PACIFIC GLOBAL ETFs
PACIFIC GLOBAL FOCUSED HIGH YIELD ETF
Portfolio of Investments
March 31, 2021 (Unaudited)
Security Description	Principal Amount		Fair Value
CORPORATE BONDS - 95.7%
Basic Materials - 1.8%
Alcoa Nederland Holding BV 5.50%, 12/15/2027 (a)	$	275,000	$	296,354
Novelis Corp. 5.88%, 09/30/2026 (a)		200,000		209,610
				505,964
Communications - 22.3%
Altice France SA 7.38%, 05/01/2026 (a)		400,000		416,500
CCO Holdings LLC 5.00%, 02/01/2028 (a)		675,000		714,589
CenturyLink, Inc. 7.50%, 04/01/2024		500,000		561,050
Clear Channel Worldwide Holdings, Inc. 9.25%, 02/15/2024		252,000		262,628
CommScope Technologies LLC 6.00%, 06/15/2025 (a)		410,000		418,774
CSC Holdings LLC 5.38%, 02/01/2028 (a)		275,000		289,781
CSC Holdings LLC 6.50%, 02/01/2029 (a)		500,000		553,438
Diamond Sports Group LLC 12.75%, 12/01/2026 (a)		245,000		211,925
iHeartCommunications, Inc. 8.38%, 05/01/2027		200,000		215,000
LogMeIn, Inc. 5.50%, 09/01/2027 (a)		300,000		314,439
Netflix, Inc. 4.88%, 06/15/2030 (a)		325,000		374,657
Outfront Media, Inc. 5.00%, 08/15/2027 (a)		325,000		328,799
Sprint Corp. 7.88%, 09/15/2023		250,000		285,937
Sprint Corp. 7.63%, 03/01/2026		500,000		613,225
Uber Technologies, Inc. 8.00%, 11/01/2026 (a)		300,000		325,313
Virgin Media Secured Finance Plc 5.50%, 08/15/2026 (a)		325,000		337,831
				6,223,886
Consumer, Cyclical - 17.8%
1011778 BC ULC / New Red Finance, Inc. 4.38%, 01/15/2028 (a)		250,000		251,603
Aramark Services, Inc. 5.00%, 02/01/2028 (a)		275,000		285,725
Beazer Homes USA, Inc. 7.25%, 10/15/2029		250,000		273,125
Boyd Gaming Corp. 6.38%, 04/01/2026		375,000		387,135
Caesars Resort Collection LLC 5.25%, 10/15/2025 (a)		400,000		403,992
Cedar Fair LP 5.25%, 07/15/2029		500,000		515,845
Core & Main LP 6.13%, 08/15/2025 (a)		275,000		282,759
Ford Motor Co. 4.35%, 12/08/2026		250,000		263,797
Ford Motor Co. 7.45%, 07/16/2031		425,000		536,650
Golden Nugget, Inc. 6.75%, 10/15/2024 (a)		325,000		328,656
Panther Finance Co, Inc. 6.25%, 05/15/2026 (a)		325,000		345,569
Scientific Games International, Inc. 8.25%, 03/15/2026 (a)		250,000		268,551
SeaWorld Parks & Entertainment, Inc. 9.50%, 08/01/2025 (a)		250,000		272,175
Tesla, Inc. 5.30%, 08/15/2025 (a)		275,000		285,684
Viking Cruises Ltd. 5.88%, 09/15/2027 (a)		250,000		244,844
				4,946,110
Consumer, Non-cyclical - 18.6%
Ahern Rentals, Inc. 7.38%, 05/15/2023 (a)		400,000		361,250
Albertsons LLC 5.88%, 02/15/2028 (a)		325,000		346,122
Allied Universal Holdco LLC 9.75%, 07/15/2027 (a)		350,000		384,629
Bausch Health Americas, Inc. 8.50%, 01/31/2027 (a)		325,000		361,007
Bausch Health Cos, Inc. 6.13%, 04/15/2025 (a)		475,000		487,445
Charles River Laboratories International, Inc. 4.25%, 05/01/2028 (a)		275,000		283,715
CHS/Community Health Systems, Inc. 6.63%, 02/15/2025 (a)		375,000		396,564
HCA, Inc. 5.63%, 09/01/2028		525,000		604,682
JBS Investments II GMBH 7.00%, 01/15/2026 (a)		275,000		293,383
JBS Investments II GMBH 5.75%, 01/15/2028 (a)		275,000		290,172
Kraft Heinz Foods Co. 4.25%, 03/01/2031		350,000		385,912
Prime Security Services Borrower LLC 5.75%, 04/15/2026 (a)		275,000		297,131
RegionalCare Hospital Partners Holdings, Inc. 9.75%, 12/01/2026 (a)		200,000		216,875
Tenet Healthcare Corp. 6.75%, 06/15/2023		450,000		487,012
				5,195,899
Energy - 12.0%
Antero Resources Corp. 8.38%, 07/15/2026 (a)		350,000		386,531
Cheniere Corpus Christi Holdings LLC 5.13%, 06/30/2027		300,000		343,264
Chesapeake Energy Corp. 5.88%, 02/01/2029 (a)		275,000		292,016
Endeavor Energy Resources LP 5.75%, 01/30/2028 (a)		350,000		370,237
EnLink Midstream Partners LP 4.15%, 06/01/2025		425,000		416,589
Genesis Energy LP / Genesis Energy Finance Corp. 7.75%, 02/01/2028		275,000		275,426
Occidental Petroleum Corp. 2.90%, 08/15/2024		400,000		396,064
Southwestern Energy Co. 6.20%, 01/23/2025		175,000		187,307
Targa Resources Partners Corp. 5.88%, 04/15/2026		450,000		471,938
USA Compression Partners LP 6.88%, 09/01/2027		200,000		206,338
				3,345,710
Financials - 7.5%
Ally Financial, Inc. 5.75%, 11/20/2025		500,000		568,692
Barclays Plc 5.20%, 05/12/2026		275,000		311,558
Iron Mountain, Inc. 5.25%, 03/15/2028 (a)		400,000		416,250
OneMain Finance Corp. 6.13%, 03/15/2024		400,000		432,500
OneMain Finance Corp. 7.13%, 03/15/2026		300,000		346,382
				2,075,382
Industrial - 13.3%
Ardagh Packaging Finance PLC 5.25%, 08/15/2027 (a)		275,000		281,861
Berry Global, Inc. 4.50%, 02/15/2026 (a)		400,000		410,750
Bombardier, Inc. 7.50%, 03/15/2025 (a)		275,000		270,875
Cargo Aircraft Management, Inc. 4.75%, 02/01/2028 (a)		250,000		258,281
Gates Global LLC / Gates Corp. 6.25%, 01/15/2026 (a)		250,000		262,292
Mauser Packaging Solutions Holding Co. 5.50%, 04/15/2024 (a)		200,000		203,366
Mauser Packaging Solutions Holding Co. 7.25%, 04/15/2025 (a)		275,000		275,344
Standard Industries Inc. 4.75%, 01/15/2028 (a)		375,000		389,194
Titan Acquisition Ltd / Titan Co-Borrower LLC 7.75%, 04/15/2026 (a)		300,000		312,690
TransDigm, Inc. 6.25%, 03/15/2026 (a)		500,000		530,578
TransDigm, Inc. 6.38%, 06/15/2026		250,000		258,906
Vertical US Newco, Inc. 5.25%, 07/15/2027 (a)		250,000		262,188
				3,716,325
Utilities - 2.4%
Talen Energy Supply LLC 7.25%, 05/15/2027 (a)		275,000		281,614
Vistra Operations Co LLC 5.63%, 02/15/2027 (a)		375,000		390,315
				671,929
Total Corporate Bonds
(Cost $26,100,852)				26,681,205
	Shares
SHORT TERM INVESTMENTS - 3.0%
First American Treasury Obligations Fund - Class X, 0.03% (b)		850,083		850,083
Total Short Term Investments
(Cost $850,083)				850,083
TOTAL INVESTMENTS - 98.7%
(Cost $26,950,935)				27,531,288
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.3%				361,211
TOTAL NET ASSETS - 100.0%			$	27,892,499

(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 March 31, 2021

Glossary:

Ltd. - Private Limited Company

Plc - Public Limited Company

LP - Limited Partnership

PACIFIC GLOBAL ETFs
PACIFIC GLOBAL FOCUSED HIGH YIELD ETF
Portfolio Allocations
March 31, 2021 (Unaudited)
Asset Type Allocation
Corporate Bonds	95.7%
Short Term Investments	3.0%
Total Investments	98.7%
Other Assets in Excess of Liabilities	1.3%
Net Assets	100.0%
Sector Allocation
Communications	22.3%
Consumer, Non-cyclical	18.6%
Consumer, Cyclical	17.8%
Industrial	13.3%
Energy	12.0%
Financials	7.5%
Short Term Investments	3.0%
Utilities	2.4%
Basic Materials	1.8%
Total Investments	98.7%
Other Assets in Excess of Liabilities	1.3%
Net Assets	100.0%
Percentages indicated are based upon net assets.

PACIFIC GLOBAL ETFs

NOTES TO PORTFOLIOS OF INVESTMENTS

March 31, 2021 (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, 2021, based on the inputs used to value them:

Pacific Global Focused High Yield ETF
Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	-	$	26,681,205	$	-	$	26,681,205
Short Term Investments		850,083		-		-		850,083
Total	$	850,083	$	26,681,205	$	-	$	27,531,288