PACIFIC GLOBAL ETFs
PACIFIC GLOBAL FOCUSED HIGH YIELD ETF
Portfolio of Investments
September 30, 2020 (Unaudited)
Security Description	Principal Amount		Fair Value
CORPORATE BONDS - 79.8%
Basic Materials - 0.8%
Novelis Corp., 5.88%, 09/30/2026 (a)	$	200,000	$	205,750
				205,750
Communications - 18.4%
CCO Holdings LLC, 5.00%, 02/01/2028 (a)		475,000		499,225
CenturyLink, Inc., 7.50%, 04/01/2024		500,000		560,425
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024		500,000		486,003
CommScope Technologies LLC, 6.00%, 06/15/2025 (a)		280,000		284,172
CommScope, Inc., 6.00%, 03/01/2026 (a)		150,000		156,572
CSC Holdings LLC, 5.38%, 02/01/2028 (a)		275,000		291,156
CSC Holdings LLC, 6.50%, 02/01/2029 (a)		450,000		499,781
Diamond Sports Group LLC / Diamond Sports Finance Co., 12.75%, 12/01/2026 (a)		245,000		197,225
iHeartCommunications, Inc., 8.38%, 05/01/2027		200,000		197,363
Netflix, Inc., 4.88%, 06/15/2030 (a)		275,000		314,016
Outfront Media, Inc., 5.00%, 08/15/2027 (a)		325,000		317,424
Sprint Corp., 7.63%, 03/01/2026		500,000		604,950
Sprint Corp., 7.88%, 09/15/2023		250,000		287,656
Uber Technologies, Inc., 8.00%, 11/01/2026 (a)		200,000		213,358
				4,909,326
Consumer, Cyclical - 18.4%
Aramark Services, Inc., 5.00%, 02/01/2028 (a)		275,000		277,515
Beazer Homes USA, Inc., 7.25%, 10/15/2029		250,000		268,914
Boyd Gaming Corp., 6.38%, 04/01/2026		375,000		390,967
Caesars Resort Collection LLC, 5.25%, 10/15/2025 (a)		400,000		387,526
Cedar Fair LP, 5.25%, 07/15/2029 (a)		500,000		480,845
Core & Main LP, 6.13%, 08/15/2025		275,000		279,070
Ford Motor Co., 4.35%, 12/08/2026		250,000		247,125
Ford Motor Co., 7.45%, 07/16/2031 (a)		375,000		433,359
Golden Nugget, Inc., 6.75%, 10/15/2024 (a)		325,000		271,781
Golden Nugget, Inc., 8.75%, 10/01/2025		250,000		197,656
Lennar Corp., 4.75%, 11/29/2027 (a)		250,000		285,750
Mattel, Inc., 6.75%, 12/31/2025 (a)		275,000		290,400
Michaels Stores, Inc., 8.00%, 07/15/2027 (a)		275,000		287,840
Scientific Games International, Inc., 8.25%, 03/15/2026 (a)		250,000		261,449
SeaWorld Parks & Entertainment, Inc., 9.50%, 08/01/2025		250,000		260,365
Tesla, Inc., 5.30%, 08/15/2025 (a)		275,000		284,969
				4,905,531
Consumer, Non-cyclical - 13.1%
Ahern Rentals, Inc., 7.38%, 05/15/2023 (a)		400,000		213,500
Albertsons LLC, 5.75%, 03/15/2025 (a)		221,000		228,778
Albertsons LLC, 5.88%, 02/15/2028 (a)		250,000		267,298
Allied Universal Holdco LLC, 9.75%, 07/15/2027		350,000		380,891
Bausch Health Americas, Inc., 8.50%, 01/31/2027 (a)		250,000		275,041
Charles River Laboratories International, Inc., 4.25%, 05/01/2028 (a)		275,000		289,074
CHS/Community Health Systems, Inc., 6.63%, 02/15/2025		250,000		242,475
HCA, Inc., 5.63%, 09/01/2028 (a)		475,000		544,219
Kraft Heinz Foods Co., 4.25%, 03/01/2031 (a)		200,000		219,979
Prime Security Services Borrower LLC, 5.75%, 04/15/2026 (a)		275,000		294,689
RegionalCare Hospital Partners Holdings, Inc., 9.75%, 12/01/2026 (a)		200,000		213,000
Tenet Healthcare Corp., 6.75%, 06/15/2023		325,000		341,575
				3,510,519
Energy - 8.1%
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		300,000		334,393
EnLink Midstream Partners LP, 4.15%, 06/01/2025		425,000		367,000
Occidental Petroleum Corp., 2.70%, 08/15/2022		183,000		171,324
Occidental Petroleum Corp., 2.90%, 08/15/2024		250,000		212,575
Parsley Energy LLC, 5.63%, 10/15/2027 (a)		150,000		149,531
Range Resources Corp., 5.00%, 03/15/2023		113,000		107,562
Southwestern Energy Co., 6.45%, 01/23/2025		175,000		169,969
Targa Resources Partners Corp., 5.88%, 04/15/2026		450,000		462,859
USA Compression Partners LP, 6.88%, 09/01/2027		200,000		198,662
				2,173,875
Financials - 8.0%
Ally Financial, Inc., 5.75%, 11/20/2025		500,000		561,462
Howard Hughes Corp., 5.38%, 03/15/2025 (a)		525,000		534,765
Iron Mountain, Inc., 5.25%, 03/15/2028 (a)		325,000		339,015
OneMain Finance Corp., 6.13%, 03/15/2024		400,000		419,500
OneMain Finance Corp., 7.13%, 03/15/2026		250,000		279,614
				2,134,356
Industrial - 10.5%
Berry Global, Inc., 4.50%, 02/15/2026 (a)		400,000		404,750
Cargo Aircraft Management, Inc., 4.75%, 02/01/2028 (a)		250,000		253,088
Gates Global LLC, / Gates Corp., 6.25%, 01/15/2026 (a)		250,000		258,115
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024 (a)		200,000		201,000
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/2025 (a)		275,000		259,187
Standard Industries Inc., 4.75%, 01/15/2028 (a)		375,000		390,000
TransDigm, Inc., 6.25%, 03/15/2026		500,000		522,775
TransDigm, Inc., 6.38%, 06/15/2026 (a)		250,000		251,563
Vertical US Newco, Inc., 5.25%, 07/15/2027 (a)		250,000		260,285
				2,800,763
Utilities - 2.5%
Talen Energy Supply LLC, 7.25%, 05/15/2027 (a)		275,000		274,535
Vistra Operations Co. LLC, 5.63%, 02/15/2027 (a)		375,000		396,248
				670,783
Total Corporate Bonds
(Cost $21,399,810)				21,310,903
FOREIGN BONDS - 14.5%
Basic Materials - 1.1%
Alcoa Nederland Holding BV, 5.50%, 12/15/2027 (a)		275,000		286,949
Communications - 2.8%
Altice France SA, 7.38%, 05/01/2026 (a)		400,000		419,580
Virgin Media Secured Finance Plc, 5.50%, 08/15/2026 (a)		325,000		339,422
				759,002
Consumer, Cyclical - 3.0%
1011778 BC ULC / New Red Finance, Inc., 4.375%, 01/15/2028 (a)		250,000		255,373
Panther Finance Co., Inc., 6.25%, 05/15/2026 (a)		325,000		341,388
Viking Cruises Ltd., 5.88%, 09/15/2027 (a)		250,000		194,844
				791,605
Consumer, Non-cyclical - 4.0%
Bausch Health Cos, Inc., 6.13%, 04/15/2025 (a)		475,000		486,756
JBS Investments II GMBH, 7.00%, 01/15/2026 (a)		275,000		294,011
JBS Investments II GMBH, 5.75%, 01/15/2028 (a)		275,000		287,031
				1,067,798
Financials - 1.2%
Barclays Plc, 5.20%, 05/12/2026		275,000		305,698
Industrial - 2.4%
Ardagh Packaging Finance Plc, 5.25%, 08/15/2027 (a)		275,000		280,500
Bombardier, Inc., 7.50%, 03/15/2025 (a)		275,000		206,594
GFL Environmental, Inc., 7.00%, 06/01/2026 (a)		150,000		158,411
				645,505
Total Foreign Bonds
(Cost $4,234,117)				3,856,557
SHORT TERM INVESTMENTS - 4.5%	Shares
First American Treasury Obligations Fund - Class X, 0.056% (b)		1,212,863		1,212,863
Total Short Term Investments
(Cost $1,212,863)				1,212,863
TOTAL INVESTMENTS - 98.8%
(Cost $26,846,790)				26,380,323
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.2%				358,220
TOTAL NET ASSETS - 100.0%			$	26,738,543
(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.
(b) Seven-day yield as of September 30, 2020
Glossary:
Ltd. - Private Limited Company
Plc - Public Limited Company
LP - Limited Partnership

PACIFIC GLOBAL ETFs
PACIFIC GLOBAL FOCUSED HIGH YIELD ETF
Portfolio Allocations
September 30, 2020 (Unaudited)
Asset Type Allocation
Corporate Bonds	79.8%
Foreign Bonds	14.5%
Short Term Investments	4.5%
Total Investments	98.8%
Other Assets in Excess of Liabilities	1.2%
Net Assets	100.0%
Sector Allocation
Consumer, Cyclical	21.4%
Communications	21.2%
Consumer, Non-cyclical	17.1%
Industrial	12.9%
Financials	9.2%
Energy	8.1%
Short Term Investments	4.5%
Utilities	2.5%
Basic Materials	1.9%
Total Investments	98.8%
Other Assets in Excess of Liabilities	1.2%
Net Assets	100.0%
Percentages indicated are based upon net assets.

PACIFIC GLOBAL ETFs

NOTES TO PORTFOLIOS OF INVESTMENTS

September 30, 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 September 30, 2020, based on the inputs used to value them:

Pacific Global Focused High Yield ETF
Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	21,310,903	$	-	$	21,310,903
Foreign Bonds		-		3,856,557		-		3,856,557
Short Term Investments		1,212,863		-		-		1,212,863
Total	$	1,212,863	$	25,167,460	$	-	$	26,380,323