NPORT-EX 2 intlequityincomeetf-nport.htm NPORT-EX

PACIFIC GLOBAL ETFs
            
PACIFIC GLOBAL INTERNATIONAL EQUITY INCOME ETF
  
Portfolio of Investments
            
March 31, 2020 (Unaudited)
            
             
Security Description
  
Shares
    
Fair Value
  
COMMON STOCKS - 97.9%
            
Basic Materials - 8.8%
            
Air Water, Inc.
    
845
    
$
11,678
  
Akzo Nobel NV
    
778
      
51,492
  
Alumina Ltd.
    
14,478
      
13,002
  
Anglo American Plc
    
5,002
      
88,000
  
Antofagasta Plc
    
1,492
      
14,325
  
Asahi Kasei Corp.
    
6,066
      
43,146
  
BASF SE
    
3,289
      
156,506
  
BHP Group Ltd.
    
15,846
      
282,465
  
BHP Group Plc
    
10,006
      
155,604
  
Boliden AB
    
1,831
      
33,557
  
Chr Hansen Holding A/S
    
383
      
28,788
  
Covestro AG (a)
    
672
      
20,656
  
Daicel Corp.
    
1,323
      
9,708
  
EMS-Chemie Holding AG
    
54
      
34,139
  
Evonik Industries AG
    
748
      
15,732
  
Glencore Plc
    
53,295
      
81,953
  
Israel Chemicals Ltd.
    
8,800
      
28,029
  
Kuraray Co. Ltd.
    
1,512
      
15,355
  
Mitsubishi Chemical Holdings Corp.
    
6,027
      
36,030
  
Mitsubishi Gas Chemical Co., Inc.
    
830
      
9,078
  
Mitsubishi Materials Corp.
    
525
      
10,815
  
Mitsui Chemicals, Inc.
    
861
      
16,423
  
Nitto Denko Corp.
    
753
      
33,789
  
Oji Holdings Corp.
    
3,927
      
21,146
  
Rio Tinto Ltd.
    
2,189
      
113,870
  
Rio Tinto Plc
    
5,666
      
261,698
  
Smurfit Kappa Group Plc
    
567
      
16,084
  
Solvay SA
    
463
      
33,896
  
South32 Ltd.
    
28,249
      
30,669
  
Stora Enso Oyj
    
2,784
      
28,390
  
Sumitomo Chemical Co. Ltd.
    
6,888
      
20,563
  
Tosoh Corp.
    
1,218
      
13,933
  
UPM-Kymmene Oyj
    
2,499
      
69,152
  
voestalpine AG
    
576
      
11,775
  
             
1,811,446
  

Communications - 5.5%
                
BT Group Plc
    
21,067
      
30,851
  
Dentsu, Inc.
    
504
      
9,782
  
Deutsche Telekom AG
    
5,973
      
77,826
  
Eutelsat Communications SA
    
833
      
8,752
  
HKT Trust & HKT Ltd.
    
10,148
      
13,823
  
ITV Plc
    
17,191
      
14,097
  
KDDI Corp.
    
4,155
      
123,269
  
Koninklijke KPN NV
    
6,865
      
16,475
  
Millicom International Cellular SA
    
322
      
9,101
  
Nippon Telegraph & Telephone Corp.
    
3,024
      
72,433
  
NTT DOCOMO, Inc.
    
3,129
      
98,271
  
Orange SA
    
5,022
      
61,674
  
PCCW Ltd.
    
12,617
      
6,949
  
Proximus SADP
    
461
      
10,611
  
Publicis Groupe SA
    
943
      
27,166
  
SES SA
    
2,250
      
13,271
  
Singapore Press Holdings Ltd.
    
13,122
      
16,895
  
Singapore Telecommunications Ltd.
    
54,674
      
97,704
  
Softbank Corp.
    
3,884
      
49,650
  
Spark New Zealand Ltd.
    
1,689
      
4,117
  
Swisscom AG
    
84
      
45,399
  
Tele2 AB
    
1,690
      
22,790
  
Telecom Italia SpA
    
11,568
      
4,599
  
Telefonica Deutschland Holding AG
    
1,701
      
4,238
  
Telefonica SA
    
11,441
      
52,662
  
Telenor ASA
    
1,738
      
25,394
  
Telia Co. AB
    
9,572
      
34,543
  
Trend Micro, Inc.
    
588
      
29,202
  
Vodafone Group Plc
    
69,755
      
97,906
  
WPP Plc
    
5,870
      
40,203
  
             
1,119,653
  
                 
Consumer, Cyclical - 14.7%
                
ABC-Mart, Inc.
    
154
      
7,748
  
Aisin Seiki Co. Ltd.
    
762
      
18,879
  
ANA Holdings, Inc.
    
531
      
13,032
  
Barratt Developments Plc
    
5,205
      
28,511
  
Bayerische Motoren Werke AG
    
1,204
      
62,564
  
Bridgestone Corp.
    
2,685
      
82,978
  
Carnival Plc
    
819
      
9,984
  
Cie Financiere Richemont SA
    
3,359
      
185,173
  
Cie Generale des Etablissements Michelin SCA
    
880
      
78,673
  
Continental AG
    
409
      
29,596
  
Crown Resorts Ltd.
    
2,403
      
11,233
  
Daimler AG
    
3,291
      
99,888
  
Daiwa House Industry Co Ltd.
    
1,320
      
32,870
  
Denso Corp.
    
2,037
      
66,135
  

Deutsche Lufthansa AG
    
976
      
9,216
  
Dufry AG
    
301
      
9,407
  
Electrolux AB
    
1,744
      
21,825
  
Flutter Entertainment Plc
    
189
      
17,205
  
Harvey Norman Holdings Ltd.
    
4,174
      
7,574
  
Hennes & Mauritz AB
    
6,093
      
78,837
  
Hino Motors Ltd.
    
1,407
      
7,603
  
Honda Motor Co. Ltd.
    
7,660
      
173,111
  
Iida Group Holdings Co. Ltd.
    
777
      
10,818
  
Industria de Diseno Textil SA
    
3,531
      
92,140
  
Isuzu Motors Ltd.
    
2,625
      
17,463
  
ITOCHU Corp.
    
6,405
      
133,580
  
J Front Retailing Co. Ltd.
    
1,197
      
9,997
  
Japan Airlines Co. Ltd.
    
561
      
10,383
  
JTEKT Corp.
    
1,008
      
6,890
  
Kingfisher Plc
    
9,961
      
17,804
  
Lawson, Inc.
    
294
      
16,214
  
Marks & Spencer Group Plc
    
9,609
      
11,845
  
Marubeni Corp.
    
7,329
      
36,739
  
Marui Group Co Ltd.
    
872
      
14,719
  
Mazda Motor Corp.
    
2,651
      
14,102
  
Mitsubishi Corp.
    
6,402
      
136,435
  
Mitsubishi Motors Corp.
    
3,087
      
8,785
  
Mitsui & Co. Ltd.
    
7,999
      
111,848
  
NGK Insulators Ltd.
    
1,239
      
16,328
  
NGK Spark Plug Co. Ltd.
    
714
      
10,107
  
Nokian Renkaat Oyj
    
668
      
16,260
  
Panasonic Corp.
    
10,397
      
79,772
  
Pandora A/S
    
503
      
16,415
  
Persimmon Plc
    
1,529
      
36,398
  
Peugeot SA
    
3,172
      
42,558
  
Pirelli & C SpA (a)
    
1,458
      
5,250
  
Qantas Airways Ltd.
    
4,435
      
8,811
  
Renault SA
    
1,020
      
19,921
  
Sands China Ltd.
    
12,985
      
47,567
  
Sankyo Co Ltd.
    
294
      
8,599
  
Sega Sammy Holdings, Inc.
    
882
      
10,787
  
Sekisui Chemical Co. Ltd.
    
1,722
      
22,949
  
Sekisui House Ltd.
    
2,890
      
47,963
  
Shimamura Co Ltd.
    
103
      
6,246
  
Sodexo SA
    
392
      
26,649
  
Subaru Corp.
    
2,898
      
55,885
  
Sumitomo Corp.
    
5,670
      
65,335
  
Sumitomo Electric Industries Ltd.
    
3,528
      
37,339
  
Sumitomo Rubber Industries Ltd.
    
903
      
8,558
  
Swatch Group AG
    
199
      
39,996
  
Swatch Group AG
    
336
      
13,293
  

Tabcorp Holdings Ltd.
    
11,649
      
18,128
  
Taylor Wimpey Plc
    
15,744
      
22,978
  
Teijin Ltd.
    
882
      
15,011
  
Toyoda Gosei Co. Ltd.
    
354
      
6,104
  
Toyota Industries Corp.
    
691
      
33,289
  
Toyota Motor Corp.
    
5,584
      
337,611
  
Toyota Tsusho Corp.
    
987
      
23,370
  
TUI AG
    
2,260
      
10,184
  
USS Co. Ltd.
    
1,029
      
14,221
  
Valeo SA
    
1,241
      
20,873
  
Volkswagen AG
    
121
      
16,201
  
Volvo AB
    
9,757
      
117,863
  
Yamada Denki Co. Ltd.
    
3,024
      
12,121
  
Yamaha Motor Co. Ltd.
    
1,386
      
16,847
  
Yokohama Rubber Co. Ltd.
    
567
      
7,082
  
Yue Yuen Industrial Holdings Ltd.
    
3,934
      
6,028
  
             
3,022,701
  
                 
Consumer, Non-cyclical - 23.9%
                
Adecco Group AG
    
1,079
      
42,756
  
Alfresa Holdings Corp.
    
866
      
16,221
  
Anheuser-Busch InBev SA/NV
    
1,521
      
67,889
  
Astellas Pharma, Inc.
    
8,674
      
134,799
  
AstraZeneca Plc
    
3,213
      
287,980
  
Atlantia SpA
    
1,829
      
23,057
  
Bayer AG
    
3,342
      
194,799
  
British American Tobacco Plc
    
9,907
      
339,508
  
Carlsberg A/S
    
400
      
45,489
  
Casino Guichard Perrachon SA
    
275
      
10,649
  
Coca-Cola European Partners Plc
    
879
      
32,989
  
Dai Nippon Printing Co Ltd.
    
1,146
      
24,524
  
Dairy Farm International Holdings Ltd.
    
1,943
      
8,938
  
Danone SA
    
2,755
      
178,177
  
G4S Plc
    
8,129
      
9,320
  
GlaxoSmithKline Plc
    
18,319
      
344,632
  
H Lundbeck A/S
    
273
      
8,139
  
ICA Gruppen AB
    
582
      
24,586
  
Imperial Brands Plc
    
4,728
      
87,902
  
ISS A/S
    
679
      
9,377
  
J Sainsbury Plc
    
8,178
      
21,372
  
Japan Tobacco, Inc.
    
5,619
      
104,306
  
Kirin Holdings Co. Ltd.
    
3,799
      
75,521
  
Koninklijke Ahold Delhaize NV
    
4,609
      
108,197
  
METRO AG
    
651
      
5,649
  
Mowi ASA
    
1,891
      
28,857
  
Novartis AG
    
5,513
      
457,364
  
Novo Nordisk A/S
    
5,309
      
320,896
  

Park24 Co. Ltd.
    
548
      
8,109
  
Pola Orbis Holdings, Inc.
    
420
      
7,793
  
Randstad NV
    
513
      
18,201
  
Reckitt Benckiser Group Plc
    
2,505
      
191,354
  
Roche Holding AG
    
1,786
      
582,746
  
Sanofi
    
4,239
      
374,670
  
Securitas AB
    
2,061
      
22,386
  
Seven & i Holdings Co. Ltd.
    
3,493
      
116,168
  
SGS SA
    
38
      
88,515
  
Takeda Pharmaceutical Co. Ltd.
    
7,010
      
215,662
  
Unilever NV
    
5,034
      
248,757
  
Wm Morrison Supermarkets Plc
    
8,904
      
19,686
  
             
4,907,940
  
                 
Energy - 7.1%
                
APA Group
    
3,427
      
21,628
  
BP Plc
    
57,768
      
246,975
  
Eni SpA
    
9,177
      
93,319
  
Equinor ASA
    
4,140
      
52,226
  
Galp Energia SGPS SA
    
2,233
      
25,601
  
Idemitsu Kosan Co. Ltd.
    
903
      
20,810
  
Inpex Corp.
    
4,797
      
27,160
  
JXTG Holdings, Inc.
    
15,120
      
52,057
  
Koninklijke Vopak NV
    
240
      
12,552
  
Lundin Petroleum AB
    
1,234
      
23,763
  
OMV AG
    
467
      
12,959
  
Repsol SA
    
6,315
      
58,031
  
Royal Dutch Shell Plc
    
13,126
      
231,350
  
Royal Dutch Shell Plc
    
13,157
      
222,222
  
Total SA
    
7,586
      
296,094
  
Woodside Petroleum Ltd.
    
5,379
      
60,250
  
             
1,456,997
  
                 
Financials - 16.7%
                
3i Group Plc
    
969
      
9,535
  
ABN AMRO Bank NV (a)
    
714
      
5,893
  
Admiral Group Plc
    
408
      
11,301
  
Aegon NV
    
3,024
      
7,718
  
AEON Financial Service Co. Ltd.
    
210
      
2,262
  
Aeon Mall Co. Ltd.
    
210
      
2,662
  
Ageas
    
417
      
17,435
  
AIB Group Plc
    
735
      
828
  
Allianz SE
    
572
      
98,969
  
Amundi SA (a)
    
105
      
6,236
  
Aozora Bank Ltd.
    
231
      
4,430
  
Aroundtown SA
    
2,200
      
11,050
  
Assicurazioni Generali SpA
    
1,568
      
21,461
  

Australia & New Zealand Banking Group Ltd.
    
6,322
      
65,952
  
Aviva Plc
    
7,334
      
24,459
  
AXA SA
    
3,760
      
65,471
  
Azrieli Group Ltd.
    
147
      
8,501
  
Baloise Holding AG
    
129
      
17,008
  
Banco Bilbao Vizcaya Argentaria SA
    
12,282
      
39,493
  
Banco Santander SA
    
30,516
      
74,649
  
Bank Hapoalim BM
    
1,108
      
6,667
  
Bank Leumi Le-Israel BM
    
3,903
      
21,601
  
Bank of Ireland Group Plc
    
1,175
      
2,234
  
Bankia SA
    
2,415
      
2,711
  
Bankinter SA
    
1,344
      
4,957
  
Barclays Plc
    
32,454
      
37,937
  
Bendigo & Adelaide Bank Ltd.
    
1,165
      
4,493
  
BNP Paribas SA
    
2,187
      
66,355
  
BOC Hong Kong Holdings Ltd.
    
7,266
      
20,103
  
British Land Co. PLC
    
2,497
      
10,427
  
CapitaLand Commercial Trust
    
20,401
      
21,961
  
CapitaLand Mall Trust
    
19,578
      
24,656
  
Chiba Bank Ltd
    
1,008
      
4,434
  
CK Asset Holdings Ltd.
    
6,914
      
37,857
  
CNP Assurances
    
357
      
3,512
  
Commonwealth Bank of Australia
    
3,933
      
149,554
  
Concordia Financial Group Ltd.
    
2,258
      
6,615
  
Covivio
    
120
      
6,796
  
Credit Agricole SA
    
2,272
      
16,764
  
Credit Saison Co. Ltd.
    
231
      
2,698
  
Dai-ichi Life Holdings, Inc.
    
1,936
      
23,326
  
Daito Trust Construction Co. Ltd.
    
168
      
15,726
  
Daiwa House REIT Investment Corp.
    
4
      
9,810
  
Daiwa Securities Group, Inc.
    
1,953
      
7,614
  
Danske Bank A/S
    
1,123
      
12,758
  
DBS Group Holdings Ltd.
    
6,929
      
90,528
  
Direct Line Insurance Group Plc
    
2,892
      
10,629
  
DNB ASA
    
1,710
      
19,203
  
Erste Group Bank AG
    
587
      
10,931
  
Fukuoka Financial Group, Inc.
    
294
      
3,913
  
Gecina SA
    
112
      
14,909
  
GPT Group
    
5,809
      
12,970
  
Groupe Bruxelles Lambert SA
    
123
      
9,716
  
Hang Lung Properties Ltd.
    
5,460
      
11,085
  
Hang Seng Bank Ltd.
    
1,512
      
25,841
  
Hannover Rueck SE
    
89
      
12,859
  
Henderson Land Development Co Ltd.
    
4,200
      
16,009
  
Hongkong Land Holdings Ltd.
    
3,113
      
11,674
  
HSBC Holdings Plc
    
37,317
      
210,551
  
Hulic Co Ltd.
    
714
      
7,291
  

ICADE
    
90
      
7,162
  
ING Groep NV
    
5,895
      
31,087
  
Insurance Australia Group Ltd.
    
4,965
      
18,935
  
Intesa Sanpaolo SpA
    
20,562
      
33,754
  
Isracard Ltd.
    
55
      
147
  
Israel Discount Bank Ltd.
    
1,772
      
5,254
  
Japan Exchange Group, Inc.
    
651
      
11,540
  
Japan Post Bank Co. Ltd.
    
840
      
7,789
  
Japan Post Holdings Co. Ltd.
    
2,794
      
21,975
  
Japan Post Insurance Co Ltd.
    
403
      
5,026
  
Japan Prime Realty Investment Corp.
    
2
      
6,045
  
Japan Real Estate Investment Corp.
    
3
      
17,661
  
Japan Retail Fund Investment Corp.
    
7
      
7,955
  
Julius Baer Group Ltd.
    
380
      
13,040
  
KBC Group NV
    
582
      
26,972
  
Kerry Properties Ltd.
    
2,237
      
5,901
  
Kinnevik AB
    
432
      
7,210
  
Klepierre SA
    
524
      
10,154
  
Land Securities Group Plc
    
1,863
      
12,885
  
Legal & General Group Plc
    
11,198
      
26,963
  
Link REIT
    
5,660
      
47,965
  
Lloyds Banking Group Plc
    
129,191
      
51,350
  
Macquarie Group Ltd.
    
474
      
25,001
  
Mapfre SA
    
2,751
      
4,723
  
Mebuki Financial Group, Inc.
    
1,764
      
3,609
  
Medibank Pvt Ltd.
    
6,235
      
10,202
  
Mediobanca Banca di Credito Finanziario SpA
    
1,008
      
5,590
  
Mirvac Group
    
11,505
      
14,790
  
Mitsubishi UFJ Financial Group, Inc.
    
21,840
      
81,856
  
Mitsubishi UFJ Lease & Finance Co. Ltd.
    
525
      
2,598
  
Mizrahi Tefahot Bank Ltd.
    
118
      
2,207
  
Mizuho Financial Group, Inc.
    
42,903
      
49,317
  
MS&AD Insurance Group Holdings, Inc.
    
846
      
23,801
  
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
    
193
      
39,188
  
National Australia Bank Ltd.
    
6,465
      
66,330
  
Natixis SA
    
2,163
      
7,078
  
New World Development Co. Ltd.
    
16,812
      
18,085
  
Nippon Building Fund, Inc.
    
3
      
20,200
  
Nippon Prologis REIT, Inc.
    
5
      
12,611
  
NN Group NV
    
489
      
13,267
  
Nomura Holdings, Inc.
    
3,885
      
16,541
  
Nomura Real Estate Holdings, Inc.
    
357
      
5,827
  
Nomura Real Estate Master Fund, Inc.
    
10
      
12,704
  
Nordea Bank Abp
    
8,181
      
46,377
  
ORIX Corp.
    
1,512
      
18,287
  
Orix JREIT, Inc.
    
6
      
7,924
  
Oversea-Chinese Banking Corp Ltd.
    
9,959
      
60,538
  

Pargesa Holding SA
    
63
      
4,199
  
Raiffeisen Bank International AG
    
308
      
4,543
  
Resona Holdings, Inc.
    
3,906
      
11,813
  
Sampo Oyj
    
883
      
25,924
  
SBI Holdings, Inc.
    
273
      
4,006
  
Scentre Group
    
15,866
      
15,273
  
SCOR SE
    
311
      
6,888
  
Seven Bank Ltd.
    
1,113
      
2,888
  
Shizuoka Bank Ltd.
    
1,185
      
7,241
  
Sino Land Co. Ltd.
    
8,463
      
10,742
  
Skandinaviska Enskilda Banken AB
    
4,334
      
29,432
  
Societe Generale SA
    
1,508
      
25,526
  
Sompo Holdings, Inc.
    
588
      
18,281
  
Sony Financial Holdings, Inc.
    
399
      
6,780
  
St James's Place Plc
    
662
      
6,246
  
Standard Life Aberdeen Plc
    
3,612
      
10,045
  
Stockland
    
6,951
      
10,817
  
Sumitomo Mitsui Financial Group, Inc.
    
2,359
      
57,546
  
Sumitomo Mitsui Trust Holdings, Inc.
    
588
      
17,084
  
Sun Hung Kai Properties Ltd.
    
4,306
      
56,764
  
Suncorp Group Ltd.
    
2,786
      
15,646
  
Suntec Real Estate Investment Trust
    
14,704
      
12,931
  
Svenska Handelsbanken AB
    
3,951
      
33,205
  
Swedbank AB
    
2,344
      
26,265
  
Swire Pacific Ltd.
    
1,324
      
8,530
  
Swire Properties Ltd.
    
2,940
      
8,267
  
Swiss Life Holding AG
    
86
      
29,432
  
Swiss Prime Site AG
    
253
      
24,906
  
Swiss Re AG
    
768
      
59,493
  
T&D Holdings, Inc.
    
1,071
      
8,805
  
Tokio Marine Holdings, Inc.
    
1,155
      
53,171
  
Tokyo Century Corp.
    
42
      
1,322
  
Tokyu Fudosan Holdings Corp.
    
1,554
      
7,486
  
Tryg A/S
    
199
      
4,918
  
UBS Group AG
    
6,391
      
60,065
  
Unibail-Rodamco-Westfield
    
357
      
20,301
  
United Urban Investment Corp.
    
7
      
6,998
  
Vicinity Centres
    
10,070
      
6,411
  
Vonovia SE
    
900
      
44,529
  
Westpac Banking Corp.
    
7,778
      
78,940
  
Wharf Real Estate Investment Co. Ltd.
    
3,126
      
12,862
  
Zurich Insurance Group AG
    
363
      
129,511
  
             
3,416,441
  
                 
Industrial - 13.0%
                
ABB Ltd.
    
11,906
      
210,350
  
ACS Actividades de Construccion y Servicios SA
    
1,167
      
22,929
  

Aena SME SA (a)
    
221
      
24,257
  
AGC, Inc.
    
840
      
20,772
  
Alps Alpine Co. Ltd.
    
1,018
      
9,931
  
Amada Holdings Co. Ltd.
    
1,575
      
12,495
  
ANDRITZ AG
    
389
      
12,262
  
AP Moller - Maersk A/S
    
25
      
22,499
  
AP Moller - Maersk A/S
    
14
      
11,654
  
Auckland International Airport Ltd.
    
399
      
1,188
  
Aurizon Holdings Ltd.
    
11,699
      
30,439
  
Boral Ltd.
    
6,942
      
8,754
  
Bouygues SA
    
1,130
      
33,301
  
Brother Industries Ltd.
    
1,054
      
16,213
  
Casio Computer Co Ltd.
    
1,008
      
14,221
  
Cie de Saint-Gobain
    
2,422
      
59,208
  
CIMIC Group Ltd.
    
561
      
8,023
  
CK Hutchison Holdings Ltd.
    
12,935
      
87,259
  
CK Infrastructure Holdings Ltd.
    
1,895
      
10,071
  
ComfortDelGro Corp Ltd.
    
21,249
      
22,724
  
CRH Plc
    
1,863
      
51,059
  
Deutsche Post AG
    
3,610
      
98,641
  
Electrolux Professional AB *
    
1,744
      
5,024
  
Fraport AG Frankfurt Airport Services Worldwide
    
152
      
6,186
  
GEA Group AG
    
567
      
11,710
  
HeidelbergCement AG
    
541
      
23,324
  
Hirose Electric Co. Ltd.
    
147
      
15,312
  
Hitachi Construction Machinery Co. Ltd.
    
546
      
11,116
  
Hitachi High-Technologies Corp.
    
336
      
24,936
  
Hitachi Ltd.
    
4,536
      
132,589
  
HOCHTIEF AG
    
92
      
6,139
  
Husqvarna AB
    
2,793
      
14,100
  
IHI Corp.
    
693
      
8,134
  
JSR Corp.
    
903
      
16,737
  
Kajima Corp.
    
2,058
      
21,226
  
Kawasaki Heavy Industries Ltd.
    
672
      
9,806
  
Keppel Corp Ltd.
    
5,718
      
21,281
  
Komatsu Ltd.
    
4,337
      
71,735
  
Kone Oyj
    
1,210
      
68,887
  
Kuehne + Nagel International AG
    
354
      
48,861
  
Kyocera Corp.
    
1,519
      
90,525
  
Kyushu Railway Co.
    
777
      
22,401
  
LafargeHolcim Ltd.
    
3,164
      
116,238
  
LIXIL Group Corp.
    
1,260
      
15,761
  
Maruichi Steel Tube Ltd.
    
273
      
6,599
  
Mitsubishi Electric Corp.
    
8,547
      
106,117
  
Mitsubishi Heavy Industries Ltd.
    
1,515
      
38,500
  
Mitsui OSK Lines Ltd.
    
533
      
8,660
  
Murata Manufacturing Co. Ltd.
    
2,638
      
134,249
  

Nabtesco Corp.
    
546
      
12,669
  
Nikon Corp.
    
1,659
      
15,398
  
Nippon Express Co. Ltd.
    
357
      
17,564
  
Nippon Yusen KK
    
711
      
8,504
  
NSK Ltd.
    
1,806
      
11,657
  
NWS Holdings Ltd.
    
7,056
      
7,254
  
Obayashi Corp.
    
3,087
      
26,585
  
Omron Corp.
    
882
      
46,181
  
Poste Italiane SpA (a)
    
777
      
6,616
  
Siemens AG
    
2,622
      
224,028
  
Skanska AB
    
2,274
      
34,814
  
SKF AB
    
2,556
      
35,320
  
Smiths Group Plc
    
1,492
      
22,720
  
Sumitomo Heavy Industries Ltd.
    
525
      
9,526
  
Sydney Airport
    
6,519
      
22,415
  
Taisei Corp.
    
945
      
29,047
  
TDK Corp.
    
598
      
46,605
  
Tenaris SA
    
1,672
      
10,290
  
Venture Corp Ltd.
    
2,759
      
26,341
  
Vinci SA
    
2,261
      
188,022
  
Wartsila OYJ Abp
    
2,121
      
15,650
  
Yokogawa Electric Corp.
    
1,113
      
13,487
  
             
2,675,096
  
                 
Technology - 4.3%
                
ASM Pacific Technology Ltd.
    
1,554
      
14,552
  
Atos SE
    
486
      
33,093
  
Canon, Inc.
    
4,597
      
100,854
  
FUJIFILM Holdings Corp.
    
1,691
      
85,537
  
Fujitsu Ltd.
    
925
      
83,919
  
Ingenico Group SA
    
295
      
31,540
  
Konica Minolta, Inc.
    
2,184
      
8,917
  
NEC Corp.
    
1,110
      
40,725
  
Nomura Research Institute Ltd.
    
1,638
      
34,854
  
Ricoh Co. Ltd.
    
3,091
      
22,825
  
Rohm Co. Ltd.
    
429
      
23,659
  
SAP SE
    
2,244
      
254,421
  
Seiko Epson Corp.
    
1,323
      
14,396
  
Tokyo Electron Ltd.
    
705
      
133,460
  
             
882,752
  
                 
Utilities - 3.9%
                
AGL Energy Ltd.
    
1,941
      
20,523
  
AusNet Services
    
7,255
      
7,631
  
Centrica Plc
    
13,778
      
6,517
  
Chubu Electric Power Co., Inc.
    
1,575
      
22,330
  
Chugoku Electric Power Co. Inc.
    
798
      
11,192
  

CLP Holdings Ltd.
    
4,410
      
40,671
  
E.ON SE
    
3,976
      
41,400
  
EDP - Energias de Portugal SA
    
11,718
      
47,275
  
Electric Power Development Co. Ltd.
    
378
      
7,657
  
Enagas SA
    
1,168
      
23,310
  
Endesa SA
    
773
      
16,599
  
Enel SpA
    
14,167
      
99,046
  
Engie SA
    
4,548
      
47,210
  
Fortum Oyj
    
1,136
      
16,757
  
HK Electric Investments & HK Electric Investments Ltd.
    
8,208
      
7,898
  
Kansai Electric Power Co. Inc.
    
1,638
      
18,334
  
Kyushu Electric Power Co., Inc.
    
1,010
      
8,163
  
Meridian Energy Ltd.
    
840
      
2,025
  
National Grid Plc
    
8,356
      
98,247
  
Naturgy Energy Group SA
    
765
      
13,597
  
Osaka Gas Co. Ltd.
    
861
      
16,303
  
Power Assets Holdings Ltd.
    
3,654
      
21,846
  
Red Electrica Corp SA
    
1,068
      
19,276
  
Snam SpA
    
7,869
      
36,485
  
SSE Plc
    
2,495
      
40,442
  
Suez
    
856
      
8,757
  
Terna Rete Elettrica Nazionale SpA
    
2,692
      
17,131
  
Tohoku Electric Power Co., Inc.
    
1,008
      
9,759
  
Tokyo Gas Co. Ltd.
    
896
      
21,299
  
Uniper SE
    
378
      
9,376
  
United Utilities Group Plc
    
1,679
      
18,828
  
Veolia Environnement SA
    
1,329
      
28,546
  
             
804,430
  
                 
Total Common Stocks
                
(Cost $25,952,247)
            
20,097,456
  
                 
PREFERRED STOCKS - 0.6%
                
Consumer, Cyclical - 0.6%
                
Bayerische Motoren Werke AG
    
210
      
9,070
  
Porsche Automobil Holding SE
    
552
      
23,549
  
Volkswagen AG
    
660
      
77,770
  
             
110,389
  
                 
Total Preferred Stocks
                
(Cost $182,370)
            
110,389
  
                 
TOTAL INVESTMENTS - 98.5%
                
(Cost $26,134,617)
            
20,207,845
  
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%
            
317,101
  
TOTAL NET ASSETS - 100.0%
          
$
20,524,946
  
                 
 
                

 
(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers.
  
     
     
 
* Non income producing
  
     
 
Glossary:
  
 
Ltd. - Private Limited Company
  
 
Plc - Public Limited Company
  
 
Oyj - Public Limited Company
  
 
SpA - Societa per Azioni
  
 
SCA - Limited Partnership with share capital
  
     


PACIFIC GLOBAL ETFs
  
PACIFIC GLOBAL INTERNATIONAL EQUITY INCOME ETF
           
Portfolio Allocations
  
March 31, 2020 (Unaudited)
           
             
Asset Type Allocation
           
Common Stocks
    
97.9
%
    
Preferred Stocks
    
0.6
%
    
Total Investments
    
98.5
%
    
Other Assets in Excess of Liabilities
    
1.5
%
    
Net Assets
    
100.0
%
    
            
Sector Allocation
             
Consumer, Non-cyclical
    
23.9
%
    
Financials
    
16.7
%
    
Consumer, Cyclical
    
15.3
%
    
Industrial
    
13.0
%
    
Basic Materials
    
8.8
%
    
Energy
    
7.1
%
    
Communications
    
5.5
%
    
Technology
    
4.3
%
    
Utilities
    
3.9
%
    
Total Investments
    
98.5
%
    
Other Assets in Excess of Liabilities
    
1.5
%
    
Net Assets
    
100.0
%
    
               
            
Country Allocation
             
Japan
    
27.0
%
    
United Kingdom
    
15.6
%
    
Switzerland
    
11.2
%
    
France
    
8.9
%
    
Germany
    
8.2
%
    
Australia
    
5.9
%
    
Netherlands
    
3.5
%
    
Sweden
    
2.8
%
    
Hong Kong
    
2.5
%
    
Denmark
    
2.3
%
    
Spain
    
2.2
%
    
Singapore
    
1.9
%
    
Italy
    
1.7
%
    
Finland
    
1.4
%
    
Belgium
    
0.8
%
    
Norway
    
0.6
%
    
Ireland
    
0.4
%
    
Portugal
    
0.4
%
    
Israel
    
0.4
%
    
Austria
    
0.3
%
    
Macau
    
0.2
%
    
Luxembourg
    
0.2
%
    
Chile
    
0.1
%
    
United States
    
0.0
%
~
  
New Zealand
    
0.0
%
~
  
Total Investments
    
98.5
%
    
Other Assets in Excess of Liabilities
    
1.5
%
    
Net Assets
    
100.0
%
    
               
Percentages indicated are based upon net assets.
             
               
~ Represents less than 0.05% of 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 International Equity Income ETF
                        
Assets
  
Level 1
    
Level 2
    
Level 3
    
Total
  
Common Stocks
  
$
20,097,456
    
$
-
    
$
-
    
$
20,097,456
  
Preferred Stocks
    
110,389
      
-
      
-
      
110,389
  
Total
  
$
20,207,845
    
$
-
    
$
-
    
$
20,207,845