NPORT-EX 2 usequityincomeetf-nport.htm NPORT-EX

PACIFIC GLOBAL ETFs
            
PACIFIC GLOBAL US EQUITY INCOME ETF
            
Portfolio of Investments
            
March 31, 2020 (Unaudited)
            
 
            
Security Description
  
Shares
    
Fair Value
  
COMMON STOCKS - 99.1%
            
Basic Materials - 3.3%
            
Air Products & Chemicals, Inc.
    
513
    
$
102,400
  
Cabot Corp.
    
449
      
11,728
  
Celanese Corp.
    
346
      
25,393
  
CF Industries Holdings, Inc.
    
683
      
18,578
  
Chemours Co.
    
561
      
4,976
  
Domtar Corp.
    
215
      
4,653
  
Dow, Inc.
    
1,992
      
58,246
  
DuPont de Nemours, Inc.
    
1,699
      
57,936
  
Eastman Chemical Co.
    
1,125
      
52,402
  
Huntsman Corp.
    
674
      
9,726
  
International Flavors & Fragrances, Inc.
    
332
      
33,890
  
International Paper Co.
    
5,989
      
186,437
  
LyondellBasell Industries NV
    
1,093
      
54,246
  
Nucor Corp.
    
1,047
      
37,713
  
Olin Corp.
    
493
      
5,753
  
Reliance Steel & Aluminum Co.
    
151
      
13,226
  
Southern Copper Corp.
    
195
      
5,491
  
Steel Dynamics, Inc.
    
744
      
16,770
  
Valvoline, Inc.
    
423
      
5,537
  
Westlake Chemical Corp.
    
86
      
3,283
  
WR Grace & Co.
    
124
      
4,414
  
             
712,798
  
                 
Communications - 7.1%
                
AT&T, Inc.
    
8,567
      
249,728
  
CenturyLink, Inc.
    
3,199
      
30,263
  
Cisco Systems, Inc.
    
7,997
      
314,362
  
Comcast Corp.
    
7,798
      
268,095
  
Corning, Inc.
    
4,217
      
86,617
  
Interpublic Group of Cos., Inc.
    
9,033
      
146,244
  
John Wiley & Sons, Inc.
    
332
      
12,447
  
Juniper Networks, Inc.
    
2,422
      
46,357
  
Nexstar Media Group, Inc.
    
116
      
6,697
  
NortonLifeLock, Inc.
    
1,335
      
24,978
  
Omnicom Group, Inc.
    
756
      
41,504
  
Sinclair Broadcast Group, Inc.
    
147
      
2,364
  
Telephone & Data Systems, Inc.
    
404
      
6,771
  
Verizon Communications, Inc.
    
5,400
      
290,142
  
ViacomCBS, Inc.
    
823
      
11,530
  
             
1,538,099
  

Consumer, Cyclical - 10.2%
                
Alaska Air Group, Inc.
    
605
      
17,224
  
American Airlines Group, Inc.
    
987
      
12,032
  
Best Buy Co, Inc.
    
625
      
35,625
  
BorgWarner, Inc.
    
461
      
11,235
  
Carnival Corp.
    
2,492
      
32,820
  
Carter's, Inc.
    
115
      
7,559
  
Cinemark Holdings, Inc.
    
669
      
6,817
  
Copa Holdings SA
    
83
      
3,759
  
Cummins, Inc.
    
588
      
79,568
  
Darden Restaurants, Inc.
    
454
      
24,725
  
Delta Air Lines, Inc.
    
6,402
      
182,649
  
Dick's Sporting Goods, Inc.
    
404
      
8,589
  
Dunkin' Brands Group, Inc.
    
188
      
9,983
  
Extended Stay America, Inc.
    
1,564
      
11,433
  
Fastenal Co.
    
1,627
      
50,844
  
Foot Locker, Inc.
    
988
      
21,785
  
Ford Motor Co.
    
16,093
      
77,729
  
Gap, Inc.
    
1,055
      
7,427
  
General Motors Co.
    
3,125
      
64,937
  
Genuine Parts Co.
    
556
      
37,435
  
Goodyear Tire & Rubber Co.
    
2,712
      
15,784
  
Hanesbrands, Inc.
    
2,217
      
17,448
  
Harley-Davidson, Inc.
    
9,347
      
176,939
  
Hasbro, Inc.
    
431
      
30,838
  
Home Depot, Inc.
    
1,380
      
257,660
  
International Game Technology Plc
    
304
      
1,809
  
KAR Auction Services, Inc.
    
396
      
4,752
  
Kohl's Corp.
    
813
      
11,862
  
L Brands, Inc.
    
488
      
5,641
  
Las Vegas Sands Corp.
    
960
      
40,771
  
Lear Corp.
    
548
      
44,525
  
Leggett & Platt, Inc.
    
416
      
11,099
  
Macy's, Inc.
    
1,584
      
7,777
  
McDonald's Corp.
    
1,564
      
258,607
  
MGM Resorts International
    
1,339
      
15,800
  
MSC Industrial Direct Co., Inc.
    
382
      
20,999
  
Newell Brands, Inc.
    
5,124
      
68,047
  
Nordstrom, Inc.
    
629
      
9,649
  
Nu Skin Enterprises, Inc.
    
211
      
4,610
  
Penske Automotive Group, Inc.
    
125
      
3,500
  
Polaris, Inc.
    
182
      
8,763
  
Ralph Lauren Corp.
    
235
      
15,705
  
Royal Caribbean Cruises Ltd.
    
610
      
19,624
  
Six Flags Entertainment Corp.
    
1,541
      
19,324
  
Tapestry, Inc.
    
1,075
      
13,921
  
Target Corp.
    
1,163
      
108,124
  
Thor Industries, Inc.
    
252
      
10,629
  
Vail Resorts, Inc.
    
291
      
42,984
  
VF Corp.
    
932
      
50,403
  
Walgreens Boots Alliance, Inc.
    
2,598
      
118,858
  
Watsco, Inc.
    
112
      
17,699
  
Whirlpool Corp.
    
201
      
17,246
  

Williams-Sonoma, Inc.
    
274
      
11,650
  
Wyndham Destinations, Inc.
    
351
      
7,617
  
Wyndham Hotels & Resorts, Inc.
    
286
      
9,012
  
Wynn Resorts Ltd.
    
277
      
16,673
  
             
2,200,524
  
                 
Consumer, Non-cyclical - 23.0%
                
AbbVie, Inc.
    
3,203
      
244,037
  
ADT, Inc.
    
249
      
1,076
  
Altria Group, Inc.
    
6,551
      
253,327
  
Amgen, Inc.
    
1,353
      
274,294
  
Archer-Daniels-Midland Co.
    
1,740
      
61,213
  
Automatic Data Processing, Inc.
    
1,146
      
156,635
  
Bristol-Myers Squibb Co.
    
5,234
      
291,743
  
Bunge Ltd.
    
5,999
      
246,139
  
Campbell Soup Co.
    
346
      
15,971
  
Cardinal Health, Inc.
    
897
      
43,002
  
Clorox Co.
    
234
      
40,541
  
Coca-Cola Co.
    
5,707
      
252,535
  
Colgate-Palmolive Co.
    
1,973
      
130,928
  
Conagra Brands, Inc.
    
1,012
      
29,692
  
Coty, Inc.
    
1,700
      
8,772
  
CVS Health Corp.
    
3,375
      
200,239
  
Flowers Foods, Inc.
    
453
      
9,296
  
General Mills, Inc.
    
1,338
      
70,606
  
Gilead Sciences, Inc.
    
2,699
      
201,777
  
H&R Block, Inc.
    
667
      
9,391
  
Ingredion, Inc.
    
502
      
37,901
  
JM Smucker Co.
    
431
      
47,841
  
Johnson & Johnson
    
2,210
      
289,797
  
Kellogg Co.
    
905
      
54,291
  
Keurig Dr Pepper, Inc.
    
431
      
10,460
  
Kimberly-Clark Corp.
    
771
      
98,588
  
Kraft Heinz Co.
    
2,779
      
68,752
  
Macquarie Infrastructure Corp.
    
256
      
6,464
  
ManpowerGroup, Inc.
    
224
      
11,870
  
Medtronic Plc
    
2,929
      
264,137
  
Merck & Co, Inc.
    
3,733
      
287,217
  
Molson Coors Brewing Co.
    
525
      
20,480
  
PepsiCo, Inc.
    
2,278
      
273,588
  
Pfizer, Inc.
    
9,229
      
301,235
  
Philip Morris International, Inc.
    
3,363
      
245,364
  
Procter & Gamble Co.
    
2,638
      
290,180
  
Robert Half International, Inc.
    
422
      
15,931
  
Sabre Corp.
    
1,001
      
5,936
  
Spectrum Brands Holdings, Inc.
    
98
      
3,564
  
Sysco Corp.
    
1,223
      
55,806
  
Tyson Foods, Inc.
    
723
      
41,840
  
             
4,972,456
  

Energy - 6.6%
                
Apache Corp.
    
1,451
      
6,065
  
Baker Hughes a GE Co.
    
2,073
      
21,767
  
Cabot Oil & Gas Corp.
    
1,428
      
24,547
  
Chevron Corp.
    
3,582
      
259,552
  
Cimarex Energy Co.
    
229
      
3,854
  
ConocoPhillips
    
3,446
      
106,137
  
Devon Energy Corp.
    
908
      
6,274
  
Diamondback Energy, Inc.
    
422
      
11,056
  
EOG Resources, Inc.
    
1,349
      
48,456
  
Exxon Mobil Corp.
    
7,004
      
265,942
  
Halliburton Co.
    
2,784
      
19,070
  
Helmerich & Payne, Inc.
    
408
      
6,385
  
Hess Corp.
    
592
      
19,714
  
HollyFrontier Corp.
    
485
      
11,887
  
Kinder Morgan, Inc.
    
6,757
      
94,058
  
Marathon Oil Corp.
    
1,692
      
5,567
  
Marathon Petroleum Corp.
    
3,057
      
72,206
  
Noble Energy, Inc.
    
1,836
      
11,089
  
Occidental Petroleum Corp.
    
5,160
      
59,753
  
ONEOK, Inc.
    
1,503
      
32,780
  
PBF Energy, Inc.
    
408
      
2,889
  
Phillips 66
    
1,709
      
91,688
  
Pioneer Natural Resources Co.
    
406
      
28,481
  
Schlumberger Ltd.
    
7,831
      
105,640
  
Valero Energy Corp.
    
1,371
      
62,189
  
Williams Cos., Inc.
    
3,930
      
55,610
  
             
1,432,656
  
                 
Financials - 25.0%
                
Aflac, Inc.
    
2,360
      
80,806
  
AGNC Investment Corp.
    
1,501
      
15,881
  
Alexandria Real Estate Equities, Inc.
    
182
      
24,945
  
Alliance Data Systems Corp.
    
150
      
5,048
  
Ally Financial, Inc.
    
1,417
      
20,447
  
American Campus Communities, Inc.
    
289
      
8,020
  
American International Group, Inc.
    
3,053
      
74,035
  
Americold Realty Trust
    
315
      
10,723
  
Ameriprise Financial, Inc.
    
537
      
55,032
  
Apartment Investment & Management Co.
    
286
      
10,053
  
Apple Hospitality REIT, Inc.
    
429
      
3,934
  
Associated Banc-Corp
    
1,717
      
21,960
  
AvalonBay Communities, Inc.
    
251
      
36,940
  
Axis Capital Holdings Ltd.
    
337
      
13,025
  
Bank of America Corp.
    
12,952
      
274,971
  
Bank of Hawaii Corp.
    
129
      
7,126
  
Bank of New York Mellon Corp.
    
7,411
      
249,603
  
BANK OZK
    
438
      
7,315
  
BankUnited, Inc.
    
359
      
6,713
  
BGC Partners, Inc.
    
629
      
1,585
  
BlackRock, Inc.
    
427
      
187,867
  
BOK Financial Corp.
    
91
      
3,873
  

Boston Properties, Inc.
    
258
      
23,795
  
Brandywine Realty Trust
    
345
      
3,629
  
Brixmor Property Group, Inc.
    
516
      
4,902
  
Brookfield Property REIT, Inc.
    
80
      
679
  
Camden Property Trust
    
166
      
13,154
  
Cincinnati Financial Corp.
    
349
      
26,332
  
CIT Group, Inc.
    
798
      
13,774
  
Citigroup, Inc.
    
5,279
      
222,351
  
Citizens Financial Group, Inc.
    
1,746
      
32,842
  
CNA Financial Corp.
    
66
      
2,049
  
Colony Capital, Inc.
    
839
      
1,468
  
Columbia Property Trust, Inc.
    
222
      
2,775
  
Comerica, Inc.
    
2,795
      
82,005
  
CoreSite Realty Corp.
    
68
      
7,881
  
Corporate Office Properties Trust
    
210
      
4,647
  
Cousins Properties, Inc.
    
245
      
7,171
  
Crown Castle International Corp.
    
711
      
102,668
  
CubeSmart
    
361
      
9,671
  
Cullen/Frost Bankers, Inc.
    
218
      
12,162
  
CyrusOne, Inc.
    
216
      
13,338
  
Digital Realty Trust, Inc.
    
307
      
42,645
  
Discover Financial Services
    
1,347
      
48,048
  
Douglas Emmett, Inc.
    
347
      
10,587
  
Duke Realty Corp.
    
635
      
20,561
  
East West Bancorp, Inc.
    
519
      
13,359
  
Eaton Vance Corp.
    
340
      
10,965
  
Empire State Realty Trust, Inc.
    
247
      
2,213
  
EPR Properties
    
161
      
3,899
  
Equitable Holdings, Inc.
    
1,375
      
19,869
  
Equity Residential
    
599
      
36,964
  
Erie Indemnity Co.
    
52
      
7,709
  
Essex Property Trust, Inc.
    
126
      
27,750
  
Evercore, Inc.
    
137
      
6,310
  
Everest Re Group Ltd.
    
114
      
21,936
  
Extra Space Storage, Inc.
    
217
      
20,780
  
Federal Realty Investment Trust
    
161
      
12,012
  
Fidelity National Financial, Inc.
    
768
      
19,108
  
Fifth Third Bancorp
    
2,291
      
34,021
  
First American Financial Corp.
    
231
      
9,797
  
First Hawaiian, Inc.
    
397
      
6,562
  
First Horizon National Corp.
    
1,477
      
11,905
  
FNB Corp.
    
843
      
6,213
  
Franklin Resources, Inc.
    
1,558
      
26,003
  
Gaming and Leisure Properties, Inc.
    
357
      
9,892
  
Goldman Sachs Group Inc/The
    
1,034
      
159,846
  
Hartford Financial Services Group, Inc.
    
826
      
29,108
  
Healthcare Trust of America, Inc.
    
310
      
7,527
  
Healthpeak Properties, Inc.
    
860
      
20,511
  
Highwoods Properties, Inc.
    
206
      
7,297
  
Host Hotels & Resorts, Inc.
    
1,308
      
14,440
  
Hudson Pacific Properties, Inc.
    
258
      
6,543
  

Huntington Bancshares, Inc.
    
3,259
      
26,756
  
Invesco Ltd.
    
4,021
      
36,511
  
Iron Mountain, Inc.
    
585
      
13,923
  
Janus Henderson Group Plc
    
524
      
8,028
  
JBG SMITH Properties
    
207
      
6,589
  
Jefferies Financial Group, Inc.
    
809
      
11,059
  
JPMorgan Chase & Co.
    
3,060
      
275,492
  
KeyCorp
    
3,754
      
38,929
  
Kilroy Realty Corp.
    
176
      
11,211
  
Kimco Realty Corp.
    
808
      
7,813
  
Lamar Advertising Co.
    
144
      
7,384
  
Lazard Ltd.
    
311
      
7,327
  
Life Storage, Inc.
    
70
      
6,619
  
Lincoln National Corp.
    
2,470
      
65,010
  
M&T Bank Corp.
    
469
      
48,509
  
Medical Properties Trust, Inc.
    
938
      
16,218
  
Mercury General Corp.
    
118
      
4,805
  
MetLife, Inc.
    
2,441
      
74,621
  
MFA Financial, Inc.
    
1,211
      
1,877
  
Mid-America Apartment Communities, Inc.
    
163
      
16,794
  
Morgan Stanley
    
4,403
      
149,702
  
National Retail Properties, Inc.
    
337
      
10,848
  
Navient Corp.
    
712
      
5,397
  
New York Community Bancorp, Inc.
    
1,018
      
9,559
  
Northern Trust Corp.
    
719
      
54,256
  
Old Republic International Corp.
    
1,126
      
17,172
  
Omega Healthcare Investors, Inc.
    
482
      
12,792
  
OneMain Holdings, Inc.
    
143
      
2,734
  
Outfront Media, Inc.
    
292
      
3,936
  
PacWest Bancorp
    
1,610
      
28,851
  
Paramount Group, Inc.
    
264
      
2,323
  
Park Hotels & Resorts, Inc.
    
424
      
3,354
  
People's United Financial, Inc.
    
1,701
      
18,796
  
PNC Financial Services Group, Inc.
    
1,707
      
163,394
  
Popular, Inc.
    
647
      
22,645
  
Principal Financial Group, Inc.
    
2,349
      
73,618
  
Prologis, Inc.
    
1,338
      
107,535
  
Prosperity Bancshares, Inc.
    
304
      
14,668
  
Prudential Financial, Inc.
    
4,043
      
210,802
  
Public Storage
    
242
      
48,064
  
Rayonier, Inc.
    
254
      
5,982
  
Realty Income Corp.
    
536
      
26,725
  
Regency Centers Corp.
    
340
      
13,066
  
Regions Financial Corp.
    
3,820
      
34,265
  
Reinsurance Group of America, Inc.
    
142
      
11,948
  
Retail Properties of America, Inc.
    
434
      
2,244
  
Santander Consumer USA Holdings, Inc.
    
530
      
7,372
  
Service Properties Trust
    
355
      
1,917
  
Simon Property Group, Inc.
    
664
      
36,427
  
SITE Centers Corp.
    
310
      
1,615
  
SL Green Realty Corp.
    
155
      
6,681
  

Spirit Realty Capital, Inc.
    
171
      
4,472
  
Starwood Property Trust, Inc.
    
786
      
8,057
  
State Street Corp.
    
1,308
      
69,677
  
STORE Capital Corp.
    
440
      
7,973
  
Synchrony Financial
    
2,367
      
38,085
  
Synovus Financial Corp.
    
492
      
8,640
  
T Rowe Price Group, Inc.
    
692
      
67,574
  
TCF Financial Corp.
    
447
      
10,129
  
Travelers Cos., Inc.
    
1,379
      
137,004
  
Truist Financial Corp.
    
5,287
      
163,051
  
Two Harbors Investment Corp.
    
688
      
2,621
  
UDR, Inc.
    
497
      
18,160
  
Umpqua Holdings Corp.
    
561
      
6,115
  
Unum Group
    
3,881
      
58,254
  
US Bancorp
    
4,894
      
168,598
  
Ventas, Inc.
    
801
      
21,467
  
VEREIT, Inc.
    
1,900
      
9,291
  
VICI Properties, Inc.
    
794
      
13,212
  
Virtu Financial, Inc.
    
102
      
2,124
  
Vornado Realty Trust
    
361
      
13,072
  
Webster Financial Corp.
    
299
      
6,847
  
Weingarten Realty Investors
    
237
      
3,420
  
Wells Fargo & Co.
    
9,076
      
260,481
  
Welltower, Inc.
    
874
      
40,012
  
Western Alliance Bancorp
    
216
      
6,612
  
Western Union Co.
    
1,400
      
25,382
  
Weyerhaeuser Co.
    
1,277
      
21,645
  
Wintrust Financial Corp.
    
143
      
4,699
  
WP Carey, Inc.
    
282
      
16,379
  
Zions Bancorp NA
    
710
      
19,000
  
             
5,407,791
  
                 
Industrial - 12.7%
                
3M Co.
    
1,835
      
250,496
  
Avnet, Inc.
    
235
      
5,898
  
Boeing Co.
    
1,065
      
158,834
  
Caterpillar, Inc.
    
1,664
      
193,091
  
CH Robinson Worldwide, Inc.
    
504
      
33,365
  
Crane Co.
    
107
      
5,262
  
Eaton Corp Plc
    
1,020
      
79,244
  
Emerson Electric Co.
    
1,975
      
94,109
  
Energizer Holdings, Inc.
    
135
      
4,084
  
Flowserve Corp.
    
282
      
6,737
  
Fluor Corp.
    
422
      
2,916
  
Garmin Ltd.
    
297
      
22,263
  
General Dynamics Corp.
    
778
      
102,937
  
GrafTech International Ltd.
    
217
      
1,762
  
Honeywell International, Inc.
    
1,624
      
217,275
  
Hubbell, Inc.
    
167
      
19,162
  
Illinois Tool Works, Inc.
    
1,071
      
152,210
  
Johnson Controls International Plc
    
2,474
      
66,699
  

Lincoln Electric Holdings, Inc.
    
243
      
16,767
  
Lockheed Martin Corp.
    
579
      
196,252
  
MDU Resources Group, Inc.
    
228
      
4,902
  
National Instruments Corp.
    
378
      
12,504
  
Norfolk Southern Corp.
    
675
      
98,550
  
nVent Electric Plc
    
498
      
8,401
  
O-I Glass, Inc.
    
446
      
3,171
  
Packaging Corp of America
    
243
      
21,100
  
Rockwell Automation, Inc.
    
355
      
53,573
  
Ryder System, Inc.
    
854
      
22,580
  
Snap-on, Inc.
    
424
      
46,140
  
Sonoco Products Co.
    
348
      
16,130
  
Timken Co.
    
164
      
5,304
  
Trinity Industries, Inc.
    
846
      
13,595
  
Union Pacific Corp.
    
1,907
      
268,963
  
United Parcel Service, Inc.
    
3,061
      
285,959
  
United Technologies Corp.
    
1,877
      
177,057
  
Westrock Co.
    
2,894
      
81,784
  
             
2,749,076
  
                 
Technology - 8.0%
                
Analog Devices, Inc.
    
857
      
76,830
  
Broadcom, Inc.
    
1,099
      
260,573
  
DXC Technology Co.
    
764
      
9,970
  
Hewlett Packard Enterprise Co.
    
4,616
      
44,821
  
HP, Inc.
    
5,044
      
87,564
  
Intel Corp.
    
5,714
      
309,242
  
International Business Machines Corp.
    
2,282
      
253,142
  
KLA Corp.
    
357
      
51,315
  
Maxim Integrated Products, Inc.
    
1,366
      
66,401
  
NetApp, Inc.
    
885
      
36,896
  
Paychex, Inc.
    
783
      
49,266
  
QUALCOMM, Inc.
    
2,832
      
191,585
  
Texas Instruments, Inc.
    
2,495
      
249,325
  
Western Digital Corp.
    
856
      
35,627
  
Xerox Holdings Corp.
    
591
      
11,194
  
             
1,733,751
  

Utilities - 3.3%
                
AES Corp.
    
788
      
10,717
  
Alliant Energy Corp.
    
248
      
11,976
  
Ameren Corp.
    
212
      
15,440
  
American Electric Power Co., Inc.
    
520
      
41,590
  
Avangrid, Inc.
    
63
      
2,758
  
CenterPoint Energy, Inc.
    
746
      
11,526
  
CMS Energy Corp.
    
280
      
16,450
  
Consolidated Edison, Inc.
    
354
      
27,612
  
Dominion Energy, Inc.
    
1,043
      
75,294
  
DTE Energy Co.
    
253
      
24,027
  
Duke Energy Corp.
    
767
      
62,035
  
Edison International
    
492
      
26,957
  

Entergy Corp.
    
189
      
17,760
  
Evergy, Inc.
    
270
      
14,864
  
Eversource Energy
    
288
      
22,524
  
Exelon Corp.
    
1,124
      
41,374
  
FirstEnergy Corp.
    
550
      
22,039
  
Hawaiian Electric Industries, Inc.
    
112
      
4,822
  
IDACORP, Inc.
    
60
      
5,267
  
National Fuel Gas Co.
    
101
      
3,766
  
NRG Energy, Inc.
    
301
      
8,205
  
OGE Energy Corp.
    
290
      
8,912
  
Pinnacle West Capital Corp.
    
114
      
8,640
  
PPL Corp.
    
938
      
23,150
  
Public Service Enterprise Group, Inc.
    
629
      
28,248
  
Sempra Energy
    
381
      
43,049
  
Southern Co.
    
1,188
      
64,318
  
UGI Corp.
    
258
      
6,881
  
Vistra Energy Corp.
    
480
      
7,661
  
WEC Energy Group, Inc.
    
291
      
25,646
  
Xcel Energy, Inc.
    
477
      
28,763
  
             
712,271
  
                 
Total Common Stocks
                
(Cost $28,358,303)
            
21,459,422
  
                 
SHORT TERM INVESTMENTS - 0.7%
                
First American Treasury Obligations Fund - Class X, 0.33% (a)
    
152,543
      
152,543
  
Total Short Term Investments
                
(Cost $152,543)
            
152,543
  
                 
TOTAL INVESTMENTS - 99.8%
                
(Cost $28,510,846)
            
21,611,965
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%
            
51,082
  
TOTAL NET ASSETS - 100.0%
          
$
21,663,047
  
                 

 
(a) Seven-day yield as of March 31, 2020
 
 
 
Glossary:
 
Ltd. - Private Limited Company
 
Plc. Public Limited Company


PACIFIC GLOBAL ETFs
        
PACIFIC GLOBAL US EQUITY INCOME ETF
    
Portfolio Allocations
        
March 31, 2020 (Unaudited)
        
         
Asset Type Allocation
        
Common Stocks
    
99.1
%
  
Short Term Investments
    
0.7
%
  
Total Investments
    
99.8
%
  
Other Assets in Excess of Liabilities
    
0.2
%
  
Net Assets
    
100.0
%
  
           
           
Sector Allocation
          
Financials
    
25.0
%
  
Consumer, Non-cyclical
    
22.9
%
  
Industrial
    
12.7
%
  
Consumer, Cyclical
    
10.2
%
  
Technology
    
8.0
%
  
Communications
    
7.1
%
  
Energy
    
6.6
%
  
Basic Materials
    
3.3
%
  
Utilities
    
3.3
%
  
Short Term Investments
    
0.7
%
  
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
March 31, 2020 (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.
Market values for domestic and foreign fixed income securities are normally determined on the basis of valuations provided by independent pricing services. Vendors typically value such securities based on one or more inputs. These inputs may include executed transactions in securities of the issuer or comparable issuers, market price quotations (where observable), bond spreads, and fundamental data relating to the issuer. In addition, the model may incorporate market observable data such as reported sales of similar securities, broker quotes, yields, bids, offers, and reference data. Certain securities are valued principally using dealer quotations. These classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income securities. Securities that use similar valuation techniques and inputs as described before are categorized as Level 2 of the fair value hierarchy. To the extent the significant inputs are unobservable, the values generally would be categorized as Level 3. Assets and liabilities may be transferred between levels.
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 by the applicable investment adviser or sub-adviser at their respective fair values in accordance with pricing procedures adopted by the Trust’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 Funds may cause the net asset value (“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 Funds’ 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 March 31, 2020, based on the inputs used to value them:

Pacific Global US Equity Income ETF
                        
Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
21,459,422
    
$
-
    
$
-
    
$
21,459,422
  
Short Term Investments
    
152,543
      
-
      
-
      
152,543
  
Total
  
$
21,611,965
    
$
-
    
$
-
    
$
21,611,965