|
PACIFIC GLOBAL ETFs
|
||||||||
|
PACIFIC GLOBAL SENIOR LOAN ETF
|
||||||||
|
Portfolio of Investments
|
||||||||
|
March 31, 2020 (Unaudited)
|
||||||||
|
Security Description
|
Principal Amount
|
Fair Value
|
||||||
|
BANK LOANS - 80.3%
|
||||||||
|
Basic Materials - 2.7%
|
||||||||
|
Avantor, Inc. 3.85% (1 Month LIBOR USD +2.25%), 09/16/2024 (a)
|
$
|
86,468
|
$
|
82,360
|
||||
|
Nouryon USA LLC 3.86% (1 Month LIBOR USD +3.00%), 10/01/2025 (a)
|
482,327
|
437,712
|
||||||
|
Solenis International LP 5.60% (1 Month LIBOR USD +4.00%), 12/26/2023 (a)
|
616
|
497
|
||||||
|
Solenis International LP 5.61% (3 Month LIBOR USD +4.00%), 12/26/2023 (a)
|
245,634
|
198,146
|
||||||
|
718,715
|
||||||||
|
Communications - 10.8%
|
||||||||
|
Charter Communications Operating LLC 3.36% (1 Month LIBOR USD +1.75%), 02/01/2027 (a)
|
496,237
|
478,869
|
||||||
|
CSC Holdings LLC 2.86% (1 Month LIBOR USD +2.25%), 07/17/2025 (a)
|
493,655
|
474,733
|
||||||
|
Frontier Communications Corp. 5.35% (3 Month LIBOR USD +3.75%), 06/17/2024 (a)
|
802
|
767
|
||||||
|
Frontier Communications Corp. 5.35% (6 Month LIBOR USD +3.75%), 06/17/2024 (a)
|
242,323
|
231,607
|
||||||
|
Intelsat Jackson Holdings SA 5.68% (3 Month LIBOR USD +3.75%), 11/30/2023 (a)
|
500,000
|
463,438
|
||||||
|
Level 3 Parent LLC 3.35% (1 Month LIBOR USD +1.75%), 03/01/2027 (a)
|
337,328
|
318,142
|
||||||
|
SBA Senior Finance II LLC 3.36%, 04/30/2025 (a) (b)
|
482,650
|
460,689
|
||||||
|
Uber Technologies, Inc. 5.10% (1 Month LIBOR USD +3.50%), 07/13/2023 (a)
|
482,500
|
455,963
|
||||||
|
2,884,208
|
||||||||
|
Consumer, Cyclical - 21.2%
|
||||||||
|
1011778 BC ULC 3.35% (1 Month LIBOR USD +1.75%), 11/13/2026 (a)
|
333,308
|
309,144
|
||||||
|
Bass Pro Group LLC 6.60% (1 Month LIBOR USD +5.00%), 12/15/2023 (a)
|
492,437
|
416,109
|
||||||
|
Bombardier Recreational Products, Inc. 3.60% (1 Month LIBOR USD +2.00%), 05/24/2027 (a)
|
242,558
|
202,536
|
||||||
|
Caesars Resort Collection LLC 4.35% (1 Month LIBOR USD +2.75%), 12/23/2024 (a)
|
488,750
|
400,775
|
||||||
|
ClubCorp Holdings, Inc. 4.70% (3 Month LIBOR USD +2.75%), 08/16/2024 (a)
|
487,500
|
312,244
|
||||||
|
Crown Finance US, Inc. 3.85% (6 Month LIBOR USD +2.25%), 02/07/2025 (a)
|
305,470
|
213,829
|
||||||
|
Formula One Management Ltd. 4.10% (1 Month LIBOR USD +2.50%), 02/01/2024 (a)
|
500,000
|
451,430
|
||||||
|
GYP Holdings III Corp. 4.35% (1 Month LIBOR USD +2.75%), 06/02/2025 (a)
|
426,855
|
388,438
|
||||||
|
Hilton Worldwide Finance LLC 2.70% (1 Month LIBOR USD +1.75%), 06/22/2026 (a)
|
461,991
|
440,046
|
||||||
|
Michaels Stores, Inc. 3.56% (3 Month LIBOR USD +2.50%), 01/30/2023 (a)
|
121,087
|
102,319
|
||||||
|
Michaels Stores, Inc. 3.57% (3 Month LIBOR USD +2.50%), 01/30/2023 (a)
|
116,526
|
98,464
|
||||||
|
Michaels Stores, Inc. 3.87% (3 Month LIBOR USD +2.50%), 01/30/2023 (a)
|
200,950
|
169,802
|
||||||
|
Navistar, Inc. 4.28% (1 Month LIBOR USD +3.50%), 11/29/2024 (a)
|
245,000
|
215,192
|
||||||
|
PetSmart, Inc. 4.00% (3 Month LIBOR USD +3.00%), 03/11/2022 (a)
|
476,250
|
459,581
|
||||||
|
Playa Resorts Holding BV 4.35% (1 Month LIBOR USD +2.75%), 04/29/2024 (a)
|
243,134
|
169,221
|
||||||
|
Scientific Games International, Inc. 3.74% (1 Month LIBOR USD +2.75%), 08/14/2024 (a)
|
96,276
|
78,144
|
||||||
|
Scientific Games International, Inc. 4.37% (2 Month LIBOR USD +2.75%), 08/14/2024 (a)
|
396,186
|
321,570
|
||||||
|
SeaWorld Parks & Entertainment, Inc. 4.60% (1 Month LIBOR USD +3.00%), 04/01/2024 (a)
|
497,436
|
415,051
|
||||||
|
SRS Distribution, Inc. 3.99% (1 Month LIBOR USD +3.00%), 05/23/2025 (a)
|
616
|
529
|
||||||
|
SRS Distribution, Inc. 4.07% (6 Month LIBOR USD +3.00%), 05/23/2025 (a)
|
245,634
|
211,246
|
||||||
|
Univar Solutions USA, Inc. 3.85% (3 Month LIBOR USD +2.25%), 07/01/2024 (a)
|
271,287
|
260,436
|
||||||
|
5,636,106
|
||||||||
|
Consumer, Non-cyclical - 12.0%
|
||||||||
|
Air Medical Group Holdings, Inc. 4.93% (2 Month LIBOR USD +3.25%), 04/28/2022 (a)
|
243,128
|
227,325
|
||||||
|
Bausch Health Americas, Inc. 3.61% (1 Month LIBOR USD +3.00%), 06/02/2025 (a)
|
412,715
|
395,003
|
||||||
|
HCA, Inc. 3.35% (1 Month LIBOR USD +1.75%), 03/13/2025 (a)
|
491,266
|
470,797
|
||||||
|
Jaguar Holding Co. II 4.10% (1 Month LIBOR USD +2.50%), 08/18/2022 (a)
|
493,523
|
475,369
|
||||||
|
Prestige Brands, Inc. 3.60% (1 Month LIBOR USD +2.00%), 01/26/2024 (a)
|
276,030
|
258,876
|
||||||
|
Refinitiv US Holdings, Inc. 4.85% (1 Month LIBOR USD +3.25%), 10/01/2025 (a)
|
496,231
|
479,069
|
||||||
|
Spin Holdco, Inc. 5.09% (3 Month LIBOR USD +3.25%), 11/14/2022 (a)
|
475,905
|
428,314
|
||||||
|
US Foods, Inc. 3.35% (1 Month LIBOR USD +1.75%), 06/27/2023 (a)
|
475,143
|
445,052
|
||||||
|
3,179,805
|
||||||||
|
Energy - 0.7%
|
||||||||
|
Arch Coal, Inc. 4.35% (1 Month LIBOR USD +2.75%), 03/07/2024 (a)
|
243,108
|
189,624
|
||||||
|
Financials - 2.8%
|
||||||||
|
Avolon TLB Borrower 1 US LLC 2.52% (1 Month LIBOR USD +1.75%), 01/15/2025 (a)
|
175,812
|
158,525
|
||||||
|
HUB International Ltd. 4.39% (2 Month LIBOR USD +2.75%), 04/18/2025 (a)
|
11,151
|
10,505
|
||||||
|
HUB International Ltd. 4.55% (2 Month LIBOR USD +2.75%), 04/18/2025 (a)
|
234,474
|
220,874
|
||||||
|
USI, Inc. 4.95% (1 Month LIBOR USD +3.00%), 05/16/2024 (a)
|
390,000
|
359,775
|
||||||
|
749,679
|
||||||||
|
Industrial - 20.3%
|
||||||||
|
Advanced Disposal Services, Inc. 2.89% (1 Week LIBOR USD +2.25%), 11/10/2023 (a)
|
494,013
|
490,717
|
||||||
|
Apex Tool Group LLC 7.10% (1 Month LIBOR USD +5.25%), 08/01/2024 (a)
|
451,590
|
353,934
|
||||||
|
Berry Global, Inc. 2.86% (1 Month LIBOR USD +2.00%), 10/03/2022 (a)
|
500,000
|
482,290
|
||||||
|
Brand Industrial Services, Inc. 6.06% (3 Month LIBOR USD +4.25%), 07/30/2024 (a)
|
261,664
|
212,233
|
||||||
|
Brand Industrial Services, Inc. 6.12% (3 Month LIBOR USD +4.25%), 07/30/2024 (a)
|
226,949
|
184,077
|
||||||
|
Brand Industrial Services, Inc. 5.70% (3 Month LIBOR USD +4.25%), 07/30/2024 (a)
|
3,792
|
3,075
|
||||||
|
Dynasty Acquisition Co, Inc. 5.21% (3 Month LIBOR USD +3.50%), 04/06/2026 (a)
|
323,549
|
262,479
|
||||||
|
Gates Global LLC 4.35% (1 Month LIBOR USD +2.75%), 04/01/2024 (a)
|
291,712
|
256,998
|
||||||
|
GFL Environmental, Inc. 3.99% (1 Month LIBOR USD +3.00%), 05/09/2025 (a)
|
336,430
|
327,879
|
||||||
|
GFL Environmental, Inc. 4.00% (1 Month LIBOR USD +3.00%), 05/09/2025 (a)
|
60,210
|
58,680
|
||||||
|
Kloeckner Pentaplast of America, Inc. 6.01% (1 Month LIBOR USD +4.25%), 06/30/2022 (a)
|
244,361
|
173,022
|
||||||
|
Plastipak Holdings, Inc. 4.11% (1 Month LIBOR USD +2.50%), 10/15/2024 (a)
|
236,146
|
215,601
|
||||||
|
Proampac PG Borrower LLC 4.50% (1 Month LIBOR USD +3.50%), 11/20/2023 (a)
|
178,165
|
150,772
|
||||||
|
Proampac PG Borrower LLC 5.19% (3 Month LIBOR USD +3.50%), 11/20/2023 (a)
|
104,166
|
88,151
|
||||||
|
Proampac PG Borrower LLC 5.26% (3 Month LIBOR USD +3.50%), 11/20/2023 (a)
|
121,242
|
102,601
|
||||||
|
Proampac PG Borrower LLC 5.29% (3 Month LIBOR USD +3.50%), 11/20/2023 (a)
|
80,177
|
67,850
|
||||||
|
Quikrete Holdings, Inc. 4.10% (1 Month LIBOR USD +2.50%), 11/15/2023 (a)
|
490,364
|
453,586
|
||||||
|
RBS Global, Inc. 2.68% (1 Month LIBOR USD +1.75%), 08/21/2024 (a)
|
162,285
|
149,708
|
||||||
|
Reynolds Group Holdings, Inc. 4.35% (1 Month LIBOR USD +2.75%), 02/05/2023 (a)
|
434,619
|
413,975
|
||||||
|
Standard Aero Ltd. 5.21% (3 Month LIBOR USD +3.50%), 04/01/2026 (a)
|
173,951
|
141,118
|
||||||
|
Titan Acquisition Ltd. 4.60% (3 Month LIBOR USD +3.00%), 03/28/2025 (a)
|
492,462
|
409,832
|
||||||
|
TransDigm, Inc. 3.85% (1 Month LIBOR USD +2.25%), 12/09/2025 (a)
|
423,786
|
390,588
|
||||||
|
5,389,166
|
||||||||
|
Technology - 9.8%
|
||||||||
|
CCC Information Services, Inc. 4.36% (1 Month LIBOR USD +2.75%), 04/29/2024 (a)
|
243,734
|
225,192
|
||||||
|
Dun & Bradstreet Corp. 4.960% (1 Month LIBOR USD +4.00%), 02/06/2026 (a)
|
500,000
|
454,375
|
||||||
|
Infor US, Inc. 4.70% (1 Month LIBOR USD +2.75%), 02/01/2022 (a)
|
420,388
|
407,566
|
||||||
|
Kronos, Inc. 4.76% (3 Month LIBOR USD +3.00%), 11/01/2023 (a)
|
492,462
|
453,757
|
||||||
|
McAfee LLC 5.35% (1 Month LIBOR USD +3.75%), 09/30/2024 (a)
|
241,057
|
227,799
|
||||||
|
ON Semiconductor Corp. 3.85% (1 Month LIBOR USD +2.00%), 09/18/2026 (a)
|
177,458
|
167,920
|
||||||
|
Tempo Acquisition LLC 4.35%, 05/01/2024 (a) (b)
|
498,721
|
452,839
|
||||||
|
Western Digital Corp. 3.35% (1 Month LIBOR USD +1.75%), 04/29/2023 (a)
|
225,784
|
219,010
|
||||||
|
2,608,458
|
||||||||
|
Total Bank Loans
|
||||||||
|
(Cost $23,708,115)
|
21,355,761
|
|||||||
|
CORPORATE BONDS - 8.3%
|
||||||||
|
Communications - 2.9%
|
||||||||
|
CSC Holdings LLC 6.63%, 10/15/2025 (c)
|
250,000
|
264,695
|
||||||
|
Sprint Communications, Inc. 6.00%, 11/15/2022
|
250,000
|
260,710
|
||||||
|
T-Mobile USA, Inc. 6.38%, 03/01/2025
|
250,000
|
256,884
|
||||||
|
782,289
|
||||||||
|
Consumer, Cyclical - 2.3%
|
||||||||
|
American Builders & Contractors Supply Co, Inc. 4.00%, 01/15/2028 (c)
|
250,000
|
228,888
|
||||||
|
Golden Nugget, Inc. 6.75%, 10/15/2024 (c)
|
250,000
|
159,340
|
||||||
|
Scientific Games International, Inc. 5.00%, 10/15/2025 (c)
|
250,000
|
219,375
|
||||||
|
607,603
|
||||||||
|
Consumer, Non-cyclical - 0.6%
|
||||||||
|
Ahern Rentals, Inc. 7.38%, 05/15/2023 (c)
|
250,000
|
144,686
|
||||||
|
Energy - 0.7%
|
||||||||
|
Antero Resources Corp. 5.38%, 11/01/2021
|
250,000
|
183,240
|
|
Financials - 1.8%
|
||||||||
|
Ally Financial, Inc. 5.75%, 11/20/2025
|
250,000
|
246,425
|
||||||
|
Howard Hughes Corp. 5.38%, 03/15/2025 (c)
|
250,000
|
243,742
|
||||||
|
490,167
|
||||||||
|
Total Corporate Bonds
|
||||||||
|
(Cost $2,533,256)
|
2,207,985
|
|||||||
|
FOREIGN BONDS - 3.4%
|
||||||||
|
Basic Materials - 0.4%
|
||||||||
|
Constellium NV 5.75%, 05/15/2024 (c)
|
125,000
|
112,668
|
||||||
|
Consumer, Non-cyclical - 1.2%
|
||||||||
|
JBS USA LUX SA/JBS USA Finance, Inc. 6.75%, 02/15/2028 (c)
|
250,000
|
268,263
|
||||||
|
Teva Pharmaceutical Finance Netherlands III BV 2.20%, 07/21/2021
|
65,000
|
62,442
|
||||||
|
330,705
|
||||||||
|
Financials - 0.9%
|
||||||||
|
Park Aerospace Holdings Ltd. 5.25%, 08/15/2022 (c)
|
250,000
|
226,268
|
||||||
|
Industrial - 0.9%
|
||||||||
|
Sensata Technologies BV 5.63%, 11/01/2024 (c)
|
250,000
|
245,936
|
||||||
|
Total Foreign Bonds
|
||||||||
|
(Cost $976,262)
|
915,577
|
|||||||
|
Shares
|
||||||||
|
CLOSED-END FUNDS - 0.1%
|
||||||||
|
Eagle Point Credit Co, Inc.
|
1,905
|
13,030
|
||||||
|
Total Closed-End Funds
|
||||||||
|
(Cost $33,494)
|
13,030
|
|||||||
|
SHORT TERM INVESTMENTS - 10.9%
|
||||||||
|
First American Treasury Obligations Fund - Class X, 0.33% (d)
|
2,904,601
|
2,904,601
|
||||||
|
Total Short Term Investments
|
||||||||
|
(Cost $2,904,601)
|
2,904,601
|
|||||||
|
TOTAL INVESTMENTS - 103.0%
|
||||||||
|
(Cost $30,155,728)
|
27,396,954
|
|||||||
|
LIABILITIES IN EXCESS OF OTHER ASSETS - (3.0%)
|
(803,369
|
)
|
||||||
|
TOTAL NET ASSETS - 100.0%
|
$
|
26,593,585
|
||||||
|
|
||||||||
|
(a) Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2020.
|
||||||||
|
(b) The loan will settle after March 31, 2020 at which time the interest rate will be determined.
|
||||||||
|
(c) 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.
|
||||||||
|
(d) Seven-day yield as of March 31, 2020
|
||||||||
|
Ltd. - Private Limited Company
|
||||||||
|
Plc - Public Limited Company
|
||||||||
|
Lp - Limited Partnership
|
||||||||
|
LIBOR - London Interbank Offered Rate
|
||||||||
|
USD - United States Dollar
|
||||||||
|
PACIFIC GLOBAL ETFs
|
|||||
|
PACIFIC GLOBAL SENIOR LOAN ETF
|
|||||
|
Portfolio Allocations
|
|||||
|
March 31, 2020 (Unaudited)
|
|||||
|
Asset Type Allocation
|
|||||
|
Bank Loans
|
80.3
|
%
|
|||
|
Short Term Investments
|
10.9
|
%
|
|||
|
Corporate Bonds
|
8.3
|
%
|
|||
|
Foreign Bonds
|
3.4
|
%
|
|||
|
Closed-End Funds
|
0.1
|
%
|
|||
|
Total Investments
|
103.0
|
%
|
|||
|
Liabilities in Excess of Other Assets
|
(3.0
|
)%
|
|||
|
Net Assets
|
100.0
|
%
|
|||
|
Sector Allocation
|
|||||
|
Consumer, Cyclical
|
23.5
|
%
|
|||
|
Industrial
|
21.2
|
%
|
|||
|
Consumer, Non-cyclical
|
13.8
|
%
|
|||
|
Communications
|
13.7
|
%
|
|||
|
Short Term Investments
|
10.9
|
%
|
|||
|
Technology
|
9.8
|
%
|
|||
|
Financials
|
5.5
|
%
|
|||
|
Basic Materials
|
3.1
|
%
|
|||
|
Energy
|
1.4
|
%
|
|||
|
Closed-End Funds
|
0.1
|
%
|
|||
|
Total Investments
|
103.0
|
%
|
|||
|
Liabilities in Excess of Other Assets
|
(3.0
|
)%
|
|||
|
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 Senior Loan ETF
|
||||||||||||||||
|
Assets
|
Level 1
|
Level 2
|
Level 3
|
Total
|
||||||||||||
|
Bank Loans
|
$
|
-
|
$
|
21,355,761
|
$
|
-
|
$
|
21,355,761
|
||||||||
|
Corporate Bonds
|
-
|
2,207,985
|
-
|
2,207,985
|
||||||||||||
|
Foreign Bonds
|
-
|
915,577
|
-
|
915,577
|
||||||||||||
|
Closed-End Funds
|
13,030
|
-
|
-
|
13,030
|
||||||||||||
|
Short Term Investments
|
2,904,601
|
-
|
-
|
2,904,601
|
||||||||||||
|
Total
|
$
|
2,917,631
|
$
|
24,479,323
|
$
|
-
|
$
|
27,396,954
|
||||||||