CORRESP

iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Shares			Value
	COMMON STOCKS: 92.1%
	Canada: 14.1%
	65,610	Brookfield Corp.	$	2,655,237
	26,330	Canadian National Railway Co.		2,705,934
	14,805	Franco-Nevada Corp.		3,657,575
	13,813	Shopify, Inc. - Class A^*		1,638,498

				10,657,244

	China: 1.9%
	23,614	Tencent Holdings Ltd.		1,457,766

	Germany: 1.5%
	6,923	Siemens Energy AG		1,134,142

	Netherlands: 3.8%
	962	Adyen NV^*(a)		942,369
	25,400	Heineken NV		1,944,243

				2,886,612

	Taiwan: 2.8%
	6,227	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		2,104,415

	United States: 68.0%
	7,750	Adobe, Inc.^*		1,883,870
	23,570	Agilent Technologies, Inc.		2,686,509
	7,243	Alphabet, Inc. - Class A		2,082,797
	9,950	Amazon.com, Inc.^*		2,072,287
	12,740	Aon PLC - Class A		4,112,217
	5,484	Broadcom, Inc.		1,697,353
	24,431	CoStar Group, Inc.^*		985,547
	2,130	Eli Lilly & Co.		1,959,110
	259,750	Haleon PLC - ADR^(b)		2,600,097
	14,325	Marsh & McLennan Cos., Inc.		2,484,671
	3,780	McKesson Corp.		3,271,061
	3,840	Meta Platforms, Inc. - Class A		2,196,979
	12,245	Microsoft Corp.		4,532,732
	58,850	Occidental Petroleum Corp.		3,825,250
	11,720	ServiceNow, Inc.^*		1,225,326
	10,960	Union Pacific Corp.		2,659,115
	7,565	UnitedHealth Group, Inc.		2,047,013
	10,260	Visa, Inc. - Class A		3,100,982
	22,500	Walt Disney Co.		2,168,550
	33,125	Zoetis, Inc.		3,915,706

				51,507,172

	TOTAL COMMON STOCKS (Cost $67,829,698)			69,747,351

	PREFERRED STOCKS: 5.8%
	South Korea: 5.8%
	58,665	Samsung Electronics Co. Ltd. - (Preference Shares)^*		4,366,409

	TOTAL PREFERRED STOCKS (Cost $2,326,135)			4,366,409


Shares			Value
	SHORT-TERM INVESTMENTS: 4.9%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 3.2%
	2,396,194	State Street Navigator Securities Lending Government Money Market Portfolio, 3.680%^(c)(d)	$	2,396,194

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $2,396,194)			2,396,194


Principal Amount
	REPURCHASE AGREEMENTS: 1.7%
	$1,316,571	Fixed Income Clearing Corp. 1.060%, 3/31/2026, due 04/01/2026 [collateral: par value $1,303,700, U.S. Treasury Notes, 4.625%, due 02/15/2035, value $1,343,283] (proceeds $1,316,610)		1,316,571

	TOTAL REPURCHASE AGREEMENTS (Cost $1,316,571)			1,316,571

	TOTAL SHORT-TERM INVESTMENTS (Cost $3,712,765)			3,712,765

	TOTAL INVESTMENTS (Cost: $73,868,598): 102.8%			77,826,525

	Liabilities in Excess of Other Assets: (2.8)%			(2,124,289	)

	NET ASSETS: 100.0%		$	75,702,236

Percentages are stated as a percent of net assets.


ADR		American Depositary Receipt
*		Non-Income Producing Security.
(a)		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(b)		Security, or portion thereof, is out on loan.
(c)		The rate disclosed is the 7 day net yield as of March 31, 2026.
(d)		Represents security purchased with cash collateral received for securities on loan.

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows*:


Cost of investments	$	73,868,598

Gross unrealized appreciation		10,144,445
Gross unrealized depreciation		(6,186,518	)

Net unrealized appreciation	$	3,957,927

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Shares			Value
	COMMON STOCKS: 97.2%
	Australia: 0.5%
	71,800	Glencore PLC^*	$	544,988

	Brazil: 4.2%
	1,557	MercadoLibre, Inc.^*		2,692,084
	147,124	NU Holdings Ltd. - Class A^*		2,114,172

				4,806,256

	Canada: 1.5%
	14,870	Shopify, Inc. - Class A^*		1,763,879

	China: 1.5%
	13,071	Prosus NV		595,344
	17,496	Tencent Holdings Ltd. - ADR		1,106,097

				1,701,441

	France: 10.3%
	8,847	BNP Paribas SA		839,712
	6,675	Capgemini SE		777,371
	118,362	Carrefour SA		2,174,166
	27,715	Cie de Saint-Gobain SA		2,272,526
	2,924	Kering SA		880,967
	7,863	Pernod Ricard SA		584,754
	18,791	Publicis Groupe SA		1,548,387
	37,433	Societe Generale SA		2,723,281

				11,801,164

	Germany: 13.0%
	7,285	Adidas AG		1,143,844
	1,165	Allianz SE		481,008
	38,369	Aumovio SE^*		1,476,635
	14,976	Bayer AG		678,351
	10,055	Bayerische Motoren Werke AG		904,812
	38,273	Birkenstock Holding PLC^*		1,371,322
	44,781	Daimler Truck Holding AG		2,127,014
	5,760	Deutsche Boerse AG		1,668,555
	11,756	Merck KGaA		1,454,666
	294	Rheinmetall AG		488,523
	18,615	SAP SE		3,138,827

				14,933,557

	Greece: 1.3%
	180,185	Piraeus Bank SA		1,479,669

	Indonesia: 0.8%
	3,147,000	Bank Mandiri Persero Tbk. PT		882,451

	Ireland: 1.5%
	22,700	Kerry Group PLC - Class A		1,791,217

	Israel: 7.0%
	42,194	Meitav Investment House Ltd.		1,473,178
	83,503	Phoenix Financial Ltd.		4,411,495
	49,887	Tel Aviv Stock Exchange Ltd.		2,196,907

				8,081,580

	Italy: 5.0%
	189,458	Banca Monte dei Paschi di Siena SpA		1,644,782
	129,354	Davide Campari-Milano NV^(a)		917,936
	330,300	Intesa Sanpaolo SpA		2,000,506


Shares			Value
	Italy (continued)
	42,620	Ryanair Holdings PLC	$	1,203,056

				5,766,280

	Japan: 5.3%
	72,600	Asahi Group Holdings Ltd.		726,848
	55,400	Nippon Sanso Holdings Corp.		1,973,168
	88,000	Rigaku Holdings Corp.		1,154,250
	9,149	Tokyo Electron Ltd.		2,231,993

				6,086,259

	Netherlands: 6.6%
	766	Adyen NV^*(b)		763,712
	3,321	ASML Holding NV		4,379,827
	51,090	Koninklijke Philips NV		1,394,256
	71,000	Magnum Ice Cream Co. NV^*		1,044,112

				7,581,907

	Singapore: 2.6%
	86,009	STMicroelectronics NV		2,941,856

	South Africa: 1.5%
	39,796	Anglo American PLC		1,684,144

	South Korea: 0.7%
	7,012	Samsung Electronics Co. Ltd.		787,658

	Spain: 1.4%
	81,000	Puig Brands SA - Class B		1,603,974

	Switzerland: 7.0%
	27,323	Bachem Holding AG^(a)		2,239,293
	10,904	Cie Financiere Richemont SA - Class A		1,935,873
	11,955	Julius Baer Group Ltd.		877,708
	1,909	Lonza Group AG		1,216,868
	17,199	Straumann Holding AG		1,787,629

				8,057,371

	Taiwan: 4.1%
	84,000	Taiwan Semiconductor Manufacturing Co. Ltd.		4,735,537

	United Kingdom: 10.5%
	13,700	AstraZeneca PLC		2,665,447
	102,951	Compass Group PLC		2,849,234
	26,015	Diageo PLC		481,486
	14,900	Intertek Group PLC		723,651
	156,956	National Grid PLC		2,635,817
	21,409	Reckitt Benckiser Group PLC		1,447,219
	112,331	Sage Group PLC		1,249,710

				12,052,564

	United States: 10.9%
	7,164	Aon PLC - Class A		2,312,396
	88,143	CNH Industrial NV		969,573
	18,500	Sanofi SA		1,777,949
	6,254	Schneider Electric SE		1,711,545
	46,999	Shell PLC		2,186,165
	3,238	Spotify Technology SA^*		1,570,138
	11,719	Sunbelt Rentals Holdings, Inc.^(a)		762,790

iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Shares			Value
	COMMON STOCKS (CONTINUED)
	United States (continued)
	24,755	Titan SA	$	1,294,183

				12,584,739

	TOTAL COMMON STOCKS (Cost $99,462,503)			111,668,491

	SHORT-TERM INVESTMENTS: 1.7%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.6%
	720,435	State Street Navigator Securities Lending Government Money Market Portfolio, 3.680%^(c)(d)		720,435

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $720,435)			720,435


Principal Amount
	REPURCHASE AGREEMENTS: 1.1%
	$1,244,061	Fixed Income Clearing Corp. 1.060%, 3/31/2026, due 04/01/2026 [collateral: par value $1,232,000, U.S. Treasury Notes, 4.625%, due 02/15/2035, value $1,269,510] (proceeds $1,244,098)		1,244,061

	TOTAL REPURCHASE AGREEMENTS (Cost $1,244,061)			1,244,061

	TOTAL SHORT-TERM INVESTMENTS (Cost $1,964,496)			1,964,496

	TOTAL INVESTMENTS (Cost: $101,426,999): 98.9%			113,632,987

	Other Assets in Excess of Liabilities: 1.1%			1,247,125

	NET ASSETS: 100.0%		$	114,880,112

Percentages are stated as a percent of net assets.


ADR		American Depositary Receipt
*		Non-Income Producing Security.
(a)		Security, or portion thereof, is out on loan.
(b)		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(c)		Represents security purchased with cash collateral received for securities on loan.
(d)		The rate disclosed is the 7 day net yield as of March 31, 2026.

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows*:


Cost of investments	$	101,426,999

Gross unrealized appreciation		18,978,661
Gross unrealized depreciation		(6,772,673	)

Net unrealized appreciation	$	12,205,988

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)

The following is a table displaying the investments of the fund by industry.


Industry	% of Net Assets
Semiconductors & Semiconductor Equipment		12.5	%
Banks		10.1	%
Insurance		6.2	%
Pharmaceuticals		5.7	%
Capital Markets		5.5	%
Textiles, Apparel & Luxury Goods		4.7	%
Software		3.8	%
Life Sciences Tools & Services		3.0	%
Broadline Retail		2.9	%
Health Care Equipment & Supplies		2.7	%
Machinery		2.6	%
Hotels, Restaurants & Leisure		2.5	%
Food Products		2.4	%
Beverages		2.3	%
Multi-Utilities		2.3	%
IT Services		2.2	%
Building Products		2.0	%
Metals & Mining		2.0	%
Oil, Gas & Consumable Fuels		1.9	%
Consumer Staples Distribution & Retail		1.9	%
Chemicals		1.7	%
Electrical Equipment		1.5	%
Personal Care Products		1.4	%
Entertainment		1.4	%
Media		1.3	%
Automobile Components		1.3	%
Household Products		1.3	%
Construction Materials		1.1	%
Passenger Airlines		1.1	%
Electronic Equipment, Instruments & Components		1.0	%
Interactive Media & Services		1.0	%
Automobiles		0.8	%
Technology Hardware, Storage & Peripherals		0.7	%
Financial Services		0.7	%
Trading Companies & Distributors		0.7	%
Professional Services		0.6	%
Aerospace & Defense		0.4	%
Short-Term Investments		1.7	%

Total Investments		98.9	%
Other Assets in Excess of Liabilities		1.1	%

Net Assets		100.0	%

iMGP Small Company Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Shares			Value
	COMMON STOCKS: 97.6%
	Consumer Discretionary: 5.8%
	9,133	Advance Auto Parts, Inc.^(a)	$	481,766
	34,540	Capri Holdings Ltd.^*		608,595
	10,068	Floor & Decor Holdings, Inc. - Class A^*		511,454
	14,426	Gentherm, Inc.^*		400,754
	39,309	Goodyear Tire & Rubber Co.^*		260,619
	34,998	VF Corp.		594,616

				2,857,804

	Energy: 1.4%
	51,990	Crescent Energy Co. - Class A^(a)		701,865

	Financials: 13.8%
	28,365	Columbia Banking System, Inc.		778,052
	15,093	Glacier Bancorp, Inc.^(a)		674,204
	9,972	Goosehead Insurance, Inc. - Class A^*		425,406
	5,715	Hamilton Lane, Inc. - Class A		568,071
	2,080	Kinsale Capital Group, Inc.		710,653
	18,578	National Bank Holdings Corp. - Class A		727,514
	20,405	Seacoast Banking Corp. of Florida		618,067
	8,309	Southstate Bank Corp.		768,749
	9,327	Texas Capital Bancshares, Inc.^*		884,946
	19,559	WesBanco, Inc.		674,590

				6,830,252

	Health Care: 8.5%
	45,094	AdaptHealth Corp.^*		536,619
	15,460	Bio-Techne Corp.		807,939
	4,178	ICU Medical, Inc.^*		539,589
	2,325	Medpace Holdings, Inc.^*		1,116,442
	14,796	QuidelOrtho Corp.^*		243,098
	8,127	Repligen Corp.^*		957,523

				4,201,210

	Industrials: 28.6%^(b)
	3,076	Applied Industrial Technologies, Inc.		816,124
	6,465	AZZ, Inc.		808,965
	9,208	Casella Waste Systems, Inc. - Class A^*		730,563
	18,214	Core & Main, Inc. - Class A^*		899,772
	3,009	CSW Industrials, Inc.		784,085
	2,241	EnerSys		389,307
	6,747	Federal Signal Corp.		729,621
	4,661	Franklin Electric Co., Inc.		429,604
	13,705	Gibraltar Industries, Inc.^*		546,418
	75,704	Hayward Holdings, Inc.^*		1,012,920
	3,447	HEICO Corp. - Class A		727,627
	8,127	Mercury Systems, Inc.^*		592,540
	32,050	Quanex Building Products Corp.		575,938
	3,197	RBC Bearings, Inc.^*		1,736,355
	2,086	Saia, Inc.^*		732,770
	12,848	Terex Corp.		759,317
	8,276	Timken Co.		832,317


Shares			Value
	Industrials (continued)
	2,771	Valmont Industries, Inc.	$	1,107,208

				14,211,451

	Information Technology: 22.1%
	7,269	Agilysys, Inc.^*		517,117
	15,824	Allegro MicroSystems, Inc.^*		498,931
	4,017	Appfolio, Inc. - Class A^*		633,963
	6,087	Badger Meter, Inc.		927,354
	5,639	Belden, Inc.		647,526
	17,242	Cohu, Inc.^*		527,950
	8,111	Descartes Systems Group, Inc.^*		580,423
	3,722	Guidewire Software, Inc.^*		556,662
	6,491	IPG Photonics Corp.^*		743,804
	3,266	Littelfuse, Inc.		1,108,317
	5,573	Manhattan Associates, Inc.^*		741,878
	9,692	Novanta, Inc.^*		1,144,722
	5,299	Onto Innovation, Inc.^*		1,086,666
	12,010	Procore Technologies, Inc.^*		684,570
	8,218	Synaptics, Inc.^*(a)		575,589

				10,975,472

	Materials: 14.1%
	7,447	Celanese Corp.		489,789
	4,568	Eagle Materials, Inc.		865,408
	19,516	Element Solutions, Inc.		666,276
	19,189	Ingevity Corp.^*		1,366,833
	6,220	Louisiana-Pacific Corp.		452,505
	6,924	MP Materials Corp.^*(a)		334,152
	71,059	O-I Glass, Inc.^*		746,830
	84,677	Perimeter Solutions, Inc.^*		2,067,812

				6,989,605

	Real Estate: 3.3%
	14,316	Landbridge Co. LLC - Class A		988,520
	18,693	STAG Industrial, Inc. - REIT		674,070

				1,662,590

	TOTAL COMMON STOCKS (Cost $45,494,090)			48,430,249

	TOTAL INVESTMENTS (Cost: $45,494,090): 97.6%			48,430,249

	Other Assets in Excess of Liabilities: 2.4%			1,202,854

	NET ASSETS: 100.0%		$	49,633,103

Percentages are stated as a percent of net assets.


REIT		Real Estate Investment Trust
*		Non-Income Producing Security.
(a)		Security, or portion thereof, is out on loan.
(b)		For additional information on portfolio concentration, see Notes to the Schedule of Investments.

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Shares			Value
	COMMON STOCKS: 0.4%
	Communication Services: 0.0%
	12,251	Oi SA - ADR^*	$	6,125
	801	Xplornet Communications, Inc.^*		1,252

				7,377

	Consumer Discretionary: 0.0%
	1	Accuride Corp.^*		0
	21,482	Accuride Corp.^*		2
	283	WW International, Inc.^*		3,889

				3,891

	Consumer Staples: 0.0%
	30,089	Moran Foods LLC^*		858

	Energy: 0.0%
	1	Hornbeck Offshore Services, Inc.^*		48

	Financials: 0.0%
	17,500	Sound Holdings FP^*(a)		0

	Health Care: 0.0%
	268	Keenova Therapeutics PLC^*		27,319
	268	Par Health, Inc.^*		1,474

				28,793

	Industrials: 0.4%
	905	Luxco Co. Ltd.^*		15,008
	32,677	Mcdermott International Ltd.^*		849,592
	440	McDermott International, Inc.^*		6,598

				871,198

	Information Technology: 0.0%
	6,102	Riverbed Technology, Inc.^*		793

	Materials: 0.0%
	609	Yak Blocker 2 LLC - Series C 1^*(a)		544
	563	Yak Blocker 2 LLC - Series C 2^*(a)		502

				1,046

	Real Estate: 0.0%
	912,436	CFLD Cayman Investment Trust^*		4,623
	142,738	Kaisa Group Holdings Ltd.^*		1,620
	1,239,883	Shimao Group Holdings Ltd.^*		27,043
	256,164	Yuzhou Group Holdings Co. Ltd.^*		5,195

				38,481

	Special Purpose Acquisition Companies: 0.0%
	6,266	Pershing Square Tontine Holdings Ltd.^*		0
	294	Stichting Administratiekantoor^*		0
	800	Stichting Administratiekantoor^*		0

				0

	TOTAL COMMON STOCKS (Cost $1,602,555)			952,485


Shares			Value
	RIGHTS/WARRANTS: 0.2%
	22,138	ABIOMED, Inc., CVR (Expiration date 12/31/99)^*	$	35,421
	47,716	Albireo Pharma, Inc., CVR (Expiration date 12/31/99)^*		137,560
	213,778	Concert Pharmaceuticals, Inc., CVR (Expiration date 12/31/99)^*		105,991
	11	Hornbeck Offshore Services, Inc. (Expiration date 04/09/30)^*		550
	389	Hornbeck Offshore Services, Inc. (Expiration date 04/09/30)^*		7,002
	4,247	MariaDB PLC (Expiration date 12/16/27)^*		0
	1,566	Pershing Square Holdings Ltd. (Expiration date 09/23/33)^*		0
	124,401	Resolute Forest Products, Inc., CVR (Expiration date 12/31/99)^*		186,701
	1,039	Ross Acquisition Corp. II (Expiration date 02/12/26)^*		0

	TOTAL RIGHTS/WARRANTS (Cost $554,144)			473,225

	PREFERRED STOCKS: 1.3%
	Financials: 1.1%
		American National Group, Inc.
	3,000	7.375%, 01/15/2030^(b)		70,800
		CION Investment Corp.
	20,000	7.500%, 12/30/2029^(c)		495,600
		CNO Financial Group, Inc.
	2,000	5.125%, 11/25/2060		35,940
		Crescent Capital BDC, Inc.
	8,900	5.000%, 05/25/2026		221,788
		Eagle Point Credit Co., Inc.
	32,000	5.375%, 01/31/2029		749,920
		Oxford Lane Capital Corp.
	23,400	5.000%, 01/31/2027		571,428
		Selective Insurance Group, Inc. - Series B
	2,000	4.600%, 04/29/2026^(b)		31,640
		Trinity Capital, Inc.
	25,000	7.875%, 03/30/2029		622,750

				2,799,866

	Industrials: 0.0%
		Element Commercial Aviation
	170	0.000%, ^*(a)		0

	Utilities: 0.2%
		NextEra Energy Capital Holdings, Inc. - Series U
	20,100	6.500%, 06/01/2085		498,681

	TOTAL PREFERRED STOCKS (Cost $5,113,685)			3,298,547

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES: 15.3%
	Commercial MBS: 0.2%
		Cogent Ipv4 LLC
	$580,000	Series 2025-1A-A2 6.646%, 04/25/2055^(d)	$	594,351

	Home Equity ABS: 0.5%
		Carrington Mortgage Loan Trust
	300,000	Series 2005-NC3-M5 4.843%, 06/25/2035^(e) 1 mo. USD Term SOFR + 1.164%		287,263
		CSAB Mortgage-Backed Trust
	1,857,684	Series 2006-2-A6B 6.200%, 09/25/2036^(f)		98,308
		FIGRE Trust
	60,262	Series 2024-HE1-B 6.506%, 03/25/2054^(d)(g)		61,585
	91,930	Series 2024-HE2-C 6.720%, 05/25/2054^(d)(g)		93,912
	96,027	Series 2024-HE3-C 6.229%, 07/25/2054^(d)(g)		97,136
	114,266	Series 2025-HE1-C 6.029%, 01/25/2055^(d)(g)		114,755
		GSAA Home Equity Trust
	505,907	Series 2006-10-AF5 6.948%, 06/25/2036^(f)		108,941
		Morgan Stanley ABS Capital I, Inc. Trust
	242,944	Series 2006-HE8-A2D 4.013%, 10/25/2036^(e) 1 mo. USD Term SOFR + 0.334%		106,022
	325,878	Series 2007-HE4-A2C 4.023%, 02/25/2037^(e) 1 mo. USD Term SOFR + 0.344%		101,951
		Saluda Grade Alternative Mortgage Trust
	60,301	Series 2023-FIG4-B 7.115%, 11/25/2053^(d)(g)		61,785
		Vista Point Securitization Trust
	258,874	Series 2024-CES1-A1 6.676%, 05/25/2054^(d)(f)		261,769

				1,393,427

	Other ABS: 14.5%
		720 East CLO V Ltd.
	250,000	Series 2024-2A-C 5.868%, 07/20/2037^(d)(e) 3 mo. USD Term SOFR + 2.200%		250,289
		AASET Ltd.
	223,450	Series 2024-2A-A 5.930%, 09/16/2049^(d)		225,525
		AASET Trust
	43,758	Series 2020-1A-B 4.335%, 01/16/2040^(d)		43,225
		Aaset Trust
	139,247	Series 2021-1A-A 2.950%, 11/16/2041^(d)		134,413


Principal Amount^			Value
	Other ABS (continued)
		AASET Trust
	$318,786	Series 2021-2A-B 3.538%, 01/15/2047^(d)	$	302,641
	229,774	Series 2025-1A-A 5.943%, 02/16/2050^(d)		231,607
		ABPCI Direct Lending Fund ABS I Ltd.
	63,894	Series 2020-1A-B 4.935%, 12/29/2030^(d)		58,143
		ABPCI Direct Lending Fund ABS IV LP
	250,000	Series 2024-1A-BR 7.388%, 02/01/2036^(d)		247,238
		Adams Outdoor Advertising LP
	280,000	Series 2023-1-A2 6.967%, 07/15/2053^(d)		283,190
		ALLO Issuer LLC
	100,000	Series 2024-1A-B 7.150%, 07/20/2054^(d)		102,128
		AMSR Trust
	2,500,000	Series 2021-SFR1-G 4.612%, 06/17/2038^(d)		2,432,532
		Aquila Funding
	250,000	7.400%, 12/15/2041		254,446
		ARES Direct Lending CLO 2 LLC
	100,000	Series 2024-2A-D 7.568%, 10/20/2036^(d)(e) 3 mo. USD Term SOFR + 3.900%		99,481
		Ares Finance Co. LLC
	500,000	0.000%, 10/15/2036^(g)(h)		862,404
		Ares LXXVII CLO Ltd.
	500,000	Series 2025-77A-SUB 0.334%, 07/15/2038^(d)(g)(i)		377,237
		Ballyrock CLO 14 Ltd.
	250,000	Series 2020-14A-SUB 0.404%, 07/20/2037^(d)(g)(i)		151,313
		Ballyrock CLO Ltd.
	250,000	Series 2019-1A-DR 10.684%, 07/15/2032^(d)(e) 3 mo. USD Term SOFR + 7.012%		248,493
		Bayard Park CLO Ltd.
	250,000	Series 2025-1A-SUB 1.502%, 07/24/2038^(d)(g)(i)		145,315
		BCRED CLO LLC
	250,000	Series 2025-1A-C 5.668%, 04/20/2037^(d)(e) 3 mo. USD Term SOFR + 2.000%		247,701
		Blue Stream Issuer LLC
	100,000	Series 2023-1A-B 6.898%, 05/20/2053^(d)		101,148
	1,000,000	Series 2023-1A-C 8.898%, 05/20/2053^(d)		1,015,503
	50,000	Series 2024-1A-B 6.043%, 11/20/2054^(d)		50,461
		Brant Point CLO Ltd.
	500,000	Series 2025-7A-SUB 1.327%, 07/25/2038^(d)(g)(i)		291,621
		Business Jet Securities LLC
	150,261	Series 2022-1A-B 5.192%, 06/15/2037^(d)		148,380

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
	$299,343	Series 2024-1A-B 6.924%, 05/15/2039^(d)	$	306,863
		CARS-DB4 LP
	200,000	Series 2020-1A-B3 4.950%, 02/15/2050^(d)		188,743
		CARS-DB7 LP
	97,625	Series 2023-1A-A2 6.500%, 09/15/2053^(d)		98,070
	320,000	Series 2023-1A-B 7.750%, 09/15/2053^(d)		321,256
		Castlelake Aircraft Securitization Trust
	22,919	Series 2018-1-A 4.125%, 06/15/2043^(d)		22,811
		Castlelake Aircraft Structured Trust
	226,772	Series 2025-1A-A 5.783%, 02/15/2050^(d)		228,657
		Cerberus Loan Funding 50 LLC
	500,000	Series 2025-1A-C 6.272%, 07/15/2037^(d)(e) 3 mo. USD Term SOFR + 2.600%		498,816
		Cerberus Loan Funding 52 LLC
	250,000	Series 2025-3A-C 5.872%, 10/15/2037^(d)(e) 3 mo. USD Term SOFR + 2.200%		248,586
		Cerberus Loan Funding XLIV LLC
	250,000	Series 2023-5A-C 7.872%, 01/15/2036^(d)(e) 3 mo. USD Term SOFR + 4.200%		250,405
		Cerberus Loan Funding XLV LLC
	250,000	Series 2024-1A-C 6.822%, 04/15/2036^(d)(e) 3 mo. USD Term SOFR + 3.150%		250,408
		Cerberus Loan Funding XLVI LP
	250,000	Series 2024-2A-C 6.722%, 07/15/2036^(d)(e) 3 mo. USD Term SOFR + 3.050%		250,392
		Cerberus Loan Funding XLVII LLC
	250,000	Series 2024-3A-D 8.022%, 07/15/2036^(d)(e) 3 mo. USD Term SOFR + 4.350%		250,383
		Chenango Park CLO Ltd.
	500,000	Series 2018-1A-D 9.734%, 04/15/2030^(d)(e) 3 mo. USD Term SOFR + 6.062%		476,842
		CoreVest American Finance Ltd.
	305,000	Series 2020-4-C 2.250%, 12/15/2052^(d)		284,928
		DigitalBridge Issuer LLC
	350,000	Series 2021-1A-A2 3.933%, 09/25/2051^(d)		346,764
		Dryden 55 CLO Ltd.
	500,000	Series 2018-55A-F 11.134%, 04/15/2031^(d)(e) 3 mo. USD Term SOFR + 7.462%		264,651


Principal Amount^			Value
	Other ABS (continued)
		Dryden 87 CLO Ltd.
	$300,000	Series 2021-87A-SUB 0.542%, 08/20/2038^(d)(g)(i)	$	89,411
		First Franklin Mortgage Loan Trust
	381,939	Series 2006-FF16-2A4 4.213%, 12/25/2036^(e) 1 mo. USD Term SOFR + 0.534%		149,603
		Five Guys Holdings, Inc.
	197,500	Series 2023-1A-A2 7.549%, 01/26/2054^(d)		201,365
		Fortress Credit BSL XV Ltd.
	250,000	Series 2022-2A-CR 6.268%, 10/18/2033^(d)(e) 3 mo. USD Term SOFR + 2.600%		249,906
		Fortress Credit Opportunities IX CLO Ltd.
	250,000	Series 2017-9A-A2TR 5.734%, 10/15/2033^(d)(e) 3 mo. USD Term SOFR + 2.062%		250,466
		GAIA Aviation Ltd.
	144,422	Series 2019-1-B 5.193%, 12/15/2044^(d)(f)		142,430
		GoldenTree Loan Management U.S. CLO 9 Ltd.
	250,000	Series 2021-9A-CR 6.068%, 04/20/2037^(d)(e) 3 mo. USD Term SOFR + 2.400%		250,013
	250,000	Series 2021-9A-DR 7.018%, 04/20/2037^(d)(e) 3 mo. USD Term SOFR + 3.350%		250,013
		Golub Capital Partners ABS Funding Ltd.
	37,172	Series 2020-1A-B 4.496%, 01/22/2029^(d)		37,218
		Golub Capital Partners CLO 16M-R3 Ltd.
	1,100,000	Series 2013-16A-CR3 6.260%, 08/09/2039^(d)(e) 3 mo. USD Term SOFR + 2.600%		1,098,287
		Golub Capital Partners CLO 46M Ltd.
	250,000	Series 2019-46A-CR 6.718%, 04/20/2037^(d)(e) 3 mo. USD Term SOFR + 3.050%		249,552
		Golub Capital Partners CLO 69M
	750,000	Series 2023-69A-DR 6.710%, 11/09/2038^(d)(e) 3 mo. USD Term SOFR + 3.050%		742,038
		HarbourVest Structured Solution IV
	378,299	1.000%, 09/15/2030^(g)		375,560
		Hotwire Funding LLC
	750,000	Series 2021-1-C 4.459%, 11/20/2051^(d)		743,629
		HPS Private Credit CLO LLC
	500,000	Series 2025-3A-C 6.468%, 07/20/2037^(d)(e) 3 mo. USD Term SOFR + 2.800%		498,942

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
	$500,000	Series 2025-3A-D 7.668%, 07/20/2037^(d)(e) 3 mo. USD Term SOFR + 4.000%	$	492,858
		Jamestown CLO XVIII Ltd.
	500,000	Series 2022-18A-DR 7.418%, 07/25/2035^(d)(e) 3 mo. USD Term SOFR + 3.750%		497,749
		LCM 35 Ltd.
	520,000	Series 35A-SUB 1.752%, 10/15/2034^(d)(g)(i)		32,250
		LCM 37 Ltd.
	300,000	Series 37A-SUB 1.996%, 04/15/2034^(d)(g)(i)		4,609
		Lunar Structured Aircraft Portfolio Notes
	162,726	Series 2021-1-B 3.432%, 10/15/2046^(d)		155,190
		Madison Park Funding LIX Ltd.
	305,000	Series 2021-59A-CR 5.918%, 04/18/2037^(d)(e) 3 mo. USD Term SOFR + 2.250%		305,242
		Madison Park Funding LVIII Ltd.
	250,000	Series 2024-58A-D 7.318%, 04/25/2037^(d)(e) 3 mo. USD Term SOFR + 3.650%		242,232
		MAPS Trust
	145,643	Series 2021-1A-A 2.521%, 06/15/2046^(d)		140,134
		Monroe Capital ABS Funding Ltd.
	65,814	Series 2021-1A-A2 2.815%, 04/22/2031^(d)		60,830
		Monroe Capital Income Plus ABS Funding LLC
	98,313	Series 2022-1A-B 5.150%, 04/30/2032^(d)		94,974
		Nassau CFO LLC
	57,274	Series 2019-1-A 3.980%, 08/15/2034^(d)		52,594
		Navigator Aircraft ABS Ltd.
	313,993	Series 2021-1-B 3.571%, 11/15/2046^(d)(f)		298,794
		Neuberger Berman Loan Advisers CLO 26 Ltd.
	1,000,000	Series 2017-26A-INC 0.370%, 10/18/2038^(d)(g)(i)		323,472
		Neuberger Berman Loan Advisers CLO 44 Ltd.
	250,000	Series 2021-44A-SUB 0.957%, 10/16/2035^(d)(g)(i)		93,544
		Neuberger Berman Loan Advisers CLO 60 Ltd.
	250,000	Series 2025-60A-SUB 0.779%, 04/22/2039^(d)(g)(i)		156,111
		Obsidian Issuer LLC
	500,000	Series 2025-1A-A 6.933%, 05/15/2055^(d)		494,688


Principal Amount^			Value
	Other ABS (continued)
		Octagon 74 Ltd.
	$250,000	Series 2025-2A-SUB 1.340%, 04/22/2038^(d)(g)(i)	$	143,243
		Octagon 78 Ltd.
	350,000	Series 2025-3A-SUB 1.197%, 10/20/2038^(d)(g)(i)		262,106
		Octagon Investment Partners CLO 40 Ltd.
	500,000	Series 2019-1A-ER 10.929%, 01/20/2035^(d)(e) 3 mo. USD Term SOFR + 7.262%		382,869
		Octagon Investment Partners CLO XVI Ltd.
	500,000	Series 2013-1A-ER 9.679%, 07/17/2030^(d)(e) 3 mo. USD Term SOFR + 6.012%		415,192
	1,500,000	Series 2013-1A-SUB 10.326%, 07/17/2030^(d)(g)(i)		225
		OHA Credit Partners XI Ltd.
	250,000	Series 2015-11A-CR2 5.868%, 04/20/2037^(d)(e) 3 mo. USD Term SOFR + 2.200%		250,304
		OnDeck Asset Securitization IV LLC
	540,000	Series 2025-1A-C 6.640%, 04/19/2032^(d)		537,400
		OnDeck Asset Securitization Trust IV LLC
	340,000	Series 2023-1A-B 8.250%, 08/19/2030^(d)		340,858
		Onyx II ABS
	688,982	6.600%, 06/15/2030		688,679
		Owl Rock CLO I LLC
	250,000	Series 2019-1A-C 7.906%, 02/20/2036^(d)(e) 3 mo. USD Term SOFR + 4.250%		249,642
		Owl Rock CLO III Ltd.
	250,000	Series 2020-3A-BR 6.018%, 04/20/2036^(d)(e) 3 mo. USD Term SOFR + 2.350%		249,539
		Owl Rock CLO IX LLC
	250,000	Series 2022-9A-CR 5.964%, 11/22/2037^(d)(e) 3 mo. USD Term SOFR + 2.300%		247,887
		Owl Rock CLO VIII LLC
	250,000	Series 2022-8A-CR 6.068%, 04/24/2037^(d)(e) 3 mo. USD Term SOFR + 2.400%		249,411
		Owl Rock CLO XVI LLC
	250,000	Series 2024-16A-C 6.968%, 04/20/2036^(d)(e) 3 mo. USD Term SOFR + 3.300%		249,676

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		OWL Rock CLO XXI LLC
	$350,000	Series 2025-21A-C 6.068%, 07/24/2034^(d)(e) 3 mo. USD Term SOFR + 2.400%	$	349,812
		Oxford Finance Credit Fund III LP
	394,197	Series 2024-A-B 7.548%, 01/14/2032^(d)		389,490
	1,810,000	Series 2025-A-B 7.194%, 08/14/2034^(d)		1,812,052
		Oxford Finance Funding Trust
	150,826	Series 2023-1A-B 7.879%, 02/15/2031^(d)		152,294
		Palmer Square BDC CLO 1 Ltd.
	310,000	Series 1A-B1 5.822%, 07/15/2037^(d)(e) 3 mo. USD Term SOFR + 2.150%		310,898
		Palmer Square Loan Funding Ltd.
	200,000	Series 2021-2A-SUB 0.000%, 05/20/2029^(d)(g)(h)		0
	200,000	Series 2021-3A-SUB 0.000%, 07/20/2029^(d)(g)(h)		27,063
	575,000	Series 2024-3A-SUB 0.000%, 08/08/2032^(d)(g)(h)		325,725
		ReadyCap Lending Small Business Loan Trust
	9,013	Series 2019-2-A 6.250%, 12/27/2044^(d)(e) U.S. (Fed) Prime Rate - 0.500%		9,007
		Regatta 33 Funding Ltd.
	250,000	Series 2025-2A-SUB 0.000%, 07/25/2038^(d)(g)(h)		187,090
		Regatta 34 Funding Ltd.
	250,000	Series 2025-3A-SUB 0.000%, 07/20/2038^(d)(g)(h)		191,953
		RR 39 Ltd.
	250,000	Series 2025-39A-SUB 0.813%, 04/15/2038^(d)(g)(i)		185,953
		RR CLO 2 Ltd.
	500,000	Series 2017-2A-DR 9.734%, 04/15/2036^(d)(e) 3 mo. USD Term SOFR + 6.062%		465,621
		SERVPRO Master Issuer LLC
	498,750	Series 2025-1A-A2 5.525%, 10/25/2055^(d)		494,853
		Slam Ltd.
	178,500	Series 2021-1A-B 3.422%, 06/15/2046^(d)		170,526
		Sonic Capital LLC
	47,208	Series 2020-1A-A2II 4.336%, 01/20/2050^(d)		45,357
		Sprite Ltd.
	43,918	Series 2021-1-A 3.750%, 11/15/2046^(d)		43,050
		SSI ABS Issuer LLC
	192,882	Series 2025-1-A 6.150%, 07/25/2065^(d)		191,651
		Start Ltd.
	14,594	Series 2018-1-A 4.089%, 05/15/2043^(d)		14,962


Principal Amount^			Value
	Other ABS (continued)
		Steiv
	$250,000	6.820%, 12/31/2046	$	243,840
		Subway Funding LLC
	148,125	Series 2024-1A-A23 6.505%, 07/30/2054^(d)		148,618
	49,375	Series 2024-3A-A23 5.914%, 07/30/2054^(d)		48,062
		SVC ABS LLC
	350,000	Series 2026-1A-B 5.795%, 03/20/2056^(d)		345,312
		Switch ABS Issuer LLC
	100,000	Series 2024-1A-A2 6.280%, 03/25/2054^(d)		100,980
	50,000	Series 2024-2A-A2 5.436%, 06/25/2054^(d)		49,091
	100,000	Series 2025-1A-A2 5.036%, 03/25/2055^(d)		96,532
		Symphony CLO 41 Ltd.
	360,000	Series 2024-41A-SUB 1.323%, 07/20/2037^(d)(g)(i)		189,566
		Symphony CLO 48 Ltd.
	250,000	Series 2025-48A-SUB 0.818%, 04/20/2038^(d)(g)(i)		179,882
		Symphony CLO XXXI Ltd.
	650,000	Series 2022-31A-SUB 0.303%, 04/22/2050^(d)(g)(i)		206,497
		Textainer Marine Containers VII Ltd.
	133,250	Series 2021-1A-B 2.520%, 02/20/2046^(d)		124,978
		THL Credit Wind River CLO Ltd.
	2,000,000	Series 2014-2A-INC 5.548%, 01/15/2031^(d)(i)		300
		Thrust Engine Leasing DAC
	363,665	Series 2021-1A-B 6.121%, 07/15/2040^(d)		362,138
		VB-S1 Issuer LLC
	250,000	Series 2022-1A-F 5.268%, 02/15/2052^(d)		245,256
	100,000	Series 2024-1A-F 8.871%, 05/15/2054^(d)		102,671
		VCP RRL ABS I Ltd.
	22,704	Series 2021-1A-C 5.425%, 10/20/2031^(d)		20,290
		Venture XIII CLO Ltd.
	250,000	Series 2013-13A-SUB 4.543%, 09/10/2029^(d)(g)(i)		38
		Wellfleet CLO Ltd.
	250,000	Series 2024-1A-B 5.718%, 07/18/2037^(d)(e) 3 mo. USD Term SOFR + 2.050%		250,415
		Willis Engine Structured Trust V
	171,389	Series 2020-A-A 3.228%, 03/15/2045^(d)		166,300
		Willis Engine Structured Trust VII
	77,530	Series 2023-A-A 8.000%, 10/15/2048^(d)		79,341
		Wind River CLO Ltd.
	500,000	Series 2021-2A-E 10.359%, 07/20/2034^(d)(e) 3 mo. USD Term SOFR + 6.692%		430,705

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		Wise CLO Ltd.
	$250,000	Series 2024-2A-C 5.872%, 07/15/2037^(d)(e) 3 mo. USD Term SOFR + 2.200%	$	250,288
		Wonder Lake Park CLO Ltd.
	500,000	Series 2025-1A-SUB 1.257%, 07/24/2038^(d)(g)(i)		322,496
		Zayo Issuer LLC
	3,030,000	Series 2025-2A-C 9.489%, 06/20/2055^(d)		3,187,653

				38,152,350

	WL Collateral CMO: 0.1%
		FIGRE Trust
	111,890	Series 2024-HE6-C 5.974%, 12/25/2054^(d)(g)		112,365

	TOTAL ASSET-BACKED SECURITIES (Cost $47,466,946)			40,252,493

	BANK LOANS: 19.8%
	Basic Materials: 2.2%
		AAP Buyer, Inc.
	88,875	6.417%, 09/09/2031^(e) 3 mo. USD Term SOFR + 2.750%		89,097
		Arsenal AIC Parent LLC
	262,208	6.418%, 08/19/2030^(e) 1 mo. USD Term SOFR + 2.750%		263,191
		Discovery Purchaser Corp.
	237,609	7.419%, 10/04/2029^(e) 3 mo. USD Term SOFR + 3.750%		234,372
		GEON Performance Solutions LLC
	3,298,842	8.211%, 08/18/2028^(e) 3 mo. USD Term SOFR + 4.250%		2,940,918
		Nouryon Finance BV
	2,162,886	7.036%, 04/03/2028^(e) 6 mo. USD Term SOFR + 3.250%		2,125,035
		Power Services Holding Co.
	98,843	8.532%, 11/22/2031^(e) 1 mo. USD Term SOFR + 4.750%		98,656
		SCIL IV LLC
	99,750	7.788%, 11/08/2032^(e) 6 mo. USD Term SOFR + 4.000%		99,501

				5,850,770

	Communications: 3.9%
		Cengage Learning, Inc.
	109,692	6.669%, 03/24/2031^(e) 1 mo. USD Term SOFR + 3.000%, 3 mo. USD Term SOFR +3.000%		107,681


Principal Amount^			Value
	Communications (continued)
		Connect Finco SARL
	$3,252,078	8.168%, 09/27/2029^(e) 1 mo. USD Term SOFR + 4.500%	$	3,263,769
		Cyxtera DC Holdings, Inc.
	132,288	0.000%, 01/16/2027^(j)		728
		Eagle Broadband Investments LLC
	2,415,376	6.961%, 11/12/2027^(e) 3 mo. USD Term SOFR + 3.000%		2,311,720
		Firstdigital Communications LLC
	48,842	8.532%, 12/17/2026^(e) 1 mo. USD Term SOFR + 4.750%		48,070
		Iridium Satellite LLC
	1,968,435	5.918%, 09/20/2030^(e) 1 mo. USD Term SOFR + 2.250%		1,929,893
		Level 3 Financing, Inc.
	20,000	6.918%, 03/29/2032^(e) 1 mo. USD Term SOFR + 3.250%		20,027
		Midcontinent Communications
	847,100	6.168%, 08/16/2031^(e) 1 mo. USD Term SOFR + 2.500%		843,216
		Speedster Bidco GmbH
	148,506	6.700%, 12/11/2031^(e) 3 mo. USD Term SOFR + 3.000%		142,659
		Sunrise Financing Partnership
	150,000	6.099%, 02/15/2032^(e) 6 mo. USD Term SOFR + 2.470%		149,282
		TripAdvisor, Inc.
	213,456	6.418%, 07/08/2031^(e) 1 mo. USD Term SOFR + 2.750%		203,138
		Versant Media Group, Inc.
	1,230,000	7.200%, 01/30/2031^(e) 3 mo. USD Term SOFR + 3.500%		1,230,387
		Xplornet Communications, Inc.
	4,153	8.782%, 10/24/2029^(e)(k) 1 mo. USD Term SOFR + 5.114%		3,836
	14,239	5.397%, 10/24/2031^(e) 1 mo. USD Term SOFR + 1.614%		9,264

				10,263,670

	Consumer, Cyclical: 2.6%
		Accuride Intermediate Co., Inc.
	16,361	8.169%, 03/07/2030^(e) 3 mo. USD Term SOFR + 4.500%		30,139
		Allen Media LLC
	498,112	9.350%, 02/10/2027^(e) 3 mo. USD Term SOFR + 5.500%		317,546

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Consumer, Cyclical (continued)
		American Airlines, Inc.
	$1,451,401	5.918%, 04/20/2028^(e) 3 mo. USD Term SOFR + 2.250%	$	1,440,515
		Arcis Golf LLC
	544,859	6.418%, 11/24/2028^(e) 1 mo. USD Term SOFR + 2.750%		546,676
		Beach Acquisition Bidco LLC
	99,750	6.950%, 09/12/2032^(e) 3 mo. USD Term SOFR + 3.250%		100,124
		Betclic Everest Group
	150,000	0.000%, 12/10/2031^(l)		149,860
		Caesars Entertainment, Inc.
	97,006	5.918%, 02/06/2030^(e) 1 mo. USD Term SOFR + 2.250%		94,460
	98,246	5.918%, 02/06/2031^(e) 1 mo. USD Term SOFR + 2.250%		95,667
		Epic Creations, Inc.
	156	13.676%, 07/31/2025^(e) 1 mo. USD Term SOFR + 10.000%		157
		FR Refuel LLC
	86,270	8.532%, 11/08/2028^(e) 1 mo. USD Term SOFR + 4.750%		84,976
		Gibson Brands, Inc.
	95,750	8.929%, 08/11/2028^(e) 3 mo. USD Term SOFR + 5.000%		88,688
		Gloves Buyer, Inc.
	344,138	7.668%, 05/21/2032^(e) 1 mo. USD Term SOFR + 4.000%		343,578
		Great Outdoors Group LLC
	853,022	6.918%, 01/23/2032^(e) 1 mo. USD Term SOFR + 3.250%		852,702
		Gulfside Supply, Inc.
	50,000	0.000%, 06/17/2031^(l)		45,969
		Hunter Douglas, Inc.
	445,117	6.700%, 01/20/2032^(e) 3 mo. USD Term SOFR + 3.000%		443,773
		Laseraway Intermediate Holdings II LLC
	89,566	9.846%, 10/14/2027^(e) 3 mo. USD Term SOFR + 5.750%		89,230
		Pacific Bells LLC
	256,633	7.200%, 11/13/2028^(e) 3 mo. USD Term SOFR + 3.500%		257,489
		Park River Holdings, Inc.
	280,000	8.161%, 03/15/2031^(e) 3 mo. USD Term SOFR + 4.500%		274,331


Principal Amount^			Value
	Consumer, Cyclical (continued)
		Peer Holding III BV
	$98,750	6.200%, 07/01/2031^(e) 3 mo. USD Term SOFR + 2.500%	$	98,673
		PetSmart, Inc.
	25,000	7.675%, 08/18/2032^(e) 1 mo. USD Term SOFR + 4.000%		24,881
		QSRP Finco BV
	500,000 (EUR)	5.905%, 06/19/2031^(e) 3 mo. EURIBOR + 3.750%		564,309
		Recess Holdings, Inc.
	98,009	7.418%, 02/20/2030^(e) 3 mo. USD Term SOFR + 3.750%		98,294
		SGH2 LLC
	149,250	8.200%, 08/18/2032^(e) 3 mo. USD Term SOFR + 4.500%		147,011
		Tacala LLC
	49,006	6.668%, 01/31/2031^(e) 1 mo. USD Term SOFR + 3.000%		49,063
		Topgolf Callaway Brands Corp.
	3,999	6.418%, 03/18/2030^(e) 1 mo. USD Term SOFR + 2.750%		4,017
		VistaJet Malta Finance PLC
	221,000	7.411%, 04/01/2031^(e) 3 mo. USD Term SOFR + 3.750%		219,102
		White Cap Buyer LLC
	247,122	6.918%, 10/19/2029^(e) 1 mo. USD Term SOFR + 3.250%		238,258

				6,699,488

	Consumer, Non-cyclical: 4.1%
		AAG U.S. GSI Bidco, Inc.
	2,158,200	8.700%, 10/31/2031^(e) 3 mo. USD Term SOFR + 5.000%		2,158,200
		Amspec Parent LLC
	347,445	7.200%, 12/22/2031^(e) 3 mo. USD Term SOFR + 3.500%		347,372
		Bausch Health Cos., Inc.
	19,850	9.918%, 10/08/2030^(e) 1 mo. USD Term SOFR + 6.250%		19,210
		Blue Ribbon LLC
	202,537	9.922%, 05/08/2028^(e) 3 mo. USD Term SOFR + 6.000%		118,629
		CCRR Parent, Inc.
	296,362	8.184%, 03/06/2028^(e) 3 mo. USD Term SOFR + 4.250%		84,998
		Chef’s Warehouse Leasing Co. LLC
	81,833	6.168%, 08/23/2029^(e) 1 mo. USD Term SOFR + 2.500%		82,345

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Consumer, Non-cyclical (continued)
		Citrin Cooperman Advisors LLC
	$66,725	6.700%, 04/01/2032^(e) 3 mo. USD Term SOFR + 3.000%	$	64,307
		Congruex Group LLC
	48,636	5.350%, 05/03/2029^(e) 3 mo. USD Term SOFR + 1.500%		33,134
		Dermatology Intermediate Holdings III, Inc.
	97,223	7.917%, 03/30/2029^(e) 3 mo. USD Term SOFR + 4.250%		92,058
		Florida Food Products LLC
	10,600	9.150%, 10/15/2030^(e) 3 mo. USD Term SOFR + 5.500%		10,485
	11,129	9.150%, 10/15/2030^(e) 3 mo. USD Term SOFR + 5.500%		11,008
	55,905	8.764%, 10/15/2030^(e) 3 mo. USD Term SOFR + 5.000%		41,053
		Grant Thornton Advisors LLC
	398,995	6.418%, 06/02/2031^(e) 1 mo. USD Term SOFR + 2.750%		373,475
		Hologic, Inc.
	400,000	0.000%, 01/14/2033^(l)		395,726
		Imagefirst Holdings LLC
	148,875	6.675%, 03/12/2032^(e) 3 mo. USD Term SOFR + 3.000%		148,689
		Inception Holdco SARL
	546,255	6.950%, 04/09/2031^(e) 3 mo. USD Term SOFR + 3.250%		550,579
		MB2 Dental Solutions LLC
	400	9.168%, 02/13/2031^(e) 1 mo. USD Term SOFR + 5.500%		350
	13,699	9.168%, 02/13/2031^(e) 1 mo. USD Term SOFR + 5.500%		13,699
	19,527	9.168%, 02/13/2031^(e) 1 mo. USD Term SOFR + 5.500%		19,527
	94,594	9.168%, 02/13/2031^(e) 1 mo. USD Term SOFR + 5.500%		94,401
		Moran Foods LLC
	5,688	11.050%, 06/30/2026^(e) 3 mo. USD Term SOFR + 7.250%		0
	13,119	15.023%, 06/30/2026^(e) 3 mo. USD Term SOFR + 2.000%		7
	12,145	11.050%, 06/30/2026^(e) 3 mo. USD Term SOFR + 7.250%		1,768


Principal Amount^			Value
	Consumer, Non-cyclical (continued)
		MPH Acquisition Holdings LLC
	$78,363	7.417%, 12/31/2030^(e) 3 mo. USD Term SOFR + 3.750%	$	78,344
	649,584	8.529%, 12/31/2030^(e) 3 mo. USD Term SOFR + 4.600%		578,402
		NFM & J LP
	47,600	9.517%, 11/30/2028^(e) 3 mo. USD Term SOFR + 5.750%		46,996
	48,388	9.483%-9.523%, 11/30/2028^(e) 3 mo. USD Term SOFR + 5.750%		47,774
		PABST Financing Newco LLC
	80,343	11.640%, 05/08/2028^(e) 3 mo. USD Term SOFR + 8.000%		76,326
		Pacific Dental Services LLC
	197,500	6.175%, 03/15/2031^(e) 1 mo. USD Term SOFR + 2.500%		197,870
		Priority Holdings LLC
	1,238,014	7.418%, 08/02/2032^(e) 1 mo. USD Term SOFR + 3.750%		1,210,548
		ScribeAmerica Intermediate Holdco LLC
	47,023	10.250%, 06/01/2026^(e) U.S. (Fed) Prime Rate - 3.500%		23,512
		Secretariat Advisors LLC
	88,355	7.700%, 02/28/2032^(e) 3 mo. USD Term SOFR + 4.000%		87,030
		Sotera Health Holdings LLC
	2,090,115	6.168%, 05/30/2031^(e) 1 mo. USD Term SOFR + 2.500%		2,094,692
		System One Holdings LLC
	1,117,929	7.168%, 03/02/2028^(e) 1 mo. USD Term SOFR + 3.500%		1,120,724
		TMF Group Holding BV
	167,875	6.402%, 05/03/2028^(e) 3 mo. USD Term SOFR + 2.750%		168,379
		Vacation Rental Brands LLC
	39,660	8.950%, 05/06/2032^(e) 3 mo. USD Term SOFR + 5.25%		39,264
	82,917	8.950%, 05/06/2032^(e) 3 mo. USD Term SOFR + 5.250%		82,145
		Women’s Care Enterprises LLC
	187,410	8.267%, 01/15/2028^(e) 3 mo. USD Term SOFR + 4.500%		176,165
		WW International, Inc.
	28,739	10.506%, 06/24/2030^(e) 3 mo. USD Term SOFR + 6.800%		21,209

				10,710,400

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Energy: 0.1%
		Lealand Finance Co. BV
	$42,080	7.782%, 12/31/2027^(e)(k) 1 mo. USD Term SOFR + 4.000%	$	35,189
		Liquid Tech Solutions LLC
	181,424	7.167%, 10/12/2032^(e) 1 mo. USD Term SOFR + 3.500%		181,539
		Par Petroleum LLC
	182,465	6.933%, 02/28/2030^(e) 3 mo. USD Term SOFR + 3.250%		182,852

				399,580

	Financial: 2.7%
		Ardonagh Midco 3 PLC
	148,506	6.370%, 02/15/2031^(e) 3 mo. USD Term SOFR + 2.750%, 6 mo. USD Term SOFR + 2.750%		145,258
		Aretec Group, Inc.
	421,827	6.668%, 08/09/2030^(e) 1 mo. USD Term SOFR + 3.000%		417,104
		Ascensus Group Holdings, Inc.
	20,588	6.668%, 11/25/2032^(e) 1 mo. USD Term SOFR + 3.000%		20,292
		Asurion LLC
	2,342	8.018%, 08/19/2028^(e) 1 mo. USD Term SOFR + 4.250%		2,344
	73,999	7.918%, 09/19/2030^(e) 1 mo. USD Term SOFR + 4.250%		73,338
	397,000	7.918%, 09/19/2030^(e) 1 mo. USD Term SOFR + 4.250%		393,030
		Blackhawk Network Holdings, Inc.
	157,856	7.168%, 03/12/2029^(e) 1 mo. USD Term SOFR + 3.500%		156,060
		Capstone Acquisition Holdings, Inc.
	12,015	8.268%, 11/13/2029^(e) 1 mo. USD Term SOFR + 4.500%		0
	135,856	8.268%, 11/13/2029^(e) 1 mo. USD Term SOFR + 4.500%		135,311
		Cfc Bidco 2022 Ltd.
	550,000	7.161%, 07/01/2032^(e) 3 mo. USD Term SOFR + 3.500%		528,000
		Chrysaor Bidco SARL
	99,055	6.900%, 10/30/2031^(e) 3 mo. USD Term SOFR + 3.250%		99,040
		Cliffwater LLC
	138,600	8.423%, 04/22/2032^(e) 1 mo. USD Term SOFR + 4.750%		138,600


Principal Amount^			Value
	Financial (continued)
		Eisner Advisory Group LLC
	$80,552	7.668%, 02/28/2031^(e) 1 mo. USD Term SOFR + 4.000%	$	76,927
		Fiserv Investment Solutions, Inc.
	100,000	7.670%, 01/27/2033^(e) 3 mo. USD Term SOFR + 4.000%		98,084
		Focus Financial Partners LLC
	49,376	6.168%, 09/15/2031^(e) 1 mo. USD Term SOFR + 2.500%		47,892
		HV Eight LLC
	331,607 (EUR)	5.622%, 11/22/2027^(e) 3 mo. EURIBOR + 3.500%		379,858
		IMC Financing LLC
	545,875	6.675%, 06/18/2032^(e) 1 mo. USD Term SOFR + 3.000%		548,605
		LendingTree, Inc.
	2,615,059	7.918%, 08/21/2030^(e) 1 mo. USD Term SOFR + 4.250%		2,575,833
		Orion Advisor Solutions, Inc.
	99,750	6.421%, 09/24/2030^(e) 3 mo. USD Term SOFR + 2.750%		98,171
		Orion U.S. Finco, Inc.
	550,000	7.150%, 10/08/2032^(e) 3 mo. USD Term SOFR + 3.500%		545,531
		PMH Newco LP
	228,899	6.300%, 10/02/2030^(e) 3 mo. USD Term SOFR + 2.600%		228,616
		PMH SPV C LLC
	60,167	6.602%, 10/02/2030^(e) 3 mo. USD Term SOFR + 3.150%		60,173
		Saphilux SARL
	296,760	6.730%, 07/18/2028^(e) 6 mo. USD Term SOFR + 3.000%		296,871

				7,064,938

	Industrial: 1.7%
		AGI-CFI Acquisition Corp.
	75,000	0.000%, 03/25/2033^(l)		74,344
		API Holdings III LLC
	8,541	10.700%, 03/25/2027^(e)(k) 3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK		8,719
	113,415	10.700%, 05/10/2027^(e)(k) 3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK		107,376
		Azuria Water Solutions, Inc.
	20,000	0.000%, 01/27/2033^(l)		19,850
	150,000	0.000%, 05/17/2028^(l) 1 mo. USD Term SOFR + 3.000%		148,875
	251,362	6.668%, 05/17/2028^(e) 1 mo. USD Term SOFR + 3.000%		249,571

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Industrial (continued)
		Bettcher Industries, Inc.
	$147,317	7.668%, 12/14/2028^(e) 1 mo. USD Term SOFR + 4.000%	$	147,654
	300,000	7.668%, 12/14/2028^(e) 1 mo. USD Term SOFR + 4.000%		300,750
		CD&R Hydra Buyer, Inc.
	299,237	7.768%, 03/25/2031^(e) 1 mo. USD Term SOFR + 4.000%		299,579
		Climater Bidco II SAS
	500,000 (EUR)	6.127%, 03/19/2032^(e) 3 mo. EURIBOR + 4.000%		579,424
		Cobham Ultra SeniorCo SARL
	430,940	7.791%, 08/03/2029^(e) 6 mo. USD Term SOFR + 3.750%		432,502
		Cube Industrials Buyer, Inc.
	148,504	6.667%, 10/17/2031^(e) 3 mo. USD Term SOFR + 3.000%		148,751
		Engineered Machinery Holdings, Inc.
	197,410	6.950%, 11/26/2032^(e) 3 mo. USD Term SOFR + 3.250%		198,496
		GrafTech Finance, Inc.
	42,667	9.670%, 12/21/2029^(e) 3 mo. USD Term SOFR + 6.000%		40,714
		Holding Socotec
	49,500	6.380%, 06/02/2031^(e) 3 mo. USD Term SOFR + 2.750%		49,593
		Ilpea Parent, Inc.
	459,979	7.670%, 06/22/2028^(e) 1 mo. USD Term SOFR + 4.000%		461,129
		Mannington Mills, Inc.
	92,556	8.450%, 03/25/2032^(e) 3 mo. USD Term SOFR + 4.750%		91,167
		Michael Baker International LLC
	395,127	7.667%, 12/01/2028^(e) 3 mo. USD Term SOFR + 4.000%		395,868
		OEP Glass Purchaser LLC
	200,000	7.700%, 03/07/2033^(e) 3 mo. USD Term SOFR + 4.000%		197,188
		Owens-Illinois, Inc.
	249,375	6.668%, 09/30/2032^(e) 1 mo. USD Term SOFR + 3.000%		247,297
		Pelican Products, Inc.
	97,208	8.211%, 12/29/2028^(e) 3 mo. USD Term SOFR + 4.250%		86,759


Principal Amount^			Value
	Industrial (continued)
		Quikrete Holdings, Inc.
	$96,157	5.918%, 04/14/2031^(e) 1 mo. USD Term SOFR + 2.250%	$	96,129

				4,381,735

	Technology: 1.9%
		Apttus Corp.
	126,797	7.167%, 05/08/2028^(e) 3 mo. USD Term SOFR + 3.500%		108,940
		AthenaHealth Group, Inc.
	2,300,155	6.418%, 02/15/2029^(e) 1 mo. USD Term SOFR + 2.750%		2,261,340
		Boxer Parent Co., Inc.
	99,000	6.673%, 07/30/2031^(e) 3 mo. USD Term SOFR + 3.000%		92,060
		Central Parent, Inc.
	606,120	6.950%, 07/06/2029^(e) 3 mo. USD Term SOFR + 3.250%		434,188
		CoreLogic, Inc.
	544,301	7.282%, 06/02/2028^(e) 1 mo. USD Term SOFR + 3.500%		521,851
		Curriculum Associates LLC
	74,905	8.168%, 05/07/2032^(e) 1 mo. USD Term SOFR + 4.500%		74,905
	125,158	8.168%, 05/07/2032^(e) 1 mo. USD Term SOFR + 4.500%		124,592
		Cvent, Inc.
	98,750	6.450%, 06/17/2030^(e) 3 mo. USD Term SOFR + 2.750%		94,133
		Darktrace PLC
	278,195	6.898%, 10/09/2031^(e) 3 mo. USD Term SOFR + 3.250%		267,103
		Dayforce, Inc.
	200,000	6.663%, 02/04/2033^(e) 3 mo. USD Term SOFR + 3.000%		189,722
		HIG Operations Holdings, Inc.
	140,786	8.168%, 06/11/2031^(e) 1 mo. USD Term SOFR + 4.500%		140,434
		Kaseya, Inc.
	99,000	6.918%, 03/22/2032^(e) 1 mo. USD Term SOFR + 3.250%		92,739
		Modena Buyer LLC
	173,185	7.917%, 07/01/2031^(e) 3 mo. USD Term SOFR + 4.250%		156,034
		Planview Parent, Inc.
	148,050	7.200%, 12/17/2027^(e) 3 mo. USD Term SOFR + 3.500%		111,501

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Technology (continued)
		PushPay USA, Inc.
	$98,753	7.450%, 08/15/2031^(e) 3 mo. USD Term SOFR + 3.750%	$	96,778
		Sitecore Holding III AS
	142,263	10.337%, 03/12/2029^(e) 6 mo. USD Term SOFR + 6.500%		141,754
		Zuora, Inc.
	149,250	7.168%, 02/14/2032^(e) 1 mo. USD Term SOFR + 3.500%		138,243

				5,046,317

	Utilities: 0.6%
		Eastern Power LLC
	1,328,775	8.418%, 04/03/2029^(e) 1 mo. USD Term SOFR + 4.750%		1,334,589
		PowerGrid Services LLC
	9,600	8.423%, 07/01/2030^(e) 1 mo. USD Term SOFR + 4.750%		8,928
		PowerGrid Services LLC
	220,773	8.450%, 07/01/2032^(e) 3 mo. USD Term SOFR + 4.750%		219,714

				1,563,231

	TOTAL BANK LOANS (Cost $53,390,749)			51,980,129

	CONVERTIBLE BONDS: 0.2%
	Energy: 0.2%
		XPLR Infrastructure LP
	610,000	2.500%, 06/15/2026^(d)		606,187

	Financial: 0.0%
		Kaisa Group Holdings Ltd.
	115,151	0.000%, 12/31/2026^(d)(h)		403
	143,942	0.000%, 12/31/2027^(d)(h)		288
	230,303	0.000%, 12/31/2028^(d)(h)		346
	230,303	0.000%, 12/31/2029^(d)(h)		276
	287,878	0.000%, 12/31/2030^(d)(h)		374
	287,878	0.000%, 12/31/2031^(d)(h)		317
	543,104	0.000%, 12/31/2032^(d)(h)		597

				2,601

	TOTAL CONVERTIBLE BONDS (Cost $2,304,342)			608,788

	CORPORATE BONDS: 43.2%
	Basic Materials: 1.4%
		AITX FinCo LLC
	400,000	Series C 6.000%, 10/23/2035		398,205
		Compass Minerals International, Inc.
	155,000	8.000%, 07/01/2030^(d)		160,261
		Dow Chemical Co.
	100,000	6.900%, 05/15/2053^(c)		102,381
		Methanex U.S. Operations, Inc.
	975,000	6.250%, 03/15/2032^(d)		997,315


Principal Amount^			Value
	Basic Materials (continued)
		Novelis Corp.
	$400,000	3.875%, 08/15/2031^(d)	$	356,931
		Olin Corp.
	1,280,000	6.625%, 04/01/2033^(d)		1,253,577
		SCIL IV LLC/SCIL USA Holdings LLC
	100,000 (EUR)	9.500%, 07/15/2028^(d)		118,788
		Unigel Luxembourg SA
	58,147	11.000%, 12/31/2028^(d)(k) Cash 11.000% + PIK Rate 12.000%		1,744
	250,035	11.000%, 12/31/2028^(k) Cash 11.000% + PIK Rate 12.000%		7,501
		WR Grace Holdings LLC
	350,000	7.000%, 08/01/2033^(d)		340,211

				3,736,914

	Communications: 2.6%
		Altice France SA
	152,439	6.875%, 07/15/2032^(d)		144,578
		AMC Networks, Inc.
	4,000	4.250%, 02/15/2029		3,373
	553,000	10.500%, 07/15/2032^(d)		546,388
		Bell Telephone Co. of Canada or Bell Canada
	200,000	6.875%, 09/15/2055^(g) 5 yr. CMT + 2.390%		202,371
		British Telecommunications PLC
	200,000	4.875%, 11/23/2081^(d)(g) 5 yr. CMT + 3.493%		191,776
		Charter Communications Operating LLC/Charter Communications Operating Capital
	15,000	4.800%, 03/01/2050		11,122
	60,000	3.700%, 04/01/2051		37,237
	40,000	5.250%, 04/01/2053		31,467
	70,000	6.834%, 10/23/2055		66,118
	370,000	4.400%, 12/01/2061		238,420
		Connect Finco SARL/Connect U.S. Finco LLC
	290,000	9.000%, 09/15/2029^(d)		305,003
		Cox Communications, Inc.
	85,000	2.950%, 10/01/2050^(d)		45,975
	50,000	5.800%, 12/15/2053^(d)		42,370
		CSC Holdings LLC
	100,000	11.750%, 01/31/2029^(d)		72,336
		iHeartCommunications, Inc.
	104,000	7.750%, 08/15/2030^(d)		82,611
		McGraw-Hill Education, Inc.
	40,000	8.000%, 08/01/2029^(d)		39,813
		Nexstar Media, Inc.
	1,200,000	6.500%, 09/15/2033^(d)		1,210,442
		Paramount Global
	260,000	6.875%, 04/30/2036		228,260
	12,000	5.900%, 10/15/2040		8,881
	345,000	4.375%, 03/15/2043		208,357
	90,000	5.850%, 09/01/2043		62,373
	27,000	5.250%, 04/01/2044		17,132
	28,000	4.900%, 08/15/2044		17,412
		QTS Good News Facility
	478,356	0.010%, 10/09/2028		478,128
	323,176	7.800%, 10/09/2028		323,176

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Communications (continued)
		Rakuten Group, Inc.
	$477,000	9.750%, 04/15/2029^(d)	$	509,097
		Rogers Communications, Inc.
	150,000	7.000%, 04/15/2055^(g) 5 yr. CMT + 2.653%		150,667
		Sunrise FinCo I BV
	450,000	4.875%, 07/15/2031^(d)		428,902
		TELUS Corp.
	200,000	6.625%, 10/15/2055^(g) 5 yr. CMT + 2.769%		200,211
	200,000	7.000%, 10/15/2055^(g) 5 yr. CMT + 2.709%		204,261
	100,000	6.375%, 06/09/2056^(g) 5 yr. CMT + 2.694%		98,998
	100,000	6.625%, 06/09/2056^(g) 5 yr. CMT + 2.515%		97,532
		Time Warner Cable LLC
	20,000	6.550%, 05/01/2037		20,117
		Virgin Media Finance PLC
	100,000	5.000%, 07/15/2030^(d)		82,068
		Vmed O2 U.K. Financing I PLC
	400,000	6.750%, 01/15/2033^(d)		357,861
		Vodafone Group PLC
	100,000	5.125%, 06/04/2081^(g) 5 yr. CMT + 3.073%		77,739

				6,842,572

	Consumer, Cyclical: 4.6%
		Beach Acquisition Bidco LLC
	100,000 (EUR)	5.250%, 07/15/2032^(d)		110,735
		Betclic Everest Group SAS
	150,000 (EUR)	5.125%, 12/10/2031^(d)		170,838
		Boots Group Finco LP
	200,000 (EUR)	5.375%, 08/31/2032^(d)		230,014
		Clarios Global LP/Clarios U.S. Finance Co.
	300,000 (EUR)	4.750%, 06/15/2031^(d)		340,084
		Crocs, Inc.
	135,000	4.125%, 08/15/2031^(d)		121,514
		Deuce Finco PLC
	400,000 (GBP)	7.000%, 11/20/2031^(d)		520,522
		Essendi SA
	200,000 (EUR)	5.375%, 05/15/2030^(d)		226,158
	200,000 (EUR)	5.625%, 05/15/2032^(d)		223,195
		Ford Motor Credit Co. LLC
	945,000	5.113%, 05/03/2029		936,235
		JB Poindexter & Co., Inc.
	30,000	8.750%, 12/15/2031^(d)		30,433
		JetBlue Airways Corp./JetBlue Loyalty LP
	1,905,000	9.875%, 09/20/2031^(d)		1,803,907
		Lightning eMotors, Inc.
	100,000	7.500%, 03/01/2037		94,351
	200,000	Series 2022-1-A 5.500%, 03/01/2037		189,569
		Macy’s Retail Holdings LLC
	741,000	5.875%, 03/15/2030^(d)		736,285
	450,000	7.375%, 08/01/2033^(d)		461,439
		Motel One GmbH/Muenchen
	80,000 (EUR)	7.750%, 04/02/2031^(d)		95,923


Principal Amount^			Value
	Consumer, Cyclical (continued)
		NCL Corp. Ltd.
	$250,000	5.875%, 01/15/2031^(d)	$	241,566
	135,000	6.750%, 02/01/2032^(c)(d)		133,933
		New Flyer Holdings, Inc.
	125,000	9.250%, 07/01/2030^(d)		133,663
		Newell Brands, Inc.
	645,000	8.500%, 06/01/2028^(d)		665,951
		Nordstrom, Inc.
	1,985,000	4.375%, 04/01/2030		1,839,354
		Penn Entertainment, Inc.
	180,000	4.125%, 07/01/2029^(c)(d)		168,378
	180,000	6.750%, 04/01/2031^(d)		175,025
		Phinia, Inc.
	86,000	6.625%, 10/15/2032^(d)		87,523
		Quicktop Holdco AB
	100,000 (EUR)	6.608%, 03/21/2030^(d)(e) 3 mo. EURIBOR + 4.500%		118,516
		QXO Building Products, Inc.
	200,000	6.750%, 04/30/2032^(d)		203,513
		Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.
	175,000	6.625%, 03/01/2030^(c)(d)		150,699
		Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada’s Wonderland Co.
	125,000	6.625%, 05/01/2032^(c)(d)		124,444
		Suburban Propane Partners LP/Suburban Energy Finance Corp.
	41,000	5.000%, 06/01/2031^(d)		38,619
		Superior Plus LP/Superior General Partner, Inc.
	100,000	4.500%, 03/15/2029^(d)		95,651
		Thunderbird 1 A Funded
	200,000	Series 2022-1-A 5.500%, 03/01/2037		189,569
		Thunderbird Entertainment Group, Inc.
	100,000	7.500%, 03/01/2037		94,351
		TVL Finance PLC
	100,000 (EUR)	5.885%, 06/30/2030^(c)(e) 3 mo. EURIBOR + 3.750%		103,049
		Velocity Vehicle Group LLC
	100,000	8.000%, 06/01/2029^(d)		93,476
		Wabash National Corp.
	100,000	4.500%, 10/15/2028^(d)		87,684
		Whirlpool Corp.
	100,000	4.500%, 06/01/2046		66,018
	50,000	4.600%, 05/15/2050		32,916
		William Carter Co.
	815,000	7.375%, 02/15/2031^(d)		832,110
		Wolverine World Wide, Inc.
	74,000	4.000%, 08/15/2029^(d)		68,749

				12,035,959

	Consumer, Non-cyclical: 2.8%
		1261229 BC Ltd.
	198,000	10.000%, 04/15/2032^(d)		202,628
		Acadia Healthcare Co., Inc.
	200,000	7.375%, 03/15/2033^(c)(d)		205,204
		Altria Group, Inc.
	10,000	4.450%, 05/06/2050		7,826

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Non-cyclical (continued)
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
	$955,000	8.250%, 01/15/2030^(d)	$	961,417
		Bausch Health Cos., Inc.
	658,000	4.875%, 06/01/2028^(c)(d)		602,656
		BCP V Modular Services Finance II PLC
	100,000 (EUR)	4.750%, 11/30/2028^(d)		108,825
		Carriage Services, Inc.
	100,000	4.250%, 05/15/2029^(d)		94,907
		Centene Corp.
	755,000	3.000%, 10/15/2030		662,002
		Cidron Atrium SE
	100,000 (EUR)	5.625%, 02/15/2033^(d)		109,853
		CPI CG, Inc.
	349,000	10.000%, 07/15/2029^(d)		368,615
		CVS Health Corp.
	50,000	7.000%, 03/10/2055^(g) 5 yr. CMT + 2.886%		51,553
		Herc Holdings, Inc.
	230,000	7.250%, 06/15/2033^(d)		235,774
		Hertz Corp.
	18,000	12.625%, 07/15/2029^(c)(d)		15,710
		Hologic, Inc.
	620,000	3.250%, 02/15/2029^(d)		619,761
		Humana, Inc.
	200,000	6.625%, 09/15/2056^(g) 5 yr. CMT + 2.891%		192,267
		JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings
	100,000	4.375%, 02/02/2052		76,198
		Nexture SpA
	140,000 (EUR)	5.145%, 07/30/2032^(d)(e) 3 mo. EURIBOR + 3.125%		158,804
		Nidda Healthcare Holding GmbH
	450,000 (EUR)	5.234%, 10/15/2032^(d)(e) 3 mo. EURIBOR + 3.250%		515,271
		Perrigo Finance Unlimited Co.
	100,000 (EUR)	5.375%, 09/30/2032		108,031
		Post Holdings, Inc.
	957,000	4.500%, 09/15/2031^(d)		890,495
		Sotheby’s/Bidfair Holdings, Inc.
	200,000	5.875%, 06/01/2029^(d)		188,575
		Surgery Center Holdings, Inc.
	150,000	7.250%, 04/15/2032^(d)		146,958
		TriNet Group, Inc.
	50,000	7.125%, 08/15/2031^(d)		48,560
		Valvoline, Inc.
	556,000	3.625%, 06/15/2031^(d)		502,969
		Williams Scotsman, Inc.
	350,000	7.375%, 10/01/2031^(d)		359,047

				7,433,906

	Energy: 2.5%
		BP Capital Markets PLC
	50,000	6.125%, 03/18/2035^(b)(g) 5 yr. CMT + 1.924%		50,427
		CQP Holdco LP/BIP-V Chinook Holdco LLC
	300,000	7.500%, 12/15/2033^(d)		314,987


Principal Amount^			Value
	Energy (continued)
		Crescent Energy Finance LLC
	$1,230,000	7.625%, 04/01/2032^(d)	$	1,248,730
		CTL AZ Battery Property
	100,000	6.730%, 02/20/2046		99,089
		CVR Energy, Inc.
	300,000	7.875%, 02/15/2034^(d)		301,181
		Energy Transfer LP
	70,000	6.300%, 01/15/2056		69,152
		Global Partners LP/GLP Finance Corp.
	25,000	6.875%, 01/15/2029		25,032
	550,000	7.125%, 07/01/2033^(d)		554,723
		Helmerich & Payne, Inc.
	275,000	5.500%, 12/01/2034		270,738
		Hess Midstream Operations LP
	1,800,000	5.875%, 03/01/2028^(d)		1,812,242
		HF Sinclair Corp.
	60,000	6.250%, 01/15/2035		62,008
		ITT Holdings LLC
	125,000	6.500%, 08/01/2029^(d)		121,600
		Kinetik Holdings LP
	100,000	5.875%, 06/15/2030^(d)		100,420
		ONEOK, Inc.
	100,000	7.150%, 01/15/2051		108,111
		Phillips 66 Co.
	37,000	Series A 5.875%, 03/15/2056^(g) 5 yr. CMT + 2.283%		36,442
	37,000	Series B 6.200%, 03/15/2056^(g) 5 yr. CMT + 2.166%		36,786
		Rockies Express Pipeline LLC
	50,000	6.875%, 04/15/2040^(d)		49,301
		Sunoco LP
	1,005,000	7.000%, 05/01/2029^(d)		1,032,862
		TransMontaigne Partners LLC
	75,000	8.500%, 06/15/2030^(d)		75,855
		Venture Global LNG, Inc.
	50,000	9.500%, 02/01/2029^(d)		53,973
	50,000	9.000%, 09/30/2029^(b)(c)(d)(g) 5 yr. CMT + 5.440%		49,810
	50,000	9.875%, 02/01/2032^(c)(d)		53,721

				6,527,190

	Financial: 22.2%
		Aegon Ltd.
	685,000	5.500%, 04/11/2048^(g) 6 mo. USD LIBOR + 3.540%		686,120
		Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
	100,000	7.000%, 01/15/2031^(d)		100,499
		Allianz SE
	200,000	6.550%, 10/30/2033^(b)(d)(g) 5 yr. CMT + 2.317%		200,459
		Alpha Holding SA de CV
	565,639	9.000%, 02/10/2025^(d)(j)		4,242
		American Coastal Insurance Corp.
	255,000	6.250%, 12/15/2027		254,943
		American National Group, Inc.
	250,000	7.000%, 12/01/2055^(g) 5 yr. CMT + 3.183%		237,276
		Americo Life, Inc.
	650,000	3.450%, 04/15/2031^(d)(m)		573,696

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		AmFam Holdings, Inc.
	$160,000	2.805%, 03/11/2031^(d)	$	140,577
		AP Grange Holdings
	394,551	6.500%, 03/20/2045		414,279
		Arbor Realty SR, Inc.
	835,000	7.875%, 07/15/2030^(c)(d)		772,493
	685,000	Series QIB 8.500%, 10/15/2027^(d)		682,091
		Ardonagh Finco Ltd.
	350,000 (EUR)	6.875%, 02/15/2031^(d)		400,759
		Ascot Group Ltd.
	1,465,000	6.349%, 06/15/2035^(d)(g) 5 yr. CMT + 2.375%		1,495,029
		AXIS Specialty Finance LLC
	1,995,000	4.900%, 01/15/2040^(g) 5 yr. CMT + 3.186%		1,912,921
		Bank of America Corp.
	2,300,000	Series RR 4.375%, 01/27/2027^(b)(g) 5 yr. CMT + 2.760%		2,272,184
	250,000	Series TT 6.125%, 04/27/2027^(b)(g) 5 yr. CMT + 3.231%		250,116
		Belrose Funding Trust II
	550,000	6.792%, 05/15/2055^(d)(m)		552,667
		Blue Owl Finance LLC
	550,000	6.250%, 04/18/2034		529,430
		Blue Owl Technology Finance Corp.
	2,140,000	6.750%, 04/04/2029^(c)		2,106,731
		Bowhead Specialty Holdings, Inc.
	795,000	7.750%, 12/01/2030		789,453
		Brazilian Merchant Voucher Receivables Ltd.
	75,424	4.180%, 04/07/2028^(a)(g)		75,034
		Bread Financial Holdings, Inc.
	995,000	6.750%, 05/15/2031^(d)		988,336
		Ceamer Finance II LLC
	191,986	6.920%, 11/15/2037		195,476
		Ceamer Finance III LLC
	81,186	6.790%, 11/15/2039		82,152
		Citadel LP
	25,000	6.375%, 01/23/2032^(d)		25,931
		Citadel Securities Global Holdings LLC
	250,000	6.200%, 06/18/2035^(d)		256,506
		Citigroup, Inc.
	500,000	Series EE 6.750%, 02/15/2030^(b)(c)(g) 5 yr. CMT + 2.572%		500,082
	100,000	Series FF 6.950%, 02/15/2030^(b)(g) 5 yr. CMT + 2.726%		100,721
	270,000	Series HH 6.625%, 02/15/2031^(b)(g) 5 yr. CMT + 3.001%		269,824
		CNO Financial Group, Inc.
	50,000	6.450%, 06/15/2034		51,657
		Compeer Financial ACA
	1,390,000	Series QIB 7.875%, 02/15/2031^(b)(d)(g) 5 yr. CMT + 4.155%		1,425,278


Principal Amount^			Value
	Financial (continued)
		Corebridge Financial, Inc.
	$169,000	6.875%, 12/01/2030^(b)(g) 5 yr. CMT + 3.181%	$	172,279
	2,095,000	6.875%, 12/15/2052^(g) 5 yr. CMT + 3.846%		2,110,540
		Cushman & Wakefield U.S. Borrower LLC
	71,000	6.750%, 05/15/2028^(d)		71,041
		Dai-ichi Life Insurance Co. Ltd.
	200,000	6.200%, 01/16/2035^(b)(d)(g)(m) 5 yr. CMT + 2.515%		201,249
		DaVinciRe Holdings Ltd.
	800,000	5.950%, 04/15/2035^(d)		798,871
		Doctors Co. An Interinsurance Exchange
	350,000	4.500%, 01/18/2032^(d)		318,960
		Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance
	1,125,000	5.950%, 09/17/2030^(d)		1,057,907
		Dyal Capital Partners III
	132,000	Series B 6.550%, 06/15/2044		132,542
		Dyal Capital Partners LP
	168,000	6.550%, 06/15/2044		168,702
		Encore Capital Group, Inc.
	200,000	8.500%, 05/15/2030^(d)		211,535
		Enstar Finance LLC
	950,000	5.500%, 01/15/2042^(g) 5 yr. CMT + 4.006%		937,611
		Enstar Group Ltd.
	214,000	3.100%, 09/01/2031		189,048
	540,000	7.500%, 04/01/2045^(d)(g) 5 yr. CMT + 3.186%		557,161
		EQT AB
	550,000	5.850%, 05/08/2035^(d)(m)		552,675
		Equitable Holdings, Inc.
	500,000	6.700%, 03/28/2055^(g) 5 yr. CMT + 2.390%		506,207
		Fairfax India Holdings Corp.
	320,000	5.000%, 02/26/2028^(d)		305,420
		Farmers Insurance Exchange
	60,000	7.000%, 10/15/2064^(d)(g) 10 yr. CMT + 3.864%		60,189
		Fidelis Insurance Holdings Ltd.
	1,155,000	6.625%, 04/01/2041^(d)(g) 5 yr. CMT + 6.323%		1,155,000
	550,000	7.750%, 06/15/2055^(g) 5 yr. CMT + 4.280%		580,755
		Focus Financial Partners LLC
	500,000	6.750%, 09/15/2031^(d)		497,975
		Fortitude Group Holdings LLC
	50,000	6.250%, 04/01/2030^(d)		50,949
		FS KKR Capital Corp.
	100,000	3.250%, 07/15/2027		95,957
	510,000	3.125%, 10/12/2028		464,990
		Galaxy Bidco Ltd.
	150,000 (GBP)	8.125%, 12/19/2029^(d)		203,112
		Global Atlantic Fin Co.
	135,000	3.125%, 06/15/2031^(d)		118,553
	1,460,000	7.950%, 10/15/2054^(d)(g) 5 yr. CMT + 3.608%		1,407,096

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
	$465,000	7.250%, 03/01/2056^(d)(g) 5 yr. CMT + 3.550%	$	438,696
		Goldman Sachs Group, Inc.
	85,000	6.850%, 02/10/2030^(b)(g) 5 yr. CMT + 2.461%		86,662
	100,000	Series U 3.650%, 08/10/2026^(b)(g) 5 yr. CMT + 2.915%		99,175
		Golub Capital BDC, Inc.
	160,000	6.000%, 07/15/2029^(c)		159,549
		Golub Capital Private Credit Fund
	1,020,000	5.800%, 09/12/2029		1,005,869
		Grand River Funding Trust I
	100,000	6.311%, 02/15/2036^(d)		101,057
		Grand River Funding Trust II
	100,000	7.280%, 02/15/2056^(d)		104,948
		HA Sustainable Infrastructure Capital, Inc.
	1,330,000	6.375%, 07/01/2034^(c)		1,339,586
	935,000	6.750%, 07/15/2035		962,156
		HAT Holdings I LLC/HAT Holdings II LLC
	930,000	3.375%, 06/15/2026^(d)		926,774
		Hunt Cos., Inc.
	100,000	5.250%, 04/15/2029^(d)		93,882
		Insured Lending 1 Ltd.
	850,000 (EUR)	6.500%, 02/04/2032^(d)		982,609
		Iron Mountain, Inc.
	378,000	4.500%, 02/15/2031^(d)		355,021
		Jane Street Group/JSG Finance, Inc.
	270,000	7.125%, 04/30/2031^(d)		277,620
	575,000	6.750%, 05/01/2033^(c)(d)		584,124
		Jefferies Finance LLC/JFIN Co-Issuer Corp.
	600,000	5.000%, 08/15/2028^(d)		559,634
		Jefferies Financial Group, Inc.
	265,000	6.200%, 04/14/2034		270,415
	280,000	6.250%, 01/15/2036^(m)		283,908
		Kaisa Group Holdings Ltd.
	193,656	6.250%, 12/28/2028^(d)(k) Cash 5.250% + PIK Rate 6.250%		4,841
	132,469	7.721%, 12/28/2028^(d)(k) Cash 6.721% + PIK Rate 7.721%		3,312
	324,195	6.500%, 12/28/2029^(d)(k) Cash 5.500% + PIK Rate 6.500%		6,484
	390,752	6.750%, 12/28/2030^(d)(k) Cash 5.750% + PIK Rate 6.750%		7,815
	588,719	7.000%, 12/28/2031^(d)(k) Cash 6.000% + PIK Rate 7.000%		13,246
	554,037	7.250%, 12/28/2032^(d)(k) Cash 6.250% + PIK Rate 7.250%		9,003
		Kane Bidco Ltd.
	250,000 (GBP)	7.750%, 07/15/2031^(d)		327,917
		Kennedy-Wilson, Inc.
	100,000	4.750%, 02/01/2030		100,145


Principal Amount^			Value
	Financial (continued)
	$56,000	5.000%, 03/01/2031	$	56,105
		KKR Core Holdings Co. LLC
	83,668	4.000%, 08/12/2031		75,220
		Liberty Mutual Group, Inc.
	220,000	4.300%, 02/01/2061^(d)		137,405
		Lvnv Funding LLC
	100,000	7.800%, 11/05/2028		103,824
		Meiji Yasuda Life Insurance Co.
	200,000	6.100%, 06/11/2055^(d)(g) 5 yr. CMT + 2.911%		200,786
		MetLife, Inc.
	175,000	5.850%, 03/15/2056^(g) 5 yr. CMT + 1.817%		171,763
		MG Azalea LP
	1,063,839	6.450%, 06/24/2032		1,066,522
		MidCap Funding XLVI Trust
	450,000	6.849%, 04/15/2028		450,000
		Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
	1,000,000	5.875%, 05/23/2042^(d)(g) 5 yr. CMT + 3.982%		1,022,363
		Nassau Cos., of New York
	267,000	7.875%, 07/15/2030^(d)		243,938
		Nationwide Financial Services, Inc.
	295,000	6.750%, 05/15/2087		292,726
		Nippon Life Insurance Co.
	400,000	6.500%, 04/30/2055^(d)(g)(m) 5 yr. CMT + 3.189%		413,981
		Oaktree Specialty Lending Corp.
	81,000	7.100%, 02/15/2029^(c)		81,549
		Oaktree Strategic Credit Fund
	635,000	6.500%, 07/23/2029^(c)		635,975
		Obra Longevity Fund LP
	250,000	Class A 8.478%, 06/30/2039		259,384
		Omnis Funding Trust
	250,000	6.722%, 05/15/2055^(d)(m)		253,239
		OneMain Finance Corp.
	48,000	6.625%, 05/15/2029		48,107
	400,000	6.750%, 09/15/2033		384,018
		Operadora de Servicios Mega SA de CV Sofom ER
	400,000	8.250%, 02/11/2025^(d)(j)		6,000
		Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc.
	1,060,000	6.375%, 02/01/2027^(d)		1,051,393
		PartnerRe Finance B LLC
	250,000	4.500%, 10/01/2050^(g) 5 yr. CMT + 3.815%		239,448
		PennyMac Financial Services, Inc.
	150,000	6.750%, 02/15/2034^(d)		140,394
		PNC Financial Services Group, Inc.
	2,455,000	Series T 3.400%, 09/15/2026^(b)(g) 5 yr. CMT + 2.595%		2,408,533
		Prospect Capital Corp.
	154,000	3.437%, 10/15/2028^(c)		134,862
		Reinsurance Group of America, Inc.
	225,000	6.650%, 09/15/2055^(g)(m) 5 yr. CMT + 2.392%		225,024
		Scentre Group Trust 2
	910,000	5.125%, 09/24/2080^(d)(g) 5 yr. CMT + 4.685%		903,127

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		Sculptor Alternative Solutions LLC
	$500,000	6.000%, 05/15/2037^(d)	$	459,550
		Sherwood Financing PLC
	130,000 (EUR)	7.650%, 12/15/2029^(c)(e) 3 mo. EURIBOR + 5.500%		145,653
		Shimao Group Holdings Ltd.
	9,677	5.950%, 07/21/2031^(d)(k) Cash 5.000% + PIK Rate 6.000%		363
		Starwood Property Trust, Inc.
	1,035,000	4.375%, 01/15/2027^(c)(d)		1,030,043
	50,000	6.500%, 07/01/2030^(d)		51,066
		State Street Corp.
	50,000	Series K 6.450%, 09/15/2030^(b)(g) 5 yr. CMT + 2.135%		50,788
		Stewart Information Services Corp.
	420,000	3.600%, 11/15/2031		371,692
		Stonebriar ABF Issuer LLC
	605,000	8.125%, 12/15/2030^(d)		625,346
		Strategic Credit Opportunities
	345,000	Series A 4.250%, 04/01/2026		344,960
		Terminal Investment Ltd. Holding SA
	400,000	5.630%, 07/09/2032		400,092
		Toronto-Dominion Bank
	50,000	8.125%, 10/31/2082^(g) 5 yr. CMT + 4.075%		51,601
		Trinity Capital, Inc.
	320,000	4.375%, 08/24/2026		315,940
		U.S. Bancorp
	925,000	Series N 3.700%, 01/15/2027^(b)(c)(g) 5 yr. CMT + 2.541%		906,470
		Unigel Netherlands Holding Corp. BV
	295,656	15.000%, 12/31/2044^(k) Cash 15.000% + PIK Rate 15.000%		5,913
		United Wholesale Mortgage LLC
	600,000	5.500%, 04/15/2029^(d)		562,160
		Universal Insurance Holdings, Inc.
	345,000	5.625%, 11/30/2026		341,912
		VFH Parent LLC/Valor Co-Issuer, Inc.
	550,000	7.500%, 06/15/2031^(d)		565,507
		Walker & Dunlop, Inc.
	100,000	6.625%, 04/01/2033^(d)		97,821
		Wells Fargo & Co.
	250,000	Series GG 6.125%, 06/15/2031^(b)(g) 5 yr. CMT + 2.340%		250,699
		Wilton RE Ltd.
	166,000	6.000%, 10/22/2030^(b)(d)(g) 5 yr. CMT + 5.266%		159,970
		Yuzhou Group Holdings Co. Ltd.
	275,287	7.000%, 06/30/2027^(k) Cash 6.000% + PIK Rate 7.000%		22,711
	231,135	4.000%, 06/30/2028^(k) PIK Rate 4.000%		8,090


Principal Amount^			Value
	Financial (continued)
	$403,464	4.500%, 06/30/2029^(k) Cash 4.500% + PIK Rate 4.500%	$	13,113
	539,841	5.000%, 06/30/2030^(k) Cash 5.000% + PIK Rate 5.000%		16,195
	759,122	5.500%, 06/30/2031^(k) Cash 5.500% + PIK Rate 5.500%		22,774
	233,900	1.000%, 06/30/2034^(k)		877

				58,204,726

	Industrial: 1.6%
		Biffa Group Holdings Ltd.
	150,000 (EUR)	5.250%, 06/15/2031^(d)		167,545
	100,000 (GBP)	7.380%, 06/15/2031^(d)		129,128
		Boeing Co.
	80,000	7.008%, 05/01/2064		88,756
		Builders FirstSource, Inc.
	550,000	6.750%, 05/15/2035^(d)		549,804
		CML Fontainebleau Vegas
	250,000	1.000%, 01/31/2028^(e)		256,234
		GrafTech Finance, Inc.
	105,000	4.625%, 12/23/2029^(d)		58,624
		GrafTech Global Enterprises, Inc.
	30,000	9.875%, 12/23/2029^(d)		19,235
		Graphic Packaging International LLC
	100,000	6.375%, 07/15/2032^(c)(d)		99,504
		Great Lakes Dredge & Dock Corp.
	200,000	5.250%, 06/01/2029^(d)		200,876
		Masterbrand, Inc.
	1,645,000	7.000%, 07/15/2032^(d)		1,608,027
		Mauser Packaging Solutions Holding Co.
	100,000	7.875%, 04/15/2030^(d)		99,772
		Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC
	100,000	6.750%, 04/01/2032^(d)		95,838
		Quikrete Holdings, Inc.
	90,000	6.750%, 03/01/2033^(d)		91,466
		Sealed Air Corp.
	150,000	6.875%, 07/15/2033^(d)		143,427
		Standard Building Solutions, Inc.
	121,000	6.500%, 08/15/2032^(c)(d)		121,140
		Textron Financial Corp.
	185,000	5.649%, 02/15/2067^(d)(g) 3 mo. USD Term SOFR + 1.997%		166,184
		Waste Pro USA, Inc.
	150,000	7.000%, 02/01/2033^(d)		152,057

				4,047,617

	Technology: 1.8%
		ams-OSRAM AG
	770,000	12.250%, 03/30/2029^(d)		819,559
		Capstone Borrower, Inc.
	150,000	8.000%, 06/15/2030^(d)		143,399
		Cloud Software Group, Inc.
	100,000	6.500%, 03/31/2029^(d)		97,690
		CoreWeave, Inc.
	1,380,000	9.250%, 06/01/2030^(d)		1,347,935

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Technology (continued)
	$1,010,000	9.000%, 02/01/2031^(d)	$	970,827
		Dye & Durham Ltd.
	37,000	8.625%, 04/15/2029^(c)(d)		31,003
		Oracle Corp.
	150,000	5.200%, 09/26/2035		140,501
	50,000	5.875%, 09/26/2045		43,323
	50,000	5.950%, 09/26/2055		42,171
		SS&C Technologies, Inc.
	400,000	6.500%, 06/01/2032^(d)		399,982
		TeamSystem SpA
	100,000 (EUR)	5.516%, 07/31/2031^(d)(e) 3 mo. EURIBOR + 3.500%		110,874
	400,000 (EUR)	5.266%, 07/01/2032^(d)(e) 3 mo. EURIBOR + 3.250%		434,808
		VC3, Inc.
	31	3.500%, 10/15/2041		31
		Xerox Corp.
	200,000	10.250%, 10/15/2030^(c)(d)		151,000

				4,733,103

	Utilities: 3.7%
		American Electric Power Co., Inc.
	155,000	Series C 5.800%, 03/15/2056^(g) 5 yr. CMT + 2.128%		153,206
	155,000	Series D 6.050%, 03/15/2056^(g) 5 yr. CMT + 1.940%		153,634
		Atlantica Sustainable Infrastructure Ltd.
	1,770,000	4.125%, 06/15/2028^(d)		1,720,264
		CMS Energy Corp.
	60,000	6.500%, 06/01/2055^(g) 5 yr. CMT + 1.961%		61,076
		Edison International
	1,230,000	7.875%, 06/15/2054^(g) 5 yr. CMT + 3.658%		1,259,477
		Eversource Energy
	125,000	Series B 6.350%, 08/15/2056^(g) 5 yr. CMT + 2.325%		123,337
		NextEra Energy Capital Holdings, Inc.
	1,050,000	6.750%, 06/15/2054^(g) 5 yr. CMT + 2.457%		1,087,587
	58,000	6.375%, 08/15/2055^(g) 5 yr. CMT + 2.053%		59,113
		PacifiCorp
	150,000	7.375%, 09/15/2055^(g) 5 yr. CMT + 3.319%		142,582
		Sierra Pacific Power Co.
	350,000	6.375%, 09/15/2056^(g) 5 yr. CMT + 2.638%		347,162
		Southern Co.
	425,000	6.000%, 04/01/2058^(g)(m) 5 yr. CMT + 1.993%		427,302
	2,074,000	Series 21-A 3.750%, 09/15/2051^(g) 5 yr. CMT + 2.915%		2,060,299
		Spire, Inc.
	200,000	6.450%, 06/01/2056^(g) 5 yr. CMT + 2.327%		199,523


Principal Amount^			Value
	Utilities (continued)
		XPLR Infrastructure Operating Partners LP
	$1,905,000	8.375%, 01/15/2031^(c)(d)	$	2,004,066

				9,798,628

	TOTAL CORPORATE BONDS (Cost $117,822,412)			113,360,615

	GOVERNMENT SECURITIES & AGENCY ISSUE: 4.1%
		U.S. Treasury Bonds
	1,400,000	1.750%, 08/15/2041		938,438
		U.S. Treasury Notes
	1,000,000	4.125%, 06/15/2026⁽ⁿ⁾		1,000,852
	1,400,000	4.625%, 09/15/2026⁽ⁿ⁾		1,405,768
	1,900,000	4.375%, 12/15/2026⁽ⁿ⁾		1,908,123
	1,900,000	4.250%, 03/15/2027^(c)(n)		1,909,484
	1,900,000	4.625%, 06/15/2027⁽ⁿ⁾		1,918,035
	1,650,000	3.375%, 09/15/2027⁽ⁿ⁾		1,639,204

	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $10,768,772)			10,719,904

	LIMITED PARTNERSHIPS: 0.0%
	1,300,000	U.S. Farming Realty Trust LP^*(a)		51,925

	TOTAL LIMITED PARTNERSHIPS (Cost $0)			51,925

	MORTGAGE-BACKED SECURITIES: 13.7%
		Acrec Fl 3 LLC
	150,000	Series 2025-FL3-C 5.971%, 08/18/2042^(d)(e) 1 mo. USD Term SOFR + 2.291%		150,613
		ACRES Commercial Realty Issuer LLC
	300,000	Series 2026-FL4-C 5.910%, 08/18/2044^(d)(e) 1 mo. USD Term SOFR + 2.250%		300,867
		Alternative Loan Trust
	42,656	Series 2003-22CB-1A1 5.750%, 12/25/2033		43,278
	164,741	Series 2004-13CB-A4 2.229%, 07/25/2034^(i)(o)		124,054
	23,701	Series 2004-16CB-1A1 5.500%, 07/25/2034		23,451
	18,958	Series 2004-16CB-3A1 5.500%, 08/25/2034		18,765
	18,649	Series 2004-J10-2CB1 6.000%, 09/25/2034		18,900
	278,182	Series 2006-31CB-A7 6.000%, 11/25/2036		147,942
	164,656	Series 2007-16CB-2A1 4.243%, 08/25/2037^(e) 1 mo. USD Term SOFR + 0.564%		49,806
	47,680	Series 2007-16CB-2A2 22.975%, 08/25/2037^(e) -8.333*1 mo. USD Term SOFR + 53.629%		63,404

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Alternative Loan Trust (continued)
	$326,388	Series 2007-16CB-4A2 16.842%, 08/25/2037^(e) -6*1 mo. USD Term SOFR + 38.913%	$	411,497
	312,489	Series 2007-19-1A34 6.000%, 08/25/2037		141,076
	854,384	Series 2007-20-A12 6.250%, 08/25/2047		440,581
	84,817	Series 2007-OA4-A1 4.133%, 05/25/2047^(e) 1 mo. USD Term SOFR + 0.454%		77,950
	91,063	Series 2007-OA7-A1A 4.153%, 05/25/2047^(e) 1 mo. USD Term SOFR + 0.474%		85,106
		American Home Mortgage Investment Trust
	138,571	Series 2006-1-11A1 4.073%, 03/25/2046^(e) 1 mo. USD Term SOFR + 0.394%		126,457
		Arbor Realty Commercial Real Estate Notes Ltd.
	420,000	Series 2022-FL1-C 5.972%, 01/15/2037^(d)(e) 30 day USD SOFR Average + 2.300%		420,316
		Atrium Hotel Portfolio Trust
	860,000	Series 2025-ATRM-D 6.973%, 08/15/2042^(d)(e) 1 mo. USD Term SOFR + 3.300%		854,240
		BAHA Trust
	870,000	Series 2024-MAR-C 7.015%, 12/10/2041^(d)(g)		896,862
		Banc of America Alternative Loan Trust
	18,190	Series 2003-8-1CB1 5.500%, 10/25/2033		18,320
		Banc of America Funding Trust
	14,313	Series 2005-7-3A1 5.750%, 11/25/2035		14,530
	160,023	Series 2006-B-7A1 4.174%, 03/20/2036^(g)		141,881
	12,194	Series 2007-4-5A1 5.500%, 11/25/2034		10,714
		Banc of America Mortgage Trust
	4,940	Series 2005-A-2A1 4.758%, 02/25/2035^(g)		4,851
		BCAP LLC Trust
	238,350	Series 2006-AA2-A1 4.133%, 01/25/2037^(e) 1 mo. USD Term SOFR + 0.454%		225,206
	114,715	Series 2010-RR6-6A2 4.291%, 07/26/2037^(d)(g)		49,672
	1,570,078	Series 2011-R11-2A4 5.500%, 12/26/2035^(d)		880,224


Principal Amount^			Value
		BDS LLC
	$150,000	Series 2025-FL14-C 5.569%, 10/17/2042^(d)(e) 1 mo. USD Term SOFR + 1.893%	$	149,877
		Bear Stearns Asset-Backed Securities I Trust
	264,232	Series 2006-AC1-1A1 6.250%, 02/25/2036^(f)		116,146
		BINOM Securitization Trust
	530,000	Series 2022-RPL1-M1 3.000%, 02/25/2061^(d)(g)		434,062
		BSPRT Issuer LLC
	100,000	Series 2024-FL11-C 6.317%, 07/15/2039^(d)(e) 1 mo. USD Term SOFR + 2.644%		100,671
		BX Commercial Mortgage Trust
	86,725	Series 2024-AIRC-C 6.263%, 08/15/2041^(d)(e) 1 mo. USD Term SOFR + 2.590%		86,971
		BX Trust
	150,000	Series 2024-VLT4-D 6.113%, 06/15/2041^(d)(e) 1 mo. USD Term SOFR + 2.440%		148,791
		BXHPP Trust
	200,000	Series 2021-FILM-C 4.888%, 08/15/2036^(d)(e) 1 mo. USD Term SOFR + 1.214%		174,825
		BXMT Ltd.
	250,000	Series 2020-FL2-D 5.993%, 02/15/2038^(d)(e) 1 mo. USD Term SOFR + 2.314%		247,180
		Capmark Military Housing Trust
	88,204	Series 2007-AET2-A 6.063%, 10/10/2052^(d)		84,958
		CD Mortgage Trust
	735,582	Series 2017-CD4-XA 1.203%, 05/10/2050^(g)(p)		5,035
		CG-CCRE Commercial Mortgage Trust
	96,080	Series 2014-FL2-COL1 7.287%, 11/15/2031^(d)(e) 1 mo. USD Term SOFR + 3.614%		21,001
	187,584	Series 2014-FL2-COL2 8.287%, 11/15/2031^(d)(e) 1 mo. USD Term SOFR + 4.614%		6,800
		Chase Mortgage Finance Trust
	1,244,567	Series 2007-S3-1A15 6.000%, 05/25/2037		500,119
		CitiMortgage Alternative Loan Trust
	111,921	Series 2006-A5-1A13 4.243%, 10/25/2036^(e) 1 mo. USD Term SOFR + 0.564%		87,239
		COLT Mortgage Loan Trust
	105,277	Series 2025-3-A3 5.707%, 03/25/2070^(d)(f)		105,392

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		COMM Mortgage Trust
	$435,016	Series 2012-CR3-B 3.922%, 10/15/2045^(d)	$	424,609
		Countrywide Home Loan Mortgage Pass-Through Trust
	2,661	Series 2004-HYB4-2A1 5.158%, 09/20/2034^(g)		2,598
	114,209	Series 2007-10-A5 6.000%, 07/25/2037		48,387
		Credit Suisse First Boston Mortgage Securities Corp.
	847,239	Series 2005-11-7A1 6.000%, 12/25/2035		402,656
		Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
	23,165	Series 2003-27-4A4 5.750%, 11/25/2033		23,323
	2,259,346	Series 2005-10-10A3 6.000%, 11/25/2035		483,150
		Credit Suisse Mortgage-Backed Trust
	593,733	Series 2006-6-1A10 6.000%, 07/25/2036		253,892
	587,821	Series 2007-1-4A1 6.500%, 02/25/2022		39,133
	21,557	Series 2007-2-2A5 5.000%, 03/25/2037		16,181
		CSMC Trust
	82,906	Series 2021-RPL4-A1 4.152%, 12/27/2060^(d)(g)		82,677
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	54,446	Series 2006-PR1-3A1 6.822%, 04/15/2036^(d)(e) -1.4*1 mo. USD Term SOFR + 11.964%		49,957
		DSLA Mortgage Loan Trust
	82,632	Series 2005-AR5-2A1A 4.451%, 09/19/2045^(e) 1 mo. USD Term SOFR + 0.774%		43,406
		Easy Street Mortgage Loan Trust
	500,000	Series 2025-RTL2-A1 5.606%, 10/25/2040^(d)(f)		500,896
		Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates
	1,341,419	Series 2015-R1-XA2 0.700%, 10/25/2052^(d)(g)(p)		75,790
		First Horizon Alternative Mortgage Securities Trust
	202,580	Series 2007-FA4-1A7 6.000%, 08/25/2037		62,878
		Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
	2,600,049	Series 2015-R1-XA1 0.700%, 11/25/2055^(d)(g)(p)		155,510
	3,941,882	Series 2015-R1-XA3 0.700%, 11/25/2052^(d)(g)(p)		189,007
		FREMF Mortgage Trust
	3,747,222	Series 2025-K170-D 2.411%, 02/25/2063^(d)(i)(o)		1,666,958


Principal Amount^			Value
	$61,035,382	Series 2025-K170-X2A 0.100%, 02/25/2063^(d)(p)	$	355,940
	13,864,625	Series 2025-K170-X2B 0.100%, 02/25/2063^(d)(p)		83,367
		FS Rialto Issuer LLC
	275,000	Series 2021-FL3-D 6.287%, 11/16/2036^(d)(e) 1 mo. USD Term SOFR + 2.614%		275,362
	100,000	Series 2025-FL10-C 5.823%, 08/19/2042^(d)(e) 1 mo. USD Term SOFR + 2.146%		99,920
		GCAT Trust
	17,906	Series 2019-RPL1-A1 2.650%, 10/25/2068^(d)(g)		17,506
	70,525	Series 2022-NQM5-A3 5.710%, 08/25/2067^(d)(f)		70,363
	96,462	Series 2023-NQM2-A3 6.598%, 11/25/2067^(d)(f)		96,193
	49,218	Series 2024-NQM2-A3 6.541%, 06/25/2059^(d)(f)		49,595
	224,422	Series 2025-NQM1-A3 5.829%, 11/25/2069^(d)(f)		224,897
		GS Mortgage Securities Corp. Trust
	203,886	Series 2020-DUNE-E 6.440%, 12/15/2036^(d)(e) 1 mo. USD Term SOFR + 2.764%		195,369
		GSR Mortgage Loan Trust
	24,195	Series 2005-4F-6A1 6.500%, 02/25/2035		23,703
	490,752	Series 2005-9F-2A1 6.000%, 01/25/2036		209,584
	32,882	Series 2005-AR6-4A5 5.100%, 09/25/2035^(g)		29,989
		HarborView Mortgage Loan Trust
	139,693	Series 2004-11-2A2A 4.431%, 01/19/2035^(e) 1 mo. USD Term SOFR + 0.754%		111,374
	149,276	Series 2006-12-2A2A 4.171%, 01/19/2038^(e) 1 mo. USD Term SOFR + 0.494%		133,914
		HOMES Trust
	106,471	Series 2024-AFC2-A3 5.982%, 10/25/2059^(d)(f)		106,969
		Imperial Fund Mortgage Trust
	2,000,000	Series 2021-NQM3-B2 4 .113%, 11/25/2056^(d)(g)		1,541,034
		IndyMac INDX Mortgage Loan Trust
	90,606	Series 2004-AR7-A5 5.013%, 09/25/2034^(e) 1 mo. USD Term SOFR + 1.334%		73,644
	155,136	Series 2005-AR11-A3 3.626%, 08/25/2035^(g)		112,631
	731,911	Series 2007-AR5-2A1 3.314%, 05/25/2037^(g)		594,925
		JP Morgan Chase Commercial Mortgage Securities Trust
	96,970	Series 2012-LC9-C 3.500%, 12/15/2047^(d)(g)		95,319

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		JP Morgan Chase Commercial Mortgage Securities Trust (continued)
	$835,896	Series 2016-JP2-XA 1.645%, 08/15/2049^(g)(p)	$	8
	683,000	Series 2019-MFP-XG 0.500%, 07/15/2036^(d)(g)(p)		5,629
	219,000	Series 2019-UES-C 4.343%, 05/05/2032^(d)		219,073
	224,000	Series 2019-UES-D 4.452%, 05/05/2032^(d)(g)		223,925
	261,000	Series 2019-UES-E 4.452%, 05/05/2032^(d)(g)		260,630
	274,000	Series 2019-UES-F 4.452%, 05/05/2032^(d)(g)		273,542
	299,000	Series 2019-UES-G 4.452%, 05/05/2032^(d)(g)		296,176
		JP Morgan Mortgage Trust
	134,656	Series 2004-S1-2A1 6.000%, 09/25/2034		138,549
	4,195	Series 2007-A1-4A2 6.178%, 07/25/2035^(a)(g)		4,228
	516,646	Series 2007-S3-1A97 6.000%, 08/25/2037		208,808
		JPMDB Commercial Mortgage Securities Trust
	169,212	Series 2017-C5-XA 0.893%, 03/15/2050^(g)(p)		566
		KREF Ltd.
	100,000	Series 2021-FL2-AS 5.093%, 02/15/2039^(d)(e) 1 mo. USD Term SOFR + 1.414%		99,523
		Legacy Mortgage Asset Trust
	527,669	Series 2021-GS2-A1 5.750%, 04/25/2061^(d)(f)		528,984
	156,905	Series 2021-GS3-A1 5.750%, 07/25/2061^(d)(f)		157,071
		Lehman Mortgage Trust
	434,489	Series 2006-2-2A3 5.750%, 04/25/2036		435,715
	633,375	Series 2007-1-1A2 5.750%, 02/25/2037		640,100
		Lehman XS Trust
	59,695	Series 2006-2N-1A1 4.313%, 02/25/2046^(e) 1 mo. USD Term SOFR + 0.634%		54,596
		LoanCore Issuer LLC
	100,000	Series 2025-CRE8-C 5.820%, 08/17/2042^(d)(e) 1 mo. USD Term SOFR + 2.141%		100,026
		LoanCore Issuer Ltd.
	200,000	Series 2022-CRE7-D 6.772%, 01/17/2037^(d)(e) 30 day USD SOFR Average + 3.100%		199,589
		LoanCore Issuer Ltd.
	250,000	Series 2021-CRE5-C 6.137%, 07/15/2036^(d)(e) 1 mo. USD Term SOFR + 2.464%		250,010


Principal Amount^			Value
	$100,000	Series 2021-CRE5-D 6.787%, 07/15/2036^(d)(e) 1 mo. USD Term SOFR + 3.114%	$	99,955
	100,000	Series 2021-CRE6-D 6.637%, 11/15/2038^(d)(e) 1 mo. USD Term SOFR + 2.964%		100,181
		LSTAR Securities Investment Ltd.
	97,213	Series 2024-1-A 7.769%, 01/01/2029^(d)(e) 30 day USD SOFR Average + 4.100%		98,431
		Master Alternative Loan Trust
	9,465	Series 2003-9-4A1 5.250%, 11/25/2033		9,504
	6,675	Series 2004-5-1A1 5.500%, 06/25/2034		6,724
	7,345	Series 2004-5-2A1 6.000%, 06/25/2034		7,516
	41,564	Series 2004-8-2A1 6.000%, 09/25/2034		41,721
		Merrill Lynch Mortgage Investors Trust
	597	Series 2006-2-2A 5.622%, 05/25/2036^(g)		593
		Metis Issuer 1 LLC
	250,000	6.892%, 05/15/2055		248,666
		Mill City Mortgage Loan Trust
	305,000	Series 2021-NMR1-M3 2.500%, 11/25/2060^(d)(g)		255,263
		Mill City Securities Ltd.
	126,299	Series 2024-RS1-A1 3.000%, 11/01/2069^(d)(f)		122,696
	150,000	Series 2024-RS1-A2 4.000%, 11/01/2069^(d)(f)		145,304
	67,825	Series 2024-RS2-A1 3.000%, 08/01/2069^(d)(f)		65,567
		Morgan Stanley Mortgage Loan Trust
	191,156	Series 2006-7-3A 5.039%, 06/25/2036^(g)		95,185
	222,031	Series 2007-13-6A1 6.000%, 10/25/2037		115,056
		Morgan Stanley Residential Mortgage Loan Trust
	9,486,225	Series 2026-NQM1-AS 0.321%, 12/25/2070^(d)(g)(p)		91,855
	170,000	Series 2026-NQM1-B1 6.180%, 12/25/2070^(d)(g)		165,518
	190,000	Series 2026-NQM1-B2 6.790%, 12/25/2070^(d)(g)		182,390
	107,442	Series 2026-NQM1-B3 6.790%, 12/25/2070^(d)(g)		93,504
	9,486,225	Series 2026-NQM1-XS 1.825%, 12/25/2070^(d)(g)(p)		396,109
		New Residential Mortgage Loan Trust
	236,376	Series 2025-NQM3-A3 5.985%, 05/25/2065^(d)(f)		237,751
		NLT Trust
	409,982	Series 2025-NQM1-PT 7.463%, 10/25/2070^(d)(g)		429,008

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		OBX Trust
	$500,000	Series 2024-NQM3-M1 6.845%, 12/25/2063^(d)(g)	$	502,996
	150,000	Series 2024-NQM4-M1 6.622%, 01/25/2064^(d)(g)		150,564
	100,000	Series 2024-NQM5-M1 6.513%, 01/25/2064^(d)		100,397
	150,000	Series 2024-NQM6-M1 6.924%, 02/25/2064^(d)(g)		151,270
	80,132	Series 2024-NQM7-A3 6.598%, 03/25/2064^(d)(f)		80,791
		PFP Ltd.
	99,553	Series 2024-11-B 6.159%, 09/17/2039^(d)(e) 1 mo. USD Term SOFR + 2.490%		99,839
		Prime Mortgage Trust
	471,509	Series 2006-DR1-2A1 5.500%, 05/25/2035^(d)		437,924
		PRPM LLC
	515,798	Series 2025-2-A1 6.469%, 05/25/2030^(d)(f)		514,963
		Residential Accredit Loans, Inc.
	189,176	Series 2006-QS17-A5 6.000%, 12/25/2036		158,371
		Residential Accredit Loans, Inc. Trust
	371,361	Series 2006-QO6-A1 4.153%, 06/25/2046^(e) 1 mo. USD Term SOFR + 0.474%		75,029
	263,321	Series 2007-QS1-2A10 6.000%, 01/25/2037		201,669
		Residential Asset Securitization Trust
	224,879	Series 2007-A1-A8 6.000%, 03/25/2037		68,074
		Residential Funding Mtg Sec I Trust
	228,853	Series 2006-S4-A5 6.000%, 04/25/2036		182,778
		Saluds Grade Alternative Mortgage Trust
	200,000	Series 2025-RRTL1-A2 5.657%, 10/25/2040^(d)(f)		199,263
		Starwood Ltd.
	200,000	Series 2021-FL2-C 5.894%, 04/18/2038^(d)(e) 1 mo. USD Term SOFR + 2.214%		199,885
		Starwood Retail Property Trust
	235,000	Series 2014-STAR-C 6.750%, 11/15/2027^(a)(d)(e)		257
	980,000	Series 2014-STAR-D 6.750%, 11/15/2027^(a)(d)(e)		778
	950,000	Series 2014-STAR-E 6.750%, 11/15/2027^(a)(d)(e)		683
		Structured Adjustable Rate Mortgage Loan Trust
	397,850	Series 2005-14-A1 4.103%, 07/25/2035^(e) 1 mo. USD Term SOFR + 0.424%		229,114
	343,281	Series 2008-1-A2 4.379%, 10/25/2037^(g)		277,969


Principal Amount^			Value
		Structured Asset Securities Corp.
	$3,812,787	Series 2007-4-1A3 2.457%, 03/28/2045^(d)(e)(p) -1*1 mo. USD Term SOFR + 6.136%	$	208,492
		STWD Ltd.
	100,000	Series 2022-FL3-D 6.422%, 11/15/2038^(d)(e) 30 day USD SOFR Average + 2.750%		99,205
		TRTX Issuer Ltd.
	150,000	Series 2025-FL6-B 5.726%, 09/18/2042^(d)(e) 1 mo. USD Term SOFR + 2.046%		149,662
	150,000	Series 2025-FL7-C 5.880%, 06/18/2043^(d)(e) 1 mo. USD Term SOFR + 2.200%		150,108
		Uniform Mortgage-Backed Security, TBA
	2,510,000	3.000%^(q)		2,205,796
	2,308,000	5.000%^(q)		2,271,622
	1,235,000	5.500%^(q)		1,237,825
		Verus Securitization Trust
	2,000,000	Series 2021-7-B2 4.192%, 10/25/2066^(d)(g)		1,541,200
	115,730	Series 2025-2-A3 5.662%, 03/25/2070^(d)(f)		115,921
		Wells Fargo Alternative Loan Trust
	56,810	Series 2007-PA2-3A1 4.143%, 06/25/2037^(e) 1 mo. USD Term SOFR + 0.464%		41,485
		Wells Fargo Commercial Mortgage Trust
	572,845	Series 2016-BNK1-XA 1.824%, 08/15/2049^(g)(p)		836
	135,000	Series 2016-C36-B 3.671%, 11/15/2059^(g)		128,479
		Wells Fargo Mortgage-Backed Securities Trust
	30,014	Series 2006-AR19-A1 6.288%, 12/25/2036^(g)		28,203

	TOTAL MORTGAGE-BACKED SECURITIES (Cost $43,937,065)			35,948,929

	MUNICIPAL BONDS: 0.0%
	Indiana: 0.0%
		County of Knox
	5,000	Series B 5.900%, 04/01/2034		4,986

	TOTAL MUNICIPAL BONDS (Cost $4,779)			4,986

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Shares			Value
	SHORT-TERM INVESTMENTS: 5.8%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 3.6%
	9,581,551	State Street Navigator Securities Lending Government Money Market Portfolio, 3.680%^(r)(s)	$	9,581,551

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $9,581,551)			9,581,551

	MONEY MARKET FUNDS: 1.7%
	4,375,574	State Street Institutional Treasury Money Market Fund - Premier Class, 4.244%^(s)		4,375,574

	TOTAL MONEY MARKET FUNDS (Cost $4,375,574)			4,375,574


Principal Amount^
	REPURCHASE AGREEMENTS: 0.1%
	$366,120	Fixed Income Clearing Corp. 1.060%, 3/31/2026, due 04/01/2026 [collateral: par value $367,900, U.S. Treasury Notes, 4.375%, due 07/15/2027, value $373,814] (proceeds $366,131)	$	366,120

	TOTAL REPURCHASE AGREEMENTS (Cost $366,120)			366,120

	TREASURY BILLS: 0.4%
		U.S. Treasury Bills
	350,000	3.285%, 04/09/2026^(i)(n)(t)		349,719
	625,000	3.453%, 04/21/2026^(i)(n)(t)(u)		623,741

	TOTAL TREASURY BILLS (Cost $973,454)			973,460

	TOTAL SHORT-TERM INVESTMENTS (Cost $15,296,699)			15,296,705

	TOTAL PURCHASED OPTIONS (Cost $250,368): 0.1%			147,285

	TOTAL INVESTMENTS (Cost: $298,512,516): 104.1%			273,096,016

	Liabilities in Excess of Other Assets: (4.1)%			(10,675,562	)

	NET ASSETS: 100.0%		$	262,420,454

Percentages are stated as a percent of net assets.


ADR		American Depositary Receipt
CLO		Collateralized Loan Obligation
CMT		Constant Maturity Treasury Index


CVR		Contingent Value Rights
EURIBOR		Euro Interbank Offered Rate
LIBOR		London Interbank Offered Rate
LP		Limited Partnership
PIK		Payment-in-kind
SOFR		Secured Overnight Financing Rate
*		Non-Income Producing Security.
^		The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)		Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.
(b)		Perpetual Call.
(c)		Security, or portion thereof, is out on loan.
(d)		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(e)		Floating Interest Rate at March 31, 2026.
(f)		Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2026.
(g)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at March 31, 2026.
(h)		Security is not accruing interest.
(i)		The rate shown represents yield-to-maturity.
(j)		Security is currently in default and/or non-income producing.
(k)		Pay-in-kind security.
(l)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(m)		All or a portion of the security has been pledged as collateral against open reverse repurchase agreements. As of March 31, 2026, the market value of securities pledged amounted to $3,483,741.
(n)		Securities with an aggregate fair value of $6,990,171 have been pledged as collateral for options, credit default swaps, interest rate swaps, and futures positions.
(o)		Principal Only security.
(p)		Interest Only security. Security with a notional or nominal principal amount.
(q)		TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(r)		Represents security purchased with cash collateral received for securities on loan.
(s)		The rate disclosed is the 7 day net yield as of March 31, 2026.
(t)		Issued with a zero coupon. Income is recognized through the accretion of discount.


CURRENCY ABBREVIATIONS:

AUD		Australian dollar
CAD		Canadian dollar
EUR		Euro
GBP		British pound

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)

UNFUNDED LOAN COMMITMENTS — At March 31, 2026, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following agreements:


Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
GrafTech Finance, Inc., 3.750%, 12/21/2029	$	24,381	$	23,265	$	(1,116	)
Grid Alliance Partners LLC, 8.423%, 07/1/2030		110,400		102,672		(7,728	)
MB2 Dental Solutions LLC, 9.167%, 02/13/2031		9,600		8,400		(1,200	)
HIG Operations Holdings, Inc., 0.000%, 06/11/2031		12,009		12,039		30
Secretariat Advisors LLC, 4.000%, 02/28/2032		10,753		10,591		(162	)
Cliffwater LLC, 8.423%, 04/22/2032		10,000		9,200		(800	)
Vacation Rental Brands, LLC, 8.949%, 05/6/2032		176,926		175,157		(1,769	)
Curriculum Associates, LLC, 8.167%, 05/7/2032		49,937		49,937		—
PowerGrid Services LLC, 0.500%, 07/1/2032		8,228		8,228		—
Liquid Tech Solutions LLC, 0.000%, 10/12/2032		18,576		18,588		12

TOTAL			$	418,077	$	(12,733	)

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows*:


Cost of investments	$	294,439,291

Gross unrealized appreciation		5,301,515
Gross unrealized depreciation		(30,383,331	)

Net unrealized depreciation	$	(25,081,816	)

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN PURCHASED OPTIONS AT March 31, 2026 (Unaudited)


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Fair Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
CURRENCY OPTIONS
Put
USD Put JPY Call	Bank of America N.A.	$	140.00		4/1/2026		33,000	$	33,000	$	—	$	868	$	(868	)
USD Put JPY Call	Goldman Sachs & Co.		140.00		4/1/2026		187,000		187,000		—		5,105		(5,105	)
USD Put JPY Call	Goldman Sachs & Co.		140.00		4/1/2026		150,000		150,000		—		3,963		(3,963	)
USD Put JPY Call	Goldman Sachs & Co.		123.50		5/20/2026		181,000		181,000		206		18,133		(17,927	)
USD Put JPY Call	JPMorgan Chase Bank N.A.		123.50		5/20/2026		45,000		45,000		51		4,508		(4,457	)

Total											257		32,577		(32,320	)

EXCHANGE TRADED
Call
3-Month SOFR Futures	Bank of America N.A.		97.50		9/11/2026		118		28,426,200		13,275		43,840		(30,565	)
3-Month SOFR Futures	Bank of America N.A.		97.50		3/12/2027		84		20,245,050		23,100		47,265		(24,165	)

Total											36,375		91,105		(54,730	)

INDEX OPTIONS
Call
CBOE Volatility Index	Morgan Stanley & Co.		35.00		4/15/2026		52		131,300		4,524		7,060		(2,536	)
CBOE Volatility Index	Morgan Stanley & Co.		35.00		5/19/2026		52		131,300		9,672		11,117		(1,445	)

Total											14,196		18,177		(3,981	)


Description	Counterparty	Pay/Receive Floating rate		Expiration Date		Number of Contracts		Notional Amount		Fair Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
INTEREST RATE SWAPTIONS
Call
USD - Secured Overnight Financing Rate (SOFR) strike @3.250%, terminating 12/28/26	Bank of America N.A.		Pay		12/28/2026		1,173,000	$	1,173,000		5,357		5,748		(391	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.250%, terminating 12/28/26	Barclays Bank Plc		Pay		12/28/2026		1,172,000		1,172,000		5,353		5,719		(366	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.300%, terminating 9/25/26	BNP Paribas SA		Pay		9/25/2026		1,411,000		1,411,000		5,212		5,609		(397	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.300%, terminating 9/25/26	Toronto-Dominion Bank		Pay		9/25/2026		702,000		702,000		2,593		2,668		(75	)

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN PURCHASED OPTIONS at March 31, 2026 (Unaudited)(Continued)


Description	Counterparty	Pay/Receive Floating rate		Expiration Date		Number of Contracts		Notional Amount		Fair Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
INTEREST RATE SWAPTIONS (Continued)
Call
USD - Secured Overnight Financing Rate (SOFR) strike @3.350%, terminating 9/21/26	Barclays Bank Plc		Pay		9/21/2026		1,078,000	$	1,078,000	$	7,410	$	10,187	$	(2,777	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.350%, terminating 9/21/26	BNP Paribas SA		Pay		9/21/2026		1,079,000		1,079,000		7,390		10,768		(3,378	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.350%, terminating 9/21/26	Morgan Stanley & Co.		Pay		9/21/2026		1,079,000		1,079,000		7,417		9,981		(2,564	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.350%, terminating 9/21/26	Toronto-Dominion Bank		Pay		9/21/2026		1,079,000		1,079,000		7,417		11,329		(3,912	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.375%, terminating 12/24/26	Bank of America N.A.		Pay		12/24/2026		704,000		704,000		3,838		3,823		15
USD - Secured Overnight Financing Rate (SOFR) strike @3.375%, terminating 12/24/26	Barclays Bank Plc		Pay		12/24/2026		703,000		703,000		3,833		3,810		23
USD - Secured Overnight Financing Rate (SOFR) strike @3.375%, terminating 12/28/26	Barclays Bank Plc		Pay		12/28/2026		1,173,000		1,173,000		6,429		6,369		60
USD - Secured Overnight Financing Rate (SOFR) strike @3.375%, terminating 12/28/26	Morgan Stanley & Co.		Pay		12/28/2026		2,110,000		2,110,000		11,564		11,183		381
USD - Secured Overnight Financing Rate (SOFR) strike @3.425%, terminating 9/24/26	JPMorgan Chase Bank N.A.		Pay		9/24/2026		1,410,000		1,410,000		6,445		5,887		558
USD - Secured Overnight Financing Rate (SOFR) strike @3.425%, terminating 9/24/26	Toronto-Dominion Bank		Pay		9/24/2026		703,000		703,000		3,213		3,163		50
USD - Secured Overnight Financing Rate (SOFR) strike @3.425%, terminating 9/28/26	Citibank N.A.		Pay		9/28/2026		1,887,000		1,887,000		8,737		8,208		529
USD - Secured Overnight Financing Rate (SOFR) strike @3.425%, terminating 9/28/26	Toronto-Dominion Bank		Pay		9/28/2026		922,000		922,000		4,249		4,057		192

Total											96,457		108,509		(12,052	)

Total Purchased Options										$	147,285	$	250,368	$	(103,083	)

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2026 (Unaudited)

At March 31, 2026, the Fund had the following forward foreign currency exchange contracts:


										Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date	Fund Receiving		U.S. $ Value at March 31, 2026		Fund Delivering		U.S. $ Value at March 31, 2026		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	4/14/2026		USD	$	1,247,017		GBP	$	1,226,132	$	20,885	$	—
Barclays Bank Plc	4/14/2026		USD		75,211		CAD		73,132		2,079		—
JPMorgan Chase Bank N.A.	4/14/2026		USD		6,778,453		EUR		6,740,956		37,497		—
UBS AG	4/14/2026		EUR		101,402		USD		101,536		—		(134	)
	4/14/2026		EUR		80,661		USD		81,399		—		(738	)

				$	8,282,744			$	8,223,155	$	60,461	$	(872	)

SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at March 31, 2026 (Unaudited) (a)


Description	Number of Contracts			Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
3-Month SOFR Futures		29		$	7,031,925		$	7,003,137			3/14/2028	$	(28,788	)
Australian Treasury 10-Year Bonds Futures		22			1,621,230			1,624,916			6/15/2026		3,686
U.S. Treasury 10-Year Note Futures		10			1,129,010			1,110,469			6/18/2026		(18,541	)
U.S. Treasury 2-Year Note Futures		50			10,446,995			10,372,266			6/30/2026		(74,729	)
U.S. Treasury 2-Year Note Futures.		17			3,532,654			3,526,570			6/30/2026		(6,084	)
U.S. Treasury 5-Year Note Futures		16			1,732,012			1,730,875			6/30/2026		(1,137	)
U.S. Treasury Long Bonds Futures		15			1,729,403			1,708,125			6/18/2026		(21,278	)

Total Long												$	(146,871	)

Futures Contracts - Short
3-Month SOFR Futures		(29	)	$	(7,024,791	)	$	(6,986,463	)		3/16/2027	$	38,328

Total Short												$	38,328

Total Futures Contracts												$	(108,543	)

(a)	Goldman Sachs & Co. and Bank of America N.A. are the counterparties for Open Futures Contracts held by the Fund at March 31, 2026.

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SWAPS at March 31, 2026 (Unaudited)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS


		Rates Exchanged
Notional Amount	Maturity Date	Payment Received			Payment Made			Periodic Payment Frequency		Fair Value			Upfront Payment Made (Received)			Unrealized Appreciation/ (Depreciation)
$ 3,200,000	4/23/2035		1 Day SOFR + 0.000	%		3.849	%		Annually	$	(5,713	)	$	(44,077	)	$	38,364
$ 2,850,000	5/09/2040		1 Day SOFR + 0.000	%		3.914			Annually		41,585			292			41,293
$ 1,500,000	11/17/2045		1 Day SOFR + 0.000	%		4.021			Annually		29,213			318			28,895

										$	65,085		$	(43,467	)	$	108,552

CENTRALLY CLEARED CREDIT DEFAULT SWAP CONTRACTS (1)(2)(3)


Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2026				Notional Amount		Periodic Payment Frequency		Fair Value			Upfront Premiums Received			Unrealized Appreciation / (Depreciation)
Buy Protection
CDX North America High Yield Index Series 45 V1 1.000%, 12/20/2030		12/20/2030		(5.000	%)		3.665	%	$		(1,574,100)		Quarterly	$	(82,974	)	$	(121,679	)	$	38,705

Total Buy Protection														$	(82,974	)	$	(121,679	)	$	38,705

(1)

For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either (i) pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

(2)

For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of period will serve as an indicator of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the contract. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract.

(3)	For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the CDX North America HIgh Yield Index Series 45.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Description	Maturity Date		Counterparty		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2026			Notional Amount		Periodic Payment Frequency		Fair Value			Upfront Premiums Received			Unrealized Appreciation / (Depreciation)
Buy Protection
CDX North America High Yield Index Series 43 5Y 25%-35% 5.000%, 12/20/2029		12/20/2029		Morgan Stanley & Co.		(5.000	%)		3.245%	$		(230,000)		Quarterly	$	(30,557	)	$	(34,690	)	$	4,133
CDX North America High Yield Index Series 43 5Y 15%-25% 5.000%, 12/20/2029		12/20/2029		Morgan Stanley & Co.		(5.000	%)		3.245%			(230,000)		Quarterly		(15,760	)		(14,589	)		(1,171	)

Total Buy Protection															$	(46,317	)	$	(49,279	)	$	2,962

Total															$	(46,317	)	$	(49,279	)	$	2,962

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS AT March 31, 2026 (Unaudited)


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
EXCHANGE TRADED
Call
3-Month SOFR Futures	Bank of America N.A.	$	98.00		9/11/2026		(118	)	$	(28,426,200	)	$	(9,588	)	$	(21,323	)	$	11,735
3-Month SOFR Futures	Bank of America N.A.		98.00		3/12/2027		(84	)		(20,245,050	)		(14,700	)		(24,266	)		9,566

Total													(24,288	)		(45,589	)		21,301

INDEX OPTIONS
Call
CBOE Volatility Index	Morgan Stanley & Co.	$	50.00		4/15/2026		(52	)	$	(131,300	)		(1,768	)		(2,715	)		947
CBOE Volatility Index	Morgan Stanley & Co.		50.00		5/19/2026		(52	)		(131,300	)		(4,940	)		(5,472	)		532
Put
CBOE Volatility Index	Morgan Stanley & Co.	$	19.00		5/19/2026		(78	)	$	(181,800	)		(5,382	)		(6,119	)		737
S&P 500 Index	UBS Securities LLC		6,450.00		4/2/2026		(2	)		(1,305,704	)		(3,560	)		(16,918	)		13,358
S&P 500 Index	UBS Securities LLC		6,575.00		4/2/2026		(1	)		(652,852	)		(7,073	)		(10,075	)		3,002
S&P 500 Index	UBS Securities LLC		6,440.00		4/10/2026		(5	)		(3,264,260	)		(32,195	)		(38,975	)		6,780
S&P 500 Index	UBS Securities LLC		6,450.00		4/10/2026		(8	)		(5,222,816	)		(50,960	)		(81,792	)		30,832
S&P 500 Index	UBS Securities LLC		6,375.00		4/17/2026		(6	)		(3,917,112	)		(41,100	)		(57,534	)		16,434
S&P 500 Index	UBS Securities LLC		6,380.00		4/17/2026		(5	)		(3,264,260	)		(34,210	)		(43,515	)		9,305
S&P 500 Index	UBS Securities LLC		6,440.00		4/17/2026		(2	)		(1,305,704	)		(16,880	)		(18,798	)		1,918
S&P 500 Index	UBS Securities LLC		6,210.00		4/24/2026		(6	)		(3,917,112	)		(32,580	)		(73,114	)		40,534
S&P 500 Index	UBS Securities LLC		6,330.00		4/24/2026		(5	)		(3,264,260	)		(39,425	)		(53,775	)		14,350
S&P 500 Index	UBS Securities LLC		6,380.00		4/24/2026		(2	)		(1,305,704	)		(18,556	)		(20,498	)		1,942
S&P 500 Index	UBS Securities LLC		6,180.00		5/1/2026		(4	)		(2,611,408	)		(28,504	)		(50,166	)		21,662
S&P 500 Index	UBS Securities LLC		6,210.00		5/1/2026		(5	)		(3,264,260	)		(34,475	)		(69,705	)		35,230
S&P 500 Index	UBS Securities LLC		6,325.00		5/1/2026		(1	)		(652,852	)		(9,294	)		(10,539	)		1,245

Total													(360,902	)		(559,710	)		198,808


Description	Counterparty	Pay/Receive Floating rate		Expiration Date		Number of Contracts			Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
INTEREST RATE SWAPTIONS
Call
USD - Secured Overnight Financing Rate (SOFR) strike @2.640%, terminating 8/13/26	BNP Paribas SA		Receive		8/13/2026		(1,295,000	)		(1,295,000	)		(1,311	)		(4,209	)		2,898
USD - Secured Overnight Financing Rate (SOFR) strike @2.640%, terminating 8/13/26	Morgan Stanley & Co.		Receive		8/13/2026		(1,295,000	)		(1,295,000	)		(1,072	)		(4,144	)		3,072

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at March 31, 2026 (Unaudited)(Continued)


Description	Counterparty	Pay/Receive Floating rate		Expiration Date		Number of Contracts			Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
INTEREST RATE SWAPTIONS (Continued)
Call
USD - Secured Overnight Financing Rate (SOFR) strike @2.685%, terminating 8/14/26	BNP Paribas SA		Receive		8/14/2026		(1,480,000	)	$	(1,480,000	)	$	(1,610	)	$	(4,736	)	$	3,126
USD - Secured Overnight Financing Rate (SOFR) strike @2.685%, terminating 8/14/26	Toronto-Dominion Bank		Receive		8/14/2026		(1,480,000	)		(1,480,000	)		(1,349	)		(4,803	)		3,454
USD - Secured Overnight Financing Rate (SOFR) strike @2.710%, terminating 8/19/26	Barclays Bank Plc		Receive		8/19/2026		(925,000	)		(925,000	)		(926	)		(2,960	)		2,034
USD - Secured Overnight Financing Rate (SOFR) strike @2.710%, terminating 8/19/26	BNP Paribas SA		Receive		8/19/2026		(925,000	)		(925,000	)		(926	)		(2,960	)		2,034
USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26	Barclays Bank Plc		Receive		9/21/2026		(1,078,000	)		(1,078,000	)		(2,533	)		(3,773	)		1,240
USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26	BNP Paribas SA		Receive		9/21/2026		(1,079,000	)		(1,079,000	)		(2,536	)		(3,830	)		1,294
USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26	Morgan Stanley & Co.		Receive		9/21/2026		(1,079,000	)		(1,079,000	)		(2,444	)		(3,520	)		1,076
USD - Secured Overnight Financing Rate (SOFR) strike @2.850%, terminating 9/21/26	Toronto-Dominion Bank		Receive		9/21/2026		(1,079,000	)		(1,079,000	)		(2,536	)		(3,237	)		701
Put
USD - Secured Overnight Financing Rate (SOFR) strike @3.640%, terminating 8/13/26	BNP Paribas SA		Pay		8/13/2026		(1,295,000	)		(1,295,000	)		(5,894	)		(3,885	)		(2,009	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.640%, terminating 8/13/26	Morgan Stanley & Co.		Pay		8/13/2026		(1,295,000	)		(1,295,000	)		(5,922	)		(4,014	)		(1,908	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.685%, terminating 8/14/26	BNP Paribas SA		Pay		8/14/2026		(1,480,000	)		(1,480,000	)		(6,207	)		(4,403	)		(1,804	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.685%, terminating 8/14/26	Toronto-Dominion Bank		Pay		8/14/2026		(1,480,000	)		(1,480,000	)		(6,207	)		(4,366	)		(1,841	)

iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at March 31, 2026 (Unaudited)(Continued)


Description	Counterparty	Pay/Receive Floating rate		Expiration Date		Number of Contracts			Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
INTEREST RATE SWAPTIONS (Continued)
Put
USD - Secured Overnight Financing Rate (SOFR) strike @3.710%, terminating 8/19/26	Barclays Bank Plc		Pay		8/19/2026		(925,000	)	$	(925,000	)	$	(3,765	)	$	(2,706	)	$	(1,059	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.710%, terminating 8/19/26	BNP Paribas SA		Pay		8/19/2026		(925,000	)		(925,000	)		(3,760	)		(2,682	)		(1,078	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 12/24/26	Bank of America N.A.		Pay		12/24/2026		(704,000	)		(704,000	)		(2,719	)		(3,611	)		892
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 12/24/26	Barclays Bank Plc		Pay		12/24/2026		(703,000	)		(703,000	)		(2,716	)		(3,599	)		883
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 12/28/26	Bank of America N.A.		Pay		12/28/2026		(1,173,000	)		(1,173,000	)		(4,576	)		(5,308	)		732
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 12/28/26	Barclays Bank Plc		Pay		12/28/2026		(1,172,000	)		(1,172,000	)		(4,572	)		(5,251	)		679
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 12/28/26	Barclays Bank Plc		Pay		12/28/2026		(1,173,000	)		(1,173,000	)		(4,453	)		(5,959	)		1,506
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 12/28/26	Morgan Stanley & Co.		Pay		12/28/2026		(2,110,000	)		(2,110,000	)		(8,010	)		(10,691	)		2,681
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 9/24/26	Citibank N.A.		Pay		9/24/2026		(1,887,000	)		(1,887,000	)		(5,640	)		(7,831	)		2,191
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 9/24/26	JPMorgan Chase Bank N.A.		Pay		9/24/2026		(1,410,000	)		(1,410,000	)		(4,214	)		(5,640	)		1,426
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 9/24/26	Toronto-Dominion Bank		Pay		9/24/2026		(703,000	)		(703,000	)		(2,101	)		(3,023	)		922
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 9/25/26	BNP Paribas SA		Pay		9/25/2026		(1,411,000	)		(1,411,000	)		(4,232	)		(5,362	)		1,130
USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 9/25/26	Toronto-Dominion Bank		Pay		9/25/2026		(702,000	)		(702,000	)		(2,105	)		(2,597	)		492

iMGP Dolan McEniry Corporate Bond Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Principal Amount^			Value
	CORPORATE BONDS: 92.5%
	Basic Materials: 4.1%
		CF Industries, Inc.
	$10,593,000	5.300%, 11/26/2035	$	10,564,945
		Steel Dynamics, Inc.
	2,740,000	3.450%, 04/15/2030		2,621,382
	8,248,000	3.250%, 01/15/2031		7,731,280

				20,917,607

	Communications: 12.7%
		AT&T, Inc.
	10,698,000	2.550%, 12/01/2033		9,059,759
		CCO Holdings LLC/CCO Holdings Capital Corp.
	11,727,000	4.500%, 05/01/2032		10,461,581
		Expedia Group, Inc.
	10,557,000	4.625%, 08/01/2027		10,567,351
		Motorola Solutions, Inc.
	7,955,000	5.600%, 06/01/2032		8,247,681
		Omnicom Group, Inc.
	8,223,000	5.000%, 06/02/2033		8,039,882
		Sirius XM Radio LLC
	7,767,000	5.500%, 07/01/2029^(a)		7,739,454
		Verizon Communications, Inc.
	10,437,000	4.329%, 09/21/2028		10,440,208

				64,555,916

	Consumer, Cyclical: 12.6%
		Bath & Body Works, Inc.
	7,364,000	6.625%, 10/01/2030^(a)		7,434,893
	2,275,000	6.875%, 11/01/2035		2,227,834
		Bloomin’ Brands, Inc./OSI Restaurant Partners LLC
	10,806,000	5.125%, 04/15/2029^(a)(b)		9,595,692
		Dick’s Sporting Goods, Inc.
	9,721,000	3.150%, 01/15/2032^(b)		8,838,585
		Genuine Parts Co.
	9,532,000	6.875%, 11/01/2033^(b)		10,318,943
		LKQ Corp.
	7,810,000	6.250%, 06/15/2033		8,052,833
		RB Global Holdings, Inc.
	9,515,000	6.750%, 03/15/2028^(a)		9,640,884
		Somnigroup International, Inc.
	8,491,000	4.000%, 04/15/2029^(a)		8,169,979

				64,279,643

	Consumer, Non-cyclical: 18.0%
		Altria Group, Inc.
	9,266,000	6.875%, 11/01/2033		10,269,202
		BAT Capital Corp.
	9,627,000	6.421%, 08/02/2033		10,449,045
		Block Financial LLC
	11,149,000	2.500%, 07/15/2028		10,523,807
		Conagra Brands, Inc.
	10,483,000	5.000%, 08/01/2030		10,467,041
		DaVita, Inc.
	8,153,000	4.625%, 06/01/2030^(a)		7,835,973
	1,727,000	6.750%, 07/15/2033^(a)		1,757,514
		Global Payments, Inc.
	10,303,000	5.400%, 08/15/2032		10,224,963
		HCA, Inc.
	7,091,000	5.375%, 09/01/2026		7,096,645


Principal Amount^			Value
	Consumer, Non-cyclical (continued)
		IQVIA, Inc.
	$8,187,000	6.250%, 06/01/2032^(a)	$	8,323,240
		Molson Coors Beverage Co.
	7,435,000	3.000%, 07/15/2026		7,404,998
		Service Corp. International
	1,661,000	4.000%, 05/15/2031		1,548,374
		Tenet Healthcare Corp.
	5,347,000	6.125%, 10/01/2028		5,357,459

				91,258,261

	Financial: 10.1%
		American Tower Corp.
	11,185,000	2.900%, 01/15/2030		10,502,884
		Brown & Brown, Inc.
	9,927,000	5.250%, 06/23/2032		9,919,729
		Crown Castle, Inc.
	9,921,000	5.800%, 03/01/2034		10,164,097
		SBA Communications Corp.
	10,844,000	3.125%, 02/01/2029		10,282,528
		Willis North America, Inc.
	10,229,000	5.350%, 05/15/2033		10,352,255

				51,221,493

	Industrial: 18.6%
		Allegion U.S. Holding Co., Inc.
	8,038,000	5.411%, 07/01/2032		8,204,719
		Carlisle Cos., Inc.
	10,658,000	3.750%, 12/01/2027		10,532,584
		Eagle Materials, Inc.
	10,371,000	2.500%, 07/01/2031		9,273,971
		Flex Ltd.
	10,395,000	4.875%, 05/12/2030		10,377,349
		Fortune Brands Innovations, Inc.
	9,945,000	5.875%, 06/01/2033		10,316,534
		Sealed Air Corp.
	8,623,000	6.500%, 07/15/2032^(a)		9,055,837
		Teledyne Technologies, Inc.
	9,487,000	2.750%, 04/01/2031^(b)		8,694,736
		TopBuild Corp.
	1,395,000	5.625%, 01/31/2034^(a)		1,366,839
		TransDigm, Inc.
	8,782,000	6.875%, 12/15/2030^(a)		8,998,687
		Trimble, Inc.
	9,789,000	6.100%, 03/15/2033		10,250,475
		Westinghouse Air Brake Technologies Corp.
	7,282,000	4.700%, 09/15/2028		7,304,643

				94,376,374

	Technology: 16.4%
		Broadcom, Inc.
	3,617,000	4.150%, 11/15/2030		3,561,661
	7,039,000	4.300%, 11/15/2032		6,860,272
		CDW LLC/CDW Finance Corp.
	10,795,000	3.569%, 12/01/2031		9,864,391
		Fiserv, Inc.
	9,384,000	3.500%, 07/01/2029		8,991,239
	1,722,000	2.650%, 06/01/2030		1,568,712
		HP, Inc.
	10,337,000	5.500%, 01/15/2033^(b)		10,474,526
		NetApp, Inc.
	9,636,000	5.700%, 03/17/2035		9,827,169
		Qorvo, Inc.
	10,134,000	4.375%, 10/15/2029		9,908,830

iMGP Dolan McEniry Corporate Bond Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Technology (continued)
		Salesforce, Inc.
	$10,671,000	4.900%, 09/15/2031	$	10,653,608
		Teledyne FLIR LLC
	1,364,000	2.500%, 08/01/2030		1,255,485
		Workday, Inc.
	11,192,000	3.800%, 04/01/2032^(b)		10,393,548

				83,359,441

	TOTAL CORPORATE BONDS (Cost $470,261,345)			469,968,735

	GOVERNMENT SECURITIES & AGENCY ISSUE: 5.0%
		U.S. Treasury Notes
	25,379,000	4.125%, 01/31/2027		25,459,887

	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $25,422,887)			25,459,887


Shares
	SHORT-TERM INVESTMENTS: 1.3%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 1.3%
	6,715,868	State Street Navigator Securities Lending Government Money Market Portfolio, 3.680%^(c)(d)		6,715,868

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $6,715,868)			6,715,868

	TOTAL SHORT-TERM INVESTMENTS (Cost $6,715,868)			6,715,868

	TOTAL INVESTMENTS (Cost: $502,400,100): 98.8%			502,144,490

	Other Assets in Excess of Liabilities: 1.2%			6,250,224

	NET ASSETS: 100.0%		$	508,394,714

Percentages are stated as a percent of net assets.


^		The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(b)		Security, or portion thereof, is out on loan.
(c)		Represents security purchased with cash collateral received for securities on loan.
(d)		The rate disclosed is the 7 day net yield as of March 31, 2026.

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows*:


Cost of investments	$	502,400,100

Gross unrealized appreciation		2,757,499
Gross unrealized depreciation		(3,013,109	)

Net unrealized depreciation	$	(255,610	)

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

iMGP APA Enhanced Income Municipal Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Principal Amount^			Value
	MUNICIPAL BONDS: 98.1%
	Alabama: 3.2%
		Auburn University
	$50,000	Series A 4.000%, 06/01/2035	$	50,118
		Black Belt Energy Gas District
	500,000	Series E 5.000%, 07/01/2033		522,994
		Health Care Authority of the City of Huntsville
	10,000	Series B1 5.000%, 06/01/2035		10,655

				583,767

	California: 16.4%
		California Community Choice Financing Authority
	200,000	Series C 5.000%, 02/01/2031		209,976
	350,000	Series C 5.000%, 02/01/2032		368,485
		Los Angeles Department of Water & Power
	745,000	Series A 5.000%, 07/01/2038		807,463
	250,000	Series C 5.000%, 07/01/2047		251,705
	620,000	Series D 5.000%, 07/01/2032		654,346
	50,000	Series D 5.000%, 07/01/2039		51,248
		Los Angeles Department of Water & Power Water System Revenue
	15,000	Series D 5.000%, 07/01/2043		15,702
		Miracosta Community College District
	500,000	Series A 3.000%, 08/01/2034		491,185
		State of California
	165,000	3.000%, 03/01/2029		164,999

				3,015,109

	Colorado: 5.0%
		Colorado Educational & Cultural Facilities Authority
	765,000	Series A 5.000%, 03/01/2047		768,117
		Colorado Health Facilities Authority
	145,000	Series A-2 5.000%, 08/01/2044		147,338

				915,455

	Connecticut: 0.7%
		Connecticut State Health & Educational Facilities Authority
	75,000	Series K 5.000%, 07/01/2030		81,100
		South Central Connecticut Regional Water Authority
	45,000	Series B-1 3.000%, 08/01/2034		43,155

				124,255


Principal Amount^			Value
	Florida: 7.8%
		Alachua County Health Facilities Authority
	$50,000	Series A 5.000%, 12/01/2044	$	50,023
		Florida Municipal Loan Council
	200,000	(AG), Series D 5.000%, 10/01/2049		208,220
		Miami-Dade County Educational Facilities Authority
	200,000	Series B 5.250%, 04/01/2043		215,265
		North Broward Hospital District
	125,000	Series B 5.000%, 01/01/2048		125,526
		Orange County Health Facilities Authority
	215,000	Series A 5.000%, 10/01/2039		216,167
		Palm Beach County Health Facilities Authority
	200,000	5.000%, 11/15/2032		201,869
		St. Johns County School Board
	100,000	(AG), Series A 5.500%, 07/01/2049		105,907
		UCF Stadium Corp.
	200,000	Series A 5.000%, 03/01/2041		213,092
		Volusia County Educational Facility Authority
	100,000	Series A 5.000%, 10/15/2049		101,236

				1,437,305

	Georgia: 3.9%
		City of Atlanta Department of Aviation
	335,000	Series A 5.250%, 07/01/2045		361,815
		Municipal Electric Authority of Georgia
	350,000	Series A 5.000%, 01/01/2037		363,251

				725,066

	Illinois: 3.1%
		Chicago Board of Education
	325,000	(AG), Series A 5.000%, 12/01/2031		337,477
		Illinois Finance Authority
	110,000	Series B 5.000%, 08/15/2036		111,352
		Regional Transportation Authority
	125,000	Series B 5.000%, 06/01/2035		129,933

				578,762

	Indiana: 3.7%
		Concord Community Schools Building Corp.
	250,000	(ST INTERCEPT) 5.000%, 01/15/2044		263,871
		Town of Upland
	200,000	4.000%, 09/01/2037		199,337

iMGP APA Enhanced Income Municipal Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	MUNICIPAL BONDS (CONTINUED)
	Indiana (continued)
		Westfield-Washington Multi-School Building Corp.
	$200,000	(BAM), Series A 5.250%, 07/15/2043	$	216,721

				679,929

	Kansas: 1.1%
		Sedgwick County Unified School District No. 262 Valley Center
	200,000	(AG) 5.000%, 09/01/2042		208,107

	Louisiana: 1.1%
		Louisiana Public Facilities Authority
	200,000	Series A 5.000%, 04/01/2045		204,754

	Massachusetts: 4.3%
		Massachusetts Development Finance Agency
	250,000	5.000%, 01/01/2027		252,777
	250,000	5.250%, 01/01/2038		267,953
	55,000	Series A 5.000%, 01/01/2040		55,345
	50,000	Series F 4.000%, 07/01/2043		45,223
		Massachusetts Housing Finance Agency
	175,000	(GNMA/FNMA/FHLMC), Series 224 4.350%, 12/01/2042		175,306

				796,604

	Michigan: 2.5%
		Michigan Finance Authority
	200,000	5.000%, 11/15/2041		201,182
	10,000	Series 2016MI 5.000%, 12/01/2045^(a)		10,040
	240,000	Series 2016MI 5.000%, 12/01/2045		240,022

				451,244

	New Hampshire: 1.0%
		New Hampshire Health & Education Facilities Authority Act
	190,000	5.000%, 10/01/2040		190,655

	New Jersey: 3.5%
		New Jersey Health Care Facilities Financing Authority
	635,000	Series A 5.000%, 07/01/2031		638,020

	New York: 4.7%
		Metropolitan Transportation Authority
	250,000	Series A 5.000%, 11/15/2044		262,125
	200,000	Series A 5.250%, 11/15/2045		212,251
		TSASC, Inc.
	195,000	Series A 5.000%, 06/01/2041		196,238


Principal Amount^			Value
	New York (continued)
		Westchester County Local Development Corp.
	$200,000	5.000%, 07/01/2042	$	201,781

				872,395


	North Carolina: 2.7%
		North Carolina Turnpike Authority
	500,000	5.000%, 01/01/2049		504,003

	Ohio: 6.1%
		Columbus Regional Airport Authority
	180,000	Series B 5.000%, 01/01/2043		192,461
		County of Montgomery
	420,000	4.000%, 08/01/2041		398,224
		Ohio Housing Finance Agency
	140,000	(GNMA/FNMA/FHLMC), Series C 4.100%, 09/01/2039		138,343
		Port of Greater Cincinnati Development Authority
	400,000	(FNMA COLL) 4.400%, 11/01/2040		389,172

				1,118,200

	Pennsylvania: 3.7%
		Allegheny County Higher Education Building Authority
	200,000	5.000%, 03/01/2042		212,487
		Allentown City School District
	250,000	(AG ST AID WITHHLDG) 5.000%, 06/01/2038		267,756
		City of Lancaster
	100,000	(BAM) 4.000%, 11/01/2038		100,543
		Montgomery County Higher Education & Health Authority
	100,000	Series A 5.000%, 09/01/2043		101,676

				682,462

	South Carolina: 7.0%
		South Carolina Jobs-Economic Development Authority
	200,000	Series A 5.000%, 05/01/2043		203,106
		South Carolina Public Service Authority
	500,000	Series A 5.000%, 12/01/2037		558,698
	65,000	Series A 5.000%, 12/01/2037		65,266
	130,000	Series A 5.000%, 12/01/2037		130,267
	165,000	Series A 5.000%, 12/01/2051		168,277
	150,000	Series A 5.250%, 12/01/2056		156,213

				1,281,827

iMGP APA Enhanced Income Municipal Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)(Continued)


Principal Amount^			Value
	MUNICIPAL BONDS (CONTINUED)
	Texas: 9.9%
		Brownsboro Independent School District
	$100,000	(AG) 5.000%, 08/15/2041	$	104,514
		City of Bryan Waterworks & Sewer Revenue
	250,000	4.000%, 07/01/2041		246,862
		City of Houston Hotel Occupancy Tax & Special Revenue
	500,000	(AG), Series D 5.000%, 09/01/2036		552,562
		City of Odessa
	500,000	4.000%, 03/01/2033		493,999
		FW Texas Street Public Facility Corp.
	250,000	5.000%, 05/01/2038		263,055
		Huffman Independent School District
	30,000	(PSF-GTD) 5.250%, 02/15/2049		31,482
		Texas Department of Housing & Community Affairs
	135,000	(GNMA), Series B 4.400%, 07/01/2038		136,460

				1,828,934

	Vermont: 1.9%
		Vermont Educational & Health Buildings Financing Agency
	350,000	Series B 5.000%, 12/01/2039		350,259

	Virginia: 1.0%
		Virginia College Building Authority
	165,000	5.000%, 06/01/2031		173,707

	Washington: 3.8%
		City of Seattle Municipal Light & Power Revenue
	330,000	5.000%, 07/01/2044		349,165
		Pend Oreille County Public Utility District No. 1 Box Canyon
	100,000	5.000%, 01/01/2039		101,491
		University of Washington
	250,000	Series A 5.250%, 12/01/2046		251,539

				702,195

	TOTAL MUNICIPAL BONDS (Cost $18,199,911)			18,063,014

	TOTAL INVESTMENTS (Cost: $18,199,911): 98.1%			18,063,014

	Other Assets in Excess of Liabilities: 1.9%			349,765

	NET ASSETS: 100.0%		$	18,412,779

Percentages are stated as a percent of net assets.


^		The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)		Prerefunded

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows*:


Cost of investments	$	18,199,911

Gross unrealized appreciation		65,112


Gross unrealized depreciation		(202,009	)

Net unrealized depreciation	$	(136,897	)

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Principal Amount^			Value
	SHORT-TERM INVESTMENTS: 74.3%
	REPURCHASE AGREEMENTS: 0.5%
	$17,739,865	Fixed Income Clearing Corp. 1.060%, 3/31/2026, due 04/01/2026 [collateral: par value $17,818,400, U.S. Treasury Note, 4.375%, due 07/15/2027, value $18,096,984] (proceeds $17,740,387)	$	17,739,865

	TOTAL REPURCHASE AGREEMENTS (Cost $17,739,865)			17,739,865

	TREASURY BILLS: 73.8%
		U.S. Treasury Bills
	345,000,000	3.436%, 04/21/2026^(a)(b)		344,308,517
	95,000,000	3.450%, 04/23/2026^(a)(b)(c)		94,790,584
	270,000,000	3.486%, 04/28/2026^(a)(b)		269,268,007
	1,679,000,000	3.486%, 04/30/2026^(a)(b)(c)		1,674,122,785
	58,000,000	3.507%, 05/07/2026^(a)(b)(c)		57,790,943

	TOTAL TREASURY BILLS (Cost $2,440,280,836)			2,440,280,836

	TOTAL SHORT-TERM INVESTMENTS (Cost $2,458,020,701)			2,458,020,701

	TOTAL INVESTMENTS (Cost: $2,458,020,701): 74.3%			2,458,020,701

	Other Assets in Excess of Liabilities: 25.7%			850,594,860

	NET ASSETS: 100.0%		$	3,308,615,561

Percentages are stated as a percent of net assets.


^		The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)		Issued with a zero coupon. Income is recognized through the accretion of discount.
(b)		The rate shown represents yield-to-maturity.
(c)		All or a portion of this security is held by the iMGP DBi Cayman Managed Futures Subsidiary.

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows*:


Cost of investments	$	2,458,020,701

Gross unrealized appreciation		43,515,699
Gross unrealized depreciation		(17,525,603	)

Net unrealized appreciation	$	25,990,096

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at March 31, 2026 (Unaudited) (a)


Description	Number of Contracts	Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
Euro FX Currency Futures	7,118	$	1,032,120,508		$	1,030,819,863			6/15/2026	$	(1,300,645	)
Gold 100 Oz Futures^(b)	714		315,475,907			334,052,040			6/26/2026		18,576,133
MSCI EAFE Index Futures	6,890		998,227,422			999,428,950			6/19/2026		1,201,528
MSCI Emerging Market Index	8,525		627,614,307			620,023,250			6/19/2026		(7,591,057	)
WTI Crude Futures^(b)	4,348		412,507,279			405,059,680			5/19/2026		(7,447,599	)

Total Long										$	3,438,360

Futures Contracts - Short
Japanese Yen Currency Futures	(18,331)	$	(1,452,484,929	)	$	(1,451,356,925	)		6/15/2026	$	1,128,004
S&P 500 E-Mini Index Futures	(4,592)		(1,524,162,911	)		(1,508,644,200	)		6/18/2026		15,518,711
U.S. Treasury 10-Year Note Futures	(13,286)		(1,476,203,735	)		(1,475,368,781	)		6/18/2026		834,954
U.S. Treasury 2-Year Note Futures	(14,262)		(2,964,841,409	)		(2,958,585,040	)		6/30/2026		6,256,369
U.S. Treasury Long Bond Futures	(2,415)		(273,821,823	)		(275,008,125	)		6/18/2026		(1,186,302	)

Total Short										$	22,551,736

Total Futures Contracts										$	25,990,096

(a)	Goldman Sachs & Co. and Societe Generale are the counterparties for all Open Futures Contracts held by the Fund and the iMGP DBi Cayman Managed Futures Subsidiary at March 31, 2026.

(b)	Contract held by the iMGP DBi Cayman Managed Futures Subsidiary.

iMGP Berkshire Dividend Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Shares			Value
	COMMON STOCKS: 97.3%
	Consumer Discretionary: 6.0%
	1,670	Lennar Corp. - Class A	$	145,023
	791	Lowe’s Cos., Inc.		186,897
	704	McDonald’s Corp.		218,796

				550,716

	Consumer Staples: 11.3%
	1,453	General Mills, Inc.		54,081
	763	Hershey Co.		158,620
	2,498	Mondelez International, Inc. - Class A		143,985
	1,772	Nestle SA - ADR		175,605
	850	PepsiCo, Inc.		131,996
	872	Procter & Gamble Co.		125,952
	1,960	Walmart, Inc.		243,589

				1,033,828

	Energy: 10.2%
	2,150	Chevron Corp.		444,835
	1,772	EOG Resources, Inc.		256,178
	7,115	Kinder Morgan, Inc.		238,566

				939,579

	Financials: 16.6%
	5,983	Bank of America Corp.		291,671
	2,178	Charles Schwab Corp.		204,689
	653	Chubb Ltd.		212,832
	1,299	JPMorgan Chase & Co.		382,114
	1,132	M&T Bank Corp.		234,007
	936	PNC Financial Services Group, Inc.		194,772

				1,520,085

	Health Care: 9.6%
	1,271	Abbott Laboratories		130,494
	1,633	AbbVie, Inc.		355,161
	2,774	Bristol-Myers Squibb Co.		168,243
	907	Johnson & Johnson		221,707

				875,605

	Industrials: 18.1%
	2,432	A.O. Smith Corp.		160,366
	348	Deere & Co.		196,028
	1,691	Emerson Electric Co.		221,555
	1,083	Honeywell International, Inc.		244,790
	509	Lockheed Martin Corp.		307,635
	944	Norfolk Southern Corp.		270,928
	1,125	Waste Management, Inc.		258,514

				1,659,816

	Information Technology: 17.7%
	1,394	Apple, Inc.		353,783
	3,993	Cisco Systems, Inc.		309,817
	1,671	Dell Technologies, Inc. - Class C		274,261
	748	Microsoft Corp.		276,887
	1,518	QUALCOMM, Inc.		195,488
	1,024	TE Connectivity PLC		214,037

				1,624,273


Shares			Value
	Materials: 3.6%
	1,954	Nucor Corp.	$	330,421

	Real Estate: 1.2%
	1,670	WP Carey, Inc. - REIT		113,493

	Utilities: 3.0%
	7,188	PPL Corp.		274,582

	TOTAL COMMON STOCKS (Cost $7,486,198)			8,922,398


Principal Amount
	SHORT-TERM INVESTMENTS: 2.6%
	REPURCHASE AGREEMENTS: 2.6%
	$236,319	Fixed Income Clearing Corp. 1.060%, 3/31/2026, due 04/01/2026 [collateral: par value $237,400, U.S. Treasury Note, 4.375%, due 07/15/2027, value $241,147] (proceeds $236,326)		236,319

	TOTAL SHORT-TERM INVESTMENTS (Cost $236,319)			236,319

	TOTAL INVESTMENTS (Cost: $7,722,517): 99.9%			9,158,717

	Other Assets in Excess of Liabilities: 0.1%			6,230

	NET ASSETS: 100.0%		$	9,164,947

Percentages are stated as a percent of net assets.


ADR		American Depositary Receipt
REIT		Real Estate Investment Trust

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows*:


Cost of investments	$	7,722,517

Gross unrealized appreciation		1,583,753
Gross unrealized depreciation		(147,553	)

Net unrealized appreciation	$	1,436,200

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

Polen Capital China Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Shares			Value
	COMMON STOCKS: 95.7%
	Communication Services: 18.5%
	2,600	Baidu, Inc. - Class A^*	$	35,053
	2,100	NetEase, Inc.		45,668
	2,700	Tencent Holdings Ltd.		166,679
	3,199	Tencent Music Entertainment Group - ADR		29,687

				277,087

	Consumer Discretionary: 16.0%
	6,500	Alibaba Group Holding Ltd.		98,658
	2,600	ANTA Sports Products Ltd.		25,104
	2,300	BYD Co. Ltd. - Class H		31,038
	4,400	H World Group Ltd.		21,943
	5,400	Haier Smart Home Co. Ltd. - Class H		14,271
	1,300	Meituan - Class B^*(a)		13,754
	400	Pop Mart International Group Ltd.^(a)		7,326
	550	Trip.com Group Ltd.^*		26,714

				238,808

	Consumer Staples: 3.9%
	9,800	By-health Co. Ltd. - Class A		15,576
	5,400	Foshan Haitian Flavouring & Food Co. Ltd. - Class H		25,167
	4,800	Inner Mongolia Yili Industrial Group Co. Ltd. - Class A		18,309

				59,052

	Financials: 18.4%
	10,200	AIA Group Ltd.		110,389
	2,100	Hong Kong Exchanges & Clearing Ltd.		104,086
	8,000	Ping An Insurance Group Co. of China Ltd. - Class H		60,662

				275,137

	Health Care: 7.4%
	58,000	AK Medical Holdings Ltd.^(a)		45,718
	4,000	Hansoh Pharmaceutical Group Co. Ltd.^(a)		18,102
	1,500	Innovent Biologics, Inc.^*(a)		16,243
	3,800	Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A		30,375

				110,438

	Industrials: 12.6%
	8,800	Centre Testing International Group Co. Ltd. - Class A		17,783
	1,800	Contemporary Amperex Technology Co. Ltd. - Class A		104,667
	3,300	Shenzhen Inovance Technology Co. Ltd. - Class A		32,005
	8,000	SITC International Holdings Co. Ltd.		34,775

				189,230

	Information Technology: 9.1%
	780	Beijing Kingsoft Office Software, Inc. - Class A		26,371


Shares			Value
	Information Technology (continued)
	18,600	Horizon Robotics^*	$	15,705
	2,600	Montage Technology Co. Ltd. - Class H^*		51,070
	6,000	Sino Wealth Electronic Ltd. - Class A		20,420
	5,400	Xiaomi Corp. - Class B^*(a)		21,875

				135,441

	Materials: 1.7%
	5,600	Shandong Sinocera Functional Material Co. Ltd. - Class A		24,886

	Real Estate: 8.1%
	9,200	China Resources Mixc Lifestyle Services Ltd.^(a)		55,199
	8,000	KE Holdings, Inc. - Class A		38,672
	5,800	Link REIT - REIT		26,647

				120,518

	TOTAL COMMON STOCKS (Cost $1,236,700)			1,430,597

	TOTAL INVESTMENTS^(b) (Cost: $1,236,700): 95.7%			1,430,597

	Other Assets in Excess of Liabilities: 4.3%			64,066

	NET ASSETS: 100.0%		$	1,494,663

Percentages are stated as a percent of net assets.


ADR		American Depositary Receipt
REIT		Real Estate Investment Trust
*		Non-Income Producing Security.
(a)		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(b)		For additional information on China risk, see Notes to the Schedule of Investments.

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows*:


Cost of investments	$	1,236,700

Gross unrealized appreciation		284,508
Gross unrealized depreciation		(90,611	)

Net unrealized appreciation	$	193,897

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

Polen Capital Global Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Shares			Value
	COMMON STOCKS: 96.9%
	Brazil: 2.7%
	125	MercadoLibre, Inc.^*	$	216,128

	Canada: 4.5%
	3,037	Shopify, Inc. - Class A^*		360,249

	China: 4.3%
	5,595	Tencent Holdings Ltd.		345,397

	France: 2.1%
	429	L’Oreal SA		172,599

	Germany: 4.3%
	40	SAP SE		6,767
	1,456	Siemens Energy AG		238,525
	2,337	Siemens Healthineers AG^(a)		97,698

				342,990

	Japan: 1.4%
	481	Tokyo Electron Ltd.		112,563

	Netherlands: 3.2%
	183	Adyen NV^*(a)		179,266
	63	ASML Holding NV		81,202

				260,468

	Taiwan: 4.4%
	1,049	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		354,510

	United States: 70.0%
	1,682	Alphabet, Inc. - Class C		482,498
	1,518	Amazon.com, Inc.^*		316,154
	1,209	Aon PLC - Class A		390,241
	3,010	Boston Scientific Corp.^*		188,877
	1,311	Broadcom, Inc.		405,768
	3,756	CoStar Group, Inc.^*		151,517
	371	Eli Lilly & Co.		341,235
	226	IDEXX Laboratories, Inc.^*		126,987
	757	MasterCard, Inc. - Class A		378,243
	265	Meta Platforms, Inc. - Class A		151,614
	1,065	Microsoft Corp.		394,231
	327	MSCI, Inc.		176,256
	3,320	NVIDIA Corp.		579,008
	1,065	Oracle Corp.		156,672
	2,481	ServiceNow, Inc.^*		259,389
	453	Spotify Technology SA^*		219,664
	2,030	Starbucks Corp.		181,868
	2,056	Uber Technologies, Inc.^*		147,888
	1,253	Visa, Inc. - Class A		378,707
	1,929	Zoetis, Inc.		228,027

				5,654,844

	TOTAL COMMON STOCKS (Cost $9,477,704)			7,819,748


Principal Amount			Value
	SHORT-TERM INVESTMENTS: 3.0%
	REPURCHASE AGREEMENTS: 3.0%
	$245,662	Fixed Income Clearing Corp. 1.060%, 3/31/2026, due 04/01/2026 [collateral: par value $246,800, U.S. Treasury Note, 4.375%, due 07/15/2027, value $250,710] (proceeds $245,669)	$	245,662

	TOTAL SHORT-TERM INVESTMENTS (Cost $245,662)			245,662

	TOTAL INVESTMENTS (Cost: $9,723,366): 99.9%			8,065,410

	Other Assets in Excess of Liabilities: 0.1%			8,155

	NET ASSETS: 100.0%		$	8,073,565

Percentages are stated as a percent of net assets.


ADR		American Depositary Receipt
*		Non-Income Producing Security.
(a)		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows*:


Cost of investments	$	9,723,366

Gross unrealized appreciation		59,622
Gross unrealized depreciation		(1,717,578	)

Net unrealized depreciation	$	(1,657,956	)

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

Polen Capital International Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2026 (Unaudited)


Shares			Value
	COMMON STOCKS: 96.4%
	Brazil: 11.1%
	994	MercadoLibre, Inc.^*	$	1,718,646
	74,038	NU Holdings Ltd. - Class A^*		1,063,926

				2,782,572

	Canada: 3.7%
	7,770	Shopify, Inc. - Class A^*		921,677

	China: 3.5%
	14,238	Tencent Holdings Ltd.		878,956

	Germany: 8.6%
	223	Rheinmetall AG		370,974
	9,072	SAP SE		1,534,778
	1,576	Siemens Energy AG		258,184

				2,163,936

	Hong Kong: 2.1%
	48,852	AIA Group Ltd.		528,697

	India: 1.8%
	17,919	ICICI Bank Ltd. - ADR		464,102

	Japan: 10.9%
	1,790	Disco Corp.		689,042
	700	Keyence Corp.		241,385
	20,210	Mitsubishi Heavy Industries Ltd.		536,469
	5,480	Tokyo Electron Ltd.		1,282,421

				2,749,317

	Netherlands: 13.3%
	669	Adyen NV^*(a)		655,348
	1,135	ASM International NV		832,638
	1,436	ASML Holding NV		1,850,899

				3,338,885

	Poland: 1.6%
	22,948	InPost SA^*(b)		398,535

	Singapore: 1.3%
	3,864	Sea Ltd. - ADR^*		319,978

	South Korea: 1.7%
	3,897	Samsung Electronics Co. Ltd.		425,410

	Sweden: 1.8%
	7,168	Saab AB - Class B		464,071

	Switzerland: 6.2%
	1,959	Lonza Group AG		1,232,201
	9,528	On Holding AG - Class A^*		324,143

				1,556,344

	Taiwan: 2.6%
	1,910	Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		645,485

	United Kingdom: 7.0%
	4,594	AstraZeneca PLC		889,768
	78,285	Sage Group PLC		864,734

				1,754,502

	United States: 19.2%
	3,057	Aon PLC - Class A		986,738


Shares			Value
	United States (continued)
	7,004	Medtronic PLC	$	606,897
	4,787	Schneider Electric SE		1,263,017
	2,688	Spotify Technology SA^*		1,303,438
	2,251	Willis Towers Watson PLC		654,366

				4,814,456

	TOTAL COMMON STOCKS (Cost $26,318,881)			24,206,923


Principal Amount
	SHORT-TERM INVESTMENTS: 3.5%
	REPURCHASE AGREEMENTS: 3.5%
	$878,382	Fixed Income Clearing Corp. 1.060%, 3/31/2026, due 04/01/2026 [collateral: par value $882,300, U.S. Treasury Note, 4.375%, due 07/15/2027, value $896,124] (proceeds $878,408)	$	878,382

	TOTAL SHORT-TERM INVESTMENTS (Cost $878,382)			878,382

	TOTAL INVESTMENTS (Cost: $27,197,263): 99.9%			25,085,305

	Other Assets in Excess of Liabilities: 0.1%			30,135

	NET ASSETS: 100.0%		$	25,115,440

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

*	Non-Income Producing Security.

(a)	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.

(b)	Security, or portion thereof, is out on loan.

The cost basis of investments for federal income tax purposes at March 31, 2026 was as follows*:


Cost of investments	$	27,197,263

Gross unrealized appreciation		1,007,591
Gross unrealized depreciation		(3,119,549	)

Net unrealized depreciation	$	(2,111,958	)

*	Because tax adjustments are calculated annually, the above table does not reflect tax adjustments. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual or annual report.

Litman Gregory Funds Trust

March 31, 2026 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

Security Valuation. The Funds record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described below. Investments in securities and derivatives traded on a national securities exchange are valued at the last reported sales price at the close of regular trading on each day that the exchanges are open for trading. Securities listed on the NASDAQ Global Market, the NASDAQ Global Select Market and the NASDAQ Capital Market are valued using the NASDAQ Official Closing Price. Securities traded on an exchange for which there have been no sales are valued at the mean between the closing bid and asked prices. Debt securities maturing within 60 days or less are valued at amortized cost unless the Valuation Committee determines that amortized cost does not represent fair value. Securities for which market prices are not readily available or if a security’s value has materially changed after the close of the security’s primary market but before the close of trading on the New York Stock Exchange (“NYSE”), the securities are valued at fair value as determined in good faith by the Managers that selected the security for the Funds’ portfolio and the Trust’s Valuation Committee in accordance with procedures approved by the Board of Trustees (the “Board”). In determining fair value, the Funds take into account all relevant factors and available information. Consequently, the price of the security used by a Fund to calculate its net asset value may differ from quoted or published prices for the same security. Fair value pricing involves subjective judgments and there is no single standard for determining the fair value of a security. As a result, different mutual funds could reasonably arrive at a different value for the same security. For securities that do not trade during NYSE hours, fair value determinations are based on analyses of market movements after the close of those securities’ primary markets, and include reviews of developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. Pricing services are used to obtain closing market prices and to compute certain fair value adjustments utilizing computerized pricing models. It is possible that the fair value determined for a security is materially different from the value that could be realized upon the sale of that security or from the values that other mutual funds may determine.

Investments in other funds are valued at their respective net asset values as determined by those funds in accordance with the 1940 Act.

The Funds are required to comply with U.S. Securities and Exchange Commission (the “SEC”) regulations that govern valuation practices and the role of a fund’s board with respect to the fair value of the investments of a registered investment company. Rule 2a-5 under the 1940 Act, among other things, establishes an updated regulatory framework for registered investment company fair valuation practices. The Funds’ Board has designated iM Global Partner Fund Management, LLC as each Fund’s valuation designee to perform fair value functions in accordance with valuation policies and procedures adopted by iM Global Partner Fund Management, LLC, subject to the Board’s oversight.

Debt securities generally trade in the over-the-counter market rather than on a securities exchange. The Funds’ pricing services use multiple valuation techniques to determine fair value. In instances where sufficient market activity exists, the pricing services may utilize a market-based approach through which quotes from market makers are used to determine fair value. In instances where sufficient market activity may not exist or is limited, the pricing services also utilize proprietary valuation models which may consider market characteristics such as benchmark yield curves, option-adjusted spreads, credit spreads, estimated default rates, coupon rates, anticipated timing of principal repayments, underlying collateral, and other unique security features in order to estimate the relevant cash flows, which are then discounted to calculate the fair value. Securities denominated in a foreign currency are converted into their U.S. dollar equivalent at the foreign exchange rate in effect at the close of the NYSE on the date that the values of the foreign debt securities are determined. Repurchase agreements are valued at cost, which approximates fair value.

Certain derivatives trade in the over-the-counter market. The Funds’ pricing services use various techniques including industry standard option pricing models and proprietary discounted cash flow models to determine the fair value of those instruments. The Funds’ net benefit or obligation under the derivative contract, as measured by the fair value of the contract, is included in net assets.

The Funds have procedures to determine the fair value of securities and other financial instruments for which market prices are not readily available or which may not be reliably priced. Under these procedures, the Funds primarily employ a market-based approach which may use related or comparable assets or liabilities, recent transactions, market multiples, book values, and other relevant information for the investment to determine the fair value of the investment. The Funds may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Due to the inherent uncertainty of valuations of such investments, the fair values may differ significantly from the values that would have been used had an active market existed.

Consolidation of Subsidiary. The DBi Managed Futures Strategy ETF may invest up to 20% of its total assets in the iMGP DBi Cayman Managed Futures Subsidiary (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly- owned and controlled by the DBi Managed Futures Strategy ETF. The financial statements of the DBi Managed Futures Strategy ETF include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies. The DBi Managed Futures Strategy ETF had 14% of its total net assets invested in the Subsidiary as of March 31, 2026.

The Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation (“CFC”) not subject to U.S. income taxes. As a wholly-owned CFC, however, the Subsidiary’s net income and capital gains, if any, will be included each year in the Fund’s investment company taxable income.

Senior Term Loans. The Low Duration Income Fund may invest in bank debt, which includes interests in loans to companies or their affiliates undertaken to finance a capital restructuring or in connection with recapitalizations, acquisitions, leveraged buyouts, refinancings or other financially leveraged transactions and may include loans which are designed to provide temporary or bridge financing to a borrower pending the sale of identified assets, the arrangement of longer-term loans or the issuance and sale of debt obligations. These loans, which may bear fixed or floating rates, have generally been arranged through private negotiations between a corporate borrower and one or more financial institutions (“Lenders”), including banks. The Low Duration Income Fund’s investments may be in the form of participations in loans (“Participations”) or of assignments of all or a portion of loans from third parties (“Assignments”).

Unfunded Loan Commitments. The Low Duration Income Fund may enter into certain credit agreements, all or a portion of which may be unfunded. The Fund is obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedules of Investments in Securities.

Short Sales. Each Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When each Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. In addition, cash and certain investments in securities may be used to collateralize the securities sold short. Each day the securities sold short transaction is open, the liability to replace the borrowed security is marked to market and an unrealized gain or loss is recorded. While the transaction remains open, the Fund may also incur expenses for any dividends or interest which will be paid to the lender of the securities as well as a fee to borrow the delivered security. During the term of the short sale, the value of the securities pledged as collateral on short sales is required to exceed the value of the securities sold short. A gain, limited to the price at which each Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of a short sale. Each Fund is also subject to the risk that it may be unable to reacquire a security to terminate a short position except at a price substantially in excess of the last quoted price.

Securities Lending. The Funds may make secured loans of their portfolio securities amounting to not more than one-third of their total assets. Securities loans are required to be collateralized by cash or securities in an amount equal to the securities loaned (marked to market daily). Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned equity security that are foreign, or 102% of the then current market value of any other loaned security. Daily market fluctuations could cause the value of loaned securities to be more or less than the value of the collateral received. When this occurs, the collateral is adjusted and settled on the following business day. Funds participating in securities lending receive compensation for lending their securities and/or net investment income earned on the investment of cash collateral, net of fee rebates paid to the borrower and fees paid to the lending agent. Cash collateral received is invested in State Street Navigator Government Money Market Portfolio. The remaining contractual maturity of this investment is overnight and continuous. Should the borrower of the securities fail financially, each Fund has the right to repurchase the securities using the collateral in the open market. State Street Bank and Trust Company serves as the Funds’ lending agent.

A Fund that lends its portfolio securities bears certain risks, including the risk of delay in the recovery of loaned securities, possible impairment of the Fund’s ability to vote the securities, the inability to invest proceeds from the sales of such securities and the loss of rights in the collateral should the borrower fail financially. A Fund also bears the risk that the value of investments made with collateral may decline and bears the risk of total loss with respect to the investment of collateral.

At March 31, 2026, securities on loan at value and collateral from securities on loan are listed below:


Fund	Value of securities on loan		Cash Collateral		Non-cash Collateral		Total Collateral
Global Select Fund	$	2,340,088	$	2,396,194	$	—	$	2,396,194
International Fund		3,173,279		720,435		2,537,795		3,258,230
Small Company Fund		2,485,658		—		2,470,253		2,470,253
Low Duration Income Fund		10,753,615		9,581,551		1,358,905		10,940,456
Dolan McEniry Corporate Bond Fund		15,380,917		6,715,868		8,960,900		15,676,768
Polen Capital International Growth ETF		359,613		—		376,917		376,917

The Trust’s securities lending policies and procedures require that the borrower: (i) deliver cash or U.S. Government securities as collateral with respect to each new loan of securities, equal to at least 102% or 105% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% or 105% due to end of day market movement. The next business day, additional collateral is obtained/received from the borrower to replenish/reestablish 102% or 105%.

Repurchase Agreements. Each Fund may enter into repurchase agreements through which the Fund acquires a security (the “underlying security”) from a seller, a well-established securities dealer or a bank that is a member of the Federal Reserve System. The bank or securities dealer agrees to repurchase the underlying security at the same price, plus a specified amount of interest, at a later date, generally for a period of less than one week. It is the Trust’s policy that its Custodian takes possession of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities, including recorded interest, is sufficient to cover the value of the repurchase agreements. The Trust’s policy states that the value of the collateral is at least 102% of the value of the repurchase agreement. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by a Fund may be delayed or limited. At March 31, 2026, the Funds’ ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments in Securities.

Reverse repurchase agreements. The Low Duration Income Fund may enter into reverse repurchase agreements with banks and brokers to enhance return. Under a reverse repurchase agreement a Fund sells portfolio assets subject to an agreement by that Fund to repurchase the same assets at an agreed upon price and date. The Fund can use the proceeds received from entering into a reverse repurchase agreement to make additional investments, which generally causes the Fund’s portfolio to behave as if it were leveraged. If the buyer in a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund may be unable to recover the securities it sold and as a result may realize a loss on the transaction if the securities it sold are worth more than the purchase price it originally received from the buyer. Reverse repurchase agreements outstanding at the end of the period, if any, are shown on the Schedules of Investments in Securities. Cash received in exchange for securities transferred, if any, under reverse repurchase agreements are reflected as reverse repurchase agreements on the Statements of Assets and Liabilities.

Foreign Currency Translation. The Funds’ records are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon foreign exchange rates prevailing at the end of the reporting period. The currencies are translated into U.S. dollars by using the exchange rates quoted at the close of the London Stock Exchange prior to when each Fund’s net asset value is next determined. Purchases and sales of investment securities, income and expenses are translated on the respective dates of such transactions.

The Funds do not isolate that portion of their net realized and unrealized gains and losses on investments resulting from changes in foreign exchange rates from the impact arising from changes in market prices. Such fluctuations are included with net realized and unrealized gain or loss from investments.

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences 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 currency transactions gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

Forward Foreign Currency Exchange Contracts. The Funds may utilize forward foreign currency exchange contracts (“forward contracts”) under which they are obligated to exchange currencies on specified future dates at specified rates, and are subject to foreign exchange rates fluctuations. All contracts are “marked-to-market” daily and any resulting unrealized gains or losses are recorded as unrealized appreciation or depreciation on forward foreign currency exchange contracts. The Funds record realized gains or losses at the time the forward contract is settled. These gains and losses are reflected on the Statements of Operations as realized gain (loss) on forward foreign currency exchange contracts. Counterparties to these forward contracts are major U.S. financial institutions.

Commodity Futures Trading Commission (“CFTC”) Regulation. Because of the nature of its investments, the DBi Managed Futures Strategy ETF is subject to regulation under the Commodities Exchange Act, as amended (the “CEA”), as a commodity pool and each of the Advisor and Sub-Adviser is subject to regulation under the CEA as a commodity pool operator (“CPO”), as those terms are defined under the CEA. The Advisor and Sub-Adviser are regulated by the CFTC, the National Futures Association and the SEC and are subject to each regulator’s disclosure requirements. The CFTC has adopted rules that are intended to harmonize certain CEA disclosure requirements with SEC disclosure requirements.

Futures Contracts. The Low Duration Income Fund invests in financial futures contracts primarily for the purpose of hedging its existing portfolio securities, or securities that the Fund intends to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. The futures contracts in the DBi Managed Futures Strategy ETF are not designated as hedging instruments. The DBi Managed Futures Strategy ETF employs long and short positions in derivatives, primarily futures contracts, across the broad asset classes of equities, fixed income, currencies and, through the Subsidiary, commodities. Upon entering into a financial futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as variation margin, are made or received by a Fund each day, depending on the daily fluctuations in the fair value of the underlying security. Each Fund recognizes a gain or loss equal to the daily variation margin. If market conditions move unexpectedly, a Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets.

Interest Rate Swaps. During the period ended March 31, 2026, the Low Duration Income Fund invested in interest rate swaps. An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the Over the counter (“OTC”) market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin.

Credit Default Swaps. During the period ended March 31, 2026, the Low Duration Income Fund entered into credit default swaps to manage its exposure to the market or certain sectors of the market, to reduce its risk exposure to defaults of corporate issuers or indexes or to create exposure to corporate issuers or indexes to which it is not otherwise exposed. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain (for protection written) or loss (for protection sold). In the case of credit default swaps where a Fund is selling protection, the notional amount approximates the maximum loss. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin.

Total Return Swaps. During the period ended March 31, 2026, the Low Duration Income Fund invested in total return swaps. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the “total return” of a defined underlying asset, usually in return for receiving a stream of Secured Overnight Financing Rate (“SOFR”) and Federal Fund Rate (“FEDL01”) based cash flows. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. Total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the Statement of Assets and Liabilities. The other leg of the swap, usually SOFR or FEDL01, is a spread to reflect the non-Statement of Assets and Liabilities nature of the product. No notional amounts are exchanged with total return swaps. The total return receiver assumes the entire economic exposure - that is, both market and credit exposure - to the reference asset. The total return payer - often the owner of the reference obligation - gives up economic exposure to the performance of the reference asset and in return takes on counterparty credit exposure to the total return receiver in the event of a default or fall in value of the reference asset.

Purchasing Put and Call Options. Each Fund may purchase covered “put” and “call” options with respect to securities which are otherwise eligible for purchase by a Fund and with respect to various stock indices subject to certain restrictions. Each Fund will engage in trading of such derivative securities primarily for hedging purposes.

If a Fund purchases a put option, a Fund acquires the right to sell the underlying security at a specified price at any time during the term of the option (for “American-style” options) or on the option expiration date (for “European-style” options). Purchasing put options may be used as a portfolio investment strategy when a portfolio manager perceives significant short-term risk but substantial long-term appreciation for the underlying security. The put option acts as an insurance policy, as it protects against significant downward price movement while it allows full participation in any upward movement. If a Fund is holding a stock which it feels has strong fundamentals, but for some reason may be weak in the near term, a Fund may purchase a put option on such security, thereby giving itself the right to sell such security at a certain strike price throughout the term of the option. Consequently, a Fund will exercise the put only if the price of such security falls below the strike price of the put. The difference between the put’s strike price and the market price of the underlying security on the date a Fund exercises the put, less transaction costs, will be the amount by which a Fund will be able to hedge against a decline in the underlying security. If during the period of the option the market price for the underlying security remains at or above the put’s strike price, the put will expire worthless, representing a loss of the price a Fund paid for the put, plus transaction costs. If the price of the underlying security increases, the profit a Fund realizes on the sale of the security will be reduced by the premium paid for the put option less any amount for which the put may be sold.

If a Fund purchases a call option, it acquires the right to purchase the underlying security at a specified price at any time during the term of the option. The purchase of a call option is a type of insurance policy to hedge against losses that could occur if a Fund has a short position in the underlying security and the security thereafter increases in price. Each Fund will exercise a call option only if the price of the underlying security is above the strike price at the time of exercise. If during the option period the market price for the underlying security remains at or below the strike price of the call option, the option will expire worthless, representing a loss of the price paid for the option, plus transaction costs. If the call option has been purchased to hedge a short position of a Fund in the underlying security and the price of the underlying security thereafter falls, the profit a Fund realizes on the cover of the short position in the security will be reduced by the premium paid for the call option less any amount for which such option may be sold.

Prior to exercise or expiration, an option may be sold when it has remaining value by a purchaser through a “closing sale transaction,” which is accomplished by selling an option of the same series as the option previously purchased. Each Fund generally will purchase only those options for which a Manager believes there is an active secondary market to facilitate closing transactions.

Writing Call Options. Each Fund may write covered call options. A call option is “covered” if a Fund owns the security underlying the call or has an absolute right to acquire the security without additional cash consideration (or, if additional cash consideration is required, cash or cash equivalents in such amount as are held in a segregated account by the Custodian). The writer of a call option receives a premium and gives the purchaser the right to buy the security underlying the option at the exercise price. The writer has the obligation upon exercise of the option to deliver the underlying security against payment of the exercise price during the option period. If the writer of an exchange-traded option wishes to terminate his obligation, he may effect a “closing purchase transaction.” This is accomplished by buying an option of the same series as the option previously written. A writer may not effect a closing purchase transaction after it has been notified of the exercise of an option.

Effecting a closing transaction in the case of a written call option will permit a Fund to write another call option on the underlying security with either a different exercise price, expiration date or both. Also, effecting a closing transaction will permit the cash or proceeds from the concurrent sale of any securities subject to the option to be used for other investments of a Fund. If a Fund desires to sell a particular security from its portfolio on which it has written a call option, it will effect a closing transaction prior to or concurrent with the sale of the security.

Each Fund will realize a gain from a closing transaction if the cost of the closing transaction is less than the premium received from writing the option or if the proceeds from the closing transaction are more than the premium paid to purchase the option. Each Fund will realize a loss from a closing transaction if the cost of the closing transaction is more than the premium received from writing the option or if the proceeds from the closing transaction are less than the premium paid to purchase the option. However, because increases in the market price of a call option will generally reflect increases in the market price of the underlying security, any loss to a Fund resulting from the repurchase of a call option is likely to be offset in whole or in part by appreciation of the underlying security owned by a Fund.

Writing Put Options. Each Fund may write put options. By writing put options, the Fund takes on the risk of declines in the value of the underlying instrument, including the possibility of a loss up to the entire strike price of each option it sells, but without the corresponding opportunity to benefit from potential increases in the value of the underlying instrument. When the Fund writes a put option, it assumes the risk that it must purchase the underlying instrument at a strike price that may be higher than the market price of the instrument. If there is a broad market decline and the Fund is able to close out its written put options, it may result in substantial losses to the Fund.

Risks of Investing in Options. There are several risks associated with transactions in options on securities. Options may be more volatile than the underlying instruments and, therefore, on a percentage basis, an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves. There are also significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective. In addition, a liquid secondary market for particular options may be absent for reasons which include the following: there may be insufficient trading interest in certain options; restrictions may be imposed by an exchange on opening transactions or closing transactions or both; trading halts, suspensions or other restrictions may be imposed with respect to particular classes or series of option of underlying securities; unusual or unforeseen circumstances may interrupt normal operations on an exchange; the facilities of an exchange or clearing corporation may not at all times be adequate to handle current trading volume; or one or more exchanges could, for economic or other reasons, decide or be compelled at some future date to discontinue the trading of options (or a particular class or series of options), in which event the secondary market on that exchange (or in that class or series of options) would cease to exist, although outstanding options that had been issued by a clearing corporation as a result of trades on that exchange would continue to be exercisable in accordance with their terms.

A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. The extent to which a Fund may enter into options transactions may be limited by the requirements of the Internal Revenue Code of 1986, as amended (the “Code”), with respect to qualification of a Fund as a regulated investment company.

Restricted Securities. A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933. If the security is subsequently registered and resold, the issuers would typically bear the expense of all registrations at no cost to the Fund. Restricted securities are valued according to the guidelines and procedures adopted by the Funds’ Board of Trustees. As of March 31, 2026, there were no restricted securities held in the Funds.

Illiquid Securities. Each Fund may not invest more than 15% of the value of its net assets in illiquid securities, including restricted securities that are not deemed to be liquid by the Sub-Advisors. The Advisor and the Sub-Advisors will monitor the amount of illiquid securities in a Fund’s portfolio, under the supervision of the Board, to ensure compliance with a Fund’s investment restrictions. In accordance with procedures approved by the Board, these securities may be valued using techniques other than market quotations, and the values established for these securities may be different than what would be produced through the use of another methodology or if they had been priced using market quotations. Illiquid securities and other portfolio securities that are valued using techniques other than market quotations, including “fair valued” securities, may be subject to greater fluctuation in their value from one day to the next than would be the case if market quotations were used. In addition, there is no assurance that a Fund could sell a portfolio security for the value established for it at any time, and it is possible that a Fund would incur a loss because a portfolio security is sold at a discount to its established value.

Fair Value of Financial Investments

The Funds follow a fair value hierarchy that distinguishes between market data obtained from independent sources (observable inputs) and the Funds’ own market assumptions (unobservable inputs). These inputs are used in determining the value of each Fund’s investments and are summarized in the following fair value hierarchy:

Level 1 – Quoted prices in active markets for identical securities.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, foreign exchange rates, and fair value estimates for foreign securities indices).

Level 3 – Significant unobservable inputs (including the Funds’ own assumptions in determining fair value of investments).

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, U.S. Treasury inflation protected securities, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers’ internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Fixed income securities purchased on a delayed-delivery basis are typically marked to market daily until settlement at the forward settlement date.

Mortgage and asset-backed securities are usually issued as separate tranches, or classes, of securities within each deal. These securities are also normally valued by pricing service providers that use broker dealer quotations or valuation estimates from their internal pricing models. The pricing models for these securities usually consider tranche-level attributes, estimated cash flows and market-based yield spreads for each tranche, current market data and incorporates deal collateral performance, as available.

Stripped mortgage-backed securities are usually structured with two different classes: one that receives substantially all interest payments (interest-only, or “IO” and/or high coupon rate with relatively low principal amount, or “IOette”), and the other that receives substantially all principal payments (principal-only, or “PO”) from a pool of mortgage loans. Little to no principal will be received at the maturity of an IO; as a result, periodic adjustments are recorded to reduce the cost of the security until maturity. These adjustments are included in interest income.

Mortgage and asset-backed securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

Repurchase agreements and reverse repurchase agreements are short-term investments, and are fair valued approximately at their principal amounts. Repurchase agreements and reverse repurchase agreements are categorized as Level 2 of the fair value hierarchy.

Financial derivative instruments, such as forward foreign currency contracts, options contracts, futures, or swap agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer quotations or pricing service providers at the settlement price determined by the relevant exchange. Depending on the product and the terms of the transaction, the value of the derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are categorized as Level 1 or Level 2 of the fair value hierarchy.

The following tables provide the fair value measurements of applicable Fund assets and liabilities by level within the fair value hierarchy for each Fund as of March 31, 2026. These assets and liabilities are measured on a recurring basis.

Global Select Fund


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity
Common Stocks
Canada	$	10,657,244	$	—	$	—	$	10,657,244
China		1,457,766		—		—		1,457,766
Germany		1,134,142		—		—		1,134,142
Netherlands		2,886,612		—		—		2,886,612
Taiwan		2,104,415		—		—		2,104,415
United States		51,507,172		—		—		51,507,172
Preferred Stocks
South Korea		4,366,409		—		—		4,366,409

Total Equity		74,113,760		—		—		74,113,760

Short-Term Investments
Investment of Cash Collateral for Securities Loaned		2,396,194		—		—		2,396,194
Repurchase Agreements		—		1,316,571		—		1,316,571

Total Short-Term Investments		2,396,194		1,316,571		—		3,712,765

Total Investments in Securities	$	76,509,954	$	1,316,571	$	—	$	77,826,525

International Fund


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity
Common Stocks
Australia	$	544,988	$	—	$	—	$	544,988
Brazil		4,806,256		—		—		4,806,256
Canada		1,763,879		—		—		1,763,879
China		1,701,441		—		—		1,701,441
France		11,801,164		—		—		11,801,164
Germany		14,933,557		—		—		14,933,557
Greece		1,479,669		—		—		1,479,669
Indonesia		882,451		—		—		882,451
Ireland		1,791,217		—		—		1,791,217
Israel		8,081,580		—		—		8,081,580
Italy		5,766,280		—		—		5,766,280
Japan		6,086,259		—		—		6,086,259


Netherlands	7,581,907		—		—		7,581,907
Singapore	2,941,856		—		—		2,941,856
South Africa	1,684,144		—		—		1,684,144
South Korea	787,658		—		—		787,658
Spain	1,603,974		—		—		1,603,974
Switzerland	8,057,371		—		—		8,057,371
Taiwan	4,735,537		—		—		4,735,537
United Kingdom	12,052,564		—		—		12,052,564
United States	12,584,739		—		—		12,584,739

Total Equity	111,668,491		—		—		111,668,491

Short-Term Investments
Investment of Cash Collateral for Securities Loaned	720,435		—		—		720,435
Repurchase Agreements	—		1,244,061		—		1,244,061

Total Short-Term Investments	720,435		1,244,061		—		1,964,496

Total Investments in Securities	$112,388,926	$	1,244,061	$	—	$	113,632,987

Small Company Fund


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity^(a)
Common Stocks	$	48,430,249	$	—	$	—	$	48,430,249

Total Equity		48,430,249		—		—		48,430,249

Total Investments in Securities	$	48,430,249	$	—	$	—	$	48,430,249

^(a)	See Fund’s Schedule of Investments in Securities for sector classifications.

Low Duration Income Fund


Description	Level 1 - Quoted prices in active markets for identical assets			Level 2 - Significant other observable inputs			Level 3 - Significant unobservable inputs			Total
Equity^(a)
Common Stocks	$	893,937		$	57,502		$	1,046	**	$	952,485
Preferred Stocks		3,298,547			—			—			3,298,547
Limited Partnerships		—			—			51,925	**		51,925

Total Equity		4,192,484			57,502			52,971	**		4,302,957

Rights/Warrants		—			473,225			—			473,225
Fixed Income
Asset-Backed Securities		—			40,252,493			—			40,252,493
Bank Loans		—			51,980,129			—			51,980,129
Convertible Bonds		—			608,788			—			608,788
Corporate Bonds		—			113,285,581			75,034	**		113,360,615
Government Securities & Agency Issue		—			10,719,904			—			10,719,904
Mortgage-Backed Securities		—			35,942,983			5,946			35,948,929
Municipal Bonds		—			4,986			—			4,986

Total Fixed Income		—			252,794,864			80,980	**		252,875,844

Short-Term Investments
Investment of Cash Collateral for Securities Loaned		9,581,551			—			—			9,581,551
Money Market Funds		4,375,574			—			—			4,375,574
Repurchase Agreements		—			366,120			—			366,120
Treasury Bills		—			973,460			—			973,460

Total Short-Term Investments		13,957,125			1,339,580			—			15,296,705

Purchased Options		50,828			96,457			—			147,285

Total Investments in Securities in Assets	$	18,200,437		$	254,761,628		$	133,951	**	$	273,096,016

Unfunded Loan Commitments***		—			(12,733	)		—			(12,733	)

Reverse Repurchase Agreements		—			(3,344,860	)		—			(3,344,860	)

Total Investments in Securities in Liabilities	$	—		$	(3,344,860	)	$	—		$	(3,344,860	)

Other Financial Instruments^*
Forward Foreign Currency Exchange Contracts	$	59,589		$	—		$	—		$	59,589
Futures		(108,543	)		—			—			(108,543	)
Swaps - Interest Rate		—			108,552			—			108,552
Swaps - Credit Default		—			41,667			—			41,667
Written Options		(385,190	)		(97,024	)		—			(482,214	)

^(a)	See Fund’s Schedule of Investments in Securities for sector classifications.

Other financial instruments are derivative instruments, such as futures, forward foreign currency exchange, swaps contracts and written options. Futures, forward foreign currency exchange and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument, while written options are valued at fair value.

^**	Significant unobservable inputs were used in determining the value of portfolio securities for the Low Duration Income Fund.

^***	Unfunded Loan Commitments are shown at the unrealized appreciation (depreciation).

Dolan McEniry Corporate Bond Fund


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Fixed Income
Corporate Bonds	$	—	$	469,968,735	$	—	$	469,968,735
Government Securities & Agency Issue		—		25,459,887		—		25,459,887

Total Fixed Income		—		495,428,622		—		495,428,622

Short-Term Investments
Investment of Cash Collateral for Securities Loaned		6,715,868		—		—		6,715,868

Total Investments in Securities	$	6,715,868	$	495,428,622	$	—	$	502,144,490

APA Enhanced Income Municipal Fund


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Fixed Income
Municipal Bonds	$	—	$	18,063,014	$	—	$	18,063,014

Total Fixed Income		—		18,063,014		—		18,063,014

Total Investments in Securities	$	—	$	18,063,014	$	—	$	18,063,014

DBi Managed Futures Strategy ETF (Consolidated)


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Short-Term Investments
Repurchase Agreements	$	—	$	17,739,865	$	—	$	17,739,865
Treasury Bills		—		2,440,280,836		—		2,440,280,836

Total Short-Term Investments		—		2,458,020,701		—		2,458,020,701

Total Investments in Securities	$	—	$	2,458,020,701	$	—	$	2,458,020,701

Other Financial Instruments^*
Futures	$	25,990,096	$	—	$	—	$	25,990,096

Berkshire Dividend Growth ETF


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity^(a)
Common Stocks	$	8,922,398	$	—	$	—	$	8,922,398

Total Equity		8,922,398		—		—		8,922,398

Short-Term Investments
Repurchase Agreements		—		236,319		—		236,319

Total Investments in Securities	$	8,922,398	$	236,319	$	—	$	9,158,717

^(a)	See Fund’s Schedule of Investments in Securities for sector classifications.

Polen Capital China Growth ETF


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity^(a)
Common Stocks	$	1,430,597	$	—	$	—	$	1,430,597

Total Equity		1,430,597		—		—		1,430,597

Total Investments in Securities	$	1,430,597	$	—	$	—	$	1,430,597

^(a)	See Fund’s Schedule of Investments in Securities for sector classifications.

Polen Capital Global Growth ETF


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity
Common Stocks
Brazil	$	216,128	$	—	$	—	$	216,128
Canada		360,249		—		—		360,249
China		345,397		—		—		345,397
France		172,599		—		—		172,599
Germany		342,990		—		—		342,990
Japan		112,563		—		—		112,563
Netherlands		260,468		—		—		260,468
Taiwan		354,510		—		—		354,510
United States		5,654,844		—		—		5,654,844

Total Equity		7,819,748		—		—		7,819,748

Short-Term Investments
Repurchase Agreements		—		245,662		—		245,662

Total Short-Term Investments		—		245,662		—		245,662

Total Investments in Securities	$	7,819,748	$	245,662	$	—	$	8,065,410

Polen Capital International Growth ETF


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity
Common Stocks
Brazil	$	2,782,572	$	—	$	—	$	2,782,572
Canada		921,677		—		—		921,677
China		878,956		—		—		878,956
Germany		1,905,752		258,184		—		2,163,936
Hong Kong		528,697		—		—		528,697
India		464,102		—		—		464,102
Japan		2,749,317		—		—		2,749,317
Netherlands		3,338,885		—		—		3,338,885
Poland		398,535		—		—		398,535
Singapore		319,978		—		—		319,978
South Korea		425,410		—		—		425,410
Sweden		464,071		—		—		464,071
Switzerland		1,556,344		—		—		1,556,344
Taiwan		645,485		—		—		645,485
United Kingdom		1,754,502		—		—		1,754,502
United States		4,814,456		—		—		4,814,456

Total Equity		23,948,739		258,184		—		24,206,923

Short-Term Investments
Repurchase Agreements		—		878,382		—		878,382

Total Short-Term Investments		—		878,382		—		878,382

Total Investments in Securities	$	23,948,739	$	1,136,566	$	—	$	25,085,305

Principal Risks

Below are summaries of the principal risks of investing in one or more of the Funds, each of which could adversely affect a Fund’s net asset value, yield and total return. Each risk listed below does not necessarily apply to each Fund, and you should read a Fund’s prospectus carefully for a description of the principal risks associated with investing in a particular Fund.

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Active Management Risk. Each Fund is actively managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund. A Fund’s investment strategy may fail to produce the intended results. There can be no assurance that a Fund will achieve its investment objective. A sub-advisor’s judgments about the attractiveness, value and potential appreciation of particular securities may prove to be incorrect, and the sub-advisor may not anticipate actual market movements or the impact of economic conditions generally. No matter how well a portfolio manager evaluates market conditions, the securities a portfolio manager chooses may fail to produce the intended result, and you could lose money on your investment in a Fund.

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Asset-Backed Securities Risk. This is the risk that the impairment of the value of the collateral underlying a security in which the Low Duration Income Fund invests, such as the non-payment of loans, will result in a reduction in the value of the security. The value of these securities may also fluctuate in response to the market’s perception of the value of issuers or collateral.

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Below Investment-Grade Fixed Income Securities Risk. This is the risk of investing in below investment-grade fixed income securities (also known as “junk bonds”), which may be greater than that of higher rated fixed income securities. These securities are rated Ba1 through C by Moody’s Investors Service (“Moody’s”) or BB+ through D by Standard & Poor’s Rating Group (“S&P”) (or comparably rated by another nationally recognized statistical rating organization), or, if not rated by Moody’s or S&P, are considered by the sub-advisors to be of similar quality. These securities have greater risk of default than higher rated securities. The market value of these securities is more sensitive to corporate developments and economic conditions and can be volatile. Market conditions can diminish liquidity and make accurate valuations difficult to obtain.

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China Risk. This is the risk that the value of the Polen Capital China Growth ETF’s investments in China may decline due to nationalization, expropriation, and confiscation of assets and property. Losses may also occur due to new or expanded restrictions on foreign investments or repatriation of capital. Participants in the Chinese market are subject to less regulation and oversight than participants in the U.S. market. This may lead to trading volatility, difficulty in the settlement and recording of transactions, and uncertainty in interpreting and applying laws and regulations. Reduction in spending on Chinese products and services, institution of tariffs or other trade barriers, or a downturn in the economies of any of China’s key trading partners may adversely affect the securities of Chinese issuers. Regional conflict could also have an adverse effect on the Chinese economy.

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Collateral Risk. If the Low Duration Income Fund and DBi Managed Futures Strategy ETF’s financial instruments are secured by collateral, the issuer may have difficulty liquidating the collateral and/or the Fund may have difficulty enforcing its rights under the terms of the securities if an issuer defaults. Collateral may be insufficient or the Fund’s right to the collateral may be set aside by a court. Collateral will generally consist of assets that may not be readily liquidated, including for example, equipment, inventory, work in the process of manufacture, real property and payments to become due under contracts or other receivable obligations. There is no assurance that the liquidation of those assets would satisfy an issuer’s obligations under a financial instrument. Non-affiliates and affiliates of issuers of financial instruments may provide collateral in the form of secured and unsecured guarantees and/or security interests in assets that they own, which may also be insufficient to satisfy an issuer’s obligations under a financial instrument.

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Collateralized Loan Obligations and Collateralized Debt Obligations Risk. Collateralized loan obligations (“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. The Low Duration Income Fund’s investment in CLOs may decrease in market value when the CLO experiences loan defaults or credit impairment, the disappearance of a subordinate tranche, or market anticipation of defaults and investor aversion to CLO securities as a class.

Collateralized debt obligations (“CDOs”) are structured similarly to CLOs and bear the same risks as CLOs including interest rate risk, credit risk and default risk. CDOs are subject to additional risks because they are backed by pools of assets other than loans including securities (such as other asset-backed securities), synthetic instruments or bonds and may be highly leveraged. Like CLOs, losses incurred by a CDO are borne first by holders of subordinate tranches. Accordingly, the risks of CDOs depend largely on the type of underlying collateral and the tranche of CDOs in which the Fund invests. For example, CDOs that obtain their exposure through synthetic investments entail the risks associated with derivative instruments.

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Commodity Risk. Exposure to the commodities markets (including financial futures markets) may subject the DBi Managed Futures Strategy ETF, through its investment in a wholly-owned subsidiary (the “Subsidiary”), which is organized under the laws of the Cayman Islands and is advised by its respective sub-advisor, to greater volatility than investments in traditional securities. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including changes in interest rates, supply and demand relationships and balances of payments and trade; weather and natural disasters; governmental, agricultural, trade, fiscal, monetary and exchange control programs and policies, public health crises and trade or price wars among commodity producers or buyers. The commodity markets are subject to temporary distortions and other disruptions. U.S. futures exchanges and some foreign exchanges have regulations that limit the amount of fluctuation in futures contract prices which may occur during a single business day. Limit prices have the effect of precluding trading in a particular contract or forcing the liquidation of contracts at disadvantageous times or prices.

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Communications Sector Risk. Companies in the communications sector may be affected by competitive pressures (including innovation by competitors and pricing competition), substantial capital requirements, government regulation, revenues and earnings, obsolescence of communications products and services due to technological advancement, a potential decrease in the discretionary income of targeted individuals and fluctuating demand due to changing consumer tastes and interests.

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Consumer Discretionary Sector Risk. The success of consumer product manufacturers and retailers is tied closely to the performance of domestic and international economies, interest rates, exchange rates, supply chains, competition, consumer confidence, changes in demographics and consumer preferences. Companies in the consumer discretionary sector depend heavily on disposable household income and consumer spending, and may be strongly affected by social trends and marketing campaigns. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

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Consumer Staples Sector Risk. Certain of the Funds, through the implementation of their respective investment strategies, may from time to time invest a significant portion of their assets in the consumer staples sector, which includes, for example, the food and staples retailing industry, the food, beverage and tobacco industry and the household and personal products industry. This sector can be significantly affected by, among other factors, the regulation of various product components and production methods, marketing campaigns and changes in the global economy, consumer spending and consumer demand. Tobacco companies, in particular, may be adversely affected by new laws, regulations and litigations. Companies in the consumer staples sector may also be adversely affected by changes or trends in commodity prices, which may be influenced by unpredictable factors. These companies may be subject to severe competition, which may have an adverse impact on their profitability.

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Convertible Securities Risk. This is the risk that the market value of convertible securities may fluctuate due to changes in, among other things, interest rates; other general economic conditions; industry fundamentals; market sentiment; the issuer’s operating results, financial statements, and credit ratings; and the market value of the underlying common or preferred stock.

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Corporate Debt Obligations Risk. Corporate debt obligations are subject to the risk of an issuer’s inability to meet principal and interest payments on the obligations. Therefore, the Low Duration Income Fund, and the Dolan McEniry Corporate Bond Fund may be indirectly exposed to such risks associated with corporate debt obligations.

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Country/Regional Risk. World events – such as political upheaval, financial troubles, or natural disasters – may adversely affect the value of securities issued by companies in foreign countries or regions. Because each of the Global Select Fund and International Fund may invest a large portion of its assets in securities of companies located in any one country or region, including emerging markets, the Fund’s performance may be hurt disproportionately by the poor performance of its investments in that area. This risk is heightened in emerging markets.

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Currency Risk. This is the risk that investing in foreign currencies may expose the Fund to fluctuations in currency exchange rates and that such fluctuations in the exchange rates may negatively affect an investment related to a currency or denominated in a foreign currency. All of the Funds may invest in foreign currencies for hedging purposes.

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Cybersecurity Risk. Information and technology systems relied upon by the Funds, the Advisor, the sub-advisors, the Funds’ service providers (including, but not limited to, Fund accountants, custodians, transfer agents, administrators, distributors and other financial intermediaries) and/or the issuers of securities in which a Fund invests may be vulnerable to damage or interruption from computer viruses, network failures, computer and telecommunication failures, infiltration by unauthorized persons, security breaches, usage errors, power outages and catastrophic events such as fires, tornadoes, floods, hurricanes and earthquakes. Although the Advisor has implemented measures to manage risks relating to these types of events, if these systems are compromised, become inoperable for extended periods of time or cease to function properly, significant investment may be required to fix or replace them. The failure of these systems and/or of disaster recovery plans could cause significant interruptions in the operations of the Funds, the Advisor, the sub-advisors, the Funds’ service providers and/or issuers of securities in which a Fund invests and may result in a failure to maintain the security, confidentiality or privacy of sensitive data, including personal information relating to investors (and the beneficial owners of investors). Such a failure could also harm the reputation of the Funds, the Advisor, the sub-advisors, the Funds’ service providers and/or issuers of securities in which a Fund invests, subject such entities and their respective affiliates to legal claims or otherwise affect their business and financial performance.

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Derivatives Risk. This is the risk that an investment in derivatives may not correlate completely to the performance of the underlying securities and may be volatile and that the insolvency of the counterparty to a derivative instrument could cause the Fund to lose all or substantially all of its investment in the derivative instrument, as well as the benefits derived therefrom.

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Options Risk. This is the risk that an investment in options may be subject to greater fluctuation than an investment in the underlying instruments themselves and may be subject to a complete loss of the amounts paid as premiums to purchase the options.

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Futures Contracts Risk. This is the risk that an investment in futures contracts may be subject to losses that exceed the amount of the premiums paid and may subject the Fund’s net asset value to greater volatility.

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P-Notes Risk. This is the risk that the performance results of P-Notes will not replicate exactly the performance of the issuers or markets that the P-Notes seek to replicate. Investments in P-Notes involve risks normally associated with a direct investment in the underlying securities as well as additional risks, such as counterparty risk.

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Swaps Risk. Risks inherent in the use of swaps include: (1) swap contracts may not be assigned without the consent of the counterparty; (2) potential default of the counterparty to the swap; (3) absence of a liquid secondary market for any particular swap at any time; and (4) possible inability of the Fund to close out the swap transaction at a time that otherwise would be favorable for it to do so.

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Dividend Paying Securities Risk. The iMGP Berkshire Dividend Growth Fund’s emphasis on dividend-paying securities could cause the Fund to underperform funds that invest without consideration of a company’s track record of paying dividends. Stocks of companies with a history of paying dividends may not participate in a broad market advance to the same degree as most other stocks, and a sharp rise in interest rates or economic downturn could cause a company to unexpectedly reduce or eliminate its dividend. In addition, issuers of dividend-paying stocks typically have discretion to defer or stop paying dividends. If the dividend-paying stocks held by the Fund reduce or stop paying dividends, the Fund’s ability to generate income may be adversely affected.

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Emerging Markets Risk. A Fund may invest a portion of its assets in emerging market countries. Emerging market countries are those with immature economic and political structures, and investing in emerging markets entails greater risk than in developed markets. Such risks could include those related to government dependence on a few industries or resources, government-imposed taxes on foreign investment or limits on the removal of capital from a country, unstable government, and volatile markets.

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Equity Securities Risk. This is the risk that the value of equity securities may fluctuate, sometimes rapidly and unpredictably, due to factors affecting the general market, an entire industry or sector, or particular companies. These factors include, without limitation, adverse changes in economic conditions, the general outlook for corporate earnings, interest rates or investor sentiment; increases in production costs; and significant management decisions. This risk is greater for small- and medium-sized companies, which tend to be more vulnerable to adverse developments than larger companies.

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ESG Investing Risk. Because a Fund may take into consideration the environmental, social and governance characteristics of portfolio companies in which it may invest, the Fund may select or exclude securities of certain issuers for reasons other than potential performance. The Fund’s consideration of ESG characteristics in making its investment decisions may reduce or increase the Fund’s exposure to certain issuers, industries, sectors, regions or countries or cause the Fund to forego certain investment opportunities which may lower the performance of the Fund as compared to funds that do not utilize these considerations. Consideration of ESG characteristics is qualitative and subjective by nature, and there is no guarantee that the criteria used by the Sub-Advisor or any judgment exercised by the Sub-Advisor will reflect the opinions of any particular investor. Although an investment by the Fund in a company may satisfy one or more ESG and sustainability factors in the view of the portfolio managers, there is no guarantee that such company actually promotes positive environmental, social or economic developments, and that same company may also fail to satisfy other ESG factors. In addition, the Sub-Advisor may utilize third party data to evaluate ESG factors which may be incomplete or inaccurate and cause the Sub-Advisor to incorrectly assess the ESG characteristics a security or issuer. Funds with ESG investment strategies are generally suited for long-term rather than short-term investors.

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ETF Risk. The DBi Managed Futures Strategy ETF, Berkshire Dividend Growth ETF, Polen Capital China Growth ETF, Polen Capital Global Growth ETF, Polen Capital International Growth ETF are each an ETF, and, as a result of an ETF’s structure, each is exposed to the following risks:

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Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as Authorized Participants (“APs”). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, shares of the Fund (“Shares”) may trade at a material discount to NAV and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions.

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Cash Redemption Risk. The Fund’s investment strategy may require it to redeem Shares for cash or to otherwise include cash as part of its redemption proceeds. The Fund may be required to sell or unwind portfolio investments to obtain the cash needed to distribute redemption proceeds. This may cause the Fund to recognize a capital gain that it might not have recognized if it had made a redemption in-kind. As a result, the Fund may pay out higher annual capital gain distributions than if the in-kind redemption process was used.

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Costs of Buying or Selling Shares. Due to the costs of buying or selling Shares, including brokerage commissions imposed by brokers and bid/ask spreads, frequent trading of Shares may significantly reduce investment results and an investment in Shares may not be advisable for investors who anticipate regularly making small investments.

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Shares May Trade at Prices Other Than NAV. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. Although it is expected that the market price of Shares will approximate the Fund’s NAV, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount) due to supply and demand of Shares or during periods of market volatility. This risk is heightened in times of market volatility and volatility in the Fund’s portfolio holdings, periods of steep market declines, and periods when there is limited trading activity for Shares in the secondary market, in which case such premiums or discounts may be significant. If an investor purchases Shares at a time when the market price is at a premium to the NAV of the Shares or sells at a time when the market price is at a discount to the NAV of the Shares, then the investor may sustain losses that are in addition to any losses caused by a decrease in NAV.

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Trading. Although Shares are listed for trading on a national securities exchange, and may be traded on other U.S. exchanges, there can be no assurance that Shares will trade with any volume, or at all, on any stock exchange. In stressed market conditions, the liquidity of Shares may begin to mirror the liquidity of the Fund’s underlying portfolio holdings, which can be significantly less liquid than Shares.

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European Investment Risk. Each of the Global Select Fund, International Fund, Polen Capital Global Growth ETF, and Polen Capital International Growth ETF may invest a significant portion of its assets in issuers based in Western Europe and the United Kingdom (“UK”). The economies of countries in Europe are often closely connected and interdependent, and events in one country in Europe can have an adverse impact on other European countries. Efforts by the member countries of the European Union (“EU”) to continue to unify their economic and monetary policies may increase the potential for similarities in the movements of European markets and reduce the potential investment benefits of diversification within the region. However, the substance of these policies may not address the needs of all European economies. European financial markets have in recent years experienced increased volatility due to concerns with some countries’high levels of sovereign debt, budget deficits and unemployment. Markets have also been affected by the withdrawal of the UK from the EU (an event commonly known as “Brexit”). On January 31, 2020, the UK officially withdrew from the EU. While the long-term consequences of Brexit remain unclear, Brexit has already resulted in periods of volatility in European and global financial markets. There remains significant market uncertainty regarding Brexit’s ramifications, and the range and potential implications of possible political, regulatory, economic and market outcomes are difficult to predict. The U.K. and Europe may be less stable than they have been in recent years, and investments in the U.K. and the EU may be difficult to value, or subject to greater or more frequent volatility. In the longer term, there is likely to be a period of significant political, regulatory and commercial uncertainty as the U.K. seeks to negotiate the terms of its future trading relationships. The U.K. and European economies and the broader global economy could be significantly impacted, which could potentially have an adverse effect on the value of a Fund’s investments. Brexit may also cause additional member states to contemplate departing from the EU, which would likely perpetuate political and economic instability in the region and cause additional market disruption in global financial markets.

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Financial Sector Risk. A Fund may from time to time invest a significant portion of its assets in the financial sector. The financial sector can be significantly affected by changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt, the availability and cost of capital, and the impact of more stringent capital requirements.

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Fixed Income Securities Risk. Interest rates may go up resulting in a decrease in value of the securities held by a Fund. Fixed income securities held by a Fund are also subject to interest rate risk, credit risk, call risk and liquidity risk, which are more fully described below.

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Credit Risk. Credit risk is the risk that an issuer will not make timely payments of principal and interest. A credit rating assigned to a particular debt security is essentially an opinion as to the credit quality of an issuer and may prove to be inaccurate. There is also the risk that a bond issuer may “call,” or repay, its high yielding bonds before their maturity dates.

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Interest Rate Risk. Interest rates may go up resulting in a decrease in the value of the securities held by a Fund. Interest rates have been historically low, so a Fund faces a heightened risk that interest rates may rise. Debt securities subject to prepayment can offer less potential for gains during a declining interest rate environment and similar or greater potential for loss in a rising interest rate environment.

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Call Risk. During periods of declining interest rates, a bond issuer may “call” or repay its high yielding bonds before their maturity dates.

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Liquidity Risk. Certain securities may be difficult or impossible to sell at the time and the price that a Fund would like. Trading opportunities are more limited for fixed income securities that have not received any credit ratings, have received ratings below investment grade or are not widely held. The values of these securities may fluctuate more sharply than those of other securities, and a Fund may experience some difficulty in closing out positions in these securities at prevailing market prices.

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Foreign Investment and Emerging Markets Risks. This is the risk that an investment in foreign (non-U.S.) securities may cause the Funds to experience more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies, due to factors such as currency conversion rate fluctuations, currency blockages, political and economic instability, differences in financial reporting, accounting and auditing standards, nationalization, expropriation or confiscatory taxation, and smaller and less-strict regulation of securities markets. These risks are greater in emerging markets.

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Forward Contracts Risk. Forward contracts involve an obligation to purchase or sell a specific currency at a future date, which may be any fixed number of days from the date of the contract as agreed by the parties in an amount and at a price set at the time of the contract. At the maturity of a forward contract, a fund may either accept or make delivery of the currency specified in the contract or, at or prior to maturity, enter into a closing transaction involving the purchase or sale of an offsetting contract. A Fund may invest in non-deliverable forwards, which are cash-settled, short-term forward contracts on foreign currencies that are non-convertible and that may be thinly traded or illiquid. The use of forward contracts involves various risks, including the risks associated with fluctuations in foreign currency and the risk that the counterparty will fail to fulfill its obligations.

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Futures Contracts Risk. Futures contracts have a high degree of price variability and are subject to occasional rapid and substantial changes. There is an imperfect correlation between the change in market value of the futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts. Futures contracts pose the risk of a possible lack of a liquid secondary market, resulting in the potential inability to close a futures contract when desired. Futures contracts are also subject to risks related to possible market disruptions or other extraordinary events, including but not limited to, governmental intervention, and potentially unlimited losses caused by unanticipated market movements. Futures contracts are subject to the possibility that the counterparties to the contracts will default in the performance of their obligations. If the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its futures contracts, or close certain positions at a time when it may be disadvantageous to do so. The successful use of futures contracts draws upon the Sub-Advisor’s skill and experience with respect to such instruments and is subject to special risk considerations.

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General Market Risk; Recent Market Events. The value of a Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for a Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of a Fund’s investments may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.

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Geopolitical Events Risk. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, trade disputes, supply chain disruptions, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, cybersecurity events, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, territorial invasions and global economic sanctions implemented in response, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long-term effects on both the U.S. and global financial markets.

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Government Securities and Agency Risk. Direct obligations of the U.S. Government such as Treasury bills, notes and bonds are supported by its full faith and credit. Indirect obligations issued by Federal agencies and government-sponsored entities generally are not backed by the full faith and credit of the U.S. Treasury. Accordingly, while U.S. Government agencies and instrumentalities may be chartered or sponsored by Acts of Congress, their securities are neither issued nor guaranteed by the U.S. Treasury. Some of these indirect obligations may be supported by the right of the issuer to borrow from the Treasury; others are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations; still others are supported only by the credit of the instrumentality.

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Growth Investing Risk. Growth stocks, as a group, may be out of favor with the market and underperform value stocks or the overall equity market. Growth stocks are generally more sensitive to market movements than other types of stocks primarily because their prices are based heavily on the future expectations of the economy and the stock’s issuing company.

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Healthcare Sector Risk. A Fund may invest a portion of its assets in the healthcare sector. The profitability of companies in the healthcare sector may be adversely affected by government regulations and government healthcare programs, increases or decreases in the cost of medical products and services and product liability claims, among other factors. Many healthcare companies are heavily dependent on patent protection, and the expiration of a company’s patent may adversely affect that company’s profitability. Healthcare companies are subject to competitive forces that may result in price discounting, and may be thinly capitalized and susceptible to product obsolescence.

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High-Yield Fixed Income Securities Risk. The fixed income securities held by a Fund that are rated below investment grade are subject to additional risk factors such as increased possibility of default, illiquidity of the security, and changes in value based on public perception of the issuer. Such securities are generally considered speculative because they present a greater risk of loss, including default, than higher quality debt securities.

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Industrial Sector Risk. A Fund may invest a portion of its assets in the industrial sector. Companies in the industrial sector could be affected by, among other things, government regulation, world events and global economic conditions, insurance costs, and labor relations issues.

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Inflation Risk. At any time, the DBi Managed Futures Strategy ETF may have significant investments in cash or cash equivalents. When a substantial portion of a portfolio is held in cash or cash equivalents, there is the risk that the value of the cash account, including interest, will not keep pace with inflation, thus reducing purchasing power over time.

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Investing Through Stock Connects Risk. This is the risk that the Polen Capital China Growth ETF’s investments in China A Shares and/or China B Shares through the Stock Connects may be subject to trading, clearance, settlement, and other procedures, which could pose risks to the Polen Capital China Growth ETF and which may restrict the Polen Capital China Growth ETF’s ability to invest in or sell China A and/or China B Shares in a timely manner. Specifically, trading can be affected by market or bank closures, quota limits, and certain pre-delivery and pre-validation requirements, such that the Polen Capital China Growth ETF may not be able to purchase or dispose of its shares in a timely manner. In addition, the Polen Capital China Growth ETF’s purchase of China A and/or China B Shares through the Stock Connects may only be subsequently sold through the Stock Connects and is not otherwise transferable. The Polen Capital China Growth ETF’s shares will be registered in its custodian’s name on the Hong Kong Central Clearing and Settlement System, which may limit the Polen Capital Management, LLC’s ability to effectively manage the Polen Capital China Growth ETF’s holdings, including the potential enforcement of equity owner rights.

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Investment in Investment Companies Risk. This is the risk that investing in other investment companies, including ETFs, CEFs, BDCs, unit investment trusts and open-end funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the Low Duration Income Fund and its shareholders will incur its pro rata share of the underlying vehicles’ expenses, which will reduce the Fund’s performance. In addition, investments in an ETF are subject to, among other risks, the risk that the ETF’s shares may trade at a discount or premium relative to the net asset value of the shares and the listing exchange may halt trading of the ETF’s shares. BDCs may carry risks similar to those of a private equity or venture capital fund. BDC company securities are not redeemable at the option of the shareholder and they may trade in the market at a discount to their net asset value. BDCs usually trade at a discount to their net asset value because they invest in unlisted securities and have limited access to capital markets. Shares of CEFs also frequently trade at a discount to their net asset value for those and other reasons.

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Investment Selection Risk. The specific investments held in the Fund’s investment portfolio may underperform other funds in the same asset class or benchmarks that are representative of the general performance of the asset class because of a portfolio manager’s choice of securities.

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Investments in Loan Risk. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. The Low Duration Income Fund’s investments in loans can also be difficult to value accurately and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of the collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the issuer of the participations. Transactions in loans are often subject to long settlement periods, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. In addition, many banks have been weakened by the recent financial crisis, and it may be difficult for the Fund to obtain an accurate picture of a lending bank’s financial condition.

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Japan Investing Risk. The Japanese economy has only recently emerged from a prolonged economic downturn. Since the year 2000, Japan’s economic growth rate has remained relatively low. The Japanese economy is characterized by an aging demographic, declining population, large government debt and highly regulated labor market. Economic growth in Japan is dependent on domestic consumption, deregulation and consistent government policy. International trade, particularly with the U.S., also impacts growth of the Japanese economy and adverse economic conditions in the U.S. or other trade partners may affect Japan. Japan also has a growing economic relationship with China and other Southeast Asian countries, and thus Japan’s economy may also be affected by economic, political or social instability in those countries (whether resulting from local or global events). Other factors, such as the occurrence of natural disasters and relations with neighboring countries (including China, South Korea, North Korea and Russia), may also negatively impact the Japanese economy.

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Large-Capitalization Investing Risk. A Fund may invest in the securities of large-capitalization companies. As a result, the Fund’s performance may be adversely affected if securities of these companies underperform securities of smaller capitalization companies or the market as a whole. Large-capitalization companies may adapt more slowly to new competitive challenges and be subject to slower growth during times of economic expansion.

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Large Shareholder Purchase and Redemption Risk. This is the risk that a Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

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Latin America Investing Risk. The economies of Latin American countries have in the past experienced considerable difficulties, including high inflation rates, high interest rates, high unemployment, government overspending and political instability. Similar conditions in the present or future could impact the Fund’s performance. Many Latin American countries are highly reliant on the exportation of commodities and their economies may be significantly impacted by fluctuations in commodity prices and the global demand for certain commodities. Investments in Latin American countries may be subject to currency risks, such as restrictions on the flow of money in and out of a country, extreme volatility relative to the U.S. dollar, and devaluation, all of which could decrease the value of the Fund’s investments. Other Latin American investment risks may include inadequate investor protection, less developed regulatory, accounting, auditing and financial standards, unfavorable changes in laws or regulations, natural disasters, corruption and military activity. The governments of many Latin American countries may also exercise substantial influence over many aspects of the private sector, and any such exercise could have a significant effect on companies in which the Fund invests. Securities of companies in Latin American countries may be subject to significant price volatility, which could impact Fund performance.

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Leverage Risk. Leverage may result from certain transactions, including the use of derivatives and borrowing, particularly with respect to the Low Duration Income Fund. Although leverage creates an opportunity for increased income and gain, it also creates certain risks. For example, the use of leverage may cause the effect of an increase or decrease in the value of a Fund’s portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used. Under normal circumstances, the Low Duration Income Fund may borrow amounts up to one third of the value of its total assets except that it may exceed this limit to satisfy redemption requests or for other temporary purposes.

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Liquidity and Valuation Risk. It may be difficult for the Fund to purchase and sell particular investments within a reasonable time at a fair price, or the price at which it has been valued by iM Global for purposes of the Fund’s net asset value, causing the Fund to be less liquid and unable to realize what iM Global believes should be the price of the investment. Valuation of portfolio investments may be difficult, such as during periods of market turmoil or reduced liquidity, and for investments that may, for example, trade infrequently or irregularly. In these and other circumstances, an investment may be valued using fair value methodologies, which are inherently subjective, reflect good faith judgments based on available information and may not accurately estimate the price at which the Fund could sell the investment at that time. These risks may be heightened for fixed-income instruments because of the near historically low interest rate environment as of the date of this prospectus. Based on its investment strategies, a significant portion of the Fund’s investments can be difficult to value and potentially less liquid and thus particularly prone to the foregoing risks.

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Managed Futures Strategy Risk. In seeking to achieve its investment objective, the DBi Managed Futures Strategy ETF will utilize various investment strategies that involve the use of complex investment techniques, and there is no guarantee that these strategies will succeed. The use of such strategies and techniques may subject the Fund to greater volatility and loss. There can be no assurance that utilizing a certain approach or model will achieve a particular level of return or reduce volatility and loss.

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Management Risk. The Funds are actively-managed and may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for a Fund.

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Market Risk. The value of a Fund’s shares will fluctuate based on the performance of the Fund’s investments and other factors affecting the securities markets generally. Certain investments selected for a Fund’s portfolio may be worth less than the price originally paid for them, or less than they were worth at an earlier time. The value of a Fund’s investment may go up or down, sometimes dramatically and unpredictably, based on current market conditions, such as real or perceived adverse political or economic conditions, inflation, changes in interest rates, lack of liquidity in the fixed income markets or adverse investor sentiment.

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Mid-Sized Companies Risk. Securities of companies with mid-sized market capitalizations are generally more volatile and less liquid than the securities of large-capitalization companies. Mid-sized companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management. Mid-sized companies may have relatively short operating histories or may be newer public companies. Some of these companies have more aggressive capital structures, including higher debt levels, than large-cap companies, or are involved in rapidly growing or changing industries and/or new technologies, which pose additional risks.

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Models and Data Risk. This is the risk that one or all of the proprietary systematic and quantitative models may fail to identify profitable opportunities at any time. Furthermore, the models may incorrectly identify opportunities and these misidentified opportunities may lead to substantial losses for the Fund. Models may be predictive in nature and such models may result in an incorrect assessment of future events. Data used in the construction of models may prove to be inaccurate or stale, which may result in losses for the DBi Managed Futures Strategy ETF.

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Mortgage-Backed Securities Risk. This is the risk of investing in mortgaged-backed securities, which includes interest rate risk, prepayment risk and the risk of defaults on the mortgage loans underlying these securities.

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Municipal Market Risk. Factors unique to the municipal bond market may negatively affect the value of a Fund’s investment in municipal bonds. These factors include political or legislative changes, and uncertainties related to the tax status of the securities and the rights of investors in the securities. A Fund may invest in a group of municipal obligations that are related in such a way that an economic, business, or political development affecting one would also affect the others. Some municipal obligations carry additional risk, such as those that are tied only to a specific stream of revenues. In addition, the municipal bond market, or portions thereof, may experience substantial volatility or become distressed, particularly during recessions or similar periods of economic stress, and individual bonds may go into default, which would lead to heightened risks of investing in municipal bonds generally. Actual or perceived changes in the financial health of the municipal market as a whole or in part may affect the valuation of debt securities held by a Fund.

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Multi-Style Management Risk. Because portions of a Fund’s assets are managed by different portfolio managers using different styles, the Fund could experience overlapping security transactions. Certain portfolio managers may be purchasing securities at the same time other portfolio managers may be selling those same securities, which may lead to higher transaction expenses compared to a Fund using a single investment management style.

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New Fund Risk. A Fund that is newly formed and has limited operating history for investors to evaluate. Its performance may not represent how the Fund is expected to or may perform in the long term. In addition, new funds may not attract sufficient assets to achieve investment and trading efficiencies.

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Non-Diversified Fund Risk. Because a Fund is “non-diversified,” it may invest a greater percentage of its assets in the securities of a single issuer. As a result, a decline in the value of an investment in a single issuer could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio.

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Operational Risk. Operational risks include human error, changes in personnel, system changes, faults in communication, and failures in systems, technology, or processes. Various operational events or circumstances are outside an Advisor’s or Sub-Advisor’s control, including instances at third parties. A Fund, its Advisor and Sub-Advisor seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address these risks.

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Portfolio Turnover Risk. This is the risk that a Fund may experience high portfolio turnover rates as a result of its investment strategies. High portfolio turnover rates may indicate higher transaction costs and may result in higher taxes when shares of a Fund are held in a taxable account as compared to shares in investment companies that hold investments for a longer period. High portfolio turnover involves correspondingly greater expenses to a Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestments in other securities, which may result in adverse tax consequences to a Fund’s shareholders as compared to shares in investment companies that hold investments for a longer period.

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Prepayment and Extension Risk. In times of declining interest rates, a Fund’s higher yielding securities will be prepaid, and the Fund will have to replace them with securities having a lower yield. Rising interest rates could extend the life of securities with lower payment rates. This is known as extension risk and may increase a Fund’s sensitivity to rising rates and its potential for price declines.

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Public Health Emergency Risk. This is the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses.

Containment efforts and related restrictive actions by governments and businesses have significantly diminished and disrupted global economic activity across many industries. Less developed countries and their health systems may be more vulnerable to these impacts. The ultimate impact of COVID-19 or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in a Fund could be significant and prolonged.

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Regulatory Risk. Governments, agencies or other regulatory bodies may adopt or change laws or regulations that could adversely affect the issuer, or market value, of an instrument held by a Fund or that could adversely impact the Fund’s performance.

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Sector Concentration Risk. A Fund may concentrate its investments in a narrow segment of the total market. At March 31, 2026, the Small Company Fund has 28.6% of its net assets invested in the Industrials sector of the stock market. Because of this, the Fund is subject to certain additional risks as compared to investing in a more diversified portfolio of investments.

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Sector Weightings Risk. To the extent that a Fund emphasizes, from time to time, investments in a particular sector, the Fund will be subject to a greater degree to the risks particular to that sector. Market conditions, interest rates, and economic, regulatory, or financial developments could significantly affect a single sector. By focusing its investments in a particular sector, a Fund may face more risks than if it were diversified broadly over numerous sectors.

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Securities Lending Risk. Securities lending involves possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. As a result, the value of a Fund’s shares may fall. The value of Fund shares could also fall if a loan is called and the Fund is required to liquidate reinvested collateral at a loss or if the Fund is unable to reinvest cash collateral at rates which exceed the costs involved.

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Settlement Risk. Settlement and clearance procedures in certain foreign markets differ significantly from those in the United States. Foreign settlement procedures and trade regulations also may involve certain risks (such as delays in payment for or delivery of securities) not typically generated by the settlement of U.S. investments. If a Fund cannot settle or is delayed in settling a sale of securities, it may lose money if the value of the security then declines or, if it has contracted to sell the security to another party, the Fund could be liable to that party for any losses incurred. Dividends or interest on, or proceeds from the sale of, foreign securities may be subject to foreign taxes on income from sources in such countries.

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Short Position Risk. A Fund will incur a loss as a result of a short position if the price of the short position instrument increases in value between the date of the short position sale and the date on which the Fund purchases an offsetting position. Short positions may be considered speculative transactions and involve special risks, including greater reliance on the ability to accurately anticipate the future value of a security or instrument. A Fund’s losses are potentially unlimited in a short position transaction.

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Smaller Companies Risk. A Fund may invest a portion of its assets in the securities of small- and mid-sized companies. Securities of small and mid-cap companies are generally more volatile and less liquid than the securities of large-cap companies. This is because smaller companies may be more reliant on a few products, services or key personnel, which can make it riskier than investing in larger companies with more diverse product lines and structured management.

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Special Situations Risk. Investments in special situations (undervalued equities, merger arbitrage situations, distressed companies, etc.) may involve greater risks when compared to other investments a Fund may make due to a variety of factors. For example, mergers, acquisitions, reorganizations, liquidations or recapitalizations may fail or not be completed on the terms originally contemplated, and expected developments may not occur in a timely manner, if at all.

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Subsidiary Risk. By investing in the Subsidiary, the DBi Managed Futures Strategy ETF is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Fund and are subject to the same risks that apply to similar investments if held directly by the Fund. The Subsidiary is not registered under the 1940 Act, and, unless otherwise noted in the Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to continue to operate as it does currently and could adversely affect the Fund.

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Tax Risk. The federal income tax treatment of the DBi Managed Futures Strategy ETF’s income from the Subsidiary may be negatively affected by future legislation, Treasury Regulations (proposed or final), and/or other Internal Revenue Service (“IRS”) guidance or authorities that could affect the character, timing of recognition, and/or amount of the Fund’s investment company taxable income and/ or net capital gains and, therefore, the distributions it makes. If a Fund failed the source of income test for any taxable year but was eligible to and did cure the failure, it could incur potentially significant additional federal income tax expenses. If, on the other hand, a Fund failed to qualify as a RIC for any taxable year and was ineligible to or otherwise did not cure the failure, it would be subject to federal income tax at the fund-level on its taxable income at the regular corporate tax rate (without reduction for distributions to shareholders), with the consequence that its income available for distribution to shareholders would be reduced and distributions from its current or accumulated earnings and profits would generally be taxable to its shareholders as dividend income.

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TBAs and Dollar Rolls Risk. TBA (“to-be-announced”) and dollar roll transactions present special risks to the Low Duration Income Fund. Although the particular TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. During the settlement period, the Fund will still bear the risk of any decline in the value of the security to be delivered. TBAs and other forward settling securities involve leverage because they can provide investment exposure in an amount exceeding the fund’s initial investment. Leverage can magnify investment risks and cause losses to be realized more quickly. While dollar roll transactions involve the simultaneous purchase and sale of substantially similar TBA securities with different settlement dates, these transactions do not require the purchase and sale of identical securities so the characteristics of the security delivered to the Fund may be less favorable than the security delivered to the dealer.

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Technology Investment Risk. A Fund may invest a portion of its assets in the technology sector, which is a very volatile segment of the market. The nature of technology is that it is rapidly changing. Therefore, products or services that may initially look promising may subsequently fail or become obsolete. In addition, many technology companies are younger, smaller and unseasoned companies which may not have established products, an experienced management team, or earnings history.

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Unfavorable Tax Treatment Risk. Various types of investments in which the Low Duration Income Fund may invest, including derivatives, mortgage related securities, and REITs, may cause the returns of the Fund to be in the form of net investment income or short-term capital gains, some of which may be distributed to shareholders and taxed at ordinary income tax rates. Therefore, shareholders may have a greater need to pay regular taxes than compared to other investment strategies that hold investments longer. Due to this investment strategy, it may be preferable for certain shareholders to invest in the Low Duration Income Fund through pre-tax or tax-deferred accounts as compared to investment through currently taxable accounts. Potential shareholders are encouraged to consult their tax advisors in this regard.

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U.S. Government and U.S. Agency Obligations Risk. Securities issued by U.S. Government agencies and instrumentalities have different levels of U.S. Government credit support. Some are backed by the full faith and credit of the U.S. Government, while others are supported by only the discretionary authority of the U.S. Government or only by the credit of the agency or instrumentality. No assurance can be given that the U.S. Government will provide financial support to U.S. Government-sponsored instrumentalities because they are not obligated to do so by law. Guarantees of timely prepayment of principal and interest do not assure that the market prices and yields of the securities are guaranteed nor do they guarantee the NAV or performance of a Fund, which will vary with changes in interest rates, the sub-advisor’s performance and other market conditions.

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U.S. Trade Policy Risk. In the U.S., the Trump administration recently enacted and proposed to enact significant new tariffs on imports from certain countries. Additionally, President Trump has directed various federal agencies to further evaluate key aspects of U.S. trade policy and there has been ongoing discussion and commentary regarding potential significant changes to U.S. trade policies, treaties and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global economic conditions and the stability of global financial markets, and may significantly reduce global trade and, in particular, trade between the impacted nations and the U.S. Any of these factors could depress economic activity and restrict a portfolio company’s access to suppliers or customers and have a material adverse effect on its business, financial condition or operations, which in turn could negatively impact a Fund.

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Variable Interest Entity Risk. The Polen Capital China Growth ETF may invest a substantial portion of its assets in certain operating companies in China through legal structures known as variable interest entities (“VIEs”). In China, ownership of companies in certain sectors by foreign individuals and entities (including U.S. persons and entities such as the Polen Capital China Growth ETF) is prohibited. In order to facilitate foreign investment in these businesses, many Chinese companies have created VIEs. In such an arrangement, a China-based operating company typically establishes an offshore shell company in another jurisdiction, such as the Cayman Islands. That shell company enters into service and other contracts with the China-based operating company, then issues shares on a foreign exchange, such as the New York Stock Exchange. Foreign investors hold stock in the shell company rather than directly in the China-based operating company. This arrangement allows U.S. investors to obtain economic exposure to the China-based company through contractual means rather than through formal equity ownership.

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Value Stock Risk. Value stocks are stocks of companies that may have experienced adverse business or industry developments or may be subject to special risks that have caused the stocks to be out of favor and, in the opinion of the manager, undervalued. The value of a security believed by a manager to be undervalued may never reach what is believed to be its full (intrinsic) value, or such security’s value may decrease.


Cost of investments		$45,494,090

Gross unrealized appreciation		8,045,757
Gross unrealized depreciation		(5,109,598	)

Net unrealized appreciation	$	2,936,159


Principal Amount			Value
	$(245,000)	TD Securities, Inc. 3.870%, trade date 3/30/2026, due 03/30/2027, repurchase amount $245,000	$	(245,000	)
	(532,125)	TD Securities, Inc. 3.900%, trade date 3/30/2026, due 03/30/2027, repurchase amount $532,125		(532,125	)
	(533,665)	TD Securities, Inc. 3.880%, trade date 3/30/2026, due 03/30/2027, repurchase amount $533,665		(533,665	)
	(2,034,070)	SG Americas Securities LLC 3.900%, trade date 3/25/2026, due 03/25/2027, repurchase amount $2,034,070		(2,034,070	)

	TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds $3,344,860)		$	(3,344,860	)