Pacific Global ETF Trust (Form: N-CSR, Received: 09/01/2020 17:15:54)

Item 1. Reports to Stockholders.

ANNUAL REPORT

June 30, 2020

Pacific Global US Equity Income ETF - USDY

Pacific Global International Equity Income ETF - IDY

Pacific Global Focused High Yield ETF - FJNK

Pacific Global Senior Loan ETF - FLRT

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds' shareholder reports may no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from the financial intermediary that services your shareholder account. Instead, the reports may be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may be eligible to elect to receive shareholder reports and other communications from the Funds or the financial intermediary that services your shareholder account electronically. If you would like to sign up for electronic delivery of shareholder communications, please contact the Funds or your financial intermediary for instructions.

You may elect to receive all future reports in paper free of charge. You can inform the Funds that you wish to continue receiving paper copies of your shareholder reports by calling Shareholder Services at (866) 933-2398. If you hold your account with a financial intermediary, you will need to contact that intermediary to continue receiving paper copies of shareholder reports. Your election to receive reports in paper will apply to all funds held with your financial intermediary.

PACIFIC GLOBAL ETFs

TABLE OF CONTENTS

Letter to Shareholders				A-1
Performance Summary				A-3
Portfolio Allocations				B-1
Portfolios of Investments				B-5
Statements of Assets and Liabilities				C-1
Statements of Operations				C-2
Statements of Changes in Net Assets				C-3
Financial Highlights				C-4
Notes to Financial Statements				D-1
Report of Independent Registered Public Accounting Firm				E-1
Trustees and Officers				F-1
Statement Regarding the Funds' Liquidity Risk Management Program				F-3
Expense Examples				F-4
Federal Tax Information				F-5
Additional Information				F-6

LETTER TO SHAREHOLDERS—PACIFIC GLOBAL ETFs

Dear Shareholders:

We are pleased to share with you the Pacific Global ETF Trust Annual Report for the fiscal year ended June 30, 2020, including performance data, management's discussion of fund performance and a complete list of investments. The past year has been unprecedented for many reasons, but the Pacific Global ETFs continue to deliver diversified income for investors over a spectrum of investment horizons. The fiscal year ended June 30, 2020 represented a year of growth for the investment platform. Two funds were launched in October 2019: Pacific Global International Equity Income ETF and Pacific Global Focused High Yield ETF. The new funds expanded the existing lineup while transforming the platform into a global offering of investment strategies.

Pacific Global Advisors LLC (the "Adviser") continues to rely upon two investment affiliates of Pacific Global Asset Management to serve as sub-advisers under its supervision. Cadence Capital Management LLC and Pacific Asset Management continue to be responsible for the management of the equity and fixed-income funds, respectively. Each of the sub-advisers and the Adviser has prepared a discussion regarding the performance of the Funds of the Trust that they manage, including commentary discussing positive and negative factors affecting performance for the past 12 months. We appreciate your confidence in Pacific Global ETFs and look forward to helping you meet your income needs in the years to come.

Sincerely,
Matthew Babcock, CFA
Pacific Global Advisors LLC

Market Summary

The 12-month period ended June 30, 2020 (the "Period") proved to be highly volatile for equity and credit investors. Global risk assets posted strong gains during the second half of 2019, rising in the face of U.S.-China trade strains and other geopolitical tension. The strong asset gains of late-2019 were derailed in the first quarter of 2020 as the spread of the coronavirus required many of us to remain in our homes for an indefinite period. The resulting inactivity had a harmful impact on global economic output, leading to an unprecedented decline in jobs and asset prices. From mid-February to late March, the U.S. stock market experienced one of its steepest declines on record, falling more than 30% and entering bear-market territory. Further, empty highways coupled with a global-supply dispute led to a rapid decline in oil prices. The economic strain caused by the pandemic pushed many economies worldwide into recession. Against this backdrop, global central banks and sovereign treasury units took immediate actions, heeding lessons learned in past financial crises. Decisive monetary and fiscal measures helped to remedy short-term credit-market dislocations, blunt the impact of soaring unemployment and ultimately stem the decline in equities. As markets recovered in April, continued government economic support combined with medical advances helped to support risk assets. By the end of June, the S&P 500 Index had recovered most of its year-to-date losses.

Equity Markets

U.S. equities, as measured by the Russell 3000 Index, returned +6.53% for the Period. Like last year, the fiscal year ended June 30, 2020 was a highly volatile time in U.S. markets with extreme performance dispersion across styles and capitalizations. From a market-capitalization perspective, large-cap stocks were the strongest performers due to investor preferences for stable, high-quality companies that exhibited strong growth characteristics. The Russell 1000 Index, a measure of large-cap stocks, returned +7.48%, outperforming the Russell 2000 Index, a measure of small-cap stocks, which returned -6.63% during the Period. From a style perspective, the imbalance between growth stocks and value stocks persisted as the coronavirus pandemic exacerbated the differences between companies that could adapt to an increasing need for digital engagement and those that could not. In this environment, there was vast dispersion across market sectors. For instance, stocks in the well-positioned information technology sector gained 36% on average, while stocks in the beleaguered energy sector declined by 36% on average. Overall, growth stocks trounced value stocks in the Period, with the Russell 1000 Growth Index gaining +23.28% while the Russell 1000 Value Index declined -8.84%.

International equities, as measured by the MSCI EAFE Index (a broad measure of equity performance for the developed world excluding North America) returned -5.13% for the Period. Measured in local currency terms, the MSCI EAFE Index declined -4.24%, which indicated that the U.S. dollar was broadly stronger than the basket of foreign currencies represented in the index. International equities lagged U.S. equities during the Period as several European countries wrangled with economic contraction, including the continent's largest representative, Germany. In Asia, Japan was in the midst of a significant downturn triggered by an increased consumption tax and an elevated coronavirus infection rate. Nevertheless, international equities experienced the same themes as U.S. equities: higher overall volatility and stronger performance for growth stocks versus value stocks. During the Period, the MSCI EAFE Growth Index returned a positive +4.15% compared to a decline of -14.48% for the MSCI EAFE Value Index.

Fixed-Income Markets

U.S. fixed-income markets, as measured by the Bloomberg Barclays US Aggregate Bond Index, returned +8.74% for the Period. Overall, interest rates declined during the Period, first due to the Federal Reserve's measured interest-rate cuts and later due to the pandemic when investors transitioned to less volatile investments. By March, the Federal Reserve had lowered its primary interest rate to 0% to help support credit and lending markets. For the Period, the yield on the 10-Year U.S. Treasury bond declined from 2.03% to 0.66% (bond prices move in an opposite direction with yields), causing government bonds to be the best-performing segment of the investment-grade bond universe. For the Period, U.S. Treasuries returned +10.45% followed by investment-grade corporate bonds and agency mortgage-backed securities, which returned +9.50% and +5.67%, respectively. Non-investment-grade bonds, which typically pay a higher yield but assume a greater risk of default, generally underperformed investment-grade bonds due to the coronavirus-related business disruptions. For the Period, the Bloomberg Barclays US Corporate High Yield Index (high-yield bonds) and S&P LSTA Leveraged Loan Index (Bank Loans)

A-1

LETTER TO SHAREHOLDERS—PACIFIC GLOBAL ETFs (Continued)

returned +0.03% and -1.99%, respectively. Performance for speculative-grade bonds rebounded significantly in the second quarter of 2020 when government stimulus began to take effect.

USDY

During the 12-month Period, the Fund posted cumulative total returns of -6.95% based on market price and -6.76% based on net asset value (NAV). In comparison, the Russell 1000 Value Index posted a -8.84% total return for the same Period.

The Fund seeks to provide income and long-term capital growth by investing in U.S. large-cap equities. The investment approach for the Fund uses a fundamentally driven, systematic methodology to target large-cap stocks that are expected to deliver attractive dividend yields, low volatility and capital appreciation.

The primary drivers of the Fund's outperformance were overweight exposures to the outperforming information technology and consumer staples sectors. Further, security selection in the healthcare sector was additive to the Fund's outperformance. Conversely, security selection in the semiconductor industry served as a detractor. Although the Fund's overweight exposure to the highest quintile dividend stocks served as a detractor from performance, security selection in high dividend-paying stocks in sectors such as industrials helped the Fund to outperform the Russell 1000 Value Index during the Period.

IDY

Since its inception in October 2019, the Fund has posted cumulative total returns of -9.73% based on market price and -10.81% based on net asset value (NAV). In comparison, the MSCI EAFE Value Index posted a -15.93% total return for the same Period.

The Fund seeks to provide income and long-term capital growth by investing in equities primarily located in developed countries. The investment approach for the Fund uses a fundamentally-driven, systematic methodology to target international large-cap stocks that are expected to deliver attractive dividend yields, capital appreciation and diversification.

The primary drivers of the Fund's outperformance were overweight exposures to high-dividend paying stocks, which outperformed traditional value stocks, as well as strong sector allocation. The Fund's overweight exposure to the outperforming healthcare sector and underweight exposure to the underperforming financials sector served as contributors to performance. Further, selection in technology was a contributor to performance. Conversely, security selection in the communication services sector served as a detractor from performance.

FJNK

Since its inception in October 2019, the Fund posted cumulative total returns of -3.97% based on market price and -4.23% based on net asset value (NAV). In comparison, the Bloomberg Barclays US High Yield Very Liquid Index posted a -2.22% total return for the same Period.

The Fund seeks to provide income and long-term capital growth by investing in a focused portfolio of liquid, high-yield debt securities. Using a structured, actively managed approach, the Fund is designed to outperform its benchmark while providing ample liquidity to investors.

The primary drivers of the Fund's underperformance included the Fund's credit-quality allocations and security selection. The Fund's overweight exposures to B and CCC rated securities served as a detractor during the Period. Credit ratings represent a measure of the quality of underlying securities in the Fund based on the evaluations from third-party vendors. Further, exposures to certain gaming/casino bonds weighed on the Fund's performance relative to the benchmark as leisure activities were put on hold during the pandemic. Conversely, the Fund's investments in home construction bonds served as a contributor to performance during the Period.

FLRT

During the 12-month Period, the Fund posted cumulative total returns of -0.50% based on market price and -0.70% based on net asset value (NAV). In comparison, the S&P/LSTA US Leveraged Loan 100 Index posted a -0.47% total return for the same Period.

The Fund seeks to provide a high level of current income. The Fund invests primarily in floating-rate loans of non-investment-grade companies. These investments can serve as both an income driver and a hedge against rising interest rates. Floating-rate loans, also known as senior-bank loans, are variable-rate loans made by financial institutions to companies that are generally rated below investment grade.

During the Period, the Fund performed in-line with the benchmark after fees. Therefore, performance contributors and detractors were relatively balanced during the Period. Contributors to the Fund's performance included its credit-quality allocations and an underweight to the underperforming energy sector. The Fund's underweight exposure to BB and CCC rated loans and overweight exposure to B rated loans served as a contributor. On the other hand, the Fund's exposures to certain leisure and gaming/casino bonds served as a detractor from performance during the Period.

Investors cannot directly invest in an index and unmanaged index returns do not reflect any fees, expenses or sales charges.

A-2

PACIFIC GLOBAL ETFs
PERFORMANCE SUMMARY
June 30, 2020 (Unaudited)

Average Annual Total Returns for Periods Ended June 30, 2020

	One Year⁽⁵⁾			Since Inception⁽²⁾⁽⁵⁾
Pacific Global US Equity Income ETF—NAV		-6.76	%		-0.55	%
Pacific Global US Equity Income ETF—Market		-6.95	%		-0.65	%
Russell 1000^® Value Index		-8.84	%		-1.36	%

Average Annual Total Returns for Periods Ended June 30, 2020

	Since Inception⁽¹⁾⁽³⁾
Pacific Global International Equity Income ETF—NAV		-10.81	%
Pacific Global International Equity Income ETF—Market		-9.73	%
MSCI EAFE VALUE NET (USD)⁽⁷⁾		-15.93	%

A-3

PACIFIC GLOBAL ETFs
PERFORMANCE SUMMARY
June 30, 2020 (Unaudited)

Average Annual Total Returns for Periods Ended June 30, 2020

	Since Inception⁽¹⁾⁽³⁾
Pacific Global Focused High Yield ETF—NAV		-4.23	%
Pacific Global Focused High Yield ETF—Market		-3.97	%
Bloomberg Barclays U.S. High Yield Very Liquid Index		-2.22	%

Average Annual Total Returns for Periods Ended June 30, 2020

	One Year			Three Years⁽⁵⁾			Five Years⁽⁵⁾			Since Inception^(4)(5)(6)
Pacific Global Senior Loan ETF—NAV		-0.70	%		1.90	%		2.43	%		2.35	%
Pacific Global Senior Loan ETF—Market		-0.50	%		1.97	%		2.41	%		2.38	%
S&P/LSTA U.S. Leveraged Loan 100 Index		-0.47	%		2.47	%		2.95	%		2.82	%
S&P 500 Index		7.51	%		10.73	%		10.73	%		9.76	%

(1) Not annualized.

(2) Commencement of operations on February 11, 2019.

(3) Commencement of operations on October 23, 2019.

(4) Commencement of operations on February 18, 2015.

(5) Annualized.

(6) Pacific Global Senior Loan ETF is the successor in interest to AdvisorShares Pacific Asset Enhanced Floating Rate ETF (the "Predecessor Fund"), which was advised by AdvisorShares Investment, LLC. Performance prior to December 27, 2019 reflects that of the Predecessor Fund.

(7) The performance of the MSCI EAFE Value Net Index is reduced by the taxes on dividends paid by the international securities issuers in the index.

A-4

PACIFIC GLOBAL ETFs
PERFORMANCE SUMMARY
June 30, 2020 (Unaudited)

NAV—Net Asset Value Per Share: the NAV return shown is based on net asset value calculated for shareholder transactions and may differ from the return shown in the Financial Highlights, which reflects adjustments made to the net asset value in accordance with U.S. GAAP.

Market—Market Price: the market price return is calculated assuming an initial investment made at the market price at the beginning of the period, reinvestment of all dividends and distributions at market price during the period, and sale at the market price on the last day of the period. The price used to calculate the market price return is the midpoint of the bid/ask spread at the close of business on NYSE Arca and does not represent the returns an investor would receive if the shares were traded at other times.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and net asset value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.

Benchmark index performance is from inception date of the Fund only and is not the inception date of the benchmark index itself.

The expense ratios of the Funds are set forth in the most recently filed Prospectus for each Fund and may differ from the expense ratios disclosed in the Financial Highlights included in this report. See the Financial Highlights for most current expense ratio.

The Russell 1000^® Value Index measures the performance of the large-cap value segment of the US equity universe. It includes those Russell 1000^® companies with lower price-to-book ratios and lower expected growth values. The Russell 1000^® Value Index is constructed to provide a comprehensive and unbiased barometer for the large-cap value segment. The index is completely reconstituted annually to ensure new and growing equities are included and that the represented companies continue to reflect value characteristics.

The MSCI EAFE Value Index Net (USD) captures large and mid cap securities exhibiting overall value style characteristics across Developed Markets countries around the world, excluding the US and Canada. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price and dividend yield. The performance shown is net of taxes on dividends paid by the international securities issued on the index.

The Bloomberg Barclays U.S. High Yield Very Liquid Index includes publicly issued US dollar denominated, non-investment grade, fixed-rate, taxable corporate bonds that have a remaining maturity of at least one year, regardless of optionality, are rated high-yield (Ba1/BB+/BB+ or below) using the middle rating of Moody's, S&P, and Fitch, respectively (before July 1, 2005, the lower of Moody's and S&P was used), and have $600 million or more of outstanding face value.

The S&P/LSTA U.S. Leveraged Loan 100 Index is designed to track the market-weighted performance of the largest institutional leveraged loans based on market weightings, spreads and interest payments.

The S&P 500 Index is a broad-based, unmanaged measurement of changes in stock market conditions based on the average of 500 widely held common stocks.

The volatility of the index may be materially different from that of the Fund. You cannot invest directly in an index. Index results assume the re-investment of all dividends and capital gains, but do not reflect operating expenses such as transaction costs and invest investment advisory fees. In addition, the Funds' holdings will differ significantly from the securities that comprise the indices.

The shares of a Fund may trade above or below their net asset value. The net asset value of a Fund will generally fluctuate with changes in the market value of the Fund's holdings. The market prices of shares, however, will generally fluctuate in accordance with changes in net asset value as well as the relative supply of, and demand for, shares on the exchange. The trading price of shares may deviate significantly from the net asset value of the same shares.

Pacific Global US Equity Income ETF is a diversified fund of the Trust. The investment objective of USDY is to seek income and long-term growth of capital. The inception date was February 11, 2019.

Pacific Global International Equity Income ETF is a diversified fund of the Trust. The investment objective of IDY is to seek income and long-term growth of capital. The inception date was October 23, 2019.

Pacific Global Focused High Yield ETF is a diversified fund of the Trust. The investment objective of FJNK is to seek income and long-term growth of capital. The inception date was October 23, 2019.

Pacific Global Senior Loan ETF is a diversified fund of the Trust. The investment objective of FLRT seeks to provide a high level of current income. The inception date was February 18, 2015.

A-5

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL US EQUITY INCOME ETF

Portfolio Allocations

June 30, 2020

Asset Type Allocation
Common Stocks	99.1	%
Short Term Investments	0.7	%
Total Investments	99.8	%
Other Assets in Excess of Liabilities	0.2	%
Net Assets	100.0	%
Sector Allocation
Consumer, Non-cyclical	28.5	%
Financials	18.8	%
Industrial	13.3	%
Technology	8.6	%
Consumer, Cyclical	7.8	%
Energy	7.3	%
Communications	6.4	%
Utilities	5.1	%
Basic Materials	3.3	%
Short Term Investments	0.7	%
Total Investments	99.8	%
Other Assets in Excess of Liabilities	0.2	%
Net Assets	100.0	%

Percentages indicated are based upon net assets.

Refer to the Fund's Portfolio of Investments in this annual report for a detailed listing of the Fund's holdings.

See Notes to Financial Statements

B-1

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL INTERNATIONAL EQUITY INCOME ETF

Portfolio Allocations

June 30, 2020

Asset Type Allocation
Common Stocks	98.5	%
Preferred Stocks	0.5	%
Short Term Investments	0.0	%~
Total Investments	99.0	%
Other Assets in Excess of Liabilities	1.0	%
Net Assets	100.0	%
Sector Allocation
Consumer, Non-cyclical	23.8	%
Industrial	14.0	%
Financials	14.0	%
Consumer, Cyclical	11.9	%
Basic Materials	11.5	%
Energy	7.1	%
Communications	6.1	%
Utilities	5.8	%
Technology	4.8	%
Short Term Investments	0.0	%~
Total Investments	99.0	%
Other Assets in Excess of Liabilities	1.0	%
Net Assets	100.0	%

Country Allocation
Japan	26.7	%
United Kingdom	14.4	%
Switzerland	11.8	%
France	8.8	%
Australia	8.3	%
Germany	7.3	%
Hong Kong	4.9	%
Netherlands	4.1	%
Denmark	2.4	%
Spain	2.4	%
Singapore	1.9	%
Italy	1.7	%
Sweden	1.0	%
Belgium	0.6	%
Ireland	0.6	%
Israel	0.5	%
Norway	0.4	%
Portugal	0.3	%
Finland	0.3	%
New Zealand	0.2	%
Luxembourg	0.2	%
Chile	0.1	%
Austria	0.1	%
United States	0.0	%~
Total Investments	99.0	%
Other Assets in Excess of Liabilities	1.0	%
Net Assets	100.0	%

Percentages indicated are based upon net assets.

~ Represents less than 0.05% of net assets

Refer to the Fund's Portfolio of Investments in this annual report for a detailed listing of the Fund's holdings.

See Notes to Financial Statements

B-2

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL FOCUSED HIGH YIELD ETF

Portfolio Allocations

June 30, 2020

Asset Type Allocation
Corporate Bonds	78.8	%
Foreign Bonds	14.6	%
Short Term Investments	5.1	%
Total Investments	98.5	%
Other Assets in Excess of Liabilities	1.5	%
Net Assets	100.0	%
Sector Allocation
Communications	21.3	%
Consumer, Cyclical	19.0	%
Consumer, Non-cyclical	18.9	%
Energy	10.6	%
Industrial	10.0	%
Financials	9.1	%
Short Term Investments	5.1	%
Utilities	2.6	%
Basic Materials	1.9	%
Total Investments	98.5	%
Other Assets in Excess of Liabilities	1.5	%
Net Assets	100.0	%

Percentages indicated are based upon net assets.

Refer to the Fund's Portfolio of Investments in this annual report for a detailed listing of the Fund's holdings.

See Notes to Financial Statements

B-3

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL SENIOR LOAN ETF

Portfolio Allocations

June 30, 2020

Asset Type Allocation
Bank Loans	85.8	%
Short Term Investments	12.2	%
Corporate Bonds	7.4	%
Foreign Bonds	3.4	%
Closed-End Funds	0.1	%
Total Investments	108.9	%
Liabilities in Excess of Other Assets	(8.9	%)
Net Assets	100.0	%
Sector Allocation
Consumer, Cyclical	24.3	%
Industrial	21.5	%
Communications	16.8	%
Consumer, Non-cyclical	13.1	%
Short Term Investments	12.2	%
Technology	10.8	%
Financials	5.4	%
Basic Materials	4.0	%
Energy	0.7	%
Closed-End Funds	0.1	%
Total Investments	108.9	%
Liabilities in Excess of Other Assets	(8.9	%)
Net Assets	100.0	%

Percentages indicated are based upon net assets.

Refer to the Fund's Portfolio of Investments in this annual report for a detailed listing of the Fund's holdings.

See Notes to Financial Statements

B-4

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL US EQUITY INCOME ETF

Portfolio of Investments

June 30, 2020

Security Description	Shares		Value
COMMON STOCKS - 99.1%
Basic Materials - 3.3%
Air Products & Chemicals, Inc.		915	$	220,936
Cabot Corp.		225		8,336
Celanese Corp.		560		48,350
CF Industries Holdings, Inc.		892		25,101
Chemours Co.		636		9,763
Dow, Inc.		2,727		111,153
DuPont de Nemours, Inc.		2,314		122,943
Eastman Chemical Co.		567		39,486
Huntsman Corp.		873		15,688
International Flavors & Fragrances, Inc.		446		54,617
International Paper Co.		1,744		61,406
LyondellBasell Industries NV		1,132		74,395
Nucor Corp.		1,393		57,684
Olin Corp.		616		7,078
Reliance Steel & Aluminum Co.		283		26,865
Southern Copper Corp.		318		12,647
Steel Dynamics, Inc.		916		23,898
Valvoline, Inc.		669		12,932
WR Grace & Co.		205		10,416
				943,694
Communications - 6.4%
AT&T, Inc.		11,876		359,011
CenturyLink, Inc.		5,472		54,884
Cisco Systems, Inc.		8,198		382,355
Comcast Corp.		9,152		356,745
Corning, Inc.		3,093		80,109
Interpublic Group of Cos., Inc.		1,541		26,444
John Wiley & Sons, Inc.		193		7,527
Juniper Networks, Inc.		1,416		32,370
Nexstar Media Group, Inc.		186		15,566
NortonLifeLock, Inc.		2,351		46,620
Omnicom Group, Inc.		1,215		66,339
Sinclair Broadcast Group, Inc.		253		4,670
Telephone & Data Systems, Inc.		627		12,465
Verizon Communications, Inc.		6,793		374,498
ViacomCBS, Inc.		1,231		28,707
				1,848,310
Consumer, Cyclical - 7.8%
Best Buy Co., Inc.		911		79,503
Cummins, Inc.		677		117,297
Fastenal Co.		2,375		101,745
Genuine Parts Co.		631		54,872
Hanesbrands, Inc.		1,471		16,607
Hasbro, Inc.		477		35,751
Home Depot, Inc.		1,537		385,034
International Game Technology Plc		343		3,053
Leggett & Platt, Inc.		547		19,227
McDonald's Corp.		1,952		360,085
MSC Industrial Direct Co., Inc.		181		13,179
Newell Brands, Inc.		1,353		21,486
Nu Skin Enterprises, Inc.		238		9,099
Polaris, Inc.		227		21,009
Starbucks Corp.		4,722		347,492
Target Corp.		2,034		243,938
VF Corp.		1,166		71,056
Walgreens Boots Alliance, Inc.		4,416		187,194
Watsco, Inc.		142		25,233
Whirlpool Corp.		228		29,533
Williams-Sonoma, Inc.		310		25,423
Wyndham Destinations, Inc.		361		10,173
Yum! Brands, Inc.		1,156		100,468
				2,278,457

Security Description	Shares		Value
Consumer, Non-cyclical - 28.5%
AbbVie, Inc.		4,171	$	409,509
Altria Group, Inc.		9,213		361,610
Amgen, Inc.		1,747		412,047
Archer-Daniels-Midland Co.		2,306		92,009
Automatic Data Processing, Inc.		1,861		277,084
Bristol-Myers Squibb Co.		6,423		377,672
Bunge Ltd.		9,007		370,458
Campbell Soup Co.		595		29,530
Cardinal Health, Inc.		1,179		61,532
Clorox Co.		451		98,936
Coca-Cola Co.		7,916		353,687
Colgate-Palmolive Co.		3,420		250,549
Conagra Brands, Inc.		1,805		63,482
CVS Health Corp.		5,014		325,760
Eli Lilly & Co.		2,644		434,092
Flowers Foods, Inc.		752		16,815
General Mills, Inc.		2,459		151,597
Gilead Sciences, Inc.		4,521		347,846
H&R Block, Inc.		1,057		15,094
Hershey Co.		602		78,031
Ingredion, Inc.		263		21,829
JM Smucker Co.		704		74,490
Johnson & Johnson		2,688		378,013
Kellogg Co.		1,725		113,953
Keurig Dr Pepper, Inc.		1,059		30,076
Kimberly-Clark Corp.		1,486		210,046
Kraft Heinz Co.		2,277		72,614
Kroger Co.		3,415		115,598
ManpowerGroup, Inc.		368		25,300
Medtronic Plc		3,894		357,080
Merck & Co, Inc.		4,760		368,091
Mondelez International, Inc.		5,822		297,679
PepsiCo, Inc.		2,984		394,664
Pfizer, Inc.		10,785		352,669
Philip Morris International, Inc.		5,079		355,835
Procter & Gamble Co.		3,314		396,255
Robert Half International, Inc.		456		24,090
Spectrum Brands Holdings, Inc.		172		7,895
Sysco Corp.		1,768		96,639
Tyson Foods, Inc.		1,262		75,354
				8,295,510
Energy - 7.3%
Baker Hughes a GE Co.		3,085		47,478
Cabot Oil & Gas Corp.		1,826		31,371
Chevron Corp.		3,822		341,037
Cimarex Energy Co.		365		10,034
ConocoPhillips		4,384		184,216
Devon Energy Corp.		1,471		16,681
Diamondback Energy, Inc.		582		24,339
EOG Resources, Inc.		2,171		109,983
Equitrans Midstream Corp.		748		6,216
Exxon Mobil Corp.		7,209		322,386
Helmerich & Payne, Inc.		406		7,921
HollyFrontier Corp.		609		17,783
Kinder Morgan, Inc.		7,617		115,550
Marathon Petroleum Corp.		5,306		198,338
Murphy Oil Corp.		517		7,135
ONEOK, Inc.		2,758		91,621
Phillips 66		2,928		210,523
Pioneer Natural Resources Co.		653		63,798
Schlumberger Ltd.		4,892		89,964
Valero Energy Corp.		2,383		140,168
Williams Cos., Inc.		4,659		88,614
				2,125,156

See Notes to Financial Statements

B-5

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL US EQUITY INCOME ETF

Portfolio of Investments (Continued)

June 30, 2020

Security Description	Shares		Value
Financials - 18.8%
Aflac, Inc.		3,521	$	126,862
Alexandria Real Estate Equities, Inc.		156		25,311
Allstate Corp.		1,042		101,064
Ally Financial, Inc.		1,162		23,042
American Campus Communities, Inc.		203		7,097
American Financial Group Inc.		195		12,375
American International Group, Inc.		2,241		69,874
Americold Realty Trust		258		9,365
Ameriprise Financial, Inc.		402		60,316
Apartment Investment & Management Co.		225		8,469
Associated Banc-Corp		491		6,717
Assurant, Inc.		172		17,766
Assured Guaranty Ltd.		251		6,127
AvalonBay Communities, Inc.		208		32,165
Axis Capital Holdings Ltd.		382		15,494
Bank of America Corp.		13,842		328,747
Bank of Hawaii Corp.		117		7,185
Bank of New York Mellon Corp.		2,559		98,905
BANK OZK		391		9,177
BankUnited, Inc.		476		9,639
BlackRock, Inc.		446		242,664
BOK Financial Corp.		88		4,967
Boston Properties, Inc.		198		17,895
Brandywine Realty Trust		263		2,864
Camden Property Trust		130		11,859
Capital One Financial Corp.		1,253		78,425
Chubb Ltd.		1,318		166,885
Cincinnati Financial Corp.		441		28,237
CIT Group, Inc.		237		4,913
Citigroup, Inc.		6,259		319,835
Citizens Financial Group, Inc.		1,332		33,620
CNA Financial Corp.		75		2,411
Columbia Property Trust, Inc.		169		2,221
Comerica, Inc.		455		17,335
CoreSite Realty Corp.		59		7,143
Corporate Office Properties Trust		152		3,852
Cousins Properties, Inc.		193		5,757
Crown Castle International Corp.		558		93,381
CubeSmart		301		8,124
Cullen/Frost Bankers, Inc.		170		12,701
CyrusOne, Inc.		145		10,549
Digital Realty Trust, Inc.		346		49,170
Discover Financial Services		976		48,888
Douglas Emmett, Inc.		256		7,849
Duke Realty Corp.		446		15,784
East West Bancorp, Inc.		403		14,605
Eaton Vance Corp.		293		11,310
Equitable Holdings, Inc.		1,240		23,920
Equity LifeStyle Properties, Inc.		245		15,308
Equity Residential		468		27,528
Erie Indemnity Co.		58		11,130
Essex Property Trust, Inc.		103		23,605
Evercore, Inc.		111		6,540
Everest Re Group Ltd.		116		23,919
Extra Space Storage, Inc.		178		16,442
Federal Realty Investment Trust		117		9,970
Fidelity National Financial, Inc.		870		26,674
Fifth Third Bancorp		2,086		40,218
First American Financial Corp.		303		14,550
First Hawaiian, Inc.		391		6,741
First Horizon National Corp.		925		9,213
FNB Corp.		841		6,308
Franklin Resources, Inc.		756		15,853
Gaming and Leisure Properties, Inc.		267		9,255
Goldman Sachs Group Inc/The		1,004		198,410
Hanover Insurance Group Inc.		122		12,362
Hartford Financial Services Group, Inc.		988		38,087

Security Description	Shares		Value
Healthcare Trust of America, Inc.		297	$	7,876
Healthpeak Properties, Inc.		663		18,272
Highwoods Properties, Inc.		146		5,450
Hudson Pacific Properties, Inc.		201		5,057
Huntington Bancshares, Inc.		2,953		26,680
Invesco Ltd.		4,267		45,913
Invitation Homes, Inc.		688		18,941
Iron Mountain, Inc.		430		11,223
Janus Henderson Group Plc		450		9,522
JBG SMITH Properties		163		4,820
Jefferies Financial Group, Inc.		1,042		16,203
JPMorgan Chase & Co.		3,477		327,047
KeyCorp		2,989		36,406
Kilroy Realty Corp.		136		7,983
Lamar Advertising Co.		117		7,811
Lazard Ltd.		304		8,704
Life Storage, Inc.		61		5,792
Lincoln National Corp.		601		22,111
M&T Bank Corp.		606		63,006
Medical Properties Trust, Inc.		681		12,803
Mercury General Corp.		87		3,545
MetLife, Inc.		2,156		78,737
MGIC Investment Corp.		1,010		8,272
Mid-America Apartment Communities, Inc.		144		16,512
Morgan Stanley		3,516		169,823
National Retail Properties, Inc.		268		9,509
Navient Corp.		808		5,680
New York Community Bancorp, Inc.		1,156		11,791
Northern Trust Corp.		611		48,477
Old Republic International Corp.		851		13,880
Omega Healthcare Investors, Inc.		357		10,614
OneMain Holdings, Inc.		161		3,951
PacWest Bancorp		284		5,598
Paramount Group, Inc.		300		2,313
People's United Financial, Inc.		1,430		16,545
PNC Financial Services Group, Inc.		1,347		141,718
Popular, Inc.		831		30,888
Principal Financial Group, Inc.		833		34,603
Prologis, Inc.		853		79,610
Prosperity Bancshares, Inc.		277		16,448
Prudential Financial, Inc.		1,221		74,359
Public Storage		220		42,216
Rayonier, Inc.		197		4,884
Realty Income Corp.		466		27,727
Regency Centers Corp.		246		11,289
Regions Financial Corp.		2,961		32,926
Reinsurance Group of America, Inc.		160		12,550
Santander Consumer USA Holdings, Inc.		325		5,983
Simon Property Group, Inc.		422		28,856
SL Green Realty Corp.		107		5,274
Spirit Realty Capital, Inc.		133		4,636
State Street Corp.		1,133		72,002
STORE Capital Corp.		319		7,595
Sun Communities, Inc.		95		12,890
Synchrony Financial		1,855		41,107
Synovus Financial Corp.		614		12,605
T Rowe Price Group, Inc.		690		85,215
TCF Financial Corp.		408		12,003
Travelers Cos., Inc.		822		93,749
Truist Financial Corp.		4,059		152,415
UDR, Inc.		430		16,073
Umpqua Holdings Corp.		565		6,012
US Bancorp		4,330		159,431
Ventas, Inc.		506		18,530
VEREIT, Inc.		1,390		8,938
VICI Properties, Inc.		625		12,619
Virtu Financial, Inc.		114		2,690
Vornado Realty Trust		270		10,317
Webster Financial Corp.		246		7,038

See Notes to Financial Statements

B-6

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL US EQUITY INCOME ETF

Portfolio of Investments (Continued)

June 30, 2020

Security Description	Shares		Value
Weingarten Realty Investors		146	$	2,764
Wells Fargo & Co.		10,632		272,179
Welltower, Inc.		497		25,720
Western Alliance Bancorp		243		9,202
Western Union Co.		1,798		38,873
Wintrust Financial Corp.		161		7,023
WP Carey, Inc.		255		17,251
Zions Bancorp NA		492		16,728
				5,476,777
Industrial - 13.3%
3M Co.		2,346		365,953
Avnet, Inc.		403		11,238
Caterpillar, Inc.		2,223		281,209
CH Robinson Worldwide, Inc.		550		43,483
Crane Co.		179		10,643
Eaton Corp Plc		1,758		153,790
Emerson Electric Co.		2,380		147,631
Energizer Holdings, Inc.		228		10,828
Flowserve Corp.		412		11,750
Garmin Ltd.		419		40,853
General Dynamics Corp.		1,030		153,944
Graphic Packaging Holding Co.		1,186		16,592
Honeywell International, Inc.		2,421		350,052
Hubbell, Inc.		219		27,454
Huntington Ingalls Industries, Inc.		171		29,838
Illinois Tool Works, Inc.		1,419		248,112
Johnson Controls International Plc		3,129		106,824
Lincoln Electric Holdings, Inc.		261		21,987
Lockheed Martin Corp.		902		329,158
MDU Resources Group, Inc.		396		8,783
National Instruments Corp.		505		19,549
Norfolk Southern Corp.		1,044		183,295
nVent Electric Plc		564		10,564
Packaging Corp of America		344		34,331
Raytheon Technologies Corp.		3,062		188,680
Ryder System, Inc.		212		7,952
Snap-on, Inc.		240		33,242
Sonoco Products Co.		393		20,550
Timken Co.		236		10,736
Trane Technologies Plc		977		86,934
Trinity Industries, Inc.		411		8,750
Union Pacific Corp.		2,172		367,220
United Parcel Service, Inc.		3,089		343,435
Waste Management, Inc.		1,461		154,734
Westrock Co.		936		26,451
				3,866,545
Technology - 8.6%
Amdocs Ltd.		556		33,849
Analog Devices, Inc.		1,238		151,828
Broadcom, Inc.		1,242		391,988
Hewlett Packard Enterprise Co.		5,708		55,539
HP, Inc.		8,892		154,988
Intel Corp.		6,197		370,766
International Business Machines Corp.		2,907		351,078
Maxim Integrated Products, Inc.		1,095		66,368
NetApp, Inc.		1,005		44,592
Paychex, Inc.		1,142		86,506
QUALCOMM, Inc.		4,318		393,845
Texas Instruments, Inc.		2,969		376,974
Xerox Holdings Corp.		910		13,914
				2,492,235

Security Description	Shares		Value
Utilities - 5.1%
AES Corp.		1,181	$	17,113
Alliant Energy Corp.		432		20,667
Ameren Corp.		404		28,425
American Electric Power Co., Inc.		936		74,543
Atmos Energy Corp.		238		23,700
Avangrid, Inc.		94		3,946
CenterPoint Energy, Inc.		845		15,776
CMS Energy Corp.		528		30,846
Consolidated Edison, Inc.		726		52,221
Dominion Energy, Inc.		1,755		142,471
DTE Energy Co.		372		39,990
Duke Energy Corp.		1,500		119,835
Edison International		740		40,189
Entergy Corp.		340		31,895
Evergy, Inc.		421		24,961
Eversource Energy		577		48,047
Exelon Corp.		1,759		63,834
FirstEnergy Corp.		941		36,492
Hawaiian Electric Industries, Inc.		184		6,635
IDACORP, Inc.		90		7,863
National Fuel Gas Co.		151		6,331
NextEra Energy, Inc.		806		193,577
NiSource, Inc.		736		16,737
NRG Energy, Inc.		471		15,336
OGE Energy Corp.		423		12,842
Pinnacle West Capital Corp.		216		15,831
PPL Corp.		1,569		40,543
Public Service Enterprise Group, Inc.		939		46,161
Sempra Energy		578		67,759
Southern Co.		2,131		110,492
UGI Corp.		394		12,529
Vistra Energy Corp.		743		13,835
WEC Energy Group, Inc.		590		51,714
Xcel Energy, Inc.		881		55,063
				1,488,199
Total Common Stocks (Cost $30,462,437)				28,814,883
SHORT TERM INVESTMENTS - 0.7%
First American Treasury Obligations Fund - Class X, 0.084% (a)		212,064		212,064
Total Short Term Investments (Cost $212,064)				212,064
TOTAL INVESTMENTS - 99.8% (Cost $30,674,501)				29,026,947
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%				46,157
TOTAL NET ASSETS - 100.0%			$	29,073,104

(a) Seven-day yield as of June 30, 2020

See Notes to Financial Statements

B-7

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL INTERNATIONAL EQUITY INCOME ETF

Portfolio of Investments

June 30, 2020

Security Description	Shares		Value
COMMON STOCKS - 98.5%
Basic Materials - 11.5%
Air Liquide SA		1,553	$	224,031
Air Water, Inc.		845		11,903
Akzo Nobel NV		778		69,699
Anglo American Plc		7,520		174,191
Antofagasta Plc		2,830		32,878
Arkema SA		217		20,757
Asahi Kasei Corp.		5,666		45,947
BASF SE		2,631		147,441
BHP Group Ltd.		13,284		328,371
BHP Group Plc		12,544		257,147
Boliden AB		1,217		27,688
Chr Hansen Holding A/S		421		43,417
Covestro AG (b) *		531		20,194
Daicel Corp.		1,223		9,435
EMS-Chemie Holding AG		57		44,159
Evonik Industries AG		609		15,470
Fortescue Metals Group Ltd.		9,116		87,129
Hitachi Metals Ltd.		800		9,506
Israel Chemicals Ltd.		14,628		43,327
Johnson Matthey Plc		1,236		32,131
Koninklijke DSM NV		636		88,032
Kuraray Co. Ltd.		1,512		15,754
Mitsubishi Chemical Holdings Corp.		5,827		33,858
Mitsubishi Gas Chemical Co., Inc.		830		12,530
Mitsubishi Materials Corp.		525		11,062
Mitsui Chemicals, Inc.		761		15,837
Nitto Denko Corp.		753		42,540
Oji Holdings Corp.		4,127		19,149
Rio Tinto Ltd.		2,511		169,749
Rio Tinto Plc		6,760		381,037
Solvay SA		410		32,825
South32 Ltd.		32,718		46,060
Sumitomo Chemical Co. Ltd.		6,588		19,647
Sumitomo Metal Mining Co Ltd.		900		25,081
Toray Industries, Inc.		4,800		22,561
Tosoh Corp.		1,218		16,582
UPM-Kymmene Oyj		719		20,776
voestalpine AG		347		7,464
				2,625,365
Communications - 6.1%
Bollore SA		1,770		5,560
Dentsu, Inc.		504		11,926
Deutsche Telekom AG		5,015		84,205
Hakuhodo DY Holdings, Inc.		500		5,932
HKT Trust & HKT Ltd.		31,148		45,574
KDDI Corp.		4,155		124,448
Koninklijke KPN NV		7,478		19,827
Nippon Telegraph & Telephone Corp.		3,024		70,450
NTT DOCOMO, Inc.		3,129		83,517
Orange SA		4,760		56,928
PCCW Ltd.		24,617		14,039
Pearson Plc		3,642		25,985
Proximus SADP		461		9,395
Publicis Groupe SA		834		26,995
SES SA		1,989		13,587
Singapore Telecommunications Ltd.		54,674		96,511
Softbank Corp.		3,884		49,460
Spark New Zealand Ltd.		5,346		15,731
Swisscom AG		115		60,192
Tele2 AB		1,140		15,115
Telecom Italia SpA		15,911		6,167
Telefonaktiebolaget LM Ericsson		2,735		25,289
Telefonica Deutschland Holding AG		1,701		5,020

Security Description	Shares		Value
Telefonica SA		11,441	$	54,590
Telenor ASA		2,416		35,166
Telia Co. AB		6,279		23,450
Telstra Corp Ltd.		16,401		35,426
Trend Micro, Inc.		588		32,783
Vivendi SA		1,663		42,674
Vodafone Group Plc		127,226		203,142
Wolters Kluwer NV		1,176		91,852
				1,390,936
Consumer, Cyclical - 11.4%
ABC-Mart, Inc.		154		9,000
Aisin Seiki Co. Ltd.		762		22,160
Bayerische Motoren Werke AG		1,001		63,901
Bridgestone Corp.		2,585		83,050
Cie Financiere Richemont SA		4,371		278,836
Cie Generale des Etablissements Michelin SCA		796		82,580
Continental AG *		318		31,140
Crown Resorts Ltd.		2,910		19,419
Daimler AG		2,700		109,643
Daiwa House Industry Co Ltd.		1,220		28,722
Denso Corp.		1,937		75,435
Hino Motors Ltd.		1,307		8,812
Honda Motor Co. Ltd.		7,160		182,722
Iida Group Holdings Co. Ltd.		677		10,352
Isuzu Motors Ltd.		2,425		21,859
ITOCHU Corp.		6,305		135,560
JTEKT Corp.		1,008		7,814
Koito Manufacturing Co Ltd.		500		20,097
Lawson, Inc.		294		14,731
Marubeni Corp.		7,029		31,735
Marui Group Co Ltd.		772		13,914
Mazda Motor Corp.		2,651		15,861
Mitsubishi Corp.		6,302		132,489
Mitsui & Co. Ltd.		7,799		115,170
NGK Insulators Ltd.		1,139		15,697
NGK Spark Plug Co. Ltd.		714		10,210
Panasonic Corp.		10,097		87,864
Pandora A/S		476		25,858
Qantas Airways Ltd.		5,374		14,018
Ryohin Keikaku Co Ltd.		1,000		14,124
Sega Sammy Holdings, Inc.		882		10,537
Sekisui Chemical Co. Ltd.		1,622		23,164
Sekisui House Ltd.		2,790		53,035
Shimamura Co Ltd.		103		6,964
Singapore Airlines Ltd.		15,200		40,683
Sodexo SA		336		22,725
Subaru Corp.		2,698		56,009
Sumitomo Corp.		5,570		63,683
Sumitomo Electric Industries Ltd.		3,328		38,204
Sumitomo Rubber Industries Ltd.		903		8,882
Swatch Group AG		242		48,300
Swatch Group AG		310		12,126
Tabcorp Holdings Ltd.		16,237		37,873
Teijin Ltd.		882		14,001
Toyoda Gosei Co. Ltd.		354		7,350
Toyota Industries Corp.		691		36,542
Toyota Motor Corp.		5,384		337,176
Toyota Tsusho Corp.		987		24,946
USS Co. Ltd.		1,029		16,420
Valeo SA		997		26,166
Volkswagen AG		98		15,778
Yamaha Motor Co. Ltd.		1,286		20,104
Yokohama Rubber Co. Ltd.		567		7,950
				2,611,391

See Notes to Financial Statements

B-8

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL INTERNATIONAL EQUITY INCOME ETF

Portfolio of Investments (Continued)

June 30, 2020

Security Description	Shares		Value
Consumer, Non-cyclical - 23.8%
Adecco Group AG		1,292	$	60,628
Alfresa Holdings Corp.		866		18,054
Amadeus IT Group SA		1,810		94,315
Anheuser-Busch InBev SA/NV		1,691		83,336
Asahi Group Holdings Ltd.		1,600		55,954
Astellas Pharma, Inc.		8,974		149,560
Bayer AG		2,646		195,578
British American Tobacco Plc		11,163		429,415
Carlsberg A/S		527		69,652
Carrefour SA		2,514		38,851
Coca-Cola Amatil Ltd.		4,072		24,335
Coca-Cola European Partners Plc		944		35,646
Colruyt SA		128		7,042
Dai Nippon Printing Co Ltd.		1,046		23,918
Dairy Farm International Holdings Ltd.		3,043		14,150
Danone SA		2,596		179,546
Edenred		903		39,495
GlaxoSmithKline Plc		21,680		439,650
H Lundbeck A/S		344		12,935
ICA Gruppen AB		395		18,728
Imperial Brands Plc		5,424		103,400
Japan Tobacco, Inc.		5,419		100,450
Kirin Holdings Co. Ltd.		3,699		77,920
Koninklijke Ahold Delhaize NV		4,827		131,565
METRO AG		557		5,267
NH Foods Ltd.		400		16,022
Novartis AG		6,425		558,920
Novo Nordisk A/S		5,195		336,334
Otsuka Holdings Co Ltd.		1,800		78,335
Park24 Co. Ltd.		548		9,364
Pernod Ricard SA		695		109,355
Pola Orbis Holdings, Inc.		420		7,297
Roche Holding AG		1,522		527,467
Ryman Healthcare Ltd.		1,440		12,154
Sanofi		3,931		400,352
Seven & i Holdings Co. Ltd.		3,493		113,872
SGS SA		53		129,500
Swedish Match AB		149		10,474
Takeda Pharmaceutical Co. Ltd.		6,810		242,694
Toppan Printing Co Ltd.		1,200		19,971
Transurban Group		15,719		153,277
Unilever NV		5,255		278,962
Wm Morrison Supermarkets Plc		22,991		54,284
				5,468,024
Energy - 7.1%
APA Group		4,730		36,330
BP Plc		95,523		363,609
Eni SpA		8,906		84,950
Equinor ASA		3,901		55,362
Galp Energia SGPS SA		2,168		25,076
Idemitsu Kosan Co. Ltd.		903		19,126
Inpex Corp.		4,697		29,011
JXTG Holdings, Inc.		14,720		52,077
Koninklijke Vopak NV		240		12,695
Lundin Petroleum AB		821		19,789
Oil Search Ltd.		7,615		16,659
OMV AG		287		9,596
Repsol SA		5,872		51,365
Royal Dutch Shell Plc - Class A		16,860		268,869
Royal Dutch Shell Plc - Class B		16,521		250,566
Total SA		6,891		263,034
Woodside Petroleum Ltd.		5,379		80,366
				1,638,480

Security Description	Shares		Value
Financials - 14.0%
3i Group Plc		2,224	$	22,944
Admiral Group Plc		663		18,887
Aeon Mall Co. Ltd.		210		2,781
Allianz SE		460		93,935
Aozora Bank Ltd.		231		4,013
Aroundtown SA *		1,790		10,252
Assicurazioni Generali SpA		2,170		32,840
Azrieli Group Ltd.		232		10,495
Baloise Holding AG		153		22,947
Bank Hapoalim BM		2,792		16,588
Bank Leumi Le-Israel BM		6,076		30,363
Bankinter SA		1,130		5,389
Banque Cantonale Vaudoise		98		9,526
BOC Hong Kong Holdings Ltd.		23,766		75,586
CaixaBank SA		5,532		11,812
CapitaLand Commercial Trust		20,401		24,740
CapitaLand Mall Trust		19,078		26,832
Chiba Bank Ltd		1,008		4,742
CK Asset Holdings Ltd.		10,414		62,077
Commonwealth Bank of Australia		5,287		253,282
Concordia Financial Group Ltd.		2,258		7,215
Covivio		98		7,102
Dai-ichi Life Holdings, Inc.		1,836		21,816
Daito Trust Construction Co. Ltd.		168		15,418
Daiwa House REIT Investment Corp.		5		11,762
Daiwa Securities Group, Inc.		1,953		8,134
DBS Group Holdings Ltd.		7,429		110,881
Dexus		1,744		11,072
Erste Group Bank AG *		341		8,026
Fukuoka Financial Group, Inc.		294		4,632
Gecina SA		97		11,988
GPT Group		5,514		15,868
Groupe Bruxelles Lambert SA		184		15,438
Hang Lung Properties Ltd.		7,460		17,672
Hang Seng Bank Ltd.		4,912		82,453
Hannover Rueck SE		68		11,719
Henderson Land Development Co Ltd.		6,200		23,518
Hongkong Land Holdings Ltd.		4,513		18,639
Hulic Co Ltd.		714		6,692
ICADE		76		5,294
Insurance Australia Group Ltd.		6,803		27,089
Isracard Ltd.		1		2
Israel Discount Bank Ltd.		2,848		8,633
Japan Exchange Group, Inc.		651		15,025
Japan Post Insurance Co Ltd.		403		5,274
Japan Prime Realty Investment Corp.		2		5,853
Japan Real Estate Investment Corp.		3		15,365
Japan Retail Fund Investment Corp.		6		7,474
Jardine Matheson Holdings Ltd.		1,000		41,740
Julius Baer Group Ltd.		458		19,167
Kerry Properties Ltd.		3,237		8,353
Klepierre SA		402		8,010
Legal & General Group Plc		19,875		54,401
Link REIT		8,360		68,332
Macquarie Group Ltd.		661		54,100
Mapfre SA		2,369		4,216
Mebuki Financial Group, Inc.		1,764		4,084
Medibank Pvt Ltd.		8,439		17,413
Mediobanca Banca di Credito Finanziario SpA		1,184		8,500
Mirvac Group		10,846		16,242
Mitsubishi UFJ Financial Group, Inc.		21,140		82,543
Mitsubishi UFJ Lease & Finance Co. Ltd.		525		2,480
Mizrahi Tefahot Bank Ltd.		338		6,305
Mizuho Financial Group, Inc.		41,403		50,692
MS&AD Insurance Group Holdings, Inc.		846		23,200
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		149		38,737

See Notes to Financial Statements

B-9

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL INTERNATIONAL EQUITY INCOME ETF

Portfolio of Investments (Continued)

June 30, 2020

Security Description	Shares		Value
National Australia Bank Ltd.		9,191	$	115,564
New World Development Co Ltd.		5,953		28,265
Nippon Building Fund, Inc.		3		17,059
Nippon Prologis REIT, Inc.		5		15,189
NN Group NV		489		16,427
Nomura Holdings, Inc.		3,885		17,357
Nomura Real Estate Holdings, Inc.		357		6,613
Nomura Real Estate Master Fund, Inc.		10		11,984
ORIX Corp.		1,412		17,373
Orix JREIT, Inc.		6		7,857
Oversea-Chinese Banking Corp Ltd.		13,659		88,211
Partners Group Holding AG		41		37,190
Prudential Plc		8,932		134,859
QBE Insurance Group Ltd.		4,279		26,163
Raiffeisen Bank International AG		181		3,225
Resona Holdings, Inc.		3,906		13,305
Sampo Oyj		247		8,497
SBI Holdings, Inc.		273		5,886
Scentre Group		14,858		22,250
Schroders Plc		286		10,451
Seven Bank Ltd.		1,113		3,041
Shizuoka Bank Ltd.		1,185		7,605
Sino Land Co. Ltd.		12,463		15,678
Sompo Holdings, Inc.		588		20,187
St James's Place Plc		1,197		14,132
Standard Life Aberdeen Plc		5,173		17,153
Stockland		6,596		15,067
Sumitomo Mitsui Financial Group, Inc.		2,259		63,434
Sumitomo Mitsui Trust Holdings, Inc.		588		16,473
Sun Hung Kai Properties Ltd.		6,306		80,508
Suncorp Group Ltd.		3,729		23,752
Suntec Real Estate Investment Trust		14,004		14,169
Swire Pacific Ltd.		1,824		9,672
Swire Properties Ltd.		4,540		11,528
Swiss Life Holding AG		103		38,158
Swiss Prime Site AG		242		22,375
Swiss Re AG		917		70,712
T&D Holdings, Inc.		1,071		9,135
Tokio Marine Holdings, Inc.		1,155		50,254
Tokyo Century Corp.		42		2,143
Tokyu Fudosan Holdings Corp.		1,554		7,254
Tryg A/S		229		6,629
UBS Group AG		8,110		93,345
United Urban Investment Corp.		7		7,507
Vicinity Centres		9,230		9,109
Vonovia SE		749		45,929
Wharf Real Estate Investment Co. Ltd.		4,126		19,697
Zurich Insurance Group AG		472		166,492
				3,213,463
Industrial - 14.0%
ABB Ltd.		16,040		361,110
ACS Actividades de Construccion y Servicios SA		990		24,959
AGC, Inc.		840		23,844
Amada Holdings Co. Ltd.		1,575		12,851
AP Moller - Maersk A/S		33		38,451
AP Moller - Maersk A/S		19		20,626
Assa Abloy AB		862		17,526
Atlas Copco AB		588		24,900
Atlas Copco AB		340		12,574
Aurizon Holdings Ltd.		15,758		53,503
Brother Industries Ltd.		1,054		18,957
Casio Computer Co Ltd.		908		15,726
CK Hutchison Holdings Ltd.		23,435		150,579
CK Infrastructure Holdings Ltd.		5,395		27,774
CRH Plc		3,722		127,540
Deutsche Post AG		3,023		110,550
Epiroc AB		334		4,084

Security Description	Shares		Value
Epiroc AB		568	$	7,077
Ferrovial SA		2,109		56,156
Fuji Electric Co Ltd.		600		16,359
Hirose Electric Co. Ltd.		147		16,092
Hitachi Construction Machinery Co. Ltd.		546		15,069
Hitachi Ltd.		4,336		136,656
HOCHTIEF AG		70		6,209
JSR Corp.		903		17,395
Kajima Corp.		2,058		24,473
Kamigumi Co Ltd.		500		9,789
Komatsu Ltd.		4,337		88,507
Kone Oyj		356		24,486
Kubota Corp.		4,700		69,994
Kyocera Corp.		1,519		82,509
Kyushu Railway Co.		777		20,142
LafargeHolcim Ltd.		3,346		146,596
Legrand SA		921		69,969
Lendlease Group		1,000		8,536
LIXIL Group Corp.		1,260		17,574
Maruichi Steel Tube Ltd.		273		6,774
Mitsubishi Electric Corp.		8,447		109,484
Mitsubishi Heavy Industries Ltd.		1,415		33,326
MTR Corp Ltd.		14,000		72,524
Murata Manufacturing Co. Ltd.		2,638		154,310
Nabtesco Corp.		546		16,788
Nikon Corp.		1,559		13,024
Nippon Express Co. Ltd.		357		18,449
Nippon Yusen KK		711		9,983
NSK Ltd.		1,706		12,624
NWS Holdings Ltd.		11,056		9,543
Obayashi Corp.		2,987		27,885
Omron Corp.		882		58,977
Poste Italiane SpA (b)		1,016		8,835
Schneider Electric SE		2,214		245,956
Shimizu Corp.		2,700		22,130
Siemens AG		2,122		249,754
SKF AB		1,613		29,973
Sumitomo Heavy Industries Ltd.		525		11,402
Taiheiyo Cement Corp.		400		9,232
Taisei Corp.		945		34,308
TDK Corp.		598		59,149
Tenaris SA		1,672		10,798
TOTO Ltd.		600		22,866
Venture Corp Ltd.		2,659		30,872
Wartsila OYJ Abp		606		5,010
West Japan Railway Co.		700		39,196
Yokogawa Electric Corp.		1,013		15,761
				3,218,075
Technology - 4.8%
ASM Pacific Technology Ltd.		5,054		53,047
Atos SE *		431		36,753
Canon, Inc.		4,597		90,876
Capgemini SE		608		69,640
Computershare Ltd.		3,766		34,435
FUJIFILM Holdings Corp.		1,791		76,467
Fujitsu Ltd.		925		108,113
NEC Corp.		1,110		53,148
Nomura Research Institute Ltd.		1,638		44,403
Otsuka Corp.		500		26,302
Ricoh Co. Ltd.		2,991		21,302
Rohm Co. Ltd.		429		28,368
SAP SE		1,816		253,646
Seiko Epson Corp.		1,223		13,966
Tokyo Electron Ltd.		805		197,122
				1,107,588

See Notes to Financial Statements

B-10

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL INTERNATIONAL EQUITY INCOME ETF

Portfolio of Investments (Continued)

June 30, 2020

Security Description	Shares		Value
Utilities - 5.8%
AGL Energy Ltd.		2,611	$	30,721
AusNet Services		7,255		8,361
Chubu Electric Power Co., Inc.		1,575		19,721
Chugoku Electric Power Co. Inc.		798		10,650
CLP Holdings Ltd.		10,410		102,079
E.ON SE		3,231		36,355
EDP - Energias de Portugal SA		11,207		53,512
Electric Power Development Co. Ltd.		378		7,159
Enagas SA		1,110		27,124
Endesa SA		737		18,158
Enel SpA		21,567		186,041
Fortum Oyj		325		6,173
HK Electric Investments & HK Electric Investments Ltd.		14,708		15,257
Iberdrola SA		13,630		158,033
Kansai Electric Power Co. Inc.		1,638		15,853
Kyushu Electric Power Co., Inc.		1,010		8,465
Meridian Energy Ltd.		3,482		10,808
National Grid Plc		15,275		187,228
Naturgy Energy Group SA		765		14,237
Origin Energy Ltd.		6,904		27,824
Osaka Gas Co. Ltd.		861		16,969
Power Assets Holdings Ltd.		10,654		57,940
Red Electrica Corp SA		1,068		19,924
Severn Trent Plc		1,137		34,925
Snam SpA		7,463		36,339
SSE Plc		4,781		80,835
Suez		746		8,746
Terna Rete Elettrica Nazionale SpA		3,712		25,515
Tohoku Electric Power Co., Inc.		1,108		10,528
Tokyo Gas Co. Ltd.		896		21,409
Uniper SE		293		9,448
United Utilities Group Plc		3,236		36,496
Veolia Environnement SA		1,138		25,596
				1,328,429
Total Common Stocks (Cost $24,537,587)				22,601,751
PREFERRED STOCKS - 0.5%
Consumer, Cyclical - 0.5%
Bayerische Motoren Werke AG		179		8,684
Porsche Automobil Holding SE		435		25,003
Volkswagen AG		540		81,866
				115,553
Total Preferred Stocks (Cost $148,194)				115,553
SHORT TERM INVESTMENTS - 0.0% ~
First American Treasury Obligations Fund - Class X, 0.084% (a)		433		433
Total Short Term Investments (Cost $433)				433
TOTAL INVESTMENTS - 99.0% (Cost $24,686,214)				22,717,737
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.0%				217,981
TOTAL NET ASSETS - 100.0%			$	22,935,718

(a) Seven-day yield as of June 30, 2020

(b) 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.

* Non income producing

~ Represents less than 0.05% of net assets

See Notes to Financial Statements

B-11

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL FOCUSED HIGH YIELD ETF

Portfolio of Investments

June 30, 2020

Security Description	Principal Amount		Value
CORPORATE BONDS - 78.8%
Basic Materials - 0.8%
Novelis Corp. 5.88%, 09/30/2026 (a)	$	200,000	$	200,456
Communications - 18.4%
CCO Holdings LLC, 5.00%, 02/01/2028 (a)		350,000		361,725
CenturyLink, Inc., 7.50%, 04/01/2024		500,000		550,330
Clear Channel Worldwide Holdings, Inc., 9.25%, 02/15/2024		500,000		465,103
CommScope Technologies LLC, 6.00%, 06/15/2025 (a)		300,000		290,490
CommScope, Inc., 6.00%, 03/01/2026 (a)		150,000		154,145
CSC Holdings LLC, 5.38%, 02/01/2028 (a)		275,000		288,174
CSC Holdings LLC, 6.50%, 02/01/2029 (a)		450,000		493,031
Diamond Sports Group LLC, / Diamond Sports Finance Co. 12.75%, 12/01/2026 (a)		245,000		241,325
iHeartCommunications, Inc., 8.38%, 05/01/2027		200,000		183,637
Netflix, Inc., 4.88%, 06/15/2030 (a)		275,000		295,677
Outfront Media, Inc., 5.00%, 08/15/2027 (a)		325,000		293,049
Sprint Corp., 7.88%, 09/15/2023		250,000		281,874
7.63%, 03/01/2026		500,000		591,342
Uber Technologies, Inc., 8.00%, 11/01/2026 (a)		200,000		203,700
				4,693,602
Consumer, Cyclical - 16.1%
Aramark Services, Inc., 5.00%, 02/01/2028 (a)		275,000		261,881
Beazer Homes USA, Inc., 7.25%, 10/15/2029		250,000		243,289
Boyd Gaming Corp., 6.38%, 04/01/2026		375,000		356,959
Caesars Resort Collection LLC, 5.25%, 10/15/2025 (a)		400,000		348,604
Cedar Fair LP, 5.25%, 07/15/2029 (a)		500,000		453,345
Core & Main LP, 6.13%, 08/15/2025 (a)		275,000		274,935
Ford Motor Co., 4.35%, 12/08/2026		250,000		234,083
7.45%, 07/16/2031		250,000		264,081
Golden Nugget, Inc., 6.75%, 10/15/2024 (a)		325,000		234,000
8.75%, 10/01/2025 (a)		250,000		142,029
Lennar Corp., 4.75%, 11/29/2027		250,000		271,800
Mattel, Inc., 6.75%, 12/31/2025 (a)		275,000		285,789

Security Description	Principal Amount		Value
Michaels Stores, Inc., 8.00%, 07/15/2027 (a)	$	275,000	$	239,715
Scientific Games International, Inc., 8.25%, 03/15/2026 (a)		250,000		224,645
Tesla, Inc., 5.30%, 08/15/2025 (a)		275,000		275,315
				4,110,470
Consumer, Non-cyclical - 14.8%
Ahern Rentals, Inc., 7.38%, 05/15/2023 (a)		400,000		193,458
Albertsons LLC, 5.75%, 03/15/2025		275,000		282,019
5.88%, 02/15/2028 (a)		250,000		258,365
Allied Universal Holdco LLC, 9.75%, 07/15/2027 (a)		350,000		369,422
Bausch Health Americas, Inc., 8.50%, 01/31/2027 (a)		250,000		265,806
Centene Corp., 4.63%, 12/15/2029		250,000		264,375
Charles River Laboratories International, Inc., 4.25%, 05/01/2028 (a)		275,000		275,324
CHS/Community Health Systems, Inc., 6.63%, 02/15/2025 (a)		250,000		235,625
HCA, Inc., 5.63%, 09/01/2028		475,000		531,316
Prime Security Services Borrower LLC, 5.75%, 04/15/2026 (a)		275,000		285,819
RegionalCare Hospital Partners Holdings, Inc., 9.75%, 12/01/2026 (a)		200,000		206,631
Tenet Healthcare Corp., 6.75%, 06/15/2023		325,000		322,888
United Rentals North America, Inc., 6.50%, 12/15/2026		275,000		289,273
				3,780,321
Energy - 10.6%
Ascent Resources Utica Holdings LLC, 10.00%, 04/01/2022 (a)		225,000		192,514
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		300,000		330,120
Crestwood Midstream Partners LP, 6.25%, 04/01/2023		275,000		245,466
EnLink Midstream Partners LP, 4.15%, 06/01/2025		425,000		328,357
Occidental Petroleum Corp., 2.70%, 08/15/2022		200,000		186,559
2.90%, 08/15/2024		250,000		214,118
Parsley Energy LLC, 5.63%, 10/15/2027 (a)		150,000		148,097
Range Resources Corp., 5.00%, 03/15/2023		150,000		129,467
Southwestern Energy Co., 6.20%, 01/23/2025		175,000		150,388
Targa Resources Partners Corp., 5.88%, 04/15/2026		450,000		446,553
USA Compression Partners LP, 6.88%, 09/01/2027		200,000		192,338
WPX Energy, Inc., 5.25%, 10/15/2027		150,000		140,382
				2,704,359

See Notes to Financial Statements

B-12

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL FOCUSED HIGH YIELD ETF

Portfolio of Investments (Continued)

June 30, 2020

Security Description	Principal Amount		Value
Financials - 7.9%
Ally Financial, Inc., 5.75%, 11/20/2025	$	500,000	$	535,632
Howard Hughes Corp., 5.38%, 03/15/2025 (a)		525,000		490,200
Iron Mountain, Inc., 5.25%, 03/15/2028 (a)		325,000		324,127
Springleaf Finance Corp., 6.13%, 03/15/2024		400,000		407,322
7.13%, 03/15/2026		250,000		259,061
				2,016,342
Industrial - 7.6%
Berry Global, Inc., 4.50%, 02/15/2026 (a)		400,000		394,994
Mauser Packaging Solutions Holding Co., 5.50%, 04/15/2024 (a)		200,000		196,872
7.25%, 04/15/2025 (a)		275,000		250,179
Standard Industries Inc., 4.75%, 01/15/2028 (a)		375,000		381,246
TransDigm, Inc., 6.25%, 03/15/2026 (a)		500,000		499,622
6.38%, 06/15/2026		250,000		228,560
				1,951,473
Utilities - 2.6%
Talen Energy Supply LLC, 7.25%, 05/15/2027 (a)		275,000		274,089
Vistra Operations Co LLC, 5.63%, 02/15/2027 (a)		375,000		385,429
				659,518
Total Corporate Bonds (Cost $21,575,680)				20,116,541
FOREIGN BONDS - 14.6%
Basic Materials - 1.1%
Alcoa Nederland Holding BV, 7.00%, 09/30/2026 (a)		275,000		282,511
Communications - 2.9%
Altice France SA, 7.38%, 05/01/2026 (a)		400,000		417,540
Virgin Media Secured Finance Plc, 5.50%, 08/15/2026 (a)		325,000		333,400
				750,940
Consumer, Cyclical - 2.9%
1011778 BC ULC / New Red Finance, Inc., 4.38%, 01/15/2028 (a)		250,000		245,470
Panther Finance Co, Inc., 6.25%, 05/15/2026 (a)		325,000		336,593
Viking Cruises Ltd., 5.88%, 09/15/2027 (a)		250,000		149,421
				731,484

Security Description	Principal Amount		Value
Consumer, Non-cyclical - 4.1%
Bausch Health Cos, Inc., 6.13%, 04/15/2025 (a)	$	475,000	$	482,448
JBS Investments II GMBH, 7.00%, 01/15/2026 (a)		275,000		289,238
5.75%, 01/15/2028 (a)		275,000		272,319
				1,044,005
Financials - 1.2%
Barclays Plc, 5.20%, 05/12/2026		275,000		307,504
Industrial - 2.4%
Ardagh Packaging Finance Plc, 5.25%, 08/15/2027 (a)		275,000		270,619
Bombardier, Inc., 7.50%, 03/15/2025 (a)		275,000		180,324
GFL Environmental, Inc., 7.00%, 06/01/2026 (a)		150,000		155,784
				606,727
Total Foreign Bonds (Cost $3,985,948)				3,723,171
	Shares
SHORT TERM INVESTMENTS - 5.1%
First American Treasury Obligations Fund - Class X, 0.084% (b)		1,295,604		1,295,604
Total Short Term Investments (Cost $1,295,604)				1,295,604
TOTAL INVESTMENTS - 98.5% (Cost $26,857,232)				25,135,316
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.5%				400,615
TOTAL NET ASSETS - 100.0%			$	25,535,931

(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 June 30, 2020

See Notes to Financial Statements

B-13

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL SENIOR LOAN ETF (formerly Pacific Asset Enhanced Floating Rate ETF)

Portfolio of Investments

June 30, 2020

Security Description	Principal Amount		Value
BANK LOANS - 85.8%
Basic Materials - 3.6%
Avantor, Inc. 3.25% (1 Month LIBOR USD +2.25%), 11/21/2024 (a)	$	86,251	$	84,256
Diamond BC BV (b)		250,000		230,834
Nouryon USA LLC 3.19% (1 Month LIBOR USD +3.00%), 10/01/2025 (a)		481,077		453,415
Solenis International LP 4.36% (3 Months LIBOR USD +4.00%), 06/26/2025 (a)		245,000		236,323
				1,004,828
Communications - 14.0%
Charter Communications Operating LLC 1.93% (1 Month LIBOR USD +1.75%), 02/01/2027 (a)		494,990		477,698
Clear Channel Outdoor Holdings, Inc. (b)		250,000		228,000
CSC Holdings LLC 2.43% (1 Month LIBOR USD +2.25%), 07/17/2025 (a)		492,386		467,535
Frontier Communications Corp. 3.50% (Prime Rate + 2.75%), 06/17/2024 (a)		802		785
5.35% (6 Months LIBOR USD +3.75%), 06/17/2024 (a)		242,323		237,000
Intelsat Jackson Holdings SA 8.00% (Prime Rate + 4.75%), 11/27/2023 (a)		500,000		499,610
Level 3 Parent LLC 1.93% (1 Month LIBOR USD +1.75%), 03/01/2027 (a)		337,328		320,101
SBA Senior Finance II LLC (b)		481,425		464,927
T-Mobile USA, Inc. (b)		500,000		499,772
Uber Technologies, Inc. 3.68% (1 Month LIBOR USD +3.5%), 07/13/2023 (a)		481,250		460,195
Zayo Group Holdings, Inc. (b)		250,000		238,112
				3,893,735
Consumer, Cyclical - 21.9%
1011778 BC ULC 1.93% (1 Month LIBOR USD +1.75%), 11/19/2026 (a)		332,473		315,891
Bass Pro Group LLC 6.07% (6 Months LIBOR USD +5.00%), 09/25/2024 (a)		491,174		474,509
Bombardier Recreational Products, Inc. 2.18% (1 Month LIBOR USD +2.00%), 05/24/2027 (a)		241,951		230,951
Caesars Resort Collection LLC 2.93% (1 Month LIBOR USD +2.75%), 12/23/2024 (a)		487,500		435,323
ClubCorp Holdings, Inc. 3.06% (3 Months LIBOR USD +2.75%), 09/18/2024 (a)		486,250		414,910
Crown Finance US, Inc. 3.32% (6 Months LIBOR USD +2.25%), 02/28/2025 (a)		304,532		231,364
Formula One Management Ltd. 3.50% (1 Month LIBOR USD +2.5%), 02/01/2024 (a)		500,000		477,815
GYP Holdings III Corp. 2.93% (1 Month LIBOR USD +2.75%), 06/02/2025 (a)		425,646		412,410

Security Description	Principal Amount		Value
Hilton Worldwide Finance LLC 1.93% (1 Month LIBOR USD +1.75%), 06/22/2026 (a)	$	461,991	$	437,570
Michaels Stores, Inc. 3.56% (3 Months LIBOR USD +2.50%), 01/30/2023 (a)		119,823		110,137
3.50% (1 Month LIBOR USD +2.50%), 01/30/2023 (a)		200,945		184,702
Michaels Stores, Inc. 3.57% (3 Months LIBOR USD +2.50%), 01/30/2023 (a)		116,544		107,123
Navistar, Inc. 3.70% (1 Month LIBOR USD +3.50%), 11/6/2024 (a)		244,375		232,462
PetSmart, Inc. 4.00% (3 Months LIBOR USD +3.00%), 03/11/2022 (a)		475,000		461,543
Playa Resorts Holding BV 3.75% (1 Month LIBOR USD +2.75%), 04/29/2024 (a)		242,510		206,336
Scientific Games International, Inc. 3.61% (6 Months LIBOR USD +2.75%), 08/14/2024 (a)		393,653		349,957
2.93% (1 Month LIBOR USD +2.75%), 08/14/2024 (a)		96,276		85,590
Scientific Games International, Inc. 3.06% (3 Months LIBOR USD +2.75%), 08/14/2024 (a)		1,277		1,135
SeaWorld Parks & Entertainment, Inc. 3.75% (1 Month LIBOR USD +3.00%), 04/01/2024 (a)		496,154		442,817
SRS Distribution, Inc. 4.32% (6 Months LIBOR USD +3.25%), 05/23/2025 (a)		245,625		233,098
Univar Solutions USA, Inc. 2.43% (1 Month LIBOR USD +2.25%), 07/01/2024 (a)		271,287		262,217
				6,107,860
Consumer, Non-cyclical - 11.5%
Air Medical Group Holdings, Inc. 4.25% (6 Months LIBOR USD +3.25%), 04/28/2022 (a)		242,506		234,081
Bausch Health Americas, Inc. 3.19% (1 Month LIBOR USD +3.00%), 06/02/2025 (a)		383,318		373,641
HCA, Inc. 1.93% (1 Month LIBOR USD +1.75%), 03/13/2025 (a)		490,031		481,456
Jaguar Holding Co. II 3.50% (1 Month LIBOR USD +2.50%), 08/18/2022 (a)		492,228		487,306
Prestige Brands, Inc. 2.18% (1 Month LIBOR USD +2.00%), 01/26/2024 (a)		253,628		249,823
Refinitiv US Holdings, Inc. 3.43% (1 Month LIBOR USD +3.25%), 10/01/2025 (a)		494,975		484,209
Spin Holdco, Inc. 4.25% (3 Months LIBOR USD +3.25%), 11/14/2022 (a)		474,682		455,953
US Foods, Inc. 1.93% (1 Month LIBOR USD +1.75%), 06/27/2023 (a)		473,909		447,422
				3,213,891

See Notes to Financial Statements

B-14

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL SENIOR LOAN ETF (formerly Pacific Asset Enhanced Floating Rate ETF)

Portfolio of Investments (Continued)

June 30, 2020

Security Description	Principal Amount		Value
Energy - 0.7%
Arch Coal, Inc. 3.75% (1 Month LIBOR USD +2.75%), 03/07/2024 (a)	$	242,481	$	206,918
Financials - 2.8%
Avolon TLB Borrower 1 US LLC 2.50% (1 Month LIBOR USD +1.75%), 01/15/2025 (a)		175,812		164,264
HUB International Ltd. 4.02% (3 Months LIBOR USD +3.00%), 04/25/2025 (a)		245,000		233,720
USI, Inc. 3.31% (1 Month LIBOR USD +3.00%), 05/16/2024 (a)		389,000		370,328
				768,312
Industrial - 20.5%
Advanced Disposal Services, Inc. 3.00% (1 Week LIBOR USD +2.25%), 11/10/2023 (a)		488,305		483,896
Apex Tool Group LLC 6.50% (1 Month LIBOR USD +5.25%), 08/01/2024 (a)		448,714		404,558
Berry Global, Inc. 2.18% (1 Month LIBOR USD +2.00%), 10/03/2022 (a)		500,000		488,777
Brand Industrial Services, Inc. 5.29% (3 Months LIBOR USD +4.25%), 06/21/2024 (a)		261,679		240,526
5.64% (3 Months LIBOR USD +4.25%), 06/21/2024 (a)		226,906		208,564
5.25% (3 Months LIBOR USD +4.25%), 06/21/2024 (a)		2,554		2,348
Dynasty Acquisition Co, Inc. 3.81% (3 Months LIBOR USD +3.50%), 04/06/2026 (a)		322,736		277,956
Gates Global LLC 3.75% (1 Month LIBOR USD +2.75%), 04/01/2024 (a)		290,964		281,113
GFL Environmental, Inc. 4.00% (3 Months LIBOR USD +3.00%), 05/30/2025 (a)		396,640		386,724
Kloeckner Pentaplast of America, Inc. 5.25% (3 Months LIBOR USD +4.25%), 06/30/2022 (a)		243,734		229,459
Plastipak Holdings, Inc. 2.68% (1 Month LIBOR USD +2.50%), 10/15/2024 (a)		236,146		229,019
Proampac PG Borrower LLC 4.50% (2 Months LIBOR USD +3.50%), 11/20/2023 (a)		200,166		191,910
4.50% (3 Months LIBOR USD +3.50%), 11/20/2023 (a)		104,168		99,871
4.50% (1 Month LIBOR USD +3.50%), 11/20/2023 (a)		178,166		170,816
Quikrete Holdings, Inc. 2.67% (1 Month LIBOR USD +2.50%), 02/1/2027 (a)		490,364		473,355
RBS Global, Inc. 1.93% (1 Month LIBOR USD +1.75%), 08/21/2024 (a)		162,285		160,227

Security Description	Principal Amount		Value
Reynolds Group Holdings, Inc. 2.93% (1 Month LIBOR USD +2.75%), 02/06/2023 (a)	$	100,354	$	96,132
2.92% (1 Month LIBOR USD +2.75%), 02/06/2023 (a)		333,138		319,123
Standard Aero Ltd. 4.95% (3 Months LIBOR USD +3.50%), 04/06/2026 (a)		173,514		149,439
Titan Acquisition Ltd. 3.36% (3 Months LIBOR USD +3.00%), 03/28/2025 (a)		489,387		449,627
TransDigm, Inc. 2.43% (1 Month LIBOR USD +2.25%), 12/09/2025 (a)		422,723		382,677
				5,726,117
Technology - 10.8%
Applied Systems, Inc. (b)		250,000		243,806
CCC Information Services, Inc. 4.00% (1 Month LIBOR USD +3.00%), 04/29/2024 (a)		243,108		235,915
Dun & Bradstreet Corp. 4.18% (1 Month LIBOR USD +4.00%), 02/06/2026 (a)		498,750		487,216
Finastra USA, Inc. 4.50% (3 Months LIBOR USD +3.50%), 06/13/2024 (a)		250,000		219,716
Kronos, Inc. 3.18% (1 Month LIBOR USD +3.00%), 11/01/2023 (a)		491,206		490,860
McAfee LLC 3.93% (1 Month LIBOR USD +3.75%), 09/30/2024 (a)		240,445		234,868
ON Semiconductor Corp. 2.18% (1 Month LIBOR USD +2.00%), 09/18/2026 (a)		177,012		170,541
Tempo Acquisition LLC (b)		497,442		474,125
Ultimate Software Group Inc/The (b)		250,000		242,855
Western Digital Corp. 1.92% (1 Month LIBOR USD +1.75%), 04/29/2023 (a)		225,784		220,916
				3,020,818
Total Bank Loans (Cost $25,106,296)				23,942,479
CORPORATE BONDS - 7.4%
Communications - 2.8%
CSC Holdings LLC 6.63%, 10/15/2025 (c)		250,000		260,466
Sprint Communications, Inc. 6.00%, 11/15/2022		250,000		264,029
T-Mobile USA, Inc. 6.38%, 03/01/2025		250,000		257,125
				781,620
Consumer, Cyclical - 2.4%
American Builders & Contractors Supply Co, Inc. 4.00%, 01/15/2028 (c)		250,000		243,365
Golden Nugget, Inc. 6.75%, 10/15/2024 (c)		250,000		180,000
Scientific Games International, Inc. 5.00%, 10/15/2025 (c)		250,000		231,695
				655,060

See Notes to Financial Statements

B-15

PACIFIC GLOBAL ETFs

PACIFIC GLOBAL SENIOR LOAN ETF (formerly Pacific Asset Enhanced Floating Rate ETF)

Portfolio of Investments (Continued)

June 30, 2020

Security Description	Principal Amount		Value
Consumer, Non-cyclical - 0.4%
Ahern Rentals, Inc. 7.38%, 05/15/2023 (c)	$	250,000	$	120,911
Financials - 1.8%
Ally Financial, Inc. 5.75%, 11/20/2025		250,000		267,816
Howard Hughes Corp. 5.38%, 03/15/2025 (c)		250,000		233,429
				501,245
Total Corporate Bonds (Cost $2,286,943)				2,058,836
FOREIGN BONDS - 3.4%
Basic Materials - 0.4%
Constellium NV 5.75%, 05/15/2024 (c)		125,000		125,456
Consumer, Non-cyclical - 1.2%
JBS USA LUX SA/JBS USA Finance, Inc. 6.75%, 02/15/2028 (c)		250,000		264,643
Teva Pharmaceutical Finance Netherlands III BV 2.20%, 07/21/2021		65,000		63,824
				328,467
Financials - 0.8%
Park Aerospace Holdings Ltd. 5.25%, 08/15/2022 (c)		250,000		234,783
Industrial - 1.0%
Sensata Technologies BV 5.63%, 11/01/2024 (c)		250,000		265,911
Total Foreign Bonds (Cost $974,868)				954,617
	Shares
CLOSED-END FUNDS - 0.1%
Eagle Point Credit Co, Inc.		1,905		13,545
Total Closed-End Funds (Cost $33,494)				13,545
SHORT TERM INVESTMENTS - 12.2%
First American Treasury Obligations Fund - Class X, 0.084% (d)		3,415,784		3,415,784
Total Short Term Investments (Cost $3,415,784)				3,415,784
TOTAL INVESTMENTS - 108.9% (Cost $31,817,385)				30,385,261
LIABILITIES IN EXCESS OF OTHER ASSETS - (8.9%)				(2,474,194	)
TOTAL NET ASSETS - 100.0%			$	27,911,067

(a) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2020.

(b) The loan will settle after June 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 June 30, 2020.

Glossary:

LIBOR - London Interbank Offered Rate

See Notes to Financial Statements

B-16

PACIFIC GLOBAL ETFs

STATEMENTS OF ASSETS AND LIABILITIES

JUNE 30, 2020

	Pacific Global US Equity Income ETF			Pacific Global International Equity Income ETF			Pacific Global Focused High Yield ETF			Pacific Global Senior Loan ETF (formerly Pacific Asset Enhanced Floating Rate ETF)
ASSETS
Investments in Securities, at Value*	$	28,814,883		$	22,717,304		$	23,839,712		$	26,969,477
Short Term Investments, at Value*		212,064			433			1,295,604			3,415,784
Foreign Currency, at Value*		—			291,792			—			—
Cash		—			—			—			60,668
Receivables for:
Dividends and Interest		51,809			41,975			408,995			138,730
Dividend Reclaims		935			26,161			—			—
Investments Sold		—			1,550			—			28,412
Total Assets		29,079,691			23,079,215			25,544,311			30,613,071
LIABILITIES
Payables for:
Investment Advisory Fees		6,587			7,497			8,380			15,775
Due to Custodian		—			136,000			—			—
Investments Purchased		—			—			—			2,676,657
Professional Fees		—			—			—			9,572
Total Liabilities		6,587			143,497			8,380			2,702,004
Commitments and Contingencies (See Note 2)
NET ASSETS	$	29,073,104		$	22,935,718		$	25,535,931		$	27,911,067
NET ASSETS CONSIST OF:
Paid-in Capital	$	31,961,681		$	26,478,483		$	27,517,740		$	29,958,384
Total Distributable Earnings (See Note 5)		(2,888,577	)		(3,542,765	)		(1,981,809	)		(2,047,317	)
NET ASSETS	$	29,073,104		$	22,935,718		$	25,535,931		$	27,911,067
Shares Outstanding (No Par Value, Unlimited Shares Authorized)		1,250,000			1,050,000			1,100,000			600,000
Net Asset Value, Price Per Share		23.26			21.84			23.21			46.52
*Identified Cost:
Investments in Securities	$	30,462,437		$	24,685,781		$	25,561,628		$	28,401,601
Short Term Investments		212,064			433			1,295,604			3,415,784
Foreign Currency		—			290,685			—			—

See Notes to Financial Statements

C-1

PACIFIC GLOBAL ETFs

STATEMENTS OF OPERATIONS

FOR THE PERIOD ENDED JUNE 30, 2020

	Pacific Global US Equity Income ETF			Pacific Global International Equity Income ETF ⁽¹⁾			Pacific Global Focused High Yield ETF ⁽¹⁾			Pacific Global Senior Loan ETF ⁽²⁾ ⁽³⁾(formerly Pacific Asset Enhanced Floating Rate ETF)
INVESTMENT INCOME
Dividends	$	1,001,446		$	617,216		$	—		$	3,886
Interest		1,820			280			966,702			1,384,765
Securities Lending Income		—			—			—			1,316
Foreign Taxes Withheld		(239	)		(64,945	)		—			—
Total Investment Income		1,003,027			552,551			966,702			1,389,967
EXPENSES
Investment Advisory Fees		81,980			62,361			69,133			234,768
Administration and Accounting Fees		—			—			—			35,149
Professional Fees		—			—			—			14,999
Miscellaneous Expenses		—			—			—			9,137
Custodian Fees		—			—			—			4,607
Insurance Expenses		—			—			—			2,327
Shareholder Reporting Expenses		—			—			—			1,950
Trustees Fees		—			—			—			1,889
Transfer Agent Expenses		—			—			—			1,105
Total Expenses		81,980			62,361			69,133			305,931
Less: Fees (Reimbursed)		—			—			—			(58,677	)
Net Expenses		81,980			62,361			69,133			247,254
NET INVESTMENT INCOME (LOSS)		921,047			490,190			897,569			1,142,713
REALIZED & UNREALIZED GAIN (LOSS) ON INVESTMENTS
Net Realized Gain (Loss) on:
Investments in Securities		(943,675	)		(1,591,077	)		(350,801	)		(66,878	)
Foreign Currency		—			(3,582	)		—			—
Capital Gain Distributions from Investment Companies		—			112			—			—
In-Kind Transactions		257,192			—			—			—
Net Change in Unrealized Appreciation (Depreciation) on:
Investments in Securities		(2,188,275	)		(1,968,477	)		(1,721,916	)		(1,259,441	)
Foreign Currency		—			1,107			—			—
Translation of Other Assets and Liabilities Denominated in Foreign Currency		—			438			—			—
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS		(2,874,758	)		(3,561,479	)		(2,072,717	)		(1,326,319	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,953,711	)	$	(3,071,289	)	$	(1,175,148	)	$	(183,606	)

(1) Commencement of operations on October 23, 2019.

(2) Shares of Predecessor Fund converted into Fund Shares at the close of business on December 27, 2019. See Note 1 to the Financials.

(3) Fund expenses other than Investment Advisory Fees were incurred by the Predecessor Fund.

See Notes to Financial Statements

C-2

PACIFIC GLOBAL ETFs

STATEMENTS OF CHANGES IN NET ASSETS

	Pacific Global US Equity Income ETF						Pacific Global International Equity Income ETF			Pacific Global Focused High Yield ETF			Pacific Global Senior Loan ETF (formerly Pacific Asset Enhanced Floating Rate ETF)
	Year Ended June 30, 2020			Period Ended June 30, 2019 ⁽¹⁾			Period Ended June 30, 2020 ⁽²⁾			Period Ended June 30, 2020 ⁽²⁾			Year Ended June 30, 2020 ⁽³⁾			Year Ended June 30, 2019
OPERATIONS
Net Investment Income (Loss)	$	921,047		$	327,820		$	490,190		$	897,569		$	1,142,713		$	1,260,068
Net Realized Gain (Loss) on Investments		(686,483	)		413,478			(1,594,547	)		(350,801	)		(66,878	)		(329,708	)
Net Change in Unrealized Appreciation (Depreciation) on Investments		(2,188,275	)		540,721			(1,966,932	)		(1,721,916	)		(1,259,441	)		243,802
Net Increase (Decrease) in Net Assets
Resulting From Operations		(1,953,711	)		1,282,019			(3,071,289	)		(1,175,148	)		(183,606	)		1,174,162
DISTRIBUTIONS TO SHAREHOLDERS
From Earnings		(1,555,435	)		(317,509	)		(471,476	)		(806,661	)		(1,145,455	)		(1,256,592	)
Total Distributions to Shareholders		(1,555,435	)		(317,509	)		(471,476	)		(806,661	)		(1,145,455	)		(1,256,592	)
CAPTIAL SHARE TRANSACTIONS
Proceeds from Shares Sold		3,687,725			31,944,555			26,475,810			27,517,740			—			—
Payments for Shares Redeemed		(2,705,220	)		(1,309,340	)		—			—			—			—
Transaction Fees (See Note 6)		12			8			2,673			—			—			—
Net Increase (Decrease) in Net Assets Derived from Capital Shares Transactions (a)		982,517			30,635,223			26,478,483			27,517,740			—			—
Total Increase (Decrease) in Net Assets		(2,526,629	)		31,599,733			22,935,718			25,535,931			(1,329,061	)		(82,430	)
NET ASSETS:
Beginning of Period	$	31,599,733		$	—		$	—		$	—		$	29,240,128		$	29,322,558
End of Period	$	29,073,104		$	31,599,733		$	22,935,718		$	25,535,931		$	27,911,067		$	29,240,128
(a) Summary of Capital Share Transactions is as Follows:
Shares Sold		150,000			1,250,000			1,050,000			1,100,000			—			—
Shares Redeemed		(100,000	)		(50,000	)		—			—			—			—
NET INCREASE (DECREASE)		50,000			1,200,000			1,050,000			1,100,000			—			—

(1) Commencement of operations on February 11, 2019.

(2) Commencement of operations on October 23, 2019.

(3) Shares of Predecessor Fund converted into Fund Shares at the close of business on December 27, 2019. See Note 1 to the Financials.

See Notes to Financial Statements

C-3

PACIFIC GLOBAL ETFs

FINANCIAL HIGHLIGHTS

	Pacific Global US Equity Income ETF
	Year Ended June 30, 2020			Period Ended June 30, 2019 ⁽¹⁾
Net Asset Value, Beginning of Period	$	26.33		$	25.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽²⁾		0.83			0.32
Net Gain (Loss) on Investments (Realized and Unrealized)		(2.50	)		1.28
Total from Investment Operations		(1.67	)		1.60
Less Distributions:
From Net Investment Income		(0.82	)		(0.27	)
From Net Realized Gains		(0.58	)		—
Total Distributions		(1.40	)		(0.27	)
Capital Share Transactions:
Transaction Fees (See Note 6)		—	⁽³⁾		—	⁽³⁾
Net Asset Value, End of Period	$	23.26		$	26.33
Net Asset Value Total Return		-6.76	%		6.43	% ⁽⁴⁾
Ratio / Supplemental Data:
Net Assets, End of Period (000's)	$	29,073		$	31,600
Ratio of Expenses to Average Net Assets		0.29	%		0.29	% ⁽⁵⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		3.26	%		3.19	% ⁽⁵⁾
Portfolio Turnover Rate ⁽⁶⁾		58	%		21	% ⁽⁴⁾

(1) Commencement of operations on February 11, 2019.

(2) Calculated based on average shares outstanding during the period.

(3) Less than $0.005 per share.

(4) Not annualized.

(5) Annualized.

(6) In-kind transactions are not included in portfolio turnover calculations.

See Notes to Financial Statements

C-4

PACIFIC GLOBAL ETFs

FINANCIAL HIGHLIGHTS (Continued)

	Pacific Global International Equity Income ETF
	Period Ended June 30, 2020 ⁽¹⁾
Net Asset Value, Beginning of Period	$	25.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽²⁾		0.49
Net Gain (Loss) on Investments (Realized and Unrealized)		(3.20	)
Total from Investment Operations		(2.71	)
Less Distributions:
From Net Investment Income		(0.45	)
Total Distributions		(0.45	)
Capital Share Transactions:
Transaction Fees (See Note 6)		—	⁽³⁾
Net Asset Value, End of Period	$	21.84
Net Asset Value Total Return		-10.81	% ⁽⁴⁾
Ratio / Supplemental Data:
Net Assets, End of Period (000's)	$	22,936
Ratio of Expenses to Average Net Assets		0.39	% ⁽⁵⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		3.07	% ⁽⁵⁾
Portfolio Turnover Rate ⁽⁶⁾		36	% ⁽⁴⁾

(1) Commencement of operations on October 23, 2019.

(2) Calculated based on average shares outstanding during the period.

(3) Less than $0.005 per share.

(4) Not annualized.

(5) Annualized.

(6) In-kind transactions are not included in portfolio turnover calculations.

See Notes to Financial Statements

C-5

PACIFIC GLOBAL ETFs

FINANCIAL HIGHLIGHTS (Continued)

	Pacific Global Focused High Yield ETF
	Period Ended June 30, 2020 ⁽¹⁾
Net Asset Value, Beginning of Period	$	25.00
Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽²⁾		0.83
Net Gain (Loss) on Investments (Realized and Unrealized)		(1.89	)
Total from Investment Operations		(1.06	)
Less Distributions:
From Net Investment Income		(0.73	)
Total Distributions		(0.73	)
Capital Share Transactions:
Net Asset Value, End of Period	$	23.21
Net Asset Value Total Return		-4.23	% ⁽³⁾
Ratio / Supplemental Data:
Net Assets, End of Period (000's)	$	25,536
Ratio of Expenses to Average Net Assets		0.39	% ⁽⁴⁾
Ratio of Net Investment Income (Loss) to Average Net Assets		5.06	% ⁽⁴⁾
Portfolio Turnover Rate		13	% ⁽³⁾

(1) Commencement of operations on October 23, 2019.

(2) Calculated based on average shares outstanding during the period.

(3) Not annualized.

(4) Annualized.

See Notes to Financial Statements

C-6

PACIFIC GLOBAL ETFs

FINANCIAL HIGHLIGHTS (Continued)

	Pacific Global Senior Loan ETF (formerly Pacific Asset Enhanced Floating Rate ETF)
	Year Ended June 30, 2020			Year Ended June 30, 2019			Year Ended June 30, 2018			Year Ended June 30, 2017			Year Ended June 30, 2016
Net Asset Value, Beginning of Period	$	48.73		$	48.87		$	49.35		$	48.73		$	49.66
Income (Loss) from Investment Operations:
Net Investment Income (Loss) ⁽¹⁾		1.90			2.10			1.78			1.73			1.74
Net Gain (Loss) on Investments (Realized and Unrealized)		(2.20	)		(0.15	)		(0.63	)		0.58			(0.95	)
Total from Investment Operations		(0.30	)		1.95			1.15			2.31			0.79
Less Distributions:
From Net Investment Income		(1.91	)		(2.09	)		(1.63	)		(1.69	)		(1.72	)
Total Distributions		(1.91	)		(2.09	)		(1.63	)		(1.69	)		(1.72	)
Capital Share Transactions:
Net Asset Value, End of Period	$	46.52		$	48.73		$	48.87		$	49.35		$	48.73
Net Asset Value Total Return		-0.70	%		4.09	%		2.36	%		4.78	%		1.69	%
Ratio / Supplemental Data:
Net Assets, End of Period (000's)	$	27,911		$	29,240		$	29,323		$	27,143		$	26,800
Ratio of Expenses (Prior to Expense Waivers) to Average Net Assets		1.06	%		1.63	%		1.62	%		1.39	%		1.51	%
Expenses After Advisory Fees (Waived) and Other Fees (Reimbursed)/Recouped ⁽²⁾		0.86	%		1.10	%		1.10	%		1.10	%		1.10	%
Ratio of Net Investment Income (Loss) to Average Net Assets		3.98	%		4.31	%		3.61	%		3.49	%		3.58	%
Portfolio Turnover Rate		48	%		70	%		73	%		52	%		27	%

(1) Calculated based on average shares outstanding during the period.

(2) As of December 30, 2019, the expense cap for the Fund changed from 1.10% to 0.68%.

See Notes to Financial Statements

C-7

PACIFIC GLOBAL ETFs

NOTES TO FINANCIAL STATEMENTS

NOTE 1—ORGANIZATION

Pacific Global ETF Trust (the "Trust"), organized as a Delaware statutory trust on June 26, 2018, consists of 4 investment series: Pacific Global US Equity Income ETF ("USDY"), Pacific Global International Equity Income ETF ("IDY"), Pacific Global Focused High Yield ETF ("FJNK"), and Pacific Global Senior Loan ETF ("FLRT") (each, a "Fund" and, collectively, the "Funds"). The Trust is registered with the Securities and Exchange Commission ("SEC") under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company and the continuous offering of the Funds' shares is registered under the Securities Act of 1933, as amended (the "Securities Act").

Pacific Global Senior Loan ETF, a diversified fund of the Trust, is the successor in interest to AdvisorShares Pacific Asset Enhanced Floating Rate ETF (the "Predecessor Fund") and has the same investment objective as the Predecessor Fund. The Predecessor Fund was a series of AdvisorShares Trust, and was advised by AdvisorShares Investments, LLC (the "Previous Adviser"). Pacific Global Advisors LLC (the "Adviser") replaced AdvisorShares Investments, LLC as investment adviser of FLRT. At a special meeting on December 26, 2019, the shareholders of the Predecessor Fund approved the tax-free reorganization of the Predecessor Fund into the Pacific Global ETF Trust. Effective as of the close of business on December 27, 2019, the assets and liabilities of the Predecessor Fund were transferred to the Trust in exchange for shares of the Pacific Global Senior Loan ETF. For financial reporting purposes, assets received and shares issued by FLRT were recorded at fair value; however, the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of FLRT's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. FLRT pays the Adviser a unitary fee at an annual rate of 0.68% of average daily net assets, out of which the Adviser will pay substantially all operating expenses of FLRT excluding interest expenses, taxes, acquired fund fees and expenses, brokerage fees, extraordinary expenses, fees payable pursuant to a Rule 12b-1 plan, if any, and costs of shareholder meetings, litigation, and indemnification. The fiscal year end of the Predecessor Fund was June 30. Operations prior to the close of business on December 27, 2019 were for the Predecessor Fund. The investment objective of FLRT is to provide a high level of current income. The inception date of the Predecessor Fund was February 18, 2015. Because the Pacific Global Senior Loan ETF has been managed as single integrated portfolios since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Predecessor Fund that has been included in the Pacific Global Senior Loan ETF's statements of operation since December 27, 2019. Assuming the acquisition took place on July 1, 2019, the results of operations would be consistent with the Statement of Operations presented.

NOTE 2—SIGNIFICANT ACCOUNTING POLICIES

The Funds are investment companies. Accordingly, the Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards codification Topic 946 Financial Services-Investment Companies.

The following is a summary of significant accounting policies consistently followed by the Funds. These policies are in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP").

A. 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 investment adviser or the applicable 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.

D-1

PACIFIC GLOBAL ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

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 Funds' own assumptions used to determine the fair value of investments).

The following table summarizes the market value of the Funds' investments as of June 30, 2020, based on the inputs used to value them:

Pacific Global US Equity Income ETF

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	28,814,883	$	—	$	—	$	28,814,883
Short Term Investments		212,064		—		—		212,064
Total	$	29,026,947	$	—	$	—	$	29,026,947

Pacific Global International Equity Income ETF

Assets	Level 1		Level 2		Level 3		Total
Common Stocks	$	22,601,751	$	—	$	—	$	22,601,751
Preferred Stocks		115,553		—		—		115,553
Short Term Investments		433		—		—		433
Total	$	22,717,737	$	—	$	—	$	22,717,737

Pacific Global Focused High Yield ETF

Assets	Level 1		Level 2		Level 3		Total
Corporate Bonds	$	—	$	20,116,541	$	—	$	20,116,541
Foreign Bonds		—		3,723,171		—		3,723,171
Short Term Investments		1,295,604		—		—		1,295,604
Total	$	1,295,604	$	23,839,712	$	—	$	25,135,316

Pacific Global Senior Loan ETF

Assets	Level 1		Level 2		Level 3		Total
Bank Loans	$	—	$	23,942,479	$	—	$	23,942,479
Corporate Bonds		—		2,058,836		—		2,058,836
Foreign Bonds		—		954,617		—		954,617
Closed-End Funds		13,545		—		—		13,545
Short Term Investments		3,415,784		—		—		3,415,784
Total	$	3,429,329	$	26,955,932	$	—	$	30,385,261

B. FOREIGN CURRENCY

Investment securities and other assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the date of valuation. Purchases and sales of investment securities and income and expense items denominated in foreign currencies are translated into U.S. dollar amounts on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments and currency gains or losses realized between the trade and settlement dates on securities transactions from the fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. The Funds report net realized foreign exchange gains or losses that arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on foreign currency transactions, and the difference between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the values of assets and liabilities, other than investments in securities at fiscal period end, resulting from changes in exchange rates.

C. FEDERAL INCOME TAXES

The Funds' policy is to comply with the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies, and to distribute substantially all of its net investment income and net capital gains to shareholders. Therefore, no federal income tax provision is required.

The Funds recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained. Management has analyzed the Funds' uncertain tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. Management is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months. Income and capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expenses in the Statements of Operations. During the period ended June 30, 2020, the Funds did not incur any interest or penalties.

D-2

PACIFIC GLOBAL ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

D. SECURITY TRANSACTIONS AND INVESTMENT INCOME

Investment transactions are accounted for on the trade date. Gains and losses realized on sales of securities are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable tax rules and regulations.

Distributions received from the Funds' investments in real estate investment trusts ("REITs") may be characterized as ordinary income, net capital gain, or a return of capital. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, the Funds must use estimates in reporting the character of its income and distributions for financial statement purposes. The actual character of distributions to the Funds' shareholders will be reflected on the Form 1099 received by shareholders after the end of the calendar year. Due to the nature of REIT investments, a portion of the distributions received by the Funds' shareholders may represent a return of capital.

E. DISTRIBUTIONS TO SHAREHOLDERS

Distributions to shareholders from net investment income are declared and paid by FJNK and FLRT on a monthly basis. Distributions to shareholders from net investment income are declared and paid by USDY and IDY on a quarterly basis. Distributions to shareholders from capital gains will be declared and paid at least annually. Distributions are recorded on the ex-dividend date.

F. USE OF ESTIMATES

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement, as well as the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.

G. SHARE VALUATION

The NAV per share of a Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash and other assets, minus all liabilities (including estimated accrued expenses) by the total number of outstanding shares for the Fund, rounded to the nearest cent. The Funds' shares will not be priced on the days on which the New York Stock Exchange, Inc. ("NYSE") is closed for trading. The offering and redemption price per share of a Fund in Creation Unit transactions is equal to the Fund's NAV per share.

H. GUARANTEES AND INDEMNIFICATIONS

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts with service providers that contain general indemnification clauses. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expects the risk of loss to be remote.

I. PREMIUM AMORTIZATION ON PURCHASED CALLABLE DEBT SECURITIES

In accordance with ASU 2017-08 disclosure requirements, the following tables present the adjustments to remove the effects of adopting ASU 2017-08 on the Pacific Global Focused High Yield ETF's financial statements as of and for the period ended June 30, 2020:

	June 30, 2020
	As Reported			Adjustment			Without Adoption of ASU 2017-08
Statement of Assets and Liabilities
Cost of Investments in Securities	$	25,561,628		$	(11,128	)	$	25,550,500
Net Unrealized Appreciation (Depreciation) on Investments*		(1,721,916	)		11,128			(1,710,788	)
	For the Period Ended June 30, 2020
Statement of Operations
Interest		966,702			(11,128	)		955,574
Total Investment Income		966,702			(11,128	)		955,574
Net Investment Income		897,569			(11,128	)		886,441
Net Realized Gain (Loss) on Investments in Securities		(350,801	)		—			(350,801	)
Net Change in Unrealized Appreciation (Depreciation) on Investments in Securities		(1,721,916	)		11,128			(1,710,788	)
Net Realized and Unrealized Gain (Loss) on Investments	$	(2,072,717	)	$	11,128		$	(2,061,589	)

* Net Unrealized Appreciation (Depreciation) on Investments is a component of Total Distributable Earnings in the Statement of Assets and Liabilities.

The adoption of ASU 2017-08 does not have any impact to the Pacific Global Focused High Yield ETF's net assets or NAV per share.

J. SUBSEQUENT EVENTS

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued. There were no events or transactions that occurred during the period subsequent to June 30, 2020, that materially impacted the amounts or disclosures in the Funds' financial statements.

D-3

PACIFIC GLOBAL ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE 3—COMMITMENTS AND OTHER RELATED PARTY TRANSACTIONS

Pacific Global Advisors LLC acts as the investment adviser to the Funds. Pursuant to the management agreement between the Trust and the Adviser with respect to the Funds (the "Management Agreement") and subject to the oversight of the Board, the Adviser provides services reasonably necessary for the operation of the Funds, including audit, portfolio accounting, legal, transfer agency, custody, printing costs and certain distribution-related services (pursuant to separate agreements), under what is essentially an all-in fee. The Funds may bear other expenses which are not covered under the Management Agreement that may vary and will affect the total level of expenses paid by the Funds such as taxes and government fees, brokerage fees, commissions and other transaction expenses, costs of borrowing money, including interest expenses, certain custody expenses and extraordinary expenses (such as litigation and indemnification expenses). Pursuant to the Management Agreement, and subject to the Board's approval, the Adviser is authorized to delegate the day-to-day management of the Funds' investment program. The Adviser has appointed each of Cadence Capital Management LLC and Pacific Asset Management LLC as sub-advisers (the "Sub-Advisers") to manage the USDY and IDY investment programs and the FJNK and FLRT investment programs, respectively. The Adviser oversees and monitors the nature and quality of the services provided by the Sub-Advisers, including investment performance and execution of investment strategies. The Adviser performs compliance monitoring services to help the Funds maintain compliance with applicable laws and regulations and provides services related to, among others, the valuation of Funds securities, risk management and oversight of trade execution and brokerage services. For services provided to the Funds, the Funds pay the Adviser at an annual rate based on each Fund's average daily net assets. The advisory fee rates paid to the Adviser are as follows:

Fund	Annual Rate of Average Daily Net Assets
Pacific Global US Equity Income ETF		0.29	%
Pacific Global International Equity Income ETF		0.39	%
Pacific Global Focused High Yield ETF		0.39	%
Pacific Global Senior Loan ETF		0.68	%

The Predecessor Fund to FLRT was obligated to pay its investment adviser, AdvisorShares Investments, LLC, an annual rate of 0.95% based on the average daily net assets. Subsequent to business close on December 27, 2019, the annual rate in which FLRT was obligated to pay its investment adviser decreased to 0.68% of average daily net assets. The Previous Adviser contractually agreed to limit certain expenses of the Predecessor Fund's ordinary operating expenses so that its ratio of such expenses to average net assets would not exceed 1.10%. The Previous Adviser does not have the ability to recoup amounts previously waived for the Predecessor Fund.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services" or the "Administrator") acts as the Funds' Administrator and, in that capacity, performs various administrative and accounting services for the Funds. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds, including regulatory compliance monitoring and financial reporting; prepares certain reports and materials to be supplied to the Board; and monitors the activities of the Funds' Custodian, transfer agent and accountants. Fund Services also serves as the transfer agent and fund accountant to the Funds. U.S. Bank N.A. (the "Custodian"), an affiliate of Fund Services, serves as the Funds' Custodian. Prior to the close of business on December 27, 2019, The Bank of New York Mellon served as the administrator and custodian for the Predecessor Fund.

Foreside Fund Services, LLC (the "Distributor") acts as the Funds' principal underwriter in a continuous public offering of the Funds' shares.

Each of the Trustees who are not "interested persons" as that term is defined in the 1940 Act ("Independent Trustees") will receive a fee of $10,000 per year, the amount set forth in the Statement of Additional Information for the Funds, from Pacific Global Advisors LLC, out of its unitary fee received from the Trust, as compensation for their service on the Board of the Trust. Additionally, no interested Trustee or officer of the Trust shall receive any compensation from the Trust. The Independent Trustees are paid on a quarterly basis. For the most recently completed fiscal year ended June 30, 2020 the Independent Trustees received $30,000 as a group.

NOTE 4—PURCHASES AND SALES OF SECURITIES

During the period ended June 30, 2020, purchases and sales of securities by the Funds, excluding short-term securities and in-kind transactions were as follows:

Fund	Purchases		Sales
Pacific Global US Equity Income ETF	$	16,359,128	$	17,112,053
Pacific Global International Equity Income ETF		9,269,075		8,544,821
Pacific Global Focused High Yield ETF		29,357,458		3,272,745
Pacific Global Senior Loan ETF		13,270,844		13,042,951

During the period ended June 30, 2020, there were no purchases or sales of U.S. Government securities.

During the period ended June 30, 2020, the in-kind security transactions associated with creations and redemptions were as follows:

Fund	In-Kind Purchases		In-Kind Redemptions
Pacific Global US Equity Income ETF	$	3,610,368	$	2,672,546
Pacific Global International Equity Income ETF		25,582,748		—
Pacific Global Focused High Yield ETF		—		—
Pacific Global Senior Loan ETF		—		—

D-4

PACIFIC GLOBAL ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE 5—INCOME AND TAX INFORMATION

The components of tax basis cost of investments and net unrealized appreciation (depreciation) for federal income tax purposes as of June 30, 2020, were as follows:

	Pacific Global US Equity Income ETF			Pacific Global International Equity Income ETF			Pacific Global Focused High Yield ETF			Pacific Global Senior Loan ETF
Tax costs of investments		30,674,667			24,687,403			26,846,103			31,814,510
Gross tax unrealized appreciation		1,490,842			851,610			221,801			42,027
Gross tax unrealized depreciation		(3,138,562	)		(2,820,836	)		(1,932,588	)		(1,471,276	)
Net unrealized appreciation (depreciation)		(1,647,720	)		(1,969,226	)		(1,710,787	)		(1,429,249	)
Undistributed ordinary income		15,301			17,281			79,779			87,895
Undistributed long-term gain (loss)		—			—			—			—
Total distributable earnings		15,301			17,281			79,779			87,895
Other accumulated gain (loss)		(1,256,158	)		(1,590,820	)		(350,801	)		(705,963	)
Total accumulated gain (loss)		(2,888,577	)		(3,542,765	)		(1,981,809	)		(2,047,317	)

U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share. The permanent differences are primarily related to redemption in-kinds, paydown losses, and foreign currency gain (losses). For the period ended June 30, 2020, the following table shows the reclassifications made:

Fund	Undistributed (Accumulated) Net Investment Income (Loss)			Accumulated Net Realized Gain (Loss)			Paid-in Capital
Pacific Global US Equity Income ETF		(613	)		(256,912	)		257,525
Pacific Global International Equity Income ETF		(2,622	)		2,622			—
Pacific Global Focused High Yield ETF		—			—			—
Pacific Global Senior Loan ETF		61,841			(61,841	)		—

During the period ended June 30, 2020, the following Fund realized the following net capital gains resulting from in-kind redemptions, in which shareholders exchanged Fund shares for securities held by the fund rather than for cash. Because such gains are not taxable to the Fund, and are not distributed to shareholders, they have been reclassified from accumulated net realized gain (loss) to paid-in capital. For the period ended June 30, 2020, the following shows the reclassification made:

Pacific Global US Equity Income ETF $257,192

As of June 30, 2020, only the Pacific Global US Equity Income ETF Fund deferred, on a tax basis, post October losses of $1,256,158.

As of June 30, 2020, the following Funds have capital loss carryforwards available to offset future gains of:

Fund	Short-Term (No Expiration)		Long-Term (No Expiration)		Total
Pacific Global US Equity Income ETF		—		—		—
Pacific Global International Equity Income ETF		1,591,925		—		1,591,925
Pacific Global Focused High Yield ETF		350,801		—		350,801
Pacific Global Senior Loan ETF		336,561		369,402		705,963

The tax character of distributions for the following Funds were as follows:

	Period ended June 30, 2020				Period ended June 30, 2019
Fund	Ordinary Income		Long Term Capital Gain		Ordinary Income		Long Term Capital Gain
Pacific Global US Equity Income ETF		1,551,487		3,948		317,509		—
Pacific Global International Equity Income ETF		471,476		—		—		—
Pacific Global Focused High Yield ETF		806,661		—		—		—
Pacific Global Senior Loan ETF⁽¹⁾		1,145,455		—		1,256,592		—

⁽¹⁾ 2019 distributions were distributed under the Predecessor Fund.

NOTE 6—SHARE TRANSACTIONS

Shares of the Funds are purchased and sold on both a primary market and secondary market. With respect to the secondary market, shares of the Funds are listed on NYSE Arca, Inc. (the "Exchange") and because Shares trade at market prices rather than NAV, Shares of the Funds may trade at a price greater than or less than NAV. With respect to the primary market, the Funds issue and redeem shares on a continuous basis at NAV generally in blocks of 50,000 or 100,000 shares called "Creation Units." Creation Unit transactions are expected to be conducted in exchange for the deposit or delivery of in-kind securities in a Fund's portfolio. Once created, shares generally trade in the secondary market at market prices

D-5

PACIFIC GLOBAL ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

that change throughout the trading day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed an authorized participant agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Funds. Rather, retail investors may purchase shares in the secondary market with the assistance of a broker and such purchases are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fees for the Funds are as follows and are payable to the Custodian.

Pacific Global US Equity Income ETF - $500

Pacific Global International Equity Income ETF - $7,000

Pacific Global Focused High Yield ETF - $500

Pacific Global Senior Loan ETF - $250

The fixed transaction fee may be waived on certain orders if the Funds' Custodian has determined to waive some or all of the costs associated with the order, or another party, such as the Adviser, has agreed to pay such fee. Transaction fees received by the Funds, if any, are displayed in the Capital Share Transactions section of each Statement of Changes in Net Assets. The Funds may issue an unlimited number of shares of beneficial interest, with no par value. Shares of the Funds have equal rights and privileges.

NOTE 7—BENEFICIAL OWNERSHIP

The beneficial ownership, either directly or indirectly, of 25% or more of the voting securities of a fund creates a presumption of control of a fund, under Section 2(a)(9) of the 1940 Act. As of June 30, 2020, Pacific Life Insurance Company, the Adviser's indirect parent company, owned shares of each Fund as follows:

Fund	Shares Owned		Percent of Shares Outstanding
Pacific Global US Equity Income ETF		1,046,850		83.75	%
Pacific Global International Equity Income ETF		992,851		94.56	%
Pacific Global Focused High Yield ETF		999,200		90.84	%
Pacific Global Senior Loan ETF		499,950		83.33	%

NOTE 8—CREDIT FACILITY

At June 30, 2020, the Funds had a line of credit in the amount of $10,000,000, which has a one-year term and is reviewed annually by the Board. This uncommitted, secured line of credit is intended to provide short-term financing, if necessary, subject to certain restrictions, in connection with shareholder redemptions. The line of credit shall bear interest at a rate per annum equal to the Prime Rate, which interest shall be payable monthly. There are no commitment fees associated with this line of credit. The credit facility is with the Funds' custodian, U.S. Bank, N.A. As of June 30, 2020, Pacific Global International Equity Income ETF was the only Fund that drew on the line of credit.

For the year ended June 30, 2020, the Funds' credit facility activity is as follows:

				Average Borrowings				Maximum Amount Borrowed				Interest Expense				Average Interest Rate				Days Utilized
Pacific Global International Equity Income ETF				$	136,000			$	136,000			$	12				3.25	%			1

NOTE 9—PRINCIPAL RISKS

There is no assurance that the Funds will meet their investment objective. The value of your investment in the Funds, as well as the amount of return you receive on your investment in the Funds, may fluctuate significantly. You may lose part or all of your investment in the Funds or your investment may not perform as well as other similar investments. Therefore, you should consider carefully the following risks before investing in the Funds. An investment in the Funds is not a bank deposit and is not insured or guaranteed by the FDIC or any government agency. The following list describes certain risks of investing in the Funds but is not exhaustive. Refer to each Fund's current Prospectus for more detail regarding each Fund's risks.

Active Management Risk. The Funds are actively managed, which means that investment decisions are made based on investment views. There is no guarantee that the investment views will produce the desired results or expected returns, which may cause the Funds to fail to meet their investment objective or to underperform their benchmark index or funds with similar investment objectives and strategies. Furthermore, active trading that can accompany active management may result in high portfolio turnover, which may have a negative impact on performance. Active trading may result in higher brokerage costs or mark-up charges, which are ultimately passed on to shareholders of the Funds. Active trading may also result in adverse tax consequences.

D-6

PACIFIC GLOBAL ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

Authorized Participant Concentration Risk. Only an Authorized Participant may engage in creation or redemption transactions directly with the Fund, and none of those Authorized Participants is obligated to engage in creation and/or redemption transactions. The Fund has a limited number of institutions that may act as Authorized Participants on an agency basis (i.e., on behalf of other market participants). To the extent that Authorized Participants exit the business or are unable to proceed with creation or redemption orders with respect to the Fund and no other Authorized Participant is able to step forward to create or redeem Creation Units (as defined in the Purchase and Sale of Fund Shares section of the Prospectus), Fund shares may be more likely to trade at a premium or discount to NAV and possibly face trading halts or delisting.

Bank Loan Risk. The market for bank loans may lack liquidity and the Fund may have difficulty selling them. These investments expose the Fund to the credit risk of both the financial institution and the underlying borrower.

Credit Risk. Credit risk is the risk that an issuer or guarantor of debt instruments, is unable or unwilling to make timely interest and/or principal payments or to otherwise honor its obligations. The extent of each Funds' exposure to credit risk with respect to those financial assets is approximated by their value recorded in its Statement of Assets and Liabilities. High yield securities may also be subject to greater levels of credit or default risk than higher-rated securities. In particular, high yield securities are often issued by smaller, less creditworthy companies or by highly leveraged (indebted) companies, which are generally less able than more financially stable companies to make scheduled payments of interest and principal.

Currency Risk. If the Fund invests in securities that trade in, and receive revenues in, foreign currencies, it will be subject to the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. As a result, the Fund's investments in foreign currency-denominated securities may reduce the Fund's returns.

Dividend-Paying Stock Risk. While the Funds may hold securities of companies that have historically paid a high dividend yield, those companies may reduce or discontinue their dividends, reducing the yield of the Funds. Low priced securities in the Funds may be more susceptible to these risks. Past dividend payments are not a guarantee of future dividend payments. Also, the market return of high dividend yield securities, in certain market conditions, may perform worse than other investment strategies or the overall stock market. The Funds' emphasis on dividend-paying stocks involves the risk that such stocks may fall out of favor with investors and underperform the market. Also, a company may reduce or eliminate its dividend.

Emerging Markets Risk. Investing in emerging markets involves not only the risks described below with respect to investing in foreign securities, but also other risks, including exposure to economic structures that are generally less diverse and mature, and to political systems that can be expected to have less stability, than those of developed countries. The typically small size of the markets of securities of issuers located in emerging markets and the possibility of a low or nonexistent volume of trading in those securities may also result in a lack of liquidity and in price volatility of those securities.

Equity Risk. The net asset value of the Funds will fluctuate based on changes in the value of the U.S. equity securities held by the Funds. Equity prices can fall rapidly in response to developments affecting a specific company or industry, or to changing economic, political or market conditions.

High Yield Securities Risk. The Fund's investments in high yield securities or "junk bonds" are subject to a greater risk of loss of income and principal than higher grade debt securities. Issuers of lower-quality debt securities may have substantially greater risk of default than higher quality debt securities. These securities may be less liquid and more difficult to sell at an advantageous time or price or to value than higher rated securities. They can be illiquid, and their values can have significant volatility and may decline significantly over short periods of time. Lower-quality debt securities tend to be more sensitive to adverse news about the issuer, the market or the economy in general. These securities are considered predominately speculative with respect to the issuer's continuing ability to make principal and interest payments.

Issuer Risk. Fund performance depends on the performance of individual securities that the Funds hold. Changes in the financial condition or credit rating of an issuer of those securities may cause the value of the securities to decline.

Large Capitalization Company Risk. Larger, more established companies may be unable to attain the high growth rates of successful, smaller companies during periods of economic expansion.

Large Shareholder Risk. The risk that certain account holders, including an adviser or funds or accounts over which an adviser (or related parties of an adviser) has investment discretion, may from time to time own or control a significant percentage of a Fund's shares. A Fund is subject to the risk that a redemption by those shareholders of all or a portion of their Fund shares, including as a result of an asset allocation decision made by an adviser (or related parties of an adviser), will adversely affect the Fund's performance if it is forced to sell portfolio securities or invest cash when the adviser would not otherwise choose to do so. Redemptions of a large number of shares may affect the liquidity of a Fund's portfolio, increase a Fund's transaction costs, and accelerate the realization of taxable income and/or gains to shareholders.

Limited History of Operations Risk. USDY, IDY, and FJNK are new ETFs and have a limited history of operations for investors to evaluate.

Liquidity Risk. In certain circumstances, it may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price. To the extent that there is not an established retail market for instruments in which the Funds may invest, trading in such instruments may be relatively inactive. Trading in shares may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in shares inadvisable. In addition, trading in shares is subject to trading halts caused by extraordinary market volatility pursuant to ''circuit breaker'' rules. There can be no assurance that the requirements necessary to maintain the listing of the shares of the Funds will continue to be met or will remain unchanged.

D-7

PACIFIC GLOBAL ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

Market Risk. Overall market risks may affect the value of the Funds. Factors such as country specific economic growth and market conditions, interest rate levels and political events affect the securities markets.

Market Trading Risk. The Funds face numerous market trading risks, including the potential lack of an active market for the Shares, losses from trading in secondary markets, and disruption in the creation/redemption process of the Funds. Any of these factors may lead to the Shares trading at a premium or discount to the Funds' net asset value ("NAV").

Natural Disaster and Pandemic Risk. Natural disasters occur throughout the world and include events such as blizzards and ice storms, earthquakes, floods, hurricanes, pandemics, tidal waves, tornadoes, tsunamis, typhoons, volcanic eruptions, and wildfires. Although specific types of natural disasters may occur more frequently in certain geographic locations, such events are by their nature unpredictable and may cause sudden, severe and widespread damage that negatively impacts issuers, regions and economies in which a Fund invests. Should a Fund hold significant investments in, or have significant exposure to, an issuer, region or economy affected by a natural disaster, the Fund may lose money. Due to the interconnectedness of the global economy, natural disasters in one location may negatively impact issuers in other locations.

An outbreak of infectious respiratory illness caused by the novel Coronavirus known as COVID-19 was declared a global pandemic by the World Health Organization in March 2020. COVID-19 has resulted in travel restrictions, closed international borders, enhanced health screenings, disruption and delays in healthcare services, prolonged quarantines, cancellations, temporary store closures, social distancing, government ordered curfews and business closures, disruptions to supply chains and consumer activity, shortages, highly volatile financial markets, and general concern and uncertainty. The impact of COVID-19 could adversely affect the economies and capital markets of many nations or the entire global economy, as well as individual companies, entire sectors, and securities and commodities markets (including liquidity), in ways that may not necessarily be foreseen at the present time, which could result in losses to a Fund.

Sector Risk. Sector risk is the possibility that securities within the same group of industries will decline in price due to sector-specific market or economic developments. If the Funds invest more heavily in a particular sector, the value of its shares may be especially sensitive to factors and economic risks that specifically affect that sector. As a result, the Funds' share price may fluctuate more widely than the value of shares of a fund that invests in a broader range of industries.

Communications Sector Risk. Companies in the communications sector may be affected by industry competition, substantial capital requirements, government regulation, cyclicality of revenues and earnings, obsolescence of communications products and services due to technological advancement, a potential decrease in the discretionary income of targeted individuals and changing consumer tastes and interests.

Consumer Cyclical Sector Risk. Consumer cyclical companies rely heavily on the business cycle and economic conditions. Consumer cyclical companies may be adversely affected by domestic and international economic downturns, changes in exchange and interest rates, competition, consumers' disposable income and consumer preferences, social trends and marketing campaigns.

Consumer Discretionary Sector Risk. These companies may be adversely affected by changes in the worldwide economy, consumer spending, competition, demographics and consumer preferences, exploration and production spending. Companies in this sector are also affected by changes in government regulation, world events and economic conditions.

Consumer Staples Sector Risk. Companies engaged in the production and distribution of basic materials may be adversely affected by changes in world events, political and economic conditions, energy conservation, environmental policies, commodity price volatility, changes in exchange rates, imposition of import controls, increased competition, depletion of resources and labor relations.

Financial Services Sector Risk. Companies in the financial sector are often subject to extensive governmental regulation and, recently, government intervention and the potential for additional regulation, which may adversely affect the scope of their activities, the prices they can charge and the amount of capital they must maintain. Governmental regulation may change frequently and may have significant adverse consequences for companies in the financial sector, including effects not intended by such regulation.

Industrial Sector Risk. Industrial companies are affected by supply and demand both for their specific product or service and for industrial sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies.

Information Technology Sector Risk. Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on profit margins. Information technology companies may have limited product lines, markets, financial resources or personnel. The products of information technology companies may face product obsolescence due to rapid technological developments and frequent new product introduction, unpredictable changes in growth rates and competition for the services of qualified personnel.

Small Fund Risk. When the Fund's size is small, the Fund may experience low trading volume and wide bid/ask spreads. In addition, the Fund may face the risk of being delisted if the Fund does not meet certain conditions of the listing exchange. Any resulting liquidation of the Fund could cause the Fund to incur elevated transaction costs for the Fund and negative tax consequences for its shareholders.

D-8

PACIFIC GLOBAL ETFs

NOTES TO FINANCIAL STATEMENTS (Continued)

NOTE 10—BANK LOANS

FLRT invests in senior secured corporate loans or bank loans, some of which may be partially or entirely unfunded and purchased on a when-issued or delayed delivery basis, that pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Bank loans generally pay interest at rates which are periodically determined by reference to a base lending rate plus a premium. The majority of loans carry a variable rate of interest. These base lending rates are generally (i) the Prime Rate offered by one or more major United States banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate ("LIBOR") or (iii) the Certificate of Deposit rate. Bank Loans, while exempt from registration under the Securities Act, contain certain restrictions on resale and cannot be sold publicly. Floating rate bank loans often require prepayments from excess cash flow or permit the borrower to repay at its election. The degree to which borrowers repay, whether as a contractual requirement or at their election, cannot be predicted with accuracy. As a result, actual maturity may be substantially less than the stated maturity. Bank loans in which the Fund invests are generally readily marketable, but may be subject to certain restrictions on resale.

NOTE 11—LIBOR RISK

The United Kingdom's Financial Conduct Authority, which regulates London Interbank Offered Rates ("LIBOR"), has announced plans to phase out the use of LIBOR by the end of 2021. There remains uncertainty regarding the future use of LIBOR and the nature of any replacement rate. The transition process away from LIBOR may involve, among other things, increased volatility or illiquidity in markets for instruments that currently rely on LIBOR. The transition process may also result in a reduction in the value of certain instruments held by a Fund or reduce the effectiveness of related Fund transactions such as hedges. Volatility, the potential reduction in value, and/or the hedge effectiveness of financial instruments may be heightened for financial instruments that do not include fallback provisions that address the cessation of LIBOR. Any potential effects of the transition away from LIBOR on any of the Funds or on financial instruments in which a Fund invests, as well as other unforeseen effects, could result in losses to a Fund.

NOTE 12—NEW ACCOUNTING PRONOUNCEMENTS

In March 2017, the FASB issued Accounting Standards Update 2017-08, Receivables— Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities ("ASU 2017-08"). The amendments in ASU 2017-08 shorten the amortization period for certain callable debt securities, held at a premium, to be amortized to the earliest call date. ASU 2017-08 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2018. Management has adopted these amendments as currently required and these are reflected in the applicable Fund's financial statements and related disclosures.

In March 2020, FASB issued ASU 2020-04, Reference Rate Reform (Topic 848)—Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provides optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is currently evaluating the impact, if any, of applying this ASU.

D-9

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Board of Trustees of
Pacific Global ETF Trust:

Opinion on the Financial Statements and Financial Highlights

We have audited the accompanying statements of assets and liabilities of Pacific Global ETF Trust (the "Trust") comprising the Pacific Global US Equity Income ETF, Pacific Global International Equity Income ETF, Pacific Global Focused High Yield ETF, and Pacific Global Senior Loan ETF (each a "Portfolio," and collectively, the "Portfolios"), including the portfolio of investments, as of June 30, 2020; the related statements of operations, changes in net assets, and the financial highlights for the year then ended for Pacific Global Senior Loan ETF (formerly known as AdvisorShares Pacific Asset Enhanced Floating Rate ETF); the related statements of operations, changes in net assets, and the financial highlights for the periods indicated in the table below for Pacific Global US Equity Income ETF, Pacific Global International Equity Income ETF, and Pacific Global Focused High Yield ETF; and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the Portfolios listed above constituting the Trust as of June 30, 2020, and the results of their operations, changes in their net assets, and financial highlights for the year then ended (or for the period listed in the table below), in conformity with accounting principles generally accepted in the United States of America.

Individual Portfolios
of Pacific Global ETF Trust

Statement of Operations

Statements of
Changes in Net Assets

Financial Highlights

Pacific Global US Equity Income ETF

For the year ended June 30, 2020

For the year ended June 30, 2020 and the period from February 11, 2019 (commencement of operations) through June 30, 2019

Pacific Global International Equity Income ETF
Pacific Global Focused High Yield ETF

For the period October 23, 2019 (commencement of operations) through June 30, 2020

The statement of changes in net assets for the year ended June 30, 2019 and the financial highlights for each of the four years in the period ended June 30, 2019 for Pacific Global Senior Loan ETF (formerly known as AdvisorShares Pacific Asset Enhanced Floating Rate ETF), were audited by other auditors whose report, dated August 26, 2019, expressed an unqualified opinion on those statements.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Trust's management. Our responsibility is to express an opinion on the Trust's financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Trust in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Trust is not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Trusts' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of June 30, 2020, by correspondence with the custodian and agent banks; when replies were not received from agent banks, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

Costa Mesa, California
August 26, 2020

We have served as the auditor of the Trust since 2018.

E-1

PACIFIC GLOBAL ETFs

TRUSTEES AND OFFICERS

(Unaudited)

Additional information about each trustee of the Trust is set forth below. The address of each trustee is c/o Pacific Global ETF Trust, 840 Newport Center Drive, 7th Floor, Newport Beach, CA 92660. Each trustee serves for the life of the Trust, subject to their earlier death, incapacitation, resignation, retirement or removal as more specifically provided in the Trust's organization documents.

Name and
Year of Birth

Position
Held
with the
Trust

Term of
Office and
Length of
Time
Served

Principal Occupation(s)
During Past 5 Years

Number of
Portfolios
in Fund
Complex
Overseen
by Trustee

Other
Directorships
Held by
Trustee
During
Past 5 Years

INDEPENDENT TRUSTEES

Robert J. Blattenberg
Born: 1950

Trustee

Indefinite term; since 2018

Consultant, Ringler Associates Inc. (April 2016-Present); Chief Executive Officer, Ringler Associates (February 1983-April 2016).

None

D. Robinson Cluck
Born: 1956

Trustee

Indefinite term; since 2018

Chairman, Canterbury Consulting, Inc. (December 1988-Present).

None

John C. Siciliano
Born: 1954

Trustee

Indefinite term; since 2018

Chairman, Avondale Strategies, LLC (May 2019-Present); Senior Advisor, Bonaccord Capital Partners (2019-Present); Senior Managing Director, PwC Advisory, LLC (September 2012-2019).

None

INTERESTED TRUSTEES

Kevin R. Byrne
Born: 1955

Trustee and Chair

Indefinite term; since 2018

Chief Executive Officer, Pacific Global Asset Management LLC (November 2018-Present): Senior Vice President, Pacific Life Insurance Company (August 2012-November 2018).

None

Sharon A. Cheever
Born: 1955

Trustee

Indefinite term; since 2018

Director, Senior Vice President and General Counsel, Pacific Life Insurance Company (Jan. 2008-Present); Senior Vice President and General Counsel, Pacific Global Asset Management LLC (August 2012-Present); Senior Vice President and General Counsel, Cadence Capital Management LLC (July 2016-August 2016); Senior Vice President and General Counsel, Pacific Life Fund Advisors LLC (January 2008-October 2015); Senior Vice President and General Counsel, Pacific Private Fund Advisors LLC (August 2013-March 2015).

None

F-1

PACIFIC GLOBAL ETFs

TRUSTEES AND OFFICERS (Continued)

(Unaudited)

The officers of the Trust conduct and supervise its daily business. The address of each officer of the Trust is c/o Pacific Global ETF Trust, 840 Newport Center Drive, 7th Floor, Newport Beach, CA 92660. Each officer serves for a one year term or until their successors are elected and qualified.

Name and
Year of Birth

Position(s) Held
with the Trust

Length of
Time Served

Principal Occupation(s) During
Past 5 Years

Joshua B. Schwab
Born: 1981

Vice President, Treasurer and Principal Financial Officer

Since 2018

Assistant Vice President, Pacific Global Asset Management LLC (2015-Present); Assistant Vice President, Pacific Life Insurance Company, (2015-Present); Associate Vice President, Pacific Alternative Asset Management Company, LLC (2007-2015).

Jane M. Guon
Born: 1964

Vice President and Secretary

Since 2018

Vice President and Secretary, Pacific Life Insurance Company (2011-Present); Vice President and Secretary, Pacific Global Asset Management LLC (2013-Present).

Carol E. Rumsey
Born: 1960

Vice President and Chief Compliance Officer

Since 2018

Chief Compliance Officer, Pacific Private Fund Advisors LLC (2014-Present); Assistant Vice President, Pacific Global Asset Management LLC (2014-Present); Chief Compliance Officer, Pacific Asset Management (2013-Present); Assistant Vice President, Pacific Life Insurance Company (1991-Present).

Michael J. Skillman
Born: 1963

Chief Executive Officer and President

Since 2018

CEO & Managing Director, Cadence Capital Management LLC (2004-Present); Vice President, Pacific Life Insurance Company (2016-Present).

Anthony J. Dufault
Born: 1971

Vice President

Since 2018

Assistant Vice President, Pacific Global Asset Management LLC, (2018-Present); Assistant Vice President, Pacific Life Insurance Company (2007-Present).

Joseph G. Lallande
Born: 1970

Vice President and Assistant Secretary

Since 2018

AVP & Counsel, Pacific Life Insurance Company (2010-Present).

Joanne Chyun
Born: 1978

Assistant Treasurer

Since 2019

Director of Finance, Pacific Global Asset Management LLC (2018-Present); Interim Controller, One01 Capital (2017-2018); Associate VP, PAAMCO (2006-2017)

Kristie Sykes
Born: 1988

Assistant Treasurer

Since 2019

Finance Manager, Pacific Global Asset Management LLC (2018-Present); Senior Analyst, Pricing & Valuation, Pacific Life Fund Advisors (2017-2018); Manager, Accounting and Operational Due Diligence, PAAMCO (2012-2017)

Douglas Hasting
Born: 1962

Assistant Vice President

Since 2020

Director of Operations (2020-present) Senior Operations Specialist (2015-2019)

Kimberly Voss
Born: 1978

Assistant Vice President

Since 2020

Chief Compliance Officer, Pacific Global Advisors LLC (2018-Present); Chief Compliance & Risk Officer, Cadence Capital Management (2017-Present); Chief Compliance Officer, DG Capital Management (2008-2016).

Information about Trustees and Officers

The Statement of Additional Information ("SAI") includes additional information about the Funds' Trustees and is available without charge, upon request, by calling (866) 933-2398. Furthermore, you can obtain the SAI by accessing the SEC's website at www.sec.gov or by accessing the Funds' website at www.pacificglobaletfs.com.

F-2

PACIFIC GLOBAL ETFs

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

Pacific Global ETF Trust (the "Trust") has adopted a liquidity risk management program (the "Program") pursuant to Rule 22e-4 under the Investment Company Act of 1940, as amended (the "Liquidity Rule"). The Trust's Board of Trustees (the "Board") has designated Pacific Global Advisors LLC, the investment adviser (the "Adviser") to the Trust's series (each a "Fund"), as the liquidity program administrator ("LPA") of the Program. Personnel of the Adviser conduct the day-to-day operation of the Program pursuant to the Trust's policies and procedures.

Under the Program, the LPA manages the liquidity risk of each Fund of the Trust. Liquidity risk is the risk that a Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders' interests in that Fund. This risk is managed by monitoring the degree of liquidity of each Fund's investments, limiting the amount of the Fund's illiquid investments, and utilizing various risk management tools and facilities available to the Fund for meeting shareholder redemptions, among other means. The LPA's process for determining the degree of liquidity of each Fund's investments is supported by one or more third-party liquidity assessment vendors.

The Board reviewed a report prepared by the LPA regarding the operation and effectiveness of the Program for the period March 29, 2019, through March 31, 2020 ("Program Reporting Period"). The report included, among other information, the LPA's evaluation of each Fund's (i) investment strategy and the liquidity of its portfolio investments including the Fund's objective, portfolio composition, portfolio concentration and known or identifiable risks to liquidity; (ii) redemption activity and the source and composition of shareholders as predictors of cash flow trends; and (iii) holdings of cash and cash equivalents. The report also included information about the Program management and operations. This information and other factors were used as inputs to establish each Fund's reasonably anticipated trading size ("RATS").

There were no material changes to the Program during the Program Reporting Period. No significant liquidity events impacting any Fund were noted in the report. In addition, the LPA provided its assessment that the Program is adequately designed and had been effective in managing each Fund's liquidity risk and in implementing the requirements of the Liquidity Rule.

F-3

PACIFIC GLOBAL ETFs

EXPENSE EXAMPLES

For the Period Ended June 30, 2020 (Unaudited)

As a shareholder of one or more of the Funds, you incur two types of costs: (1) transaction costs, including brokerage commissions on purchases and sales of Funds shares, and (2) ongoing costs, reflected as a fixed unitary fee. This Example is intended to help you understand your ongoing costs (dollars) (excluding transaction costs) of investing in the Funds and to compare these costs with the ongoing costs of investing in other funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (January 1, 2020-June 30, 2020).

ACTUAL EXPENSES

The first line of each table provides information about actual account values based on actual returns and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then, multiply the result by the number in the first line under the heading entitled "Expenses Paid During the Period" to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of each table provides information about hypothetical account values based on a hypothetical return and hypothetical expenses based on the Funds' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in each table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as brokerage commissions paid on purchases and sales of Funds shares. Therefore, the second line of each table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

	Beginning Account Value		Ending Account Value June 30, 2020		Expenses Paid During the Period ⁽¹⁾
Pacific Global US Equity Income ETF
Actual	$	1,000.00	$	840.60	$	1.33
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,023.42	$	1.46

	Beginning Account Value		Ending Account Value June 30, 2020		Expenses Paid During the Period ⁽²⁾
Pacific Global International Equity Income ETF
Actual	$	1,000.00	$	847.30	$	1.79
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,022.92	$	1.96
	Beginning Account Value		Ending Account Value June 30, 2020		Expenses Paid During the Period ⁽²⁾
Pacific Global Focused High Yield ETF
Actual	$	1,000.00	$	940.40	$	1.88
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,022.92	$	1.96
	Beginning Account Value		Ending Account Value June 30, 2020		Expenses Paid During the Period ⁽³⁾
Pacific Global Senior Loan ETF
Actual	$	1,000.00	$	962.30	$	3.32
Hypothetical (5% annual return before expenses)	$	1,000.00	$	1,021.48	$	3.42

(1) The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.29%, multiplied by the average account value during the six-month period, multiplied by 182/366 (to reflect the one-half year period).

(2) The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.39%, multiplied by the average account value during the six-month period, multiplied by 182/366 (to reflect the one-half year period).

(3) The dollar amounts shown as expenses paid during the period are equal to the annualized expense ratio, 0.68%, multiplied by the average account value during the six-month period, multiplied by 182/366 (to reflect the one-half year period).

F-4

PACIFIC GLOBAL ETFs

FEDERAL TAX INFORMATION
(Unaudited)

For the period ended June 30, 2020, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% (20% for taxpayers with taxable income greater than $425,800 for single individuals and $479,000 for married couples filling jointly), as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003 and The Tax Cuts and Jobs Act of 2017. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

Pacific Global US Equity Income ETF					69.62	%
Pacific Global International Equity Income ETF					100.00	%

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended June 30, 2020 was as follows:

Pacific Global US Equity Income ETF

68.33

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) was as follows:

Pacific Global US Equity Income ETF

40.94

Pursuant to Section 853 of the Internal Revenue code, the Funds designate the following amounts as foreign taxes paid for the period ended June 30, 2020. Foreign taxes paid for purposes of Section 853 may be less than actual foreign taxes paid for financial statement purposes.

				Creditable Foreign Tax Credit Paid				Per Share Amount				Portion of Ordinary Income Distribution Derived From Foreign Sourced Income
Pacific Global International Equity Income ETF				$	62,225				0.06				100.00	%

Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments.

Above figures may differ from those cited elsewhere in this report due to difference in the calculation of income and gains under U.S. GAAP purposes and Internal Revenue Service purposes.

Shareholders are strongly advised to consult their own tax advisers with respect to the tax consequences of their investments in the Funds.

For the fiscal year ended June 30, 2020, Pacific Global International Equity Income ETF paid foreign taxes of $62,225 and recognized foreign source income of $617,216.

F-5

PACIFIC GLOBAL ETFs

ADDITIONAL INFORMATION

(Unaudited)

Information About Portfolio Holdings

The Funds file the complete schedule of portfolio holdings for the first and third fiscal quarters with the SEC on Part F of Form N-PORT. When available, Part F of Form N-PORT may be found on the SEC's website at www.sec.gov. The Funds' portfolio holdings are posted on their website, at www.pacificglobaletfs.com, daily.

Information About Proxy Voting

A description of the policies and procedures the Funds use to determine how to vote proxies relating to portfolio securities is provided in the applicable Statement of Additional Information ("SAI"). The SAI is available without charge, upon request, by calling toll-free at (866) 933-2398, by accessing the SEC's website at www.sec.gov, or by accessing the Funds' website at www.pacificglobaletfs.com.

Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12 month period ending June 30 is available no later than the following August 31st by calling toll-free at (866) 933-2398 or by accessing the SEC's website at www.sec.gov.

Frequency Distribution of Premiums and Discounts

The following Frequency Distribution of Premium and Discount chart is provided to show the frequency at which the closing price for the Funds was at a premium or discount to its daily NAV. The charts presented below represent past performance and cannot be used to predict future results. Further information regarding premiums and discounts is available, without charge, on the Funds' website at www.pacificglobaletfs.com

Pacific Global US Equity Income ETF

Period Covered July 01, 2019 through June 30, 2020

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		4		1.09	%
	0.75	% to 0.999%		4		1.09	%
	0.50	% to 0.749%		10		2.73	%
	0.25	% to 0.499%		14		3.83	%
	0.00	% to 0.249%		191		52.20	%
	-0.001	% to -0.249%		92		25.14	%
	-0.25	% to -0.499%		4		1.09	%
	-0.50	% to -0.749%		20		5.46	%
	-0.75	% to -0.999%		23		6.28	%
	-1.00	% or more		4		1.09	%
				366		100.00	%

Pacific Global Focused High Yield ETF

Period Covered October 23, 2019 through June 30, 2020

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		6		2.38	%
	0.75	% to 0.999%		3		1.19	%
	0.50	% to 0.749%		19		7.54	%
	0.25	% to 0.499%		31		12.30	%
	0.00	% to 0.249%		117		46.43	%
	-0.001	% to -0.249%		59		23.41	%
	-0.25	% to -0.499%		7		2.78	%
	-0.50	% to -0.749%		4		1.59	%
	-0.75	% to -0.999%		1		0.40	%
	-1.00	% or more		5		1.98	%
				252		100.00	%

Pacific Global International Equity Income ETF

Period Covered October 23, 2019 through June 30, 2020

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		28		11.11	%
	0.75	% to 0.999%		22		8.73	%
	0.50	% to 0.749%		45		17.86	%
	0.25	% to 0.499%		64		25.41	%
	0.00	% to 0.249%		31		12.30	%
	-0.001	% to -0.249%		32		12.70	%
	-0.25	% to -0.499%		8		3.17	%
	-0.50	% to -0.749%		5		1.98	%
	-0.75	% to -0.999%		8		3.17	%
	-1.00	% or more		9		3.57	%
				252		100.00	%

Pacific Global Senior Loan ETF

Period Covered July 01, 2019 through June 30, 2020

Premium/Discount Range			Number of Trading Days		% of Total Trade Days
	1.00	% or more		2		0.55	%
	0.75	% to 0.999%		1		0.27	%
	0.50	% to 0.749%		12		3.28	%
	0.25	% to 0.499%		9		2.46	%
	0.00	% to 0.249%		96		26.23	%
	-0.001	% to -0.249%		185		50.53	%
	-0.25	% to -0.499%		11		3.01	%
	-0.50	% to -0.749%		6		1.64	%
	-0.75	% to -0.999%		8		2.19	%
	-1.00	% or more		36		9.84	%
				366		100.00	%

F-6

Investment Adviser

Pacific Global Advisors LLC
840 Newport Center Drive, 7th Floor
Newport Beach, CA 92660

Sub-Advisers

Cadence Capital Management LLC
265 Franklin Street, 4th Floor
Boston, MA 02110

Pacific Asset Management LLC
840 Newport Center Drive, 7th Floor
Newport Beach, CA 92660

Custodian

U.S. Bank, N.A.
1555 N. Rivercenter Drive
Milwaukee, WI 53212

Administrator/Transfer Agent

U.S. Bancorp Fund Services, LLC
615 East Michigan Street
Milwaukee, WI 53202

Distributor

Foreside Fund Services, LLC
Three Canal Plaza, Suite 100
Portland, ME 04101

Independent Registered Public Accounting Firm

Deloitte & Touche, LLP
695 Town Center Drive, Suite 1000
Costa Mesa, CA 92626

Legal Counsel

Thompson Hine LLP
1919 M Street, N.W., Suite 700
Washington, D.C. 20036

Pacific Global US Equity Income ETF

Symbol—USDY
CUSIP—69434K106

Pacific Global International Equity Income ETF

Symbol—IDY

CUSIP—69434K304

Pacific Global Focused High Yield ETF

Symbol—FJNK

CUSIP—69434K205

Pacific Global Senior Loan ETF

Symbol—FLRT

CUSIP—69434K403

	FYE 6/30/2020		FYE 6/30/2019
Audit Fees	$	73,600	$	15,000
Audit-Related Fees		N/A		N/A
Tax Fees	$	32,000	$	10,000
All Other Fees		N/A		N/A

Non-Audit Related Fees	FYE 6/30/2020	FYE 6/30/2019
Registrant	N/A	N/A
Registrant’s Investment Adviser	N/A	N/A

By (Signature and Title)*	/s/ Michael J. Skillman
	Michael J. Skillman, President

By (Signature and Title)*	/s/ Joshua B. Schwab
	Joshua B. Schwab, Treasurer

	·	honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

	·	full, fair, accurate, timely and understandable disclosure in reports and documents that the Trust files with, or submits to, the SEC and in other public communications made by the Trust;

	·	compliance with applicable governmental laws, rules and regulations;

	·	the prompt internal reporting of violations of this Code to an appropriate person or persons identified herein; and

	·	not use his or her personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the Trust;

	·	not cause the Trust to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit of the Trust;

	·	not use material non-public knowledge of portfolio transactions made or contemplated for the Trust to profit personally or cause others to profit, by the market effect of such transactions; and

	·	report at least annually his or her affiliations and other relationships as requested in the Trust’s annual Trustees and Officers Questionnaire.

	·	any outside business activity that detracts from the ability of a Covered Officer to devote appropriate time and attention to his or her responsibilities as a Covered Officer of the Trust;

	·	the receipt of any non-nominal gifts related to the business of the Trust that may be inconsistent with any policy on gifts established by the Trust’s investment adviser and distributor from time to time; and

	·	must not knowingly misrepresent, or cause others to misrepresent, facts about the Trust to others, whether within or outside the Trust, including to the Trust’s trustees and auditors, and to governmental regulators and self-regulatory organizations;

	·	should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Trust and its investment adviser and distributor and take other appropriate steps with the goal of promoting full, fair, accurate and timely disclosure in the reports and documents the Trust files with, or submits to, the SEC and that are signed or certified by him or her; and

	·	must cooperate with the Trust’s independent accountants, regulatory agencies and internal auditors in their review or inspection of the Trust and its operations.

	·	upon adoption of this Code, affirm in writing that he or she has received and read this Code and understands it;

	·	annually thereafter affirm that he or she has complied with the requirements of this Code;

	·	not retaliate against any person for reports of potential violations that are made in good faith; and

	·	notify the Chief Compliance Officer of the Trust promptly if he or she knows of any violation of this Code. Failure to do so is itself a violation of this Code.

	·	the Chief Compliance Officer of the Trust will take all appropriate action to investigate any violations and potential violations reported to him or her;

	·	violations will be reported to the Board of Trustees of the Trust (the “Board”) after such investigation;

	·	if the Board determines that a violation has occurred, it will consider appropriate action, which may, without limitation, include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser, distributor or their respective boards; or recommendation of the dismissal of the Covered Officer;

	·	the Board will be responsible for granting waivers, as appropriate; and

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

	(a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	(b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;