PACIFIC GLOBAL ETFs | ||||||||
PACIFIC GLOBAL SENIOR LOAN ETF | ||||||||
Portfolio of Investments | ||||||||
September 30, 2021 (Unaudited) | ||||||||
Security Description | Principal Amount | Fair Value | ||||||
BANK LOANS - 79.7% | ||||||||
Basic Materials - 2.8% | ||||||||
Starfruit US Holdco LLC 2.83% (1 Month LIBOR USD + 2.75%), 10/01/2025 (a) | $ | 397,921 | $ | 395,783 | ||||
Solenis International, LP 4.08% (1 Month LIBOR USD + 4.00%), 06/26/2025 (a) | 241,042 | 241,386 | ||||||
U.S. Silica Co. 5.00% (1 Month LIBOR USD + 4.00%, 1.00% Floor), 05/01/2025 (a) | 248,056 | 243,445 | ||||||
880,614 | ||||||||
Communications - 14.0% | ||||||||
Arches Buyer, Inc. 3.75% (1 Month LIBOR USD + 3.25%, 0.50% Floor), 12/06/2027 (a) | 497,494 | 495,591 | ||||||
Charter Communications Operating LLC. 1.84% (1 Month LIBOR USD + 1.75%), 02/01/2027 (a) | 488,756 | 486,176 | ||||||
Clear Channel Outdoor Holdings, Inc. 3.63% (1 Month LIBOR USD + 3.50%), 08/21/2026 (a) | 246,231 | 241,517 | ||||||
CSC Holdings LLC 2.33% (1 Month LIBOR USD + 2.25%), 07/17/2025 (a) | 486,041 | 480,230 | ||||||
Intelsat Jackson Holdings SA 8.00% (Prime Rate + 4.75%, 1.00% Floor), 11/27/2023 (a) | 500,000 | 507,500 | ||||||
Level 3 Financing, Inc. 1.83% (1 Month LIBOR USD + 1.75%), 03/01/2027 (a) | 337,328 | 333,622 | ||||||
LogMeIn, Inc. 4.85%, 08/31/2027 (b) | 750,000 | 750,529 | ||||||
SBA Senior Finance II LLC 1.84% (1 Month LIBOR USD + 1.75%), 04/11/2025 (a) | 474,075 | 470,100 | ||||||
Uber Technologies, Inc 3.58% (1 Month LIBOR USD + 3.50%), 02/25/2027 (a) | 475,000 | 475,594 | ||||||
Zayo Group Holdings, Inc. 3.08% (1 Month LIBOR USD + 3.00%), 03/09/2027 (a) | 222,697 | 220,990 | ||||||
4,461,849 | ||||||||
Consumer, Cyclical - 16.4% | ||||||||
1011778 B.C. Unlimited Liability Company 1.84% (1 Month LIBOR USD + 1.75%), 11/19/2026 (a) | 328,296 | 324,875 | ||||||
AAdvantage Loyalty IP Ltd. 5.50% (3 Month LIBOR USD + 4.75%, 0.75% Floor), 04/20/2028 (a) | 500,000 | 517,603 | ||||||
Bombardier Recreational Products, Inc. 2.08% (1 Month LIBOR USD + 2.00%), 05/24/2027 (a) | 238,919 | 237,221 | ||||||
Caesars Resort Collection, LLC 2.83% (1 Month LIBOR USD + 2.75%), 12/23/2024 (a) | 481,250 | 479,015 | ||||||
ClubCorp Holdings, Inc. 2.90% (3 Month LIBOR USD + 2.75%), 09/18/2024 (a) | 480,000 | 452,268 | ||||||
Delta 2 (Lux) SARL 3.50% (1 Month LIBOR USD + 2.50%, 1.00% Floor), 02/01/2024 (a) | 500,000 | 499,452 | ||||||
Hilton Worldwide Finance LLC 1.83% (1 Month LIBOR USD + 1.75%), 06/22/2026 (a) | 461,991 | 458,637 | ||||||
Mileage Plus Holdings LLC 6.25% (3 Month LIBOR USD + 5.25%, 1.00% Floor), 06/21/2027 (a) | 500,000 | 531,720 | ||||||
Playa Resorts Holding BV 3.75% (1 Month LIBOR USD + 2.75%, 1.00% Floor), 04/29/2024 (a) | 233,366 | 228,818 | ||||||
Scientific Games International, Inc. 2.83% (1 Month LIBOR USD + 2.75%), 08/14/2024 (a) | 484,925 | 483,380 | ||||||
SeaWorld Parks & Entertainment, Inc. 3.50% (1 Month LIBOR USD + 3.00%, 0.50% Floor), 08/25/2028 (a) | 491,026 | 490,107 | ||||||
SRS Distribution Inc. 4.25% (6 Month LIBOR USD + 3.75%, 0.50% Floor), 06/02/2028 (a) | 500,000 | 500,520 | ||||||
5,203,616 | ||||||||
Consumer, Non-cyclical - 8.7% | ||||||||
Avantor Funding, Inc. 2.50% (1 Month LIBOR USD + 2.00%, 0.50% Floor), 11/21/2024 (a) | 45,619 | 45,665 | ||||||
Bausch Health Companies Inc. 3.09% (1 Month LIBOR USD + 3.00%), 06/02/2025 (a) | 309,224 | 309,186 | ||||||
Da Vinci Purchaser Corp. 5.00% (1 Month LIBOR USD + 4.00%, 1.00% Floor), 01/08/2027 (a) | 494,987 | 497,618 | ||||||
Phoenix Newco, Inc. 4.25%, 08/11/2028 (b) | 500,000 | 500,705 | ||||||
Sunshine Luxembourg VII SARL 4.50% (3 Month LIBOR USD + 3.75%, 0.75% Floor), 10/01/2026 (a) | 495,000 | 496,950 | ||||||
US Foods, Inc. 1.83% (1 Month LIBOR USD + 1.75%), 06/27/2023 (a) | 400,421 | 398,545 | ||||||
Verscend Holding Corp. 4.08% (1 Month LIBOR USD + 4.00%), 08/27/2025 (a) | 500,000 | 501,353 | ||||||
2,750,022 | ||||||||
Energy - 1.5% | ||||||||
Arch Coal, Inc. 3.75% (1 Month LIBOR USD + 2.75%, 1.00% Floor), 03/07/2024 (a) | 239,348 | 224,987 | ||||||
Traverse Midstream Partners LLC 6.50% (1 Month LIBOR USD + 5.50%, 1.00% Floor), 09/27/2024 (a) | 242,843 | 243,413 | ||||||
468,400 | ||||||||
Financials - 4.1% | ||||||||
Avolon TLB Borrower 1 (US) LLC 2.50% (1 Month LIBOR USD + 1.75%, 0.75% Floor), 01/15/2025 (a) | 175,812 | 175,330 | ||||||
Deerfield Dakota Holding, LLC 4.75% (1 Month LIBOR USD + 3.75%, 1.00% Floor), 04/09/2027 (a) | 493,750 | 495,794 | ||||||
HUB International Limited 2.88% (3 Month LIBOR USD + 2.75%), 04/25/2025 (a) | 241,875 | 239,823 | ||||||
USI, Inc. 3.13% (3 Month LIBOR USD + 3.00%), 05/16/2024 (a) | 384,000 | 381,875 | ||||||
1,292,822 | ||||||||
Industrial - 19.2% | ||||||||
Apex Tool Group, LLC 6.50% (1 Month LIBOR USD + 5.25%, 1.25% Floor), 08/01/2024 (a) | 434,332 | 435,501 | ||||||
Brand Industrial Services Inc 5.25% (3 Month LIBOR USD + 4.25%, 1.00% Floor), 06/21/2024 (a) | 484,810 | 481,608 | ||||||
Dynasty Acquisition Co., Inc. 3.63% (3 Month LIBOR USD + 3.50%), 04/06/2026 (a) | 318,671 | 312,373 | ||||||
Gates Global LLC 3.25% (1 Month LIBOR USD + 2.50%, 0.75% Floor), 03/31/2027 (a) | 235,914 | 235,868 | ||||||
GFL Environmental Inc. 3.50% (3 Month LIBOR USD + 3.00%, 0.50% Floor), 05/30/2025 (a) | 251,239 | 251,985 | ||||||
Graham Packaging Company, Inc 3.75% (1 Month LIBOR USD + 3.00%, 0.75% Floor), 08/04/2027 (a) | 487,381 | 487,584 | ||||||
Kleopatra Finco SARL 5.25% (3 Month LIBOR USD + 4.75%, 0.50% Floor), 02/12/2026 (a) | 497,500 | 499,679 | ||||||
Madison IAQ LLC 3.75% (3 Month LIBOR USD + 3.25%, 0.50% Floor), 06/21/2028 (a) | 498,750 | 498,645 | ||||||
Plastipak Packaging, Inc. 2.59% (1 Month LIBOR USD + 2.50%), 10/15/2024 (a) | 223,717 | 223,815 | ||||||
Pregis Topco LLC 4.08% (1 Month LIBOR USD + 4.00%), 07/31/2026 (a) | 496,212 | 497,453 | ||||||
Proampac PG Borrower LLC | ||||||||
4.50% (1 Month LIBOR USD + 3.75%, 0.75% Floor), 11/03/2025 (a) | 131,395 | 131,805 | ||||||
4.50% (3 Month LIBOR USD + 3.75%, 0.75% Floor), 11/03/2025 (a) | 347,449 | 348,535 | ||||||
QUIKRETE Holdings, Inc. 2.58% (1 Month LIBOR USD + 2.50%), 02/01/2027 (a) | 482,990 | 479,469 | ||||||
Rexnord LLC 1.83% (1 Month LIBOR USD + 1.75%), 08/21/2024 (a) | 162,285 | 162,476 | ||||||
Dynasty Acquisition Co., Inc. 3.63% (3 Month LIBOR USD + 3.50%), 04/06/2026 (a) | 171,329 | 167,942 | ||||||
Titan Acquisition Limited 3.17% (6 Month LIBOR USD + 3.00%), 03/28/2025 (a) | 484,923 | 476,878 | ||||||
Transdigm, Inc. 2.34% (1 Month LIBOR USD + 2.25%), 12/09/2025 (a) | 417,413 | 412,825 | ||||||
6,104,441 | ||||||||
Technology - 13.0% | ||||||||
Applied Systems, Inc. 3.75% (3 Month LIBOR USD + 3.25%, 0.50% Floor), 09/19/2024 (a) | 245,215 | 245,492 | ||||||
Athenahealth, Inc. 4.38% (3 Month LIBOR USD + 4.25%), 02/11/2026 (a) | 497,500 | 499,552 | ||||||
The Dun & Bradstreet Corporation 3.34% (1 Month LIBOR USD + 3.25%), 02/06/2026 (a) | 492,528 | 492,767 | ||||||
Epicor Software Corporation 4.00% (1 Month LIBOR USD + 3.25%, 0.75% Floor), 07/30/2027 (a) | 495,000 | 495,507 | ||||||
Almonde, Inc. 4.50% (6 Month LIBOR USD + 3.50%, 1.00% Floor), 06/13/2024 (a) | 246,616 | 244,980 |
McAfee, LLC 3.84% (1 Month LIBOR USD + 3.75%), 09/30/2024 (a) | 184,192 | 184,486 | ||||||
ON Semiconductor Corporation 2.08% (1 Month LIBOR USD + 2.00%), 09/18/2026 (a) | 174,783 | 174,772 | ||||||
Project Ruby Ultimate Parent Corp. 4.00% (1 Month LIBOR USD + 3.25%, 0.75% Floor), 03/10/2028 (a) | 498,747 | 498,747 | ||||||
Sophia, LP 4.50% (3 Month LIBOR USD + 3.75%, 0.75% Floor), 10/07/2027 (a) | 496,250 | 498,679 | ||||||
Tempo Acquisition, LLC 3.75% (1 Month LIBOR USD + 3.25%, 0.50% Floor), 11/02/2026 (a) | 431,318 | 432,711 | ||||||
UKG Inc. 3.83% (1 Month LIBOR USD + 3.75%), 05/04/2026 (a) | 246,231 | 246,991 | ||||||
Western Digital Corporation 1.84% (1 Month LIBOR USD + 1.75%), 04/28/2023 (a) | 125,784 | 125,954 | ||||||
4,140,638 | ||||||||
Total Bank Loans | ||||||||
(Cost $25,276,794) | 25,302,402 | |||||||
CORPORATE BONDS - 13.8% | ||||||||
Communications - 0.8% | ||||||||
Sprint Communications, Inc. 6.00%, 11/15/2022 | 250,000 | 263,180 | ||||||
Consumer, Cyclical - 7.2% | ||||||||
American Builders & Contractors Supply Co., Inc. 4.00%, 01/15/2028 (c) | 250,000 | 255,625 | ||||||
Cedar Fair LP 5.38%, 04/15/2027 | 500,000 | 514,375 | ||||||
Golden Nugget, Inc. 6.75%, 10/15/2024 (c) | 250,000 | 250,637 | ||||||
MajorDrive Holdings IV LLC 6.38%, 06/01/2029 (c) | 250,000 | 244,064 | ||||||
Scientific Games International, Inc. 5.00%, 10/15/2025 (c) | 250,000 | 257,500 | ||||||
Six Flags Entertainment Corp. 5.50%, 04/15/2027 (c) | 500,000 | 516,875 | ||||||
Viking Cruises Ltd. 7.00%, 02/15/2029 (c) | 250,000 | 253,216 | ||||||
2,292,292 | ||||||||
Consumer, Non-cyclical - 2.4% | ||||||||
Ahern Rentals, Inc. 7.38%, 05/15/2023 (c) | 250,000 | 240,000 | ||||||
Allied Universal Holdco LLC 9.75%, 07/15/2027 (c) | 250,000 | 271,562 | ||||||
JBS USA Finance, Inc. 6.75%, 02/15/2028 (c) | 250,000 | 271,565 | ||||||
783,127 | ||||||||
Energy - 0.8% | ||||||||
Range Resources Corp. 9.25%, 02/01/2026 | 250,000 | 272,825 | ||||||
Financials - 0.9% | ||||||||
Ally Financial, Inc. 5.75%, 11/20/2025 | 250,000 | 285,896 | ||||||
Industrial - 1.7% | ||||||||
Sensata Technologies BV 5.63%, 11/01/2024 (c) | 250,000 | 277,010 | ||||||
TransDigm, Inc. 5.50%, 11/15/2027 | 250,000 | 258,765 | ||||||
535,775 | ||||||||
Total Corporate Bonds | ||||||||
(Cost $4,388,846) | 4,433,095 | |||||||
Shares | ||||||||
CLOSED-END FUNDS - 0.1% | ||||||||
Eagle Point Credit Co., Inc. | 1,905 | 25,946 | ||||||
Total Closed-End Funds | ||||||||
(Cost $33,494) | 25,946 | |||||||
SHORT TERM INVESTMENTS - 7.2% | ||||||||
First American Treasury Obligations Fund - Class X, 0.013% (d) | 2,279,223 | 2,279,223 | ||||||
Total Short Term Investments | ||||||||
(Cost $2,279,223) | 2,279,223 | |||||||
TOTAL INVESTMENTS - 100.8% | ||||||||
(Cost $31,978,357) | 32,040,666 | |||||||
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.8%) | (262,940 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 31,777,726 | ||||||
(a) Variable rate instrument. The interest rate shown reflects the rate in effect at September 30, 2021. | ||||
(b) The loan will settle after September 30, 2021 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, 2021. | ||||
Ltd. - Private 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, 2021 (Unaudited) | ||
Asset Type Allocation | ||
Bank Loans | 79.7% | |
Corporate Bonds | 13.8% | |
Short Term Investments | 7.2% | |
Closed-End Funds | 0.1% | |
Total Investments | 100.8% | |
Liabilities in Excess of Other Assets | (0.8)% | |
Net Assets | 100.0% | |
Sector Allocation | ||
Consumer, Cyclical | 23.6% | |
Industrial | 20.9% | |
Communications | 14.8% | |
Technology | 13.0% | |
Consumer, Non-cyclical | 11.1% | |
Short Term Investments | 7.2% | |
Financials | 5.0% | |
Basic Materials | 2.8% | |
Energy | 2.3% | |
Closed-End Funds | 0.1% | |
Total Investments | 100.8% | |
Liabilities in Excess of Other Assets | (0.8)% | |
Net Assets | 100.0% | |
Percentages indicated are based upon net assets. |
PACIFIC GLOBAL ETFs | |||||
NOTES TO PORTFOLIOS OF INVESTMENTS | |||||
September 30, 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 September 30, 2021, based on the inputs used to value them: |
Pacific Global Senior Loan ETF | ||||||||||||||||
Assets | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
Bank Loans | $ | - | $ | 25,302,402 | $ | - | $ | 25,302,402 | ||||||||
Corporate Bonds | - | 4,433,095 | - | 4,433,095 | ||||||||||||
Closed-End Funds | 25,946 | - | - | 25,946 | ||||||||||||
Short Term Investments | 2,279,223 | - | - | 2,279,223 | ||||||||||||
Total | $ | 2,305,169 | $ | 29,735,497 | $ | - | $ | 32,040,666 | ||||||||