NPORT-EX 2 pacglo-nport.htm NPORT-EX
PACIFIC GLOBAL ETFs
            
PACIFIC GLOBAL US EQUITY INCOME ETF
        
Portfolio of Investments
            
September 30, 2019 (Unaudited)
            
   
Security Description
  
Shares
    
Fair Value
  
COMMON STOCKS - 99.6%
            
Basic Materials - 3.0%
            
Air Products & Chemicals, Inc.
    
696
    
$
154,415
  
Albemarle Corp.
    
472
      
32,813
  
Cabot Corp.
    
364
      
16,497
  
CF Industries Holdings, Inc.
    
709
      
34,883
  
Chemours Co.
    
561
      
8,381
  
Domtar Corp.
    
176
      
6,303
  
Dow, Inc.
    
2,235
      
106,498
  
Eastman Chemical Co.
    
939
      
69,326
  
Huntsman Corp.
    
724
      
16,840
  
International Flavors & Fragrances, Inc.
    
357
      
43,800
  
International Paper Co.
    
3,987
      
166,736
  
LyondellBasell Industries NV
    
918
      
82,133
  
Nucor Corp.
    
1,134
      
57,732
  
Olin Corp.
    
493
      
9,229
  
Reliance Steel & Aluminum Co.
    
236
      
23,520
  
RPM International, Inc.
    
390
      
26,836
  
Southern Copper Corp.
    
260
      
8,874
  
Steel Dynamics, Inc.
    
736
      
21,933
  
             
886,749
  
                 
Communications - 6.0%
                
AT&T, Inc.
    
9,793
      
370,567
  
CenturyLink, Inc.
    
3,405
      
42,494
  
Cisco Systems, Inc.
    
7,513
      
371,217
  
Corning, Inc.
    
3,292
      
93,888
  
Interpublic Group of Cos., Inc.
    
17,426
      
375,705
  
John Wiley & Sons, Inc.
    
271
      
11,908
  
Juniper Networks, Inc.
    
2,054
      
50,837
  
Omnicom Group, Inc.
    
678
      
53,087
  
Telephone & Data Systems, Inc.
    
330
      
8,514
  
Verizon Communications, Inc.
    
6,053
      
365,359
  
Viacom, Inc.
    
1,220
      
29,317
  
             
1,772,893
  
                 
Consumer, Cyclical - 12.5%
                
Alaska Air Group, Inc.
    
454
      
29,469
  
Best Buy Co, Inc.
    
794
      
54,778
  
Carnival Corp.
    
2,175
      
95,069
  
Carter's, Inc.
    
152
      
13,864
  
Cinemark Holdings, Inc.
    
449
      
17,349
  
Copa Holdings SA
    
94
      
9,282
  
Darden Restaurants, Inc.
    
378
      
44,687
  
Delta Air Lines, Inc.
    
6,261
      
360,634
  
Dick's Sporting Goods, Inc.
    
243
      
9,917
  
Extended Stay America, Inc.
    
979
      
14,332
  
Fastenal Co.
    
1,787
      
58,381
  
Foot Locker, Inc.
    
664
      
28,658
  
Ford Motor Co.
    
16,643
      
152,450
  
Gap, Inc.
    
1,017
      
17,655
  
General Motors Co.
    
3,662
      
137,252
  
Genuine Parts Co.
    
643
      
64,036
  
Goodyear Tire & Rubber Co.
    
2,531
      
36,459
  
Hanesbrands, Inc.
    
2,031
      
31,115
  
Harley-Davidson, Inc.
    
7,370
      
265,099
  
Hasbro, Inc.
    
318
      
37,743
  
Home Depot, Inc.
    
1,584
      
367,520
  
International Game Technology Plc
    
304
      
4,320
  
KAR Auction Services, Inc.
    
396
      
9,722
  
Kohl's Corp.
    
657
      
32,627
  
L Brands, Inc.
    
686
      
13,439
  
Las Vegas Sands Corp.
    
1,081
      
62,439
  
Lear Corp.
    
369
      
43,505
  
Leggett & Platt, Inc.
    
426
      
17,440
  
Macy's, Inc.
    
1,545
      
24,009
  
McDonald's Corp.
    
1,706
      
366,295
  
MSC Industrial Direct Co., Inc.
    
340
      
24,660
  
Newell Brands, Inc.
    
5,011
      
93,806
  
Nordstrom, Inc.
    
534
      
17,980
  
Nu Skin Enterprises, Inc.
    
181
      
7,698
  
Penske Automotive Group, Inc.
    
344
      
16,264
  
Polaris, Inc.
    
361
      
31,772
  
Ralph Lauren Corp.
    
197
      
18,808
  
Royal Caribbean Cruises Ltd.
    
717
      
77,673
  
Scotts Miracle-Gro Co.
    
123
      
12,524
  
Six Flags Entertainment Corp.
    
831
      
42,206
  
Tapestry, Inc.
    
885
      
23,054
  
Target Corp.
    
1,650
      
176,401
  
Thor Industries, Inc.
    
217
      
12,291
  
Tiffany & Co.
    
490
      
45,389
  
Vail Resorts, Inc.
    
232
      
52,794
  
Walgreens Boots Alliance, Inc.
    
5,822
      
322,015
  
Watsco, Inc.
    
651
      
110,136
  
Whirlpool Corp.
    
188
      
29,772
  
Williams-Sonoma, Inc.
    
247
      
16,791
  
Wyndham Destinations, Inc.
    
1,951
      
89,785
  
Wyndham Hotels & Resorts, Inc.
    
286
      
14,798
  
Wynn Resorts Ltd.
    
289
      
31,420
  
             
3,687,582
  
                 
Consumer, Non-cyclical - 23.1%
                
AbbVie, Inc.
    
4,905
      
371,407
  
Altria Group, Inc.
    
9,066
      
370,799
  
Amgen, Inc.
    
1,868
      
361,477
  
Archer-Daniels-Midland Co.
    
3,239
      
133,026
  
Bristol-Myers Squibb Co.
    
5,079
      
257,556
  
Bunge Ltd.
    
5,298
      
299,973
  
Campbell Soup Co.
    
496
      
23,272
  
Cardinal Health, Inc.
    
7,653
      
361,145
  
Clorox Co.
    
443
      
67,279
  
Coca-Cola Co.
    
6,732
      
366,490
  
Colgate-Palmolive Co.
    
2,741
      
201,491
  
Conagra Brands, Inc.
    
1,394
      
42,768
  
Coty, Inc.
    
1,608
      
16,900
  
CVS Health Corp.
    
5,232
      
329,982
  
Eli Lilly & Co.
    
2,839
      
317,485
  
Flowers Foods, Inc.
    
636
      
14,711
  
General Mills, Inc.
    
2,224
      
122,587
  
Gilead Sciences, Inc.
    
4,495
      
284,893
  
H&R Block, Inc.
    
597
      
14,101
  
Ingredion, Inc.
    
419
      
34,249
  
JM Smucker Co.
    
383
      
42,138
  
Johnson & Johnson
    
2,795
      
361,617
  
Kellogg Co.
    
855
      
55,019
  
Keurig Dr Pepper, Inc.
    
597
      
16,310
  
Kimberly-Clark Corp.
    
1,068
      
151,709
  
Kraft Heinz Co.
    
2,774
      
77,492
  
Kroger Co.
    
3,901
      
100,568
  
Macquarie Infrastructure Corp.
    
1,039
      
41,009
  
ManpowerGroup, Inc.
    
251
      
21,144
  
Merck & Co, Inc.
    
4,352
      
366,351
  
Molson Coors Brewing Co.
    
528
      
30,360
  
Nielsen Holdings Plc
    
1,187
      
25,224
  
PepsiCo, Inc.
    
2,690
      
368,799
  
Pfizer, Inc.
    
10,118
      
363,540
  
Philip Morris International, Inc.
    
4,856
      
368,716
  
Procter & Gamble Co.
    
2,932
      
364,682
  
Robert Half International, Inc.
    
523
      
29,110
  
Sabre Corp.
    
861
      
19,282
  
Spectrum Brands Holdings, Inc.
    
165
      
8,696
  
             
6,803,357
  
Energy - 7.3%
                
Apache Corp.
    
1,251
      
32,026
  
Baker Hughes a GE Co.
    
2,010
      
46,632
  
Chevron Corp.
    
3,003
      
356,156
  
Exxon Mobil Corp.
    
5,133
      
362,441
  
Halliburton Co.
    
2,752
      
51,875
  
Helmerich & Payne, Inc.
    
399
      
15,988
  
HollyFrontier Corp.
    
505
      
27,088
  
Kinder Morgan, Inc.
    
5,845
      
120,465
  
Kosmos Energy Ltd.
    
1,124
      
7,014
  
Marathon Petroleum Corp.
    
2,158
      
131,099
  
Murphy Oil Corp.
    
625
      
13,819
  
Noble Energy, Inc.
    
1,655
      
37,171
  
Occidental Petroleum Corp.
    
3,978
      
176,902
  
ONEOK, Inc.
    
1,322
      
97,418
  
PBF Energy, Inc.
    
334
      
9,081
  
Phillips 66
    
1,559
      
159,642
  
Targa Resources Corp.
    
686
      
27,557
  
Schlumberger Ltd.
    
8,013
      
273,804
  
Valero Energy Corp.
    
1,388
      
118,313
  
Williams Cos., Inc.
    
3,923
      
94,387
  
             
2,158,878
  
                 
Financials - 25.1%
                
AGNC Investment Corp.
    
1,677
      
26,983
  
Alexandria Real Estate Equities, Inc.
    
109
      
16,790
  
American Campus Communities, Inc.
    
164
      
7,885
  
American International Group, Inc.
    
2,751
      
153,231
  
Americold Realty Trust
    
206
      
7,636
  
Ameriprise Financial, Inc.
    
483
      
71,049
  
Apartment Investment & Management Co.
    
167
      
8,707
  
Apple Hospitality REIT, Inc.
    
275
      
4,559
  
Associated Banc-Corp
    
1,192
      
24,138
  
AvalonBay Communities, Inc.
    
147
      
31,654
  
AXA Equitable Holdings, Inc.
    
1,020
      
22,603
  
Axis Capital Holdings Ltd.
    
271
      
18,081
  
Bank of America Corp.
    
12,481
      
364,071
  
Bank of Hawaii Corp.
    
115
      
9,882
  
Bank of New York Mellon Corp.
    
5,255
      
237,579
  
BANK OZK
    
438
      
11,944
  
BankUnited, Inc.
    
310
      
10,422
  
BB&T Corp.
    
2,686
      
143,352
  
BGC Partners, Inc.
    
863
      
4,746
  
BlackRock, Inc.
    
400
      
178,256
  
BOK Financial Corp.
    
91
      
7,203
  
Boston Properties, Inc.
    
171
      
22,172
  
Brandywine Realty Trust
    
201
      
3,045
  
Brixmor Property Group, Inc.
    
332
      
6,736
  
Brookfield Property REIT, Inc.
    
80
      
1,631
  
Camden Property Trust
    
86
      
9,547
  
CIT Group, Inc.
    
542
      
24,558
  
Citigroup, Inc.
    
5,261
      
363,430
  
Citizens Financial Group, Inc.
    
6,771
      
239,490
  
CNA Financial Corp.
    
66
      
3,250
  
Columbia Property Trust, Inc.
    
105
      
2,221
  
Comerica, Inc.
    
1,764
      
116,406
  
CoreSite Realty Corp.
    
44
      
5,361
  
Corporate Office Properties Trust
    
106
      
3,157
  
Cousins Properties, Inc.
    
156
      
5,864
  
Crown Castle International Corp.
    
466
      
64,779
  
CubeSmart
    
218
      
7,608
  
Cullen/Frost Bankers, Inc.
    
199
      
17,621
  
CyrusOne, Inc.
    
105
      
8,305
  
Digital Realty Trust, Inc.
    
211
      
27,390
  
Discover Financial Services
    
1,274
      
103,309
  
Douglas Emmett, Inc.
    
162
      
6,938
  
Duke Realty Corp.
    
321
      
10,904
  
East West Bancorp, Inc.
    
478
      
21,171
  
Eaton Vance Corp.
    
383
      
17,208
  
Empire State Realty Trust, Inc.
    
176
      
2,512
  
EPR Properties
    
98
      
7,532
  
Equity Residential
    
395
      
34,073
  
Essex Property Trust, Inc.
    
67
      
21,886
  
Evercore, Inc.
    
137
      
10,974
  
Everest Re Group Ltd.
    
118
      
31,399
  
Extra Space Storage, Inc.
    
136
      
15,888
  
Federal Realty Investment Trust
    
98
      
13,342
  
Fidelity National Financial, Inc.
    
861
      
38,237
  
Fifth Third Bancorp
    
4,692
      
128,467
  
First American Financial Corp.
    
333
      
19,650
  
First Hawaiian, Inc.
    
397
      
10,600
  
First Horizon National Corp.
    
1,115
      
18,063
  
FNB Corp.
    
960
      
11,069
  
Franklin Resources, Inc.
    
1,290
      
37,229
  
Gaming and Leisure Properties, Inc.
    
220
      
8,413
  
Goldman Sachs Group Inc/The
    
1,114
      
230,854
  
HCP, Inc.
    
438
      
15,606
  
Healthcare Trust of America, Inc.
    
213
      
6,258
  
Highwoods Properties, Inc.
    
120
      
5,393
  
Host Hotels & Resorts, Inc.
    
783
      
13,538
  
Hudson Pacific Properties, Inc.
    
168
      
5,621
  
Huntington Bancshares, Inc.
    
3,719
      
53,070
  
Invesco Ltd.
    
3,279
      
55,546
  
Iron Mountain, Inc.
    
393
      
12,729
  
Janus Henderson Group Plc
    
524
      
11,769
  
JBG SMITH Properties
    
111
      
4,352
  
Jefferies Financial Group, Inc.
    
2,118
      
38,971
  
JPMorgan Chase & Co.
    
3,097
      
364,486
  
KeyCorp
    
3,571
      
63,707
  
Kilroy Realty Corp.
    
104
      
8,101
  
Kimco Realty Corp.
    
456
      
9,521
  
Lamar Advertising Co.
    
88
      
7,210
  
Lazard Ltd.
    
341
      
11,935
  
Legg Mason, Inc.
    
298
      
11,381
  
Liberty Property Trust
    
125
      
6,416
  
Life Storage, Inc.
    
44
      
4,638
  
Lincoln National Corp.
    
1,544
      
93,134
  
M&T Bank Corp.
    
458
      
72,350
  
Macerich Co.
    
176
      
5,560
  
Medical Properties Trust, Inc.
    
476
      
9,311
  
Mercury General Corp.
    
87
      
4,862
  
MetLife, Inc.
    
2,994
      
141,197
  
MFA Financial, Inc.
    
1,211
      
8,913
  
Mid-America Apartment Communities, Inc.
    
110
      
14,301
  
Morgan Stanley
    
8,517
      
363,420
  
National Retail Properties, Inc.
    
169
      
9,532
  
Navient Corp.
    
712
      
9,114
  
New York Community Bancorp, Inc.
    
1,309
      
16,428
  
Northern Trust Corp.
    
1,035
      
96,586
  
Old Republic International Corp.
    
842
      
19,846
  
Omega Healthcare Investors, Inc.
    
231
      
9,653
  
Outfront Media, Inc.
    
150
      
4,167
  
PacWest Bancorp
    
1,150
      
41,791
  
Paramount Group, Inc.
    
264
      
3,524
  
Park Hotels & Resorts, Inc.
    
233
      
5,818
  
People's United Financial, Inc.
    
1,324
      
20,701
  
PNC Financial Services Group, Inc.
    
1,656
      
232,105
  
Popular, Inc.
    
502
      
27,148
  
Principal Financial Group, Inc.
    
1,356
      
77,482
  
Prologis, Inc.
    
594
      
50,621
  
Prosperity Bancshares, Inc.
    
226
      
15,962
  
Prudential Financial, Inc.
    
2,761
      
248,352
  
Public Storage
    
166
      
40,715
  
Rayonier, Inc.
    
134
      
3,779
  
Realty Income Corp.
    
324
      
24,844
  
Regency Centers Corp.
    
185
      
12,856
  
Regions Financial Corp.
    
3,565
      
56,398
  
Retail Properties of America, Inc.
    
256
      
3,154
  
Santander Consumer USA Holdings, Inc.
    
416
      
10,612
  
Service Properties Trust
    
212
      
5,468
  
Simon Property Group, Inc.
    
411
      
63,972
  
SITE Centers Corp.
    
181
      
2,735
  
SL Green Realty Corp.
    
99
      
8,093
  
Spirit Realty Capital, Inc.
    
87
      
4,164
  
Starwood Property Trust, Inc.
    
682
      
16,518
  
State Street Corp.
    
2,027
      
119,978
  
STORE Capital Corp.
    
220
      
8,230
  
SunTrust Banks, Inc.
    
1,651
      
113,589
  
Synchrony Financial
    
5,505
      
187,665
  
Synovus Financial Corp.
    
802
      
28,680
  
T Rowe Price Group, Inc.
    
723
      
82,603
  
Taubman Centers, Inc.
    
66
      
2,695
  
TCF Financial Corp.
    
482
      
18,350
  
TD Ameritrade Holding Corp.
    
815
      
38,060
  
Travelers Cos., Inc.
    
890
      
132,334
  
UDR, Inc.
    
289
      
14,011
  
Umpqua Holdings Corp.
    
653
      
10,748
  
Unum Group
    
2,425
      
72,071
  
US Bancorp
    
4,478
      
247,813
  
Ventas, Inc.
    
381
      
27,824
  
VEREIT, Inc.
    
1,051
      
10,279
  
VICI Properties, Inc.
    
508
      
11,506
  
Virtu Financial, Inc.
    
159
      
2,601
  
Vornado Realty Trust
    
228
      
14,517
  
Webster Financial Corp.
    
301
      
14,108
  
Weingarten Realty Investors
    
159
      
4,632
  
Wells Fargo & Co.
    
7,432
      
374,870
  
Welltower, Inc.
    
371
      
33,631
  
Western Alliance Bancorp
    
304
      
14,008
  
Western Union Co.
    
1,447
      
33,527
  
Weyerhaeuser Co.
    
788
      
21,828
  
WP Carey, Inc.
    
152
      
13,604
  
Zions Bancorp NA
    
1,878
      
83,609
  
             
7,395,865
  
                 
Industrial - 12.5%
                
3M Co.
    
2,230
      
366,612
  
Boeing Co.
    
946
      
359,925
  
Caterpillar, Inc.
    
1,792
      
226,347
  
CH Robinson Worldwide, Inc.
    
443
      
37,557
  
Cummins, Inc.
    
528
      
85,890
  
Eaton Corp Plc
    
1,343
      
111,670
  
Emerson Electric Co.
    
1,996
      
133,453
  
Energizer Holdings, Inc.
    
202
      
8,803
  
Fluor Corp.
    
422
      
8,073
  
Garmin Ltd.
    
365
      
30,912
  
General Dynamics Corp.
    
835
      
152,579
  
GrafTech International Ltd.
    
217
      
2,778
  
Graphic Packaging Holding Co.
    
2,527
      
37,273
  
Hubbell, Inc.
    
177
      
23,258
  
Illinois Tool Works, Inc.
    
1,728
      
270,415
  
Johnson Controls International Plc
    
2,608
      
114,465
  
Lincoln Electric Holdings, Inc.
    
222
      
19,261
  
Lockheed Martin Corp.
    
698
      
272,262
  
MDU Resources Group, Inc.
    
154
      
4,341
  
National Instruments Corp.
    
407
      
17,090
  
nVent Electric Plc
    
498
      
10,976
  
Packaging Corp of America
    
281
      
29,814
  
Rockwell Automation, Inc.
    
395
      
65,096
  
Ryder System, Inc.
    
732
      
37,896
  
Snap-on, Inc.
    
316
      
49,467
  
Sonoco Products Co.
    
319
      
18,569
  
Timken Co.
    
202
      
8,789
  
Trinity Industries, Inc.
    
702
      
13,815
  
Union Pacific Corp.
    
2,222
      
359,920
  
United Parcel Service, Inc.
    
3,089
      
370,124
  
United Technologies Corp.
    
2,335
      
318,774
  
Westrock Co.
    
2,743
      
99,982
  
             
3,666,186
  
                 
Technology - 8.2%
                
Broadcom, Inc.
    
1,325
      
365,793
  
DXC Technology Co.
    
887
      
26,167
  
Hewlett Packard Enterprise Co.
    
9,559
      
145,010
  
HP, Inc.
    
6,226
      
117,796
  
Intel Corp.
    
7,207
      
371,377
  
International Business Machines Corp.
    
2,563
      
372,711
  
Maxim Integrated Products, Inc.
    
885
      
51,250
  
NetApp, Inc.
    
1,317
      
69,156
  
Paychex, Inc.
    
964
      
79,790
  
QUALCOMM, Inc.
    
4,195
      
319,995
  
Skyworks Solutions, Inc.
    
645
      
51,116
  
Texas Instruments, Inc.
    
2,854
      
368,851
  
Western Digital Corp.
    
854
      
50,932
  
Xerox Holdings Corp.
    
728
      
21,774
  
             
2,411,718
  
                 
Utilities - 1.9%
                
AES Corp.
    
460
      
7,516
  
Alliant Energy Corp.
    
154
      
8,305
  
Ameren Corp.
    
132
      
10,567
  
American Electric Power Co., Inc.
    
281
      
26,327
  
Aqua America, Inc.
    
132
      
5,918
  
Avangrid, Inc.
    
22
      
1,150
  
CenterPoint Energy, Inc.
    
340
      
10,261
  
CMS Energy Corp.
    
176
      
11,255
  
Consolidated Edison, Inc.
    
198
      
18,705
  
Dominion Energy, Inc.
    
619
      
50,164
  
DTE Energy Co.
    
103
      
13,695
  
Duke Energy Corp.
    
454
      
43,520
  
Edison International
    
281
      
21,193
  
Entergy Corp.
    
100
      
11,736
  
Evergy, Inc.
    
159
      
10,583
  
Eversource Energy
    
198
      
16,923
  
Exelon Corp.
    
579
      
27,972
  
FirstEnergy Corp.
    
276
      
13,312
  
Hawaiian Electric Industries, Inc.
    
44
      
2,007
  
IDACORP, Inc.
    
35
      
3,943
  
National Fuel Gas Co.
    
58
      
2,721
  
NextEra Energy, Inc.
    
290
      
67,567
  
OGE Energy Corp.
    
132
      
5,990
  
Pinnacle West Capital Corp.
    
66
      
6,407
  
PPL Corp.
    
514
      
16,186
  
Public Service Enterprise Group, Inc.
    
303
      
18,810
  
Sempra Energy
    
176
      
25,979
  
Southern Co.
    
667
      
41,201
  
UGI Corp.
    
153
      
7,691
  
WEC Energy Group, Inc.
    
185
      
17,594
  
Xcel Energy, Inc.
    
309
      
20,051
  
             
545,249
  
                 
Total Common Stocks
                
(Cost $28,818,966)
            
29,328,477
  
                 
SHORT TERM INVESTMENTS - 0.2%
                
First American Treasury Obligations Fund - Class X, 1.89%  (a)
    
65,123
      
65,123
  
Total Short Term Investments
                
(Cost $65,123)
            
65,123
  
TOTAL INVESTMENTS - 99.8%
                
(Cost $28,884,089)
            
29,393,600
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%
            
50,924
  
TOTAL NET ASSETS - 100.0%
          
$
29,444,524
  
                 
(a) Seven-day yield as of September 30, 2019
                
                 
Glossary:
                
Ltd. - Private Limited Company
                
Plc - Public Limited Company
                
PACIFIC GLOBAL ETFs
    
PACIFIC GLOBAL US EQUITY INCOME ETF
    
Portfolio of Investments
    
(as of September 30, 2019)
    
Financial
25.1%
  
Consumer, Non-cyclical
23.1%
  
Consumer, Cyclical
12.5%
  
Industrial
12.5%
  
Technology
8.2%
  
Energy
7.3%
  
Communications
6.0%
  
Basic Materials
3.0%
  
Utilities
1.9%
  
Money Market Funds
0.2%
  
Total Investments
99.8%
  
Other Assets in Excess of Liabilities
0.2%
  
Net Assets
100.0%
  
     
Percentages indicated are based upon net assets.
    
PACIFIC GLOBAL ETFs
          
NOTES TO PORTFOLIOS OF INVESTMENTS
September 30, 2019 (Unaudited)
          
           
Securities Valuation
          
           
All equity securities, including domestic and foreign common stocks, preferred stocks, and exchange traded funds that are traded on a national securities exchange, except those listed on the Nasdaq Global Market®, Nasdaq Global Select Market® and Nasdaq Capital Market Exchange® (collectively “Nasdaq”), are valued at the last reported sale price on the exchange on which the security is principally traded. Securities traded on Nasdaq will be valued at the Nasdaq Official Closing Price (“NOCP”). If, on a particular day, an exchange traded or Nasdaq security does not trade, then the mean between the most recent quoted bid and asked prices will be used. All equity securities that are not traded on a listed exchange are valued at the last sale price in the over-the-counter market. If a non-exchange traded security does not trade on a particular day, then the mean between the last quoted closing bid and asked price will be used. Prices denominated in foreign currencies are converted to U.S. dollar equivalents at the current exchange rate, which approximates fair value.
Short-term securities, including repurchase agreements, that have maturities of less than 60 days at the time of purchase, are valued at amortized cost, which, when combined with accrued interest, approximates fair value.
Securities for which quotations are not readily available are valued at their respective fair values in accordance with pricing procedures adopted by the Fund’s Board of Trustees (the “Board”). When a security is “fair valued,” consideration is given to the facts and circumstances relevant to the particular situation, including a review of various factors set forth in the pricing procedures adopted by the Board. The use of fair value pricing by the Fund may cause the NAV of its shares to differ significantly from the NAV that would be calculated without regard to such considerations.
Various inputs may be used to determine the value of the fund’s investments. These inputs are summarized in three broad levels for financial statement purposes. The inputs or methodologies used to value securities are not necessarily an indication of the risk associated with investing in those securities.

Level 1 — Quoted prices in active markets for identical securities.
Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
Level 3 — Significant unobservable inputs (including the fund’s own assumptions used to determine the fair value of investments).
The following table summarizes the market value of the fund’s investments as of September 30, 2019, based on the inputs used to value them:

Pacific Global US Equity Income ETF
                        
Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
29,328,477
    
$
-
    
$
-
    
$
29,328,477
  
Short Term Investments
  
$
65,123
    
$
-
    
$
-
    
$
65,123
  
Total
  
$
29,393,600
    
$
-
    
$
-
    
$
29,393,600