PACIFIC GLOBAL ETFs | ||||||||
PACIFIC GLOBAL FOCUSED HIGH YIELD ETF | ||||||||
Portfolio of Investments | ||||||||
March 31, 2020 (Unaudited) | ||||||||
Security Description | Principal Amount | Fair Value | ||||||
CORPORATE BONDS - 78.6% | ||||||||
Basic Materials - 0.8% | ||||||||
Novelis Corp. 5.88%, 09/30/2026 (a) | $ | 200,000 | $ | 197,667 | ||||
197,667 | ||||||||
Communications - 19.6% | ||||||||
CCO Holdings LLC, 5.00%, 02/01/2028 (a) | 350,000 | 352,817 | ||||||
CenturyLink, Inc., 7.50%, 04/01/2024 | 500,000 | 550,627 | ||||||
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024 (a) | 500,000 | 431,877 | ||||||
CommScope Technologies LLC, 6.00%, 06/15/2025 (a) | 300,000 | 276,810 | ||||||
CommScope, Inc., 6.00%, 03/01/2026 (a) | 150,000 | 150,618 | ||||||
CSC Holdings LLC, 5.38%, 02/01/2028 (a) | 275,000 | 282,416 | ||||||
CSC Holdings LLC, 6.50%, 02/01/2029 (a) | 450,000 | 487,852 | ||||||
Diamond Sports Group LLC, 6.63%, 08/15/2027 (a) | 525,000 | 354,008 | ||||||
iHeartCommunications, Inc., 8.38%, 05/01/2027 | 200,000 | 175,234 | ||||||
Netflix, Inc., 4.88%, 06/15/2030 (a) | 275,000 | 280,693 | ||||||
Outfront Media, Inc., 5.00%, 08/15/2027 (a) | 325,000 | 300,804 | ||||||
Sprint Corp., 7.88%, 09/15/2023 | 250,000 | 275,959 | ||||||
Sprint Corp., 7.63%, 03/01/2026 | 500,000 | 568,675 | ||||||
Uber Technologies, Inc., 8.00%, 11/01/2026 (a) | 200,000 | 199,894 | ||||||
4,688,284 | ||||||||
Consumer, Cyclical - 15.3% | ||||||||
Aramark Services, Inc., 5.00%, 02/01/2028 (a) | 275,000 | 257,447 | ||||||
Beazer Homes USA, Inc., 7.25%, 10/15/2029 | 250,000 | 191,894 | ||||||
Boyd Gaming Corp., 6.38%, 04/01/2026 | 375,000 | 326,456 | ||||||
Caesars Resort Collection LLC, 5.25%, 10/15/2025 (a) | 400,000 | 291,880 | ||||||
Cedar Fair LP, 5.25%, 07/15/2029 (a) | 500,000 | 425,275 | ||||||
Constellation Merger Sub, Inc., 8.50%, 09/15/2025 (a) | 250,000 | 152,186 | ||||||
Core & Main LP, 6.13%, 08/15/2025 (a) | 275,000 | 257,804 | ||||||
Golden Nugget, Inc., 6.75%, 10/15/2024 (a) | 325,000 | 207,142 | ||||||
Golden Nugget, Inc., 8.75%, 10/01/2025 (a) | 250,000 | 129,367 | ||||||
Lennar Corp., 4.75%, 11/29/2027 | 250,000 | 250,763 | ||||||
Mattel, Inc., 6.75%, 12/31/2025 (a) | 275,000 | 281,368 | ||||||
Michaels Stores, Inc., 8.00%, 07/15/2027 (a) | 275,000 | 205,026 | ||||||
Scientific Games International, Inc., 8.25%, 03/15/2026 (a) | 250,000 | 161,433 | ||||||
Tesla, Inc., 5.30%, 08/15/2025 (a) | 275,000 | 260,219 | ||||||
Wynn Resorts Ltd., 5.13%, 10/01/2029 (a) | 275,000 | 251,797 | ||||||
3,650,057 | ||||||||
Consumer, Non-cyclical - 16.6% | ||||||||
Ahern Rentals, Inc., 7.38%, 05/15/2023 (a) | 400,000 | 231,498 | ||||||
Albertsons LLC, 5.75%, 03/15/2025 | 275,000 | 280,265 | ||||||
Albertsons LLC, 5.88%, 02/15/2028 (a) | 250,000 | 255,837 |
Allied Universal Holdco LLC, 9.75%, 07/15/2027 (a) | 350,000 | 332,279 | ||||||
Bausch Health Americas, Inc., 8.50%, 01/31/2027 (a) | 250,000 | 262,638 | ||||||
Centene Corp. 4.63%, 12/15/2029 (a) | 250,000 | 252,637 | ||||||
Charles River Laboratories International, Inc., 4.25%, 05/01/2028 (a) | 275,000 | 266,599 | ||||||
CHS/Community Health Systems, Inc., 6.63%, 02/15/2025 (a) | 250,000 | 233,125 | ||||||
HCA, Inc., 5.63%, 09/01/2028 | 475,000 | 499,819 | ||||||
Prime Security Services Borrower LLC, 5.75%, 04/15/2026 (a) | 275,000 | 271,046 | ||||||
Refinitiv US Holdings, Inc., 8.25%, 11/15/2026 (a) | 300,000 | 317,250 | ||||||
RegionalCare Hospital Partners Holdings, Inc., 9.75%, 12/01/2026 (a) | 200,000 | 190,945 | ||||||
Tenet Healthcare Corp., 6.75%, 06/15/2023 | 325,000 | 301,845 | ||||||
United Rentals North America, Inc., 6.50%, 12/15/2026 | 275,000 | 280,651 | ||||||
3,976,434 | ||||||||
Energy - 7.4% | ||||||||
Ascent Resources Utica Holdings LLC, 10.00%, 04/01/2022 (a) | 225,000 | 133,308 | ||||||
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027 | 300,000 | 267,606 | ||||||
Crestwood Midstream Partners LP, 6.25%, 04/01/2023 | 275,000 | 155,775 | ||||||
EnLink Midstream Partners LP, 4.15%, 06/01/2025 | 425,000 | 208,656 | ||||||
Gulfport Energy Corp., 6.00%, 10/15/2024 | 175,000 | 44,187 | ||||||
Parsley Energy LLC, 5.63%, 10/15/2027 (a) | 150,000 | 106,582 | ||||||
Range Resources Corp., 5.00%, 03/15/2023 | 150,000 | 110,620 | ||||||
SM Energy Co., 6.75%, 09/15/2026 | 150,000 | 46,281 | ||||||
Southwestern Energy Co., 6.20%, 01/23/2025 | 175,000 | 120,474 | ||||||
Targa Resources Partners Corp., 5.88%, 04/15/2026 | 450,000 | 376,030 | ||||||
USA Compression Partners LP, 6.88%, 09/01/2027 | 200,000 | 125,110 | ||||||
WPX Energy, Inc., 5.25%, 10/15/2027 | 150,000 | 83,333 | ||||||
1,777,962 | ||||||||
Financial - 8.3% | ||||||||
Ally Financial, Inc., 5.75%, 11/20/2025 | 500,000 | 492,850 | ||||||
Howard Hughes Corp., 5.38%, 03/15/2025 (a) | 525,000 | 511,859 | ||||||
Iron Mountain, Inc., 5.25%, 03/15/2028 (a) | 325,000 | 322,839 | ||||||
Springleaf Finance Corp., 6.13%, 03/15/2024 | 400,000 | 397,012 | ||||||
Springleaf Finance Corp., 7.13%, 03/15/2026 | 250,000 | 248,906 | ||||||
1,973,466 | ||||||||
Industrial - 7.9% | ||||||||
Berry Global, Inc., 4.50%, 02/15/2026 (a) | 400,000 | 388,220 | ||||||
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024 (a) | 200,000 | 185,494 | ||||||
Mauser Packaging Solutions Holding Co., 7.25%, 04/15/2025 (a) | 275,000 | 220,679 | ||||||
Standard Industries Inc., 4.75%, 01/15/2028 (a) | 375,000 | 347,969 | ||||||
TransDigm, Inc., 6.25%, 03/15/2026 (a) | 500,000 | 500,936 | ||||||
TransDigm, Inc., 6.38%, 06/15/2026 | 250,000 | 240,763 | ||||||
1,884,061 | ||||||||
Utilities - 2.7% | ||||||||
Talen Energy Supply LLC, 7.25%, 05/15/2027 (a) | 275,000 | 250,044 | ||||||
Vistra Operations Co LLC, 5.63%, 02/15/2027 (a) | 375,000 | 388,800 | ||||||
638,844 | ||||||||
Total Corporate Bonds | ||||||||
(Cost $21,917,959) | 18,786,775 |
FOREIGN BONDS - 15.6% | ||||||||
Basic Materials - 1.1% | ||||||||
Alcoa Nederland Holding BV, 7.00%, 09/30/2026 (a) | 275,000 | 257,276 | ||||||
Communications - 3.6% | ||||||||
Altice France SA, 7.38%, 05/01/2026 (a) | 400,000 | 399,280 | ||||||
Intelsat Jackson Holdings SA, 8.50%, 10/15/2024 (a) | 200,000 | 127,191 | ||||||
Virgin Media Secured Finance Plc, 5.50%, 08/15/2026 (a) | 325,000 | 332,139 | ||||||
858,610 | ||||||||
Consumer, Cyclical - 2.9% | ||||||||
1011778 BC ULC / New Red Finance, Inc., 4.38%, 01/15/2028 (a) | 250,000 | 232,362 | ||||||
Panther Finance Co, Inc., 6.25%, 05/15/2026 (a) | 325,000 | 308,952 | ||||||
Viking Cruises Ltd., 5.88%, 09/15/2027 (a) | 250,000 | 147,665 | ||||||
688,979 | ||||||||
Consumer, Non-cyclical - 4.2% | ||||||||
Bausch Health Cos, Inc., 6.13%, 04/15/2025 (a) | 475,000 | 470,846 | ||||||
JBS Investments II GMBH, 7.00%, 01/15/2026 (a) | 275,000 | 275,561 | ||||||
JBS Investments II GMBH, 5.75%, 01/15/2028 (a) | 275,000 | 268,414 | ||||||
1,014,821 | ||||||||
Financial - 1.2% | ||||||||
Barclays Plc, 5.20%, 05/12/2026 | 275,000 | 283,100 | ||||||
Industrial - 2.6% | ||||||||
Ardagh Packaging Finance PLC, 5.25%, 08/15/2027 (a) | 275,000 | 283,401 | ||||||
Bombardier, Inc., 7.50%, 03/15/2025 (a) | 275,000 | 198,550 | ||||||
GFL Environmental, Inc., 7.00%, 06/01/2026 (a) | 150,000 | 146,469 | ||||||
628,420 | ||||||||
Total FOREIGN BONDS | ||||||||
(Cost $4,202,416) | 3,731,206 | |||||||
Shares | ||||||||
SHORT TERM INVESTMENTS - 4.1% | ||||||||
First American Treasury Obligations Fund - Class X, 0.33% (b) | 981,685 | 981,685 | ||||||
Total Short Term Investments | ||||||||
(Cost $981,685) | 981,685 | |||||||
TOTAL INVESTMENTS - 98.3% | ||||||||
(Cost $27,102,060) | 23,499,666 | |||||||
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.7% | 395,422 | |||||||
TOTAL NET ASSETS - 100.0% | $ | 23,895,088 | ||||||
(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, 2020 | ||||
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, 2020 (Unaudited) | |||||
Asset Type Allocation | |||||
Corporate Bonds | 78.6 | % | |||
Foreign Bonds | 15.6 | % | |||
Short Term Investments | 4.1 | % | |||
Total Investments | 98.3 | % | |||
Other Assets in Excess of Liabilities | 1.7 | % | |||
Net Assets | 100.0 | % | |||
Sector Allocation | |||||
Communications | 23.2 | % | |||
Consumer, Non-cyclical | 20.8 | % | |||
Consumer, Cyclical | 18.2 | % | |||
Industrial | 10.5 | % | |||
Financials | 9.5 | % | |||
Energy | 7.4 | % | |||
Short Term Investments | 4.1 | % | |||
Utilities | 2.7 | % | |||
Basic Materials | 1.9 | % | |||
Total Investments | 98.3 | % | |||
Other Assets in Excess of Liabilities | 1.7 | % | |||
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 Focused High Yield ETF | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Corporate Bonds | $ | - | $ | 18,786,775 | $ | - | $ | 18,786,775 | ||||||||
Foreign Bonds | - | 3,731,206 | - | 3,731,206 | ||||||||||||
Short Term Investments | 981,685 | - | - | 981,685 | ||||||||||||
Total | $ | 981,685 | $ | 22,517,981 | $ | - | $ | 23,499,666 | ||||||||