ^(a)(b)		44,005		3,081,230
MarketAxess Holdings, Inc.		4,052		1,493,527
Moody’s Corp.		17,732		3,913,275
Nielsen Holdings PLC		37,846		762,975
PayPal Holdings, Inc. ^(b)		129,123		13,441,704
Quanta Services, Inc.		15,374		646,477
Robert Half International, Inc. ^(a)		12,770		731,338
Rollins, Inc. ^(a)		15,755		600,423
S&P Global, Inc.		26,662		6,878,529
United Rentals, Inc. ^(b)		8,412		1,123,591
Verisk Analytics, Inc.		17,577		2,543,392
				57,715,210
Computers — 5.8%
Accenture PLC - Class A		69,914		12,963,454

	Shares		Value
Computers — 5.8% (Continued)
Apple, Inc.		466,153	$	115,960,220
Cognizant Technology Solutions Corp. - Class A		61,972		3,776,574
DXC Technology Co.		29,898		827,278
Fortinet, Inc. ^(b)		15,283		1,246,481
Hewlett Packard Enterprise Co.		143,266		2,350,995
HP, Inc.		169,299		2,940,724
International Business Machines Corp. ^(a)		97,183		12,996,282
Leidos Holdings, Inc.		14,812		1,277,239
NetApp, Inc.		26,858		1,500,825
Seagate Technology PLC ^(a)		27,901		1,619,095
Western Digital Corp. ^(a)		30,839		1,592,834
				159,052,001
Cosmetics/Personal Care — 1.6%
Colgate-Palmolive Co.		92,900		6,372,940
Coty, Inc. - Class A ^(a)		32,256		377,073
Estee Lauder Cos., Inc. - Class A ^(a)		23,532		4,383,306
Procter & Gamble Co.		273,111		34,005,050
				45,138,369
Distribution/Wholesale — 0.2%
Copart, Inc. ^(b)		21,843		1,805,105
Fastenal Co. ^(a)		61,580		2,213,185
LKQ Corp. ^(b)		34,041		1,157,054
W.W. Grainger, Inc. ^(a)		4,705		1,453,092
				6,628,436
Diversified Financial Services — 4.3%
Affiliated Managers Group, Inc.		5,519		440,858
Alliance Data Systems Corp.		4,797		479,700
American Express Co.		75,030		8,799,518
Ameriprise Financial, Inc. ^(a)		14,756		2,226,533
BlackRock, Inc.		12,885		5,949,004
Capital One Financial Corp.		50,695		4,727,309
Cboe Global Markets, Inc.		11,791		1,357,734
Charles Schwab Corp.		128,850		5,245,483
CME Group, Inc.		39,273		8,080,420
Discover Financial Services		35,779		2,871,622
E^*TRADE Financial Corp.		27,034		1,129,751
Franklin Resources, Inc. ^(a)		31,734		874,272
Intercontinental Exchange, Inc.		61,027		5,756,066
Invesco Ltd. ^(a)		43,924		738,802
Jefferies Financial Group, Inc. ^(a)		28,316		528,660
MasterCard, Inc. - Class A		97,962		27,116,861
Nasdaq, Inc. ^(a)		12,269		1,224,078
Raymond James Financial, Inc.		13,571		1,133,043
Synchrony Financial		70,748		2,502,357
T Rowe Price Group, Inc.		25,610		2,965,638
Visa, Inc. - Class A ^(a)		189,486		33,891,466

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.8% (Continued)

Diversified Financial Services — 4.3% (Continued)
Western Union Co.		47,333	$	1,186,165
				119,225,340
Electric — 3.3%
AES Corp.		70,836		1,207,754
Alliant Energy Corp.		25,257		1,347,208
Ameren Corp.		26,168		2,033,254
American Electric Power Co., Inc.		52,794		4,983,226
CenterPoint Energy, Inc.		53,522		1,555,884
CMS Energy Corp.		30,175		1,928,786
Consolidated Edison, Inc.		36,412		3,357,915
Dominion Energy, Inc.		90,166		7,443,203
DTE Energy Co.		19,343		2,462,751
Duke Energy Corp. ^(a)		82,538		7,780,032
Edison International ^(a)		39,273		2,470,272
Entergy Corp.		21,797		2,647,900
Evergy, Inc.		25,806		1,649,261
Eversource Energy ^(a)		33,944		2,842,471
Exelon Corp.		114,621		5,214,109
FirstEnergy Corp. ^(a)		59,257		2,863,298
NextEra Energy, Inc.		53,604		12,775,977
NRG Energy, Inc.		30,754		1,233,850
Pinnacle West Capital Corp.		11,782		1,108,922
PPL Corp.		77,149		2,583,720
Public Service Enterprise Group, Inc.		54,126		3,426,717
Sempra Energy ^(a)		31,896		4,609,291
Southern Co.		114,669		7,185,160
WEC Energy Group, Inc. ^(a)		33,721		3,183,262
Xcel Energy, Inc.		57,543		3,654,556
				91,548,779
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		24,731		2,266,596
Emerson Electric Co. ^(a)		66,961		4,697,314
				6,963,910
Electronics — 1.3%
Agilent Technologies, Inc.		34,083		2,581,787
Allegion PLC ^(a)		9,982		1,158,311
Amphenol Corp. - Class A		32,254		3,236,044
Flir Systems, Inc. ^(a)		14,681		756,952
Fortive Corp. ^(a)		31,459		2,170,671
Garmin Ltd. ^(a)		15,851		1,486,031
Honeywell International, Inc.		78,525		13,563,623
Keysight Technologies, Inc. ^(a)(b)		20,050		2,023,246
Mettler-Toledo International, Inc. ^(a)(b)		2,640		1,861,042
PerkinElmer, Inc.		11,719		1,007,365
TE Connectivity Ltd.		36,712		3,285,724
Waters Corp. ^(a)(b)		7,317		1,548,424
				34,679,220

	Shares		Value
Engineering & Construction — 0.0% ^(d)
Jacobs Engineering Group, Inc.		14,847	$	1,389,382

Environmental Control — 0.3%
Pentair PLC		16,926		701,921
Republic Services, Inc.		23,108		2,022,181
Waste Management, Inc.		41,974		4,709,903
				7,434,005
Food — 1.3%
Campbell Soup Co. ^(a)		20,439		946,530
ConAgra Foods, Inc. ^(a)		51,830		1,402,001
General Mills, Inc.		63,789		3,244,309
Hershey Co.		16,331		2,398,534
Hormel Foods Corp. ^(a)		29,056		1,188,100
JM Smucker Co. ^(a)		12,193		1,288,556
Kellogg Co. ^(a)		27,084		1,720,647
Kroger Co.		85,600		2,109,184
Lamb Weston Holdings, Inc. ^(a)		15,692		1,224,604
McCormick & Co., Inc. ^(a)		13,033		2,094,273
Mondelez International, Inc. - Class A		155,834		8,173,493
Sysco Corp.		56,302		4,496,841
The Kraft Heinz Co.		66,639		2,154,439
Tyson Foods, Inc. - Class A		31,550		2,612,024
				35,053,535
Forest Products & Paper — 0.1%
International Paper Co. ^(a)		43,169		1,885,622

Gas — 0.1%
Atmos Energy Corp. ^(a)		12,425		1,397,564
NiSource, Inc. ^(a)		38,872		1,089,971
				2,487,535
Hand/Machine Tools — 0.1%
Snap-On, Inc. ^(a)		5,744		934,376
Stanley Black & Decker, Inc.		16,038		2,427,031
				3,361,407
Healthcare-Products — 4.1%
Abbott Laboratories		192,490		16,094,089
ABIOMED, Inc. ^(b)		4,662		967,738
Align Technology, Inc. ^(b)		7,668		1,934,560
Baxter International, Inc.		56,021		4,296,811
Becton Dickinson and Co.		29,625		7,584,000
Boston Scientific Corp. ^(b)		152,835		6,373,220
Danaher Corp.		70,055		9,654,980
Dentsply Sirona, Inc.		23,730		1,299,929
Edwards Lifesciences Corp. ^(b)		22,193		5,290,367
Henry Schein, Inc. ^(a)(b)		16,139		1,010,059
Hologic, Inc. ^(b)		28,813		1,391,956
IDEXX Laboratories, Inc. ^(b)		9,082		2,588,461
Intuitive Surgical, Inc. ^(a)(b)		12,637		6,987,629

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.8% (Continued)

Healthcare-Products — 4.1% (Continued)
Medtronic PLC		146,940	$	16,001,766
ResMed, Inc.		15,110		2,235,071
Stryker Corp.		35,203		7,613,353
Teleflex, Inc. ^(a)		4,733		1,644,292
The Cooper Cos., Inc.		5,255		1,529,205
Thermo Fisher Scientific, Inc.		43,938		13,268,397
Varian Medical Systems, Inc. ^(b)		9,688		1,170,407
Zimmer Biomet Holdings, Inc.		21,814		3,015,349
				111,951,639
Healthcare-Services — 1.9%
Anthem, Inc.		27,482		7,394,857
Centene Corp. ^(a)(b)		43,998		2,335,414
DaVita, Inc. ^(b)		10,622		622,449
HCA Healthcare, Inc.		28,742		3,838,207
Humana, Inc.		14,472		4,257,662
IQVIA Holdings, Inc. ^(b)		19,972		2,884,356
Laboratory Corp. of American Holdings ^(b)		10,705		1,763,863
Quest Diagnostics, Inc.		14,389		1,456,886
UnitedHealth Group, Inc.		103,970		26,273,219
Universal Health Services, Inc. - Class B		9,009		1,238,377
WellCare Health Plans, Inc. ^(b)		5,318		1,577,319
				53,642,609
Home Builders — 0.2%
DR Horton, Inc.		36,665		1,920,146
Lennar Corp. - Class A		31,356		1,868,818
PulteGroup, Inc.		27,463		1,077,648
				4,866,612
Home Furnishings — 0.1%
Leggett & Platt, Inc. ^(a)		13,966		716,456
Whirlpool Corp. ^(a)		6,592		1,002,775
				1,719,231
Household Products/Wares — 0.4%
Avery Dennison Corp.		9,117		1,165,700
Church & Dwight Co., Inc. ^(a)		26,315		1,840,471
Clorox Co. ^(a)		13,473		1,989,827
Kimberly-Clark Corp.		36,958		4,910,979
Spectrum Brands Holdings, Inc.		694		34,846
				9,941,823
Housewares — 0.0% ^(d)
Newell Brands, Inc. ^(a)		45,580		864,653

Insurance — 4.0%
Aflac, Inc.		81,396		4,327,011
Allstate Corp.		36,817		3,918,065
American International Group, Inc.		94,718		5,016,265
Aon PLC		25,624		4,949,532

	Shares		Value
Insurance — 4.0% (Continued)
Arthur J Gallagher & Co.		19,529	$	1,781,436
Assurant, Inc.		6,674		841,391
Berkshire Hathaway, Inc. - Class B ^(b)		215,161		45,738,926
Chubb Ltd.		49,208		7,500,283
Cincinnati Financial Corp. ^(a)		16,060		1,818,153
Everest Re Group Ltd.		4,222		1,085,434
Globe Life, Inc.		10,834		1,054,473
Hartford Financial Services Group, Inc.		38,415		2,192,728
Lincoln National Corp.		22,820		1,288,874
Loews Corp.		29,627		1,451,723
Marsh & McLennan Cos., Inc.		55,526		5,753,604
MetLife, Inc.		87,345		4,086,873
Principal Financial Group, Inc. ^(a)		28,111		1,500,565
Progressive Corp.		62,280		4,340,916
Prudential Financial, Inc.		44,051		4,014,808
Travelers Cos., Inc.		28,235		3,700,479
Unum Group		23,204		639,038
Willis Towers Watson PLC		13,930		2,603,517
				109,604,094
Internet — 9.1%
Alphabet, Inc. - Class A ^(b)		32,835		41,332,698
Alphabet, Inc. - Class C ^(b)		33,161		41,786,508
Amazon.com, Inc. ^(b)		45,591		80,999,706
Booking Holdings, Inc. ^(b)		4,652		9,530,878
CDW Corp.		15,876		2,030,699
eBay, Inc.		86,496		3,048,984
Expedia Group, Inc. ^(a)		15,314		2,092,811
F5 Networks, Inc. ^(b)		6,354		915,484
Facebook, Inc. - Class A ^(b)		263,980		50,591,767
Netflix, Inc. ^(b)		47,621		13,686,752
Symantec Corp.		62,364		1,426,888
TripAdvisor, Inc. ^(a)(b)		10,819		437,088
Twitter, Inc. ^(a)(b)		84,803		2,541,546
VeriSign, Inc. ^(b)		11,356		2,157,867
				252,579,676
Iron/Steel — 0.1%
Nucor Corp.		33,482		1,803,006

Leisure Time — 0.2%
Carnival Corp. ^(a)		42,823		1,836,679
Harley-Davidson, Inc. ^(a)		17,443		678,707
Norwegian Cruise Line Holdings Ltd. ^(b)		23,537		1,194,738
Royal Caribbean Cruises Ltd. ^(a)		18,323		1,994,092
				5,704,216
Lodging — 0.4%
Hilton Worldwide Holdings, Inc. ^(a)		31,657		3,069,463
Marriott International, Inc. - Class A		30,243		3,827,252

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.8% (Continued)

Lodging — 0.4% (Continued)
MGM Resorts International		53,614	$	1,527,999
Wynn Resorts Ltd.		10,478		1,271,400
				9,696,114
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		61,893		8,528,855

Machinery-Diversified — 0.8%
Cummins, Inc.		17,277		2,979,937
Deere & Co.		34,302		5,973,350
Dover Corp.		15,683		1,629,307
Flowserve Corp. ^(a)		13,999		683,711
IDEX Corp.		8,292		1,289,655
Rockwell Automation, Inc. ^(a)		12,711		2,186,165
Roper Technologies, Inc. ^(a)		11,391		3,838,311
Wabtec Corp. ^(a)		19,965		1,384,972
Xylem, Inc. ^(a)		19,232		1,474,902
				21,440,310
Media — 2.3%
CBS Corp. - Class B		36,070		1,299,963
Charter Communications, Inc. - Class A ^(b)		17,735		8,297,497
Comcast Corp. - Class A		496,548		22,255,281
Discovery, Inc. Class C ^(a)(b)		38,526		972,396
Discovery, Inc. - Class A ^(a)(b)		16,702		450,202
DISH Network Corp. - Class A ^(a)(b)		24,518		842,929
FOX Corp. - Class A		37,279		1,194,419
FOX Corp. - Class B		16,915		528,425
News Corp. - Class A		41,160		564,304
News Corp. - Class B		13,183		186,144
Viacom, Inc. - Class B		37,731		813,480
Walt Disney Co.		197,663		25,680,377
				63,085,417
Mining — 0.2%
Freeport-McMoRan, Inc. ^(a)		155,353		1,525,566
Newmont Goldcorp Corp.		89,949		3,573,674
				5,099,240
Miscellaneous Manufacturing — 1.3%
3M Co.		62,217		10,265,183
AO Smith Corp. ^(a)		15,214		755,831
Eaton Corp. PLC		46,225		4,026,660
General Electric Co.		957,717		9,558,016
Illinois Tool Works, Inc. ^(a)		32,546		5,486,605
Ingersoll-Rand PLC		26,270		3,333,400
Parker-Hannifin Corp.		14,110		2,589,044
Textron, Inc.		25,781		1,188,246
				37,202,985
Office/Business Equipment — 0.0% ^(d)
Xerox Holdings Corp.		21,944		744,560

	Shares		Value
Oil & Gas — 3.6%
Apache Corp. ^(a)		40,498	$	877,187
Cabot Oil & Gas Corp. ^(a)		46,059		858,540
Chevron Corp.		207,899		24,145,390
Cimarex Energy Co. ^(a)		10,024		423,213
Concho Resources, Inc. ^(a)		21,297		1,437,973
ConocoPhillips		123,078		6,793,906
Devon Energy Corp. ^(a)		44,337		899,154
Diamondback Energy, Inc. ^(a)		16,515		1,416,326
EOG Resources, Inc.		62,039		4,299,923
Exxon Mobil Corp.		461,855		31,207,542
Helmerich & Payne, Inc. ^(a)		11,555		433,313
HESS Corp. ^(a)		26,628		1,750,791
HollyFrontier Corp.		16,900		928,486
Marathon Oil Corp.		89,023		1,026,435
Marathon Petroleum Corp.		73,902		4,726,033
Noble Energy, Inc. ^(a)		51,394		989,848
Occidental Petroleum Corp.		96,770		3,919,185
Phillips 66		49,212		5,748,946
Pioneer Natural Resources Co.		18,136		2,231,091
Valero Energy Corp.		45,423		4,405,123
				98,518,405
Oil & Gas Services — 0.3%
Baker Hughes a GE Co.		54,581		1,168,033
Halliburton Co. ^(a)		93,667		1,803,090
National Oilwell Varco, Inc.		41,022		927,918
Schlumberger Ltd.		148,443		4,852,602
TechnipFMC PLC ^(a)		45,510		897,912
				9,649,555
Packaging & Containers — 0.3%
Amcor PLC ^(a)		176,714		1,682,317
Ball Corp. ^(a)		36,139		2,528,646
Packaging Corp. of America ^(a)		9,941		1,088,142
Sealed Air Corp.		16,716		698,227
WestRock Co.		27,101		1,012,765
				7,010,097
Pharmaceuticals — 5.7%
AbbVie, Inc.		162,243		12,906,431
Allergan PLC		35,972		6,335,029
AmerisourceBergen Corp.		16,709		1,426,614
Bristol-Myers Squibb Co. ^(a)		179,507		10,298,317
Cardinal Health, Inc.		31,879		1,576,417
Cigna Corp.		40,707		7,264,571
CVS Health Corp.		142,679		9,472,459
Eli Lilly & Co. ^(a)		93,211		10,621,393
Johnson & Johnson		289,611		38,240,236
McKesson Corp.		20,930		2,783,690
Merck & Co., Inc.		285,321		24,725,918
Mylan NV ^(a)(b)		55,126		1,055,663
Perrigo Co. PLC ^(a)		13,276		703,893

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.8% (Continued)

Pharmaceuticals — 5.7% (Continued)
Pfizer, Inc.		608,665	$	23,354,476
Zoetis, Inc.		51,442		6,580,461
				157,345,568
Pipelines — 0.4%
Kinder Morgan, Inc. ^(a)		213,622		4,268,167
ONEOK, Inc. ^(a)		44,047		3,075,802
Williams Cos., Inc. ^(a)		129,741		2,894,522
				10,238,491
Real Estate Management/Services — 0.1%
CBRE Group, Inc. - Class A ^(b)		36,901		1,976,049

Retail — 5.6%
Advance Auto Parts, Inc. ^(a)		7,558		1,228,024
AutoZone, Inc. ^(b)		2,653		3,036,040
Best Buy Co., Inc. ^(a)		25,000		1,795,750
CarMax, Inc. ^(a)(b)		18,564		1,729,608
Chipotle Mexican Grill, Inc. ^(b)		2,775		2,159,394
Costco Wholesale Corp.		48,365		14,369,725
Darden Restaurants, Inc. ^(a)		13,208		1,482,862
Dollar General Corp.		28,085		4,503,149
Dollar Tree, Inc. ^(b)		25,410		2,805,264
Gap, Inc. ^(a)		22,820		371,053
Genuine Parts Co. ^(a)		15,715		1,612,045
Home Depot, Inc.		120,183		28,192,528
Kohl’s Corp.		17,615		902,945
L Brands, Inc. ^(a)		24,452		416,662
Lowe’s Cos., Inc.		84,673		9,450,354
Macy’s, Inc. ^(a)		32,713		495,929
McDonald’s Corp.		82,643		16,255,878
Nordstrom, Inc. ^(a)		12,195		437,801
O’Reilly Automotive, Inc. ^(b)		8,338		3,631,282
Ross Stores, Inc.		39,748		4,359,163
Starbucks Corp.		131,341		11,106,195
Target Corp.		55,876		5,973,703
Tiffany & Co. ^(a)		11,514		1,433,608
TJX Cos., Inc.		132,686		7,649,348
Tractor Supply Co.		13,054		1,240,391
Ulta Salon Cosmetics & Fragrance, Inc. ^(a)(b)		7,444		1,735,569
Walgreens Boots Alliance, Inc.		83,221		4,558,846
Walmart, Inc.		156,041		18,297,368
Yum! Brands, Inc.		33,361		3,393,147
				154,623,631
Savings & Loans — 0.0% ^(d)
People’s United Financial, Inc. ^(a)		40,343		652,346

Semiconductors — 4.1%
Advanced Micro Devices, Inc. ^(a)(b)		119,111		4,041,436

	Shares		Value
Semiconductors — 4.1% (Continued)
Analog Devices, Inc.		39,508	$	4,212,738
Applied Materials, Inc.		102,128		5,541,465
Broadcom, Inc.		43,681		12,791,981
Intel Corp.		484,642		27,396,812
IPG Photonics Corp. ^(a)(b)		3,729		500,730
KLA Corp.		17,713		2,994,206
Lam Research Corp.		15,857		4,297,881
Maxim Integrated Products, Inc.		29,672		1,740,560
Microchip Technology, Inc. ^(a)		25,300		2,385,537
Micron Technology, Inc. ^(b)		120,218		5,716,366
NVIDIA Corp.		66,816		13,431,352
Qorvo, Inc. ^(b)		13,266		1,072,689
QUALCOMM, Inc.		133,381		10,729,168
Skyworks Solutions, Inc. ^(a)		18,783		1,710,380
Texas Instruments, Inc. ^(a)		104,252		12,300,693
Xilinx, Inc.		27,063		2,455,697
				113,319,691
Shipbuilding — 0.0% ^(d)
Huntington Ingalls Industries, Inc.		4,506		1,016,824

Software — 7.9%
Activision Blizzard, Inc.		88,935		4,983,028
Adobe Systems, Inc. ^(b)		53,405		14,842,852
Akamai Technologies, Inc. ^(b)		17,446		1,509,079
ANSYS, Inc. ^(b)		8,882		1,955,372
Autodesk, Inc. ^(a)(b)		23,465		3,457,802
Broadridge Financial Solutions, Inc. ^(a)		12,417		1,554,857
Cadence Design System, Inc. ^(b)		30,054		1,964,029
Cerner Corp. ^(a)		35,172		2,360,745
Citrix Systems, Inc. ^(a)		13,501		1,469,719
Electronic Arts, Inc. ^(b)		32,314		3,115,070
Fidelity National Information Services, Inc.		67,294		8,866,657
Fiserv, Inc. ^(b)		62,037		6,584,607
Intuit, Inc.		28,524		7,344,930
Jack Henry & Associates, Inc. ^(a)		8,128		1,150,600
Microsoft Corp.		837,908		120,130,870
MSCI, Inc.		9,216		2,161,705
Oracle Corp.		241,578		13,163,585
Paychex, Inc. ^(a)		34,146		2,855,971
Salesforce.com, Inc. ^(a)(b)		96,231		15,059,189
Synopsys, Inc. ^(b)		15,902		2,158,696
Take-Two Interactive Software, Inc. ^(b)		12,202		1,468,511
				218,157,873
Telecommunications — 3.3%
Arista Networks, Inc. ^(a)(b)		5,472		1,338,287

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.8% (Continued)

Telecommunications — 3.3% (Continued)
AT&T, Inc.		807,349	$	31,074,863
CenturyLink, Inc. ^(a)		101,908		1,318,689
Cisco Systems, Inc.		465,860		22,133,009
Corning, Inc. ^(a)		85,660		2,538,106
Juniper Networks, Inc.		36,990		918,092
Motorola Solutions, Inc.		17,495		2,909,768
T-Mobile US, Inc. ^(a)(b)		34,346		2,839,040
Verizon Communications, Inc.		451,461		27,299,847
				92,369,701
Textiles — 0.0% ^(d)
Mohawk Industries, Inc. ^(b)		6,537		937,275

Toys/Games/Hobbies — 0.0% ^(d)
Hasbro, Inc. ^(a)		12,390		1,205,671

Transportation — 1.5%
CH Robinson Worldwide, Inc. ^(a)		14,613		1,105,327
CSX Corp.		87,580		6,154,247
Expeditors International of Washington, Inc.		18,414		1,343,117
FedEx Corp.		25,743		3,929,926
JB Hunt Trasport Services, Inc. ^(a)		9,165		1,077,438
Kansas City Southern		10,765		1,515,497
Norfolk Southern Corp. ^(a)		29,034		5,284,188
Union Pacific Corp.		77,724		12,860,213
United Parcel Service, Inc. - Class B		76,636		8,826,168
				42,096,121
Water — 0.1%
American Water Works Co., Inc.		19,298		2,378,864
TOTAL COMMON STOCKS (Cost $2,481,329,213)				2,672,355,025

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 3.0%

Alexandria Real Estate Equities, Inc.		12,440	$	1,974,850
American Tower Corp.		48,544		10,586,475
Apartment Investment & Management Co. - Class A		16,394		899,703
AvalonBay Communities, Inc.		14,790		3,219,191
Boston Properties, Inc.		16,528		2,267,642
Crown Castle International Corp.		45,617		6,331,183
Digital Realty Trust, Inc. ^(a)		21,987		2,793,228
Duke Realty Corp.		38,384		1,348,814
Equinix, Inc.		9,293		5,267,087
Equity Residential ^(a)		39,377		3,491,165
Essex Property Trust, Inc.		7,047		2,305,285
Extra Space Storage, Inc.		13,388		1,503,071
Federal Realty Investment Trust		7,869		1,070,263
HCP, Inc. ^(a)		50,956		1,916,965
Host Hotels & Resorts, Inc.		79,432		1,301,890
Iron Mountain, Inc. ^(a)		30,598		1,003,614
Kimco Realty Corp. ^(a)		44,796		965,802
Macerich Co. ^(a)		11,312		311,080
Mid-America Apartment Communities, Inc.		12,199		1,695,540
Prologis, Inc.		69,230		6,075,625
Public Storage ^(a)		15,953		3,555,286
Realty Income Corp. ^(a)		34,920		2,856,107
Regency Centers Corp.		17,889		1,202,856
SBA Communications Corp.		11,875		2,857,719
Simon Property Group, Inc.		33,136		4,992,932
SL Green Realty Corp.		9,010		753,236
UDR, Inc.		37,680		1,893,420
Ventas, Inc.		40,867		2,660,442
Vornado Realty Trust		18,454		1,211,136
Welltower, Inc.		44,449		4,031,080
Weyerhaeuser Co. ^(a)		80,254		2,344,219
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $76,539,456)				84,686,906

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

Pacer Trendpilot^® US Large Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Markets Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(c)		3,928,640	$	3,928,640
TOTAL SHORT-TERM INVESTMENTS (Cost $3,928,640)

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.4%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(c)		286,567,540		286,567,540
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $286,567,540)				286,567,540
Total Investments (Cost $2,848,364,849) — 110.3%				3,047,538,111
Liabilities in Excess of Other Assets — (10.3)%				(285,421,818	)
TOTAL NET ASSETS — 100.0%			$	2,762,116,293

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $278,595,457 or 10.1% of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2019.

(d)

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.

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 88.6%

Aerospace/Defense — 0.9%
Mercury Systems, Inc. ^(a)		19,834	$	1,460,973
Teledyne Technologies, Inc. ^(a)		12,969		4,274,582
				5,735,555
Airlines — 0.3%
JetBlue Airways Corp. ^(a)		103,056		1,988,981

Apparel — 0.8%
Carter’s, Inc. ^(b)		16,291		1,633,010
Deckers Outdoor Corp. ^(a)		10,442		1,596,582
Skechers U.S.A, Inc. - Class A ^(a)		47,687		1,782,063
				5,011,655
Auto Parts & Equipment — 0.7%
Adient PLC - ADR ^(b)		31,105		659,115
Dana, Inc.		51,229		831,447
Delphi Technologies PLC		31,650		386,446
Goodyear Tire & Rubber Co. ^(b)		80,892		1,283,756
VISTEON Corp. ^(a)(b)		10,129		942,200
				4,102,964
Banks — 6.7%
Associated Banc-Corp.		58,709		1,180,638
BancorpSouth Bank		32,439		994,904
Bank of Hawaii Corp. ^(b)		14,770		1,289,569
Bank OZK ^(b)		43,197		1,212,108
Cathay General Bancorp ^(b)		27,358		973,124
Commerce Bancshares, Inc. ^(b)		35,286		2,271,007
Cullen Frost Bankers, Inc. ^(b)		19,838		1,787,007
East West Bancorp, Inc.		51,817		2,223,986
First Financial Bankshares, Inc. ^(b)		48,492		1,613,814
First Horizon National Corp.		113,698		1,815,757
FNB Corp		115,944		1,398,285
Fulton Financial Corp. ^(b)		60,729		1,036,037
Hancock Whitney Corp.		30,632		1,194,648
Home BancShares, Inc. ^(b)		55,457		1,024,845
International Bancshares Corp.		19,457		796,959
PacWest Bancorp ^(b)		43,166		1,596,710
Pinnacle Financial Partners, Inc. ^(b)		26,071		1,533,496
Prosperity Bancshares, Inc. ^(b)		23,708		1,636,326
Signature Bank ^(b)		19,715		2,332,679
Synovus Financial Corp.		53,681		1,818,175
TCF Financial Corp.		55,572		2,200,095
Texas Capital Bancshares, Inc. ^(a)		17,975		971,728
Trustmark Corp. ^(b)		23,292		799,381
UMB Financial Corp. ^(b)		15,791		1,030,521
Umpqua Holdings Corp.		78,740		1,245,667
United Bankshares, Inc. ^(b)		36,494		1,442,973
Valley National Bancorp ^(b)		118,584		1,373,203
Webster Financial Corp.		32,972		1,454,065

	Shares		Value
Banks — 6.7% (Continued)
Wintrust Financial Corp.		20,229	$	1,291,015
				41,538,722
Beverages — 0.2%
The Boston Beer Co., Inc. - Class A ^(a)		3,130		1,172,060

Biotechnology — 1.2%
Bio-Rad Laboratories, Inc. - Class A ^(a)		7,490		2,483,834
Exelixis, Inc. ^(a)		107,206		1,656,333
Ligand Pharmaceuticals, Inc. ^(a)(b)		7,321		796,598
Nektar Therapeutics ^(a)(b)		62,236		1,065,791
United Therapeutics Corp. ^(a)		15,255		1,370,509
				7,373,065
Building Materials — 1.9%
Eagle Materials, Inc.		14,630		1,336,304
Lennox International, Inc.		12,258		3,032,139
Louisiana-Pacific Corp.		44,117		1,289,540
MDU Resources Group, Inc.		70,055		2,023,889
Owens Corning		38,748		2,374,477
Trex Co, Inc. ^(a)(b)		21,073		1,852,106
				11,908,455
Chemicals — 2.3%
Ashland Global Holdings, Inc.		21,069		1,630,109
Cabot Corp.		21,283		927,726
Ingevity Corp. ^(a)		14,879		1,252,961
Minerals Technologies, Inc.		12,630		624,553
NewMarket Corp.		2,570		1,247,709
OLIN Corp.		58,929		1,080,758
PolyOne Corp.		27,806		891,182
RPM International, Inc.		45,122		3,268,186
Sensient Technologies Corp. ^(b)		15,151		947,847
The Chemours Co. ^(b)		56,880		933,401
Valvoline, Inc.		67,226		1,434,603
				14,239,035
Commercial Services — 3.8%
Aaron’s, Inc. ^(b)		24,053		1,802,291
Adtalem Global Education, Inc. ^(a)		20,679		615,821
ASGN, Inc. ^(a)		18,840		1,198,036
Avis Budget Group, Inc. ^(a)(b)		22,787		677,002
CoreLogic, Inc. ^(a)		28,653		1,160,160
Graham Holdings Co. - Class B		1,593		1,003,048
Green Dot Corp. - Class A ^(a)		17,029		491,116
Healthcare Services Group, Inc. ^(b)		26,386		642,763
HealthEquity, Inc. ^(a)(b)		24,569		1,395,273
Insperity, Inc.		13,335		1,408,576
LiveRamp Holdings, Inc. ^(a)(b)		24,415		954,382
ManpowerGroup, Inc.		21,575		1,961,599
Sabre Corp. ^(b)		98,381		2,309,986
Service Corp. International ^(b)		64,786		2,946,467
The Brink’s Co. ^(b)		17,734		1,506,681

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 88.6% (Continued)

Commercial Services — 3.8% (Continued)
WEX, Inc. ^(a)		15,423	$	2,917,723
W.W. International, Inc. ^(a)(b)		16,157		563,395
				23,554,319
Computers — 1.6%
CACI International, Inc. - Class A ^(a)		8,883		1,987,571
Lumentum Holdings, Inc. ^(a)(b)		26,756		1,676,531
Maximus, Inc.		22,788		1,748,751
NCR Corp. ^(a)		42,522		1,242,068
NetScout Systems, Inc. ^(a)		25,040		606,469
Perspecta, Inc.		50,238		1,333,316
Science Applications International Corp.		17,069		1,410,241
				10,004,947
Cosmetics/Personal Care — 0.1%
Edgewell Personal Care Co. ^(a)(b)		18,852		659,820

Distribution/Wholesale — 1.1%
KAR Auction Services, Inc. ^(b)		46,428		1,154,200
Pool Corp.		14,089		2,922,059
Resideo Technologies, Inc. ^(a)(b)		43,928		418,634
Watsco, Inc. ^(b)		11,491		2,025,863
				6,520,756
Diversified Finan Serv — 2.8%
Deluxe Corp. ^(b)		15,615		809,325
Eaton Vance Corp.		41,165		1,877,124
Evercore, Inc. - Class A		14,683		1,081,256
Federated Investors, Inc. - Class B ^(b)		34,205		1,092,508
Interactive Brokers Group, Inc. - Class A ^(b)		26,849		1,277,207
Janus Henderson Group PLC ^(b)		58,973		1,364,045
Jefferies Financial Group, Inc.		89,464		1,670,293
Legg Mason, Inc.		28,368		1,056,992
LendingTree, Inc. ^(a)(b)		2,675		962,599
Navient Corp.		70,557		971,570
SEI Investments Co.		44,137		2,644,689
SLM Corp.		156,074		1,317,265
Stifel Financial Corp.		25,724		1,440,029
				17,564,902
Electric — 2.1%
Allete, Inc.		18,436		1,586,602
Black Hills Corp.		21,247		1,674,901
Hawaiian Electric Industries, Inc.		38,924		1,757,419
Idacorp, Inc.		18,033		1,940,712
NorthWestern Corp.		18,018		1,306,665
OGE Energy Corp. ^(b)		71,347		3,072,202
PNM Resources, Inc.		28,475		1,484,971
				12,823,472
Electrical Components & Equipment — 1.9%
Acuity Brands, Inc.		14,292		1,783,499

	Shares		Value
Electrical Components & Equipment — 1.9% (Continued)
Belden, Inc.		14,093	$	722,689
Energizer Holdings, Inc. ^(b)		22,757		966,945
EnerSys		15,401		1,029,711
Hubbell, Inc.		19,515		2,765,275
Littelfuse, Inc. ^(b)		8,863		1,556,077
Universal Display Corp.		15,193		3,041,335
				11,865,531
Electronics — 3.7%
Arrow Electronics, Inc. ^(a)		28,929		2,293,491
AVNET, Inc. ^(b)		36,051		1,426,178
Coherent, Inc. ^(a)(b)		8,357		1,244,524
Gentex Corp.		88,620		2,485,791
II-VI, Inc. ^(a)(b)		30,148		999,406
Jabil, Inc.		50,301		1,852,083
National Instruments Corp.		41,303		1,709,531
nVent Electric PLC		57,639		1,329,155
Synnex Corp.		14,825		1,745,496
Tech Data Corp. ^(a)		12,390		1,505,385
Trimble, Inc. ^(a)		89,886		3,581,058
Vishay Intertechnology, Inc. ^(b)		47,265		952,390
Woodward, Inc.		19,974		2,130,427
				23,254,915
Energy-Alternate Sources — 0.4%
First Solar, Inc. ^(a)(b)		27,009		1,398,796
SolarEdge Technologies, Inc. ^(a)		11,832		1,005,247
				2,404,043
Engineering & Construction — 1.4%
AECOM ^(a)		55,763		2,231,078
Dycom Industries, Inc. ^(a)(b)		11,265		513,571
EMCOR Group, Inc.		20,024		1,756,305
Fluor Corp. ^(b)		49,864		803,309
Granite Construction, Inc. ^(b)		16,704		393,212
KBR, Inc.		50,388		1,418,926
MasTec, Inc. ^(a)(b)		22,005		1,384,995
				8,501,396
Entertainment — 1.9%
Churchill Downs, Inc.		12,663		1,646,063
Cinemark Holdings, Inc. ^(b)		38,055		1,392,813
Eldorado Resorts, Inc. ^(a)(b)		23,236		1,040,276
Live Nation Entertainment, Inc. ^(a)(b)		49,403		3,482,912
Marriott Vacations Worldwide Corp. ^(b)		14,067		1,546,385
Penn National Gaming, Inc. ^(a)		37,981		809,565
Scientific Games Corp. ^(a)(b)		19,819		475,458
Six Flags Entertainment Corp.		27,301		1,151,829
				11,545,301
Environmental Control — 0.8%
Clean Harbors, Inc. ^(a)		18,157		1,497,226
Stericycle, Inc. ^(a)(b)		31,697		1,825,747

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 88.6% (Continued)

Environmental Control — 0.8% (Continued)
Tetra Tech, Inc.		19,010	$	1,662,805
				4,985,778
Food — 1.8%
Flowers Foods, Inc. ^(b)		65,547		1,423,681
Hain Celestial Group, Inc. ^(a)(b)		27,916		659,934
Ingredion, Inc.		23,837		1,883,123
Lancaster Colony Corp. ^(b)		7,005		974,956
Pilgrim’s Pride Corp. ^(a)		18,214		552,977
Post Holdings, Inc. ^(a)		23,852		2,454,371
Sanderson Farms, Inc.		6,991		1,082,277
Sprouts Farmers Market, Inc. ^(a)		44,345		860,737
Tootsie Roll Industries, Inc. ^(b)		6,815		233,618
TreeHouse Foods, Inc. ^(a)(b)		20,021		1,081,534
				11,207,208
Forest Products & Paper — 0.1%
DOMTAR Corp.		22,490		818,411

Gas — 1.8%
National Fuel Gas Co.		30,821		1,396,499
New Jersey Resources Corp.		31,715		1,382,774
ONE Gas, Inc.		18,807		1,746,042
Southwest Gas Holdings, Inc.		18,992		1,658,002
Spire, Inc.		18,150		1,525,689
UGI Corp.		72,689		3,465,085
				11,174,091
Hand/Machine Tools — 1.0%
Colfax Corp. ^(a)(b)		29,077		976,987
Kennametal, Inc. ^(b)		29,407		910,147
Lincoln Electric Holdings, Inc. ^(b)		21,507		1,926,382
MSA Safety, Inc. ^(b)		12,561		1,508,199
Regal Beloit Corp.		15,297		1,132,743
				6,454,458
Healthcare-Products — 4.8%
Avanos Medical, Inc. ^(a)(b)		16,959		746,874
Bio-Techne Corp.		13,504		2,811,128
Cantel Medical Corp. ^(b)		13,005		947,934
Globus Medical, Inc. - Class A ^(a)		27,223		1,425,669
Haemonetics Corp. ^(a)		18,229		2,200,787
Hill-Rom Holdings, Inc.		23,836		2,495,391
ICU Medical, Inc. ^(a)		6,702		1,083,110
Integra LifeSciences Holdings Corp. ^(a)		25,316		1,469,847
LivaNova PLC ^(a)(b)		16,850		1,191,800
Masimo Corp. ^(a)		17,496		2,550,742
NuVasive, Inc. ^(a)		18,482		1,303,720
Patterson Cos., Inc. ^(b)		29,544		506,089
Penumbra, Inc. ^(a)(b)		11,142		1,737,818
Repligen Corp. ^(a)(b)		16,136		1,282,651

	Shares		Value
Healthcare-Products — 4.8% (Continued)
STERIS PLC		30,247	$	4,282,068
West Pharmaceutical Services, Inc.		26,543		3,817,945
				29,853,573
Healthcare-Services — 2.7%
Acadia Healthcare Co., Inc. ^(a)^(b)		31,644		949,003
Amedisys, Inc. ^(a)		11,202		1,439,681
Catalent, Inc. ^(a)		52,034		2,531,454
Charles River Laboratories International, Inc. ^(a)		17,271		2,244,885
Chemed Corp.		5,732		2,257,892
Encompass Health Corp.		35,303		2,260,098
MEDNAX, Inc. ^(a)		31,431		690,225
Molina Healthcare, Inc. ^(a)		22,358		2,630,195
Syneos Health, Inc. ^(a)(b)		21,784		1,092,468
Tenet Healthcare Corp. ^(a)		35,988		911,936
				17,007,837
Home Builders — 1.0%
KB Home		30,261		1,080,015
NVR, Inc. ^(a)(b)		424		1,541,914
Thor Industries, Inc. ^(b)		18,698		1,182,835
Toll Brothers, Inc.		44,949		1,787,622
TRI Pointe Group, Inc. ^(a)		50,640		797,074
				6,389,460
Home Furnishings — 0.2%
Tempur Sealy International, Inc. ^(a)		16,441		1,495,309

Household Products/Wares — 0.2%
Helen of Troy Ltd. ^(a)		9,180		1,374,797

Housewares — 0.7%
Scotts Miracle-Gro Co.		14,052		1,410,680
Toro Co.		37,955		2,927,469
				4,338,149
Insurance — 5.6%
Alleghany Corp. ^(a)		5,181		4,032,320
American Financial Group, Inc.		25,977		2,702,647
Brighthouse Financial, Inc. ^(a)		38,768		1,463,880
Brown & Brown, Inc.		82,951		3,125,594
CNO Financial Group, Inc.		57,413		898,513
First American Financial Corp.		39,838		2,461,192
Genworth Financial, Inc. - Class A ^(a)		175,087		749,372
Hanover Insurance Group, Inc.		13,770		1,813,647
Kemper Corp.		21,770		1,564,828
Mercury General Corp.		9,706		466,470
Old Republic International Corp.		101,705		2,272,090
Primerica, Inc.		15,214		1,919,703
Reinsurance Group of America, Inc.		22,446		3,646,802
RenaissanceRe Holdings Ltd.		15,369		2,876,769
Selective Insurance Group, Inc.		20,669		1,428,641

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 88.6% (Continued)

Insurance — 5.6% (Continued)
WR Berkley Corp.		51,666	$	3,611,453
				35,033,921
Internet — 0.6%
Etsy, Inc. ^(a)		42,923		1,909,644
GrubHub, Inc. ^(a)(b)		26,682		908,789
YELP, Inc. ^(a)		22,488		776,061
				3,594,494
Iron/Steel — 1.3%
Allegheny Technologies, Inc. ^(a)^(b)		44,915		943,664
Carpenter Technology Corp.		16,930		829,909
Commercial Metals Co.		41,022		792,955
Reliance Steel & Aluminum Co.		24,003		2,785,308
Steel Dynamics, Inc.		66,326		2,013,657
United States Steel Corp. ^(b)		61,911		712,596
				8,078,089
Leisure Time — 0.6%
Brunswick Corp. ^(b)		31,124		1,812,662
Polaris Industries, Inc.		20,496		2,021,930
				3,834,592
Lodging — 1.1%
Boyd Gaming Corp. ^(b)		28,576		778,696
Caesars Entertainment Corp. ^(a)		193,317		2,373,933
Wyndham Destinations, Inc.		33,763		1,566,941
Wyndham Hotels & Resorts, Inc.		35,014		1,889,705
				6,609,275
Machinery-Construction & Mining — 0.4%
Oshkosh Corp.		25,038		2,137,744
Terex Corp.		22,150		610,233
				2,747,977
Machinery-Diversified — 2.2%
AGCO Corp.		22,980		1,762,336
Cognex Corp.		61,054		3,143,671
CRANE Co.		18,148		1,388,685
Curtiss-Wright Corp.		15,296		2,068,784
Graco, Inc.		59,081		2,670,461
Nordson Corp.		18,466		2,895,653
				13,929,590
Media — 1.8%
AMC Networks, Inc. - Class A ^(a)^(b)		16,025		697,889
Cable One, Inc.		1,783		2,363,135
FactSet Research Systems, Inc. ^(b)		13,597		3,447,111
John Wiley & Sons, Inc. - Class A ^(b)		16,174		745,136
Meredith Corp. ^(b)		14,326		540,090
TEGNA, Inc. ^(b)		77,119		1,159,099
The New York Times Co. - Class A ^(b)		50,730		1,567,557
World Wrestling Entertainment, Inc. - Class A ^(b)		16,547		927,294
				11,447,311

	Shares		Value
Metal Fabricate/Hardware — 0.5%
The Timken Co.		24,398	$	1,195,502
Valmont Industries, Inc.		7,870		1,079,685
Worthington Industries, Inc.		14,039		516,776
				2,791,963
Mining — 0.5%
Compass Minerals International, Inc.		12,137		685,498
Royal Gold, Inc. ^(b)		23,428		2,704,528
				3,390,026
Miscellaneous Manufacturing — 1.9%
AptarGroup, Inc.		22,492		2,657,430
Axon Enterprise, Inc. ^(a)(b)		20,627		1,054,659
Carlisle Cos., Inc.		20,486		3,119,403
Donaldson Co., Inc.		45,697		2,410,060
ITT, Inc.		31,232		1,856,742
Trinity Industries, Inc. ^(b)		35,589		703,950
				11,802,244
Office Furnishings — 0.3%
Herman Miller, Inc.		21,084		980,406
HNI Corp.		15,581		592,078
				1,572,484
Office/Business Equipment — 0.7%
Zebra Technologies Corp. - Class A ^(a)(b)		19,275		4,584,944

Oil&Gas — 1.5%
Callon Petroleum Co. ^(a)(b)		81,445		309,491
Chesapeake Energy Corp ^(a)(b)		392,291		525,670
CNX Resources Corp. ^(a)(b)		65,252		550,074
EQT Corp. ^(b)		91,034		977,705
Matador Resources Co. ^(a)(b)		37,033		515,129
Murphy Oil Corp. ^(b)		53,616		1,106,098
Murphy USA, Inc. ^(a)(b)		10,739		1,266,450
Oasis Petroleum, Inc. ^(a)		96,580		252,074
PBF Energy, Inc. - Class A		35,453		1,144,423
Southwestern Energy Co. ^(a)		188,292		385,999
Transocean Ltd. ^(a)(b)		200,038		950,181
WPX Energy, Inc. ^(a)(b)		146,926		1,466,321
				9,449,615
Oil & Gas Services — 0.5%
Apergy Corp. ^(a)		27,656		696,101
Core Laboratories NV ^(b)		15,443		680,110
NOW, Inc. ^(a)		38,777		408,710
Oceaneering International, Inc. ^(a)		35,341		500,428
Patterson-UTI Energy, Inc.		70,474		586,344
				2,871,693
Packaging & Containers — 0.6%
Greif, Inc.		9,382		367,493
Owens-Illinois, Inc.		54,873		466,421
Silgan Holdings, Inc.		27,635		850,329

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 88.6% (Continued)

Packaging & Containers — 0.6% (Continued)
Sonoco Products Co. ^(b)		35,719	$	2,060,986
				3,745,229
Pharmaceuticals — 0.5%
PRA Health Sciences, Inc. ^(a)		21,857		2,135,647
Prestige Brands Holdings, Inc. ^(a)(b)		18,550		657,783
				2,793,430
Pipelines — 0.3%
Antero Midstream Corp. ^(b)		89,914		579,046
Equitrans Midstream Corp. ^(b)		72,669		1,011,553
				1,590,599
Real Estate Management/Services — 0.4%
Jones Lang LaSalle, Inc.		17,931		2,627,250

Retail — 5.1%
American Eagle Outfitters, Inc. ^(b)		55,263		849,945
AutoNation, Inc. ^(a)^(b)		20,631		1,049,086
Bed Bath & Beyond, Inc. ^(b)		44,451		608,979
Brinker International, Inc. ^(b)		13,436		597,230
Casey’s General Stores, Inc. ^(b)		13,082		2,234,536
Cracker Barrel Old Country Store, Inc. ^(b)		8,607		1,338,388
Dick’s Sporting Goods, Inc. ^(b)		22,925		892,470
Dillard’s, Inc. - Class A ^(b)		3,560		245,569
Domino’s Pizza, Inc. ^(b)		14,700		3,992,814
Dunkin’ Brands Group, Inc.		29,544		2,322,749
FirstCash, Inc.		14,952		1,261,799
Five Below, Inc. ^(a)		19,928		2,493,192
Foot Locker, Inc. ^(b)		38,166		1,660,603
Jack in the Box, Inc.		9,264		778,361
MSC Industrial Direct Co., Inc. - Class A ^(b)		16,138		1,181,463
Nu Skin Enterprises, Inc. - Class A		19,822		883,665
Ollie’s Bargain Outlet Holdings, Inc. ^(a)(b)		18,451		1,178,650
Papa John’s International, Inc. ^(b)		8,043		470,918
Sally Beauty Holdings, Inc. ^(a)(b)		43,063		667,476
Texas Roadhouse, Inc.		23,839		1,346,904
The Cheesecake Factory, Inc. ^(b)		14,916		623,340
The Wendy’s Co. ^(b)		64,993		1,376,552
Urban Outfitters, Inc. ^(a)(b)		24,537		704,212
Williams-Sonoma, Inc. ^(b)		27,211		1,817,423
World Fuel Services Corp.		24,042		1,004,234
				31,580,558
Savings & Loans — 0.7%
New York Community Bancorp, Inc. ^(b)		166,961		1,945,096
Sterling Bancorp		71,378		1,402,578
Washington Federal, Inc. ^(b)		29,010		1,057,704
				4,405,378

	Shares		Value
Semiconductors — 2.8%
Cirrus Logic, Inc. ^(a)(b)		21,129	$	1,435,927
CREE, Inc. ^(a)(b)		36,889		1,760,712
Cypress Semiconductor Corp.		129,976		3,024,542
MKS Instruments, Inc. ^(b)		18,970		2,052,933
Monolithic Power Systems, Inc.		14,125		2,117,620
Semtech Corp. ^(a)		23,545		1,188,081
Silicon Laboratories, Inc. ^(a)(b)		15,417		1,637,902
Synaptics, Inc. ^(a)(b)		11,450		482,159
Teradyne, Inc.		59,114		3,618,959
				17,318,835
Software — 3.3%
ACI Worldwide, Inc. ^(a)^(b)		41,502		1,302,748
Allscripts Healthcare Solutions, Inc. ^(a)^(b)		61,204		669,572
Blackbaud, Inc. ^(b)		17,355		1,456,952
CDK Global, Inc.		42,175		2,131,524
CommVault Systems, Inc. ^(a)		14,463		718,377
Covetrus, Inc. ^(a)(b)		34,187		338,964
Fair Isaac Corp. ^(a)		10,418		3,167,489
J2 Global, Inc. ^(b)		16,556		1,572,158
Manhattan Associates, Inc. ^(a)		23,227		1,740,864
PTC, Inc. ^(a)		36,066		2,413,176
Teradata Corp. ^(a)(b)		41,918		1,254,606
Tyler Technologies, Inc. ^(a)		13,701		3,678,992
				20,445,422
Telecommunications — 1.1%
CIENA Corp. ^(a)		53,971		2,003,403
InterDigital, Inc.		11,686		626,720
LogMeIn, Inc.		18,163		1,192,946
Plantronics, Inc. ^(b)		11,742		462,870
Telephone & Data Systems, Inc.		33,505		874,145
ViaSat, Inc. ^(a)		20,314		1,398,416
				6,558,500
Toys/Games/Hobbies — 0.2%
Mattel, Inc. ^(a)(b)		123,394		1,473,324

Transportation — 2.4%
Genesee & Wyoming, Inc. - Class A ^(a)		20,141		2,236,255
Kirby Corp. ^(a)(b)		20,844		1,650,011
Knight-Swift Transportation Holdings, Inc. ^(b)		44,520		1,623,199
Landstar System, Inc.		14,349		1,623,590
Old Dominion Freight Line, Inc. ^(b)		22,278		4,056,378
Ryder System, Inc.		18,990		923,484
Werner Enterprises, Inc. ^(b)		15,614		569,911
XPO Logistics, Inc. ^(a)(b)		32,950		2,517,380
				15,200,208
Trucking & Leasing — 0.2%
GATX Corp. ^(b)		13,083		1,040,753

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

Pacer Trendpilot^® US Mid Cap ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 88.6% (Continued)

Water — 0.6%
Aqua America, Inc. ^(b)		75,253	$	3,411,218
TOTAL COMMON STOCKS (Cost $538,881,660)				550,797,887

REAL ESTATE INVESTMENT TRUSTS — 11.0%

Alexander & Baldwin, Inc.		24,226		569,553
American Campus Communities, Inc. ^(b)		48,953		2,446,671
Brixmor Property Group, Inc. ^(b)		106,716		2,349,886
Camden Property Trust		34,561		3,952,742
CoreCivic, Inc.		42,417		647,284
CoreSite Realty Corp.		13,116		1,541,130
Corporate Office Properties Trust		39,402		1,167,875
Cousins Properties, Inc. ^(b)		51,063		2,049,158
CyrusOne, Inc.		39,378		2,806,864
Douglas Emmett, Inc.		57,809		2,504,286
EastGroup Properties, Inc. ^(b)		13,077		1,751,664
EPR Properties		26,776		2,082,905
First Industrial Realty Trust, Inc.		45,228		1,904,551
Healthcare Realty Trust, Inc.		44,754		1,556,097
Highwoods Properties, Inc.		37,027		1,732,864
JBG SMITH Properties		42,628		1,716,203
Kilroy Realty Corp.		32,323		2,712,869
Lamar Advertising Co. - Class A		30,424		2,434,224
Liberty Property Trust		54,880		3,241,762
Life Storage, Inc.		16,683		1,817,112
Mack-Cali Realty Corp.		32,287		691,587
Medical Properties Trust, Inc.		155,253		3,218,395
National Retail Properties, Inc.		59,711		3,517,575
Omega Healthcare Investors, Inc. ^(b)		75,630		3,330,745
Park Hotels & Resorts, Inc. ^(b)		71,679		1,666,537
Pebblebrook Hotel Trust ^(b)		46,646		1,199,269
PotlatchDeltic Corp.		24,267		1,030,620
PS Business Parks, Inc.		7,174		1,295,266
Rayonier, Inc.		46,286		1,248,796
Sabra Health Care REIT, Inc.		65,924		1,621,730
Senior Housing Properties Trust		84,929		842,920
Service Properties Trust		58,749		1,486,350
Spirit Realty Capital, Inc.		31,348		1,562,384
Tanger Factory Outlet Centers, Inc. ^(b)		33,584		541,374

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 11.0% (Continued)

Taubman Centers, Inc. ^(b)		21,873	$	782,616
The GEO Group, Inc.		43,131		656,454
Uniti Group, Inc. ^(b)		63,947		442,513
Urban Edge Properties ^(b)		42,939		906,442
Weingarten Realty Investors		42,741		1,356,172
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $64,528,681)				68,383,445

SHORT-TERM INVESTMENTS — 0.4%

Money Markets Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account, 1.72% ^(c)		2,640,167		2,640,167
TOTAL SHORT-TERM INVESTMENTS (Cost $2,640,167)				2,640,167

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 27.6%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(c)		171,667,967		171,667,967
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $171,667,967)				171,667,967
Total Investments (Cost $777,718,475) — 127.6%				793,489,466
Liabilities in Excess of Other Assets — (27.6)%				(171,639,497	)
TOTAL NET ASSETS — 100.0%			$	621,849,969

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

All or portion of this security is on loan as of October 31, 2019. The Total value of securities on loan is $166,497,202 or 26.8% of net assets.

(c)

The rate shown is as of October 31, 2019.

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%

Airlines — 0.4%
American Airlines Group, Inc. ^(a)		31,528	$	947,732
United Airlines Holdings, Inc. ^(b)		18,662		1,695,256
				2,642,988
Auto Manufacturers — 1.0%
PACCAR, Inc.		23,957		1,822,169
Tesla Motors, Inc. ^(a)(b)		12,593		3,965,788
				5,787,957
Beverages — 2.6%
Monster Beverage Corp. ^(b)		37,413		2,099,992
PepsiCo, Inc.		98,354		13,491,218
				15,591,210
Biotechnology — 6.0%
Alexion Pharmaceuticals, Inc. ^(b)		15,303		1,612,936
Amgen, Inc.		42,180		8,994,885
Biogen, Inc. ^(b)		12,966		3,873,074
BioMarin Pharmaceutical, Inc. ^(b)		12,211		893,967
Celgene Corp. ^(b)		49,855		5,385,836
Gilead Sciences, Inc.		89,093		5,676,115
Illumina, Inc. ^(b)		10,332		3,053,313
Incyte Corp. ^(a)(b)		14,568		1,222,546
Regeneron Pharmaceuticals, Inc. ^(a)(b)		7,372		2,257,896
Vertex Pharmaceuticals, Inc. ^(b)		18,075		3,533,301
				36,503,869
Commercial Services — 2.8%
Automatic Data Processing, Inc.		30,517		4,950,773
Cintas Corp. ^(a)		7,191		1,932,006
PayPal Holdings, Inc. ^(b)		82,771		8,616,461
Verisk Analytics, Inc.		11,275		1,631,492
				17,130,732
Computers — 12.6%
Apple, Inc.		286,474		71,263,272
Check Point Software Technologies Ltd. ^(a)(b)		10,679		1,200,427
Cognizant Technology Solutions Corp. - Class A		38,847		2,367,336
NetApp, Inc.		17,241		963,427
Western Digital Corp.		19,886		1,027,112
				76,821,574
Distribution/Wholesale — 0.2%
Fastenal Co. ^(a)		39,417		1,416,647

Electric — 0.4%
Xcel Energy, Inc.		35,265		2,239,680

Food — 1.3%
Mondelez International, Inc. - Class A		101,453		5,321,210

	Shares		Value
Food — 1.3% (Continued)
The Kraft Heinz Co.		83,715	$	2,706,506
				8,027,716
Healthcare-Products — 1.4%
Align Technology, Inc. ^(b)		5,456		1,376,494
Henry Schein, Inc. ^(a)(b)		10,447		653,826
IDEXX Laboratories, Inc. ^(b)		5,901		1,681,844
Intuitive Surgical, Inc. ^(a)(b)		8,098		4,477,789
				8,189,953
Insurance — 0.3%
Willis Towers Watson PLC		8,882		1,660,046

Internet — 27.0%
Alphabet, Inc. - Class A ^(b)		19,273		24,260,852
Alphabet, Inc. - Class C ^(b)		21,940		27,646,814
Amazon.com, Inc. ^(b)		31,186		55,406,919
BAIDU, Inc. - ADR ^(b)		19,245		1,960,103
Booking Holdings, Inc. ^(b)		2,988		6,121,725
Ctrip.com International Ltd. - ADR ^(b)		33,186		1,094,806
eBay, Inc.		59,001		2,079,785
Expedia Group, Inc. ^(a)		9,323		1,274,081
Facebook, Inc. - Class A ^(b)		153,933		29,501,260
JD.com, Inc. - ADR ^(b)		63,427		1,975,751
MercadoLibre, Inc. ^(b)		3,489		1,819,583
Netflix, Inc. ^(b)		30,793		8,850,216
Symantec Corp.		43,887		1,004,135
VeriSign, Inc. ^(b)		8,260		1,569,565
				164,565,595
Lodging — 0.6%
Marriott International, Inc. - Class A ^(a)		23,410		2,962,535
Wynn Resorts Ltd.		7,423		900,707
				3,863,242
Media — 4.3%
Charter Communications, Inc. - Class A ^(b)		15,501		7,252,298
Comcast Corp. - Class A		318,072		14,255,987
FOX Corp. - Class A		23,736		760,502
FOX Corp. - Class B		17,929		560,102
Liberty Global PLC - Class A ^(a)(b)		14,016		352,502
Liberty Global PLC - Class C ^(b)		36,868		880,039
Sirius XM Holdings, Inc. ^(a)		313,040		2,103,629
				26,165,059
Pharmaceuticals — 0.1%
Mylan NV ^(a)(b)		35,430		678,484

Retail — 4.8%
Costco Wholesale Corp.		30,937		9,191,692
Dollar Tree, Inc. ^(b)		16,343		1,804,267

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

Pacer Trendpilot^® 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)

Retail — 4.8% (Continued)
Lululemon Athletica, Inc. ^(b)		8,380	$	1,711,783
O’Reilly Automotive, Inc. ^(b)		5,386		2,345,657
Ross Stores, Inc.		25,595		2,807,004
Starbucks Corp. ^(a)		84,207		7,120,544
Ulta Salon Cosmetics & Fragrance, Inc. ^(a)(b)		4,090		953,583
Walgreens Boots Alliance, Inc.		63,530		3,480,173
				29,414,703
Semiconductors — 12.4%
Advanced Micro Devices, Inc. ^(a)(b)		76,357		2,590,793
Analog Devices, Inc.		25,977		2,769,927
Applied Materials, Inc.		65,427		3,550,069
ASML Holding NV - ADR		4,926		1,290,464
Broadcom, Inc.		28,002		8,200,386
Intel Corp.		309,890		17,518,082
KLA Corp.		11,198		1,892,910
Lam Research Corp.		10,165		2,755,121
Maxim Integrated Products, Inc.		18,974		1,113,015
Microchip Technology, Inc. ^(a)		16,194		1,526,932
Micron Technology, Inc. ^(b)		77,774		3,698,154
NVIDIA Corp.		42,834		8,610,491
NXP Semiconductors NV		22,557		2,564,280
QUALCOMM, Inc.		85,519		6,879,148
Skyworks Solutions, Inc. ^(a)		12,145		1,105,924
Texas Instruments, Inc. ^(a)		65,679		7,749,465
Xilinx, Inc.		17,363		1,575,519
				75,390,680
Software — 17.6%
Activision Blizzard, Inc.		53,960		3,023,379
Adobe Systems, Inc. ^(b)		34,150		9,491,309
Autodesk, Inc. ^(a)(b)		15,444		2,275,828
Cadence Design System, Inc. ^(b)		19,354		1,264,784
Cerner Corp. ^(a)		22,573		1,515,100
Citrix Systems, Inc.		9,212		1,002,818
Electronic Arts, Inc. ^(b)		20,710		1,996,444
Fiserv, Inc. ^(a)(b)		47,664		5,059,057
Intuit, Inc.		18,293		4,710,448
Microsoft Corp.		484,006		69,391,940
NetEase, Inc. - ADR		5,018		1,434,445
Paychex, Inc. ^(a)		24,616		2,058,882
Synopsys, Inc. ^(b)		10,198		1,384,379
Take-Two Interactive Software, Inc. ^(b)		7,812		940,174
Workday, Inc. - Class A ^(b)		11,532		1,870,029
				107,419,016
Telecommunications — 3.2%
Cisco Systems, Inc.		301,141		14,307,209

	Shares		Value
Telecommunications — 3.2% (Continued)
T-Mobile US, Inc. ^(a)(b)		60,100	$	4,967,866
				19,275,075
Toys/Games/Hobbies — 0.1%
Hasbro, Inc. ^(a)		8,663		842,997

Transportation — 0.8%
CSX Corp.		56,162		3,946,504
JB Hunt Trasport Services, Inc. ^(a)		7,489		880,407
				4,826,911
TOTAL COMMON STOCKS (Cost $542,958,965)				608,454,134

SHORT-TERM INVESTMENTS — 0.2%

Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 1.72% ^(c)		920,876		920,876
TOTAL SHORT-TERM INVESTMENTS (Cost $920,876)				920,876

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 7.9%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(c)		48,405,439		48,405,439
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $48,405,439)				48,405,439

Total Investments (Cost $592,285,282) — 108.0%				657,780,449
Liabilities in Excess of Other Assets — (8.0)%				(48,610,294	)
TOTAL NET ASSETS — 100.0%			$	609,170,155

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 October 31, 2019. The total value of securities on loan is $47,232,374 or 7.8% of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2019.

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 96.7%

Advertising — 0.2%
JCDecaux SA		1,929	$	52,710
Publicis Groupe SA		5,745		247,005
				299,715
Aerospace/Defense — 3.5%
Airbus Group SE		14,705		2,106,150
Dassault Aviation SA		69		95,810
Leonardo SpA		10,324		119,864
MTU Aero Engines AG		1,368		365,260
Safran SA		8,806		1,393,155
Thales SA		2,659		259,904
				4,340,143
Airlines — 0.1%
Air France-KLM ^(a)		5,662		67,411
Deutsche Lufthansa AG		6,258		108,497
				175,908
Apparel — 5.3%
adidas AG		5,224		1,613,018
Hermes International		821		590,602
Kering		1,980		1,126,671
LVMH Moet Hennessy Louis Vuitton SE		6,650		2,836,904
Moncler SpA		4,877		187,874
Puma SE		2,186		164,446
				6,519,515
Auto Manufacturers — 3.0%
Bayerische Motoren Werke AG		8,517		652,677
Daimler AG		22,953		1,341,668
Ferrari NV		3,351		536,126
Fiat Chrysler Automobiles NV		29,121		452,362
Peugeot SA		14,398		364,518
Renault SA		4,889		249,516
Volkswagen AG		858		162,582
				3,759,449
Auto Parts & Equipment — 1.4%
Cie Generale des Etablissements Michelin		4,671		568,363
Continental AG		2,861		382,522
Faurecia		1,947		90,725
Hella GmbH & Co. KGaA		1,183		57,552
Nokian Renkaat OYJ		3,554		101,473
Pirelli & C SpA		11,459		66,227
Plastic Omnium SA		1,459		39,867
Rheinmetall AG		1,160		139,531
Valeo SA		6,282		233,590
				1,679,850
Banks — 9.8%
ABN AMRO Group NV		10,968		204,162
AIB Group PLC		20,788		66,587

	Shares		Value
Banks — 9.8% (Continued)
Alpha Bank AE ^(a)		36,444	$	77,674
Banca Mediolanum SpA		7,675		65,783
Banco Bilbao Vizcaya Argentaria SA - ADR		179,585		939,230
Banco BPM SpA ^(a)		39,857		90,550
Banco de Sabadell SA		148,729		163,190
Banco Santander SA - ADR		452,745		1,792,870
Bank of Ireland Group PLC		24,363		117,166
Bankia SA		32,012		60,981
Bankinter SA		18,152		125,519
BNP Paribas SA		28,890		1,508,265
CaixaBank SA		95,095		272,042
Commerzbank AG		27,484		164,391
Credit Agricole SA		30,628		399,153
Deutsche Bank AG		54,164		392,297
Erste Group Bank AG		7,602		268,514
Eurobank Ergasias SA ^(a)		68,268		69,134
FinecoBank Banca Fineco SpA		16,241		182,947
ING Groep NV - ADR ^(c)		106,021		1,201,218
Intesa Sanpaolo SpA		399,865		1,001,647
KBC Groep NV		7,328		513,913
Mediobanca Banca di Credito Finanziario SpA		19,437		230,872
National Bank of Greece SA ^(a)		14,487		49,118
Natixis SA		22,108		101,365
Nordea Bank Abp ^(a)		85,450		624,802
Raiffeisen Bank International AG		3,443		84,672
Societe Generale SA		20,529		582,703
UniCredit SpA		59,698		756,895
Unione di Banche Italiane SpA		26,900		81,814
				12,189,474
Beverages — 3.1%
Anheuser-Busch InBev SA/NV - ADR ^(c)		20,907		1,688,658
Davide Campari-Milano SpA		15,043		137,827
Heineken Holding NV		2,815		268,119
Heineken NV		6,273		639,879
Pernod Ricard SA		5,619		1,037,167
Remy Cointreau SA		668		89,328
				3,860,978
Biotechnology — 0.1%
Argenx SE - ADR ^(a)(c)		1,393		170,587

Building Materials — 0.9%
Buzzi Unicem SpA		1,848		44,602
Buzzi Unicem SpA - Savings Shares		1,069		16,358
Cie de Saint-Gobain		13,105		533,045
HeidelbergCement AG		3,959		294,159
Imerys SA		969		37,415

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)

Building Materials — 0.9% (Continued)
Kingspan Group PLC		4,012	$	207,889
				1,133,468
Chemicals — 5.2%
Air Liquide SA		12,372		1,643,400
Akzo Nobel NV		6,089		560,602
Arkema SA		1,913		195,520
BASF SE		24,450		1,860,569
Brenntag AG		4,095		205,522
Covestro AG		4,551		218,510
Evonik Industries AG		4,406		116,216
FUCHS PETROLUB SE		902		36,367
K&S AG		5,096		72,522
Koninklijke DSM NV		4,677		554,227
LANXESS AG		2,231		145,064
OCI NV ^(a)		2,550		57,193
Solvay SA		1,848		200,955
Symrise AG		3,371		324,385
Umicore SA		5,460		225,130
Wacker Chemie AG		415		32,585
				6,448,767
Commercial Services — 2.0%
Adyen NV ^(a)		275		193,042
ALD SA		2,171		30,751
Amadeus IT Holding SA		10,684		790,498
Atlantia SpA		14,105		348,291
Bureau Veritas SA		7,529		192,209
Edenred		6,457		339,910
Elis SA		5,006		95,640
Randstad Holding NV		2,914		161,329
Wirecard AG ^(c)		3,031		383,853
				2,535,523
Computers — 1.0%
Atos SE		2,547		197,199
Capgemini SE		4,148		467,022
Ingenico Group SA		1,685		179,922
Teleperformance		1,522		344,929
				1,189,072
Cosmetics/Personal Care — 3.6%
Beiersdorf AG		2,648		313,494
L’Oreal SA		6,431		1,877,759
Unilever NV		38,761		2,289,035
				4,480,288
Distribution/Wholesale — 0.1%
Rexel SA		8,009		99,150

Diversified Financial Services — 0.9%
Amundi SA		1,514		108,068

	Shares		Value
Diversified Financial Services — 0.9% (Continued)
Deutsche Boerse AG		4,905	$	760,132
DWS Group GmbH & Co KGaA		919		29,724
Euronext NV		1,638		131,991
GRENKE AG		703		66,527
				1,096,442
Electric — 5.7%
A2A SpA		40,993		82,249
E.ON SE		57,628		580,831
EDP - Energias de Portugal SA		60,061		247,178
EDP Renovaveis SA		4,028		45,913
Electricite de France SA		13,196		136,166
Endesa SA		8,420		229,136
Enel SpA		207,663		1,607,349
Engie SA		44,195		739,114
Fortum OYJ		11,448		279,490
Hera SpA		21,754		93,118
Iberdrola SA		157,415		1,616,602
Innogy SE		3,404		169,551
Red Electrica Corp. SA		11,479		231,086
RWE AG		15,212		463,679
Terna Rete Elettrica Nazionale SpA		37,508		247,817
Uniper SE		5,189		161,697
Verbund AG		1,764		95,418
				7,026,394
Electrical Components & Equipment — 1.8%
Legrand SA		7,073		552,038
OSRAM Licht AG		2,348		104,749
Prysmian SpA		6,920		159,837
Schneider Electric SE		14,007		1,300,688
Signify NV		2,891		84,607
				2,201,919
Energy-Alternate Sources — 0.1%
Siemens Gamesa Renewable Energy SA		5,924		81,432

Engineering & Construction — 3.0%
Acciona SA		561		58,470
Ackermans & van Haaren NV		610		93,410
ACS Actividades de Construccion y Servicios SA		6,456		262,022
Aena SME SA		1,883		345,468
Aeroports de Paris		762		144,816
Boskalis Westminster		2,136		46,883
Bouygues SA		5,399		228,817
Cellnex Telecom SA		5,557		239,604
Eiffage SA		1,999		214,744
Ferrovial SA		12,702		374,847
Fomento de Construcciones y Contratas SA		1,983		24,018

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)

Engineering & Construction — 3.0% (Continued)
Fraport AG Frankfurt Airport Services Worldwide		960	$	80,237
HOCHTIEF AG		542		67,582
Infrastrutture Wireless Italiane SpA		6,406		65,730
Mytilineos SA		2,819		30,843
Vinci SA		12,410		1,392,392
				3,669,883
Entertainment — 0.1%
OPAP SA		5,976		64,984

Food — 2.8%
Carrefour SA		15,291		260,159
Casino Guichard Perrachon SA ^(c)		1,456		78,547
Colruyt SA		1,444		80,267
Danone SA - ADR		81,410		1,343,265
Glanbia PLC		5,267		58,684
Jeronimo Martins SGPS SA		6,465		108,481
Kerry Group PLC - Class A		3,874		468,361
Kesko OYJ - Class B		1,806		120,209
Koninklijke Ahold Delhaize NV		29,529		735,245
METRO AG		4,440		72,298
Suedzucker AG		2,065		29,756
Takeaway.com NV ^(a)		1,036		84,348
				3,439,620
Food Service — 0.2%
Sodexo SA		2,301		253,038

Forest Products & Paper — 0.5%
Stora Enso OYJ - Class R		14,836		192,354
UPM-Kymmene OYJ		14,128		459,158
				651,512
Gas — 0.7%
Enagas SA		6,031		149,258
Italgas SpA		10,159		65,353
Naturgy Energy Group SA		8,190		222,969
Rubis SCA		2,346		135,927
Snam SpA		60,226		308,982
				882,489
Healthcare-Products — 2.3%
Carl Zeiss Meditec AG		978		106,622
DiaSorin SpA		607		68,375
EssilorLuxottica SA		7,841		1,196,325
Koninklijke Philips NV		24,122		1,056,491
QIAGEN NV ^(a)		5,798		174,014
Sartorius Stedim Biotech		640		95,791
Siemens Healthineers AG		3,458		146,921
				2,844,539

	Shares		Value
Healthcare-Services — 1.1%
BioMerieux		1,102	$	90,152
Eurofins Scientific SE		308		156,023
Fresenius Medical Care AG & Co KGaA - ADR ^(c)		11,751		423,858
Fresenius SE & Co. KGaA		10,777		566,423
Orpea		1,191		143,326
				1,379,782
Home Furnishings — 0.1%
Rational AG		91		69,269
SEB SA		730		110,808
				180,077
Household Products/Wares — 0.2%
Henkel AG & Co. KGaA		2,712		261,182
Societe BIC SA		701		48,669
				309,851
Insurance — 6.5%
Aegon NV		48,209		208,403
Ageas		4,993		287,567
Allianz SE		11,285		2,756,368
ASR Nederland NV		3,711		135,797
Assicurazioni Generali SpA		34,391		697,125
AXA SA		51,281		1,354,632
CNP Assurances		4,210		83,484
Hannover Rueck SE		1,614		285,855
Mapfre SA		26,208		73,075
Muenchener Rueckversicherungs-Gesellschaft AG		3,847		1,068,349
NN Group NV		8,893		338,910
Sampo OYJ - Class A		13,014		533,263
SCOR SE		4,184		176,297
Talanx AG		1,009		46,476
UnipolSai Assicurazioni SpA		15,379		42,898
Vienna Insurance Group AG Wiener Versicherung Gruppe		1,028		27,861
				8,116,360
Internet — 0.4%
Delivery Hero SE ^(a)(b)		2,900		135,941
Iliad SA		637		65,929
Rocket Internet SE ^(a)(b)		1,737		46,146
Scout24 AG		2,874		177,738
United Internet AG		3,045		91,728
				517,482
Investment Companies — 0.5%
Corp. Financiera Alba SA		546		27,251
EXOR NV		2,823		216,364
Groupe Bruxelles Lambert SA		1,950		195,691
Sofina SA		425		93,947
Wendel SA		763		108,074
				641,327
Iron/Steel — 0.4%

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)

Iron/Steel — 0.4% (Continued)
ArcelorMittal		15,925	$	234,980
ThyssenKrupp AG ^(c)		12,312		175,695
Voestalpine AG		3,003		75,191
				485,866
Lodging — 0.2%
Accor SA		5,045		216,740

Machinery-Diversified — 1.2%
ANDRITZ AG		1,870		84,008
CNH Industrial NV		26,264		285,541
GEA Group AG		4,398		134,448
KION Group AG		1,877		124,726
Kone OYJ - Class B		10,336		657,542
Metso OYJ		2,843		107,427
Zardoya Otis SA		4,725		35,782
				1,429,474
Media — 1.3%
Axel Springer SE		1,183		84,376
Bollore SA		25,935		112,230
Lagardere SCA		3,069		68,525
Mediaset SpA ^(a)		8,190		24,489
ProSiebenSat.1 Media SE		5,449		80,463
RTL Group SA		1,022		51,931
Telenet Group Holding NV ^(a)		1,281		62,891
Vivendi SA		21,567		600,380
Wolters Kluwer NV		7,252		533,980
				1,619,265
Metal Fabricate/Hardware — 0.1%
Tenaris SA - ADR		7,169		145,531

Miscellaneous Manufacturing — 2.3%
Aalberts Industries NV		2,549		102,515
Alstom SA		4,918		212,545
Knorr-Bremse AG		1,286		129,788
Siemens AG - ADR		40,854		2,358,501
				2,803,349
Oil & Gas — 4.8%
Eni SpA		66,823		1,011,341
Galp Energia SGPS SA		13,648		217,365
Hellenic Petroleum SA		1,547		14,717
Motor Oil Hellas Corinth Refineries SA		1,498		36,990
Neste OYJ		11,058		399,095
OMV AG		3,774		220,222
Repsol SA		35,627		584,101
TOTAL SA - ADR		65,893		3,467,949
				5,951,780

	Shares		Value
Oil & Gas Services — 0.2%
Saipem SpA ^(a)		14,882	$	67,387
TechnipFMC PLC		12,140		240,195
				307,582
Packaging & Containers — 0.1%
Huhtamaki OYJ		2,458		113,768

Pharmaceuticals — 5.1%
Amplifon SpA		3,183		79,946
Bayer AG - ADR ^(c)		100,585		1,955,372
Galapagos NV - ADR ^(a)(c)		1,383		254,431
Grifols SA		8,751		281,868
Ipsen SA		913		97,245
Merck KGaA		3,460		412,520
Orion OYJ - Class B		2,708		120,024
Recordati SpA		2,531		106,336
Sanofi - ADR ^(c)		58,698		2,704,804
UCB SA		3,191		257,168
				6,269,714
Pipelines — 0.1%
Koninklijke Vopak NV		1,770		97,105

Private Equity — 0.1%
Eurazeo SE		1,262		87,969

Real Estate — 1.2%
Aroundtown SA		23,695		199,947
Deutsche Wohnen SE		9,451		355,432
LEG Immobilien AG		1,710		196,247
Vonovia SE		14,496		771,346
				1,522,972
Retail — 1.0%
FF Group ^(a)^(d)		1,259		6,740
Fielmann AG		651		50,243
GrandVision NV ^(b)		1,292		39,482
HUGO BOSS AG		1,710		71,938
Industria de Diseno Textil SA		27,861		868,501
JUMBO SA		2,794		54,533
Salvatore Ferragamo SpA		1,805		33,720
Zalando SE ^(a)(b)		3,634		157,459
				1,282,616
Semiconductors — 3.1%
ASML Holding NV - ADR ^(c)		10,919		2,860,450
Infineon Technologies AG		33,260		644,635
STMicroelectronics NV		16,745		379,864
				3,884,949
Shipbuilding — 0.1%
Wartsila OYJ Abp		13,016		137,357

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 96.7% (Continued)

Software — 3.5%
Dassault Systemes SE		3,521	$	534,264
Nemetschek SE		1,450		73,744
SAP SE - ADR ^(c)		26,128		3,464,050
Ubisoft Entertainment SA ^(a)		2,264		133,676
Worldline SA/France ^(a)(b)		2,228		135,302
				4,341,036
Telecommunications — 4.2%
1&1 Drillisch AG		1,229		32,870
Deutsche Telekom AG		86,239		1,516,603
Elisa OYJ		3,824		208,852
Eutelsat Communications SA		4,920		93,284
Hellenic Telecommunications Organization SA		6,416		97,318
Koninklijke KPN NV		87,733		272,019
Nokia OYJ - ADR ^(c)		152,453		556,453
Orange SA		50,921		820,079
Proximus SADP		3,720		114,220
SES SA		9,334		180,825
Telecom Italia SpA ^(a)		285,137		166,862
Telecom Italia SpA - Savings Shares		159,950		92,550
Telefonica Deutschland Holding AG		17,761		56,356
Telefonica SA - ADR		127,343		976,721
Telekom Austria AG		3,641		28,182
				5,213,194
Transportation — 1.1%
Deutsche Post AG		26,035		921,919
Getlink SE		12,014		201,122
Hapag-Lloyd AG ^(b)		730		53,084
Poste Italiane SpA ^(b)		12,251		148,659
				1,324,784
Water — 0.4%
Suez		9,723		151,546
Veolia Environnement SA		13,195		346,865
				498,411
TOTAL COMMON STOCKS (Cost $114,593,747)				119,972,480

	Shares		Value
PREFERRED STOCKS — 1.6%

Auto Manufacturers — 1.0%
Bayerische Motoren Werke AG		1,467	$	90,397
Porsche Automobil Holding SE		4,080		300,328
Volkswagen AG		4,864		926,016
				1,316,741
Chemicals — 0.1%
FUCHS PETROLUB SE		1,857		79,282

Electronics — 0.1%
Sartorius AG		910		176,800

Household Products/Wares — 0.4%
Henkel AG & Co. KGaA		4,641		482,310
TOTAL PREFERRED STOCKS (Cost $1,861,690)				2,055,133

REAL ESTATE INVESTMENT TRUSTS — 1.1%
Covivio		1,253		141,843
Gecina SA		1,396		239,460
ICADE		866		84,802
Inmobiliaria Colonial Socimi SA		8,676		112,052
Klepierre		5,094		189,700
Merlin Properties Socimi SA		8,857		130,392
Unibail-Rodamco-Westfield		3,584		554,217
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $779,439)				1,452,466

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

Pacer Trendpilot^® European Index ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(e)		147,718	$	147,718
TOTAL SHORT-TERM INVESTMENTS (Cost $147,718)				147,718

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.8%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(e)		13,356,594		13,356,594
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,356,594)				13,356,594
Total Investments (Cost $130,739,188) — 110.3%				136,984,391
Liabilities in Excess of Other Assets — (10.3)%				(12,824,600	)
TOTAL NET ASSETS — 100.0%			$	124,159,791

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 $5,716,073 or 0.6% of net assets.

(c)

All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $12,973,716 or 10.4% of net assets.

(d)

As of October 31, 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 October 31, 2019.

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.5%

Australia — 6.9%
AGL Energy Ltd.		55,377	$	755,085
Alumina Ltd.		541,074		846,687
Aurizon Holdings Ltd.		135,377		550,601
BHP Billiton Ltd. - ADR ^(a)		76,252		3,729,485
Fortescue Metals Group Ltd.		244,701		1,502,982
GPT Group		109,874		450,663
Mirvac Group		190,932		422,498
Qantas Airways Ltd.		92,228		407,532
Scentre Group		442,796		1,169,076
South32 Ltd.		357,372		628,205
Telstra Corp. Ltd.		897,383		2,158,955
Woodside Petroleum Ltd.		79,383		1,762,072
				14,383,841
Austria — 0.5%
OMV AG		19,076		1,113,132

Canada — 3.3%
BCE, Inc. ^(a)		59,864		2,840,547
Canadian Natural Resources Ltd. ^(a)		64,035		1,614,963
Suncor Energy, Inc.		78,699		2,336,573
				6,792,083
Cayman Islands — 2.8%
Chow Tai Fook Jewellery Group Ltd.		1,207,399		1,087,837
NagaCorp Ltd.		277,805		506,264
Sands China Ltd.		625,465		3,093,022
Wynn Macau Ltd.		541,994		1,181,383
				5,868,506
Finland — 0.7%
UPM-Kymmene OYJ		43,667		1,419,170

France — 3.4%
Peugeot SA		47,976		1,214,623
Publicis Groupe SA		14,019		602,744
Renault SA		27,174		1,386,855
TOTAL SA - ADR		75,006		3,947,566
				7,151,788
Germany — 9.0%
BASF SE		58,458		4,448,472
Bayer AG - ADR		268,359		5,216,899
Continental AG		10,817		1,446,256
Deutsche Post AG		73,379		2,598,407
Deutsche Telekom AG		232,795		4,093,943
Evonik Industries AG		31,312		825,912
				18,629,889
Hong Kong — 1.9%
CK Infrastructure Holdings Ltd.		133,172		959,368
Lenovo Group Ltd.		806,036		563,694
NWS Holdings Ltd.		260,409		388,157

	Shares		Value
Hong Kong — 1.9% (Continued)
Power Assets Holdings Ltd.		147,437	$	1,052,725
Samsonite International SA ^(b)		81,680		168,239
Tingyi Cayman Islands Holding Corp.		314,114		418,501
Xinyi Glass Holdings Ltd.		361,432		407,282
				3,957,966
Italy — 2.4%
Eni SpA		256,608		3,883,664
Snam SpA		223,434		1,146,301
				5,029,965
Japan — 10.3%
Canon, Inc. - ADR ^(a)		74,793		2,026,890
Canon, Inc.		5,807		159,277
ITOCHU Corp.		86,763		1,824,602
Japan Tobacco, Inc.		141,544		3,219,113
Lawson, Inc.		6,713		371,736
Marubeni Corp.		117,233		831,346
Mitsubishi Chemical Holdings Corp.		95,950		737,995
Mitsubishi Corp.		91,070		2,330,933
Mitsubishi Motors Corp.		78,029		359,834
Mitsubishi Tanabe Pharma Corp.		32,760		394,977
NTT DOCOMO, Inc.		174,168		4,798,128
Subaru Corp.		56,257		1,626,915
Sumitomo Metal Mining Co. Ltd.		14,827		501,968
Tokyo Electron Ltd.		10,766		2,200,754
				21,384,468
Jersey — 0.6%
WPP PLC - ADR ^(a)		21,524		1,343,958

Netherlands Antilles — 1.6%
Schlumberger Ltd. ^(a)		104,668		3,421,597

New Zealand — 0.4%
Meridian Energy Ltd.		138,847		409,500
Spark New Zealand Ltd.		170,069		488,497
				897,997
Norway — 2.7%
Equinor ASA - ADR ^(a)		203,077		3,758,955
Telenor ASA		95,144		1,781,076
				5,540,031
Republic of Korea — 0.6%
GS Holdings Corp.		5,394		230,188
POSCO - ADR		20,568		923,709
				1,153,897
Singapore — 1.6%
Genting Singapore Ltd.		643,972		444,951
Singapore Telecommunications Ltd.		1,183,426		2,870,599
				3,315,550

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.5% (Continued)

South Korea — 0.3%
KT&G Corp.		7,597	$	652,972

Spain — 3.4%
Endesa SA		73,382		1,996,968
International Consolidated Airlines Group SA		134,830		927,754
Repsol SA		117,246		1,922,237
Telefonica SA - ADR		304,351		2,334,372
				7,181,331
Sweden — 1.6%
Hennes & Mauritz AB - Class B		159,194		3,326,262

Switzerland — 3.7%
ABB Ltd. - ADR ^(a)		122,927		2,580,238
Glencore PLC		1,156,995		3,486,767
Swisscom AG		3,165		1,616,989
				7,683,994
United Kingdom — 15.4%
Anglo American PLC		71,885		1,845,196
BAE Systems PLC		211,531		1,578,831
BP PLC - ADR		96,548		3,660,135
British American Tobacco PLC - ADR		104,496		3,653,180
Fiat Chrysler Automobiles NV		121,066		1,880,626
GlaxoSmithKline PLC - ADR ^(a)		100,763		4,614,945
Imperial Brands PLC		128,168		2,809,771
Rio Tinto PLC - ADR		69,262		3,602,317
Royal Dutch Shell PLC - ADR - Class B ^(a)		61,866		3,606,169
Vodafone Group PLC - ADR		231,256		4,722,248
				31,973,418
United States — 24.4%
AbbVie, Inc.		51,900		4,128,645
Altria Group, Inc. ^(a)		77,940		3,490,933
AT&T, Inc.		124,129		4,777,725
Exxon Mobil Corp. ^(a)		53,874		3,640,266
Ford Motor Co.		336,116		2,887,236
General Mills, Inc.		29,800		1,515,628
International Business Machines Corp. ^(a)		30,258		4,046,402
Las Vegas Sands Corp.		55,773		3,449,002
LyondellBasell Industries NV - Class A		24,824		2,226,713
Marathon Petroleum Corp.		36,801		2,353,424
Occidental Petroleum Corp.		65,028		2,633,634
Philip Morris International, Inc. ^(a)		51,402		4,186,179
United Parcel Service, Inc. - Class B ^(a)		41,058		4,728,650

	Shares		Value
United States — 24.4% (Continued)
Valero Energy Corp. ^(a)		24,452	$	2,371,355
Verizon Communications, Inc.		70,372		4,255,395
				50,691,187
TOTAL COMMON STOCKS (Cost $205,869,694)				202,913,002

REAL ESTATE INVESTMENT TRUSTS — 2.0%

Australia — 0.5%
Dexus		56,124		463,109
Vicinity Centres		342,937		631,198
				1,094,307
United States — 1.5%
Simon Property Group, Inc.		20,226		3,047,654
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $4,426,770)				4,141,961

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

Pacer Global Cash Cows Dividend ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(c)		124,761	$	124,761
TOTAL SHORT-TERM INVESTMENTS (Cost $124,761)				124,761

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.0%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(c)		35,369,090		35,369,090
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $35,369,090)				35,369,090
Total Investments (Cost $245,790,315) — 116.6%				242,548,814
Liabilities in Excess of Other Assets — (16.6)%				(34,516,173	)
TOTAL NET ASSETS — 100.0%			$	208,032,641

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 October 31, 2019. The total value of securities on loan is $34,197,626 or 16.4% of net assets.

(b)

(c)

The rate shown is as of October 31, 2019.

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.4%

Advertising — 2.4%
Interpublic Group of Cos., Inc.		117,216	$	2,549,448
Omnicom Group, Inc. ^(a)		40,026		3,089,607
				5,639,055
Aerospace/Defense — 0.5%
Spirit AeroSystems Holdings, Inc. - Class A		13,778		1,127,316

Airlines — 2.6%
Alaska Air Group, Inc. ^(a)		18,873		1,310,353
Southwest Airlines Co.		86,556		4,858,388
				6,168,741
Apparel — 0.9%
Ralph Lauren Corp.		10,872		1,044,364
Tapestry, Inc.		41,150		1,064,139
				2,108,503
Auto Parts & Equipment — 2.0%
Allison Transmission Holdings, Inc.		33,008		1,439,479
BorgWarner, Inc.		40,756		1,698,710
LEAR Corp.		13,657		1,608,385
				4,746,574
Biotechnology — 10.5%
Amgen, Inc.		21,730		4,633,922
Biogen, Inc. ^(b)		20,293		6,061,722
Celgene Corp. ^(b)		46,454		5,018,426
Exelixis, Inc. ^(b)		52,865		816,764
Gilead Sciences, Inc.		69,629		4,436,064
Regeneron Pharmaceuticals, Inc. ^(b)		12,300		3,767,244
				24,734,142
Chemicals — 3.7%
Celanese Corp.		19,868		2,407,008
CF Industries Holdings, Inc.		44,963		2,039,072
Eastman Chemical Co.		29,617		2,252,077
Huntsman Corp.		44,527		985,383
OLIN Corp.		52,866		969,562
				8,653,102
Commercial Services — 1.2%
H&R Block, Inc. ^(a)		31,183		779,263
ManpowerGroup, Inc.		11,895		1,081,493
Robert Half International, Inc. ^(a)		17,718		1,014,710
				2,875,466
Computers — 5.0%
CACI International, Inc. - Class A ^(b)		4,213		942,659
HP, Inc.		236,277		4,104,131
International Business Machines Corp. ^(a)		32,112		4,294,338
NetApp, Inc.		42,908		2,397,699
				11,738,827

	Shares		Value
Distribution/Wholesale — 0.4%
KAR Auction Services, Inc. ^(a)		34,296	$	852,599

Diversified Financial Services — 1.5%
Alliance Data Systems Corp. ^(a)		34,830		3,483,000

Electric — 2.6%
NRG Energy, Inc.		71,768		2,879,332
Vistra Energy Corp.		122,398		3,308,418
				6,187,750
Electronics — 2.5%
ADT, Inc. ^(a)		376,843		2,916,765
Arrow Electronics, Inc. ^(b)		17,686		1,402,146
AVNET, Inc.		17,715		700,805
Gentex Corp. ^(a)		31,336		878,975
				5,898,691
Food — 0.2%
Sprouts Farmers Market, Inc. ^(b)		25,084		486,880

Forest Products & Paper — 2.2%
DOMTAR Corp. ^(a)		12,720		462,881
International Paper Co.		109,437		4,780,208
				5,243,089
Healthcare-Services — 0.3%
MEDNAX, Inc. ^(b)		26,353		578,712

Home Builders — 2.6%
NVR, Inc. ^(a)(b)		443		1,611,009
PulteGroup, Inc.		62,788		2,463,801
Thor Industries, Inc. ^(a)		12,993		821,937
Toll Brothers, Inc.		32,393		1,288,270
				6,185,017
Internet — 3.3%
Expedia Group, Inc.		24,759		3,383,565
F5 Networks, Inc. ^(b)		9,150		1,318,332
Symantec Corp.		98,098		2,244,482
TripAdvisor, Inc. ^(a)(b)		16,908		683,083
				7,629,462
Iron/Steel — 3.0%
Nucor Corp.		54,080		2,912,208
Reliance Steel & Aluminum Co.		14,413		1,672,485
Steel Dynamics, Inc.		81,245		2,466,598
				7,051,291
Leisure Time — 1.6%
Harley-Davidson, Inc. ^(a)		42,759		1,663,753
Norwegian Cruise Line Holdings Ltd. ^(b)		41,632		2,113,240
				3,776,993
Machinery-Diversified — 2.6%
Cummins, Inc.		27,802		4,795,289

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.4% (Continued)

Machinery-Diversified — 2.6% (Continued)
GrafTech International Ltd. ^(a)		108,977	$	1,316,442
				6,111,731
Media — 5.5%
AMC Networks, Inc. - Class A ^(a)(b)		19,913		867,211
Discovery, Inc. - Class A ^(a)(b)		165,067		4,449,381
FOX Corp. - Class A		125,950		4,035,438
Sinclair Broadcast Group, Inc. - Class A ^(a)		21,888		872,018
Viacom, Inc. - Class B		126,124		2,719,234
				12,943,282
Metal Fabricate/Hardware — 0.4%
The Timken Co.		17,112		838,488

Mining — 0.6%
Alcoa Corp. ^(b)		67,518		1,403,699

Office/Business Equipment — 1.1%
Xerox Holdings Corp.		73,005		2,477,060

Oil&Gas — 6.5%
Cabot Oil & Gas Corp. ^(a)		58,194		1,084,736
Chevron Corp.		38,161		4,432,018
ConocoPhillips		84,151		4,645,135
EQT Corp. ^(a)		120,321		1,292,248
Helmerich & Payne, Inc. ^(a)		14,418		540,675
HollyFrontier Corp.		58,623		3,220,748
				15,215,560
Packaging & Containers — 0.6%
Berry Global Group, Inc. ^(b)		33,135		1,375,434

Pharmaceuticals — 13.0%
AbbVie, Inc.		67,321		5,355,386
Allergan PLC		27,837		4,902,374
AmerisourceBergen Corp.		44,033		3,759,538
Bristol-Myers Squibb Co. ^(a)		93,493		5,363,693
Cardinal Health, Inc.		99,254		4,908,110
Jazz Pharmaceuticals PLC ^(b)		10,147		1,274,768
McKesson Corp.		31,432		4,180,456
Premier, Inc. - Class A ^(a)(b)		22,199		723,243
				30,467,568
Retail — 5.9%
Foot Locker, Inc. ^(a)		24,668		1,073,305
Kohl’s Corp.		43,407		2,225,043
Qurate Retail Group, Inc. QVC Group - Class A ^(a)(b)		136,629		1,303,441
Starbucks Corp. ^(a)		47,141		3,986,243

	Shares		Value
Retail — 5.9% (Continued)
Urban Outfitters, Inc. ^(a)(b)		22,925	$	657,947
Walgreens Boots Alliance, Inc.		85,862		4,703,520
				13,949,499
Semiconductors — 4.8%
Lam Research Corp.		19,999		5,420,529
Micron Technology, Inc. ^(b)		92,161		4,382,256
Qorvo, Inc. ^(b)		19,086		1,543,294
				11,346,079
Software — 3.8%
Cerence, Inc. ^(b)		5,516		85,498
Citrix Systems, Inc.		17,134		1,865,207
Nuance Communications, Inc. ^(b)		45,478		742,201
Oracle Corp.		85,570		4,662,709
Take-Two Interactive Software, Inc. ^(b)		12,977		1,561,782
				8,917,397
Telecommunications — 4.7%
CenturyLink, Inc. ^(a)		382,452		4,948,929
Cisco Systems, Inc.		92,403		4,390,067
Juniper Networks, Inc.		42,446		1,053,510
LogMeIn, Inc.		7,705		506,064
				10,898,570
Transportation — 0.9%
CH Robinson Worldwide, Inc. ^(a)		19,807		1,498,201
Landstar System, Inc. ^(a)		5,993		678,108
				2,176,309
TOTAL COMMON STOCKS (Cost $231,653,290)				233,285,886

EXCHANGE TRADED FUNDS — 0.1%
SPDR S&P 500 ETF Trust ^(a)		1,072		325,170
TOTAL EXCHANGE TRADED FUNDS (Cost $319,778)				325,170

REAL ESTATE INVESTMENT TRUSTS — 0.3%
Apple Hospitality REIT, Inc.		38,389		632,651
Equity Commonwealth		3,969		127,722
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $765,707)				760,373

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

Pacer US Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(c)		325,145	$	325,145
TOTAL SHORT-TERM INVESTMENTS (Cost $325,145)				325,145

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 20.8%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(c)		48,704,018		48,704,018
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $48,704,018)				48,704,018
Total Investments (Cost $281,767,938) — 120.7%				283,400,592
Liabilities in Excess of Other Assets — (20.7)%				(48,607,864	)
TOTAL NET ASSETS — 100.0%			$	234,792,728

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 $47,275,029 or 20.1% of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2019.

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.8%

Aerospace/Defense — 0.3%
National Presto Industries, Inc. ^(a)		1,572	$	135,334

Agriculture — 3.5%
Universal Corp. VA		13,541		742,047
Vector Group Ltd. ^(a)		61,124		745,713
				1,487,760
Auto Manufacturers — 0.9%
Wabash National Corp.		26,813		382,353

Auto Parts&Equipment — 0.9%
Gentherm, Inc. ^(b)		9,038		377,517

Biotechnology — 4.0%
Arrowhead Pharmaceuticals, Inc. ^(a)(b)		20,820		833,841
Innoviva, Inc. ^(a)(b)		75,230		874,173
				1,708,014
Building Materials — 5.4%
American Woodmark Corp. ^(a)(b)		7,633		756,888
Gibraltar Industries, Inc. ^(b)		8,068		429,460
Patrick Industries, Inc. ^(a)(b)		16,017		791,400
PGT Innovations, Inc. ^(b)		18,633		329,059
				2,306,807
Chemicals — 0.3%
Hawkins, Inc.		2,879		123,077

Coal — 2.6%
CONSOL Energy, Inc. ^(a)(b)		29,555		391,013
Warrior Met Coal, Inc. ^(a)		37,097		722,649
				1,113,662
Commercial Services — 8.1%
American Public Education, Inc. ^(b)		6,592		143,178
Cardtronics PLC - Class A ^(a)(b)		27,518		942,767
Care.com, Inc. ^(b)		8,138		95,052
Career Education Corp. ^(b)		18,959		268,459
Heidrick & Struggles International, Inc.		12,323		350,713
Kelly Services, Inc. - Class A		12,996		312,034
Korn/Ferry International		22,557		827,616
Resources Connection, Inc.		8,804		128,979
TrueBlue, Inc. ^(b)		19,056		436,382
				3,505,180
Distribution/Wholesale — 2.0%
Fossil Group, Inc. ^(a)(b)		38,351		417,259
Veritiv Corp. ^(b)		32,155		438,594
				855,853
Electrical Components & Equipment — 1.0%
Encore Wire Corp.		5,699		320,284

	Shares		Value
Electrical Components & Equipment — 1.0% (Continued)
Powell Industries, Inc.		2,918	$	114,269
				434,553
Electronics — 5.8%
Benchmark Electronics, Inc.		16,931		573,961
Comtech Telecommunications Corp.		8,793		307,315
Sanmina Corp. ^(b)		16,389		503,634
SMART Global Holdings, Inc. ^(b)		9,043		268,577
TTM Technologies, Inc. ^(a)(b)		70,493		825,473
				2,478,960
Energy-Alternate Sources — 0.6%
FutureFuel Corp.		8,524		105,101
REX American Resources Corp. ^(b)		1,900		153,748
				258,849
Engineering & Construction — 2.2%
Arcosa, Inc.		11,452		439,871
Comfort Systems USA, Inc.		10,438		526,180
				966,051
Food — 1.8%
John B Sanfilippo & Son, Inc.		2,967		314,858
SpartanNash Co.		35,353		462,948
				777,806
Forest Products & Paper — 2.2%
Mercer International, Inc.		36,712		447,886
Schweitzer-Mauduit International, Inc.		12,277		497,096
				944,982
Healthcare-Products — 0.8%
AngioDynamics, Inc. ^(b)		7,632		116,769
Meridian Bioscience, Inc.		14,734		144,246
OraSure Technologies, Inc. ^(b)		12,161		103,855
				364,870
Healthcare-Services — 1.1%
Magellan Health, Inc. ^(b)		7,395		479,936

Home Builders — 3.6%
LCI Industries ^(a)		6,845		664,786
Meritage Homes Corp. ^(b)		12,520		902,567
				1,567,353
Home Furnishings — 1.6%
Ethan Allen Interiors, Inc.		9,801		193,178
Sleep Number Corp. ^(a)(b)		10,554		507,858
				701,036
Household Products/Wares — 2.2%
Central Garden & Pet Co. ^(a)(b)		22,758		683,195
Quanex Building Products Corp.		13,825		266,685
				949,880
Housewares — 0.6%
Tupperware Brands Corp. ^(a)		27,108		261,050

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.8% (Continued)

Internet — 4.1%
New Media Investment Group, Inc. ^(a)		43,829	$	386,133
QuinStreet, Inc. ^(a)(b)		10,685		137,089
Shutterstock, Inc. ^(a)(b)		8,891		360,797
Stamps.com, Inc. ^(a)(b)		10,579		893,185
				1,777,204
Metal Fabricate/Hardware — 2.3%
Mueller Industries, Inc.		21,686		667,278
Olympic Steel, Inc.		10,803		161,829
Tredegar Corp. ^(a)		9,165		182,200
				1,011,307
Miscellaneous Manufacturing — 6.5%
EnPro Industries, Inc.		8,276		575,596
Fabrinet ^(b)		9,434		530,474
Hillenbrand, Inc.		23,323		718,115
Myers Industries, Inc.		11,243		190,344
Trinseo SA		18,973		806,352
				2,820,881
Pharmaceuticals — 7.8%
Assertio Therapeutics, Inc. ^(b)		382,833		302,476
Corcept Therapeutics, Inc. ^(a)(b)		35,269		514,575
Eagle Pharmaceuticals, Inc. ^(a)(b)		6,418		402,408
Enanta Pharmaceuticals, Inc. ^(b)		5,170		314,750
Lannett Co, Inc. ^(a)(b)		43,580		518,166
Supernus Pharmaceuticals, Inc. ^(a)(b)		23,303		647,590
USANA Health Sciences, Inc. ^(b)		5,943		440,436
Vanda Pharmaceuticals, Inc. ^(b)		16,125		217,849
				3,358,250
Retail — 14.2%
Barnes & Noble Education, Inc. ^(b)		57,277		235,408
Dine Brands Global, Inc. ^(a)		9,337		683,002
Genesco, Inc. ^(a)(b)		11,173		434,071
GMS, Inc. ^(b)		30,092		901,556
Haverty Furniture Cos, Inc.		8,313		150,798
Hibbett Sports, Inc. ^(a)(b)		15,378		366,919
Michaels Cos., Inc. ^(a)(b)		87,634		765,045
Movado Group, Inc. ^(a)		5,874		153,018
PetMed Express, Inc. ^(a)		5,038		117,965
Shoe Carnival, Inc. ^(a)		9,872		327,652
Signet Jewelers Ltd. ^(a)		51,256		822,146
The Buckle, Inc. ^(a)		21,247		444,487
The Cato Corp. - Class A ^(a)		10,496		183,575
Vera Bradley, Inc. ^(b)		12,495		134,446
Zumiez, Inc. ^(b)		12,012		383,303
				6,103,391
Semiconductors — 7.1%
Diodes, Inc. ^(a)(b)		12,382		577,620
FormFactor, Inc. ^(a)(b)		16,258		354,912

	Shares		Value
Semiconductors — 7.1% (Continued)
Kulicke & Soffa Industries, Inc.		17,743	$	421,308
Rambus, Inc. ^(b)		36,996		512,210
Ultra Clean Holdings, Inc. ^(b)		25,336		541,430
Xperi Corp.		31,035		630,166
				3,037,646
Software — 2.3%
Computer Programs & Systems, Inc. ^(a)		5,480		126,423
Progress Software Corp.		11,167		445,340
TiVo Corp.		49,556		403,386
				975,149
Telecommunications — 0.8%
Digi International, Inc. ^(b)		5,469		78,863
Extreme Networks, Inc. ^(b)		43,778		281,930
				360,793
Transportation — 3.2%
ArcBest Corp.		19,651		567,717
Echo Global Logistics, Inc. ^(b)		15,116		300,960
Forward Air Corp.		7,393		511,374
				1,380,051
TOTAL COMMON STOCKS (Cost $41,281,516)				43,005,555

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

Pacer US Small Cap Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(c)		59,656	$	59,656
TOTAL SHORT-TERM INVESTMENTS (Cost $59,656)				59,656

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 30.5%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(c)		13,143,437		13,143,437
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $13,143,437)				13,143,437
Total Investments (Cost $54,484,609) — 130.4%				56,208,648
Liabilities in Excess of Other Assets — (30.4)%				(13,113,501	)
TOTAL NET ASSETS — 100.0%			$	43,095,147

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $12,521,132 or 29.1%.of net assets.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2019.

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 97.6%

Australia — 6.5%
AGL Energy Ltd.		13,472	$	183,696
Alumina Ltd.		80,883		126,568
BHP Billiton Ltd. - ADR ^(a)		11,482		561,585
BlueScope Steel Ltd.		21,701		199,411
Qantas Airways Ltd.		28,546		126,137
Santos Ltd.		44,587		249,577
South32 Ltd.		168,168		295,613
Woodside Petroleum Ltd.		16,929		375,775
				2,118,362
Canada — 6.8%
Canadian Natural Resources Ltd. ^(a)		22,653		571,309
Cenovus Energy, Inc. ^(a)		27,376		232,422
Imperial Oil Ltd.		12,869		320,052
Magna International, Inc. ^(a)		9,187		493,985
Suncor Energy, Inc.		19,910		591,128
				2,208,896
Cayman Islands — 2.3%
Sands China Ltd.		108,142		534,779
Wynn Macau Ltd.		96,413		210,151
				744,930
Denmark — 0.8%
Pandora A/S		5,169		254,175

Finland — 1.3%
Nokian Renkaat OYJ		1,807		51,593
UPM-Kymmene OYJ		11,266		366,143
				417,736
France — 9.2%
Air France-KLM ^(b)		27,594		328,529
Arkema SA		1,619		165,472
Capgemini SE		2,499		281,361
Edenred		3,617		190,407
Eiffage SA		3,142		337,531
Faurecia		2,325		108,339
Peugeot SA		26,952		682,352
Publicis Groupe SA		7,267		312,443
TOTAL SA - ADR ^(a)		11,540		607,350
				3,013,784
Germany — 0.9%
Covestro AG ^(c)		6,211		298,213

Hong Kong — 2.1%
Galaxy Entertainment Group Ltd.		52,921		365,708
Lenovo Group Ltd.		214,749		150,183
Power Assets Holdings Ltd.		25,838		184,488
				700,379
Italy — 1.8%
Eni SpA		39,656		600,178

	Shares		Value
Japan — 24.8%
Advantest Corp.		2,811	$	128,719
Astellas Pharma, Inc.		27,643		475,734
Disco Corp.		498		110,123
Eisai Co Ltd.		4,841		353,560
FamilyMart UNY Holdings Co Ltd.		9,930		247,905
Isuzu Motors Ltd.		12,411		145,670
ITOCHU Corp.		34,947		734,926
Japan Airlines Co. Ltd.		4,275		133,567
KAJIMA Corp.		13,822		191,478
Mazda Motor Corp.		9,996		93,027
Nexon Co. Ltd. ^(b)		14,000		162,700
Nikon Corp.		9,366		120,555
Nippon Telegraph & Telephone Corp.		13,362		665,192
Nitto Denko Corp.		1,866		104,367
NTT Data Corp.		25,718		341,033
NTT DOCOMO, Inc.		26,436		728,281
Shionogi & Co. Ltd.		3,742		225,858
Showa Denko KK		6,991		199,068
SMC Corp.		708		309,385
Sojitz Corp.		83,696		265,062
Sony Corp. - ADR ^(a)		12,667		770,534
Square Enix Holdings Co Ltd.		1,239		58,973
SUMCO Corp.		7,217		121,698
Sumitomo Metal Mining Co. Ltd.		6,243		211,357
Suzuki Motor Corp.		6,352		302,160
Taisei Corp.		9,336		371,746
Tokyo Electron Ltd.		1,744		356,503
Trend Micro, Inc.		1,385		70,539
Yamada Denki Co Ltd.		20,313		98,377
				8,098,097
Jersey — 1.1%
WPP PLC - ADR ^(a)		5,681		354,722

Luxembourg — 0.5%
Tenaris SA - ADR		7,262		147,419

Netherlands — 2.2%
Koninklijke Ahold Delhaize NV		22,000		547,779
Randstad Holding NV		3,075		170,243
				718,022
Norway — 1.7%
Equinor ASA - ADR ^(a)		30,532		565,147

Republic of Korea — 7.8%
Hyundai Mobis Co. Ltd.		2,106		430,812
POSCO - ADR		11,767		528,456
Samsung Electronics Co. Ltd.		17,475		757,007
SK Hynix, Inc.		11,772		829,691
				2,545,966

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

Pacer Developed Markets International Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 97.6% (Continued)

Singapore — 0.4%
Genting Singapore Ltd.		205,492	$	141,984

South Korea — 0.5%
KT&G Corp.		1,906		163,823

Spain — 3.1%
ACS Actividades de Construccion y Servicios SA		7,449		302,323
Enagas SA		6,496		160,766
Telefonica SA - ADR		71,796		550,676
				1,013,765
Sweden — 2.3%
Boliden AB		3,776		101,540
Sandvik AB		16,850		297,275
Skanska AB - Class B		8,785		186,969
SKF AB - Class B		8,604		155,538
				741,322
Switzerland — 4.3%
Adecco Group AG		3,088		183,058
Glencore PLC		188,575		568,297
Roche Holding AG - ADR ^(a)		17,760		668,131
				1,419,486
United Kingdom — 17.2%
Anglo American PLC		25,625		657,761
Barratt Developments PLC		27,587		225,559
Berkeley Group Holdings PLC		3,788		215,948
British American Tobacco PLC - ADR		15,696		548,732
Centrica PLC		166,856		156,829
Evraz PLC		55,858		265,691
Fiat Chrysler Automobiles NV		47,438		736,897
Imperial Brands PLC		343		7,519
J Sainsbury PLC		75,499		199,019
Kingfisher PLC		30,273		81,252
Marks & Spencer Group PLC		52,426		123,257
Micro Focus International PLC - ADR		6,629		90,950
Pearson PLC		10,861		95,978
Persimmon PLC		6,766		199,565
Rio Tinto PLC - ADR		10,355		538,564
Royal Dutch Shell PLC - ADR - Class B ^(a)		9,298		541,980
Taylor Wimpey PLC		90,055		193,061
Vodafone Group PLC - ADR ^(a)		36,925		754,008
				5,632,570
TOTAL COMMON STOCKS (Cost $32,133,192)				31,898,976

	Shares		Value
PREFERRED STOCKS — 1.8%

Germany — 1.8%
Henkel AG & Co. KGaA		5,643	$	586,441
TOTAL PREFERRED STOCKS (Cost $544,850)				586,441

SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(d)		13,062		13,062
TOTAL SHORT-TERM INVESTMENTS (Cost $13,062)				13,062

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 15.9%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(d)		5,205,741		5,205,741
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $5,205,741)				5,205,741
Total Investments (Cost $37,896,845) — 115.4%				37,704,220
Liabilities in Excess of Other Assets — (15.4)%				(5,023,505	)
TOTAL NET ASSETS — 100.0%			$	32,680,715

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 October 31, 2019. The total value of securities on loan is $5,052,238 or 15.5% 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 $298,213 or 0.9% of net assets.

(d)

The rate shown is as of October 31, 2019.

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 80.9%

Agriculture — 2.5%
Altria Group, Inc.		13,615	$	609,816
Archer-Daniels-Midland Co.		4,069		171,061
Philip Morris International, Inc.		11,340		923,529
				1,704,406
Banks — 9.4%
Bank of America Corp.		33,790		1,056,613
Bank of New York Mellon Corp. ^(a)		3,477		162,550
BB&T Corp. ^(a)		3,103		164,614
Citigroup, Inc. ^(a)		9,125		655,722
Citizens Financial Group, Inc.		1,805		63,464
Comerica, Inc.		603		39,448
Fifth Third Bancorp		2,949		85,757
First Republic Bank		686		72,963
Goldman Sachs Group, Inc.		1,241		264,805
Huntington Bancshares, Inc.		4,200		59,346
JPMorgan Chase & Co.		12,924		1,614,466
KeyCorp.		4,058		72,922
M&T Bank Corp.		557		87,187
Morgan Stanley		5,077		233,796
Northern Trust Corp.		878		87,519
PNC Financial Services Group, Inc.		1,812		265,820
Regions Financial Corp.		4,026		64,819
State Street Corp. ^(a)		1,504		99,369
SunTrust Banks, Inc.		1,804		123,285
SVB Financial Group ^(a)(b)		220		48,726
US Bancorp		5,794		330,374
Wells Fargo & Co.		16,184		835,580
Zions Bancorp ^(a)		729		35,335
				6,524,480
Beverages — 5.0%
Brown-Forman Corp. - Class B		1,327		86,945
Coca-Cola Co.		27,391		1,490,892
Constellation Brands, Inc. - Class A		1,225		233,154
Molson Coors Brewing Co. - Class B		1,380		72,754
Monster Beverage Corp. ^(b)		2,832		158,960
PepsiCo, Inc.		10,210		1,400,506
				3,443,211
Commercial Services — 1.8%
Automatic Data Processing, Inc.		1,167		189,323
FleetCor Technologies, Inc. ^(b)		183		53,842
Gartner, Inc. ^(b)		241		37,133
Global Payments, Inc.		811		137,205
MarketAxess Holdings, Inc.		166		61,186
Moody’s Corp.		673		148,524
PayPal Holdings, Inc. ^(b)		3,153		328,227
S&P Global, Inc. ^(a)		1,008		260,054
				1,215,494

	Shares		Value
Computers — 5.6%
Accenture PLC - Class A		1,711	$	317,254
Apple, Inc. ^(a)		11,377		2,830,142
Cognizant Technology Solutions Corp. - Class A		1,491		90,862
DXC Technology Co.		717		19,839
Fortinet, Inc. ^(b)		387		31,564
Hewlett Packard Enterprise Co.		3,491		57,287
HP, Inc.		3,976		69,063
International Business Machines Corp.		2,378		318,010
Leidos Holdings, Inc. ^(a)		362		31,215
NetApp, Inc. ^(a)		651		36,378
Seagate Technology PLC		646		37,487
Western Digital Corp. ^(a)		795		41,062
				3,880,163
Cosmetics/Personal Care — 4.4%
Colgate-Palmolive Co.		6,248		428,613
Coty, Inc. - Class A		2,159		25,239
Estee Lauder Cos., Inc. - Class A ^(a)		1,624		302,502
Procter & Gamble Co.		18,250		2,272,307
				3,028,661
Diversified Financial Services — 5.1%
Affiliated Managers Group, Inc.		215		17,174
Alliance Data Systems Corp. ^(a)		123		12,300
American Express Co.		2,762		323,927
Ameriprise Financial, Inc. ^(a)		541		81,631
BlackRock, Inc.		447		206,380
Capital One Financial Corp. ^(a)		1,913		178,387
Cboe Global Markets, Inc.		464		53,430
Charles Schwab Corp. ^(a)		4,697		191,215
CME Group, Inc.		1,446		297,515
Discover Financial Services		1,294		103,856
E^*TRADE Financial Corp.		970		40,536
Franklin Resources, Inc.		1,154		31,793
Intercontinental Exchange, Inc.		2,278		214,861
Invesco Ltd.		1,569		26,391
MasterCard, Inc. - Class A		2,337		646,905
Nasdaq, Inc.		483		48,189
Raymond James Financial, Inc. ^(a)		506		42,246
Synchrony Financial ^(a)		2,462		87,081
T Rowe Price Group, Inc.		964		111,631
Visa, Inc. - Class A ^(a)		4,628		827,764
Western Union Co. ^(a)		1,147		28,744
				3,571,956
Electric — 19.0%
AES Corp.		10,552		179,912
Alliant Energy Corp.		3,783		201,785
Ameren Corp.		3,902		303,185
American Electric Power Co., Inc.		7,854		741,339
CenterPoint Energy, Inc.		7,985		232,124

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 80.9% (Continued)

Electric — 19.0% (Continued)
CMS Energy Corp.		4,506	$	288,024
Consolidated Edison, Inc.		5,286		487,475
Dominion Energy, Inc.		13,056		1,077,773
DTE Energy Co. ^(a)		2,922		372,029
Duke Energy Corp.		11,582		1,091,719
Edison International ^(a)		5,701		358,593
Entergy Corp.		3,171		385,213
Evergy, Inc.		3,745		239,343
Eversource Energy		5,152		431,429
Exelon Corp.		15,421		701,501
FirstEnergy Corp.		8,584		414,779
NextEra Energy, Inc.		7,626		1,817,581
NRG Energy, Inc. ^(a)		4,031		161,724
Pinnacle West Capital Corp.		1,800		169,416
PPL Corp.		11,465		383,963
Public Service Enterprise Group, Inc.		8,040		509,012
Sempra Energy		4,374		632,087
Southern Co.		16,602		1,040,281
WEC Energy Group, Inc.		5,018		473,699
Xcel Energy, Inc.		8,340		529,673
				13,223,659
Electronics — 0.3%
Amphenol Corp. - Class A		801		80,365
Flir Systems, Inc.		363		18,716
Keysight Technologies, Inc. ^(a)(b)		510		51,464
TE Connectivity Ltd.		914		81,803
				232,348
Food — 3.4%
Campbell Soup Co. ^(a)		1,240		57,424
ConAgra Foods, Inc.		3,543		95,838
General Mills, Inc.		4,399		223,733
Hershey Co.		1,086		159,501
Hormel Foods Corp. ^(a)		2,039		83,375
JM Smucker Co.		844		89,194
Kellogg Co. ^(a)		1,814		115,244
Kroger Co.		5,830		143,651
Lamb Weston Holdings, Inc. ^(a)		1,078		84,127
McCormick & Co., Inc. ^(a)		912		146,549
Mondelez International, Inc. - Class A		10,515		551,512
Sysco Corp.		3,742		298,874
The Kraft Heinz Co. ^(a)		4,542		146,843
Tyson Foods, Inc. - Class A ^(a)		2,160		178,826
				2,374,691
Gas — 0.6%
Atmos Energy Corp.		1,883		211,800
NiSource, Inc. ^(a)		5,940		166,557
				378,357

	Shares		Value
Household Products/Wares — 0.9%
Church & Dwight Co., Inc.		1,816	$	127,011
Clorox Co. ^(a)		922		136,170
Kimberly-Clark Corp.		2,520		334,858
				598,039
Insurance — 5.8%
Aflac, Inc.		3,000		159,480
Allstate Corp. ^(a)		1,331		141,645
American International Group, Inc. ^(a)		3,521		186,472
Aon PLC		965		186,399
Arthur J Gallagher & Co.		764		69,692
Assurant, Inc.		249		31,391
Berkshire Hathaway, Inc. - Class B ^(b)		7,922		1,684,059
Chubb Ltd.		1,855		282,739
Cincinnati Financial Corp.		618		69,964
Everest Re Group Ltd.		121		31,108
Globe Life, Inc.		423		41,171
Hartford Financial Services Group, Inc.		1,466		83,679
Lincoln National Corp.		819		46,257
Loews Corp.		1,061		51,989
Marsh & McLennan Cos., Inc. ^(a)		2,043		211,696
MetLife, Inc.		3,223		150,804
Principal Financial Group, Inc.		1,057		56,423
Progressive Corp.		2,366		164,910
Prudential Financial, Inc.		1,622		147,829
Travelers Cos., Inc.		1,063		139,317
Unum Group		842		23,189
Willis Towers Watson PLC		538		100,552
				4,060,765
Internet — 0.2%
CDW Corp.		398		50,908
F5 Networks, Inc. ^(b)		178		25,646
Symantec Corp.		1,527		34,938
VeriSign, Inc. ^(b)		295		56,056
				167,548
Office/Business Equipment — 0.0% ^(c)
Xerox Holdings Corp.		521		17,678

Real Estate — 0.4%
CBRE Group, Inc. - Class A ^(b)		5,764		308,662

Retail — 3.6%
Costco Wholesale Corp.		3,211		954,020
Walgreens Boots Alliance, Inc. ^(a)		5,523		302,550
Walmart, Inc.		10,382		1,217,393
				2,473,963
Savings & Loans — 0.0% ^(c)
People’s United Financial, Inc.		1,621		26,212

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 80.9% (Continued)

Semiconductors — 4.0%
Advanced Micro Devices, Inc. ^(a)(b)		2,908	$	98,668
Analog Devices, Inc.		998		106,417
Applied Materials, Inc.		2,471		134,076
Broadcom, Inc.		1,042		305,150
Intel Corp.		11,839		669,259
IPG Photonics Corp. ^(b)		110		14,771
KLA Corp. ^(a)		428		72,349
Lam Research Corp. ^(a)		397		107,603
Maxim Integrated Products, Inc.		727		42,646
Microchip Technology, Inc. ^(a)		651		61,383
Micron Technology, Inc. ^(b)		2,952		140,367
NVIDIA Corp.		1,630		327,663
Qorvo, Inc. ^(b)		321		25,956
QUALCOMM, Inc.		3,250		261,430
Skyworks Solutions, Inc.		475		43,253
Texas Instruments, Inc. ^(a)		2,509		296,037
Xilinx, Inc. ^(a)		681		61,794
				2,768,822
Software — 7.3%
Adobe Systems, Inc. ^(b)		1,313		364,922
Akamai Technologies, Inc. ^(b)		450		38,925
ANSYS, Inc. ^(b)		243		53,496
Autodesk, Inc. ^(a)(b)		600		88,416
Broadridge Financial Solutions, Inc.		308		38,568
Cadence Design System, Inc. ^(b)		761		49,731
Citrix Systems, Inc. ^(a)		341		37,121
Fidelity National Information Services, Inc.		1,647		217,009
Fiserv, Inc. ^(a)(b)		1,535		162,925
Intuit, Inc.		710		182,825
Jack Henry & Associates, Inc.		217		30,719
Microsoft Corp.		20,441		2,930,626
MSCI, Inc.		360		84,442
Oracle Corp.		5,881		320,456
Paychex, Inc.		860		71,930
Salesforce.com, Inc. ^(b)		2,344		366,813
Synopsys, Inc. ^(b)		419		56,879
				5,095,803
Telecommunications — 1.1%
Arista Networks, Inc. ^(a)(b)		156		38,153
Cisco Systems, Inc.		11,340		538,763
Corning, Inc.		2,100		62,223
Juniper Networks, Inc.		934		23,182
Motorola Solutions, Inc.		452		75,177
				737,498

	Shares		Value
Water — 0.5%
American Water Works Co., Inc.		2,880	$	355,018
TOTAL COMMON STOCKS (Cost $55,514,163)				56,187,434

REAL ESTATE INVESTMENT TRUSTS — 19.1%
Alexandria Real Estate Equities, Inc. ^(a)		1,947		309,086
American Tower Corp.		7,551		1,646,722
Apartment Investment & Management Co. - Class A		2,556		140,273
AvalonBay Communities, Inc.		2,400		522,384
Boston Properties, Inc.		2,475		339,570
Crown Castle International Corp.		7,120		988,185
Digital Realty Trust, Inc. ^(a)		3,571		453,660
Duke Realty Corp. ^(a)		6,197		217,763
Equinix, Inc.		1,454		824,098
Equity Residential ^(a)		5,968		529,123
Essex Property Trust, Inc. ^(a)		1,083		354,282
Extra Space Storage, Inc. ^(a)		2,213		248,454
Federal Realty Investment Trust		1,206		164,028
HCP, Inc. ^(a)		8,413		316,497
Host Hotels & Resorts, Inc.		12,496		204,809
Iron Mountain, Inc. ^(a)		4,921		161,409
Kimco Realty Corp. ^(a)		7,223		155,728
Macerich Co.		1,894		52,085
Mid-America Apartment Communities, Inc.		1,963		272,837
Prologis, Inc.		10,804		948,159
Public Storage		2,580		574,979
Realty Income Corp. ^(a)		5,458		446,410
Regency Centers Corp.		2,883		193,853
SBA Communications Corp. ^(a)		1,940		466,861
Simon Property Group, Inc.		5,280		795,590
SL Green Realty Corp.		1,422		118,879
UDR, Inc.		5,018		252,154
Ventas, Inc.		6,374		414,947
Vornado Realty Trust		2,711		177,923
Welltower, Inc.		6,940		629,389
Weyerhaeuser Co. ^(a)		12,742		372,194
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $13,312,544)				13,292,331

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

Pacer WealthShield ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.0% ^(c)

Money Market Deposit Accounts — 0.0% ^(c)
U.S. Bank Money Market Deposit Account, 1.72% ^(d)		23,137	$	23,137
TOTAL SHORT-TERM INVESTMENTS (Cost $23,137)				23,137

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 17.0%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(d)		11,794,714		11,794,714
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $11,794,714)				11,794,714
Total Investments (Cost $80,644,558) — 117.0%				81,297,616
Liabilities in Excess of Other Assets — (17.0)%				(11,805,772	)
TOTAL NET ASSETS — 100.0%			$	69,491,844

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan as of October 31, 2019. The total value of securites on loan is $11,577,640 or 16.7% of net assets.

(b)

Non-income producing security.

(c)

Less than 0.05%

(d)

The rate shown is as of October 31, 2019.

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

Pacer Military Times Best Employers ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.6%

Aerospace/Defense — 3.8%
Boeing Co.		166	$	56,425
Lockheed Martin Corp.		157		59,139
				115,564
Airlines — 2.1%
Southwest Airlines Co.		1,153		64,718

Auto Manufacturers — 2.0%
General Motors Co.		1,627		60,459

Banks — 11.0%
Associated Banc-Corp.		3,136		63,065
Bank of America Corp.		2,193		68,575
Citigroup, Inc.		938		67,405
JPMorgan Chase & Co.		549		68,581
US Bancorp		1,145		65,288
				332,914
Beverages — 2.2%
Brown-Forman Corp. - Class B		999		65,454

Commercial Services — 6.5%
Booz Allen Hamilton Holding Corp.		799		56,226
United Rentals, Inc. ^(a)		536		71,593
Vectrus, Inc. ^(a)		1,491		68,154
				195,973
Computers — 5.8%
Accenture PLC - Class A		304		56,368
CACI International, Inc. - Class A ^(a)		271		60,636
Leidos Holdings, Inc.		691		59,585
				176,589
Diversified Financial Services — 4.3%
Capital One Financial Corp.		696		64,902
Charles Schwab Corp.		1,576		64,159
				129,061
Electric — 8.2%
Dominion Energy, Inc.		777		64,141
Exelon Corp.		1,277		58,091
Southern Co.		1,035		64,853
Xcel Energy, Inc.		939		59,636
				246,721
Environmental Control — 1.9%
Waste Management, Inc.		505		56,666

Food — 3.9%
Hormel Foods Corp.		1,416		57,900
Kellogg Co.		961		61,053
				118,953

	Shares		Value
Healthcare-Services — 4.1%
DaVita, Inc. ^(a)		1,070	$	62,702
Humana, Inc.		213		62,665
				125,367
Insurance — 8.0%
Marsh & McLennan Cos., Inc.		604		62,587
Progressive Corp.		796		55,481
Prudential Financial, Inc.		753		68,628
Travelers Cos., Inc.		411		53,866
				240,562
Internet — 4.2%
Amazon.com, Inc. ^(a)		34		60,406
CDW Corp.		522		66,769
				127,175
Lodging — 2.1%
Hilton Worldwide Holdings, Inc.		653		63,315

Media — 2.0%
Comcast Corp. - Class A		1,363		61,090

Miscellaneous Manufacturing — 4.6%
Eaton Corp. PLC		747		65,071
General Electric Co.		7,313		72,984
				138,055
Packaging & Containers — 2.0%
Sonoco Products Co.		1,055		60,873

Pharmaceuticals — 4.1%
CVS Health Corp.		967		64,199
Merck & Co., Inc.		698		60,489
				124,688
Retail — 4.1%
Home Depot, Inc.		265		62,164
Walmart, Inc.		528		61,913
				124,077
Software — 4.2%
Fiserv, Inc. ^(a)		564		59,863
ManTech International Corp. VA - Class A		858		67,936
				127,799
Telecommunications — 4.2%
AT&T, Inc.		1,711		65,857
Verizon Communications, Inc.		1,037		62,707
				128,564
Transportation — 4.3%
Union Pacific Corp.		372		61,551
Werner Enterprises, Inc.		1,846		67,379
				128,930
TOTAL COMMON STOCKS (Cost $2,833,819)				3,013,567

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

Pacer Military Times Best Employers ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.3%

Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account, 1.72% ^(b)		7,755	$	7,755
TOTAL SHORT-TERM INVESTMENTS (Cost $7,755)				7,755

Total Investments (Cost $2,841,574) — 99.9%				3,021,322
Other Assets in Excess of Liabilities — 0.1%				1,850
TOTAL NET ASSETS — 100.0%			$	3,023,172

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2019.

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

Pacer Benchmark Retail Real Estate SCTR^SM ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 99.8%

Diversified — 4.1%
EPR Properties		773	$	60,132

Regional Malls — 21.4%
Brookfield Property REIT, Inc. - Class A		825		15,592
Macerich Co.		1,297		35,668
Pennsylvania Real Estate Investment Trust		726		4,008
Simon Property Group, Inc.		1,360		204,925
Tanger Factory Outlet Centers, Inc. ^(a)		1,050		16,926
Taubman Centers, Inc.		703		25,153
Washington Prime Group, Inc. ^(a)		2,023		8,537
				310,809
Shopping Centers — 39.6%
Acadia Realty Trust		700		19,586
Alexander’s, Inc.		35		12,089
Brixmor Property Group, Inc. ^(a)		3,169		69,781
CBL & Associates Properties, Inc. ^(a)		1,880		2,707
Cedar Realty Trust, Inc.		763		2,548
Federal Realty Investment Trust		470		63,925
Kimco Realty Corp.		3,307		71,299
Kite Realty Group Trust		857		15,272
Regency Centers Corp.		1,733		116,527
Retail Opportunity Investments Corp.		1,108		20,681
Retail Properties of America, Inc. - Class A		2,561		35,239
RPT Realty		759		11,005
Saul Centers, Inc.		129		6,907
Seritage Growth Properties - Class A ^(a)		268		11,655
SITE Centers Corp.		1,727		26,820
Urban Edge Properties		1,360		28,710
Urstadt Biddle Properties, Inc.		23		439
Urstadt Biddle Properties, Inc. - Class A		324		7,883
Weingarten Realty Investors		1,477		46,865
Whitestone REIT		417		5,938
				575,876
Single Tenant — 34.7%
Agree Realty Corp. ^(a)		434		34,186
Essential Properties Realty Trust, Inc.		930		23,864
Getty Realty Corp.		378		12,678
National Retail Properties, Inc.		1,600		94,256
Realty Income Corp.		2,745		224,514

	Shares		Value
Single Tenant — 34.7% (Continued)
Spirit Realty Capital, Inc.		1,000	$	49,840
STORE Capital Corp.		1,601		64,840
				504,178
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $1,440,425)				1,450,995

SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(b)		1,239		1,239
TOTAL SHORT-TERM INVESTMENTS (Cost $1,239)				1,239

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 8.7%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(b)		126,662		126,662
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $126,662)				126,662
Total Investments (Cost $1,568,326) — 108.6%				1,578,896
Liabilities in Excess of Other Assets — (8.6)%				(125,423	)
TOTAL NET ASSETS — 100.0%			$	1,453,473

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan as of October 31, 2019. The total value of securities on loan is $121,170 or 8.3% of net assets.

(b)

The rate shown is as of October 31, 2019.

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

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
REAL ESTATE INVESTMENT TRUSTS — 99.9%

Diversified — 4.4%
Duke Realty Corp.		129,561	$	4,552,773
Lexington Realty Trust		124,005		1,349,174
One Liberty Properties, Inc.		48,378		1,374,419
PS Business Parks, Inc.		7,212		1,302,127
				8,578,493
Storage — 4.4%
Life Storage, Inc.		12,227		1,331,765

Warehouse/Industrial — 67.4%
Americold Realty Trust		35,573		1,426,122
EastGroup Properties, Inc. ^(a)		10,405		1,393,750
First Industrial Realty Trust, Inc.		33,076		1,392,830
Industrial Logistics Properties Trust		60,284		1,280,432
Innovative Industrial Properties, Inc. ^(a)		14,447		1,097,972
Liberty Property Trust		63,383		3,744,034
Monmouth Real Estate Investment Corp.		98,271		1,481,927
Prologis, Inc.		51,518		4,521,220
Rexford Industrial Realty, Inc.		29,153		1,401,968
STAG Industrial, Inc. ^(a)		44,553		1,382,925
Terreno Realty Corp.		25,624		1,445,450
				20,568,630
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $28,088,814)				30,478,888

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(b)		26,120	$	26,120
TOTAL SHORT-TERM INVESTMENTS (Cost $26,120)				26,120

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 10.4%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(b)		3,194,383		3,194,383
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING (Cost $3,194,383)				3,194,383
Total Investments (Cost $31,309,317) — 110.4%				33,699,391
Liabilities in Excess of Other Assets — (10.4)%				(3,178,211	)
TOTAL NET ASSETS — 100.0%			$	30,521,180

Percentages are stated as a percent of net assets.

(a)

All or portion of this security is on loan as of October 31, 2019. The total value of securites on loan is $3,158,374 or 10.3% of net assets.

(b)

The rate shown is as of October 31, 2019.

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

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 15.3%

Advertising Sales — 1.4%
Clear Channel Outdoor Holdings, Inc. ^(a)		1,011,411	$	2,356,588

Computer Software — 5.0%
InterXion Holding NV ^(a)		92,287		8,141,559

Internet Connectiv Svcs — 0.2%
Internap Corp. ^(a)(b)		136,363		324,544

Real Estate Oper/Develop — 1.4%
Landmark Infrastructure Partners LP		124,849		2,274,749

Telecom Services — 7.3%
GDS Holdings Ltd. - ADR ^(a)(b)		184,311		7,682,083
Switch, Inc. - Class A ^(b)		298,198		4,404,384
				12,086,467
TOTAL COMMON STOCKS (Cost $23,945,942)				25,183,907

REAL ESTATE INVESTMENT TRUSTS — 84.6%

Diversified — 70.6%
American Tower Corp.		108,062		23,566,161
CoreSite Realty Corp.		63,987		7,518,472
Crown Castle International Corp.		171,510		23,803,873
Digital Realty Trust, Inc. ^(b)		60,425		7,676,392
Equinix, Inc.		44,791		25,386,643
Lamar Advertising Co. - Class A ^(b)		97,458		7,797,615
Outfront Media, Inc.		270,555		7,118,302
SBA Communications Corp. ^(b)		28,319		6,814,967
Uniti Group, Inc. ^(b)		935,010		6,470,269
				116,152,694
Warehouse/Industrial — 14.0%
CyrusOne, Inc.		101,210		7,214,249
Iron Mountain, Inc.		234,543		7,693,010
QTS Realty Trust, Inc. - Class A ^(b)		152,267		8,159,989
				23,067,248
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $136,319,842)				139,219,942

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(c)		244,272	$	244,272
TOTAL SHORT-TERM INVESTMENTS (Cost $244,272)				244,272

INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 22.6%
Mount Vernon Liquid Assets Portfolio, LLC, 2.00% ^(c)		37,165,640		37,165,640
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITY LENDING (Cost $37,165,640)				37,165,640

Total Investments (Cost $197,675,696) — 122.6%				201,813,761
Liabilities in Excess of Other Assets — (22.6)%				(37,220,445	)
TOTAL NET ASSETS — 100.0%			$	164,593,316

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 October 31, 2019. The total value of securities on loan is $35,675,061 or 21.7% of net assets.

(c)

The rate shown is as of October 31, 2019.

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

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.9%

Aerospace/Defense — 0.9%
Boeing Co.		35	$	11,897

Apparel — 3.0%
NIKE, Inc. - Class B		152		13,612
PVH Corp.		146		12,725
Skechers U.S.A, Inc. - Class A ^(a)		359		13,416
				39,753
Auto Parts & Equipment — 3.3%
BorgWarner, Inc.		331		13,796
Goodyear Tire & Rubber Co.		946		15,013
Visteon Corp. ^(a)		163		15,162
				43,971
Biotechnology — 3.1%
Alexion Pharmaceuticals, Inc. ^(a)		123		12,964
Bio-Rad Laboratories, Inc. - Class A ^(a)		40		13,265
Regeneron Pharmaceuticals, Inc. ^(a)		47		14,395
				40,624
Building Materials — 1.0%
Johnson Controls International PLC		301		13,042

Chemicals — 3.8%
Air Products & Chemicals, Inc.		60		12,796
Celanese Corp.		106		12,842
Eastman Chemical Co.		176		13,383
Sensient Technologies Corp.		190		11,886
				50,907
Commercial Services — 2.0%
Sabre Corp.		563		13,219
The Brink’s Co.		157		13,339
				26,558
Computers — 3.9%
Accenture PLC - Class A		68		12,609
Fortinet, Inc. ^(a)		170		13,865
Lumentum Holdings, Inc. ^(a)		225		14,098
NCR Corp. ^(a)		399		11,655
				52,227
Cosmetics/Personal Care — 1.0%
Estee Lauder Cos., Inc. - Class A		68		12,666

Electric — 1.1%
AES Corp.		839		14,305

Electrical Components & Equipment — 4.0%
Ametek, Inc.		146		13,381
Belden, Inc.		247		12,666
Littelfuse, Inc.		72		12,641

	Shares		Value
Electrical Components & Equipment — 4.0% (Continued)
Universal Display Corp.		73	$	14,613
				53,301
Electronics — 11.8%
Agilent Technologies, Inc.		170		12,877
Amphenol Corp. - Class A		140		14,046
Arrow Electronics, Inc. ^(a)		173		13,715
AVNET, Inc.		296		11,710
Coherent, Inc. ^(a)		80		11,914
Gentex Corp.		472		13,240
Keysight Technologies, Inc. ^(a)		133		13,421
Mettler-Toledo International, Inc. ^(a)		19		13,394
National Instruments Corp.		300		12,417
TE Connectivity Ltd.		137		12,262
Tech Data Corp. ^(a)		126		15,309
Waters Corp. ^(a)		57		12,062
				156,367
Healthcare-Products — 5.0%
Abbott Laboratories		157		13,127
Repligen Corp. ^(a)		166		13,196
The Cooper Cos., Inc.		44		12,804
Thermo Fisher Scientific, Inc.		45		13,589
West Pharmaceutical Services, Inc.		92		13,233
				65,949
Healthcare-Services — 1.0%
IQVIA Holdings, Inc. ^(a)		88		12,709

Household Products/Wares — 1.1%
Avery Dennison Corp.		114		14,576

Internet — 3.0%
Alphabet, Inc. - Class A ^(a)		11		13,847
Booking Holdings, Inc. ^(a)		6		12,293
Facebook, Inc. - Class A ^(a)		71		13,607
				39,747
Leisure Time — 0.9%
Norwegian Cruise Line Holdings Ltd. ^(a)		242		12,284

Machinery-Diversified — 5.9%
AGCO Corp.		173		13,267
Cognex Corp.		262		13,490
Graco, Inc.		284		12,837
Nordson Corp.		91		14,270
Wabtec Corp.		176		12,209
Xylem, Inc.		168		12,884
				78,957
Metal Fabricate/Hardware — 1.1%
The Timken Co.		297		14,553

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

Pacer US Export Leaders ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.9% (Continued)

Mining — 2.0%
Newmont Goldcorp Corp.		343	$	13,627
Royal Gold, Inc.		109		12,583
				26,210
Miscellaneous Manufacturing — 2.0%
Ingersoll-Rand PLC		107		13,577
ITT, Inc.		215		12,782
				26,359
Oil & Gas — 1.8%
Apache Corp.		544		11,783
Chevron Corp.		109		12,659
				24,442
Packaging & Containers — 2.0%
Greif, Inc. - Class A		336		13,161
Sealed Air Corp.		312		13,032
				26,193
Pharmaceuticals — 1.9%
Mylan NV ^(a)		611		11,701
Zoetis, Inc.		109		13,943
				25,644
Retail — 2.3%
Nu Skin Enterprises, Inc. - Class A		301		13,418
Tiffany & Co.		135		16,809
				30,227
Semiconductors — 19.2%
Analog Devices, Inc.		114		12,156
Applied Materials, Inc.		258		13,999
Broadcom, Inc.		46		13,471
Cypress Semiconductor Corp.		568		13,217
Intel Corp.		252		14,246
IPG Photonics Corp. ^(a)		91		12,220
KLA Corp.		88		14,876
Lam Research Corp.		56		15,178
Microchip Technology, Inc.		139		13,106
Micron Technology, Inc. ^(a)		262		12,458
MKS Instruments, Inc.		142		15,367
Monolithic Power Systems, Inc.		82		12,294
NVIDIA Corp.		73		14,675
Qorvo, Inc. ^(a)		171		13,827
Silicon Laboratories, Inc. ^(a)		116		12,324
Synaptics, Inc. ^(a)		339		14,275
Teradyne, Inc.		229		14,019
Texas Instruments, Inc.		102		12,035
Xilinx, Inc.		126		11,433
				255,176
Software — 8.0%
ACI Worldwide, Inc. ^(a)		404		12,682
Activision Blizzard, Inc.		237		13,279
ANSYS, Inc. ^(a)		62		13,649

	Shares		Value
Software — 8.0% (Continued)
Autodesk, Inc. ^(a)		86	$	12,673
Cadence Design System, Inc. ^(a)		202		13,201
Electronic Arts, Inc. ^(a)		135		13,014
Microsoft Corp.		96		13,763
Paychex, Inc.		162		13,550
				105,811
Telecommunications — 2.0%
Arista Networks, Inc. ^(a)		54		13,207
InterDigital, Inc.		240		12,871
				26,078
Toys/Games/Hobbies — 0.8%
Hasbro, Inc.		111		10,801

Transportation — 1.0%
Expeditors International of Washington, Inc.		174		12,692
TOTAL COMMON STOCKS (Cost $1,314,713)				1,324,026

SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(b)		1,579		1,579
TOTAL SHORT-TERM INVESTMENTS (Cost $1,579)				1,579
Total Investments (Cost $1,316,292) — 100.0%				1,325,605
Other Assets in Excess of Liabilities — 0.0% ^(c)				374
TOTAL NET ASSETS — 100.0%			$	1,325,979

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2019.

(c)

Less than 0.05%

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 99.7%

Aerospace/Defense — 3.2%
Arconic, Inc.		5,248	$	144,163
Boeing Co.		374		127,126
General Dynamics Corp.		748		132,246
L3Harris Technologies, Inc.		685		141,322
Lockheed Martin Corp.		369		138,995
Northrop Grumman Corp.		391		137,820
Raytheon Co.		715		151,730
TransDigm Group, Inc.		273		143,675
United Technologies Corp.		1,030		147,887
				1,264,964
Airlines — 1.8%
Alaska Air Group, Inc.		2,158		149,830
American Airlines Group, Inc.		4,746		142,665
Delta Air Lines, Inc.		2,369		130,485
Southwest Airlines Co.		2,548		143,019
United Airlines Holdings, Inc. ^(a)		1,556		141,347
				707,346
Apparel — 3.1%
Capri Holdings Ltd. ^(a)		4,940		153,486
Hanesbrands, Inc.		9,988		151,917
NIKE, Inc. - Class B		1,811		162,175
PVH Corp.		1,745		152,094
Ralph Lauren Corp.		1,546		148,509
Tapestry, Inc.		6,279		162,375
Under Armour, Inc. - Class A ^(a)		3,867		79,854
Under Armour, Inc. - Class C ^(a)		3,996		73,926
VF Corp.		1,751		144,090
				1,228,426
Auto Manufacturers — 1.1%
Ford Motor Co.		16,732		143,728
General Motors Co.		4,069		151,204
PACCAR, Inc.		1,987		151,131
				446,063
Auto Parts & Equipment — 0.8%
Aptiv PLC		1,753		156,981
BorgWarner, Inc.		3,953		164,761
				321,742
Biotechnology — 0.8%
Corteva, Inc.		11,978		315,980

Building Materials — 2.9%
Fortune Brands Home & Security, Inc.		2,611		156,791
Johnson Controls International PLC		3,228		139,869
Martin Marietta Materials, Inc.		1,366		357,769
Masco Corp.		3,291		152,209
Vulcan Materials Co.		2,445		349,317
				1,155,955

	Shares		Value
Chemicals — 13.1%
Air Products & Chemicals, Inc.		1,623	$	346,121
Albemarle Corp.		5,207		316,273
Celanese Corp.		2,875		348,306
CF Industries Holdings, Inc.		7,228		327,790
Dow, Inc.		7,092		358,075
DuPont de Nemours, Inc.		4,906		323,354
Eastman Chemical Co.		4,780		363,471
Ecolab, Inc.		1,814		348,415
FMC Corp.		3,962		362,523
International Flavors & Fragrances, Inc.		2,834		345,776
Linde PLC		1,877		372,303
LyondellBasell Industries NV - Class A		3,961		355,302
Mosaic Co.		15,928		316,649
PPG Industries, Inc.		2,864		358,344
Sherwin-Williams Co.		632		361,706
				5,204,408
Commercial Services — 5.6%
Automatic Data Processing, Inc.		913		148,116
Cintas Corp.		576		154,754
Equifax, Inc.		1,006		137,530
FleetCor Technologies, Inc. ^(a)		499		146,816
Gartner, Inc. ^(a)		1,064		163,941
Global Payments, Inc.		871		147,356
H&R Block, Inc.		6,542		163,485
IHS Markit Ltd. ^(a)		2,095		146,692
Nielsen Holdings PLC		6,329		127,593
PayPal Holdings, Inc. ^(a)		1,364		141,992
Quanta Services, Inc.		3,730		156,846
Robert Half International, Inc.		2,505		143,461
Rollins, Inc.		4,116		156,861
United Rentals, Inc. ^(a)		1,103		147,328
Verisk Analytics, Inc.		913		132,111
				2,214,882
Computers — 4.3%
Accenture PLC - Class A		750		139,065
Apple, Inc.		667		165,923
Cognizant Technology Solutions Corp. - Class A		2,268		138,212
DXC Technology Co.		4,462		123,464
Fortinet, Inc. ^(a)		1,868		152,354
Hewlett Packard Enterprise Co.		9,523		156,272
HP, Inc.		7,647		132,828
International Business Machines Corp.		1,016		135,870
Leidos Holdings, Inc.		1,700		146,591
NetApp, Inc.		2,579		144,114
Seagate Technology PLC		2,598		150,762

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.7% (Continued)

Computers — 4.3% (Continued)
Western Digital Corp.		2,258	$	116,626
				1,702,081
Distribution/Wholesale — 1.5%
Copart, Inc. ^(a)		1,738		143,628
Fastenal Co.		4,226		151,883
LKQ Corp. ^(a)		4,829		164,138
W.W. Grainger, Inc.		481		148,552
				608,201
Diversified Financial Services — 1.4%
Alliance Data Systems Corp.		1,091		109,100
MasterCard, Inc. - Class A		528		146,155
Visa, Inc. - Class A		823		147,202
Western Union Co.		6,246		156,525
				558,982
Electrical Components & Equipment — 0.7%
AMETEK, Inc.		1,567		143,616
Emerson Electric Co.		2,169		152,155
				295,771
Electronics — 3.0%
Allegion PLC		1,390		161,296
Amphenol Corp. - Class A		1,540		154,508
Flir Systems, Inc.		2,766		142,615
Fortive Corp.		2,030		140,070
Garmin Ltd.		1,853		173,719
Honeywell International, Inc.		848		146,475
Keysight Technologies, Inc. ^(a)		1,465		147,833
TE Connectivity Ltd.		1,509		135,055
				1,201,571
Engineering & Construction — 0.4%
Jacobs Engineering Group, Inc.		1,559		145,891

Environmental Control — 1.1%
Pentair PLC		3,757		155,803
Republic Services, Inc.		1,670		146,141
Waste Management, Inc.		1,270		142,507
				444,451
Forest Products & Paper — 0.9%
International Paper Co.		8,433		368,353

Hand/Machine Tools — 0.7%
Snap-On, Inc.		875		142,336
Stanley Black & Decker, Inc.		972		147,093
				289,429
Home Builders — 1.7%
DR Horton, Inc.		3,195		167,322
Lennar Corp. - Class A		2,949		175,761
NVR, Inc. ^(a)		43		156,373

	Shares		Value
Home Builders — 1.7% (Continued)
PulteGroup, Inc.		4,486	$	176,031
				675,487
Home Furnishings — 0.9%
Leggett & Platt, Inc.		3,753		192,529
Whirlpool Corp.		1,055		160,487
				353,016
Household Products/Wares — 0.9%
Avery Dennison Corp.		2,941		376,036

Housewares — 0.4%
Newell Brands, Inc.		8,565		162,478

Internet — 3.1%
Amazon.com, Inc. ^(a)		86		152,793
Booking Holdings, Inc. ^(a)		77		157,755
CDW Corp.		1,306		167,051
eBay, Inc.		3,917		138,074
Expedia Group, Inc.		1,195		163,309
F5 Networks, Inc. ^(a)		1,043		150,275
Symantec Corp.		5,965		136,479
VeriSign, Inc. ^(a)		773		146,886
				1,212,622
Iron/Steel — 0.9%
Nucor Corp.		6,731		362,464

Leisure Time — 1.5%
Carnival Corp.		3,128		134,160
Harley-Davidson, Inc.		4,313		167,819
Norwegian Cruise Line Holdings Ltd. ^(a)		2,892		146,798
Royal Caribbean Cruises Ltd.		1,377		149,859
				598,636
Lodging — 2.0%
Hilton Worldwide Holdings, Inc.		1,646		159,596
Las Vegas Sands Corp.		2,412		149,158
Marriott International, Inc. - Class A		1,180		149,329
MGM Resorts International		5,439		155,011
Wynn Resorts Ltd.		1,346		163,324
				776,418
Machinery-Construction & Mining — 0.4%
Caterpillar, Inc.		1,063		146,481

Machinery-Diversified — 3.2%
Cummins, Inc.		861		148,505
Deere & Co.		859		149,586
Dover Corp.		1,426		148,147
Flowserve Corp.		2,929		143,052
IDEX Corp.		832		129,401
Rockwell Automation, Inc.		853		146,708
Roper Technologies, Inc.		395		133,099

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.7% (Continued)

Machinery-Diversified — 3.2% (Continued)
Wabtec Corp.		1,891	$	131,179
Xylem, Inc.		1,807		138,579
				1,268,256
Mining — 1.8%
Freeport-McMoRan, Inc.		33,529		329,255
Newmont Goldcorp Corp.		9,342		371,157
				700,412
Miscellaneous Manufacturing — 2.9%
3M Co.		829		136,777
AO Smith Corp.		2,830		140,594
Eaton Corp. PLC		1,625		141,554
General Electric Co.		15,220		151,896
Illinois Tool Works, Inc.		890		150,036
Ingersoll-Rand PLC		1,143		145,035
Parker-Hannifin Corp.		780		143,122
Textron, Inc.		2,766		127,485
				1,136,499
Office/Business Equipment — 0.4%
Xerox Holdings Corp.		4,734		160,625

Packaging & Containers — 4.4%
Amcor PLC		35,301		336,066
Ball Corp.		4,960		347,051
Packaging Corp. of America		3,329		364,392
Sealed Air Corp.		8,509		355,421
WestRock Co.		9,229		344,888
				1,747,818
Retail — 10.3%
Advance Auto Parts, Inc.		1,007		163,617
AutoZone, Inc. ^(a)		138		157,924
Best Buy Co., Inc.		2,341		168,154
CarMax, Inc. ^(a)		1,823		169,849
Chipotle Mexican Grill, Inc. ^(a)		201		156,410
Darden Restaurants, Inc.		1,242		139,439
Dollar General Corp.		1,002		160,661
Dollar Tree, Inc. ^(a)		1,401		154,670
Gap, Inc.		8,218		133,625
Genuine Parts Co.		1,602		164,333
Home Depot, Inc.		676		158,576
Kohl’s Corp.		3,000		153,780
L Brands, Inc.		8,379		142,778
Lowe’s Cos., Inc.		1,395		155,696
Macy’s, Inc.		9,225		139,851
McDonald’s Corp.		754		148,312
Nordstrom, Inc.		4,544		163,130
O’Reilly Automotive, Inc. ^(a)		405		176,381
Ross Stores, Inc.		1,449		158,912
Starbucks Corp.		1,748		147,811

	Shares		Value
Retail — 10.3% (Continued)
Target Corp.		1,464	$	156,516
Tiffany & Co.		1,609		200,337
TJX Cos., Inc.		2,795		161,132
Tractor Supply Co.		1,628		154,693
Ulta Salon Cosmetics & Fragrance, Inc. ^(a)		697		162,506
Yum! Brands, Inc.		1,420		144,428
				4,093,521
Semiconductors — 6.4%
Advanced Micro Devices, Inc. ^(a)		4,754		161,303
Analog Devices, Inc.		1,252		133,501
Applied Materials, Inc.		2,841		154,153
Broadcom, Inc.		503		147,303
Intel Corp.		2,777		156,984
IPG Photonics Corp. ^(a)		997		133,877
KLA Corp.		971		164,138
Lam Research Corp.		619		167,774
Maxim Integrated Products, Inc.		2,448		143,600
Microchip Technology, Inc.		1,536		144,829
Micron Technology, Inc. ^(a)		2,889		137,372
NVIDIA Corp.		802		161,218
Qorvo, Inc. ^(a)		1,882		152,178
QUALCOMM, Inc.		1,861		149,699
Skyworks Solutions, Inc.		1,776		161,722
Texas Instruments, Inc.		1,126		132,857
Xilinx, Inc.		1,386		125,766
				2,528,274
Shipbuilding — 0.4%
Huntington Ingalls Industries, Inc.		651		146,905

Software — 6.0%
Adobe Systems, Inc. ^(a)		524		145,635
Akamai Technologies, Inc. ^(a)		1,614		139,611
ANSYS, Inc. ^(a)		688		151,463
Autodesk, Inc. ^(a)		951		140,139
Broadridge Financial Solutions, Inc.		1,176		147,259
Cadence Design System, Inc. ^(a)		2,226		145,469
Citrix Systems, Inc.		1,521		165,576
Fidelity National Information Services, Inc.		1,115		146,913
Fiserv, Inc. ^(a)		1,422		150,931
Intuit, Inc.		550		141,625
Jack Henry & Associates, Inc.		1,005		142,268
Microsoft Corp.		1,062		152,259
Oracle Corp.		2,714		147,886
Paychex, Inc.		1,788		149,548
Salesforce.com, Inc. ^(a)		954		149,292
Synopsys, Inc. ^(a)		1,084		147,153
				2,363,027

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

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 99.7% (Continued)

Telecommunications — 1.8%
Arista Networks, Inc. ^(a)		599	$	146,498
Cisco Systems, Inc.		2,916		138,539
Corning, Inc.		4,837		143,320
Juniper Networks, Inc.		6,011		149,193
Motorola Solutions, Inc.		873		145,197
				722,747
Textiles — 0.5%
Mohawk Industries, Inc. ^(a)		1,258		180,372

Toys/Games/Hobbies — 0.3%
Hasbro, Inc.		1,320		128,449

Transportation — 3.1%
CH Robinson Worldwide, Inc.		1,632		123,445
CSX Corp.		1,962		137,870
Expeditors International of Washington, Inc.		1,865		136,033
FedEx Corp.		817		124,723
JB Hunt Trasport Services, Inc.		1,237		145,422
Kansas City Southern		1,068		150,353
Norfolk Southern Corp.		780		141,960
Union Pacific Corp.		829		137,166
United Parcel Service, Inc. - Class B		1,159		133,482
				1,230,454
TOTAL COMMON STOCKS (Cost $39,558,838)				39,545,493

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposit Accounts — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(b)		37,318	$	37,318
TOTAL SHORT-TERM INVESTMENTS (Cost $37,318)				37,318
Total Investments (Cost $39,596,156) — 99.8%				39,582,811
Other Assets in Excess of Liabilities — 0.2%				69,986
TOTAL NET ASSETS — 100.0%			$	39,652,797

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2019.

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

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 98.4%

Apparel — 0.6%
Deckers Outdoor Corp. ^(a)		95	$	14,526

Biotechnology — 0.3%
Ligand Pharmaceuticals, Inc. ^(a)		63		6,855

Commercial Services — 8.4%
Adtalem Global Education, Inc. ^(a)		181		5,390
ASGN, Inc. ^(a)		174		11,065
Insperity, Inc.		136		14,366
PayPal Holdings, Inc. ^(a)		1,160		120,756
Sabre Corp.		903		21,202
WEX, Inc. ^(a)		143		27,053
W.W. International, Inc. ^(a)		222		7,741
				207,573
Computers — 5.3%
Fortinet, Inc. ^(a)		564		46,000
Leidos Holdings, Inc.		474		40,873
NetApp, Inc.		785		43,866
				130,739
Distribution/Wholesale — 2.3%
WW Grainger, Inc.		180		55,591

Diversified Financial Services — 0.7%
Alliance Data Systems Corp.		169		16,900

Electrical Components & Equipment — 2.8%
AMETEK, Inc.		753		69,012

Electronics — 3.9%
Keysight Technologies, Inc. ^(a)		619		62,463
Trimble, Inc. ^(a)		830		33,067
				95,530
Hand/Machine Tools — 0.6%
MSA Safety, Inc.		128		15,369

Healthcare-Services — 7.9%
Amedisys, Inc. ^(a)		106		13,623
DaVita, Inc. ^(a)		529		30,999
Encompass Health Corp.		325		20,807
HCA Healthcare, Inc.		962		128,466
				193,895
Household Products/Wares — 2.8%
Church & Dwight Co., Inc.		815		57,001
Helen of Troy Ltd. ^(a)		83		12,430
				69,431

	Shares		Value
Internet — 5.4%
Alphabet, Inc. - Class A ^(a)		100	$	125,880
Yelp, Inc. ^(a)		234		8,075
				133,955
Machinery-Diversified — 0.8%
Curtiss-Wright Corp.		141		19,070

Miscellaneous Manufacturing — 0.7%
ITT, Inc.		290		17,241

Office/Business Equipment — 1.7%
Zebra Technologies Corp. - Class A ^(a)		178		42,341

Oil&Gas — 10.6%
ConocoPhillips		2,165		119,508
HollyFrontier Corp.		543		29,832
Occidental Petroleum Corp.		2,773		112,307
				261,647
Pharmaceuticals — 5.2%
Pfizer, Inc.		3,363		129,038

Retail — 3.7%
Tractor Supply Co.		393		37,343
Ulta Salon Cosmetics & Fragrance, Inc. ^(a)		194		45,231
Urban Outfitters, Inc. ^(a)		323		9,270
				91,844
Semiconductors — 9.8%
Broadcom, Inc.		428		125,340
Cypress Semiconductor Corp.		1,218		28,343
Semtech Corp. ^(a)		219		11,051
Xilinx, Inc.		833		75,586
				240,320
Software — 4.7%
Akamai Technologies, Inc. ^(a)		544		47,056
CommVault Systems, Inc. ^(a)		149		7,401
J2 Global, Inc.		161		15,289
Take-Two Interactive Software, Inc. ^(a)		373		44,890
				114,636
Telecommunications — 13.6%
Cisco Systems, Inc.		2,481		117,872
Motorola Solutions, Inc.		549		91,310
Verizon Communications, Inc.		2,080		125,778
				334,960

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

Pacer US Cash Cows Growth ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 98.4% (Continued)

Transportation — 6.6%
CSX Corp.		1,723	$	121,075
Expeditors International of Washington, Inc.		563		41,065
				162,140
TOTAL COMMON STOCKS (Cost $2,465,021)				2,422,613

REAL ESTATE INVESTMENT TRUSTS — 1.3%
Omega Healthcare Investors, Inc.		720		31,709
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $28,571)				31,709

SHORT-TERM INVESTMENTS — 0.2%

Money Market Deposit Accounts — 0.2%
U.S. Bank Money Market Deposit Account, 1.72% ^(b)		3,723		3,723
TOTAL SHORT-TERM INVESTMENTS (Cost $3,723)				3,723
Total Investments (Cost $2,497,315) — 99.9%				2,458,045
Other Assets in Excess of Liabilities — 0.1%				1,439
TOTAL NET ASSETS — 100.0%			$	2,459,484

Percentages are stated as a percent of net assets.

(a)

Non-income producing security.

(b)

The rate shown is as of October 31, 2019

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 94.8%

Australia — 5.6%
AGL Energy Ltd.		4,715	$	64,291
Aristocrat Leisure Ltd.		4,413		96,191
ASX Ltd.		1,303		73,942
Australia & New Zealand Banking Group Ltd.		20,325		374,656
BHP Billiton Ltd. - ADR		10,268		502,208
Brambles Ltd.		10,963		90,462
Coles Group Ltd.		7,779		80,383
Commonwealth Bank of Australia		12,487		677,099
CSL Ltd.		3,134		553,134
Fortescue Metals Group Ltd.		12,730		78,189
Insurance Australia Group Ltd.		16,243		88,905
Macquarie Group Ltd.		2,204		203,469
National Australia Bank Ltd.		19,996		394,368
Newcrest Mining Ltd.		5,283		113,990
Origin Energy Ltd.		12,329		66,802
QBE Insurance Group Ltd.		9,681		84,088
Ramsay Health Care Ltd.		923		43,578
Rio Tinto Ltd.		2,530		158,500
Santos Ltd.		12,179		68,172
Scentre Group		36,733		96,983
South32 Ltd.		35,517		62,433
Suncorp Group Ltd.		8,873		82,268
Sydney Airport		7,695		46,574
Telstra Corp. Ltd.		29,389		70,705
Transurban Group		18,277		186,973
Treasury Wine Estates Ltd.		4,986		60,390
Wesfarmers Ltd.		7,779		213,211
Westpac Banking Corp. - ADR		23,659		458,038
Woodside Petroleum Ltd.		6,498		144,237
Woolworths Group Ltd.		9,054		232,928
				5,467,167
Austria — 0.3%
ams AG ^(a)		456		20,385
ANDRITZ AG		532		23,900
BAWAG Group AG ^(b)		304		12,545
CA Immobilien Anlagen AG		532		20,529
Erste Group Bank AG		2,063		72,868
OMV AG		999		58,294
Raiffeisen Bank International AG		923		22,699
Telekom Austria AG		999		7,732
Verbund AG		456		24,666
Vienna Insurance Group AG Wiener Versicherung Gruppe		304		8,239
Voestalpine AG		771		19,305
				291,162
Belgium — 0.9%
Ageas		1,303		75,045

	Shares		Value
Belgium — 0.9% (Continued)
Anheuser-Busch InBev SA/NV - ADR		5,889	$	475,654
Groupe Bruxelles Lambert SA		532		53,389
KBC Groep NV		2,378		166,769
Solvay SA - Class A		532		57,851
UCB SA		923		74,386
				903,094
Bermuda — 0.2%
Jardine Matheson Holdings Ltd.		2,150		122,808
Jardine Strategic Holdings Ltd.		1,227		39,669
				162,477
Canada — 8.2%
Agnico Eagle Mines Ltd.		1,640		100,811
Alimentation Couche-Tard, Inc. - Class A		5,972		179,101
Bank of Montreal		4,413		326,518
Barrick Gold Corp.		12,466		216,410
BCE, Inc.		2,063		97,889
Canadian Imperial Bank of Commerce		3,062		261,066
Canadian National Railway Co.		5,021		448,727
Canadian Natural Resources Ltd.		8,294		209,175
Canadian Pacific Railway Ltd.		999		227,083
CGI, Inc. ^(a)		1,683		130,803
Constellation Software Inc/Canada		123		121,480
Dollarama, Inc.		1,987		66,847
Enbridge, Inc.		13,997		509,631
Fairfax Financial Holdings Ltd.		182		77,106
Fortis, Inc.		2,910		120,969
Franco-Nevada Corp.		1,303		126,352
George Weston Ltd.		532		42,593
Great-West Lifeco, Inc.		1,759		42,776
Hydro One Ltd. ^(b)		2,088		38,824
Imperial Oil Ltd.		1,607		39,966
Intact Financial Corp.		1,003		103,491
Loblaw Cos Ltd.		1,227		65,435
Magna International, Inc.		2,063		110,927
Manulife Financial Corp.		13,530		251,929
National Bank of Canada		2,302		118,884
Nutrien Ltd.		3,969		189,678
Pembina Pipeline Corp.		3,442		121,021
Power Financial Corp.		1,531		35,802
Restaurant Brands International, Inc.		2,064		135,068
Rogers Communications, Inc. - Class B		2,454		115,559
Royal Bank of Canada		9,964		803,696
Saputo, Inc.		1,531		44,404
Shopify, Inc. - Class A ^(a)		742		232,669
Sun Life Financial, Inc.		4,109		184,412
Suncor Energy, Inc.		11,186		332,112

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 94.8% (Continued)

Canada — 8.2% (Continued)
TC Energy Corp.		6,709	$	337,664
TELUS Corp.		1,379		49,051
The Bank of Nova Scotia		8,446		484,209
The Toronto-Dominion Bank		12,694		724,446
Thomson Reuters Corp.		1,227		82,528
Waste Connections, Inc.		1,835		169,554
				8,076,666
Denmark — 1.5%
AP Moller - Maersk A/S - Class B		30		38,237
AP Moller - Maersk A/S - Class A		17		20,404
Carlsberg A/S - Class B		771		108,466
Coloplast A/S - Class B		847		102,063
DSV A/S		1,455		141,182
Genmab A/S ^(a)		456		99,385
Novo Nordisk A/S - ADR		11,708		646,516
Novozymes A/S - Class B		1,531		72,084
Orsted A/S ^(b)		1,151		100,962
Vestas Wind Systems A/S		1,455		118,766
				1,448,065
Finland — 0.8%
Fortum OYJ		2,986		72,900
Kone OYJ - Class B		2,758		175,455
Neste OYJ		2,983		107,660
Nordea Bank Abp		22,052		161,307
Sampo OYJ - Class A		3,366		137,925
Stora Enso OYJ - Class R		3,957		51,304
UPM-Kymmene OYJ		3,729		121,192
				827,743
France — 7.9%
Air Liquide SA		3,204		425,594
AXA SA		13,606		359,414
BNP Paribas SA - ADR		15,832		413,532
Christian Dior SE		29		14,309
Credit Agricole SA		8,446		110,071
Danone SA - ADR		23,642		390,093
Dassault Systemes SE		923		140,053
Electricite de France SA		3,290		33,949
Engie SA		12,694		212,293
EssilorLuxottica SA		2,006		306,061
Hermes International		228		164,016
Kering		532		302,722
L’Oreal SA		1,683		491,412
LVMH Moet Hennessy Louis Vuitton SE - ADR		9,450		806,557
Orange SA - ADR		13,278		213,510
Pernod Ricard SA		1,455		268,567
Safran SA		2,317		366,562
Sanofi - ADR		15,911		733,179

	Shares		Value
France — 7.9% (Continued)
Schneider Electric SE		3,729	$	346,274
Societe Generale SA		5,260		149,302
Thales SA		771		75,361
TOTAL SA - ADR		17,603		926,446
Vinci SA		3,518		394,717
Vivendi SA		5,742		159,845
				7,803,839
Germany — 6.9%
adidas AG		1,265		390,595
Allianz SE - ADR		30,352		740,892
BASF SE - ADR		27,014		513,266
Bayer AG - ADR		26,991		524,705
Bayerische Motoren Werke AG		2,226		170,583
Beiersdorf AG		684		80,978
Continental AG		771		103,084
Daimler AG		6,159		360,011
Deutsche Boerse AG		1,303		201,927
Deutsche Post AG		6,715		237,783
Deutsche Telekom AG		22,356		393,154
E.ON SE		15,224		153,442
Fresenius Medical Care AG & Co KGaA - ADR		2,910		104,964
Fresenius SE & Co. KGaA		2,834		148,951
Henkel AG & Co. KGaA		684		65,874
Infineon Technologies AG		8,670		168,039
Innogy SE ^(b)		438		21,817
Merck KGaA		923		110,045
Muenchener Rueckversicherungs-Gesellschaft AG - Class R		998		277,154
SAP SE - ADR		7,536		999,123
Siemens AG - ADR		11,229		648,250
Siemens Healthineers AG ^(b)		999		42,445
Volkswagen AG		228		43,204
Vonovia SE		3,753		199,701
Wirecard AG		771		97,641
				6,797,628
Hong Kong — 2.6%
AIA Group Ltd. - ADR		21,551		859,023
BOC Hong Kong Holdings Ltd.		24,858		85,652
CK Asset Holdings Ltd.		18,334		127,983
CK Hutchison Holdings Ltd.		19,170		177,365
CK Infrastructure Holdings Ltd.		5,108		36,798
CLP Holdings Ltd.		12,618		130,996
Galaxy Entertainment Group Ltd.		17,335		119,793
Hang Seng Bank Ltd.		5,021		104,957
Henderson Land Development Co Ltd.		11,353		56,867
Hong Kong & China Gas Co. Ltd.		67,810		131,709
Hong Kong Exchanges & Clearing Ltd.		8,328		260,385

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 94.8% (Continued)

Hong Kong — 2.6% (Continued)
MTR Corp Ltd.		11,039	$	63,394
Power Assets Holdings Ltd.		8,978		64,104
Sands China Ltd.		16,803		83,094
Sun Hung Kai Properties Ltd.		10,648		161,569
Swire Pacific Ltd. - Class B		6,172		9,137
Swire Pacific Ltd. - Class A		3,366		32,088
Swire Properties Ltd.		7,247		22,844
Wharf Real Estate Investment Co. Ltd.		7,990		47,108
				2,574,866
Ireland — 0.5%
AIB Group PLC		5,412		17,335
CRH PLC - ADR		5,640		205,860
DCC PLC		684		64,113
Kerry Group PLC - Class A		1,075		129,966
Kingspan Group PLC		1,075		55,703
Ryanair Holdings PLC - ADR ^(a)		684		51,054
				524,031
Israel — 0.5%
Azrieli Group Ltd.		304		23,418
Bank Hapoalim BM		7,323		58,572
Bank Leumi Le-Israel BM		9,736		70,884
Check Point Software Technologies Ltd. ^(a)		801		90,040
CyberArk Software Ltd. ^(a)		254		25,801
Elbit Systems Ltd.		163		26,709
Israel Chemicals Ltd.		4,717		20,946
Israel Discount Bank Ltd. - Class A		8,066		36,846
Mellanox Technologies Ltd. ^(a)		421		47,447
Mizrahi Tefahot Bank Ltd.		1,075		26,658
Nice Ltd. - ADR ^(a)		456		71,952
Taro Pharmaceutical Industries Ltd.		50		4,042
Wix.com Ltd. ^(a)		304		37,109
				540,424
Italy — 1.7%
Assicurazioni Generali SpA		8,522		172,746
Atlantia SpA		3,214		79,362
Enel SpA		53,356		412,985
Eni SpA - ADR		8,826		267,339
Intesa Sanpaolo SpA		108,775		272,477
Poste Italiane SpA ^(b)		3,138		38,078
Snam SpA		15,452		79,275
Telecom Italia SpA ^(a)		79,745		46,667
Telecom Italia SpA - Savings Shares		41,585		24,062
Terna Rete Elettrica Nazionale SpA		9,736		64,326
UniCredit SpA		14,605		185,173
				1,642,490

	Shares		Value
Japan — 23.0%
Acom Co. Ltd.		3,138	$	12,698
Advantest Corp.		1,381		63,238
Aeon Co Ltd.		6,019		121,785
Aisin Seiki Co. Ltd.		1,243		50,185
Ajinomoto Co, Inc.		3,805		72,566
ANA Holdings, Inc.		771		26,573
Asahi Glass Co. Ltd.		1,531		54,299
Asahi Group Holdings Ltd.		3,061		153,915
Asahi Kasei Corp.		9,736		109,225
Astellas Pharma, Inc.		12,434		213,988
Bandai Namco Holdings, Inc.		1,530		94,472
Bridgestone Corp.		4,588		192,162
Canon, Inc. - ADR		7,475		202,572
Central Japan Railway Co.		1,395		288,004
Chubu Electric Power Co, Inc.		4,945		74,434
Chugai Pharmaceutical Co Ltd.		1,455		123,282
Dai Nippon Printing Co Ltd.		2,063		55,553
Dai-ichi Life Holdings, Inc.		8,234		136,140
Daiichi Sankyo Co Ltd.		4,185		276,701
Daikin Industries Ltd.		1,987		280,230
Daito Trust Construction Co Ltd.		483		64,272
Daiwa House Industry Co Ltd.		4,640		160,482
Daiwa Securities Group, Inc.		11,116		50,407
Denso Corp.		3,593		168,421
Dentsu, Inc.		1,683		60,625
East Japan Railway Co.		2,606		237,675
Eisai Co Ltd.		2,062		150,597
FamilyMart UNY Holdings Co Ltd.		1,756		43,839
FANUC Corp. - ADR		13,378		262,744
Fast Retailing Co Ltd.		433		268,846
FUJIFILM Holdings Corp.		2,985		132,126
Fujitsu Ltd.		1,395		124,283
Hankyu Hanshin Holdings, Inc.		1,758		70,815
Hikari Tsushin, Inc.		152		33,528
Hitachi High-Technologies Corp.		458		28,670
Hitachi Ltd.		6,639		250,154
Honda Motor Co. Ltd. - ADR		13,419		361,910
Hoya Corp.		2,606		231,738
Hulic Co Ltd.		3,365		36,800
Idemitsu Kosan Co Ltd.		1,758		52,175
Inpex Corp.		7,474		69,798
Isuzu Motors Ltd.		4,261		50,012
ITOCHU Corp.		10,983		230,969
Japan Airlines Co. Ltd.		771		24,089
Japan Exchange Group, Inc.		3,669		61,122
Japan Post Bank Co. Ltd.		2,758		27,634
Japan Post Holdings Co. Ltd.		10,268		94,703
Japan Post Insurance Co. Ltd.		456		7,238
Japan Tobacco, Inc.		7,702		175,165
JFE Holdings, Inc.		3,973		50,293

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 94.8% (Continued)

Japan — 23.0% (Continued)
JXTG Holdings, Inc.		23,355	$	110,168
KAJIMA Corp.		3,441		47,669
Kansai Paint Co. Ltd.		1,759		42,757
Kao Corp.		3,365		272,466
KDDI Corp.		11,107		308,453
Keio Corp.		847		52,629
Keyence Corp.		635		404,674
Kikkoman Corp.		1,167		56,518
Kintetsu Group Holdings Co. Ltd.		1,303		71,310
Kirin Holdings Co. Ltd.		6,323		134,962
Koito Manufacturing Co. Ltd.		863		45,711
Komatsu Ltd.		6,703		158,839
Konami Holdings Corp.		684		30,213
Kose Corp.		228		40,748
Kubota Corp.		8,066		129,367
Kyocera Corp.		2,454		162,297
Kyowa Kirin Co. Ltd.		1,682		31,089
LINE Corp. ^(a)		456		16,848
M3, Inc.		2,822		68,048
Makita Corp.		1,911		65,210
Marubeni Corp.		12,011		85,175
Mazda Motor Corp.		4,125		38,389
MEIJI Holdings Co Ltd.		999		72,342
MINEBEA MITSUMI, Inc.		2,910		56,050
MISUMI Group, Inc.		1,911		48,558
Mitsubishi Chemical Holdings Corp.		10,420		80,145
Mitsubishi Corp.		10,964		280,623
Mitsubishi Electric Corp.		14,833		213,794
Mitsubishi Estate Co. Ltd.		9,585		187,058
Mitsubishi Heavy Industries Ltd.		2,302		93,836
Mitsubishi Motors Corp.		4,717		21,753
Mitsubishi Tanabe Pharma Corp.		1,683		20,291
Mitsubishi UFJ Financial Group, Inc. - ADR		91,581		474,390
Mitsui & Co. Ltd.		12,027		207,986
Mitsui Fudosan Co Ltd.		6,791		174,884
Mizuho Financial Group, Inc.		175,661		274,577
MS&AD Insurance Group Holdings, Inc.		3,442		111,843
Murata Manufacturing Co. Ltd.		4,413		239,591
NEC Corp.		1,681		66,935
Nexon Co. Ltd. ^(a)		3,137		36,456
Nidec Corp.		1,910		284,493
Nintendo Co. Ltd. - ADR		6,558		305,078
Nippon Paint Holdings Co. Ltd.		1,319		72,674
Nippon Steel Corp.		6,324		93,200
Nippon Telegraph & Telephone Corp.		4,488		223,423

	Shares		Value
Japan — 23.0% (Continued)
Nissan Motor Co. Ltd.		16,592	$	105,922
Nissin Foods Holdings Co. Ltd.		532		40,396
Nitori Holdings Co. Ltd.		608		92,954
Nitto Denko Corp.		1,075		60,126
Nomura Holdings, Inc.		22,432		102,885
Nomura Research Institute Ltd.		2,769		59,257
NTT Data Corp.		4,488		59,513
NTT DOCOMO, Inc.		8,319		229,179
Obayashi Corp.		4,945		51,286
Obic Co Ltd.		456		57,639
Odakyu Electric Railway Co. Ltd.		2,302		56,340
Olympus Corp.		8,978		123,043
Omron Corp.		1,455		86,230
Ono Pharmaceutical Co. Ltd.		3,518		66,685
Oracle Corp Japan		228		20,226
Oriental Land Co. Ltd.		1,531		225,205
ORIX Corp.		9,130		144,276
Osaka Gas Co. Ltd.		2,834		55,714
Otsuka Holdings Co. Ltd.		3,821		160,568
Pan Pacific International Holdings Corp.		3,773		59,640
Panasonic Corp.		16,120		136,868
Pola Orbis Holdings, Inc.		559		12,744
Rakuten, Inc.		5,628		54,096
Recruit Holdings Co. Ltd.		10,888		364,076
Renesas Electronics Corp. ^(a)		7,191		49,276
Resona Holdings, Inc.		15,225		66,982
Ricoh Co Ltd.		5,172		46,457
Rohm Co. Ltd.		635		50,922
Santen Pharmaceutical Co. Ltd.		2,758		49,163
Secom Co. Ltd.		1,455		135,610
Seibu Holdings, Inc.		1,986		35,181
Sekisui Chemical Co. Ltd.		2,986		52,509
Sekisui House Ltd.		4,489		97,354
Seven & i Holdings Co. Ltd.		5,488		208,360
SG Holdings Co. Ltd.		1,682		41,883
Sharp Corp.		1,243		14,492
Shimadzu Corp.		1,910		51,610
Shimano, Inc.		559		93,693
Shimizu Corp.		5,020		47,137
Shin-Etsu Chemical Co. Ltd.		2,758		310,559
Shionogi & Co. Ltd.		1,986		119,870
Shiseido Co. Ltd.		2,746		228,041
SMC Corp.		456		199,265
Softbank Corp.		11,281		155,128
Sompo Holdings, Inc.		2,530		100,132
Sony Corp. - ADR		9,157		557,020
Sony Financial Holdings, Inc.		1,091		23,630
Subaru Corp.		4,413		127,621
Sumitomo Chemical Co. Ltd.		11,420		52,770

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 94.8% (Continued)

Japan — 23.0% (Continued)
Sumitomo Corp.		8,614	$	140,629
Sumitomo Dainippon Pharma Co. Ltd.		1,151		20,272
Sumitomo Electric Industries Ltd.		5,476		75,885
Sumitomo Metal Mining Co. Ltd.		1,910		64,663
Sumitomo Mitsui Financial Group, Inc. - ADR		48,118		341,638
Sumitomo Mitsui Trust Holdings, Inc.		2,670		98,305
Sumitomo Realty & Development Co. Ltd.		3,289		120,090
Suntory Beverage & Food Ltd.		863		36,921
Suzuki Motor Corp.		3,061		145,609
Sysmex Corp.		1,075		70,548
T&D Holdings, Inc.		4,277		48,319
Taisei Corp.		1,531		60,962
Taisho Pharmaceutical Holdings Co. Ltd.		380		27,341
Taiyo Nippon Sanso Corp.		1,466		34,644
Takeda Pharmaceutical Co. Ltd. - ADR		21,919		393,884
TDK Corp.		863		86,548
Terumo Corp.		4,640		152,533
The Kansai Electric Power Co., Inc.		5,564		65,151
Tobu Railway Co. Ltd.		1,455		48,841
Toho Co Ltd/Tokyo		939		37,998
Tokio Marine Holdings, Inc.		4,945		268,703
Tokyo Electric Power Co. Holdings, Inc. ^(a)		5,552		25,809
Tokyo Electron Ltd.		1,091		223,019
Tokyo Gas Co. Ltd.		2,746		67,283
Tokyu Corp.		3,897		74,014
Toppan Printing Co. Ltd.		2,226		41,453
Toray Industries, Inc.		11,267		80,410
Toshiba Corp.		3,386		116,169
TOTO Ltd.		1,075		44,348
Toyota Industries Corp.		1,395		84,741
Toyota Motor Corp. - ADR		9,078		1,257,757
Toyota Tsusho Corp.		1,607		56,101
Trend Micro, Inc.		787		40,082
Unicharm Corp.		2,758		94,215
West Japan Railway Co.		1,303		113,625
Yakult Honsha Co Ltd.		1,091		62,839
Yamaha Corp.		1,151		54,038
Yamaha Motor Co. Ltd.		2,150		42,606
Yamato Holdings Co. Ltd.		2,822		47,665
Yaskawa Electric Corp.		1,834		70,989
Z Holdings Corp.		18,487		57,178

	Shares		Value
Japan — 23.0% (Continued)
ZOZO, Inc.		1,303	$	30,539
				22,560,569
Jersey — 0.5%
Experian PLC		6,324		198,897
Ferguson PLC		1,607		137,097
WPP PLC - ADR		1,759		109,832
				445,826
Luxembourg — 0.2%
RTL Group SA		304		15,447
SES SA		2,606		50,485
Spotify Technology SA ^(a)		659		95,094
Tenaris SA - ADR		1,683		34,165
				195,191
Netherlands — 3.9%
Airbus SE - ADR		16,767		601,935
ArcelorMittal		4,413		65,116
ASML Holding NV		2,910		762,698
CNH Industrial NV		6,881		75,072
EXOR NV		684		52,424
Ferrari NV		847		135,511
Heineken Holding NV		696		66,292
Heineken NV		1,607		163,922
ING Groep NV - ADR		28,660		324,718
Koninklijke Ahold Delhaize NV		8,142		202,728
Koninklijke Philips NV		6,269		274,568
NXP Semiconductors NV		2,002		227,587
Prosus NV ^(a)		3,021		208,325
Unilever NV		10,698		631,772
				3,792,668
New Zealand — 0.3%
A2 Milk Co. Ltd. ^(a)		5,108		42,575
Auckland International Airport Ltd.		6,571		39,181
Contact Energy Ltd.		4,945		23,398
Fisher & Paykel Healthcare Corp. Ltd.		3,957		48,584
Fletcher Building Ltd.		5,868		17,231
Mercury NZ Ltd.		4,337		13,806
Meridian Energy Ltd.		8,674		25,582
Ryman Healthcare Ltd.		2,834		23,458
Spark New Zealand Ltd.		12,694		36,462
Xero Ltd. ^(a)		771		36,667
				306,944
Norway — 0.7%
Adevinta ASA ^(a)		1,216		13,884
Aker ASA - Class A		166		8,820
Aker BP ASA		771		21,287
DNB ASA		6,400		116,292
Equinor ASA - ADR		7,627		141,176
Gjensidige Forsikring ASA		1,303		24,356
Leroy Seafood Group ASA		1,911		12,809

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 94.8% (Continued)

Norway — 0.7% (Continued)
Mowi ASA		2,986	$	72,798
Norsk Hydro ASA		9,508		33,550
Orkla ASA		5,716		54,909
Salmar ASA		380		17,706
Schibsted ASA - Class A		532		15,620
Schibsted ASA - Class B		684		19,101
Telenor ASA		4,565		85,456
Yara International ASA		1,227		47,753
				685,517
Portugal — 0.1%
EDP - Energias de Portugal SA		16,879		69,465
Galp Energia SGPS SA		3,138		49,977
Jeronimo Martins SGPS SA		1,683		28,240
				147,682
Republic of Korea — 1.8%
Hyundai Mobis Co. Ltd.		189		38,662
KB Financial Group, Inc. - ADR		2,758		98,516
NAVER Corp.		716		100,927
POSCO - ADR		1,958		87,934
Samsung Electronics Co. Ltd.		26,863		1,163,690
Samsung SDI Co. Ltd.		154		30,113
SK Hynix, Inc.		2,587		182,332
SK Telecom Co. Ltd. - ADR		2,454		56,565
				1,758,739
Singapore — 1.2%
CapitaLand Ltd.		17,259		45,671
City Developments Ltd.		4,261		33,795
DBS Group Holdings Ltd.		12,542		239,694
Genting Singapore Ltd.		39,159		27,057
Jardine Cycle & Carriage Ltd.		684		16,451
Keppel Corp. Ltd.		10,040		50,626
Oversea-Chinese Banking Corp. Ltd.		28,397		228,771
Sea Ltd. - ADR ^(a)		1,349		40,146
Singapore Airlines Ltd.		3,653		25,267
Singapore Exchange Ltd.		5,640		37,062
Singapore Technologies Engineering Ltd.		10,572		31,006
Singapore Telecommunications Ltd.		54,116		131,267
United Overseas Bank Ltd.		9,812		193,507
Wilmar International Ltd.		23,593		65,033
				1,165,353
Spain — 2.3%
Aena SME SA ^(b)		532		97,604
Amadeus IT Holding SA		2,986		220,931
Banco Bilbao Vizcaya Argentaria SA - ADR		46,137		241,296
Banco Santander SA - ADR		117,880		466,805
Endesa SA		2,226		60,577

	Shares		Value
Spain — 2.3% (Continued)
Iberdrola SA		41,469	$	425,873
Industria de Diseno Textil SA		7,247		225,908
Naturgy Energy Group SA		2,454		66,809
Repsol SA		10,199		167,212
Telefonica SA - ADR		31,940		244,980
				2,217,995
Sweden — 2.5%
Alfa Laval AB		2,063		47,667
Assa Abloy AB - Class B		6,791		161,059
Atlas Copco AB - Class A		4,489		158,580
Atlas Copco AB - Class B		2,682		83,079
Boliden AB		1,911		51,388
Electrolux AB		1,759		46,181
Epiroc AB - Class B		2,682		29,165
Epiroc AB - Class A		4,337		48,779
Essity AB - Class B		4,185		130,590
Hennes & Mauritz AB - Class B		5,640		117,844
Hexagon AB - Class B		1,835		93,672
ICA Gruppen AB		634		28,037
Industrivarden AB		1,151		24,902
Industrivarden AB - Class A		1,075		23,759
Investment AB Latour - Class B		856		11,569
Investor AB - Class B		3,138		160,707
Kinnevik AB - Class B		1,683		45,998
L E Lundbergforetagen AB - Class B		380		14,302
Lundin Petroleum AB		1,227		40,512
Sandvik AB		7,551		133,218
Skandinaviska Enskilda Banken AB - Class A		11,115		106,503
Skandinaviska Enskilda Banken AB		94		908
Skanska AB - Class B		2,530		53,845
SKF AB - Class B		2,606		47,110
Svenska Cellulosa AB SCA - Class B		4,185		42,631
Svenska Handelsbanken AB - Class A		10,344		103,550
Svenska Handelsbanken AB - Class B		228		2,288
Swedbank AB - Class A		6,400		89,514
Swedish Match AB		1,227		57,591
Tele2 AB - Class B		3,454		49,383
Telefonaktiebolaget LM Ericsson - ADR		19,322		168,488
Telia Co. AB		18,866		82,942
Volvo AB - Class B		11,343		169,633
				2,425,394
Switzerland — 7.7%
ABB Ltd. - ADR		13,378		280,804
Alcon, Inc. ^(a)		3,442		203,275
Cie Financiere Richemont SA		3,518		276,733
Credit Suisse Group AG - ADR		16,736		207,192
Glencore PLC		75,876		228,663
Nestle SA - ADR		20,783		2,227,106

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 94.8% (Continued)

Switzerland — 7.7% (Continued)
Novartis AG - ADR		17,722	$	1,549,612
Roche Holding AG - ADR		40,855		1,536,965
STMicroelectronics NV		4,533		102,832
Swiss Re AG		2,063		216,024
UBS Group AG		26,313		310,475
Zurich Insurance Group AG		1,032		403,280
				7,542,961
United Kingdom — 13.0%
Anglo American PLC		9,963		255,737
Associated British Foods PLC		2,459		70,904
AstraZeneca PLC - ADR		18,640		913,919
Atlassian Corp PLC - Class A ^(a)		811		97,961
Aviva PLC		27,748		149,237
BAE Systems PLC - ADR		5,488		166,616
Barclays PLC - ADR		28,327		244,462
BHP Group PLC - ADR		7,323		310,642
BP PLC - ADR		23,817		902,902
British American Tobacco PLC - ADR		15,908		556,144
BT Group PLC		60,150		159,493
Coca-Cola European Partners PLC		1,607		85,991
Compass Group PLC		11,099		295,594
Diageo PLC - ADR		4,117		674,653
Fiat Chrysler Automobiles NV		7,551		117,296
GlaxoSmithKline PLC - ADR		17,434		798,477
HSBC Holdings PLC - ADR		28,780		1,087,596
ICON PLC ^(a)		359		52,737
Legal & General Group PLC		41,474		141,669
Lloyds Banking Group PLC - ADR		125,263		363,263
London Stock Exchange Group PLC		2,150		193,670
Melrose Industries PLC		251		693
National Grid PLC - ADR		5,250		306,442
Prudential PLC - ADR		8,902		357,326
Reckitt Benckiser Group PLC - ADR		25,477		401,772
RELX PLC - ADR		13,921		336,749
Rio Tinto PLC - ADR		6,942		361,053
Rolls-Royce Holdings PLC		13,074		120,072
Royal Bank of Scotland Group PLC - ADR		15,452		85,759
Royal Dutch Shell PLC - ADR - Class B		27,847		1,623,202
Smith & Nephew PLC - ADR		3,062		132,340
SSE PLC		7,476		124,295
Standard Chartered PLC		19,170		174,072
Tesco PLC		67,114		204,474
Unilever PLC - ADR		8,218		493,984

	Shares		Value
United Kingdom — 13.0% (Continued)
Vodafone Group PLC - ADR		18,562	$	379,036
				12,740,232
TOTAL COMMON STOCKS (Cost $89,321,121)				93,044,723

PREFERRED STOCKS — 0.5%

Germany — 0.4%
Bayerische Motoren Werke AG		380		23,416
Henkel AG & Co. KGaA		1,227		127,514
Volkswagen AG		1,303		248,067
				398,997
Republic of Korea — 0.1%
Samsung Electronics Co. Ltd.		3,261		115,058
TOTAL PREFERRED STOCKS (Cost $465,753)				514,055

REAL ESTATE INVESTMENT TRUSTS — 1.0%

Australia — 0.2%
Dexus		7,501		61,895
Goodman Group		11,115		110,258
				172,153
Canada — 0.4%
Brookfield Asset Management, Inc. - Class A		6,405		353,876
Hong Kong — 0.2%
Link REIT		14,605		159,266

Japan — 0.1%
Japan Real Estate Investment Corp.		6		40,948
Nippon Building Fund, Inc.		6		45,560
Nomura Real Estate Master Fund, Inc.		21		40,157
				126,665
Singapore — 0.1%
Ascendas Real Estate Investment Trust		17,639		41,101
CapitaLand Mall Trust		19,322		36,074
				77,175
United States — 0.0%
Brookfield Property REIT, Inc. - Class A		684		12,928
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $860,584)				902,063

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

Pacer Trendpilot International ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
EXCHANGE TRADED FUNDS — 3.3%
iShares MSCI EAFE ETF		12,160	$	819,827
iShares MSCI South Korea ETF		41,230		2,429,684
TOTAL EXCHANGE TRADED FUNDS (Cost $3,207,219)				3,249,511

SHORT-TERM INVESTMENTS — 0.4%

Money Market Deposit Accounts — 0.4%
U.S. Bank Money Market Deposit Account, 1.72% ^(c)		381,846		381,846
TOTAL SHORT-TERM INVESTMENTS (Cost $381,846)				381,846

Total Investments (Cost $94,236,523) — 100.0%				98,092,198
Other Assets in Excess of Liabilities — 0.0%				34,537
TOTAL NET ASSETS — 100.0%			$	98,126,735

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)

Non-income producing security.

(b)

(c)

The rate shown is as of October 31, 2019.

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

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
COMMON STOCKS — 86.3%

Brazil — 7.4%
Ambev SA - ADR		16,128	$	69,512
Cia de Saneamento Basico do Estado de Sao Paulo - ADR		3,622		49,042
Hypera SA		1,302		11,174
Petrobras Distribuidora SA		4,653		32,950
TIM Participacoes SA - ADR		1,587		22,456
Transmissora Alianca de Energia Eletrica SA		1,417		10,144
Vale SA - ADR ^(a)		5,782		67,881
YDUQS Part		1,245		12,147
				275,306
Colombia — 2.0%
Ecopetrol SA - ADR		4,145		75,646

Greece — 0.3%
OPAP SA		1,096		11,918

Hong Kong — 23.9%
Angang Steel Co. Ltd. - Class H		113,125		37,969
Anhui Conch Cement Co. Ltd. - Class H		12,708		76,142
BAIC Motor Corp Ltd. - Class H ^(b)		118,374		73,720
BYD Electronic International Co. Ltd.		10,710		18,479
China Communications Services Corp Ltd. - Class H		26,934		16,671
China Medical System Holdings Ltd.		12,492		16,994
China Mobile Ltd. - ADR		1,621		65,456
China Resources Cement Holdings Ltd.		63,583		69,783
China Shenhua Energy Co Ltd. - Class H		34,704		70,595
China Unicom Hong Kong Ltd.		66,498		65,938
CNOOC Ltd. - ADR		473		70,259
Great Wall Motor Co. Ltd. - Class H		94,011		76,543
Jiangxi Copper Co. Ltd. - Class H		28,813		33,792
Kingboard Laminates Holdings Ltd.		16,861		15,492
Maanshan Iron & Steel Co. Ltd. - Class H		112,881		42,784
Sinotruk Hong Kong Ltd.		9,112		13,815
Weichai Power Co. Ltd. - Class H		47,319		74,759
Zoomlion Heavy Industry Science and Technology Co. Ltd. - Class H		68,938		50,763
				889,954
Hungary — 0.8%
MOL Hungarian Oil & Gas PLC		3,096		30,602

India — 1.8%
Infosys Ltd. - ADR		6,927		66,430

	Shares		Value
Indonesia — 0.7%
United Tractors Tbk PT		16,111	$	24,877

Kuwait — 0.9%
Mobile Telecommunications Co KSC		18,450		34,358

Malaysia — 0.3%
Malaysia Airports Holdings Bhd		6,078		11,520

Mexico — 0.6%
Grupo Aeroportuario del Centro Norte SAB de CV		963		6,683
Grupo Aeroportuario del Sureste SAB de CV - ADR		88		14,410
				21,093
Qatar — 0.4%
Qatar Fuel QSC		2,700		16,388

Russian Federation — 13.4%
Alrosa PJSC		34,647		40,260
Inter RAO UES PJSC		955,354		64,363
MMC Norilsk Nickel PJSC - ADR		3,360		93,072
Novolipetsk Steel PJSC		26,154		51,001
Severstal PJSC		4,297		59,118
Surgutneftegas PJSC		179,049		120,069
Tatneft PJSC - ADR		1,018		71,260
				499,143
Singapore — 0.2%
Yangzijiang Shipbuilding Holdings Ltd.		10,000		7,020

South Africa — 5.4%
African Rainbow Minerals Ltd.		1,146		11,467
Aspen Pharmacare Holdings Ltd. ^(a)		2,518		17,580
AVI Ltd.		823		4,718
Mr Price Group Ltd.		721		7,625
MultiChoice Group ^(a)		1,569		13,086
Pick n Pay Stores Ltd.		970		4,243
Remgro Ltd.		1,734		19,884
Sibanye Gold Ltd. - ADR ^(a)		4,365		33,392
The SPAR Group Ltd.		885		11,891
Tiger Brands Ltd.		397		5,638
Truworths International Ltd.		2,650		9,395
Vodacom Group Ltd.		5,839		50,950
Woolworths Holdings Ltd.		2,751		10,467
				200,336
Taiwan — 13.1%
Catcher Technology Co. Ltd.		2,700		22,884
Far EasTone Telecommunications Co. Ltd.		10,048		24,096
Formosa Chemicals & Fibre Corp.		19,192		55,860

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

Pacer Emerging Markets Cash Cows 100 ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Shares		Value
COMMON STOCKS — 86.3% (Continued)

Taiwan — 13.1% (Continued)
Foxconn Technology Co. Ltd.		4,660	$	9,981
Globalwafers Co. Ltd.		3,841		46,056
Lite-On Technology Corp.		10,029		16,539
MediaTek, Inc.		2,875		38,534
Nanya Technology Corp.		19,170		44,083
Novatek Microelectronics Corp.		1,405		9,047
President Chain Store Corp.		2,628		26,245
Realtek Semiconductor Corp.		1,491		11,094
Uni-President Enterprises Corp.		18,460		45,603
United Microelectronics Corp.		70,284		32,325
Vanguard International Semiconductor Corp.		3,691		7,906
Walsin Technology Corp.		5,020		30,261
Yageo Corp.		6,610		68,184
				488,698
Thailand — 7.4%
Advanced Info Service PCL		10,944		83,000
Electricity Generating PCL		1,491		17,135
Intouch Holdings PCL		7,656		16,734
PTT Exploration & Production PCL		17,473		69,730
PTT PCL		46,473		69,644
Ratch Group PCL		4,369		10,635
Thai Union Group PCL		15,760		7,620
				274,498
Turkey — 5.4%
Eregli Demir ve Celik Fabrikalari TAS		27,205		31,120
KOC Holding AS		14,418		47,234
Tupras Turkiye Petrol Rafinerileri AS		1,674		36,453
Turk Hava Yollari AO ^(a)		11,599		23,615
Turk Telekomunikasyon AS ^(a)		41,797		42,475
Turkcell Iletisim Hizmetleri AS		8,142		17,901
				198,798
United Kingdom — 2.3%
LUKOIL PJSC - ADR		909		83,592
TOTAL COMMON STOCKS (Cost $3,174,231)				3,210,177

PREFERRED STOCKS — 4.3%

Brazil — 4.3%
Braskem SA - Class A		6,550		45,175
Cia de Transmissao de Energia Eletrica Paulista		2,521		14,803
Cia Energetica de Minas Gerais - ADR		6,395		21,487
Petroleo Brasileiro SA - ADR		5,278		79,645
TOTAL PREFERRED STOCKS (Cost $172,971)				161,110

	Shares		Value
EXCHANGE TRADED FUNDS — 7.2%
iShares MSCI China A ETF		1,417	$	40,399
iShares MSCI Emerging Markets ETF		1,020		43,432
iShares MSCI India ETF		1,834		63,548
iShares MSCI Saudi Arabia ETF		3,516		101,331
iShares MSCI Singapore ETF		720		17,503
TOTAL EXCHANGE TRADED FUNDS (Cost $277,658)				266,213

REAL ESTATE INVESTMENT TRUSTS — 1.6%

Mexico — 0.7%
Fibra Uno Administracion SA de CV		16,906		25,698

South Africa — 0.9%
Growthpoint Properties Ltd.		14,538		21,272
Redefine Properties Ltd.		23,146		11,550
				32,822
TOTAL REAL ESTATE INVESTMENT TRUSTS (Cost $61,889)				58,520

SHORT-TERM INVESTMENTS — 0.3%

Money Market Deposit Accounts — 0.3%
U.S. Bank Money Market Deposit Account, 1.72% ^(c)		10,779		10,779
TOTAL SHORT-TERM INVESTMENTS (Cost $10,779)				10,779

Total Investments (Cost $3,697,528) — 99.7%				3,706,799
Other Assets in Excess of Liabilities — 0.3%				10,069
TOTAL NET ASSETS — 100.0%			$	3,716,868

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

(a)

Non-income producing security.

(b)

(c)

The rate shown is as of October 31, 2019.

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

Pacer Cash Cows Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
EXCHANGE TRADED FUNDS — 99.9%
Pacer Developed Markets International Cash Cows 100 ETF ^(a)		19,136	$	497,628
Pacer Global Cash Cows Dividend ETF ^(a)		16,271		493,500
Pacer US Cash Cows 100 ETF ^(a)		16,740		493,160
Pacer US Cash Cows Growth ETF ^(a)		19,727		484,657
Pacer US Small Cap Cash Cows 100 ETF ^(a)		19,536		494,382
TOTAL EXCHANGE TRADED FUNDS (Cost $2,528,323)				2,463,327

SHORT-TERM INVESTMENTS — 0.1%

Money Market Deposits Account — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(b)		2,060		2,060
TOTAL SHORT-TERM INVESTMENTS (Cost $2,060)				2,060

Total Investments (Cost $2,530,383) — 100.0%				2,465,387
Liabilities in Excess of Other Assets — 0.0% ^(c)				(303	)
TOTAL NET ASSETS — 100.0%			$	2,465,084

Percentages are stated as a percent of net assets.

(a)

Affiliated Exchange-Traded Fund.

(b)

The rate shown is as of October 31, 2019.

(c)

Less than 0.05%.

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

Pacer Trendpilot Fund of Funds ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Shares		Value
EXCHANGE TRADED FUNDS — 99.9%
Pacer Trendpilot 100 ETF ^(a)		69,570	$	2,608,875
Pacer Trendpilot International ETF ^(a)(b)		198,325		5,144,550
Pacer Trendpilot US Large Cap ETF ^(a)		80,630		2,559,196
Pacer Trendpilot US Mid Cap ETF ^(a)		85,982		2,533,890
TOTAL EXCHANGE TRADED FUNDS (Cost $12,441,910)				12,846,511

SHORT-TERM INVESTMENTS — 0.1%

MONEY MARKET FUNDS — 0.1%
U.S. Bank Money Market Deposit Account, 1.72% ^(c)		10,872		10,872
TOTAL SHORT-TERM INVESTMENTS (Cost $10,872)				10,872

Total Investments (Cost $12,452,782) — 100.0%				12,857,383
Liabilities in Excess of Other Assets — 0.0% ^(d)				(1,425	)
TOTAL NET ASSETS — 100.0%			$	12,855,958

Percentages are stated as a percent of net assets.

(a)

Affiliated Exchange-Traded Fund.

(b)

Non-income producing security.

(c)

The rate shown is as of October 31, 2019

(d)

Less than 0.05%

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

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited)

	Par Value		Value
CORPORATE BONDS — 98.0%

Advertising — 1.8%
Lamar Media Corp.
5.750%, 02/01/2026	$	300,000	$	319,500

Aerospace/Defense — 2.1%
Kratos Defense & Security Solutions, Inc.
6.500%, 11/30/2025 ^(a)		300,000		318,750
TransDigm, Inc.
6.250%, 03/15/2026 ^(a)		50,000		53,688
				372,438
Apparel — 0.3%
The William Carter Co.
5.625%, 03/15/2027 ^(a)		50,000		53,688

Auto Manufacturers — 1.8%
Navistar International Corp.
6.625%, 11/01/2025 ^(a)		300,000		307,500

Auto Parts & Equipment — 0.2%
Delphi Technologies PLC
5.000%, 10/01/2025 ^(a)		50,000		43,500

Banks — 1.9%
Barclays PLC
5.200%, 05/12/2026		300,000		325,979

Building Materials — 5.6%
Builders FirstSource, Inc.
6.750%, 06/01/2027 ^(a)		300,000		327,000
Masonite International Corp.
5.750%, 09/15/2026 ^(a)		300,000		319,500
PGT Escrow Issuer, Inc.
6.750%, 08/01/2026 ^(a)		300,000		324,000
				970,500
Chemicals — 2.8%
Ashland LLC
6.875%, 05/15/2043		300,000		340,500
CF Industries, Inc.
5.150%, 03/15/2034		50,000		53,250
The Chemours Co.
5.375%, 05/15/2027		50,000		44,680
Element Solutions, Inc.
5.875%, 12/01/2025 ^(a)		50,000		52,445
				490,875
Coal — 1.8%
Peabody Energy Corp.
6.000%, 03/31/2022 ^(a)		300,000		279,000

	Par Value		Value
Coal — 1.8% (Continued)
SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.
7.500%, 06/15/2025 ^(a)	$	50,000	$	42,750
				321,750
Computers — 1.8%
NCR Corp.
6.125%, 09/01/2029 ^(a)		300,000		315,375

Distribution/Wholesale — 0.6%
HD Supply, Inc.
5.375%, 10/15/2026 ^(a)		50,000		53,125
IAA, Inc.
5.500%, 06/15/2027 ^(a)		50,000		53,695
				106,820
Diversified Financial Services — 3.4%
Enova International, Inc.
8.500%, 09/15/2025 ^(a)		300,000		277,950
Navient Corp.
6.750%, 06/15/2026		300,000		314,250
				592,200
Electric — 5.6%
AES Corp
5.125%, 09/01/2027		50,000		53,874
NRG Energy, Inc.
6.625%, 01/15/2027		540,000		587,250
Talen Energy Supply LLC
6.625%, 01/15/2028 ^(a)		300,000		291,000
TransAlta Corp.
6.500%, 03/15/2040		50,000		50,594
				982,718
Electrical Components & Equipment — 0.3%
Energizer Holdings, Inc.
6.375%, 07/15/2026 ^(a)		50,000		53,440

Electronics — 1.8%
Sensata Technologies BV
4.875%, 10/15/2023 ^(a)		300,000		318,006

Engineering & Construction — 1.9%
frontdoor, Inc.
6.750%, 08/15/2026 ^(a)		300,000		327,375

Entertainment — 4.5%
Caesars Resort Collection LLC / CRC Finco, Inc.
5.250%, 10/15/2025 ^(a)		300,000		307,875
Cedar Fair LP / Canada’s Wonderland Co.
5.375%, 04/15/2027		50,000		53,500
Eldorado Resorts, Inc.
6.000%, 09/15/2026		100,000		110,125

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

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Par Value		Value
CORPORATE BONDS — 98.0% (Continued)

Entertainment — 4.5% (Continued)
International Game Technology PLC
6.250%, 02/15/2022 ^(a)	$	300,000	$	317,250
				788,750
Food — 0.6%
Lamb Weston Holdings, Inc.
4.625%, 11/01/2024 ^(a)		50,000		52,812
Pilgrim’s Pride Corp.
5.875%, 09/30/2027 ^(a)		50,000		53,764
				106,576
Hand/Machine Tools — 0.3%
Colfax Corp.
6.000%, 02/15/2024 ^(a)		50,000		53,188

Healthcare-Products — 0.3%
Teleflex, Inc.
4.875%, 06/01/2026		50,000		52,672

Healthcare-Services — 2.1%
Charles River Laboratories International, Inc.
5.500%, 04/01/2026 ^(a)		50,000		53,375
Tenet Healthcare Corp.
4.625%, 09/01/2024 ^(a)		300,000		308,055
				361,430
Home Builders — 4.3%
Forestar Group, Inc.
8.000%, 04/15/2024 ^(a)		300,000		324,000
LGI Homes, Inc.
6.875%, 07/15/2026 ^(a)		300,000		312,000
MDC Holdings, Inc.
6.000%, 01/15/2043		50,000		52,313
PulteGroup, Inc.
6.375%, 05/15/2033		50,000		57,125
				745,438
Insurance — 0.3%
Genworth Holdings, Inc.
6.500%, 06/15/2034		50,000		46,360

Investment Companies — 2.6%
Icahn Enterprises LP / Icahn Enterprises Finance Corp.
6.250%, 05/15/2026 ^(a)		420,000		446,250

Iron/Steel — 2.4%
AK Steel Corp.
7.500%, 07/15/2023		50,000		50,375
Mineral Resources Ltd.
8.125%, 05/01/2027 ^(a)		300,000		316,500

	Par Value		Value
Iron/Steel — 2.4% (Continued)
United States Steel Corp.
6.875%, 08/15/2025	$	50,000	$	45,345
				412,220
Lodging — 1.8%
Boyd Gaming Corp.
6.000%, 08/15/2026		300,000		318,375
Machinery-Construction & Mining — 0.3%
BWX Technologies, Inc.
5.375%, 07/15/2026 ^(a)		50,000		53,202

Machinery-Diversified — 0.3%
The Manitowoc Co., Inc.
9.000%, 04/01/2026 ^(a)		50,000		48,230

Media — 0.6%
Gray Television, Inc.
5.875%, 07/15/2026 ^(a)		50,000		52,688
Sinclair Television Group, Inc.
5.875%, 03/15/2026 ^(a)		50,000		52,438
				105,126
Metal Fabricate/Hardware — 0.3%
Park-Ohio Industries, Inc.
6.625%, 04/15/2027		50,000		48,250

Mining — 4.1%
Freeport-McMoRan, Inc.
5.400%, 11/14/2034		300,000		294,375
Hudbay Minerals, Inc.
7.250%, 01/15/2023 ^(a)		50,000		51,870
IAMGOLD Corp.
7.000%, 04/15/2025 ^(a)		50,000		51,875
Novelis Corp.
5.875%, 09/30/2026 ^(a)		300,000		315,780
				713,900
Oil&Gas — 7.9%
Canacol Energy Ltd.
7.250%, 05/03/2025 ^(a)		300,000		315,378
Denbury Resources, Inc.
9.000%, 05/15/2021 ^(a)		50,000		44,000
Gran Tierra Energy, Inc.
7.750%, 05/23/2027 ^(a)		50,000		48,000
Hilcorp Energy I LP / Hilcorp Finance Co.
5.000%, 12/01/2024 ^(a)		300,000		267,840
PBF Holding Co LLC / PBF Finance Corp.
7.000%, 11/15/2023		300,000		310,500
Southwestern Energy Co.
7.500%, 04/01/2026		50,000		44,129

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

Pacer Trendpilot US Bond ETF

SCHEDULE OF INVESTMENTS
October 31, 2019 (Unaudited) (Continued)

	Par Value		Value
CORPORATE BONDS — 98.0% (Continued)

Oil&Gas — 7.9% (Continued)
Tullow Oil PLC
7.000%, 03/01/2025 ^(a)	$	300,000	$	310,875
W&T Offshore, Inc.
9.750%, 11/01/2023 ^(a)		50,000		47,125
				1,387,847
Packaging & Containers — 3.7%
Greif, Inc.
6.500%, 03/01/2027 ^(a)		50,000		53,875
Matthews International Corp.
5.250%, 12/01/2025 ^(a)		300,000		281,250
Owens-Brockway Glass Container, Inc.
5.375%, 01/15/2025 ^(a)		300,000		303,750
				638,875
Pharmaceuticals — 2.3%
Bausch Health Americas, Inc.
9.250%, 04/01/2026 ^(a)		300,000		340,131
Bausch Health Cos, Inc.
5.750%, 08/15/2027 ^(a)		50,000		54,422
				394,553
Pipelines — 5.0%
Cheniere Energy Partners LP
5.625%, 10/01/2026		50,000		53,062
CNX Midstream Partners LP / CNX Midstream Finance Corp.
6.500%, 03/15/2026 ^(a)		300,000		281,250
EnLink Midstream LLC
5.375%, 06/01/2029		300,000		267,000
Genesis Energy LP / Genesis Energy Finance Corp.
6.250%, 05/15/2026		295,000		274,350
				875,662
Real Estate — 1.8%
Realogy Group LLC / Realogy Co-Issuer Corp.
5.250%, 12/01/2021 ^(a)		50,000		50,250
The GEO Group Inc.
5.125%, 04/01/2023		300,000		265,500
				315,750
Retail — 5.3%
eG Global Finance PLC
6.750%, 02/07/2025 ^(a)		300,000		301,125
KFC Holding Co./Pizza Hut Holdings LLC
5.250%, 06/01/2026 ^(a)		300,000		318,000
Penske Automotive Group, Inc.
5.500%, 05/15/2026		300,000		314,625
				933,750

	Par Value		Value
Software — 4.6%
CDK Global, Inc.
5.875%, 06/15/2026	$	300,000	$	322,125
The Dun & Bradstreet Corp.
6.875%, 08/15/2026 ^(a)		100,000		109,530
IQVIA, Inc.
5.000%, 10/15/2026 ^(a)		50,000		52,937
Nuance Communications, Inc.
5.625%, 12/15/2026		300,000		319,140
				803,732
Telecommunications — 5.0%
Cincinnati Bell, Inc.
8.000%, 10/15/2025 ^(a)		50,000		44,875
Embarq Corp.
7.995%, 06/01/2036		360,000		358,200
Plantronics, Inc.
5.500%, 05/31/2023 ^(a)		50,000		50,938
Sprint Capital Corp.
6.875%, 11/15/2028		330,000		360,419
United States Cellular Corp.
6.700%, 12/15/2033		50,000		54,515
				868,947
Transportation — 3.9%
Global Ship Lease, Inc.
9.875%, 11/15/2022 ^(a)		570,000		592,800
XPO Logistics, Inc.
6.750%, 08/15/2024 ^(a)		90,000		97,650
				690,450
TOTAL CORPORATE BONDS (Cost $17,155,983)				17,111,197

Total Investments (Cost $17,155,983) — 98.0%				17,111,197
Other Assets in Excess of Liabilities — 2.0%				348,043
TOTAL NET ASSETS — 100.0%			$	17,459,240

Percentages are stated as a percent of net assets.

(a)

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

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2019 (Unaudited)

	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^{*^}	$	3,047,538,111	$	793,489,466		$	657,780,449	$	136,984,391		$	242,548,814
Foreign Currency at Value^*		—		—			—		3,939			633
Interest and Dividends Receivable		2,468,253		375,812			110,217		586,490			953,432
Receivable for Investment Securities Sold		—		5,849,859			—		—			—
Securities Lending Income Receivable		36,974		28,209			6,129		9,165			5,193
Total Assets		3,050,043,338		799,743,346			657,896,795		137,583,985			243,508,072

LIABILITIES
Management Fees Payable		1,359,505		316,595			321,201		67,600			106,341
Payable for Fund Shares Redeemed		—		5,908,815			—		—			—
Collateral Received for Securities Loaned (See Note 5)		286,567,540		171,667,967			48,405,439		13,356,594			35,369,090
Total Liabilities		287,927,045		177,893,377			48,726,640		13,424,194			35,475,431
NET ASSETS	$	2,762,116,293	$	621,849,969		$	609,170,155	$	124,159,791		$	208,032,641

NET ASSETS CONSIST OF:
Paid-in Capital	$	2,576,801,761	$	702,675,712		$	561,648,449	$	147,629,583		$	219,300,111
Total Distributable Earnings (Accumulated Deficit)		185,314,532		(80,825,743	)		47,521,706		(23,469,792	)		(11,267,470	)
Net Assets	$	2,762,116,293	$	621,849,969		$	609,170,155	$	124,159,791		$	208,032,641
^* Identified Cost:
Investments in Securities	$	2,848,364,849	$	777,718,475		$	592,285,282	$	130,739,188		$	245,790,315
Foreign Currencies		—		—			—		3,923			625
^{^} Includes Loaned securities with a value of		278,595,457	$	166,497,202		$	47,232,374		12,973,716			34,197,626

Net Asset Value (unlimited shares authorized):
Net Assets	$	2,762,116,293	$	621,849,969		$	609,170,155	$	124,159,791		$	208,032,641
Shares Outstanding (No Par Value)		87,050,000		21,100,000			16,250,000		4,550,000			6,850,000
Net Asset Value, Offering and Redemption Price per Share	$	31.73	$	29.47		$	37.49	$	27.29		$	30.37

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

100

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2019 (Unaudited)

	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^{*^}	$	283,400,592		$	56,208,648		$	37,704,220		$	81,297,616		$	3,021,322
Foreign Currency at Value^*		—			—			120			—			—
Interest and Dividends Receivable		202,430			48,715			199,481			47,374			3,349
Receivable for Investment Securities Sold		2,936,093			—			—			1,137,660			—
Securities Lending Income Receivable		18,909			2,180			758			1,192			—
Total Assets		286,558,024			56,259,543			37,904,579			82,483,842			3,024,671

LIABILITIES
Management Fees Payable		97,263			20,959			18,123			39,089			1,499
Payable for Fund Shares Redeemed		2,964,015			—			—			1,158,195			—
Collateral Received for Securities Loaned (See Note 5)		48,704,018			13,143,437			5,205,741			11,794,714			—
Total Liabilities		51,765,296			13,164,396			5,223,864			12,991,998			1,499
NET ASSETS	$	234,792,728		$	43,095,147		$	32,680,715		$	69,491,844		$	3,023,172

NET ASSETS CONSIST OF:
Paid-in Capital	$	245,573,288		$	47,238,197		$	36,456,839		$	87,718,063		$	2,588,987
Total Distributable Earnings (Accumulated Deficit)		(10,780,560	)		(4,143,050	)		(3,776,124	)		(18,226,219	)		434,185
Net Assets	$	234,792,728		$	43,095,147		$	32,680,715		$	69,491,844		$	3,023,172
^* Identified Cost:
Investments in Securities	$	281,767,938		$	54,484,609		$	37,896,845		$	80,644,558		$	2,841,574
Foreign Currencies		—			—			118			—			—
^{^} Includes loaned securities with a value of		47,275,029			12,521,132			5,052,238			11,577,640			—

Net Asset Value (unlimited shares authorized):
Net Assets	$	234,792,728		$	43,095,147		$	32,680,715		$	69,491,844		$	3,023,172
Shares Outstanding (No Par Value)		7,950,000			1,700,000			1,250,000			3,000,000			100,000
Net Asset Value, Offering and Redemption Price per Share	$	29.53		$	25.35		$	26.14		$	23.16		$	30.23

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

101

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2019 (Unaudited)

	Pacer Benchmark Retail Real Estate^SM ETF		Pacer Benchmark Industrial Real Estate^SM ETF		Pacer Benchmark Data & Infrastructure Real Estate^SM ETF		Pacer US Export Leaders ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
ASSETS
Investments in Securities, at Value^{*^}	$	1,578,896	$	33,699,391	$	201,813,761	$	1,325,605		$	39,582,811
Cash		—		—		—		—			1,174
Interest and Dividends Receivable		2,115		23,867		383		1,030			41,813
Receivable for Investment Securities Sold		—		—		—		—			52,768,796
Receivable for Fund Shares Sold		—		1,695,610		6,330,500		—			13,239,585
Securities Lending Income Receivable		30		2,830		5,447		—			—
Total Assets		1,581,041		35,421,698		208,150,091		1,326,635			105,634,179

LIABILITIES
Management Fees Payable		906		13,255		70,417		656			19,556
Payable for Investment Securities Purchased		—		1,692,880		6,320,718		—			52,735,516
Payable for Fund Shares Redeemed		—		—		—		—			13,226,310
Collateral Received for Securities Loaned (See Note 5)		126,662		3,194,383		37,165,640		—			—
Total Liabilities		127,568		4,900,518		43,556,775		656			65,981,382
NET ASSETS	$	1,453,473	$	30,521,180	$	164,593,316	$	1,325,979		$	39,652,797

NET ASSETS CONSIST OF:
Paid-in Capital	$	1,321,333	$	27,780,150	$	159,724,036	$	1,341,327		$	38,573,221
Total Distributable Earnings (Accumulated Deficit)		132,140		2,741,030		4,869,280		(15,348	)		1,079,576
Net Assets	$	1,453,473	$	30,521,180	$	164,593,316	$	1,325,979		$	39,652,797
^* Identified Cost:
Investments in Securities	$	1,568,326	$	31,309,317	$	197,675,696	$	1,316,292		$	39,596,156
^{^} Includes loaned securities with a value of		121,170		3,158,374		35,675,061		—			—

Net Asset Value (unlimited shares authorized):
Net Assets	$	1,453,473	$	30,521,180	$	164,593,316	$	1,325,979		$	39,652,797
Shares Outstanding (No Par Value)		50,000		900,000		5,200,000		50,000			1,350,000
Net Asset Value, Offering and Redemption Price per Share	$	29.07	$	33.91	$	31.65	$	26.52		$	29.37

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

102

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2019 (Unaudited)

	Pacer US Cash Cows Growth ETF			Pacer Trendpilot International ETF		Pacer Emerging Markets Cash Cows 100 ETF			Pacer Cash Cows Fund of Funds ETF			Pacer Trendpilot Fund of Funds ETF
ASSETS
Investments in Unaffiliated Securities, at Value^*	$	2,458,045		$	98,092,198	$	3,706,799		$	2,060		$	10,872
Investments in Affiliated Securities, at Value^*										2,463,327			12,846,511
Foreign Currency at Value^*		—			6,333		1,763			—			—
Interest and Dividends Receivable		2,670			208,548		10,454			3			15
Return of Capital Receivable		—			743		—			—			—
Total Assets		2,460,715			98,307,822		3,719,016			2,465,390			12,857,398

LIABILITIES
Management Fees Payable		1,231			44,284		2,148			306			1,440
Payable for Investment Securities Purchased		—			136,803		—			—			—
Total Liabilities		1,231			181,087		2,148			306			1,440
NET ASSETS	$	2,459,484		$	98,126,735	$	3,716,868		$	2,465,084		$	12,855,958

NET ASSETS CONSIST OF:
Paid-in Capital	$	2,494,050		$	93,989,673	$	3,718,765		$	2,531,000		$	12,458,105
Total Distributable Earnings (Accumulated Deficit)		(34,566	)		4,137,062		(1,897	)		(65,916	)		397,853
Net Assets	$	2,459,484		$	98,126,735	$	3,716,868		$	2,465,084		$	12,855,958
^* Identified Cost:
Investments in Unaffiliated Securities	$	2,497,315		$	94,236,523	$	3,697,528		$	2,060		$	10,872
Investments in Affiliated Securities		—			—		—			2,528,323			12,441,910
Foreign Currencies		—			6,270		1,775			—			—

Net Asset Value (unlimited shares authorized):
Net Assets	$	2,459,484		$	98,126,735	$	3,716,868		$	2,465,084		$	12,855,958
Shares Outstanding (No Par Value)		100,000			3,800,000		150,000			100,000			500,000
Net Asset Value, Offering and Redemption Price per Share	$	24.59		$	25.82	$	24.78		$	24.65		$	25.71

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

103

Pacer Funds

STATEMENTS OF ASSETS & LIABILITIES
October 31, 2019 (Unaudited)

	Pacer Trendpilot US Bond ETF
ASSETS
Investments in Securities, at Value^*	$	17,111,197
Cash		4,941,275
Interest and Dividends Receivable		334,135
Receivable for Investment Securities Sold		76,131
Total Assets		22,462,738

LIABILITIES
Management Fees Payable		1,598
Payable for Fund Shares Redeemed		5,001,900
Total Liabilities		5,003,498
NET ASSETS	$	17,459,240

NET ASSETS CONSIST OF:
Paid-in Capital	$	17,521,014
Total Distributable Earnings (Accumulated Deficit)		(61,774	)
Net Assets	$	17,459,240
^* Identified Cost:
Investments in Securities	$	17,155,983

Net Asset Value (unlimited shares authorized):
Net Assets	$	17,459,240
Shares Outstanding (No Par Value)		700,000
Net Asset Value, Offering and Redemption Price per Share	$	24.94

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

104

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2019 (Unaudited)

	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 $0, $2,866, $1,978, $442,633, and $297,768 respectively)	$	22,335,389	$	5,593,183		$	1,628,811		$	2,815,205		$	5,565,557
Interest		42,340		456,803			7,952			3,649			4,627
Securities Lending Income		170,599		122,120			32,455			43,439			41,804
Total Investment Income		22,548,328		6,172,106			1,669,218			2,862,293			5,611,988

Expenses:
Management Fees		7,346,190		2,020,201			1,774,221			440,591			630,641
Total Expenses		7,346,190		2,020,201			1,774,221			440,591			630,641
Net Investment Income		15,202,138		4,151,905			(105,003	)		2,421,702			4,981,347

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		23,016		(45,979,811	)		631,519			(249,626	)		(3,585,951	)
In-Kind Redemptions		2,556,130		833,056			985,304			1,864,603			5,600,737
Foreign Currencies		—		—			—			(7,064	)		40,568
Total		2,579,146		(45,146,755	)		1,616,823			1,607,913			2,055,354
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		86,326,039		2,140,555			23,310,933			(3,535,138	)		(7,769,132	)
Foreign Currencies		—		—			—			(2,860	)		2,601
Total		86,326,039		2,140,555			23,310,933			(3,537,998	)		(7,766,531	)
Net Realized and Unrealized Gain (Loss) on Investments		88,905,185		(43,006,200	)		24,927,756			(1,930,085	)		(5,711,177	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	104,107,323	$	(38,854,295	)	$	24,822,753		$	491,617		$	(729,830	)

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

105

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2019 (Unaudited)

	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 $4,889, $0, $58,686, $0, and $0 respectively)	$	3,275,488		$	353,311		$	701,215		$	571,865		$	35,998
Interest		4,129			897			712			414,048			115
Securities Lending Income		45,583			12,326			4,131			10,987			—
Total Investment Income		3,325,200			366,534			706,058			996,900			36,113

Expenses:
Management Fees		610,713			127,203			109,050			311,370			8,794
Total Expenses		610,713			127,203			109,050			311,370			8,794
Net Investment Income		2,714,487			239,331			597,008			685,530			27,319

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(7,045,382	)		(5,816,711	)		(1,924,747	)		(5,877,648	)		(57,957	)
In-Kind Redemptions		11,904,583			4,448,071			644,945			1,627,778			327,764
Foreign Currencies		—			—			(28,178	)		—			—
Total		4,859,201			(1,368,640	)		(1,307,980	)		(4,249,870	)		269,807
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		(7,596,206	)		(258,439	)		187,047			(4,588,289	)		(134,329	)
Foreign Currencies		—			—			2,147			—			—
Total		(7,596,206	)		(258,439	)		189,194			(4,588,289	)		(134,329	)
Net Realized and Unrealized Gain (Loss) on Investments		(2,737,005	)		(1,627,079	)		(1,118,786	)		(8,838,159	)		135,478
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(22,518	)	$	(1,387,748	)	$	(521,778	)	$	(8,152,629	)	$	162,797

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

106

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2019 (Unaudited)

	Pacer Benchmark Retail Real Estate^SM ETF			Pacer Benchmark Industrial Real Estate^SM ETF			Pacer Benchmark Data & Infrastructure Real Estate^SM ETF			Pacer US Export Leaders ETF			Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF
INVESTMENT INCOME
Income:
Dividends	$	52,771		$	273,960		$	877,338		$	8,025		$	262,300
Interest		60			332			1,265			20			456
Securities Lending Income		125			15,764			14,161			—			—
Total Investment Income		52,956			290,056			892,764			8,045			262,756

Expenses:
Management Fees		6,245			49,686			213,446			3,829			84,426
Total Expenses		6,245			49,686			213,446			3,829			84,426
Net Investment Income		46,711			240,370			679,318			4,216			178,330

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(14,393	)		(70,379	)		(252,036	)		(81,764	)		(676,619	)
In-Kind Redemptions		173,174			305,099			1,061,170			141,898			1,887,945
Total		158,781			234,720			809,134			60,134			1,211,326
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		(49,811	)		2,079,589			2,812,554			(40,607	)		(11,362	)
Total		(49,811	)		2,079,589			2,812,554			(40,607	)		(11,362	)
Net Realized and Unrealized Gain (Loss) on Investments		108,970			2,314,309			3,621,688			19,527			1,199,964
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	155,681		$	2,554,679		$	4,301,006		$	23,743		$	1,378,294

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

107

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2019 (Unaudited)

	Pacer US Cash Cows Growth ETF^(a)			Pacer Trendpilot International ETF^(a)			Pacer Emerging Markets Cash Cows 100 ETF^(a)			Pacer Cash Cows Fund of Funds ETF^(b)			Pacer Trendpilot Fund of Funds ETF^(b)
INVESTMENT INCOME
Income:
Dividends from Unaffiliated Investments (net of fees and foreign withholding tax of $0, $68,536, $15,646, $0 and $0 respectively)	$	23,017		$	742,112		$	98,858		$	—		$	—
Dividends from Affiliated Investments		—			—			—			31,591			—
Interest		54			1,416			478			26			46
Total Investment Income		23,071			743,528			99,336			31,617			46

Expenses:
Management Fees		7,167			187,932			10,327			1,744			4,845
Total Expenses		7,167			187,932			10,327			1,744			4,845
Net Investment Income		15,904			555,596			89,009			29,873			(4,799	)

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment in Unaffiliated Securities		(110,646	)		(384,814	)		(44,478	)		(549	)		(1,949	)
In-Kind Redemptions		112,740			110,101			20,258			—			—
Foreign Currencies		—			279			(1,342	)		—			—
Total		2,094			(274,434	)		(25,562	)		(549	)		(1,949	)
Net Change in Unrealized Appreciation (Depreciation) of:
Investments in Unaffiliated Securities		(39,270	)		3,855,674			9,271			—			—
Investments in Affiliated Securities		—			—			—			(64,996	)		404,601
Foreign Currencies		—			226			62			—			—
Total		(39,270	)		3,855,900			9,333			(64,996	)		404,601
Net Realized and Unrealized Gain (Loss) on Investments		(37,176	)		3,581,466			(16,229	)		(65,545	)		402,652
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(21,272	)	$	4,137,062		$	72,780		$	(35,672	)	$	397,853

(a)	Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to October 31, 2019.

(b)	Fund commenced operations on May 3, 2019. The information presented is from May 3, 2019 to October 31, 2019.

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

108

Pacer Funds

STATEMENTS OF OPERATIONS
For the Period Ended October 31, 2019 (Unaudited)

	Pacer Trendpilot US Bond ETF^(a)
INVESTMENT INCOME
Income:
Interest	$	14,603
Total Investment Income		14,603

Expenses:
Management Fees		1,598
Total Expenses		1,598
Net Investment Income		13,005

REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investment Securities		(15	)
In-Kind Redemptions		(29,977	)
Total		(29,992	)
Net Change in Unrealized Appreciation (Depreciation) of:
Investments Securities		(44,787	)
Total		(44,787	)
Net Realized and Unrealized Gain (Loss) on Investments		(74,779	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(61,774	)

(a)	Fund commenced operations on October 22, 2019. The information presented is from October 22, 2019 to October 31, 2019.

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

109

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot^® US Large Cap ETF						Pacer Trendpilot^® US Mid Cap ETF
	For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019			For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019
OPERATIONS
Net Investment Income	$	15,202,138		$	20,310,926		$	4,151,905		$	8,303,392
Net Realized Gain (Loss) on Investments		2,579,146			101,668,613			(45,146,755	)		6,792,457
Change in Unrealized Appreciation (Depreciation) of Investments		86,326,039			11,669,402			2,140,555			(12,346,289	)
Net Increase (Decrease) in Net Assets Resulting from Operations		104,107,323			133,668,941			(38,854,295	)		2,749,560

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(14,704,858	)		—			(5,930,872	)
Total Distributions to Shareholders		—			(14,704,858	)		—			(5,930,872	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		521,042,575			1,416,889,645			8,862,800			524,354,675
Payments for Shares Redeemed		(27,023,225	)		(293,839,015	)		(109,463,970	)		(257,458,190	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(a)		494,019,350			1,123,050,630			(100,601,170	)		266,896,485
Net Increase(Decrease) in Net Assets	$	598,126,673		$	1,242,014,713		$	(139,455,465	)	$	263,715,173

NET ASSETS
Beginning of Period	$	2,163,989,620		$	921,974,907		$	761,305,434		$	497,590,261
End of Period	$	2,762,116,293		$	2,163,989,620		$	621,849,969	)	$	761,305,434

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

	Shares			Shares			Shares			Shares
Subscriptions		17,150,000			48,500,000			300,000			16,600,000
Redemptions		(900,000	)		(10,150,000	)		(3,800,000	)		(8,200,000	)
Net Increase (Decrease)		16,250,000			38,350,000			(3,500,000	)		8,400,000

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

110

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot^® 100 ETF						Pacer Trendpilot^® European Index ETF
	For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019			For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019
OPERATIONS
Net Investment Income (Loss)	$	(105,003	)	$	2,561,059		$	2,421,702		$	4,666,930
Net Realized Gain (Loss) on Investments		1,616,823			35,916,395			1,607,913			(31,506,593	)
Change in Unrealized Appreciation (Depreciation) of Investments		23,310,933			11,973,440			(3,537,998	)		12,234,413
Net Increase (Decrease) in Net Assets Resulting from Operations		24,822,753			50,450,894			491,617			(14,605,250	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(1,575,175	)		—			(2,870,463	)
Total Distributions to Shareholders		—			(1,575,175	)		—			(2,870,463	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		89,377,555			384,518,860			2,663,280			62,381,365
Payments for Shares Redeemed		(7,203,290	)		(143,127,810	)		(62,374,465	)		(20,229,155	)
Transaction Fees (See Note 1)		—			—			—			67
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ⁽^a⁾		82,174,265			241,391,050			(59,711,185	)		42,152,277
Net Increase (Decrease) in Net Assets	$	106,997,018		$	290,266,769		$	(59,219,568	)	$	24,676,564

NET ASSETS
Beginning of Period	$	502,173,137		$	211,906,368		$	183,379,359		$	158,702,795
End of Period	$	609,170,155		$	502,173,137		$	124,159,791		$	183,379,359

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

	Shares			Shares			Shares			Shares
Subscriptions		2,500,000			11,500,000			100,000			2,300,000
Redemptions		(200,000	)		(4,350,000	)		(2,400,000	)		(800,000	)
Net Increase (Decrease)		2,300,000			7,150,000			(2,300,000	)		1,500,000

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

111

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Global Cash Cows Dividend ETF						Pacer US Cash Cows 100 ETF
	For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019			For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019
OPERATIONS
Net Investment Income	$	4,981,347		$	7,722,639		$	2,714,487		$	2,694,079
Net Realized Gain (Loss) on Investments		2,055,354			(1,112,320	)		4,859,201			(9,497,993	)
Change in Unrealized Appreciation (Depreciation) of Investments		(7,766,531	)		3,751,284			(7,596,206	)		8,755,096
Net Increase (Decrease) in Net Assets Resulting from Operations		(729,830	)		10,361,603			(22,518	)		1,951,182

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(5,011,247	)		(7,760,389	)		(2,483,646	)		(2,630,630	)
Total Distributions to Shareholders		(5,011,247	)		(7,760,389	)		(2,483,646	)		(2,630,630	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		44,394,550			86,580,140			52,139,305			297,399,660
Payments for Shares Redeemed		(41,125,925	)		(52,389,240	)		(80,858,530	)		(59,683,405	)
Transaction Fees (Note 1)		232			2,621			—			26
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ⁽^a⁾		3,268,857			34,193,521			(28,719,225	)		237,716,281
Net Increase (Decrease) in Net Assets	$	(2,472,220	)	$	36,794,735		$	(31,225,389	)	$	237,036,833

NET ASSETS
Beginning of Period	$	210,504,861		$	173,710,126		$	266,018,117		$	28,981,284
End of Period	$	208,032,641		$	210,504,861		$	234,792,728		$	266,018,117

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

	Shares			Shares			Shares			Shares
Subscriptions		1,450,000			2,850,000			1,800,000			10,050,000
Redemptions		(1,350,000	)		(1,750,000	)		(2,800,000	)		(2,100,000	)
Net Increase (Decrease)		100,000			1,100,000			(1,000,000	)		7,950,000

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

112

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 Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019			For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019
OPERATIONS
Net Investment Income	$	239,331		$	335,862		$	597,008		$	905,517
Net Realized Loss on Investments		(1,368,640	)		(2,404,883	)		(1,307,980	)		(1,658,309	)
Change in Unrealized Appreciation (Depreciation) of Investments		(258,439	)		1,900,238			189,194			(742,141	)
Net Decrease in Net Assets Resulting from Operations		(1,387,748	)		(168,783	)		(521,778	)		(1,494,933	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(242,647	)		(329,410	)		(703,232	)		(731,370	)
Total Distributions to Shareholders		(242,647	)		(329,410	)		(703,232	)		(731,370	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		12,162,000			62,486,265			5,180,785			26,199,335
Payments for Shares Redeemed		(17,910,215	)		(16,747,460	)		(5,120,335	)		(10,378,335	)
Transaction Fees (Note 1)		—			—			899			15,033
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ⁽^a⁾		(5,748,215	)		45,738,805			61,349			15,836,033
Net Increase (Decrease) in Net Assets	$	(7,378,610	)	$	45,240,612		$	(1,163,661	)	$	13,609,730

NET ASSETS
Beginning of Period	$	50,473,757		$	5,233,145		$	33,844,376		$	20,234,646
End of Period	$	43,095,147		$	50,473,757		$	32,680,715		$	33,844,376

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

	Shares			Shares			Shares			Shares
Subscriptions		500,000			2,400,000			200,000			950,000
Redemptions		(750,000	)		(650,000	)		(200,000	)		(400,000	)
Net Increase (Decrease)		(250,000	)		1,750,000			—			550,000

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

113

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer WealthShield ETF						Pacer Military Times Best Employers ETF
	For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019			For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019
OPERATIONS
Net Investment Income	$	685,530		$	1,414,287		$	27,319		$	41,763
Net Realized Gain (Loss) on Investments		(4,249,870	)		(6,807,401	)		269,807			171,135
Change in Unrealized Appreciation (Depreciation) of Investments		(4,588,289	)		5,265,168			(134,329	)		269,984
Net Increase (Decrease) in Net Assets Resulting from Operations		(8,152,629	)		(127,946	)		162,797			482,882

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(687,056	)		(1,397,954	)		(27,747	)		(38,615	)
Total Distributions to Shareholders		(687,056	)		(1,397,954	)		(27,747	)		(38,615	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		19,465,570			134,051,800			1,499,390			1,289,730
Payments for Shares Redeemed		(51,212,155	)		(84,986,710	)		(1,483,825	)		(1,394,875	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ⁽^a⁾		(31,746,585	)		49,065,090			15,565			(105,145	)
Net Increase (Decrease) in Net Assets	$	(40,586,270	)	$	47,539,190		$	150,615		$	339,122

NET ASSETS
Beginning of Period	$	110,078,114		$	62,538,924		$	2,872,557		$	2,533,435
End of Period	$	69,491,844		$	110,078,114		$	3,023,172		$	2,872,557

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

	Shares			Shares			Shares			Shares
Subscriptions		800,000			5,250,000			50,000			50,000
Redemptions		(2,200,000	)		(3,350,000	)		(50,000	)		(50,000	)
Net Increase (Decrease)		(1,400,000	)		1,900,000			—			—

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

114

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Benchmark Retail Real Estate^SM ETF						Pacer Benchmark Industrial Real Estate^SM ETF
	For the Period Ended October 31, 2019 (Unaudited)			For the Period Ended April 30, 2019^(a)			For the Period Ended October 31, 2019 (Unaudited)			For the Period Ended April 30, 2019^(b)
OPERATIONS
Net Investment Income	$	46,711		$	83,796		$	240,370		$	69,245
Net Realized Gain on Investments		158,781			315,102			234,720			165,946
Change in Unrealized Appreciation (Depreciation) of Investments		(49,811	)		60,380			2,079,589			310,485
Net Increase in Net Assets Resulting from Operations		155,681			459,278			2,554,679			545,676

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(35,554	)		(83,796	)		(128,340	)		(67,295	)
Long-Term Capital Gain		—			(5,909	)		—			—
Return of Capital		—			(20,617	)		—			—
Total Distributions to Shareholders		(35,554	)		(110,322	)		(128,340	)		(67,295	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,719,760			5,126,240			22,333,730			13,242,420
Payments for Shares Redeemed		(2,764,975	)		(4,096,635	)		(1,594,595	)		(6,365,095	)
Net Increase (Decrease) in Net Assets Derived from Capital Share Transactions ^(c)		(45,215	)		1,029,605			20,739,135			6,877,325
Net Increase in Net Assets	$	74,912		$	1,378,561		$	23,165,474		$	7,355,706

NET ASSETS
Beginning of Period	$	1,378,561		$	—		$	7,355,706		$	—
End of Period	$	1,453,473		$	1,378,561		$	30,521,180		$	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			Shares			Shares
Subscriptions		100,000			200,000			700,000			500,000
Redemptions		(100,000	)		(150,000	)		(50,000	)		(250,000	)
Net Increase		—			50,000			650,000			250,000

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

115

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Benchmark Data & Infrastructure Real Estate^SM ETF						Pacer US Export Leaders ETF
	For the Period Ended October 31, 2019 (Unaudited)			For the Period Ended April 30, 2019^(a)			For the Period Ended October 31, 2019 (Unaudited)			For the Period Ended April 30, 2019^(b)
OPERATIONS
Net Investment Income	$	679,318		$	89,288		$	4,216		$	7,415
Net Realized Gain (Loss) on Investments		809,134			(60,129	)		60,134			(157,032	)
Change in Unrealized Appreciation (Depreciation) of Investments		2,812,554			1,325,510			(40,607	)		49,919
Net Increase (Decrease) in Net Assets Resulting from Operations		4,301,006			1,354,669			23,743			(99,698	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(560,467	)		(89,513	)		(4,119	)		(6,972	)
Long-Term Capital Gain		—			(1,372	)		—			—
Return of Capital		—			(37,487	)		—			—
Total Distributions to Shareholders		(560,467	)		(128,372	)		(4,119	)		(6,972	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		143,016,845			24,042,230			1,317,650			2,498,000
Payments for Shares Redeemed		(4,855,455	)		(2,577,140	)		(1,309,685	)		(1,092,940	)
Net Increase in Net Assets Derived from Capital Share Transactions ^(c)		138,161,390			21,465,090			7,965			1,405,060
Net Increase in Net Assets	$	141,901,929		$	22,691,387		$	27,589		$	1,298,390

NET ASSETS
Beginning of Period	$	22,691,387		$	—		$	1,298,390		$	—
End of Period	$	164,593,316		$	22,691,387		$	1,325,979		$	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			Shares			Shares
Subscriptions		4,550,000			900,000			50,000			100,000
Redemptions		(150,000	)		(100,000	)		(50,000	)		(50,000	)
Net Increase		4,400,000			800,000			—			50,000

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

116

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF						Pacer US Cash Cows Growth ETF
	For the Period Ended October 31, 2019 (Unaudited)			For the Period Ended April 30, 2019^(a)			For the Period Ended October 31, 2019 (Unaudited)^(b)
OPERATIONS
Net Investment Income	$	178,330		$	33,358		$	15,904
Net Realized Gain on Investments		1,211,326			647,636			2,094
Change in Unrealized Appreciation (Depreciation) of Investments		(11,362	)		(1,983	)		(39,270	)
Net Increase (Decrease) in Net Assets Resulting from Operations		1,378,294			679,011			(21,272	)

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(132,324	)		(29,474	)		(13,294	)
Total Distributions to Shareholders		(132,324	)		(29,474	)		(13,294	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		44,593,560			13,278,420			4,953,530
Payments for Shares Redeemed		(13,226,310	)		(6,888,380	)		(2,459,480	)
Net Increase in Net Assets Derived from Capital Share Transactions ⁽^c⁾		31,367,250			6,390,040			2,494,050
Net Increase in Net Assets	$	32,613,220		$	7,039,577		$	2,459,484

NET ASSETS
Beginning of Period	$	7,039,577		$	—		$	—
End of Period	$	39,652,797		$	7,039,577		$	2,459,484

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

(b)	Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to October 31, 2019.

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

	Shares			Shares			Shares
Subscriptions		1,550,000			500,000			200,000
Redemptions		(450,000	)		(250,000	)		(100,000	)
Net Increase		1,100,000			250,000			100,000

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

117

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot International ETF			Pacer Emerging Markets Cash Cows 100 ETF
	For the Period Ended October 31, 2019 (Unaudited)^(a)			For the Period Ended October 31, 2019 (Unaudited)⁽^a⁾
OPERATIONS
Net Investment Income	$	555,596		$	89,009
Net Realized Loss on Investments		(274,434	)		(25,562	)
Change in Unrealized Appreciation of Investments		3,855,900			9,333
Net Increase in Net Assets Resulting from Operations		4,137,062			72,780

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		—			(74,677	)
Total Distributions to Shareholders		—			(74,677	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		95,250,120			4,986,735
Payments for Shares Redeemed		(1,263,815	)		(1,267,970	)
Transaction Fees (Note 1)		3,368			—
Net Increase in Net Assets Derived from Capital Share Transactions ⁽^b⁾		93,989,673			3,718,765
Net Increase in Net Assets	$	98,126,735		$	3,716,868

NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	98,126,735		$	3,716,868

(a)	Fund commenced operations on May 2, 2019. The information presented is from May 2, 2019 to October 31, 2019.

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

	Shares			Shares
Subscriptions		3,850,000			200,000
Redemptions		(50,000	)		(50,000	)
Net Increase		3,800,000			150,000

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

118

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Cash Cows Fund of Funds ETF			Pacer Trendpilot Fund of Funds ETF
	For the Period Ended October 31, 2019 (Unaudited)⁽^a⁾			For the Period Ended October 31, 2019 (Unaudited)^(a)
OPERATIONS
Net Investment Income (Loss)	$	29,873		$	(4,799	)
Net Realized Loss on Investments		(549	)		(1,949	)
Change in Unrealized Appreciation (Depreciation) of Investments		(64,996	)		404,601
Net Increase (Decrease) in Net Assets Resulting from Operations		(35,672	)		397,853

DISTRIBUTIONS TO SHAREHOLDERS
Dividends and Distributions		(30,244	)		—
Total Distributions to Shareholders		(30,244	)		—

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		2,531,000			12,458,105
Payments for Shares Redeemed		—			—
Net Increase in Net Assets Derived from Capital Share Transactions ⁽^b⁾		2,531,000			12,458,105
Net Increase in Net Assets	$	2,465,084		$	12,855,958

NET ASSETS
Beginning of Period	$	—		$	—
End of Period	$	2,465,084		$	12,855,958

(a)	Fund commenced operations on May 3, 2019. The information presented is from May 3, 2019 to October 31, 2019.

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

	Shares		Shares
Subscriptions		50,000		450,000
Redemptions		—		—
Net Increase		50,000		450,000

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

119

Pacer Funds

STATEMENTS OF CHANGES IN NET ASSETS

	Pacer Trendpilot US Bond ETF
	For the Period Ended October 31, 2019 (Unaudited)^(a)
OPERATIONS
Net Investment Income	$	13,005
Net Realized Loss on Investments		(29,992	)
Change in Unrealized Depreciation of Investments		(44,787	)
Net Decrease in Net Assets Resulting from Operations		(61,774	)

CAPITAL SHARE TRANSACTIONS
Proceeds from Shares Sold		22,503,590
Payments for Shares Redeemed		(5,001,900	)
Transaction Fees (Note 1)		19,324
Net Increase in Net Assets Derived from Capital Share Transactions ⁽^b⁾		17,521,014
Net Increase in Net Assets	$	17,459,240

NET ASSETS
Beginning of Period	$	—
End of Period	$	17,459,240

(a)	Fund commenced operations on October 22, 2019. The information presented is from October 22, 2019 to October 31, 2019.

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

	Shares
Subscriptions		900,000
Redemptions		(200,000	)
Net Increase		700,000

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

120

Pacer Trendpilot^® US Large Cap ETF

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

	For the Period Ended October 31, 2019 (Unaudited)			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	$	30.56		$	28.41		$	25.48		$	21.88		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income^(b)		0.19			0.43			0.37			0.34			0.13
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		0.98			2.01			2.84			3.52			(3.15	)
Total from Investment Operations		1.17			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	$	31.73		$	30.56		$	28.41		$	25.48		$	21.88
Total Return		3.81	%^(c)		8.65	%		12.56	%		17.72	%		-12.10	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,762,116		$	2,163,990		$	921,975		$	456,180		$	365,448

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		1.24	%^(d)		1.43	%		1.32	%		1.44	%		0.62	%^(d)
Portfolio Turnover Rate ^(e)		1	%^(c)		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 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.

121

Pacer Trendpilot^® US Mid Cap ETF

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

	For the Period Ended October 31, 2019 (Unaudited)			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	$	30.95		$	30.72		$	28.00		$	23.78		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income (Loss) ^(b)		0.18			0.41			0.27			0.27			(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(1.66	)		0.10			2.66			4.13			(1.16	)
Total from Investment Operations		(1.48	)		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	$	29.47		$	30.95		$	30.72		$	28.00		$	23.78
Total Return		-4.77	%^(c)		1.66	%		10.42	%		18.54	%		-4.82	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	621,850		$	761,305		$	497,590		$	281,430		$	149,808

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		1.23	%^(d)		1.30	%		0.91	%		1.02	%		-0.17	%^(d)
Portfolio Turnover Rate ^(e)		110	%^(c)		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 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.

122

Pacer Trendpilot^® 100 ETF

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

	For the Period Ended October 31, 2019 (Unaudited)			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	$	36.00		$	31.16		$	26.32		$	21.44		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		(0.01	)		0.26			0.11			0.11			0.04
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		1.50			4.73			4.83			4.84			(3.55	)
Total from Investment Operations		1.49			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	$	37.49		$	36.00		$	31.16		$	26.32		$	21.44
Total Return		4.14	%^(c)		16.04	%		18.78	%		23.11	%		-14.04	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	609,170		$	502,173		$	211,906		$	73,696		$	69,689

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.65	%		0.65	%		0.65	%		0.65	%^(d)
Net Investment Income to Average Net Assets		-0.04	%^(d)		0.76	%		0.38	%		0.46	%		0.18	%^(d)
Portfolio Turnover Rate ^(e)		1	%^(c)		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 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.

123

Pacer Trendpilot^® European Index ETF

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

	For the Period Ended October 31, 2019 (Unaudited)			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	$	26.77		$	29.66		$	27.03		$	24.97		$	25.00

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Gain (Loss) ^(b)		0.47			0.74			0.51			0.18			(0.04	)
Net Realized and Unrealized Gain (Loss) on Investments ^(h)		0.05			(3.16	)		2.31			1.88	^(c)		0.01
Total from Investment Operations		0.52			(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	$	27.29		$	26.77		$	29.66		$	27.03		$	24.97
Total Return		1.93	%^(d)		-8.07	%		10.43	%		8.25	%^(e)		-0.13	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	124,160		$	183,379		$	158,703		$	31,081		$	22,470

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(f)		0.65	%		0.65	%		0.65	%		0.65	%^(f)
Net Investment Income (Loss) to Average Net Assets		3.57	%^(f)		2.77	%		1.69	%		0.77	%		-0.39	%^(f)
Portfolio Turnover Rate ^(g)		5	%^(d)		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 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.

124

Pacer Global Cash Cows Dividend ETF

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

	For the Period Ended October 31, 2019 (Unaudited)			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	$	31.19		$	30.75		$	28.60		$	27.16		$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.71			1.21			1.07			0.88			0.23
Net Realized and Unrealized Gain (Loss) on Investments ^(f)		(0.82	)		0.43			2.01			1.26			1.93
Total from Investment Operations		(0.11	)		1.64			3.08			2.14			2.16

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.71	)		(1.20	)		(0.93	)		(0.70	)		—
Total Distributions		(0.71	)		(1.20	)		(0.93	)		(0.70	)		—
Net Asset Value, End of Period	$	30.37		$	31.19		$	30.75		$	28.60		$	27.16
Total Return		-0.28	%^(c)		5.56	%		10.86	%		8.03	%		8.64	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	208,033		$	210,505		$	173,710		$	70,059		$	5,432

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%		0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		4.74	%^(d)		4.00	%		3.50	%		3.19	%		4.63	%^(d)
Portfolio Turnover Rate ^(e)		32	%^(c)		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 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.

125

Pacer US Cash Cows 100 ETF

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

	For the Period Ended October 31, 2019 (Unaudited)			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	$	29.72		$	28.98		$	26.13		$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.31			0.53			0.61			0.13
Net Realized and Unrealized Gain on Investments ^(f)		(0.21	)		0.67			2.84			1.09
Total from Investment Operations		0.10			1.20			3.45			1.22

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.29	)		(0.46	)		(0.60	)		(0.09	)
Total Distributions		(0.29	)		(0.46	)		(0.60	)		(0.09	)
Net Asset Value, End of Period	$	29.53		$	29.72		$	28.98		$	26.13
Total Return		0.37	%^(c)		4.28	%		13.35	%		4.87	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	234,793		$	266,018		$	28,981		$	11,759

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.49	%^(d)		0.49	%		0.49	%		0.49	%^(d)
Net Investment Income to Average Net Assets		1.32	%^(d)		1.82	%		2.16	%		1.37	%^(d)
Portfolio Turnover Rate ^(e)		40	%^(c)		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 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.

126

Pacer US Small Cap Cash Cows 100 ETF

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

	For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	25.88		$	26.17		$	24.78

INCOME (LOSS) FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.13			0.32			0.28
Net Realized and Unrealized Gain on Investments ^(f)		(0.53	)		(0.29	)		1.38
Total from Investment Operations		(0.40	)		0.03			1.66

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.13	)		(0.32	)		(0.27	)
Total Distributions		(0.13	)		(0.32	)		(0.27	)
Net Asset Value, End of Period	$	25.35		$	25.88		$	26.17
Total Return		-1.48	%^(c)		0.20	%		6.69	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	43,095		$	50,474		$	5,233

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.59	%^(d)		0.59	%		0.59	%^(d)
Net Investment Income to Average Net Assets		1.11	%^(d)		1.21	%		1.25	%^(d)
Portfolio Turnover Rate ^(e)		65	%^(c)		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 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.

127

Pacer Developed Markets International Cash Cows 100 ETF

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

	For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	27.08		$	28.91		$	25.09

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.45			0.85			0.60
Net Realized and Unrealized Gain on Investments ^(f)		(0.86	)		(2.01	)		3.53
Total from Investment Operations		(0.41	)		(1.16	)		4.13

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.53	)		(0.67	)		(0.31	)
Total Distributions		(0.53	)		(0.67	)		(0.31	)
Net Asset Value, End of Period	$	26.14		$	27.08		$	28.91
Total Return		-1.41	%^(c)		-3.92	%		16.48	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	32,681		$	33,844		$	20,235

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(d)		0.65	%		0.65	%^(d)
Net Investment Income to Average Net Assets		3.56	%^(d)		3.18	%		2.42	%^(d)
Portfolio Turnover Rate ^(e)		46	%^(c)		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 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.

128

Pacer WealthShield ETF

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

	For the Period Ended October 31, 2019 (Unaudited)			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		$	25.02

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.16			0.38			0.10
Net Realized and Unrealized Loss on Investments ^(f)		(1.87	)		(0.01	)		(0.05	)
Total from Investment Operations		(1.71	)		0.37			0.05

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.15	)		(0.37	)		(0.05	)
Total Distributions		(0.15	)		(0.37	)		(0.05	)
Net Asset Value, End of Period	$	23.16		$	25.02		$	25.02
Total Return		-6.81	%^(c)		1.43	%		0.23	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	69,492		$	110,078		$	62,539

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%		0.60	%^(d)
Net Investment Income to Average Net Assets		1.32	%^(d)		1.52	%		1.04	%^(d)
Portfolio Turnover Rate ^(e)		446	%^(c)		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 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.

129

Pacer Military Times Best Employers ETF

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

	For the Period Ended October 31, 2019 (Unaudited)			For the Year Ended April 30, 2019			For the Period Ended April 30, 2018^(a)
Net Asset Value, Beginning of Period	$	28.73		$	25.33		$	24.89

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.27			0.44			—	^(c)
Net Realized and Unrealized Gain on Investments ^(g)		1.51			3.43			0.44
Total from Investment Operations		1.78			3.87			0.44

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.28	)		(0.47	)		—
Total Distributions		(0.28	)		(0.47	)		—
Net Asset Value, End of Period	$	30.23		$	28.73		$	25.33
Total Return		6.25	%^(d)		15.46	%		1.79	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	3,023		$	2,873		$	2,533

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(e)		0.60	%		0.60	%^(e)
Net Investment Income to Average Net Assets		1.86	%^(e)		1.66	%		0.25	%^(e)
Portfolio Turnover Rate ^(f)		15	%^(d)		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 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.

130

Pacer Benchmark Retail Real Estate SCTR^SM ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019 (Unaudited)			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	27.57		$	24.30

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.62			0.87
Net Realized and Unrealized Gain on Investments ^(f)		1.23			3.50
Total from Investment Operations		1.85			4.37

LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.35	)		(0.83	)
Long-Term Capital Gain		—			(0.06	)
Return of Capital		—			(0.21	)
Total Distributions		(0.35	)		(1.10	)
Net Asset Value, End of Period	$	29.07		$	27.57
Total Return		6.79	%^(c)		18.30	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,453		$	1,379

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%^(d)
Net Investment Income to Average Net Assets		4.49	%^(d)		3.33	%^(d)
Portfolio Turnover Rate ⁽^e⁾		24	%^(c)		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 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.

131

Pacer Benchmark Industrial Real Estate SCTR^SM ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019 (Unaudited)			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	29.42		$	24.83

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.46			0.65
Net Realized and Unrealized Gain on Investments ^(g)		4.24			4.61
Total from Investment Operations		4.70			5.26

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.21	)		(0.67	)^(f)
Total Distributions		(0.21	)		(0.67	)
Net Asset Value, End of Period	$	33.91		$	29.42
Total Return		16.02	%^(c)		21.62	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	30,521		$	7,356

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%^(d)
Net Investment Income to Average Net Assets		2.90	%^(d)		2.60	%^(d)
Portfolio Turnover Rate ^(e)		6	%^(c)		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 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.

132

Pacer Benchmark Data & Infrastructure Real Estate SCTR^SM ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019 (Unaudited)			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	28.36		$	24.67

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.30			0.39
Net Realized and Unrealized Gain on Investments ^(f)		3.19			3.93
Total from Investment Operations		3.49			4.32

LESS DISTRIBUTIONS:
Distributions from:
Net Investment Income		(0.20	)		(0.44	)
Long-Term Capital Gain		—			(0.01	)
Return of Capital		—			(0.18	)
Total Distributions		(0.20	)		(0.63	)
Net Asset Value, End of Period	$	31.65		$	28.36
Total Return		12.33	%^(c)		17.89	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	164,593		$	22,691

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%^(d)
Net Investment Income to Average Net Assets		1.91	%^(d)		1.55	%^(d)
Portfolio Turnover Rate ⁽^e⁾		12	%^(c)		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 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.

133

Pacer US Export Leaders ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019 (Unaudited)			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	25.97		$	24.98

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.08			0.09
Net Realized and Unrealized Gain on Investments ^(f)		0.55			0.98
Total from Investment Operations		0.63			1.07

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.08	)		(0.08	)
Total Distributions		(0.08	)		(0.08	)
Net Asset Value, End of Period	$	26.52		$	25.97
Total Return		2.46	%^(c)		4.33	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	1,326		$	1,298

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%^(d)
Net Investment Income to Average Net Assets		0.66	%^(d)		0.50	%^(d)
Portfolio Turnover Rate ^(e)		37	%^(c)		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 change in net asset value for the period and may 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.

134

Pacer CFRA-Stovall Equal Weight Seasonal Rotation ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019 (Unaudited)			For the Period Ended April 30, 2019^(a)
Net Asset Value, Beginning of Period	$	28.16		$	25.01

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.18			0.25
Net Realized and Unrealized Gain on Investments ^(g)		1.14			3.11
Total from Investment Operations		1.32			3.36

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.11	)		(0.21	)
Total Distributions		(0.11	)		(0.21	)
Net Asset Value, End of Period	$	29.37		$	28.16
Total Return ^(f)		4.74	%^(c)		13.67	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	39,653		$	7,040

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)		0.60	%^(d)
Net Investment Income to Average Net Assets		1.27	%^(d)		1.23	%^(d)
Portfolio Turnover Rate ^(e)		178	%^(c)		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 October 31, 2019 and 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 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.

135

Pacer US Cash Cows Growth ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019^(a)(Unaudited)
Net Asset Value, Beginning of Period	$	24.78

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.16
Net Realized and Unrealized Gain on Investments ^(f)		(0.22	)
Total from Investment Operations		(0.06	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.13	)
Total Distributions		(0.13	)
Net Asset Value, End of Period	$	24.59
Total Return		-0.20	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,459

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)
Net Investment Income to Average Net Assets		1.33	%^(d)
Portfolio Turnover Rate ^(e)		46	%^(c)

(a)	Commencement of operations on May 2, 2019.

(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 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.

136

Pacer Trendpilot International ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019 ^(a)(Unaudited)
Net Asset Value, Beginning of Period	$	24.91

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.24
Net Realized and Unrealized Gain on Investments ^(f)		0.67
Total from Investment Operations		0.91
Net Asset Value, End of Period	$	25.82
Total Return		3.66	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	98,127

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.65	%^(d)
Net Investment Income to Average Net Assets		1.92	%^(d)
Portfolio Turnover Rate ^(e)		8	%^(c)

(a)	Commencement of operations on May 2, 2019.

(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 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.

137

Pacer Emerging Markets Cash Cows 100 ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019 ^(a)(Unaudited)
Net Asset Value, Beginning of Period	$	24.95

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.72
Net Realized and Unrealized Gain on Investments ^(f)		(0.28	)
Total from Investment Operations		0.44

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.61	)
Total Distributions		(0.61	)
Net Asset Value, End of Period	$	24.78
Total Return		1.82	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	3,717

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.70	%^(d)
Net Investment Income to Average Net Assets		6.03	%^(d)
Portfolio Turnover Rate ^(e)		45	%^(c)

(a)	Commencement of operations on May 2, 2019.

(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 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.

138

Pacer Cash Cows Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019 ^(a)(Unaudited)
Net Asset Value, Beginning of Period	$	25.31

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income^(b)(c)		0.30
Net Realized and Unrealized Gain on Investments ^(h)		(0.66	)
Total from Investment Operations		(0.36	)

LESS DISTRIBUTIONS:
Distributions from Net Investment Income		(0.30	)
Total Distributions		(0.30	)
Net Asset Value, End of Period	$	24.65
Total Return		-1.38	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	2,465

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(f)		0.15	%^(e)
Net Investment Income to Average Net Assets ^(f)		2.57	%^(e)
Portfolio Turnover Rate ^(g)		1	%^(d)

(a)	Commencement of operations on May 3, 2019.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(d)	Not annualized

(e)	Annualized

(f)	Does not include expenses of the investment companies in which the Fund invests.

(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 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.

139

Pacer Trendpilot Fund of Funds ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019 ^(a)(Unaudited)
Net Asset Value, Beginning of Period	$	25.39

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income^(b)(c)		(0.02	)
Net Realized and Unrealized Gain on Investments ^(h)		0.34
Total from Investment Operations		0.32
Net Asset Value, End of Period	$	25.71
Total Return		1.27	%^(d)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	12,856

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets ^(f)		0.15	%^(e)
Net Investment Income to Average Net Assets ^(f)		-0.15	%^(e)
Portfolio Turnover Rate ^(g)		2	%^(d)

(a)	Commencement of operations on May 3, 2019.

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

(c)	Recognition of net investment income by the Fund is affected by the timing of the delcaration of dividends by the underlying investment companies in which the Fund invests. The ratio does not include the net investment income of the underlying companies in which the Fund invests.

(d)	Not annualized

(e)	Annualized

(f)	Does not include expenses of the investment companies in which the Fund invests.

(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 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.

140

Pacer Trendpilot US Bond ETF

FINANCIAL HIGHLIGHTS
For a capital share outstanding throughout the period

	For the Period Ended October 31, 2019 ^(a)(Unaudited)
Net Asset Value, Beginning of Period	$	25.00

INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income ^(b)		0.03
Net Realized and Unrealized Gain on Investments ^(f)		(0.09	)
Total from Investment Operations		(0.06	)
Net Asset Value, End of Period	$	24.94
Total Return		-0.23	%^(c)

SUPPLEMENTAL DATA:
Net Assets at End of Period (000’s)	$	17,459

RATIOS TO AVERAGE NET ASSETS:
Expenses to Average Net Assets		0.60	%^(d)
Net Investment Income to Average Net Assets		4.88	%^(d)
Portfolio Turnover Rate ^(e)		0	%^(c)

(a)	Commencement of operations on October 22, 2019.

(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 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.

141

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited)

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”), Pacer US Cash Cows Growth ETF (“BUL”), Pacer Trendpilot^® International ETF (“PTIN”), Pacer Emerging Markets Cash Cows 100 ETF (“ECOW”), Pacer Trendpilot^® Fund of Funds ETF (“TRND”), Pacer Cash Cows Fund of Funds ETF (“HERD”), and Pacer Trendpilot^® US Bond ETF (“PTBD”), (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 Retail Real Estate SCTR^SM Index, the Benchmark Industrial Real Estate SCTR^SM Index, the Benchmark Data & Infrastructure Real Estate SCTR^SM Index, the US Export Leaders Index, the Pacer CFRA-Stovall Equal Weight Seasonal Rotation Index, the Pacer US Cash Cows Growth Index, the Pacer Trendpilot^® International Index, the Pacer Emerging Markets Cash Cows 100 Index, Pacer Trendpilot^® Fund of Funds Index, the Pacer US Cash Cows Growth Index, and the Pacer Trendpilot^® US Bond 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. BUL, PTIN, and ECOW commenced operations on May 2, 2019. TRND and HERD commenced operations on May 3, 2019. PTBD commenced operations on October 22, 2019. Each of the Funds are non-diversfied series of the Trust except for PTLC, PTMC, PTEU, GCOW and PEXL.

Shares of the Funds are listed and traded on the Cboe BZX Exchange, Inc. (“Cboe”) with the exceptions of VETS, ECOW, and HERD, which is listed and traded on the Nasdaq Stock Market LLC (“Nasdaq”) and RTL, INDS, SRVR, PEXL, SZNE, BUL, PTIN, TRND, and PTBD, 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, SZNE charges $500, BUL charges $250, PTIN charges $8,000, ECOW charges $1,750, HERD charges $250, TRND charges $250, and PTBD charges $500 for the standard fixed creation fee, payable to the Custodian. For the PTLC, PTMC, PTNQ, PTEU, and PTIN, the standard fixed creation transaction fee is $200 when the Deposit Securities include only U.S. Treasury bills. For PTBD, the standard fixed creation transaction fee is $250 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.

142

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (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 principals generally accepted in the United States of America (“GAAP”). The Funds are investment companies that follow the accounting and reporting guidelines of Accounting Standards Codification Topic 946 applicable to investment companies.

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

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 exceptin 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 procedures adopted by the Board of Trustees. 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 maturies 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 of Trustees (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.

143

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

The following is a summary of the inputs used to value the Funds’ investments as of October 31, 2019:

PTLC

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	2,672,355,025	$	—	$	—	$	—	$	2,672,355,025
Real Estate Investment Trusts		84,686,906		—		—		—		84,686,906
Short-Term Investments		3,928,640		—		—		—		3,928,640
Investments Purchased with Proceeds from Securities Lending		—		—		—		286,567,540		286,567,540
Total Investments in Securities	$	2,760,970,571	$	—	$	—	$	286,567,540	$	3,047,538,111

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

PTMC

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	550,797,887	$	—	$	—	$	—	$	550,797,887
Real Estate Investment Trusts		68,383,445		—		—		—		68,383,445
Short-Term Investments		2,640,167		—		—		—		2,640,167
Investments Purchased with Proceeds from Securities Lending		—		—		—		171,667,967		171,667,967
Total Investments in Securities	$	621,821,499	$	—	$	—	$	171,667,967	$	793,489,466

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

PTNQ

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	608,454,134	$	—	$	—	$	—	$	608,454,134
Short-Term Investments		920,876		—		—		—		920,876
Investments Purchased with Proceeds from Securities Lending		—		—		—		48,405,439		48,405,439
Total Investments in Securities	$	609,375,010	$	—	$	—	$	48,405,439	$	657,780,449

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

PTEU

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	119,965,740	$	—	$	6,740	$	—	$	119,972,480
Preferred Stocks		2,055,133		—		—		—		2,055,133
Real Estate Investment Trusts		1,452,466		—		—		—		1,452,466
Short-Term Investments		147,718		—		—		—		147,718
Investments Purchased with Proceeds from Securities Lending		—		—		—		13,356,594		13,356,594
Total Investments in Securities	$	123,621,057	$	—	$	6,740	$	13,356,594	$	136,984,391

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

144

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

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

PTEU		Balance as of 4/30/2019				Net Realized Gain (Loss)				Change in Net Unrealized Appreciation (Depreciation)				Purchases				Sales				Transfers Out of Level 3				Balance as of 10/31/19				Net Change in Unrealized Appreciation (Depreciation) on securities held at 10/31/2019
Common Stocks		$	6,778			$	—			$	(38	)		$	—			$	—			$	—			$	6,740			$	(38	)

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

PTEU

Fair Value as
of 10/31/2019

Valuation
Techniques

Unobservable
Input

Range/Weighted Average
Unobservable Input^(a)

Common Stocks

6,740

Last Trade Price

Stale Data

4.80 EUR

(a)

Table presents information for one security, which is valued at $6,740 as of October 31, 2019.

GCOW

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	202,913,002	$	—	$	—	$	—	$	202,913,002
Real Estate Investment Trusts		4,141,961		—		—		—		4,141,961
Short-Term Investments		124,761		—		—		—		124,761
Investments Purchased with Proceeds from Securities Lending		—		—		—		35,369,090		35,369,090
Total Investments in Securities	$	207,179,724	$	—	$	—	$	35,369,090	$	242,548,814

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

COWZ

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	233,285,886	$	—	$	—	$	—	$	233,285,886
Exchange Traded Funds		325,170		—		—		—		325,170
Real Estate Investment Trusts		760,373		—		—		—		760,373
Short-Term Investments		325,145		—		—		—		325,145
Investments Purchased with Proceeds from Securities Lending		—		—		—		48,704,018		48,704,018
Total Investments in Securities	$	234,696,574	$	—	$	—	$	48,704,018	$	283,400,592

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

CALF

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	43,005,555	$	—	$	—	$	—	$	43,005,555
Short-Term Investments		59,656		—		—		—		59,656
Investments Purchased with Proceeds from Securities Lending		—		—		—		13,143,437		13,143,437
Total Investments in Securities	$	43,065,211	$	—	$	—	$	13,143,437	$	56,208,648

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

145

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

ICOW

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	31,898,976	$	—	$	—	$	—	$	31,898,976
Preferred Stocks		586,441		—		—		—		586,441
Short-Term Investments		13,062		—		—		—		13,062
Investments Purchased with Proceeds from Securities Lending		—		—		—		5,205,741		5,205,741
Total Investments in Securities	$	32,498,479	$	—	$	—	$	5,205,741	$	37,704,220

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

PWS

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	56,187,434	$	—	$	—	$	—	$	56,187,434
Real Estate Investment Trusts		13,292,331		—		—				13,292,331
Short-Term Investments		23,137		—		—		—		23,137
Investments Purchased with Proceeds from Securities Lending		—		—		—		11,794,714		11,794,714
Total Investments in Securities	$	69,502,902	$	—	$	—	$	—	$	81,297,616

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

VETS

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	3,013,567	$	—	$	—	$	—	$	3,013,567
Short-Term Investments		7,755		—		—		—		7,755
Total Investments in Securities	$	3,021,322	$	—	$	—	$	—	$	3,021,322

^{^} 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	$	1,450,995	$	—	$	—	$	—	$	1,450,995
Short-Term Investments		1,239		—		—		—		1,239
Investments Purchased with Proceeds from Securities Lending		—		—		—		126,662		126,662
Total Investments in Securities	$	1,452,234	$	—	$	—	$	—	$	1,578,896

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

146

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

INDS

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Real Estate Investment Trusts	$	30,478,888	$	—	$	—	$	—	$	30,478,888
Short-Term Investments		26,120		—		—		—		26,120
Investments Purchased with Proceeds from Securities Lending		—		—		—		3,194,383		3,194,383
Total Investments in Securities	$	30,505,008	$	—	$	—	$	3,194,383	$	33,699,391

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

SRVR

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	25,183,907	$	—	$	—	$	—	$	25,183,907
Real Estate Investment Trusts		139,219,942		—		—		—		139,219,942
Short-Term Investments		244,272		—		—		—		244,272
Investments Purchased with Proceeds from Securities Lending		—		—		—		37,165,640		37,165,640
Total Investments in Securities	$	164,648,121	$	—	$	—	$	—	$	201,813,761

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

PEXL

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	1,324,026	$	—	$	—	$	—	$	1,324,026
Short-Term Investments		1,579		—		—		—		1,579
Total Investments in Securities	$	1,325,605	$	—	$	—	$	—	$	1,325,605

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

SZNE

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	39,545,493	$	—	$	—	$	—	$	39,545,493
Short-Term Investments		37,318		—		—		—		37,318
Total Investments in Securities	$	39,582,811	$	—	$	—	$	—	$	39,582,811

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

BUL

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	2,422,613	$	—	$	—	$	—	$	2,422,613
Real Estate Investment Trusts		31,709		—		—		—		31,709
Short-Term Investments		3,723		—		—		—		3,723
Total Investments in Securities	$	2,458,045	$	—	$	—	$	—	$	2,458,045

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

147

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

PTIN

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	93,044,723	$	—	$	—	$	—	$	93,044,723
Preferred Stocks		514,055		—		—		—		514,055
Real Estate Investment Trusts		902,063		—		—		—		902,063
Exchange Traded Funds		3,249,511		—		—		—		3,249,511
Short-Term Investments		381,846		—		—		—		381,846
Total Investments in Securities	$	98,092,198	$	—	$	—	$	—	$	98,092,198

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

ECOW

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Common Stocks	$	3,210,177	$	—	$	—	$	—	$	3,210,177
Preferred Stocks		161,110		—		—		—		161,110
Exchange Traded Funds		266,213		—		—		—		266,213
Real Estate Investment Trusts		58,520		—		—		—		58,520
Short-Term Investments		10,779		—		—		—		10,779
Total Investments in Securities	$	3,706,799	$	—	$	—	$	—	$	3,706,799

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

HERD

Description	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange-Traded Fund	$	2,463,327	$	—	$	—	$	—	$	2,463,327
Short-Term Investments		2,060		—		—		—		2,060
Total Investments in Securities	$	2,465,387	$	—	$	—	$	—	$	2,465,387

TRND

Description	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Affiliated Exchange-Traded Fund	$	12,846,511	$	—	$	—	$	—	$	12,846,511
Short-Term Investments		10,872		—		—		—		10,872
Total Investments in Securities	$	12,857,383	$	—	$	—	$	—	$	12,857,383

PTBD

Description^{^}	Level 1		Level 2		Level 3		Investments Measured at Net Asset Value		Total
Corporate Bonds	$	17,111,197	$	—	$	—	$	—	$	17,111,197
Total Investments in Securities	$	17,111,197	$	—	$	—	$	—	$	17,111,197

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

During the period ended October 31, 2019, the Funds did not recognize any transfers to or from Level 3.

148

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

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 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.

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.

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.

Distributions to Shareholders. Distributions to shareholders from net investment income for the PTLC, PTMC, PTNQ, PTEU, PTIN, and TRND, are declared and paid on an annual basis. The GCOW, COWZ, CALF, ICOW, PWS, VETS, PEXL, INDS, RTL, SRVR, SZNE, BUL, ECOW, HERD and PTBD 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.

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.

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.

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.

149

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

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

BUL, PTIN, ECOW, TRND, HERD and PTBD commenced operations after April 30, 2019.

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

150

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NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

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%, 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%, SZNE pays the Adviser 0.60%, BUL pays the Adviser 0.60%, PTIN pays the Adviser 0.65%, ECOW pays the Adviser 0.70%, HERD pays the Adviser 0.15%, TRND pays the Adviser 0.15%, and PTBD pays the Adviser 0.60% at an annual rate based on each Fund’s average daily net assets.

The Distributor acts as the Funds’ principal underwriter in a continuous public offering of the Funds’ shares. The Distributor is an affiliate of the Adviser. The Funds did not pay any fees or commissions to the Distributor during the fiscal period ended October 31, 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 October 31, 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 period ended October 31, 2019, the Funds (excluding VETS, PEXL, SZNE, BUL, PTIN, ECOW, HERD, TRND, and PTBD) 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.

151

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

NOTE 6 – SECURED BORROWINGS

The following represents gross obligations for secured borrowings by remaining time to maturity as of October 31, 2019.

Securities Lending Transactions

Overnight and Continuous	Investments Purchased with Proceeds from Securities Lending Collateral^*
PTLC	$	286,567,540
PTMC		171,667,967
PTNQ		48,405,439
PTEU		13,356,594
GCOW		35,369,090
COWZ		48,704,018
CALF		13,143,437
ICOW		5,205,741
PWS		11,794,714
RTL		126,662
INDS		3,194,383
SRVR		37,165,640

^*	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 October 31, 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	$	286,567,540	$	—	$	286,567,540	$	286,567,540	$	—	$	—
PTMC
Securities Lending		171,667,967		—		171,667,967		171,667,967		—		—
PTNQ
Securities Lending		48,405,439		—		48,405,439		48,405,439		—		—
PTEU
Securities Lending		13,356,594		—		13,356,594		13,356,594		—		—
GCOW
Securities Lending		35,369,090		—		35,369,090		35,369,090		—		—
COWZ
Securities Lending		48,704,018		—		48,704,018		48,704,018		—		—
CALF
Securities Lending		13,143,437		—		13,143,437		13,143,437		—		—

152

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (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
ICOW
Securities Lending	$	5,205,741	$	—	$	5,205,741	$	5,205,741	$	—	$	—
PWS
Securities Lending		11,794,714		—		11,794,714		11,794,714		—		—
VETS
Securities Lending		—		—		—		—		—		—
RTL
Securities Lending		126,662		—		126,662		126,662		—		—
INDS
Securities Lending		3,194,383		—		3,194,383		3,194,383		—		—
SRVR
Securities Lending		37,165,640		—		37,165,640		37,165,640		—		—
PEXL
Securities Lending		—		—		—		—		—		—
SZNE
Securities Lending		—		—		—		—		—		—
BUL
Securities Lending		—		—		—		—		—		—
PTIN
Securities Lending		—		—		—		—		—		—
ECOW
Securities Lending		—		—		—		—		—		—
HERD
Securities Lending		—		—		—		—		—		—
TRND
Securities Lending		—		—		—		—		—		—
PTBD
Securities Lending		—		—		—		—		—		—

NOTE 8 – INVESTMENT TRANSACTIONS

For the period ended October 31, 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	$	575,254,743	$	54,714,285
PTMC		759,425,662		848,543,491
PTNQ		98,225,532		15,047,676
PTEU		12,569,512		69,054,152
GCOW		111,802,360		107,386,360
COWZ		149,257,167		176,253,725
CALF		40,677,693		46,426,762
ICOW		20,202,025		20,085,209
PWS		467,960,522		519,120,253
VETS		1,943,265		1,924,780
RTL		3,196,745		3,230,053

153

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

	Purchases		Sales
INDS	$	19,974,725	$	2,699,726
SRVR		152,248,929		14,117,391
PEXL		1,789,305		1,781,080
SZNE		92,962,093		68,672,743
BUL		6,084,770		3,593,272
PTIN		100,456,539		6,328,945
ECOW		3,907,077		2,708,212
HERD		2,548,485		19,613
TRND		12,604,694		160,835
PTBD		22,170,102		4,980,452

For the period ended October 31, 2019, in-kind transactions associated with creations and redemptions are as follows:

	Purchases			Sales
PTLC	$	(514,496,452	)	$	(26,457,398	)
PTMC		(18,002,223	)		(91,049,449	)
PTNQ		(35,917,947	)		(7,159,811	)
PTEU		—			(61,781,568	)
GCOW		(43,006,797	)		(42,078,583	)
COWZ		(51,539,658	)		(78,665,765	)
CALF		(12,119,244	)		(17,985,340	)
ICOW		(4,725,757	)		(5,035,305	)
PWS		(19,036,215	)		(47,589,125	)
VETS		(1,493,266	)		(1,490,929	)
RTL		(2,703,226	)		(2,753,576	)
INDS		(16,150,131	)		(1,593,107	)
SRVR		(142,574,934	)		(4,883,052	)
PEXL		(1,314,800	)		(1,058,306	)
SZNE		(42,900,165	)		(18,826,184	)
BUL		(4,942,931	)		(2,476,826	)
PTIN		(89,324,335	)		(1,244,742	)
ECOW		(988,670	)		(1,350,001	)
HERD		(2,528,090	)		—
TRND		(12,450,122	)		—
PTBD		(20,998,925	)		(4,906,645	)

For the period ended October 31, 2019, there were no long-term purchases or sales of U.S. Government Securities for the Funds, except PWS and PTBD. Included in the amounts were $214,198,734 and $4,950,533 of purchases and $212,224,292 and $4,919,677 of sales respectively, of U.S. Government Securities during the period ended October 31, 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.

154

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

NOTE 9 – TRANSACTIONS WITH AFFILIATED SECURITIES

TRND had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2019		Purchases		Sales		Balance October 31, 2019
PTLC		—		82,961		2,331		80,630
PTMC		—		85,982		—		85,982
PTNQ		—		71,307		1,737		69,570
PTIN		—		199,364		1,039		198,325

	Period Ended October 31, 2019
Security Name	Value		Dividend Income		Loss Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
PTLC	$	2,559,196	$	—	$	(415	)	$	91,349
PTMC	$	2,533,890	$	—	$	—		$	19,455
PTNQ	$	2,608,875	$	—	$	(1,265	)	$	116,791
PTIN	$	5,144,550	$	—	$	(269	)	$	177,006

HERD had the following transactions during the current fiscal period with affiliates:

	Share Activity
Security Name	Balance May 1, 2019		Purchases		Sales		Balance October 31, 2019
GCOW		—		16,271		—		16,271
COWZ		—		17,002		262		16,740
CALF		—		19,542		6		19,536
ICOW		—		19,136		—		19,136
BUL		—		20,216		489		19,727

	Period Ended October 31, 2019
Security Name	Value		Dividend Income		Loss Realized on Sale of Shares			Net Change in Unrealized Appreciation (Depreciation) on Investments in Affiliate
GCOW	$	493,500	$	11,523	$	—		$	(12,270	)
COWZ	$	493,160	$	4,865	$	(272	)	$	(5,859	)
CALF	$	494,382	$	2,638	$	(10	)	$	(17,442	)
ICOW	$	497,628	$	9,877	$	—		$	(22,126	)
BUL	$	484,657	$	2,688	$	(267	)	$	(7,299	)

155

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

NOTE 10 – 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

	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.

156

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

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, 2019, 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.

BUL, PTIN, ECOW, TRND, HERD and PTBD commenced operations after April 30, 2019.

NOTE 11 – DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid by the Funds during the fiscal period ended October 31, 2019 was as follows:

	Ordinary Income		Capital Gains		Return of Capital
PTLC	$	—	$	—	$	—
PTMC		—		—		—
PTNQ		—		—		—
PTEU		—		—		—
GCOW		5,011,247		—		—
COWZ		2,483,646		—		—
CALF		242,647		—		—
ICOW		703,232		—		—
PWS		687,056		—		—
VETS		27,747		—		—
RTL		35,554		—		—
INDS		128,340		—		—
SRVR		560,467		—		—
PEXL		4,119		—		—
SZNE		132,324		—		—
BUL		13,294		—		—
PTIN		—		—		—
ECOW		74,677		—		—
TRND		—		—		—
HERD		30,244		—		—
PTBD		—		—		—

157

Pacer Funds

NOTES TO FINANCIAL STATEMENTS
October 31, 2019 (Unaudited) (Continued)

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		—		—

NOTE 12 – 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.

NOTE 13 – 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 December 16, 2019, the Trust acquired the assets of American Energy Independence ETF.

On December 23, 2019, the following Funds declared distributions from ordinary income to shareholders of record as of December 26, 2019, Payable December 27, 2019, as follows:

	Ordinary Income		Per Share Amount
PTLC	$	33,554,677	$	0.36812591
PTMC		8,738,254		0.43151873
PTNQ		3,044,420		0.17700118
PTEU		4,195,663		0.94284563
GCOW		2,381,341		0.34764103
COWZ		1,626,606		0.20332575
CALF		84,828		0.04989884
ICOW		254,945		0.20395600
PWS		363,857		0.13231164
VETS		11,256		0.11256000
RTL		10,001		0.20002000
INDS		364,291		0.30357584

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October 31, 2019 (Unaudited) (Continued)

	Ordinary Income		Per Share Amount
SRVR	$	1,115,582	$	0.18749278
PEXL		1,933		0.03866000
SZNE		255,150		0.10857448
BUL		7,812		0.07812000
PTIN		1,060,524		0.25866440
ECOW		71,839		1.43678000
PTBD		286,266		0.15903674
USAI		202,102		0.40420400

On December 26, 2019, the following Funds declared distributions from ordinary income to shareholders of record as of December 30, 2019, Payable December 31, 2019, as follows:

	Ordinary Income		Per Share Amount
HERD	$	6,857	$	0.13714000
TRND		137,281		0.24960182

159

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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%

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(Unaudited) (Continued)

Short Term Capital Gains

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(C) for each fund were as follows:

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.

161

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ADDITIONAL INFORMATION
(Unaudited) (Continued)

NOTE 3 – DISCLOSURE OF PORTFOLIO HOLDINGS

The Funds file their complete schedule of portfolio holdings for their first and third fiscal quarters with the Securities and Exchange Commission (“SEC”) on Form N-Q 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 thereof who are not “interested persons,” as defined by the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (the “Independent Trustees”), held an in-person meeting on April 8, 2019 for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the investment advisory agreement (the “Investment Advisory Agreement”) between the Trust and Pacer Advisors, Inc. (the “Advisor”), relating to the Pacer Cash Cows Growth ETF (“BUL”), the Pacer TrendPilot International ETF (“PTIN”), the Pacer TrendPilot Fund of Funds ETF (“TRND”), the Pacer Emerging Markets Cash Cows 100 ETF (“ECOW”), the Pacer Cash Cows Fund of Funds ETF (“HERD”). The Board also held a meeting on September 23, 2019 (together with the April 8, 2019 meeting, the “Meetings”), for the purpose of, among other things, the consideration of, and voting on, the proposed approval of the Investment Advisory Agreement between the Trust and the Advisor relating to the Pacer Trendpilot Bond ETF (“PTBD”). Each of the aforenamed funds is referred to as a “Fund” and, together, as the “Funds”).

The Board, including a majority of the Trust’s Independent Trustees voting separately, approved the Investment Advisory Agreement for PTIN, TRND, ECOW and HERD on April 8, 2019, and the Investment Advisory Agreement for PTBD on September 23, 2019, based on its review of qualitative and quantitative information provided by the Advisor as well as the Trust’s other service providers. Prior to deciding to approve the Investment Advisory Agreement at these Meetings for these Funds, the Independent Trustees requested and obtained from the Advisor such information as the Independent Trustees deemed reasonably necessary to evaluate the terms of the Investment Advisory Agreement. The Independent Trustees received assistance and advice from, and met separately with, independent counsel. In addition, the Independent Trustees received a memorandum from independent counsel regarding the responsibilities of the Board with respect to the approval of the Investment Advisory Agreement.

Prior to approval, the Board obtained and reviewed a variety of information, including certain information regarding each Fund’s proposed expenses relative to the expenses of other comparable funds. At each 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 is prepared to provide to each Fund under consideration, the advisory fee payable by each such Fund to the Advisor for its services; (5) certain comparative information regarding each such Fund’s expenses relative to the expenses of other funds; (6) a copy of the Trust’s registration statement and prospectuses; and (7) information regarding the ownership and management structure, financial condition and compliance program of the Advisor. Representatives from the Advisor presented additional information and participated in question and answer sessions at each Meetings to help the Board evaluate the Advisor’s services and fees, as well as other aspects of the Investment Advisory Agreement. With specific regard to HERD and TRND, the Board considered the services to be provided by the Advisor and focused on how those services were not duplicative of those provided by the Advisor to the underlying Pacer Funds.

In considering the approval of the Investment Advisory Agreement at each Meeting, the Board considered various factors that its members determined were relevant, including: (i) the nature, extent and quality of the services to be provided by the Advisor, including the performance of the firm with respect to other funds; (ii) the fee to be paid to the Advisor by each Fund; and (iii) potential economies of scale.

●

Nature, Extent and Quality of Services to be Provided by the Advisor. The Board reviewed the scope of services to be provided by the Advisor under the Investment Advisory Agreement. In this regard, its members reviewed each Fund’s investment goal and proposed investment strategy, and the firm’s ability to implement such investment goal and/or investment strategy, including, but not limited to, trading practices. The Trustees reviewed the management team at the Advisor that would be responsible for managing each Fund,

162

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ADDITIONAL INFORMATION
(Unaudited) (Continued)

including staffing, skills and compensation program, and considered various other portfolios advised by the Advisor. The Trustees also discussed Pacer’s intention to engage a sub-adviser to manage PTBD on a daily basis, and discussed other steps that could be taken in the event that the sub-advisory approach was not an option or otherwise was not pursued.

Based on its review, the Board determined that the Advisor was capable of providing all necessary advisory services required by the various Funds, as indicated by the firm’s management capabilities, the professional qualifications and experience of its portfolio management personnel and the performance of comparable funds managed by the firm. With specific regard to HERD and TRND, the Board considered the services to be provided by the Advisor and determined that these services were not duplicative of those provided by the Advisor to the underlying Pacer Funds. The Board also considered other services provided to the Funds by the Advisor, such as selecting broker-dealers for executing portfolio transactions, monitoring adherence to 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 Advisory Services to be Provided to the Funds. 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 comparing the expense ratios of each Fund with the expense ratios of the ETFs and other funds in each Fund’s projected peer group. The Board compared each Fund’s expense ratio to the expense ratios of funds in its peer group, focusing on whether each Fund was charged fees that were within the range of fees charged by those in the peer group. It also noted that the Advisor had contractually agreed to pay the 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 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 may grow in the future.

Based on its deliberations and its evaluation of the information described above, at each Meeting the Board, including the Independent Trustees: (a) concluded that the terms of the Investment Advisory Agreement with respect to each Fund are fair and reasonable; (b) concluded that the Advisor’s fees are reasonable in light of the nature and quality of the services expected to be rendered by the Advisor to each Fund; and (c) agreed to approve the Investment Advisory Agreement as to each Fund for a term of two years. In its deliberations at each Meeting, 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.

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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, Pacer Advisors, Inc. (since 2005); President and Chief Compliance Officer, Pacer Financial, Inc. (since 2004)	21	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)	21	None
Jonathan H. Newman, Sr. Born: 1962	Trustee	Indefinite Term; since 2015	CEO and Chairman, Newman Wine & Spirits (since 2007)	21	None
Dennis J. Ryan Born: 1947	Trustee	Indefinite Term; since 2017	Principal/Owner, Brendan Abstract Company, Inc. (title insurance) (since 1999)	21	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 (2012-2014)	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.

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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

Sub Adviser

Vident Investment Advisory, LLC
1125 Sanctuary Parkway, Suite 515
Alpharetta, GA 30009

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

Practus, LLP
137 Airdale Road
Bryn Mawr, PA 19010

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

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

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not applicable to open-end investment companies.

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

Not Applicable.

Item 11. Controls and Procedures.

(a)

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

(b)

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

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

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a)

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

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

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

(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 Thomson
	Joe M. Thomson, President (Principal Executive Officer)

Date	01/08/2020

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

By (Signature and Title)	/s/ Joe Thomson
	Joe M. Thomson, President (Principal Executive Officer)

Date	01/08/2020

By (Signature and Title)	/s/ Sean O’Hara
	Sean E. O’Hara, Treasurer (Principal Financial Officer)

Date	01/08/2020

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