PACIFIC GLOBAL ETFs
PACIFIC GLOBAL SENIOR LOAN ETF
Portfolio of Investments
September 30, 2020 (Unaudited)
Security Description	Principal Amount		Fair Value
BANK LOANS - 88.5%
Basic Materials - 3.3%
Diamond BC BV 3.26% (3 Months LIBOR USD +3.00%), 09/06/2024 (a)	$	248,721	$	233,487
Nouryon USA LLC 3.15% (1 Month LIBOR USD +3.00%), 10/01/2025 (a)		479,827		466,119
Solenis International LP 4.26% (1 Month LIBOR USD +4.00%), 12/26/2023 (a)		212,676		208,445
Solenis International LP 4.26% (3 Month LIBOR USD +4.00%), 12/26/2023 (a)		31,699		31,068
				939,119
Communications - 13.0%
Charter Communications Operating LLC 1.91% (1 Month LIBOR USD +1.75%), 02/01/2027 (a)		493,744		483,382
Clear Channel Outdoor Holdings, Inc. 3.76% (3 Months LIBOR USD +3.50%), 08/07/2026 (a)		248,744		227,337
CSC Holdings LLC 2.40% (1 Month LIBOR USD +2.25%), 07/17/2025 (a)		491,117		476,425
Intelsat Jackson Holdings SA 8.00% (3 Months LIBOR USD +4.75%), 11/30/2023 (a)		500,000		504,165
Level 3 Parent LLC 1.91% (1 Month LIBOR USD +1.75%), 03/01/2027 (a)		337,328		327,419
SBA Senior Finance II LLC 1.91% (1 Month LIBOR USD +1.75%), 04/30/2025 (a)		478,975		467,707
T-Mobile USA, Inc. 3.16% (1 Month LIBOR USD +3.00%), 04/01/2027 (a)		498,750		498,972
Uber Technologies, Inc. 3.66% (1 Month LIBOR USD +3.50%), 07/13/2023 (a)		480,000		473,700
Zayo Group Holdings, Inc. 3.16% (1 Month LIBOR USD +3.00%), 03/09/2027 (a)		248,750		241,954
				3,701,061
Consumer, Cyclical - 21.2%
1011778 BC ULC 1.91% (1 Month LIBOR USD +1.75%), 11/13/2026 (a)		331,638		318,717
Bass Pro Group LLC 6.07% (3 Months LIBOR USD +5.00%), 12/15/2023 (a)		489,911		486,546
Bombardier Recreational Products, Inc. 2.16% (1 Month LIBOR USD +2.00%), 05/24/2027 (a)		241,345		234,467
Caesars Resort Collection LLC 2.91% (1 Month LIBOR USD +2.75%), 12/23/2024 (a)		486,250		456,934
ClubCorp Holdings, Inc. 3.06% (3 Months LIBOR USD +2.75%), 08/16/2024 (a)		485,000		416,710
Formula One Management Ltd. 3.50% (1 Month LIBOR USD +2.50%), 02/01/2024 (a)		500,000		487,085
GYP Holdings III Corp. 2.91% (1 Month LIBOR USD +2.75%), 06/02/2025 (a)		424,436		418,122
Hilton Worldwide Finance LLC 1.93% (1 Month LIBOR USD +1.75%), 06/22/2026 (a)		461,991		446,891
Michaels Stores, Inc. 3.53% (1 Month LIBOR USD +2.50%), 01/30/2023 (a)		436,061		435,734
Navistar, Inc. 3.66% (1 Month LIBOR USD +3.50%), 11/29/2024 (a)		243,750		242,417
PetSmart, Inc. 4.00% (3 Months LIBOR USD +3.00%), 03/11/2022 (a)		473,750		471,159
Playa Resorts Holding BV 3.75% (1 Month LIBOR USD +2.75%), 04/29/2024 (a)		241,886		213,745
Scientific Games International, Inc. 4.50% (1 Months LIBOR USD +2.75%), 08/14/2024 (a)		96,300		90,856
Scientific Games International, Inc. 4.50% (6 Months LIBOR USD +2.75%), 08/14/2024 (a)		393,650		371,397
SeaWorld Parks & Entertainment, Inc. 3.75% (1 Month LIBOR USD +3.00%), 04/01/2024 (a)		494,872		463,942
SRS Distribution, Inc. 4.07% (1 Month LIBOR USD +3.00%), 05/23/2025 (a)		245,000		239,163
Univar Solutions USA, Inc. 2.41% (1 Month LIBOR USD +2.25%), 07/01/2024 (a)		271,287		268,405
				6,062,290
Consumer, Non-cyclical - 13.3%
Air Medical Group Holdings, Inc. 4.25% (3 Months LIBOR USD +3.25%), 04/28/2022 (a)		241,885		241,658
Avantor, Inc. 3.25% (1 Month LIBOR USD +2.25%), 09/16/2024 (a)		78,041		77,130
Bausch Health Americas, Inc. 3.15% (1 Month LIBOR USD +3.00%), 06/02/2025 (a)		383,318		376,451
HCA, Inc. 1.91% (1 Month LIBOR USD +1.75%), 03/13/2025 (a)		488,797		487,443
Jaguar Holding Co. II 3.50% (1 Month LIBOR USD +2.50%), 08/18/2022 (a)		490,933		489,882
Prestige Brands, Inc. 2.16% (1 Month LIBOR USD +2.00%), 01/26/2024 (a)		224,024		222,765
Refinitiv US Holdings, Inc. 3.41% (1 Month LIBOR USD +3.25%), 10/01/2025 (a)		493,719		489,354
Spin Holdco, Inc. 4.25% (3 Months LIBOR USD +3.25%), 11/14/2022 (a)		473,458		464,962
Sunshine Luxembourg VII Sarl 5.32% (3 Months LIBOR USD +4.25%), 07/17/2026 (a)		498,744		496,913
US Foods, Inc. 1.91% (1 Month LIBOR USD +1.75%), 06/27/2023 (a)		472,674		456,237
				3,802,795
Financials - 4.5%
Avolon TLB Borrower 1 US LLC 2.50% (1 Month LIBOR USD +1.75%), 01/15/2025 (a)		175,812		171,380
Deerfield Dakota Holding LLC (b)		498,750		496,880
HUB International Ltd. 3.26% (3 Months LIBOR USD +3.00%), 04/18/2025 (a)		244,375		236,808
USI, Inc. 3.31% (3 Months LIBOR USD +3.00%), 05/16/2024 (a)		388,000		376,036
				1,281,104
Industrial - 23.7%
Advanced Disposal Services, Inc. 3.00% (1 Week LIBOR USD +2.25%), 11/10/2023 (a)		475,607		475,131
Apex Tool Group LLC 6.50% (1 Month LIBOR USD +5.25%), 08/01/2024 (a)		445,838		423,880
Berry Global, Inc. 2.16% (1 Month LIBOR USD +2.00%), 10/03/2022 (a)		500,000		496,367
Brand Industrial Services, Inc. 5.25% (3 Months LIBOR USD +4.25%), 07/30/2024 (a)		489,873		457,610
Dynasty Acquisition Co, Inc. 3.81% (3 Months LIBOR USD +3.50%), 04/06/2026 (a)		321,923		285,995
Gardner Denver, Inc. (b)		498,750		493,451
Gates Global LLC 3.75% (1 Month LIBOR USD +2.75%), 04/01/2024 (a)		290,216		286,565
GFL Environmental, Inc. 4.00% (3 Months LIBOR USD +3.00%), 05/09/2025 (a)		396,640		395,499
Graham Packaging T/L (b)		500,000		498,058
Kloeckner Pentaplast of America, Inc. 5.25% (3 Months LIBOR USD +4.25%), 06/30/2022 (a)		243,108		236,828
Plastipak Holdings, Inc. 2.66% (1 Month LIBOR USD +2.50%), 10/15/2024 (a)		236,146		233,416
Proampac PG Borrower LLC 4.50% (2 Months LIBOR USD +3.50%), 11/20/2023 (a)		282,333		279,404
Proampac PG Borrower LLC 4.50% (3 Months LIBOR USD +3.50%), 11/20/2023 (a)		198,917		196,853
Quikrete Holdings, Inc. 2.66% (1 Month LIBOR USD +2.50%), 11/15/2023 (a)		487,906		475,774
RBS Global, Inc. 1.91% (1 Month LIBOR USD +1.75%), 08/21/2024 (a)		162,285		161,807
Reynolds Group Holdings, Inc. 2.91% (1 Month LIBOR USD +2.75%), 02/05/2023 (a)		338,265		334,946
Standard Aero Ltd. 3.81% (3 Months LIBOR USD +3.50%), 04/01/2026 (a)		173,077		153,761
Titan Acquisition Ltd. 3.36% (3 Months LIBOR USD +3.00%), 03/28/2025 (a)		489,387		463,873
TransDigm, Inc. 2.41% (1 Month LIBOR USD +2.25%), 12/09/2025 (a)		421,661		399,406
				6,748,624
Technology - 8.8%
Applied Systems, Inc. 4.25% (3 Months LIBOR USD +3.25%), 09/19/2024 (a)		248,718		247,695
CCC Information Services, Inc. 4.00% (1 Month LIBOR USD +3.00%), 04/29/2024 (a)		242,481		240,966
Dun & Bradstreet Corp. 3.90% (1 Month LIBOR USD +3.75%), 02/06/2026 (a)		497,500		493,271
Finastra USA, Inc. 4.50% (3 Months LIBOR USD +3.50%), 06/13/2024 (a)		249,323		233,803
McAfee LLC 3.90% (1 Month LIBOR USD +3.75%), 09/30/2024 (a)		239,833		238,535
ON Semiconductor Corp. 2.16% (1 Month LIBOR USD +2.00%), 09/18/2026 (a)		176,566		174,294
Tempo Acquisition LLC (b)		435,685		423,841
Ultimate Software Group Inc/The 3.91% (1 Month LIBOR USD +3.75%), 05/04/2026 (a)		248,744		247,051
Western Digital Corp. 1.91% (1 Month LIBOR USD +1.75%), 04/29/2023 (a)		205,784		204,902
				2,504,358
Utilities - 0.7%
Arch Coal, Inc. 3.75% (1 Month LIBOR USD +1.75%), 03/07/2024 (a)		241,855		202,553
Total Bank Loans
(Cost $25,825,931)				25,241,904
CORPORATE BONDS - 5.8%
Communications - 0.9%
Sprint Communications, Inc. 6.00%, 11/15/2022		250,000		269,688
Consumer, Cyclical - 2.5%
American Builders & Contractors Supply Co, Inc. 4.00%, 01/15/2028 (c)		250,000		254,485
Golden Nugget, Inc. 6.75%, 10/15/2024 (c)		250,000		209,062
Scientific Games International, Inc. 5.00%, 10/15/2025 (c)		250,000		251,719
				715,266
Consumer, Non-cyclical - 0.5%
Ahern Rentals, Inc. 7.38%, 05/15/2023 (c)		250,000		133,437
Financials - 1.9%
Ally Financial, Inc. 5.75%, 11/20/2025		250,000		280,731
Howard Hughes Corp. 5.38%, 03/15/2025 (c)		250,000		254,650
				535,381
Total Corporate Bonds
(Cost $1,771,698)				1,653,772
FOREIGN BONDS - 3.4%
Basic Materials - 0.4%
Constellium NV 5.75%, 05/15/2024 (c)		125,000		127,643
Consumer, Non-cyclical - 1.2%
JBS USA LUX SA/JBS USA Finance, Inc. 6.75%, 02/15/2028 (c)		250,000		272,178
Teva Pharmaceutical Finance Netherlands III BV 2.20%, 07/21/2021		65,000		64,504
				336,682
Financials - 0.9%
Park Aerospace Holdings Ltd. 5.25%, 08/15/2022 (c)		250,000		251,122
Industrial - 0.9%
Sensata Technologies BV 5.63%, 11/01/2024 (c)		250,000		272,031
Total Foreign Bonds
(Cost $973,451)				987,478
	Shares
CLOSED-END FUNDS - 0.1%
Eagle Point Credit Co, Inc.		1,905		16,421
Total Closed-End Funds
(Cost $33,494)				16,421
SHORT TERM INVESTMENTS - 7.4%
First American Treasury Obligations Fund - Class X, 0.056% (d)		2,123,849		2,123,849
Total Short Term Investments
(Cost $2,123,849)				2,123,849
TOTAL INVESTMENTS - 105.2%
(Cost $30,728,423)				30,023,424
LIABILITIES IN EXCESS OF OTHER ASSETS - (5.2%)				(1,496,462	)
TOTAL NET ASSETS - 100.0%			$	28,526,962
(a) Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2020.
(b) The loan will settle after September 30, 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 September 30, 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
September 30, 2020 (Unaudited)
Asset Type Allocation
Bank Loans	88.5%
Short Term Investments	7.4%
Corporate Bonds	5.8%
Foreign Bonds	3.4%
Closed-End Funds	0.1%
Total Investments	105.2%
Liabilities in Excess of Other Assets	(5.2)%
Net Assets	100.0%
Sector Allocation
Industrial	24.6%
Consumer, Cyclical	23.7%
Consumer, Non-cyclical	15.0%
Communications	13.9%
Technology	8.8%
Short Term Investments	7.4%
Financials	7.3%
Basic Materials	3.7%
Utilities	0.7%
Closed-End Funds	0.1%
Total Investments	105.2%
Liabilities in Excess of Other Assets	(5.2)%
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 Senior Loan ETF
Assets	Level 1		Level 2		Level 3		Total
Bank Loans	$	-	$	25,241,904	$	-	$	25,241,904
Corporate Bonds		-		1,653,772		-		1,653,772
Foreign Bonds		-		987,478		-		987,478
Closed-End Funds		16,421		-		-		16,421
Short Term Investments		2,123,849		-		-		2,123,849
Total	$	2,140,270	$	27,883,154	$	-	$	30,023,424