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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-07763

 

 

iM GLOBAL PARTNER FUNDS

(Exact name of registrant as specified in charter)

 

 

2301 Rosecrans Avenue, Suite 2150

El Segundo, California

(Address of principal executive offices) (zip code)

 

 

(Name and address of agent for service)

John M. Coughlan

2301 Rosecrans Avenue, Suite 2150

El Segundo, California

 

 

Registrant’s telephone number, including area code: (925) 254-8999

Date of fiscal year end: December 31

Date of reporting period: June 30, 2026

 

 
 


Item 1. Reports to Shareholders.

(a) The Reports to Shareholders are attached herewith.

Institutional:

APAMX

iMGP APA Enhanced Income Municipal Fund

Image

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about iMGP APA Enhanced Income Municipal Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional
$30
0.60%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • The Fund gained 1.91% in the six-month period, beating out the 1.39% gain for the Bloomberg 1-15 Yr Municipal Bond Index.

  • Municipal bonds finished the first half of 2026 in positive territory despite elevated issuance, geopolitical volatility, and shifting Federal Reserve expectations. Positive returns across major muni indices reflected the market's continued resilience throughout June.

  • The Fund ended the period with a yield to worst of 4.8% and an effective duration of 4.0 years.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
Institutional
Bloomberg 1-15 Year Municipal Bond Index
Morningstar Muni National Intermediate Category
12/16/2024
$10,000
$10,000
$10,000
12/31/2024
$10,003
$9,925
$9,936
1/31/2025
$10,040
$9,993
$9,982
2/28/2025
$10,156
$10,091
$10,079
3/31/2025
$9,986
$9,964
$9,928
4/30/2025
$9,983
$9,902
$9,882
5/31/2025
$9,959
$9,958
$9,884
6/30/2025
$10,034
$10,034
$9,956
7/31/2025
$9,991
$10,059
$9,935
8/31/2025
$10,097
$10,143
$10,016
9/30/2025
$10,326
$10,294
$10,216
10/31/2025
$10,429
$10,383
$10,319
11/30/2025
$10,467
$10,411
$10,346
12/31/2025
$10,498
$10,439
$10,366
1/31/2026
$10,575
$10,550
$10,452
2/28/2026
$10,696
$10,657
$10,573
3/31/2026
$10,490
$10,411
$10,353
4/30/2026
$10,591
$10,494
$10,456
5/31/2026
$10,635
$10,521
$10,499
6/30/2026
$10,699
$10,585
$10,569

Average Annual Total Returns (%)

Key Fund Statistics

Table Summary
Total Net Assets
$18,090,335
# of Fund Holdings
75
Fund Turnover Rate
89%
Total Advisory Fees Paid
$0
Table Summary
Fund
1 Year
Since Inception 12/16/2024
Institutional
6.63%
4.48%
Bloomberg 1-15 Year Municipal Bond Index
5.49%
3.77%
Morningstar Muni National Intermediate Category
6.16%
3.67%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

What did the Fund invest in? (based on net assets)

The Fund invested in U.S. dollar-denominated municipal bonds of intermediate maturities that are exempt from federal income tax.

Top 10 States

Table Summary
California
13.9%
Texas
10.8%
New Jersey
8.1%
New York
7.4%
Florida
7.4%
Colorado
5.1%
Ohio
4.6%
Massachusetts
4.4%
Georgia
4.0%
Oklahoma
3.9%

Credit Rating

Group By Industry Chart
Table Summary
Value
Value
AAA
9.5%
AA
42.5%
A
34.4%
BBB
10.2%
Not Rated
3.4%

Maturity 

Group By Country Chart
Table Summary
Value
Value
Other assets less liabilities
-0.7%
Greater than 10 Years
77.2%
5 to 10 Years
18.6%
3 to 5 Years
2.6%
1 to 3 Years
0.9%
Less than 1 Year
1.4%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

Institutional:

IDMIX

iMGP Dolan McEniry Core Plus Fund

(formerly, iMGP Dolan McEniry Corporate Bond Fund) 

Image

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about iMGP Dolan McEniry Core Plus Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

THIS REPORT DESCRIBES CHANGES TO THE FUND THAT OCCURRED DURING THE REPORTING PERIOD.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional
$31
0.62%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • The Fund gained 0.80% in the six-month period, outperforming the 0.62% gain of the Bloomberg US Aggregate Bond Index.

  • As of June, the Fund had a YTM of approximately 5.2%, higher than the Agg's 4.7%. Duration ended June at approximately 3.8, shorter than the Agg's duration of 5.9 years.

  • The Fund’s outperformance was driven by the relative allocation and outperformance in the corporate investment grade and high yield sectors.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
Institutional
Bloomberg US Aggregate Bond Index
Bloomberg US Interm Credit Index
Morningstar Corporate Bond Category
9/28/2018
$10,000
$10,000
$10,000
$10,000
9/30/2018
$10,000
$10,000
$10,000
$10,000
10/31/2018
$9,939
$9,921
$9,958
$9,872
11/30/2018
$9,950
$9,980
$9,966
$9,845
12/31/2018
$9,923
$10,164
$10,075
$9,957
1/31/2019
$10,156
$10,271
$10,236
$10,188
2/28/2019
$10,244
$10,266
$10,271
$10,221
3/31/2019
$10,418
$10,463
$10,433
$10,456
4/30/2019
$10,480
$10,465
$10,478
$10,519
5/31/2019
$10,539
$10,651
$10,588
$10,626
6/30/2019
$10,689
$10,785
$10,745
$10,855
7/31/2019
$10,738
$10,809
$10,767
$10,909
8/31/2019
$10,898
$11,089
$10,953
$11,169
9/30/2019
$10,901
$11,030
$10,927
$11,120
10/31/2019
$10,987
$11,063
$10,991
$11,184
11/30/2019
$10,989
$11,057
$10,992
$11,209
12/31/2019
$11,039
$11,049
$11,034
$11,254
1/31/2020
$11,176
$11,262
$11,193
$11,476
2/29/2020
$11,218
$11,465
$11,307
$11,569
3/31/2020
$10,426
$11,397
$10,775
$10,718
4/30/2020
$10,829
$11,600
$11,146
$11,252
5/31/2020
$11,056
$11,654
$11,332
$11,477
6/30/2020
$11,228
$11,727
$11,494
$11,706
7/31/2020
$11,441
$11,903
$11,653
$12,040
8/31/2020
$11,460
$11,806
$11,652
$11,951
9/30/2020
$11,434
$11,800
$11,636
$11,916
10/31/2020
$11,419
$11,747
$11,637
$11,898
11/30/2020
$11,573
$11,863
$11,761
$12,219
12/31/2020
$11,646
$11,879
$11,816
$12,298
1/31/2021
$11,628
$11,794
$11,776
$12,177
2/28/2021
$11,554
$11,623
$11,680
$11,997
3/31/2021
$11,482
$11,478
$11,571
$11,834
4/30/2021
$11,568
$11,569
$11,651
$11,957
5/31/2021
$11,591
$11,607
$11,713
$12,027
6/30/2021
$11,635
$11,688
$11,752
$12,206
7/31/2021
$11,690
$11,819
$11,841
$12,350
8/31/2021
$11,692
$11,797
$11,822
$12,323
9/30/2021
$11,641
$11,694
$11,760
$12,204
10/31/2021
$11,570
$11,691
$11,696
$12,208
11/30/2021
$11,510
$11,726
$11,683
$12,191
12/31/2021
$11,546
$11,696
$11,695
$12,205
1/31/2022
$11,312
$11,444
$11,484
$11,843
2/28/2022
$11,223
$11,316
$11,368
$11,620
3/31/2022
$11,022
$11,002
$11,102
$11,339
4/30/2022
$10,747
$10,584
$10,800
$10,767
5/31/2022
$10,820
$10,652
$10,894
$10,836
6/30/2022
$10,500
$10,485
$10,699
$10,514
7/31/2022
$10,849
$10,742
$10,934
$10,861
8/31/2022
$10,648
$10,438
$10,714
$10,554
9/30/2022
$10,328
$9,987
$10,370
$10,021
10/31/2022
$10,382
$9,858
$10,327
$9,945
11/30/2022
$10,614
$10,220
$10,639
$10,412
12/31/2022
$10,614
$10,174
$10,631
$10,355
1/31/2023
$10,840
$10,487
$10,882
$10,781
2/28/2023
$10,636
$10,216
$10,674
$10,461
3/31/2023
$10,776
$10,476
$10,894
$10,719
4/30/2023
$10,851
$10,539
$10,975
$10,794
5/31/2023
$10,808
$10,424
$10,893
$10,651
6/30/2023
$10,833
$10,387
$10,865
$10,688
7/31/2023
$10,905
$10,380
$10,923
$10,739
8/31/2023
$10,920
$10,314
$10,908
$10,665
9/30/2023
$10,765
$10,051
$10,765
$10,400
10/31/2023
$10,666
$9,893
$10,690
$10,212
11/30/2023
$11,096
$10,341
$11,066
$10,778
12/31/2023
$11,397
$10,737
$11,368
$11,209
1/31/2024
$11,416
$10,707
$11,390
$11,215
2/29/2024
$11,327
$10,556
$11,289
$11,067
3/31/2024
$11,448
$10,653
$11,390
$11,206
4/30/2024
$11,290
$10,384
$11,238
$10,946
5/31/2024
$11,412
$10,560
$11,393
$11,143
6/30/2024
$11,524
$10,660
$11,473
$11,222
7/31/2024
$11,682
$10,909
$11,700
$11,480
8/31/2024
$11,829
$11,066
$11,849
$11,654
9/30/2024
$11,968
$11,214
$11,999
$11,842
10/31/2024
$11,810
$10,936
$11,813
$11,581
11/30/2024
$11,927
$11,052
$11,911
$11,725
12/31/2024
$11,838
$10,871
$11,824
$11,536
1/31/2025
$11,906
$10,929
$11,898
$11,608
2/28/2025
$12,035
$11,169
$12,062
$11,829
3/31/2025
$12,030
$11,173
$12,098
$11,799
4/30/2025
$12,087
$11,217
$12,177
$11,799
5/31/2025
$12,157
$11,137
$12,192
$11,806
6/30/2025
$12,350
$11,308
$12,350
$12,022
7/31/2025
$12,347
$11,278
$12,362
$12,034
8/31/2025
$12,455
$11,413
$12,509
$12,160
9/30/2025
$12,538
$11,538
$12,595
$12,320
10/31/2025
$12,583
$11,610
$12,645
$12,366
11/30/2025
$12,667
$11,682
$12,732
$12,447
12/31/2025
$12,713
$11,665
$12,755
$12,417
1/31/2026
$12,721
$11,677
$12,782
$12,454
2/28/2026
$12,806
$11,868
$12,911
$12,601
3/31/2026
$12,636
$11,659
$12,733
$12,350
4/30/2026
$12,722
$11,672
$12,790
$12,424
5/31/2026
$12,782
$11,708
$12,831
$12,506
6/30/2026
$12,816
$11,737
$12,849
$12,528

Average Annual Total Returns (%)

Key Fund Statistics

Table Summary
Total Net Assets
$523,700,523
# of Fund Holdings
60
Fund Turnover Rate
32%
Total Advisory Fees Paid
$942,810
Table Summary
Fund
1 Year
5 Years
Since Inception 9/28/2018
Institutional
3.77%
1.95%
3.25%
Bloomberg US Aggregate Bond Index
3.79%
0.08%
2.09%
Bloomberg US Interm Credit Index
4.03%
1.80%
3.29%
Morningstar Corporate Bond Category
4.21%
0.52%
2.95%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

What did the Fund invest in? (based on net assets)

The Fund invested in a diversified portfolio of corporate investment grade bonds, corporate high yield bonds, and U.S. Government and Treasury securities maturing within 10 years or less.

Sector Weighting

Table Summary
Consumer, Non-cyclical
21.1%
Industrial
17.3%
Technology
15.9%
Consumer, Cyclical
13.3%
Communications
12.1%
Financial
9.8%
Government
5.2%
Basic Materials
4.0%
Cash & Other Short-Term Investments
1.3%

Credit Rating

Group By Industry Chart
Table Summary
Value
Value
AAA
1.8%
A
5.7%
BBB
72.3%
BB
17.8%
B
2.4%

Material Fund Changes 

This is a summary of certain changes to the Fund since January 1, 2026. For more complete information, you may review the Fund’s prospectus, which is available at imgp.com/us/ or upon request at team@imgp.com.

Effective March 12, 2026, the name of the Fund changed to the iMGP Dolan McEniry Core Plus Fund.

The Fund’s investment objective and its principal investment strategies remained the same. 

Maturity 

Group By Country Chart
Table Summary
Value
Value
Other assets less liabilities
1.3%
5 to 10 Years
48.4%
3 to 5 Years
24.2%
1 to 3 Years
24.7%
Less than 1 Year
1.4%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

Institutional:

MAHIX

iMGP Low Duration Income Fund

Image

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about iMGP Low Duration Income Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional
$50
1.00%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • The Fund gained 2.42% in the first half of the year. Performance was solid compared to the 0.82% return of Bloomberg US Aggregate 1-3 Year Index.

  • All three sub-advisors posted solid returns. Both fixed income managers outpaced the Fund's index, while Neuberger Berman had very strong returns that were in-excess of CBOE Putwrite indexes they are benchmarked against.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
Institutional
Bloomberg US Aggregate Bond Index
Bloomberg US Aggregate 1-3 Year Index
Morningstar Nontraditional Bond Category
9/28/2018
$10,000
$10,000
$10,000
$10,000
9/30/2018
$10,000
$10,000
$10,000
$10,000
10/31/2018
$9,869
$9,921
$10,011
$9,941
11/30/2018
$9,901
$9,980
$10,040
$9,900
12/31/2018
$9,692
$10,164
$10,118
$9,833
1/31/2019
$9,960
$10,271
$10,158
$10,009
2/28/2019
$10,014
$10,266
$10,174
$10,075
3/31/2019
$10,092
$10,463
$10,241
$10,110
4/30/2019
$10,172
$10,465
$10,264
$10,188
5/31/2019
$10,125
$10,651
$10,336
$10,164
6/30/2019
$10,245
$10,785
$10,393
$10,266
7/31/2019
$10,296
$10,809
$10,390
$10,310
8/31/2019
$10,288
$11,089
$10,471
$10,283
9/30/2019
$10,355
$11,030
$10,467
$10,317
10/31/2019
$10,382
$11,063
$10,502
$10,346
11/30/2019
$10,416
$11,057
$10,502
$10,374
12/31/2019
$10,504
$11,049
$10,527
$10,494
1/31/2020
$10,562
$11,262
$10,586
$10,519
2/29/2020
$10,306
$11,465
$10,672
$10,450
3/31/2020
$9,055
$11,397
$10,715
$9,694
4/30/2020
$9,484
$11,600
$10,774
$9,884
5/31/2020
$9,774
$11,654
$10,794
$10,093
6/30/2020
$9,973
$11,727
$10,809
$10,223
7/31/2020
$10,204
$11,903
$10,825
$10,411
8/31/2020
$10,399
$11,806
$10,827
$10,483
9/30/2020
$10,418
$11,800
$10,826
$10,455
10/31/2020
$10,370
$11,747
$10,826
$10,472
11/30/2020
$10,910
$11,863
$10,837
$10,701
12/31/2020
$11,094
$11,879
$10,851
$10,839
1/31/2021
$11,147
$11,794
$10,855
$10,868
2/28/2021
$11,259
$11,623
$10,848
$10,890
3/31/2021
$11,330
$11,478
$10,843
$10,886
4/30/2021
$11,427
$11,569
$10,851
$10,958
5/31/2021
$11,488
$11,607
$10,864
$10,996
6/30/2021
$11,576
$11,688
$10,848
$11,035
7/31/2021
$11,619
$11,819
$10,867
$11,033
8/31/2021
$11,671
$11,797
$10,867
$11,064
9/30/2021
$11,682
$11,694
$10,858
$11,028
10/31/2021
$11,727
$11,691
$10,823
$11,018
11/30/2021
$11,700
$11,726
$10,813
$10,945
12/31/2021
$11,806
$11,696
$10,797
$11,004
1/31/2022
$11,634
$11,444
$10,720
$10,906
2/28/2022
$11,545
$11,316
$10,672
$10,800
3/31/2022
$11,519
$11,002
$10,527
$10,723
4/30/2022
$11,308
$10,584
$10,468
$10,574
5/31/2022
$11,207
$10,652
$10,533
$10,532
6/30/2022
$10,879
$10,485
$10,460
$10,268
7/31/2022
$11,173
$10,742
$10,515
$10,436
8/31/2022
$11,094
$10,438
$10,431
$10,370
9/30/2022
$10,734
$9,987
$10,303
$10,127
10/31/2022
$10,788
$9,858
$10,289
$10,141
11/30/2022
$10,997
$10,220
$10,375
$10,318
12/31/2022
$10,997
$10,174
$10,395
$10,302
1/31/2023
$11,342
$10,487
$10,480
$10,526
2/28/2023
$11,318
$10,216
$10,402
$10,439
3/31/2023
$11,349
$10,476
$10,552
$10,460
4/30/2023
$11,456
$10,539
$10,588
$10,505
5/31/2023
$11,484
$10,424
$10,557
$10,473
6/30/2023
$11,588
$10,387
$10,514
$10,556
7/31/2023
$11,726
$10,380
$10,559
$10,657
8/31/2023
$11,820
$10,314
$10,598
$10,643
9/30/2023
$11,765
$10,051
$10,592
$10,572
10/31/2023
$11,733
$9,893
$10,626
$10,516
11/30/2023
$12,038
$10,341
$10,749
$10,770
12/31/2023
$12,352
$10,737
$10,878
$11,004
1/31/2024
$12,427
$10,707
$10,922
$11,050
2/29/2024
$12,485
$10,556
$10,884
$11,084
3/31/2024
$12,631
$10,653
$10,928
$11,198
4/30/2024
$12,616
$10,384
$10,891
$11,147
5/31/2024
$12,776
$10,560
$10,970
$11,259
6/30/2024
$12,876
$10,660
$11,032
$11,300
7/31/2024
$13,022
$10,909
$11,162
$11,442
8/31/2024
$13,155
$11,066
$11,264
$11,537
9/30/2024
$13,302
$11,214
$11,358
$11,641
10/31/2024
$13,284
$10,936
$11,292
$11,586
11/30/2024
$13,441
$11,052
$11,331
$11,696
12/31/2024
$13,444
$10,871
$11,356
$11,658
1/31/2025
$13,555
$10,929
$11,407
$11,775
2/28/2025
$13,664
$11,169
$11,488
$11,853
3/31/2025
$13,616
$11,173
$11,541
$11,803
4/30/2025
$13,574
$11,217
$11,627
$11,760
5/31/2025
$13,690
$11,137
$11,613
$11,861
6/30/2025
$13,902
$11,308
$11,687
$12,001
7/31/2025
$13,930
$11,278
$11,686
$12,035
8/31/2025
$14,070
$11,413
$11,789
$12,143
9/30/2025
$14,198
$11,538
$11,828
$12,218
10/31/2025
$14,258
$11,610
$11,869
$12,246
11/30/2025
$14,381
$11,682
$11,924
$12,292
12/31/2025
$14,435
$11,665
$11,968
$12,319
1/31/2026
$14,505
$11,677
$11,995
$12,397
2/28/2026
$14,536
$11,868
$12,058
$12,389
3/31/2026
$14,427
$11,659
$12,006
$12,232
4/30/2026
$14,648
$11,672
$12,035
$12,392
5/31/2026
$14,724
$11,708
$12,055
$12,426
6/30/2026
$14,784
$11,737
$12,065
$12,425

Average Annual Total Returns (%)

Key Fund Statistics

Table Summary
Total Net Assets
$254,711,753
# of Fund Holdings
866
Fund Turnover Rate
29%
Total Advisory Fees Paid
$827,770
Table Summary
Fund
1 Year
5 Years
Since Inception 9/28/2018
Institutional
6.34%
5.01%
5.17%
Bloomberg US Aggregate Bond Index
3.79%
0.08%
2.09%
Bloomberg US Aggregate 1-3 Year Index
3.23%
2.15%
2.45%
Morningstar Nontraditional Bond Category
3.53%
2.40%
2.84%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

What did the Fund invest in? (based on net assets)

The Fund invested in a variety of equity and debt securities.

Asset Allocation

Table Summary
Corporate Bonds
42.8%
Bank Loans
18.7%
Asset-Backed Securities
14.8%
Mortgage-Backed Securities
13.1%
Short-Term Investments
11.6%
Government Securities & Agency Issue
5.4%
Other
-6.4%

Credit Rating

Group By Industry Chart
Table Summary
Value
Value
AAA
6.0%
AA
5.0%
A
10.2%
BBB
25.4%
BB
24.3%
B
17.7%
Below B
1.5%
Not Rated
9.9%

Maturity 

Group By Country Chart
Table Summary
Value
Value
Other assets less liabilities
4.3%
Greater than 10 Years
32.3%
5 to 10 Years
23.6%
3 to 5 Years
18.5%
1 to 3 Years
14.8%
Less than 1 Year
6.5%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

Institutional:

PFSVX

iMGP Small Company Fund

Image

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about iMGP Small Company Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional
$63
1.17%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • Over the trailing six months, the Fund was up 15.55% compared to the 22.57% gain for the Russell 2000 Index.

  • Relative performance was hurt the most by security selection in the technology sector.

  • The Fund remains overweight to industrial stocks and underweight to health care stocks.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
Institutional
Russell 2000 Index
Morningstar US Small Blend Category
7/31/2020
$10,000
$10,000
$10,000
7/31/2020
$10,000
$10,000
$10,000
8/31/2020
$10,140
$10,563
$10,440
9/30/2020
$9,970
$10,211
$10,046
10/31/2020
$10,180
$10,424
$10,266
11/30/2020
$11,710
$12,346
$11,930
12/31/2020
$12,710
$13,414
$12,862
1/31/2021
$12,770
$14,089
$13,284
2/28/2021
$14,230
$14,967
$14,347
3/31/2021
$14,940
$15,117
$14,807
4/30/2021
$15,220
$15,435
$15,257
5/31/2021
$15,340
$15,467
$15,449
6/30/2021
$14,790
$15,766
$15,451
7/31/2021
$14,670
$15,197
$15,213
8/31/2021
$14,830
$15,537
$15,527
9/30/2021
$14,410
$15,079
$15,106
10/31/2021
$14,870
$15,720
$15,754
11/30/2021
$14,510
$15,065
$15,262
12/31/2021
$15,209
$15,402
$15,930
1/31/2022
$14,308
$13,919
$14,754
2/28/2022
$14,830
$14,067
$14,875
3/31/2022
$14,503
$14,243
$14,938
4/30/2022
$13,193
$12,831
$13,757
5/31/2022
$13,152
$12,850
$13,907
6/30/2022
$12,200
$11,793
$12,734
7/31/2022
$13,141
$13,025
$13,948
8/31/2022
$12,660
$12,758
$13,482
9/30/2022
$11,535
$11,536
$12,224
10/31/2022
$13,080
$12,805
$13,578
11/30/2022
$14,022
$13,105
$14,122
12/31/2022
$13,172
$12,254
$13,325
1/31/2023
$14,298
$13,448
$14,549
2/28/2023
$14,114
$13,221
$14,362
3/31/2023
$13,500
$12,590
$13,748
4/30/2023
$12,937
$12,363
$13,466
5/31/2023
$13,019
$12,249
$13,222
6/30/2023
$14,595
$13,245
$14,312
7/31/2023
$15,188
$14,055
$15,022
8/31/2023
$15,168
$13,352
$14,480
9/30/2023
$14,410
$12,566
$13,714
10/31/2023
$13,960
$11,709
$12,910
11/30/2023
$14,820
$12,768
$13,966
12/31/2023
$16,431
$14,329
$15,460
1/31/2024
$15,791
$13,771
$15,034
2/29/2024
$16,928
$14,550
$15,735
3/31/2024
$17,689
$15,071
$16,339
4/30/2024
$16,586
$14,010
$15,342
5/31/2024
$17,215
$14,713
$16,066
6/30/2024
$16,762
$14,577
$15,809
7/31/2024
$18,649
$16,058
$17,204
8/31/2024
$18,318
$15,818
$17,038
9/30/2024
$18,241
$15,929
$17,142
10/31/2024
$18,142
$15,698
$16,835
11/30/2024
$20,272
$17,420
$18,509
12/31/2024
$18,780
$15,982
$17,130
1/31/2025
$19,435
$16,401
$17,642
2/28/2025
$18,150
$15,524
$16,767
3/31/2025
$16,684
$14,467
$15,748
4/30/2025
$15,913
$14,133
$15,298
5/31/2025
$16,672
$14,887
$16,101
6/30/2025
$17,494
$15,696
$16,798
7/31/2025
$17,970
$15,969
$17,007
8/31/2025
$18,870
$17,110
$18,052
9/30/2025
$18,535
$17,642
$18,182
10/31/2025
$18,471
$17,961
$18,075
11/30/2025
$18,767
$18,134
$18,445
12/31/2025
$18,782
$18,029
$18,445
1/31/2026
$19,479
$18,993
$19,354
2/28/2026
$19,653
$19,146
$19,744
3/31/2026
$18,273
$18,188
$18,727
4/30/2026
$19,773
$20,409
$20,671
5/31/2026
$19,988
$21,301
$21,124
6/30/2026
$21,702
$22,097
$22,401

Average Annual Total Returns (%)

Key Fund Statistics

Table Summary
Total Net Assets
$54,784,180
# of Fund Holdings
67
Fund Turnover Rate
18%
Total Advisory Fees Paid
$161,282
Table Summary
Fund
1 Year
5 Years
Since Inception 7/31/2020
Institutional
24.05%
7.97%
13.99%
Russell 2000 Index
40.78%
6.98%
14.35%
Morningstar US Small Blend Category
33.35%
7.71%
14.61%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

What did the Fund invest in? (based on net assets)

The Fund invested in equity securities of small-sized U.S. companies.

Top Ten Holdings

Table Summary
Perimeter Solutions, Inc.
4.2%
Onto Innovation, Inc.
2.9%
RBC Bearings, Inc.
2.7%
Landbridge Co. LLC, Class A
2.7%
Ingevity Corp.
2.5%
Valmont Industries, Inc.
2.4%
Novanta, Inc.
2.4%
Casella Waste Systems, Inc., Class A
2.4%
Hayward Holdings, Inc.
2.4%
Timken Co.
2.3%

Region Weighting

Group By Industry Chart
Table Summary
Value
Value
North America
98.4%
Cash & Other Short-Term Investments
1.6%

Sector Weighting

Group By Country Chart
Table Summary
Value
Value
Cash & Other Short-Term Investments
1.6%
Energy
1.0%
Real Estate
4.0%
Consumer Discretionary
6.8%
Health Care
7.6%
Materials
12.5%
Financials
13.8%
Information Technology
21.0%
Industrials
31.7%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

PCCE

Principal Listing Exchange: NYSE Arca

Polen Capital China Growth ETF

Image

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about Polen Capital China Growth ETF for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

THIS REPORT DESCRIBES CHANGES TO THE FUND THAT OCCURRED DURING THE REPORTING PERIOD.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Polen Capital China Growth ETF
$48
1.00%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • The ETF slightly underperformed over the trailing six months with a loss of 5.40% (NAV) compared to a loss of 5.05% for the MSCI China All Shares Index.

  • The ETF had strong performance within materials and technology sectors.

  • Relative returns were hampered by performance in the communication services and consumer discretionary sectors.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
ETF
MSCI China All Shares Index
Morningstar China Region Category
3/14/2024
$10,000
$10,000
$10,000
3/31/2024
$9,633
$9,834
$9,763
4/30/2024
$10,363
$10,301
$10,166
5/31/2024
$10,494
$10,422
$10,288
6/30/2024
$10,143
$10,164
$9,955
7/31/2024
$9,822
$10,093
$9,767
8/31/2024
$9,749
$10,091
$9,724
9/30/2024
$12,321
$12,431
$11,858
10/31/2024
$11,532
$11,775
$11,356
11/30/2024
$11,144
$11,395
$11,005
12/31/2024
$11,200
$11,566
$11,069
1/31/2025
$11,110
$11,530
$11,164
2/28/2025
$12,071
$12,460
$11,971
3/31/2025
$12,271
$12,633
$12,049
4/30/2025
$12,042
$12,147
$11,575
5/31/2025
$12,601
$12,480
$11,942
6/30/2025
$12,981
$12,927
$12,499
7/31/2025
$13,242
$13,525
$13,019
8/31/2025
$13,955
$14,497
$14,151
9/30/2025
$14,747
$15,572
$15,149
10/31/2025
$14,067
$15,195
$14,757
11/30/2025
$13,696
$14,829
$14,341
12/31/2025
$13,645
$14,913
$14,430
1/31/2026
$14,245
$15,528
$15,229
2/28/2026
$13,511
$15,078
$15,123
3/31/2026
$12,460
$13,941
$13,992
4/30/2026
$13,251
$14,751
$15,212
5/31/2026
$13,377
$14,613
$15,423
6/30/2026
$12,908
$14,160
$15,352

Average Annual Total Returns (%)

Key Fund Statistics

Table Summary
Total Net Assets
$1,548,391
# of Fund Holdings
38
Fund Turnover Rate
17%
Total Advisory Fees Paid
$8,006
Table Summary
Fund
1 Year
Since Inception 3/14/2024
ETF
(0.56%)
11.76%
MSCI China All Shares Index
9.54%
16.37%
Morningstar China Region Category
22.82%
20.54%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

What did the Fund invest in? (based on net assets)

The Fund invested in a portfolio of equity securities of Chinese companies.

Top Ten Holdings

Table Summary
Tencent Holdings Ltd.
9.6%
Shandong Sinocera Functional Material Co. Ltd., Class A
6.9%
Contemporary Amperex Technology Co. Ltd., Class A
6.7%
Hong Kong Exchanges & Clearing Ltd.
6.3%
Montage Technology Co. Ltd., Class H
5.7%
Alibaba Group Holding Ltd.
5.0%
AIA Group Ltd.
4.1%
NetEase, Inc.
3.5%
Ping An Insurance Group Co. of China Ltd., Class H
3.4%
Baidu, Inc., Class A
3.2%

Region Weighting

Group By Industry Chart
Table Summary
Value
Value
Asia
93.6%
North America
1.1%
Cash & Other Short-Term Investments
5.3%

Material Fund Changes 

This is a summary of certain changes to the Fund since January 1, 2026. For more complete information, you may review the Fund’s prospectus, which is available at imgp.com/us/ or upon request at team@imgp.com.

At the recommendation of the iM Global Partner, the Trust’s investment adviser, the Board of Trustees of the Trust has approved the liquidation of the Fund. The Fund will redeem shares or exchange Fund shares for shares of other iMGP Funds through August 14, 2026.

Sector Weighting

Group By Country Chart
Table Summary
Value
Value
Cash & Other Short-Term Investments
5.3%
Consumer Staples
3.3%
Materials
6.9%
Real Estate
7.0%
Health Care
9.3%
Information Technology
11.8%
Industrials
12.0%
Consumer Discretionary
12.6%
Financials
13.8%
Communication Services
18.0%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

PCIG

Principal Listing Exchange: NYSE Arca

Polen Capital International Growth ETF

Image

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about Polen Capital International Growth ETF for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

THIS REPORT DESCRIBES CHANGES TO THE FUND THAT OCCURRED DURING THE REPORTING PERIOD.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Polen Capital International Growth ETF
$41
0.85%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • The ETF fell 4.35% (NAV) in the first half of 2026, trailing the MSCI ACWI ex. US Index return of 13.68%.

  • Security selection in the technology and financials sectors had the largest negative impact on relative returns.

  • The ETF remains heavily invested within the technology sector (44.2% weight).

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
ETF
MSCI ACWI Ex USA Index
Morningstar Foreign Large Growth Category
3/14/2024
$10,000
$10,000
$10,000
3/31/2024
$9,972
$10,061
$10,020
4/30/2024
$9,305
$9,881
$9,601
5/31/2024
$9,461
$10,167
$10,043
6/30/2024
$9,604
$10,158
$9,993
7/31/2024
$9,695
$10,393
$10,150
8/31/2024
$9,959
$10,689
$10,509
9/30/2024
$9,903
$10,977
$10,611
10/31/2024
$9,295
$10,438
$10,127
11/30/2024
$9,671
$10,344
$10,201
12/31/2024
$9,199
$10,143
$9,876
1/31/2025
$9,837
$10,551
$10,386
2/28/2025
$9,723
$10,698
$10,457
3/31/2025
$9,197
$10,674
$10,146
4/30/2025
$9,373
$11,059
$10,571
5/31/2025
$9,724
$11,566
$11,116
6/30/2025
$9,879
$11,958
$11,459
7/31/2025
$9,439
$11,924
$11,138
8/31/2025
$9,297
$12,337
$11,394
9/30/2025
$9,416
$12,782
$11,704
10/31/2025
$9,579
$13,040
$11,808
11/30/2025
$9,132
$13,037
$11,614
12/31/2025
$9,203
$13,428
$11,786
1/31/2026
$9,300
$14,231
$12,235
2/28/2026
$8,888
$14,945
$12,532
3/31/2026
$7,912
$13,333
$11,312
4/30/2026
$8,386
$14,620
$12,269
5/31/2026
$8,598
$15,356
$12,736
6/30/2026
$8,802
$15,265
$12,944

Average Annual Total Returns (%)

Key Fund Statistics

Table Summary
Total Net Assets
$27,940,087
# of Fund Holdings
29
Fund Turnover Rate
41%
Total Advisory Fees Paid
$112,962
Table Summary
Fund
1 Year
Since Inception 3/14/2024
ETF
(10.90%)
(5.40%)
MSCI ACWI Ex USA Index
27.66%
20.25%
Morningstar Foreign Large Growth Category
12.96%
11.90%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

What did the Fund invest in? (based on net assets)

The Fund invested in a focused portfolio of common stocks of large capitalization companies in both developed and emerging markets.

Top Ten Holdings

Table Summary
ASML Holding NV
8.1%
MercadoLibre, Inc.
6.0%
Tokyo Electron Ltd.
6.0%
Schneider Electric SE
5.8%
Spotify Technology SA
5.7%
Shopify, Inc., Class A
5.2%
Lonza Group AG
4.9%
ASM International NV
4.6%
Tencent Holdings Ltd.
4.2%
Disco Corp.
3.9%

Region Weighting

Group By Industry Chart
Table Summary
Value
Value
Europe
37.2%
Asia
30.1%
North America
22.4%
South America
8.1%
Cash & Other Short-Term Investments
2.2%

Material Fund Changes 

This is a summary of certain changes to the Fund since January 1, 2026. For more complete information, you may review the Fund’s prospectus, which is available at imgp.com/us/ or upon request at team@imgp.com.

At the recommendation of the iM Global Partner, the Trust’s investment adviser, the Board of Trustees of the Trust has approved the liquidation of the Fund. The Fund will redeem shares or exchange Fund shares for shares of other iMGP Funds through August 14, 2026.

Sector Weighting

Group By Country Chart
Table Summary
Value
Value
Cash & Other Short-Term Investments
2.2%
Health Care
8.2%
Consumer Discretionary
8.6%
Communication Services
9.8%
Industrials
12.5%
Financials
14.6%
Information Technology
44.1%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

BDVG

Principal Listing Exchange: NYSE Arca

iMGP Berkshire Dividend Growth ETF

Image

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about iMGP Berkshire Dividend Growth ETF for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iMGP Berkshire Dividend Growth ETF
$29
0.55%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • The ETF gained 12.16% at NAV in the first half of the year, outpacing the 10.33% return for the Russell 1000 Index.

  • The ETF trailed the 16.26% return of a narrower large cap value index (Russell 1000 Value) over the last six months.

  • Relative to its primary benchmark, the strategy benefited from security selection within technology, financials, and materials sectors.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
ETF
Russell 1000 Index
Morningstar US Large Value Category
Russell 1000 Value Index
6/29/2023
$10,000
$10,000
$10,000
$10,000
6/30/2023
$10,094
$10,119
$10,083
$10,087
7/31/2023
$10,370
$10,467
$10,458
$10,442
8/31/2023
$10,030
$10,284
$10,194
$10,160
9/30/2023
$9,633
$9,801
$9,829
$9,768
10/31/2023
$9,414
$9,564
$9,545
$9,423
11/30/2023
$9,979
$10,457
$10,229
$10,134
12/31/2023
$10,456
$10,973
$10,782
$10,695
1/31/2024
$10,533
$11,126
$10,823
$10,706
2/29/2024
$10,843
$11,727
$11,175
$11,101
3/31/2024
$11,241
$12,103
$11,739
$11,656
4/30/2024
$10,795
$11,588
$11,265
$11,159
5/31/2024
$11,117
$12,134
$11,611
$11,512
6/30/2024
$11,102
$12,535
$11,571
$11,404
7/31/2024
$11,479
$12,718
$12,080
$11,987
8/31/2024
$11,728
$13,019
$12,352
$12,309
9/30/2024
$11,817
$13,297
$12,500
$12,479
10/31/2024
$11,729
$13,205
$12,382
$12,342
11/30/2024
$12,384
$14,055
$13,073
$13,130
12/31/2024
$11,647
$13,663
$12,308
$12,232
1/31/2025
$12,079
$14,098
$12,793
$12,798
2/28/2025
$12,302
$13,851
$12,861
$12,850
3/31/2025
$11,992
$13,050
$12,493
$12,493
4/30/2025
$11,647
$12,972
$12,103
$12,113
5/31/2025
$12,001
$13,800
$12,539
$12,538
6/30/2025
$12,365
$14,499
$12,999
$12,967
7/31/2025
$12,580
$14,821
$13,060
$13,041
8/31/2025
$12,971
$15,133
$13,526
$13,457
9/30/2025
$13,165
$15,658
$13,716
$13,658
10/31/2025
$13,149
$15,995
$13,692
$13,718
11/30/2025
$13,282
$16,034
$14,030
$14,082
12/31/2025
$13,292
$16,035
$14,150
$14,178
1/31/2026
$13,674
$16,256
$14,680
$14,825
2/28/2026
$14,287
$16,169
$15,059
$15,209
3/31/2026
$13,630
$15,365
$14,363
$14,476
4/30/2026
$14,208
$16,918
$15,257
$15,656
5/31/2026
$14,957
$17,781
$15,552
$16,117
6/30/2026
$14,914
$17,690
$15,745
$16,479

Average Annual Total Returns (%)

Key Fund Statistics

Table Summary
Total Net Assets
$13,536,176
# of Fund Holdings
40
Fund Turnover Rate
14%
Total Advisory Fees Paid
$25,388
Table Summary
Fund
1 Year
Since Inception 6/29/2023
ETF
20.45%
14.19%
Russell 1000 Index
22.01%
20.92%
Morningstar US Large Value Category
21.13%
16.32%
Russell 1000 Value Index
27.09%
18.09%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

What did the Fund invest in? (based on net assets)

The Fund invested in common stocks of large-capitalization U.S. companies that pay dividends annually.

Top Ten Holdings

Table Summary
Dell Technologies, Inc., Class C
5.4%
Cisco Systems, Inc.
4.7%
Nucor Corp.
4.4%
JPMorgan Chase & Co.
4.3%
AbbVie, Inc.
4.1%
Apple, Inc.
4.0%
Chevron Corp.
3.6%
Bank of America Corp.
3.4%
Norfolk Southern Corp.
3.0%
QUALCOMM, Inc.
2.8%

Region Weighting

Group By Industry Chart
Table Summary
Value
Value
North America
91.4%
Europe
3.9%
Cash & Other Short-Term Investments
4.7%

Sector Weighting

Group By Country Chart
Table Summary
Value
Value
Cash & Other Short-Term Investments
4.7%
Real Estate
1.2%
Utilities
2.6%
Materials
4.4%
Consumer Discretionary
5.2%
Energy
8.1%
Health Care
9.2%
Consumer Staples
9.3%
Industrials
16.6%
Financials
16.9%
Information Technology
21.8%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

DBMF

Principal Listing Exchange: NYSE Arca

Image

iMGP DBi Managed Futures Strategy ETF

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about iMGP DBi Managed Futures Strategy ETF for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
iMGP DBi Managed Futures Strategy ETF
$44
0.85%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • The ETF was up 10.11% (NAV) for the first half of the year--outperforming the 9.40% return of the SG CTA Index.

  • Performance in the first quarter was driven primarily by strength in commodities and equities, while currencies and rates detracted.

  • Second quarter performance was driven primarily by strength in equities and currencies, while commodities detracted and rates were largely flat.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
ETF
Bloomberg US Aggregate Bond Index
Morningstar Systematic Trend Category
SG CTA Index
5/7/2019
$10,000
$10,000
$10,000
$10,000
5/31/2019
$10,127
$10,149
$9,922
$9,888
6/30/2019
$10,272
$10,276
$10,126
$10,130
7/31/2019
$10,480
$10,299
$10,364
$10,491
8/31/2019
$11,268
$10,566
$10,809
$10,845
9/30/2019
$11,096
$10,509
$10,424
$10,499
10/31/2019
$10,995
$10,541
$10,173
$10,248
11/30/2019
$11,076
$10,536
$10,214
$10,338
12/31/2019
$11,076
$10,528
$10,148
$10,272
1/31/2020
$11,159
$10,731
$10,210
$10,358
2/29/2020
$10,954
$10,924
$10,062
$10,203
3/31/2020
$11,067
$10,860
$10,165
$10,217
4/30/2020
$11,271
$11,053
$10,176
$10,240
5/31/2020
$10,907
$11,104
$10,050
$10,142
6/30/2020
$10,703
$11,174
$9,947
$9,997
7/31/2020
$11,162
$11,341
$10,113
$10,254
8/31/2020
$11,124
$11,250
$10,097
$10,123
9/30/2020
$10,769
$11,243
$9,887
$9,927
10/31/2020
$10,779
$11,193
$9,823
$9,914
11/30/2020
$10,834
$11,303
$10,011
$10,037
12/31/2020
$11,279
$11,319
$10,413
$10,598
1/31/2021
$11,231
$11,238
$10,384
$10,470
2/28/2021
$11,808
$11,075
$10,704
$10,771
3/31/2021
$12,081
$10,937
$10,787
$10,866
4/30/2021
$12,310
$11,023
$11,048
$11,193
5/31/2021
$12,599
$11,059
$11,242
$11,409
6/30/2021
$12,503
$11,137
$11,080
$11,294
7/31/2021
$12,624
$11,262
$11,053
$11,326
8/31/2021
$12,432
$11,240
$11,005
$11,293
9/30/2021
$12,086
$11,143
$11,015
$11,360
10/31/2021
$12,671
$11,140
$11,287
$11,650
11/30/2021
$12,038
$11,173
$10,794
$11,217
12/31/2021
$12,385
$11,144
$10,928
$11,257
1/31/2022
$12,573
$10,904
$11,132
$11,498
2/28/2022
$12,795
$10,782
$11,337
$11,788
3/31/2022
$13,891
$10,483
$12,058
$12,700
4/30/2022
$15,353
$10,085
$12,661
$13,448
5/31/2022
$15,274
$10,150
$12,616
$13,432
6/30/2022
$15,634
$9,991
$12,676
$13,645
7/31/2022
$15,218
$10,235
$12,355
$13,227
8/31/2022
$15,549
$9,946
$12,706
$13,660
9/30/2022
$16,473
$9,516
$13,187
$14,205
10/31/2022
$16,688
$9,393
$13,221
$14,271
11/30/2022
$15,283
$9,738
$12,561
$13,545
12/31/2022
$15,242
$9,694
$12,515
$13,533
1/31/2023
$14,888
$9,992
$12,394
$13,424
2/28/2023
$14,914
$9,734
$12,603
$13,710
3/31/2023
$13,823
$9,981
$11,915
$12,831
4/30/2023
$13,964
$10,042
$12,142
$13,093
5/31/2023
$14,043
$9,933
$12,302
$13,358
6/30/2023
$14,506
$9,897
$12,479
$13,534
7/31/2023
$14,468
$9,890
$12,410
$13,390
8/31/2023
$14,473
$9,827
$12,313
$13,320
9/30/2023
$15,142
$9,577
$12,646
$13,775
10/31/2023
$15,092
$9,426
$12,574
$13,635
11/30/2023
$14,337
$9,853
$12,092
$13,167
12/31/2023
$13,913
$10,230
$11,969
$13,059
1/31/2024
$14,225
$10,202
$12,091
$13,195
2/29/2024
$14,749
$10,058
$12,634
$13,842
3/31/2024
$15,581
$10,151
$12,986
$14,326
4/30/2024
$16,198
$9,894
$13,177
$14,613
5/31/2024
$16,142
$10,062
$13,037
$14,305
6/30/2024
$16,460
$10,157
$12,823
$14,010
7/31/2024
$15,883
$10,395
$12,572
$13,693
8/31/2024
$15,366
$10,544
$12,154
$13,235
9/30/2024
$15,514
$10,685
$12,313
$13,388
10/31/2024
$14,883
$10,420
$11,819
$12,962
11/30/2024
$15,033
$10,530
$12,005
$13,200
12/31/2024
$14,912
$10,358
$12,135
$13,367
1/31/2025
$15,102
$10,413
$12,263
$13,450
2/28/2025
$14,763
$10,642
$12,043
$13,102
3/31/2025
$14,526
$10,646
$11,897
$13,030
4/30/2025
$14,463
$10,688
$11,381
$12,453
5/31/2025
$14,486
$10,612
$11,328
$12,232
6/30/2025
$14,890
$10,775
$11,456
$12,350
7/31/2025
$14,799
$10,746
$11,441
$12,372
8/31/2025
$15,018
$10,875
$11,693
$12,521
9/30/2025
$15,849
$10,993
$12,123
$13,007
10/31/2025
$16,454
$11,062
$12,263
$13,163
11/30/2025
$16,807
$11,131
$12,370
$13,194
12/31/2025
$16,977
$11,114
$12,592
$13,353
1/31/2026
$17,597
$11,126
$13,114
$13,983
2/28/2026
$18,996
$11,308
$13,634
$14,464
3/31/2026
$18,285
$11,109
$13,384
$14,346
4/30/2026
$18,557
$11,122
$13,832
$14,717
5/31/2026
$18,810
$11,156
$13,852
$14,758
6/30/2026
$18,694
$11,183
$13,568
$14,616

Average Annual Total Returns (%)

Table Summary
Fund
1 Year
5 Years
Since Inception 5/7/2019
ETF
25.54%
8.38%
9.15%
Bloomberg US Aggregate Bond Index
3.79%
0.08%
1.58%
Morningstar Systematic Trend Category
18.44%
4.14%
4.36%
SG CTA Index
18.35%
5.29%
5.45%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Key Fund Statistics

Table Summary
Total Net Assets
$3,887,474,179
# of Fund Holdings
18
Fund Turnover Rate
0%
Total Advisory Fees Paid
$13,475,859

What did the Fund invest in? (based on net assets)

The Fund invested in a variety of equity and debt securities.

Asset Class Exposure

Group By Asset Type Chart
Table Summary
Value
Value
Fixed Income
-149.5%
Currencies
-73.5%
Commodities
0.0%
Emerging Market Equities
8.4%
US Equities
19.4%
International Developed Equities
19.8%

Fund Holdings

Table Summary
US 2YR NOTE (CBT) SEP26
(98.8%)
JPN YEN CURR FUT SEP26
(60.6%)
US 10YR NOTE (CBT)SEP26
(41.5%)
EURO FX CURR FUT SEP26
(12.9%)
US LONG BOND(CBT) SEP26
(9.2%)
GOLD 100 OZ FUTR AUG26
(6.0%)
WTI CRUDE FUTURE SEP26
6.0%
MSCI EMGMKT SEP26
8.4%
S+P500 EMINI FUT SEP26
19.4%
MSCI EAFE SEP26
19.8%
TREASURY BILL
77.3%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

Institutional:

MSEFX

iMGP Global Select Fund

Image

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about iMGP Global Select Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional
$49
0.98%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • Over the trailing six months, the Fund was flat (0.17%) compared to the 9.69% gain for the MSCI World Index.

  • An overweight to health care stocks detracted from relative returns in the first half of 2026.

  • Security selection within the technology sector was a leading detractor due to broad underperformance by software stocks.

  • Consumer discretionary stocks in the Fund outperformed and added value in the first half.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
Institutional
MSCI World Index
Morningstar Global Large-Stock Blend Category
MSCI All Country World Index
6/30/2016
$10,000
$10,000
$10,000
$10,000
7/31/2016
$10,436
$10,422
$10,403
$10,431
8/31/2016
$10,602
$10,431
$10,408
$10,466
9/30/2016
$10,651
$10,487
$10,475
$10,530
10/31/2016
$10,479
$10,284
$10,221
$10,351
11/30/2016
$11,057
$10,431
$10,304
$10,430
12/31/2016
$11,061
$10,681
$10,477
$10,655
1/31/2017
$11,437
$10,939
$10,764
$10,947
2/28/2017
$11,606
$11,242
$11,030
$11,254
3/31/2017
$11,574
$11,362
$11,166
$11,392
4/30/2017
$11,704
$11,530
$11,357
$11,569
5/31/2017
$11,762
$11,774
$11,604
$11,825
6/30/2017
$11,931
$11,820
$11,659
$11,878
7/31/2017
$12,295
$12,102
$11,926
$12,210
8/31/2017
$12,282
$12,119
$11,954
$12,257
9/30/2017
$12,672
$12,391
$12,179
$12,494
10/31/2017
$12,965
$12,626
$12,398
$12,753
11/30/2017
$13,179
$12,899
$12,632
$13,000
12/31/2017
$13,400
$13,074
$12,811
$13,210
1/31/2018
$14,312
$13,764
$13,434
$13,955
2/28/2018
$13,856
$13,194
$12,843
$13,369
3/31/2018
$13,568
$12,906
$12,670
$13,083
4/30/2018
$13,583
$13,055
$12,743
$13,208
5/31/2018
$13,772
$13,136
$12,803
$13,224
6/30/2018
$13,765
$13,130
$12,739
$13,153
7/31/2018
$14,165
$13,540
$13,111
$13,549
8/31/2018
$14,445
$13,708
$13,170
$13,656
9/30/2018
$14,354
$13,784
$13,189
$13,715
10/31/2018
$12,979
$12,772
$12,213
$12,687
11/30/2018
$13,281
$12,917
$12,417
$12,873
12/31/2018
$12,072
$11,935
$11,519
$11,966
1/31/2019
$13,430
$12,863
$12,411
$12,911
2/28/2019
$13,735
$13,250
$12,747
$13,256
3/31/2019
$13,767
$13,424
$12,892
$13,423
4/30/2019
$14,547
$13,900
$13,306
$13,876
5/31/2019
$13,486
$13,098
$12,550
$13,053
6/30/2019
$14,378
$13,961
$13,337
$13,908
7/31/2019
$14,451
$14,030
$13,344
$13,949
8/31/2019
$13,840
$13,743
$13,117
$13,618
9/30/2019
$13,984
$14,036
$13,371
$13,904
10/31/2019
$14,282
$14,393
$13,665
$14,285
11/30/2019
$14,941
$14,794
$13,983
$14,634
12/31/2019
$15,397
$15,237
$14,433
$15,149
1/31/2020
$15,204
$15,144
$14,232
$14,982
2/29/2020
$14,055
$13,864
$13,164
$13,771
3/31/2020
$11,607
$12,029
$11,328
$11,912
4/30/2020
$13,178
$13,344
$12,454
$13,188
5/31/2020
$13,958
$13,988
$13,016
$13,762
6/30/2020
$14,239
$14,358
$13,339
$14,202
7/31/2020
$14,871
$15,045
$14,002
$14,953
8/31/2020
$15,818
$16,050
$14,752
$15,868
9/30/2020
$15,310
$15,497
$14,367
$15,356
10/31/2020
$15,511
$15,021
$14,003
$14,983
11/30/2020
$17,503
$16,942
$15,660
$16,830
12/31/2020
$18,402
$17,660
$16,394
$17,611
1/31/2021
$18,304
$17,485
$16,303
$17,531
2/28/2021
$19,509
$17,933
$16,722
$17,937
3/31/2021
$19,994
$18,529
$17,251
$18,416
4/30/2021
$21,328
$19,392
$17,941
$19,222
5/31/2021
$21,387
$19,671
$18,261
$19,521
6/30/2021
$21,456
$19,964
$18,379
$19,778
7/31/2021
$21,545
$20,322
$18,520
$19,914
8/31/2021
$21,941
$20,828
$18,891
$20,413
9/30/2021
$21,308
$19,963
$18,067
$19,569
10/31/2021
$22,247
$21,094
$18,976
$20,568
11/30/2021
$20,962
$20,631
$18,458
$20,073
12/31/2021
$21,669
$21,513
$19,174
$20,876
1/31/2022
$20,332
$20,375
$18,188
$19,851
2/28/2022
$19,871
$19,860
$17,722
$19,338
3/31/2022
$19,536
$20,405
$17,999
$19,757
4/30/2022
$17,485
$18,710
$16,725
$18,175
5/31/2022
$17,462
$18,724
$16,843
$18,197
6/30/2022
$15,790
$17,102
$15,495
$16,663
7/31/2022
$17,024
$18,460
$16,535
$17,826
8/31/2022
$16,217
$17,688
$15,868
$17,170
9/30/2022
$14,315
$16,044
$14,427
$15,526
10/31/2022
$15,122
$17,196
$15,348
$16,463
11/30/2022
$16,517
$18,391
$16,612
$17,740
12/31/2022
$16,138
$17,610
$15,943
$17,042
1/31/2023
$17,361
$18,856
$17,043
$18,264
2/28/2023
$16,817
$18,403
$16,533
$17,740
3/31/2023
$17,285
$18,972
$16,955
$18,287
4/30/2023
$17,693
$19,304
$17,192
$18,550
5/31/2023
$17,089
$19,112
$16,855
$18,352
6/30/2023
$18,070
$20,267
$17,776
$19,417
7/31/2023
$18,629
$20,948
$18,293
$20,128
8/31/2023
$17,874
$20,448
$17,751
$19,565
9/30/2023
$17,044
$19,566
$16,996
$18,756
10/31/2023
$16,516
$18,998
$16,477
$18,192
11/30/2023
$18,040
$20,779
$17,874
$19,872
12/31/2023
$18,924
$21,799
$18,782
$20,826
1/31/2024
$18,688
$22,061
$18,754
$20,948
2/29/2024
$19,191
$22,996
$19,481
$21,847
3/31/2024
$19,505
$23,735
$20,092
$22,533
4/30/2024
$18,625
$22,854
$19,379
$21,790
5/31/2024
$18,861
$23,874
$20,195
$22,675
6/30/2024
$18,703
$24,360
$20,326
$23,180
7/31/2024
$19,662
$24,789
$20,787
$23,553
8/31/2024
$20,087
$25,444
$21,284
$24,152
9/30/2024
$20,322
$25,910
$21,667
$24,713
10/31/2024
$19,521
$25,396
$21,111
$24,158
11/30/2024
$20,527
$26,562
$21,826
$25,061
12/31/2024
$19,554
$25,870
$21,113
$24,468
1/31/2025
$20,295
$26,782
$21,850
$25,289
2/28/2025
$20,076
$26,590
$21,771
$25,137
3/31/2025
$19,436
$25,406
$21,037
$24,144
4/30/2025
$19,132
$25,632
$21,179
$24,369
5/31/2025
$19,908
$27,149
$22,329
$25,770
6/30/2025
$20,194
$28,320
$23,223
$26,927
7/31/2025
$20,026
$28,685
$23,315
$27,292
8/31/2025
$20,380
$29,433
$23,871
$27,966
9/30/2025
$20,649
$30,379
$24,550
$28,980
10/31/2025
$20,616
$30,988
$24,841
$29,628
11/30/2025
$20,447
$31,075
$24,933
$29,625
12/31/2025
$20,561
$31,327
$25,142
$29,934
1/31/2026
$20,457
$32,028
$25,865
$30,821
2/28/2026
$21,015
$32,262
$26,300
$31,217
3/31/2026
$19,201
$30,207
$24,579
$28,975
4/30/2026
$20,666
$33,105
$26,639
$31,923
5/31/2026
$21,154
$34,612
$27,602
$33,570
6/30/2026
$20,596
$34,363
$27,433
$33,301

Average Annual Total Returns (%)

Key Fund Statistics

Table Summary
Total Net Assets
$77,608,319
# of Fund Holdings
30
Fund Turnover Rate
51%
Total Advisory Fees Paid
$214,694
Table Summary
Fund
1 Year
5 Years
10 Years
Institutional
1.99%
(0.82%)
7.49%
MSCI World Index
21.34%
11.47%
13.14%
Morningstar Global Large-Stock Blend Category
18.13%
8.34%
10.62%
MSCI All Country World Index
23.67%
10.98%
12.78%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

What did the Fund invest in? (based on net assets)

The Fund invested in equity securities of U.S. and non-U.S. companies.

Top Ten Holdings

Table Summary
Samsung Electronics Co. Ltd., Class (Preference Shares)
7.5%
Microsoft Corp.
5.8%
Aon PLC, Class A
5.1%
Amazon.com, Inc.
4.9%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
4.7%
Visa, Inc., Class A
4.3%
Alphabet, Inc., Class A
4.0%
Eli Lilly & Co.
4.0%
Agilent Technologies, Inc.
3.6%
UnitedHealth Group, Inc.
3.5%

Region Weighting

Group By Industry Chart
Table Summary
Value
Value
North America
72.5%
Asia
14.2%
Europe
4.9%
South America
3.1%
Cash & Other Short-Term Investments
5.3%

Sector Weighting

Group By Country Chart
Table Summary
Value
Value
Cash & Other Short-Term Investments
5.3%
Real Estate
1.1%
Energy
2.5%
Consumer Staples
2.8%
Materials
2.8%
Consumer Discretionary
8.0%
Communication Services
8.8%
Industrials
10.4%
Health Care
15.3%
Financials
15.4%
Information Technology
27.6%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

Institutional:

MSILX

iMGP International Fund

Image

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about iMGP International Fund for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Class Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Institutional
$70
1.36%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • Over the trailing six months, the Fund was up 7.66% compared to the 9.44% gain for the MSCI EAFE Index.

  • The Fund's overweight to the technology sector was a main driver of first half returns. Other sector allocations had minimal impact on relative returns.

  • Security selection within the financials sector was the main detractor over the trailing six months.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
Institutional
MSCI EAFE Index
Morningstar Foreign Large Blend Category
6/30/2016
$10,000
$10,000
$10,000
7/31/2016
$10,463
$10,507
$10,426
8/31/2016
$10,532
$10,514
$10,479
9/30/2016
$10,760
$10,643
$10,618
10/31/2016
$10,552
$10,426
$10,384
11/30/2016
$10,352
$10,218
$10,157
12/31/2016
$10,626
$10,567
$10,376
1/31/2017
$10,949
$10,874
$10,728
2/28/2017
$11,151
$11,030
$10,857
3/31/2017
$11,496
$11,333
$11,181
4/30/2017
$11,877
$11,622
$11,483
5/31/2017
$12,316
$12,048
$11,873
6/30/2017
$12,201
$12,027
$11,882
7/31/2017
$12,690
$12,374
$12,238
8/31/2017
$12,453
$12,369
$12,267
9/30/2017
$12,791
$12,677
$12,519
10/31/2017
$12,741
$12,869
$12,722
11/30/2017
$12,726
$13,004
$12,813
12/31/2017
$13,135
$13,213
$13,013
1/31/2018
$13,905
$13,876
$13,658
2/28/2018
$13,157
$13,249
$13,009
3/31/2018
$12,987
$13,011
$12,903
4/30/2018
$13,172
$13,308
$13,062
5/31/2018
$13,068
$13,009
$12,849
6/30/2018
$12,935
$12,850
$12,629
7/31/2018
$13,090
$13,166
$12,920
8/31/2018
$12,646
$12,912
$12,668
9/30/2018
$12,550
$13,024
$12,729
10/31/2018
$11,438
$11,987
$11,683
11/30/2018
$11,349
$11,972
$11,713
12/31/2018
$10,402
$11,391
$11,115
1/31/2019
$11,410
$12,139
$11,907
2/28/2019
$11,887
$12,449
$12,168
3/31/2019
$12,029
$12,527
$12,254
4/30/2019
$12,686
$12,880
$12,591
5/31/2019
$11,544
$12,261
$11,936
6/30/2019
$12,283
$12,988
$12,618
7/31/2019
$12,216
$12,824
$12,399
8/31/2019
$11,925
$12,491
$12,138
9/30/2019
$12,260
$12,849
$12,457
10/31/2019
$12,753
$13,311
$12,872
11/30/2019
$12,977
$13,461
$13,035
12/31/2019
$13,570
$13,899
$13,500
1/31/2020
$12,671
$13,608
$13,147
2/29/2020
$11,540
$12,378
$12,153
3/31/2020
$9,103
$10,726
$10,338
4/30/2020
$9,849
$11,419
$11,075
5/31/2020
$10,195
$11,916
$11,595
6/30/2020
$10,472
$12,322
$12,013
7/31/2020
$10,933
$12,609
$12,398
8/31/2020
$11,633
$13,257
$12,973
9/30/2020
$11,225
$12,913
$12,709
10/31/2020
$10,933
$12,397
$12,297
11/30/2020
$13,355
$14,319
$13,979
12/31/2020
$14,252
$14,985
$14,702
1/31/2021
$13,827
$14,825
$14,577
2/28/2021
$14,716
$15,158
$14,906
3/31/2021
$15,046
$15,506
$15,254
4/30/2021
$15,495
$15,973
$15,692
5/31/2021
$16,029
$16,494
$16,214
6/30/2021
$15,487
$16,308
$16,037
7/31/2021
$15,392
$16,431
$16,039
8/31/2021
$15,652
$16,721
$16,308
9/30/2021
$15,400
$16,235
$15,733
10/31/2021
$16,171
$16,635
$16,167
11/30/2021
$14,936
$15,860
$15,452
12/31/2021
$15,927
$16,673
$16,141
1/31/2022
$15,249
$15,867
$15,539
2/28/2022
$14,555
$15,586
$15,058
3/31/2022
$14,220
$15,687
$15,005
4/30/2022
$13,264
$14,672
$14,076
5/31/2022
$13,599
$14,782
$14,274
6/30/2022
$12,349
$13,410
$13,030
7/31/2022
$12,929
$14,078
$13,610
8/31/2022
$12,080
$13,410
$12,919
9/30/2022
$10,691
$12,155
$11,715
10/31/2022
$11,484
$12,809
$12,279
11/30/2022
$12,815
$14,252
$13,818
12/31/2022
$12,490
$14,263
$13,588
1/31/2023
$13,849
$15,418
$14,715
2/28/2023
$13,602
$15,096
$14,278
3/31/2023
$14,039
$15,471
$14,647
4/30/2023
$14,237
$15,907
$14,979
5/31/2023
$13,701
$15,234
$14,436
6/30/2023
$14,467
$15,927
$15,072
7/31/2023
$14,748
$16,443
$15,513
8/31/2023
$14,179
$15,813
$14,925
9/30/2023
$13,520
$15,273
$14,396
10/31/2023
$12,515
$14,654
$13,898
11/30/2023
$13,973
$16,014
$15,048
12/31/2023
$14,663
$16,864
$15,804
1/31/2024
$14,497
$16,961
$15,687
2/29/2024
$15,129
$17,272
$16,119
3/31/2024
$15,645
$17,840
$16,635
4/30/2024
$14,888
$17,383
$16,207
5/31/2024
$15,396
$18,057
$16,934
6/30/2024
$15,154
$17,765
$16,660
7/31/2024
$15,379
$18,286
$17,141
8/31/2024
$15,812
$18,881
$17,651
9/30/2024
$15,753
$19,055
$17,873
10/31/2024
$14,863
$18,019
$17,016
11/30/2024
$14,855
$17,917
$17,011
12/31/2024
$14,579
$17,509
$16,560
1/31/2025
$15,565
$18,429
$17,275
2/28/2025
$15,876
$18,787
$17,663
3/31/2025
$15,186
$18,711
$17,634
4/30/2025
$15,859
$19,568
$18,242
5/31/2025
$16,870
$20,463
$19,114
6/30/2025
$17,569
$20,914
$19,675
7/31/2025
$17,359
$20,621
$19,337
8/31/2025
$17,712
$21,500
$20,065
9/30/2025
$18,201
$21,911
$20,628
10/31/2025
$18,428
$22,169
$20,828
11/30/2025
$18,529
$22,307
$20,984
12/31/2025
$18,984
$22,976
$21,528
1/31/2026
$19,823
$24,175
$22,608
2/28/2026
$19,900
$25,293
$23,662
3/31/2026
$18,103
$22,691
$21,588
4/30/2026
$19,592
$24,381
$23,042
5/31/2026
$20,704
$25,129
$23,775
6/30/2026
$20,439
$25,146
$23,834

Average Annual Total Returns (%)

Key Fund Statistics

Table Summary
Total Net Assets
$96,538,749
# of Fund Holdings
66
Fund Turnover Rate
52%
Total Advisory Fees Paid
$538,580
Table Summary
Fund
1 Year
5 Years
10 Years
Institutional
16.33%
5.71%
7.41%
MSCI EAFE Index
20.23%
9.05%
9.66%
Morningstar Foreign Large Blend Category
21.13%
8.25%
9.07%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

What did the Fund invest in? (based on net assets)

The Fund invested in the securities of companies organized or located outside of the United States, including large-, mid-, and small-capitalization companies.

Top Ten Holdings

Table Summary
Taiwan Semiconductor Manufacturing Co. Ltd.
4.9%
ASML Holding NV
3.1%
Tokyo Electron Ltd.
2.9%
AstraZeneca PLC
2.5%
Societe Generale SA
2.5%
Cie de Saint-Gobain SA
2.4%
Banca Monte dei Paschi di Siena SpA
2.4%
SAP SE
2.3%
STMicroelectronics NV
2.3%
MercadoLibre, Inc.
2.2%

Region Weighting

Group By Industry Chart
Table Summary
Value
Value
Europe
55.8%
Asia
27.4%
North America
9.3%
South America
2.2%
Africa
1.5%
Oceania
0.2%
Cash & Other Short-Term Investments
3.6%

Sector Weighting

Group By Country Chart
Table Summary
Value
Value
Cash & Other Short-Term Investments
3.6%
Utilities
2.0%
Communication Services
4.8%
Materials
6.3%
Consumer Staples
8.4%
Health Care
10.4%
Consumer Discretionary
11.1%
Industrials
11.8%
Financials
19.3%
Information Technology
22.3%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.

ETF:

PCGG

Principal Listing Exchange: NYSE Arca

Polen Capital Global Growth ETF

Image

Semi-Annual Shareholder Report June 30, 2026

Fund Overview 

This Semi-Annual Shareholder Report contains important information about Polen Capital Global Growth ETF for the period of January 1, 2026 to June 30, 2026. You can find additional information about the Fund at https://www.imgp.com/us/resources/tailored-shareholder-reports/. You can also request this information by contacting us at team@imgp.com.

THIS REPORT DESCRIBES CHANGES TO THE FUND THAT OCCURRED DURING THE REPORTING PERIOD.

What were the Fund costs for the past six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name
Cost of a $10,000 investment
Costs paid as a percentage of a $10,000 investment
Polen Capital Global Growth ETF
$40
0.85%Footnote Reference*
Footnote Description
Footnote*
Annualized.

How did the Fund perform over the last 6 months and what affected its performance?

  • The ETF fell 8.46% (NAV) over the trailing six months. This trailed the 11.25% return for its MSCI ACWI Index over the same period.

  • Security selection within the technology sector was the main detractor as the market rewarded a narrow set of perceived AI infrastructure beneficiaries.

  • The Portfolio did not own enough of what the market most aggressively rewarded and owned too much of what the market continued to ignore or penalize, including Software, Healthcare, and Financials businesses.

Fund Performance

The Fund’s benchmarks are unmanaged indices used as a general measure of market performance.

Total Return Based on $10,000 Investment

Growth of 10K Chart
Table Summary
ETF
MSCI All Country World Index
Morningstar Global Large-Stock Growth
8/29/2023
$10,000
$10,000
$10,000
8/31/2023
$10,052
$10,027
$10,003
9/30/2023
$9,427
$9,612
$9,451
10/31/2023
$9,209
$9,323
$9,133
11/30/2023
$10,260
$10,184
$10,102
12/31/2023
$10,503
$10,673
$10,652
1/31/2024
$10,823
$10,736
$10,689
2/29/2024
$11,257
$11,196
$11,330
3/31/2024
$11,312
$11,548
$11,611
4/30/2024
$10,644
$11,167
$11,107
5/31/2024
$10,610
$11,620
$11,565
6/30/2024
$11,095
$11,879
$11,785
7/31/2024
$11,198
$12,071
$11,819
8/31/2024
$11,454
$12,377
$12,158
9/30/2024
$11,495
$12,665
$12,394
10/31/2024
$11,299
$12,381
$12,121
11/30/2024
$12,073
$12,844
$12,654
12/31/2024
$11,776
$12,540
$12,270
1/31/2025
$12,320
$12,961
$12,812
2/28/2025
$12,020
$12,883
$12,574
3/31/2025
$11,101
$12,374
$11,885
4/30/2025
$11,052
$12,489
$12,117
5/31/2025
$11,789
$13,207
$12,924
6/30/2025
$11,980
$13,800
$13,520
7/31/2025
$12,145
$13,987
$13,572
8/31/2025
$12,210
$14,332
$13,773
9/30/2025
$12,307
$14,852
$14,193
10/31/2025
$12,458
$15,184
$14,412
11/30/2025
$12,054
$15,182
$14,168
12/31/2025
$11,955
$15,341
$14,213
1/31/2026
$11,529
$15,796
$14,369
2/28/2026
$10,869
$15,999
$14,285
3/31/2026
$10,029
$14,850
$13,249
4/30/2026
$10,912
$16,360
$14,575
5/31/2026
$11,247
$17,205
$15,185
6/30/2026
$10,945
$17,067
$15,295

Average Annual Total Returns (%)

Key Fund Statistics

Table Summary
Total Net Assets
$5,745,937
# of Fund Holdings
34
Fund Turnover Rate
34%
Total Advisory Fees Paid
$327,950
Table Summary
Fund
1 Year
Since Inception 8/29/2023
ETF
(8.64%)
3.23%
MSCI All Country World Index
23.67%
20.74%
Morningstar Global Large-Stock Growth
13.13%
16.16%

The Fund’s past performance is not a good predictor of the Fund’s future performance. Visit imgp.com/us for the most recent performance information. The graph and chart do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

What did the Fund invest in? (based on net assets)

The Fund invested in a focused portfolio of common stocks of large capitalization companies that are located anywhere in the world, including companies in both developed and emerging markets.

Top Ten Holdings

Table Summary
NVIDIA Corp.
7.4%
Alphabet, Inc., Class C
6.6%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR
5.5%
Eli Lilly & Co.
5.0%
Visa, Inc., Class A
4.8%
Broadcom, Inc.
4.7%
Microsoft Corp.
4.5%
MasterCard, Inc., Class A
4.4%
Amazon.com, Inc.
4.0%
Tencent Holdings Ltd.
3.3%

Region Weighting

Group By Industry Chart
Table Summary
Value
Value
North America
69.7%
Asia
12.6%
Europe
11.9%
South America
2.3%
Cash & Other Short-Term Investments
3.5%

Material Fund Changes 

This is a summary of certain changes to the Fund since January 1, 2026. For more complete information, you may review the Fund’s prospectus, which is available at imgp.com/us/ or upon request at team@imgp.com.

At the recommendation of the iM Global Partner, the Trust’s investment adviser, the Board of Trustees of the Trust has approved the liquidation of the Fund. The Fund will redeem shares or exchange Fund shares for shares of other iMGP Funds through August 14, 2026.

Sector Weighting

Group By Country Chart
Table Summary
Value
Value
Cash & Other Short-Term Investments
3.5%
Real Estate
1.2%
Consumer Staples
2.1%
Health Care
6.9%
Consumer Discretionary
8.9%
Industrials
12.0%
Communication Services
14.0%
Financials
16.3%
Information Technology
35.1%

Additional Information 

Certain additional Fund information, including the statutory prospectus, summary prospectus, and proxy voting information, is available at https://www.imgp.com/us/resources/tailored-shareholder-reports/.

Email: team@imgp.com

The iMGP Funds are distributed by ALPS Distributors, Inc.


(b) Not applicable.

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committees of Listed Registrants.

Not applicable for semi-annual reports.

Item 6. Investments.

(a) The complete Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies

(a) The registrant’s Financial Statements are attached hereto.

(b) The registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.


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Certain Form N-CSR Information

iMGP Global Select Fund

iMGP International Fund

iMGP Small Company Fund

iMGP Low Duration Income Fund

iMGP Dolan McEniry Core Plus Fund (formerly, iMGP Dolan McEniry Corporate Bond Fund)

iMGP APA Enhanced Income Municipal Fund

iMGP DBi Managed Futures Strategy ETF

iMGP Berkshire Dividend Growth ETF

June 30, 2026


 

 
ii       iM Global Partner Funds


LOGO

 

Contents

 

 

iMGP Global Select Fund Schedule of Investments

   1

iMGP International Fund Schedule of Investments

   3

iMGP Small Company Fund Schedule of Investments

   5

iMGP Low Duration Income Fund Schedule of Investments

   6

iMGP Dolan McEniry Core Plus Fund Schedule of Investments

   34

iMGP APA Enhanced Income Municipal Fund Schedule of Investments

   36

iMGP DBi Managed Futures Strategy ETF Consolidated Schedule of Investments

   39

iMGP Berkshire Dividend Growth ETF Schedule of Investments

   41

Statements of Assets and Liabilities

   42

Statements of Operations

   45

Statements of Changes in Net Assets

  

Global Select Fund

   48

International Fund

   48

Small Company Fund

   49

Low Duration Income Fund

   50

Dolan McEniry Core Plus Fund

   50

APA Enhanced Income Municipal Fund

   51

DBi Managed Futures Strategy ETF (Consolidated)

   52

Berkshire Dividend Growth ETF

   52

Financial Highlights

  

Global Select Fund

   53

International Fund

   54

Small Company Fund

   55

Low Duration Income Fund

   56

Dolan McEniry Core Plus Fund

   57

APA Enhanced Income Municipal Fund

   58

DBi Managed Futures Strategy ETF (Consolidated)

   59

Berkshire Dividend Growth ETF

   60

Notes to Financial Statements

   61

Statement Regarding Basis for Approval of Investment Advisory Contract

   92

iM Global Partner Fund Management, LLC has ultimate responsibility for the funds’ performance due to its responsibility to oversee its investment managers and recommend their hiring, termination and replacement.

 

 
Table of Contents         1


iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 


Shares
          Value  
 

COMMON STOCKS: 87.2%

 
  Brazil: 3.1%  
  1,430     MercadoLibre, Inc.*    $ 2,427,267  
    

 

 

 
  Canada: 11.3%  
  53,380     Brookfield Corp.      2,273,454  
  20,270     Canadian National Railway Co.      2,416,995  
  10,455     Franco-Nevada Corp.      2,179,240  
  16,765     Shopify, Inc. - Class A*      1,914,228  
    

 

 

 
     8,783,917  
    

 

 

 
  China: 2.0%  
  28,672     Tencent Holdings Ltd.      1,571,339  
    

 

 

 
  Germany: 2.1%  
  8,728     Siemens Energy AG      1,652,085  
    

 

 

 
  Netherlands: 2.8%  
  25,400     Heineken NV      2,130,806  
    

 

 

 
  Taiwan: 4.7%  
  7,679     Taiwan Semiconductor Manufacturing Co. Ltd. - ADR      3,667,260  
    

 

 

 
  United States: 61.2%  
  7,750     Adobe, Inc.*      1,588,905  
  20,895     Agilent Technologies, Inc.      2,775,483  
  8,737     Alphabet, Inc. - Class A      3,122,342  
  15,998     Amazon.com, Inc.*      3,812,963  
  11,883     Aon PLC - Class A      3,941,472  
  6,621     Broadcom, Inc.      2,501,083  
  35,750     Centene Corp.*      2,294,792  
  30,829     CoStar Group, Inc.*      873,077  
  2,566     Eli Lilly & Co.      3,077,737  
  1,301     GE Vernova, Inc.      1,528,493  
  1,983     IDEXX Laboratories, Inc.*      1,043,930  
  14,325     Marsh & McLennan Cos., Inc.      2,387,548  
  3,840     Meta Platforms, Inc. - Class A      2,163,034  
  11,998     Microsoft Corp.      4,475,494  
  39,750     Occidental Petroleum Corp.      1,930,657  
  14,793     ServiceNow, Inc.*      1,468,649  
  8,935     Union Pacific Corp.      2,430,320  
  6,520     UnitedHealth Group, Inc.      2,709,908  
  9,820     Visa, Inc. - Class A      3,369,144  
    

 

 

 
     47,495,031  
    

 

 

 
 

TOTAL COMMON STOCKS
(Cost $62,589,767)

     67,727,705  
    

 

 

 
 

PREFERRED STOCKS: 7.5%

 
  South Korea: 7.5%  
  42,365     Samsung Electronics Co. Ltd. - (Preference Shares)      5,797,057  
    

 

 

 
 

TOTAL PREFERRED STOCKS
(Cost $1,638,824)

     5,797,057  
    

 

 

 
Principal
Amount
          Value  
 

SHORT-TERM INVESTMENTS: 2.1%

 
  REPURCHASE AGREEMENTS: 2.1%  
  $1,636,373     Fixed Income Clearing Corp. 1.060%, 6/30/2026, due 07/01/2026 [collateral: par value $1,917,300, U.S. Treasury Bonds, 4.000%, due 11/15/2052, value $1,669,609]
(proceeds $1,636,421)
   $ 1,636,373  
    

 

 

 
 

TOTAL REPURCHASE AGREEMENTS
(Cost $1,636,373)

     1,636,373  
  

 

 

 
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $1,636,373)

     1,636,373  
  

 

 

 
 

TOTAL INVESTMENTS
(Cost: $65,864,964): 96.8%

     75,161,135  
  

 

 

 
  Other Assets in Excess of Liabilities: 3.2%      2,447,184  
  

 

 

 
 

NET ASSETS: 100.0%

   $ 77,608,319  
  

 

 

 

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt

*

Non-Income Producing Security.

 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         1


iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

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

 

Industry   % of
Net Assets
 
Software     9.7
Interactive Media & Services     8.8
Insurance     8.2
Broadline Retail     8.0
Semiconductors & Semiconductor Equipment     7.9
Technology Hardware, Storage & Peripherals     7.5
Health Care Providers & Services     6.5
Ground Transportation     6.2
Financial Services     4.3
Electrical Equipment     4.1
Pharmaceuticals     4.0
Life Sciences Tools & Services     3.6
Capital Markets     2.9
Metals & Mining     2.8
Beverages     2.8
Oil, Gas & Consumable Fuels     2.5
IT Services     2.5
Health Care Equipment & Supplies     1.3
Real Estate Management & Development     1.1
Short-Term Investments     2.1
 

 

 

 
Total Investments     96.8
Other Assets in Excess of Liabilities     3.2
 

 

 

 
Net Assets     100.0
 

 

 

 
 

 

The accompanying notes are an integral part of these financial statements.

 

 
2       iM Global Partner Funds


iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 

Shares           Value  
 

COMMON STOCKS: 96.4%

 
  Australia: 0.2%  
  32,900     Glencore PLC*    $ 224,282  
    

 

 

 
  Brazil: 2.2%  
  1,265     MercadoLibre, Inc.*      2,147,198  
    

 

 

 
  Canada: 1.6%  
  13,637     Shopify, Inc. - Class A*      1,557,073  
    

 

 

 
  China: 3.3%  
  14,400     Contemporary Amperex Technology Co. Ltd. - Class H      1,296,182  
  9,573     Prosus NV      415,741  
  26,688     Tencent Holdings Ltd. - ADR      1,473,711  
    

 

 

 
     3,185,634  
    

 

 

 
  Denmark: 0.6%  
  2,460     DSV AS      583,479  
    

 

 

 
  France: 10.3%  
  4,577     BNP Paribas SA      534,502  
  98,430     Carrefour SA      1,826,899  
  26,083     Cie de Saint-Gobain SA      2,359,463  
  32,500     Edenred SE      835,201  
  1,816     Kering SA      515,937  
  15,203     Publicis Groupe SA      1,501,383  
  26,945     Societe Generale SA      2,383,929  
    

 

 

 
     9,957,314  
    

 

 

 
  Germany: 11.2%  
  3,630     Adidas AG      743,643  
  625     Allianz SE      295,531  
  31,156     Aumovio SE*      1,280,078  
  8,866     Bayer AG      489,741  
  6,531     Bayerische Motoren Werke AG      427,032  
  30,778     Birkenstock Holding PLC*      1,324,377  
  38,304     Daimler Truck Holding AG      1,845,719  
  8,796     Merck KGaA      1,474,942  
  14,744     SAP SE      2,256,059  
  3,751     Siemens Energy AG      710,326  
    

 

 

 
     10,847,448  
    

 

 

 
  Greece: 3.5%  
  373,919     Holding Co. ADMIE IPTO SA      1,987,614  
  130,408     Piraeus Bank SA*      1,357,646  
    

 

 

 
     3,345,260  
    

 

 

 
  Hong Kong: 1.2%  
  120,299     AIA Group Ltd.      1,103,425  
    

 

 

 
  Indonesia: 0.4%  
  1,809,100     Bank Mandiri Persero Tbk. PT      390,751  
    

 

 

 
  Ireland: 1.7%  
  17,384     Kerry Group PLC - Class A      1,595,161  
    

 

 

 
  Israel: 3.9%  
  42,194     Meitav Investment House Ltd.      1,836,909  
  35,076     Phoenix Financial Ltd.      1,944,568  
    

 

 

 
     3,781,477  
    

 

 

 
  Italy: 5.7%  
  183,344     Banca Monte dei Paschi di Siena SpA      2,274,696  
  227,037     Intesa Sanpaolo SpA      1,553,910  
Shares           Value  
  Italy (continued)  
  54,749     Ryanair Holdings PLC    $ 1,712,639  
    

 

 

 
     5,541,245  
    

 

 

 
  Japan: 10.1%  
  48,000     Asahi Group Holdings Ltd.      456,643  
  128,400     Japan Exchange Group, Inc.      1,618,132  
  1,467     Keyence Corp.      731,312  
  56,500     Nippon Sanso Holdings Corp.      2,084,481  
  127,400     Rigaku Holdings Corp.      1,993,357  
  5,863     Tokyo Electron Ltd.      2,835,135  
    

 

 

 
     9,719,060  
    

 

 

 
  Netherlands: 7.3%  
  19,406     Akzo Nobel NV      1,315,084  
  1,487     ASML Holding NV      2,946,629  
  53,200     Koninklijke Philips NV      1,444,344  
  77,192     Magnum Ice Cream Co. NV*      1,342,966  
    

 

 

 
     7,049,023  
    

 

 

 
  Singapore: 2.3%  
  29,863     STMicroelectronics NV      2,228,030  
    

 

 

 
  South Africa: 1.5%  
  28,806     Anglo American PLC      1,410,099  
    

 

 

 
  South Korea: 1.3%  
  5,647     Samsung Electronics Co. Ltd.      1,234,530  
    

 

 

 
  Spain: 1.1%  
  55,960     Puig Brands SA - Class B      1,032,783  
    

 

 

 
  Sweden: 1.3%  
  25,488     Swedish Orphan Biovitrum AB*      1,214,171  
    

 

 

 
  Switzerland: 5.6%  
  7,897     Cie Financiere Richemont SA - Class A      1,831,669  
  6,480     Julius Baer Group Ltd.      559,872  
  2,005     Lonza Group AG      1,352,522  
  12,454     Straumann Holding AG      1,637,212  
    

 

 

 
     5,381,275  
    

 

 

 
  Taiwan: 4.9%  
  62,000     Taiwan Semiconductor Manufacturing Co. Ltd.      4,760,896  
    

 

 

 
  United Kingdom: 7.5%  
  12,754     AstraZeneca PLC      2,384,740  
  63,334     Compass Group PLC      2,046,284  
  14,590     Diageo PLC      293,101  
  24,000     Reckitt Benckiser Group PLC      1,563,807  
  90,380     Sage Group PLC      978,277  
    

 

 

 
     7,266,209  
    

 

 

 
  United States: 7.7%  
  5,739     Aon PLC - Class A      1,903,569  
  62,403     CNH Industrial NV      700,786  
  5,044     Schneider Electric SE      1,653,478  
  3,571     Spotify Technology SA*      1,639,553  
  6,439     Sunbelt Rentals Holdings, Inc.(a)      481,702  
  17,921     Titan SA      1,065,083  
    

 

 

 
     7,444,171  
    

 

 

 
 

TOTAL COMMON STOCKS
(Cost $75,749,747)

     92,999,994  
    

 

 

 
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         3


iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount
          Value  
 

SHORT-TERM INVESTMENTS: 2.5%

 
  REPURCHASE AGREEMENTS: 2.5%  
  $2,438,468     Fixed Income Clearing Corp. 1.060%, 6/30/2026, due 07/01/2026 [collateral: par value $2,857,000, U.S. Treasury Bonds, 4.000%, due 11/15/2052, value $2,487,828]
(proceeds $2,438,539)
   $ 2,438,468  
    

 

 

 
 

TOTAL REPURCHASE AGREEMENTS
(Cost $2,438,468)

     2,438,468  
  

 

 

 
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $2,438,468)

     2,438,468  
  

 

 

 
 

TOTAL INVESTMENTS
(Cost: $78,188,215): 98.9%

     95,438,462  
  

 

 

 
  Other Assets in Excess of Liabilities: 1.1%      1,100,287  
  

 

 

 
 

NET ASSETS: 100.0%

   $ 96,538,749  
  

 

 

 

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.

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

 

Industry   % of
Net Assets
 
Semiconductors & Semiconductor Equipment     13.1
Banks     8.7
Insurance     5.5
Textiles, Apparel & Luxury Goods     4.6
Pharmaceuticals     4.5
Capital Markets     4.2
Electrical Equipment     3.8
Chemicals     3.6
Software     3.3
Health Care Equipment & Supplies     3.2
Food Products     3.1
Electronic Equipment, Instruments & Components     2.8
Broadline Retail     2.6
Machinery     2.6
Building Products     2.4
Hotels, Restaurants & Leisure     2.1
Electric Utilities     2.1
Consumer Staples Distribution & Retail     1.9
Passenger Airlines     1.8
Entertainment     1.7
Metals & Mining     1.7
Household Products     1.6
IT Services     1.6
Media     1.6
Interactive Media & Services     1.5
Life Sciences Tools & Services     1.4
Automobile Components     1.3
Technology Hardware, Storage & Peripherals     1.3
Biotechnology     1.3
Construction Materials     1.1
Personal Care Products     1.1
Financial Services     0.9
Beverages     0.8
Air Freight & Logistics     0.6
Trading Companies & Distributors     0.5
Automobiles     0.5
Short-Term Investments     2.5
 

 

 

 
Total Investments     98.9
Other Assets in Excess of Liabilities     1.1
 

 

 

 
Net Assets     100.0
 

 

 

 
 

 

The accompanying notes are an integral part of these financial statements.

 

 
4       iM Global Partner Funds


iMGP Small Company Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 

Shares           Value  
 

COMMON STOCKS: 98.4%

 
  Consumer Discretionary: 6.8%  
  9,546     Advance Auto Parts, Inc.(a)    $ 593,952  
  34,540     Capri Holdings Ltd.*      641,408  
  10,068     Floor & Decor Holdings, Inc. - Class A*      597,636  
  18,319     Gentherm, Inc.*      624,861  
  34,329     VF Corp.      572,608  
  22,465     Warby Parker, Inc. - Class A*      681,588  
    

 

 

 
     3,712,053  
    

 

 

 
  Energy: 1.0%  
  56,011     Crescent Energy Co. - Class A(a)      550,028  
    

 

 

 
  Financials: 13.8%  
  28,365     Columbia Banking System, Inc.      909,098  
  15,093     Glacier Bancorp, Inc.      778,497  
  9,972     Goosehead Insurance, Inc. - Class A*      483,642  
  10,034     Hamilton Lane, Inc. - Class A      790,980  
  2,080     Kinsale Capital Group, Inc.      686,005  
  18,578     National Bank Holdings Corp. - Class A      825,421  
  20,405     Seacoast Banking Corp. of Florida      678,466  
  6,960     Southstate Bank Corp.      695,304  
  9,327     Texas Capital Bancshares, Inc.      963,106  
  19,559     WesBanco, Inc.      763,388  
    

 

 

 
     7,573,907  
    

 

 

 
  Health Care: 7.6%  
  45,094     AdaptHealth Corp.*      469,879  
  4,178     ICU Medical, Inc.*      612,495  
  4,818     Insulet Corp.*      733,541  
  2,325     Medpace Holdings, Inc.*      1,231,297  
  8,127     Repligen Corp.*      1,108,848  
    

 

 

 
     4,156,060  
    

 

 

 
  Industrials: 31.7% (b)  
  3,076     Applied Industrial Technologies, Inc.      1,040,149  
  4,033     AZZ, Inc.      625,317  
  13,515     Casella Waste Systems, Inc. - Class A*      1,310,550  
  18,214     Core & Main, Inc. - Class A*      878,825  
  3,009     CSW Industrials, Inc.      837,405  
  1,562     EnerSys      365,227  
  6,747     Federal Signal Corp.      866,922  
  6,036     Franklin Electric Co., Inc.      646,999  
  16,348     Gibraltar Industries, Inc.*      737,295  
  75,704     Hayward Holdings, Inc.*      1,310,436  
  3,447     HEICO Corp. - Class A      889,016  
  6,220     Louisiana-Pacific Corp.      489,265  
  9,286     Mercury Systems, Inc.*      1,135,956  
  32,050     Quanex Building Products Corp.      596,771  
  2,303     RBC Bearings, Inc.*      1,483,270  
  1,543     Saia, Inc.*      649,850  
  12,848     Terex Corp.      930,067  
  8,531     Timken Co.      1,239,725  
  2,294     Valmont Industries, Inc.      1,325,014  
    

 

 

 
     17,358,059  
    

 

 

 
  Information Technology: 21.0%  
  7,269     Agilysys, Inc.*      759,610  
  3,173     Appfolio, Inc. - Class A*      508,791  
  6,087     Badger Meter, Inc.      903,189  
  8,844     Belden, Inc.      1,060,484  
  7,194     Cohu, Inc.*      531,708  
Shares           Value  
  Information Technology (continued)  
  6,212     Guidewire Software, Inc.*    $ 764,387  
  6,602     IPG Photonics Corp.*(a)      774,547  
  1,826     Littelfuse, Inc.      831,433  
  5,573     Manhattan Associates, Inc.*      776,040  
  26,444     MARA Holdings, Inc.*(a)      367,307  
  8,161     Novanta, Inc.*      1,324,041  
  4,186     Onto Innovation, Inc.*      1,584,192  
  9,533     Procore Technologies, Inc.*      387,230  
  22,463     SentinelOne, Inc. - Class A*      381,197  
  4,488     Synaptics, Inc.*(a)      557,544  
    

 

 

 
     11,511,700  
    

 

 

 
  Materials: 12.5%  
  8,681     Celanese Corp.      399,326  
  2,190     Eagle Materials, Inc.      492,750  
  16,053     Element Solutions, Inc.      766,531  
  18,295     Ingevity Corp.*      1,366,087  
  4,221     MP Materials Corp.*(a)      236,418  
  71,059     O-I Glass, Inc.*      684,298  
  64,738     Perimeter Solutions, Inc.*      2,307,910  
  4,941     Sensient Technologies Corp.      609,176  
    

 

 

 
     6,862,496  
    

 

 

 
  Real Estate: 4.0%  
  18,394     Landbridge Co. LLC - Class A      1,457,540  
  18,693     STAG Industrial, Inc. - REIT      711,456  
    

 

 

 
     2,168,996  
    

 

 

 
 

TOTAL COMMON STOCKS
(Cost $43,902,248)

     53,893,299  
    

 

 

 
 

SHORT-TERM INVESTMENTS: 0.4%

 
  INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.4%  
  215,968     State Street Navigator Securities Lending Government Money Market Portfolio, 3.660%(c)(d)      215,968  
    

 

 

 
 

TOTAL INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED

(Cost $215,968)

     215,968  
  

 

 

 
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $215,968)

     215,968  
  

 

 

 
 

TOTAL INVESTMENTS
(Cost: $44,118,216): 98.8%

     54,109,267  
  

 

 

 
  Other Assets in Excess of Liabilities: 1.2%      674,913  
  

 

 

 
 

NET ASSETS: 100.0%

   $ 54,784,180  
  

 

 

 

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 Note 11.

(c)

The rate disclosed is the 7 day net yield as of June 30, 2026.

(d)

Represents security purchased with cash collateral received for securities on loan.

 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         5


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 

Shares           Value  
 

COMMON STOCKS: 0.3%

 
  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.*(a)      4,523  
    

 

 

 
     4,525  
    

 

 

 
  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*(b)      0  
    

 

 

 
  Health Care: 0.0%  
  268     Keenova Therapeutics PLC*      27,319  
  268     Par Health, Inc.*      1,742  
    

 

 

 
     29,061  
    

 

 

 
  Industrials: 0.3%  
  905     Luxco Co. Ltd.*      17,814  
  32,677     Mcdermott International Ltd.*      718,885  
  440     McDermott International, Inc.*      6,598  
    

 

 

 
     743,297  
    

 

 

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

 

 

 
  Materials: 0.0%  
  609     Yak Blocker 2 LLC - Series C 1*(b)      0  
  563     Yak Blocker 2 LLC - Series C 2*(b)      0  
    

 

 

 
     0  
    

 

 

 
  Real Estate: 0.0%  
  912,436     CFLD Cayman Investment Trust*      4,707  
  142,738     Kaisa Group Holdings Ltd.*      855  
  1,239,883     Shimao Group Holdings Ltd.*      11,541  
  256,164     Yuzhou Group Holdings Co. Ltd.*      3,887  
    

 

 

 
     20,990  
    

 

 

 
  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)

     806,949  
    

 

 

 
 

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)*

     140,877  
  213,778    

Concert Pharmaceuticals, Inc., CVR

(Expiration date 12/31/99)*

     108,535  
  11    

Hornbeck Offshore Services, Inc.

(Expiration date 04/09/30)*

     550  
Shares           Value  
  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)*

     191,204  
  1,039    

Ross Acquisition Corp. II

(Expiration date 02/12/26)*

     0  
    

 

 

 
 

TOTAL RIGHTS/WARRANTS
(Cost $554,144)

     483,589  
    

 

 

 
 

PREFERRED STOCKS: 1.3%

 
  Financials: 1.1%  
  American National Group, Inc.   
  3,000    

7.375%, 01/15/2030(a)(c)

     70,410  
  CION Investment Corp.   
  20,000    

7.500%, 12/30/2029

     496,800  
  CNO Financial Group, Inc.   
  2,000    

5.125%, 11/25/2060

     33,140  
  Eagle Point Credit Co.   
  32,000    

5.375%, 01/31/2029

     764,160  
  Globe Life, Inc.   
  6,000    

4.250%, 06/15/2061(a)

     91,200  
  Oxford Lane Capital Corp.   
  23,400    

5.000%, 01/31/2027

     576,810  
  Selective Insurance Group, Inc. - Series B   
  2,000    

4.600%, 07/29/2026(c)

     31,520  
  Trinity Capital, Inc.   
  25,000    

7.875%, 03/30/2029

     628,750  
    

 

 

 
     2,692,790  
    

 

 

 
  Industrials: 0.0%  
  Element Commercial Aviation   
  170    

0.000%,*(b)

     0  
    

 

 

 
  Utilities: 0.2%  
  NextEra Energy Capital Holdings, Inc. - Series U   
  20,100    

6.500%, 06/01/2085(a)

     489,033  
    

 

 

 
 

TOTAL PREFERRED STOCKS
(Cost $4,979,636)

     3,181,823  
    

 

 

 
Principal
Amount^
              
 

ASSET-BACKED SECURITIES: 14.8%

 
  Commercial MBS: 0.2%  
  Cogent Ipv4 LLC   
  $580,000    

Series 2025-1A-A2
6.646%, 04/25/2055(d)

     588,352  
    

 

 

 
  Home Equity ABS: 0.3%  
  CSAB Mortgage-Backed Trust   
  1,857,684    

Series 2006-2-A6B
6.200%, 09/25/2036(e)

     103,596  
  FIGRE Trust   
  55,353    

Series 2024-HE1-B
6.506%, 03/25/2054(d)(f)

     56,335  
  85,183    

Series 2024-HE2-C
6.720%, 05/25/2054(d)(f)

     86,740  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
6       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

ASSET-BACKED SECURITIES (CONTINUED)

 
  Home Equity ABS (continued)  
  FIGRE Trust (Continued)   
  $ 87,561    

Series 2024-HE3-C
6.229%, 07/25/2054(d)(f)

   $ 88,296  
  105,811    

Series 2025-HE1-C
6.029%, 01/25/2055(d)(f)

     106,433  
  GSAA Home Equity Trust   
  503,656    

Series 2006-10-AF5
6.948%, 06/25/2036(e)

     108,631  
  Saluda Grade Alternative Mortgage Trust   
  56,345    

Series 2023-FIG4-B
7.115%, 11/25/2053(d)(f)

     57,660  
  Vista Point Securitization Trust   
  228,045    

Series 2024-CES1-A1
6.676%, 05/25/2054(d)(e)

     229,561  
    

 

 

 
     837,252  
    

 

 

 
  Other ABS: 14.2%  
  720 East CLO V Ltd.   
  250,000    

Series 2024-2A-C
5.875%, 07/20/2037(d)(g)
3 mo. USD Term SOFR + 2.200%

     250,332  
  AASET Ltd.   
  219,060    

Series 2024-2A-A
5.930%, 09/16/2049(d)

     220,831  
  AASET Trust   
  38,887    

Series 2020-1A-B
4.335%, 01/16/2040(d)

     38,629  
  Aaset Trust   
  123,741    

Series 2021-1A-A
2.950%, 11/16/2041(d)

     119,378  
  AASET Trust   
  101,586    

Series 2021-2A-B
3.538%, 01/15/2047(d)

     97,000  
  224,508    

Series 2025-1A-A
5.943%, 02/16/2050(d)

     225,701  
  ABPCI Direct Lending Fund ABS I Ltd.   
  63,397    

Series 2020-1A-B
4.935%, 12/29/2030(d)

     57,970  
  ABPCI Direct Lending Fund ABS IV LP   
  250,000    

Series 2024-1A-BR
7.388%, 02/01/2036(d)

     246,742  
  Adams Outdoor Advertising LP   
  280,000    

Series 2023-1-A2
6.967%, 07/15/2053(d)

     282,414  
  ALLO Issuer LLC   
  100,000    

Series 2024-1A-B
7.150%, 07/20/2054(d)

     101,626  
  AMSR Trust   
  2,500,000    

Series 2021-SFR1-G
4.612%, 06/17/2038(d)

     2,424,249  
  Aquila Funding   
  245,157    

7.400%, 12/15/2041

     249,541  
  ARES Direct Lending CLO 2 LLC   
  100,000    

Series 2024-2A-D
7.575%, 10/20/2036(d)(g)
3 mo. USD Term SOFR + 3.900%

     100,294  
  Ares Finance Co. LLC   
  496,500    

0.000%, 10/15/2036(f)(h)

     905,839  
Principal
Amount^
          Value  
  Other ABS (continued)  
  Ares LXXVII CLO Ltd.   
  $ 500,000    

Series 2025-77A-SUB
0.335%, 07/15/2038(d)(f)(i)

   $ 368,015  
  Ballyrock CLO 14 Ltd.   
  250,000    

Series 2020-14A-SUB
0.404%, 07/20/2037(d)(f)(i)

     146,479  
  Bayard Park CLO Ltd.   
  250,000    

Series 2025-1A-SUB
1.502%, 07/24/2038(d)(f)(i)

     138,251  
  BCRED CLO LLC   
  250,000    

Series 2025-1A-C
5.675%, 04/20/2037(d)(g)
3 mo. USD Term SOFR + 2.000%

     247,548  
  Blue Stream Issuer LLC   
  100,000    

Series 2023-1A-B
6.898%, 05/20/2053(d)

     100,612  
  1,000,000    

Series 2023-1A-C
8.898%, 05/20/2053(d)

     1,012,549  
  50,000    

Series 2024-1A-B
6.043%, 11/20/2054(d)

     50,675  
  Brant Point CLO Ltd.   
  500,000    

Series 2025-7A-SUB
(3.272%), 07/25/2038(d)(f)(i)

     281,469  
  Business Jet Securities LLC   
  291,921    

Series 2024-1A-B
6.924%, 05/15/2039(d)

     299,211  
  CARS-DB4 LP   
  200,000    

Series 2020-1A-B3
4.950%, 02/15/2050(d)

     187,902  
  CARS-DB7 LP   
  97,500    

Series 2023-1A-A2
6.500%, 09/15/2053(d)

     97,803  
  320,000    

Series 2023-1A-B
7.750%, 09/15/2053(d)

     320,905  
  Castlelake Aircraft Securitization Trust   
  22,483    

Series 2018-1-A
4.125%, 06/15/2043(d)

     22,280  
  Castlelake Aircraft Structured Trust   
  215,922    

Series 2025-1A-A
5.783%, 02/15/2050(d)

     216,891  
  Cerberus Loan Funding 50 LLC   
  500,000    

Series 2025-1A-C
6.273%, 07/15/2037(d)(g)
3 mo. USD Term SOFR + 2.600%

     500,857  
  Cerberus Loan Funding 52 LLC   
  250,000    

Series 2025-3A-C
5.873%, 10/15/2037(d)(g)
3 mo. USD Term SOFR + 2.200%

     249,313  
  Cerberus Loan Funding XLIV LLC   
  250,000    

Series 2023-5A-C
7.873%, 01/15/2036(d)(g)
3 mo. USD Term SOFR + 4.200%

     250,013  
  250,000    

Series 2023-5AR-CR
0.000%, 01/15/2036(d)(g)(h)(j)
3 mo. USD Term SOFR + 2.500%

     250,000  
  Cerberus Loan Funding XLV LLC   
  250,000    

Series 2024-1A-C
6.823%, 04/15/2036(d)(g)
3 mo. USD Term SOFR + 3.150%

     250,300  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         7


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

ASSET-BACKED SECURITIES (CONTINUED)

 
  Other ABS (continued)  
  Cerberus Loan Funding XLVI LP   
  $ 250,000    

Series 2024-2A-C
6.723%, 07/15/2036(d)(g)
3 mo. USD Term SOFR + 3.050%

   $ 250,301  
  Cerberus Loan Funding XLVII LLC   
  250,000    

Series 2024-3A-D
8.023%, 07/15/2036(d)(g)
3 mo. USD Term SOFR + 4.350%

     250,626  
  Chenango Park CLO Ltd.   
  500,000    

Series 2018-1A-D
9.735%, 04/15/2030(d)(g)
3 mo. USD Term SOFR + 6.062%

     496,542  
  CoreVest American Finance Ltd.   
  305,000    

Series 2020-4-C
2.250%, 12/15/2052(d)

     285,465  
  Dryden 55 CLO Ltd.   
  500,000    

Series 2018-55A-F
11.135%, 04/15/2031(d)(g)
3 mo. USD Term SOFR + 7.462%

     242,800  
  Dryden 87 CLO Ltd.   
  300,000    

Series 2021-87A-SUB
0.537%, 08/20/2038(d)(f)(i)

     97,912  
  Five Guys Holdings, Inc.   
  197,000    

Series 2023-1A-A2
7.549%, 01/26/2054(d)

     200,696  
  Fortress Credit BSL XV Ltd.   
  250,000    

Series 2022-2A-CR
6.275%, 10/18/2033(d)(g)
3 mo. USD Term SOFR + 2.600%

     249,928  
  Fortress Credit Opportunities IX CLO Ltd.   
  250,000    

Series 2017-9A-A2TR
5.735%, 10/15/2033(d)(g)
3 mo. USD Term SOFR + 2.062%

     250,528  
  Golub Capital Partners ABS Funding Ltd.   
  30,020    

Series 2020-1A-B
4.496%, 01/22/2029(d)

     28,851  
  Golub Capital Partners CLO 16M-R3 Ltd.   
  1,100,000    

Series 2013-16A-CR3
6.248%, 08/09/2039(d)(g)
3 mo. USD Term SOFR + 2.600%

     1,102,036  
  Golub Capital Partners CLO 46M Ltd.   
  250,000    

Series 2019-46A-CR
6.725%, 04/20/2037(d)(g)
3 mo. USD Term SOFR + 3.050%

     250,300  
  250,000    

Series 2019-46AR-CR2
(0.643%), 04/20/2037(d)(f)(g)(i)(j)
3 mo. USD Term SOFR + 2.150%

     250,188  
  Golub Capital Partners CLO 69M   
  750,000    

Series 2023-69A-DR
6.698%, 11/09/2038(d)(g)
3 mo. USD Term SOFR + 3.050%

     752,223  
  HarbourVest Structured Solution IV   
  332,044    

1.000%, 09/15/2030(f)

     328,755  
  Hotwire Funding LLC   
  750,000    

Series 2021-1-C
4.459%, 11/20/2051(d)

     747,044  
Principal
Amount^
          Value  
  Other ABS (continued)  
  HPS Private Credit CLO LLC   
  $ 500,000    

Series 2025-3A-C
6.475%, 07/20/2037(d)(g)
3 mo. USD Term SOFR + 2.800%

   $ 500,791  
  500,000    

Series 2025-3A-D
7.675%, 07/20/2037(d)(g)
3 mo. USD Term SOFR + 4.000%

     497,287  
  Jamestown CLO XVIII Ltd.   
  500,000    

Series 2022-18A-DR
7.417%, 07/25/2035(d)(g)
3 mo. USD Term SOFR + 3.750%

     495,625  
  LCM 35 Ltd.   
  520,000    

Series 35A-SUB
1.752%, 10/15/2034(d)(f)(i)

     36,105  
  LCM 37 Ltd.   
  300,000    

Series 37A-SUB
0.128%, 04/15/2034(d)(f)(i)

     6,415  
  Lunar Structured Aircraft Portfolio Notes   
  158,637    

Series 2021-1-B
3.432%, 10/15/2046(d)

     151,690  
  Madison Park Funding LIX Ltd.   
  305,000    

Series 2021-59A-CR
5.925%, 04/18/2037(d)(g)
3 mo. USD Term SOFR + 2.250%

     305,383  
  Madison Park Funding LVIII Ltd.   
  250,000    

Series 2024-58A-D
7.317%, 04/25/2037(d)(g)
3 mo. USD Term SOFR + 3.650%

     250,013  
  MAPS Trust   
  76,234    

Series 2021-1A-A
2.521%, 06/15/2046(d)

     74,041  
  Monroe Capital ABS Funding Ltd.   
  62,921    

Series 2021-1A-A2
2.815%, 04/22/2031(d)

     59,639  
  Monroe Capital Income Plus ABS Funding LLC   
  89,776    

Series 2022-1A-B
5.150%, 04/30/2032(d)

     88,456  
  Nassau CFO LLC   
  42,235    

Series 2019-1-A
3.980%, 08/15/2034(d)

     39,516  
  Navigator Aircraft ABS Ltd.   
  310,460    

Series 2021-1-B
3.571%, 11/15/2046(d)(e)

     296,725  
  Neuberger Berman Loan Advisers CLO 26 Ltd.   
  1,000,000    

Series 2017-26A-INC
0.370%, 10/18/2038(d)(f)(i)

     308,379  
  Neuberger Berman Loan Advisers CLO 44 Ltd.   
  250,000    

Series 2021-44A-SUB
0.954%, 10/16/2035(d)(f)(i)

     102,223  
  Neuberger Berman Loan Advisers CLO 60 Ltd.   
  250,000    

Series 2025-60A-SUB
0.128%, 04/22/2039(d)(f)(i)

     150,770  
  Obsidian Issuer LLC   
  500,000    

Series 2025-1A-A
6.933%, 05/15/2055(d)

     492,136  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
8       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

ASSET-BACKED SECURITIES (CONTINUED)

 
  Other ABS (continued)  
  Octagon 74 Ltd.   
  $ 250,000    

Series 2025-2A-SUB
1.340%, 04/22/2038(d)(f)(i)

   $ 138,869  
  Octagon 78 Ltd.   
  350,000    

Series 2025-3A-SUB
1.155%, 10/20/2038(d)(f)(i)

     246,674  
  Octagon Investment Partners CLO 40 Ltd.   
  500,000    

Series 2019-1A-ER
10.937%, 01/20/2035(d)(g)
3 mo. USD Term SOFR + 7.262%

     428,153  
  Octagon Investment Partners CLO XVI Ltd.   
  500,000    

Series 2013-1A-ER
9.692%, 07/17/2030(d)(g)
3 mo. USD Term SOFR + 6.012%

     452,995  
  1,500,000    

Series 2013-1A-SUB
10.316%, 07/17/2030(d)(f)(i)

     225  
  OnDeck Asset Securitization IV LLC   
  540,000    

Series 2025-1A-C
6.640%, 04/19/2032(d)

     543,451  
  OnDeck Asset Securitization Trust IV LLC   
  340,000    

Series 2023-1A-B
8.250%, 08/19/2030(d)

     341,188  
  Onyx II ABS   
  688,982    

6.600%, 06/15/2030

     688,679  
  Owl Rock CLO III Ltd.   
  250,000    

Series 2020-3A-BR
6.025%, 04/20/2036(d)(g)
3 mo. USD Term SOFR + 2.350%

     250,193  
  Owl Rock CLO IX LLC   
  250,000    

Series 2022-9A-CR
5.938%, 11/22/2037(d)(g)
3 mo. USD Term SOFR + 2.300%

     248,428  
  Owl Rock CLO VIII LLC   
  250,000    

Series 2022-8A-CR
6.067%, 04/24/2037(d)(g)
3 mo. USD Term SOFR + 2.400%

     250,374  
  Owl Rock CLO XVI LLC   
  250,000    

Series 2024-16A-C
6.975%, 04/20/2036(d)(g)
3 mo. USD Term SOFR + 3.300%

     250,306  
  OWL Rock CLO XXI LLC   
  350,000    

Series 2025-21A-C
6.067%, 07/24/2034(d)(g)
3 mo. USD Term SOFR + 2.400%

     350,434  
  Oxford Finance Credit Fund III LP   
  300,664    

Series 2024-A-B
7.548%, 01/14/2032(d)

     299,403  
  1,810,000    

Series 2025-A-B
7.194%, 08/14/2034(d)

     1,803,113  
  Oxford Finance Funding Trust   
  124,584    

Series 2023-1A-B
7.879%, 02/15/2031(d)

     125,767  
  Palmer Square BDC CLO 1 Ltd.   
  310,000    

Series 1A-B1
5.823%, 07/15/2037(d)(g)
3 mo. USD Term SOFR + 2.150%

     310,015  
Principal
Amount^
          Value  
  Other ABS (continued)  
  Palmer Square Loan Funding Ltd.   
  $ 200,000    

Series 2021-2A-SUB
0.000%, 05/20/2029(d)(f)(h)

   $ 0  
  200,000    

Series 2021-3A-SUB
0.000%, 07/20/2029(d)(f)(h)

     3,189  
  575,000    

Series 2024-3A-SUB
0.000%, 08/08/2032(d)(f)(h)

     352,012  
  ReadyCap Lending Small Business Loan Trust   
  7,107    

Series 2019-2-A
6.250%, 12/27/2044(d)(g)
U.S. (Fed) Prime Rate - 0.500%

     7,108  
  Regatta 33 Funding Ltd.   
  250,000    

Series 2025-2A-SUB
0.000%, 07/25/2038(d)(f)(h)

     182,359  
  Regatta 34 Funding Ltd.   
  250,000    

Series 2025-3A-SUB
0.000%, 07/20/2038(d)(f)(h)

     186,680  
  RR 39 Ltd.   
  250,000    

Series 2025-39A-SUB
0.813%, 04/15/2038(d)(f)(i)

     164,365  
  RR CLO 2 Ltd.   
  500,000    

Series 2017-2A-DR
9.735%, 04/15/2036(d)(g)
3 mo. USD Term SOFR + 6.062%

     472,721  
  SERVPRO Master Issuer LLC   
  497,500    

Series 2025-1A-A2
5.525%, 10/25/2055(d)

     494,330  
  Slam Ltd.   
  174,242    

Series 2021-1A-B
3.422%, 06/15/2046(d)

     167,023  
  Sonic Capital LLC   
  47,083    

Series 2020-1A-A2II
4.336%, 01/20/2050(d)

     45,024  
  Sprite Ltd.   
  37,297    

Series 2021-1-A
3.750%, 11/15/2046(d)

     36,585  
  SSI ABS Issuer LLC   
  192,717    

Series 2025-1-A
6.150%, 07/25/2065(d)

     189,812  
  Steiv   
  250,000    

6.820%, 12/31/2046

     243,441  
  Subway Funding LLC   
  147,750    

Series 2024-1A-A23
6.505%, 07/30/2054(d)

     148,459  
  49,250    

Series 2024-3A-A23
5.914%, 07/30/2054(d)

     47,769  
  SVC ABS LLC   
  349,781    

Series 2026-1A-B
5.795%, 03/20/2056(d)

     340,151  
  Switch ABS Issuer LLC   
  100,000    

Series 2024-1A-A2
6.280%, 03/25/2054(d)

     100,479  
  50,000    

Series 2024-2A-A2
5.436%, 06/25/2054(d)

     49,529  
  100,000    

Series 2025-1A-A2
5.036%, 03/25/2055(d)

     97,627  
  Symphony CLO 41 Ltd.   
  360,000    

Series 2024-41A-SUB
(0.514%), 07/20/2037(d)(f)(i)

     181,326  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         9


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

ASSET-BACKED SECURITIES (CONTINUED)

 
  Other ABS (continued)  
  Symphony CLO 48 Ltd.   
  $ 250,000    

Series 2025-48A-SUB
(0.514%), 04/20/2038(d)(f)(i)

   $ 179,781  
  Symphony CLO XXXI Ltd.   
  650,000    

Series 2022-31A-SUB
0.298%, 04/22/2050(d)(f)(i)

     203,692  
  Textainer Marine Containers VII Ltd.   
  128,759    

Series 2021-1A-B
2.520%, 02/20/2046(d)

     120,819  
  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   
  360,524    

Series 2021-1A-B
6.121%, 07/15/2040(d)

     358,385  
  VB-S1 Issuer LLC   
  250,000    

Series 2022-1A-F
5.268%, 02/15/2052(d)

     248,030  
  100,000    

Series 2024-1A-F
8.871%, 05/15/2054(d)

     102,519  
  VCP RRL ABS I Ltd.   
  20,633    

Series 2021-1A-C
5.425%, 10/20/2031(d)

     17,995  
  Venture XIII CLO Ltd.   
  250,000    

Series 2013-13A-SUB
4.543%, 09/10/2029(d)(f)(i)

     38  
  Wellfleet CLO Ltd.   
  250,000    

Series 2024-1A-B
5.725%, 07/18/2037(d)(g)
3 mo. USD Term SOFR + 2.050%

     250,268  
  Willis Engine Structured Trust V   
  168,761    

Series 2020-A-A
3.228%, 03/15/2045(d)

     163,829  
  Willis Engine Structured Trust VII   
  15,854    

Series 2023-A-A
8.000%, 10/15/2048(d)

     16,033  
  Wind River CLO Ltd.   
  500,000    

Series 2021-2A-E
10.367%, 07/20/2034(d)(g)
3 mo. USD Term SOFR + 6.692%

     450,421  
  Wise CLO Ltd.   
  250,000    

Series 2024-2A-C
5.873%, 07/15/2037(d)(g)
3 mo. USD Term SOFR + 2.200%

     250,341  
  Wonder Lake Park CLO Ltd.   
  500,000    

Series 2025-1A-SUB
1.257%, 07/24/2038(d)(f)(i)

     296,157  
  Zayo Issuer LLC   
  3,030,000    

Series 2025-2A-C
9.489%, 06/20/2055(d)

     3,203,103  
    

 

 

 
     36,050,975  
    

 

 

 
  WL Collateral CMO: 0.1%  
  FIGRE Trust   
  103,631    

Series 2024-HE6-C
5.974%, 12/25/2054(d)(f)

     103,823  
    

 

 

 
 

TOTAL ASSET-BACKED SECURITIES
(Cost $44,679,646)

     37,580,402  
    

 

 

 
Principal
Amount^
          Value  
 

BANK LOANS: 18.7%

 
  Basic Materials: 2.4%  
  AAP Buyer, Inc.   
  $ 88,650    

6.413%, 09/09/2031(g)
3 mo. USD Term SOFR + 2.750%

   $ 89,056  
  Arsenal AIC Parent LLC   
  262,208    

6.394%, 08/19/2030(g)
1 mo. USD Term SOFR + 2.750%

     263,519  
  Discovery Purchaser Corp.   
  237,015    

7.414%, 10/04/2029(g)
3 mo. USD Term SOFR + 3.750%

     236,395  
  GEON Performance Solutions LLC   
  3,290,855    

8.244%, 08/18/2028(g)
3 mo. USD Term SOFR + 4.250%

     3,114,794  
  Ineos Finance PLC   
  200,000    

0.000%, 06/18/2032(m)

     188,334  
  Nouryon Finance BV   
  2,157,357    

6.936%, 04/03/2028(g)
6 mo. USD Term SOFR + 3.250%

     2,160,507  
  Power Services Holding Co.   
  98,591    

8.508%, 11/22/2031(g)
1 mo. USD Term SOFR + 4.750%

     98,325  
  SCIL IV LLC   
  99,500    

7.653%, 11/08/2032(g)
3 mo. USD Term SOFR + 4.000%

     99,500  
    

 

 

 
     6,250,430  
    

 

 

 
  Communications: 3.9%  
  Cengage Learning, Inc.   
  109,418    

6.638%-6.653%, 03/24/2031(g)
1 mo. USD Term SOFR + 3.000%, 3 mo. USD Term SOFR +3.000%

     108,430  
  Connect Finco SARL   
  3,243,782    

8.144%, 09/27/2029(g)
1 mo. USD Term SOFR + 4.500%

     3,257,308  
  Cyxtera DC Holdings, Inc.   
  132,288    

0.000%, 01/16/2027(k)

     728  
  Eagle Broadband Investments LLC   
  2,409,003    

6.994%, 11/12/2027(g)
3 mo. USD Term SOFR + 3.000%

     1,877,011  
  Firstdigital Communications LLC   
  48,779    

8.508%, 12/17/2026(g)(l)
1 mo. USD Term SOFR + 4.25% Cash, 0.500% PIK

     47,678  
  Iridium Satellite LLC   
  1,968,435    

5.894%, 09/20/2030(g)
1 mo. USD Term SOFR + 2.250%

     1,972,037  
  Level 3 Financing, Inc.   
  20,000    

6.394%, 03/29/2032(g)
1 mo. USD Term SOFR + 2.750%

     20,037  
  Midcontinent Communications   
  844,950    

6.144%, 08/18/2031(g)
1 mo. USD Term SOFR + 2.500%

     837,033  
  Speedster Bidco GmbH   
  148,134    

6.482%, 12/11/2031(g)
3 mo. USD Term SOFR + 2.750%

     147,085  
  Sunrise Financing Partnership   
  150,000    

6.099%, 02/15/2032(g)
6 mo. USD Term SOFR + 2.470%

     148,326  
  TripAdvisor, Inc.   
  212,914    

6.394%, 07/08/2031(g)
1 mo. USD Term SOFR + 2.750%

     204,131  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
10       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

BANK LOANS (CONTINUED)

 
  Communications (continued)  
  Versant Media Group, Inc.   
  $ 1,230,000    

7.232%, 01/30/2031(g)
3 mo. USD Term SOFR + 3.500%

   $ 1,235,824  
  Xplornet Communications, Inc.   
  4,190    

8.758%, 10/24/2029(g)(l)
1 mo. USD Term SOFR + 1.500% Cash, 3.500% PIK

     3,947  
    

 

 

 
     9,859,575  
    

 

 

 
  Consumer, Cyclical: 2.7%  
  Accuride Intermediate Co., Inc.   
  16,703    

8.149%, 03/07/2030(g)
3 mo. USD Term SOFR + 4.500%

     32,231  
  Allen Media LLC   
  496,785    

9.382%, 02/10/2027(g)
3 mo. USD Term SOFR + 5.500%

     342,409  
  American Airlines, Inc.   
  1,447,745    

5.925%, 04/20/2028(g)
3 mo. USD Term SOFR + 2.250%

     1,448,085  
  Arcis Golf LLC   
  543,574    

6.394%, 11/24/2028(g)
1 mo. USD Term SOFR + 2.750%

     546,291  
  Beach Acquisition Bidco LLC   
  99,501    

6.394%, 09/12/2032(g)
1 mo. USD Term SOFR + 2.750%

     100,158  
  Betclic Everest Group   
  149,625    

6.495%, 12/10/2031(g)
3 mo. USD Term SOFR + 2.750%

     150,046  
  Caesars Entertainment, Inc.   
  96,707    

5.894%, 02/06/2030(g)
1 mo. USD Term SOFR + 2.250%

     93,821  
  97,996    

5.894%, 02/06/2031(g)
1 mo. USD Term SOFR + 2.250%

     94,535  
  Epic Creations, Inc.   
  156    

13.644%, 07/31/2025(g)
1 mo. USD Term SOFR + 10.000%

     157  
  FR Refuel LLC   
  86,044    

8.508%, 11/08/2028(g)
1 mo. USD Term SOFR + 4.750%

     85,614  
  Gibson Brands, Inc.   
  95,500    

8.937%, 08/11/2028(g)
3 mo. USD Term SOFR + 5.000%

     90,291  
  Gloves Buyer, Inc.   
  343,275    

7.644%, 05/21/2032(g)
1 mo. USD Term SOFR + 4.000%

     344,670  
  Great Outdoors Group LLC   
  850,862    

6.894%, 01/23/2032(g)
1 mo. USD Term SOFR + 3.250%

     854,585  
  Gulfside Supply, Inc.   
  8,944    

0.000%, 06/17/2031(m)

     7,579  
  41,056    

6.732%, 06/17/2031(g)
3 mo. USD Term SOFR + 3.000%

     34,790  
  Hunter Douglas, Inc.   
  443,991    

6.732%, 01/20/2032(g)
3 mo. USD Term SOFR + 3.000%

     444,501  
  Laseraway Intermediate Holdings II LLC   
  89,332    

9.687%, 10/14/2027(g)
3 mo. USD Term SOFR + 5.750%

     89,053  
Principal
Amount^
          Value  
  Consumer, Cyclical (continued)  
  Pacific Bells LLC   
  $ 255,988    

7.232%, 11/13/2028(g)
3 mo. USD Term SOFR + 3.500%

   $ 256,748  
  Park River Holdings, Inc.   
  279,300    

8.192%, 03/15/2031(g)
3 mo. USD Term SOFR + 4.500%

     279,287  
  Peer Holding III BV   
  98,500    

6.232%, 07/01/2031(g)
3 mo. USD Term SOFR + 2.500%

     98,820  
  PetSmart, Inc.   
  24,938    

7.652%, 08/18/2032(g)
1 mo. USD Term SOFR + 4.000%

     24,943  
  QSRP Finco BV   
  500,000 (EUR)    

5.905%, 06/19/2031(g)
6 mo. EURIBOR + 3.750%

     571,659  
  Recess Holdings, Inc.   
  97,761    

7.417%, 02/20/2030(g)
3 mo. USD Term SOFR + 3.750%

     97,789  
  SGH2 LLC   
  148,875    

8.232%, 08/18/2032(g)
3 mo. USD Term SOFR + 4.500%

     149,061  
  Tacala LLC   
  48,883    

6.644%, 01/31/2031(g)
1 mo. USD Term SOFR + 3.000%

     48,987  
  Vacation Rental Brands LLC   
  124,027    

8.982%, 05/06/2032(g)
3 mo. USD Term SOFR + 5.250%

     122,920  
  VistaJet Malta Finance PLC   
  221,000    

7.442%, 04/01/2031(g)
3 mo. USD Term SOFR + 3.750%

     222,188  
  White Cap Buyer LLC   
  246,497    

6.894%, 10/19/2029(g)
1 mo. USD Term SOFR + 3.250%

     246,416  
    

 

 

 
     6,877,634  
    

 

 

 
  Consumer, Non-cyclical: 3.2%  
  2,158,200    

8.245%, 10/31/2031(g)
3 mo. USD Term SOFR + 4.500%

     2,160,898  
  Amspec Parent LLC   
  346,570    

7.232%, 12/22/2031(g)
3 mo. USD Term SOFR + 3.500%

     348,173  
  Bausch Health Cos., Inc.   
  19,800    

9.894%, 10/08/2030(g)
1 mo. USD Term SOFR + 6.250%

     19,246  
  Blue Ribbon LLC   
  205,097    

9.909%, 05/08/2028(g)
3 mo. USD Term SOFR + 6.000%

     109,031  
  CCRR Parent, Inc.   
  100,536    

8.906%, 05/27/2032(g)
3 mo. USD Term SOFR + 5.250%

     72,260  
  Chef’s Warehouse Leasing Co. LLC   
  81,583    

6.144%, 08/23/2029(g)
1 mo. USD Term SOFR + 2.500%

     82,093  
  Congruex Group LLC   
  48,522    

9.632%, 05/03/2029(g)
3 mo. USD Term SOFR + 5.750%

     29,989  
  Dermatology Intermediate Holdings III, Inc.   
  34,284    

7.913%, 03/30/2029(g)
3 mo. USD Term SOFR + 4.250%

     33,507  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         11


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

BANK LOANS (CONTINUED)

 
  Consumer, Non-cyclical (continued)  
  Florida Food Products LLC   
  $ 10,600    

9.232%, 10/15/2030(g)
3 mo. USD Term SOFR + 5.500%

   $ 10,574  
  11,129    

9.232%, 10/15/2030(g)
3 mo. USD Term SOFR + 5.500%

     11,101  
  56,185    

8.994%, 10/15/2030(g)
3 mo. USD Term SOFR + 5.000%

     43,034  
  Grant Thornton Advisors LLC   
  183,570    

6.394%, 06/02/2031(g)
1 mo. USD Term SOFR + 2.750%

     175,137  
  Hologic, Inc.   
  400,000    

5.995%, 04/07/2033(g)
3 mo. USD Term SOFR + 2.250%

     391,918  
  Imagefirst Holdings LLC   
  148,500    

6.664%, 03/12/2032(g)
3 mo. USD Term SOFR + 3.000%

     148,810  
  Inception Holdco SARL   
  546,255    

6.482%, 04/09/2031(g)
3 mo. USD Term SOFR + 2.750%

     547,735  
  MB2 Dental Solutions LLC   
  1,500    

9.144%, 02/13/2031(g)
1 mo. USD Term SOFR + 5.500%

     1,313  
  13,664    

9.144%, 02/13/2031(g)
1 mo. USD Term SOFR + 5.500%

     13,664  
  19,484    

9.144%, 02/13/2031(g)
1 mo. USD Term SOFR + 5.500%

     19,484  
  94,352    

9.144%, 02/13/2031(g)
1 mo. USD Term SOFR + 5.500%

     94,160  
  Moran Foods LLC   
  14,756    

11.016%, 12/29/2028(g)
3 mo. USD Term SOFR + 7.250%

     2  
  18,248 ()    

11.016%, 12/29/2028(g)
3 mo. USD Term SOFR + 7.250%

     3  
  MPH Acquisition Holdings LLC   
  78,166    

7.413%, 12/31/2030(g)
3 mo. USD Term SOFR + 3.750%

     78,426  
  647,943    

8.263%, 12/31/2030(g)
3 mo. USD Term SOFR + 4.600%

     572,170  
  NFM & J LP   
  47,476    

9.513%, 11/30/2028(g)
3 mo. USD Term SOFR + 5.750%

     46,873  
  48,263    

9.494%-9.516%, 11/30/2028(g)
3 mo. USD Term SOFR + 5.750%

     47,650  
  PABST Financing Newco LLC   
  81,558    

11.648%, 05/08/2028(g)
3 mo. USD Term SOFR + 8.000%

     76,665  
  Pacific Dental Services LLC   
  197,003    

5.889%, 03/15/2031(g)
1 mo. USD Term SOFR + 2.250%

     197,272  
  Priority Holdings LLC   
  1,238,014    

7.394%, 08/02/2032(g)
1 mo. USD Term SOFR + 3.750%

     1,222,848  
  ScribeAmerica Intermediate Holdco LLC   
  47,255    

10.250%, 06/01/2026(g)
U.S. (Fed) Prime Rate - 3.500%

     15,358  
  Secretariat Advisors LLC   
  88,132    

7.732%, 02/28/2032(g)
3 mo. USD Term SOFR + 4.000%

     86,645  
Principal
Amount^
          Value  
  Consumer, Non-cyclical (continued)  
  System One Holdings LLC   
  $ 1,115,113    

7.144%, 03/02/2028(g)
1 mo. USD Term SOFR + 3.500%

   $ 1,118,363  
  Vacation Rental Brands LLC   
  82,708    

8.982%, 05/06/2032(g)
3 mo. USD Term SOFR + 5.250%

     81,970  
  Women’s Care Enterprises LLC   
  186,918    

8.263%, 01/15/2028(g)
3 mo. USD Term SOFR + 4.500%

     181,777  
  WW International, Inc.   
  27,028    

10.528%, 06/24/2030(g)
3 mo. USD Term SOFR + 6.800%

     20,516  
    

 

 

 
     8,058,665  
    

 

 

 
  Energy: 0.1%  
  Lealand Finance Co. BV   
  165,278    

0.000%, 06/30/2027

     156,188  
  Liquid Tech Solutions LLC   
  186,159    

7.232%, 10/12/2032(g)
3 mo. USD Term SOFR + 3.500%

     184,883  
    

 

 

 
     341,071  
    

 

 

 
  Financial: 2.7%  
  Ardonagh Midco 3 PLC   
  148,134    

6.620%-6.732%, 02/15/2031(g)
3 mo. USD Term SOFR + 3.000%, 6 mo. USD Term SOFR + 3.000%

     143,784  
  Aretec Group, Inc.   
  420,769    

6.644%, 08/09/2030(g)
1 mo. USD Term SOFR + 3.000%

     420,363  
  Ascensus Group Holdings, Inc.   
  20,537    

6.644%, 11/25/2032(g)
1 mo. USD Term SOFR + 3.000%

     20,092  
  Asurion LLC   
  2,342    

8.013%, 08/19/2028(g)
3 mo. USD Term SOFR + 4.250%

     2,343  
  73,811    

7.913%, 09/19/2030(g)
3 mo. USD Term SOFR + 4.250%

     73,110  
  396,000    

7.913%, 09/19/2030(g)
3 mo. USD Term SOFR + 4.250%

     392,618  
  Blackhawk Network Holdings, Inc.   
  157,460    

7.144%, 03/12/2029(g)
1 mo. USD Term SOFR + 3.500%

     156,993  
  Capstone Acquisition Holdings, Inc.   
  11,985    

8.244%, 11/13/2029(g)
1 mo. USD Term SOFR + 4.500%

     0  
  135,511    

8.244%, 11/13/2029(g)
1 mo. USD Term SOFR + 4.500%

     135,005  
  Cfc Bidco 2022 Ltd.   
  547,250    

7.182%, 07/01/2032(g)
3 mo. USD Term SOFR + 3.500%

     516,240  
  Chrysaor Bidco SARL   
  98,807    

6.669%, 10/30/2031(g)
3 mo. USD Term SOFR + 3.000%

     99,126  
  Cliffwater LLC   
  138,250    

8.144%, 04/22/2032(g)
1 mo. USD Term SOFR + 4.500%

     138,250  
  Fiserv Investment Solutions, Inc.   
  100,000    

7.667%, 01/27/2033(g)
3 mo. USD Term SOFR + 4.000%

     100,437  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
12       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

BANK LOANS (CONTINUED)

 
  Financial (continued)  
  Focus Financial Partners LLC   
  $ 49,252    

6.144%, 09/15/2031(g)
1 mo. USD Term SOFR + 2.500%

   $ 48,166  
  HIG Operations Holdings, Inc.   
  4,133    

8.144%, 06/11/2031(g)
1 mo. USD Term SOFR + 4.500%

     4,143  
  HV Eight LLC   
  274,020 (EUR)    

5.791%, 11/22/2027(g)
3 mo. EURIBOR + 3.500%

     312,054  
  IMC Financing LLC   
  544,500    

6.652%, 06/18/2032(g)
1 mo. USD Term SOFR + 3.000%

     545,635  
  LendingTree, Inc.   
  2,608,489    

7.894%, 08/21/2030(g)
1 mo. USD Term SOFR + 4.250%

     2,567,405  
  Orion Advisor Solutions, Inc.   
  99,500    

6.413%, 09/24/2030(g)
3 mo. USD Term SOFR + 2.750%

     98,795  
  Orion U.S. Finco, Inc.   
  548,625    

7.169%, 10/08/2032(g)
3 mo. USD Term SOFR + 3.500%

     549,580  
  PMH Newco LP   
  228,899    

6.332%, 10/02/2030(g)
3 mo. USD Term SOFR + 2.600%

     228,550  
  PMH SPV C LLC   
  60,167    

6.602%, 10/02/2030(g)
3 mo. USD Term SOFR + 3.150%

     60,140  
  Saphilux SARL   
  296,013    

6.510%-6.730%, 07/18/2028(g)
6 mo. USD Term SOFR + 3.000%

     297,741  
    

 

 

 
     6,910,570  
    

 

 

 
  Industrial: 1.6%  
  AGI-CFI Acquisition Corp.   
  75,000    

8.144%, 03/25/2033(g)
1 mo. USD Term SOFR + 4.500%

     74,656  
  Azuria Water Solutions, Inc.   
  154,000    

6.482%, 04/25/2033(g)
3 mo. USD Term SOFR + 2.750%

     153,891  
  Bettcher Industries, Inc.   
  300,000    

7.732%, 04/15/2033(g)
3 mo. USD Term SOFR + 4.000%

     301,125  
  CD&R Hydra Buyer, Inc.   
  298,473    

7.744%, 03/25/2031(g)
1 mo. USD Term SOFR + 4.000%

     299,064  
  Climater Bidco II SAS   
  500,000 (EUR)    

6.291%, 03/19/2032(g)
3 mo. EURIBOR + 4.000%

     574,073  
  Cobham Ultra SeniorCo SARL   
  430,940    

7.791%, 08/03/2029(g)
6 mo. USD Term SOFR + 3.750%

     432,871  
  Cube Industrials Buyer, Inc.   
  148,131    

6.669%, 10/17/2031(g)
3 mo. USD Term SOFR + 3.000%

     148,455  
  East West Manufacturing LLC   
  150,000    

0.000%, 07/01/2032(m)

     147,375  
Principal
Amount^
          Value  
  Industrial (continued)  
  Engineered Machinery Holdings, Inc.   
  $ 196,913    

6.982%, 11/26/2032(g)
3 mo. USD Term SOFR + 3.250%

   $ 198,173  
  GrafTech Finance, Inc.   
  24,381    

9.639%, 12/21/2029(g)
1 mo. USD Term SOFR + 6.000%

     23,507  
  42,667    

9.667%, 12/21/2029(g)
3 mo. USD Term SOFR + 6.000%

     41,137  
  Holding Socotec   
  49,005    

6.370%, 06/02/2031(g)
3 mo. USD Term SOFR + 2.750%

     49,158  
  Ilpea Parent, Inc.   
  457,758    

7.650%, 06/22/2028(g)
1 mo. USD Term SOFR + 4.000%

     458,902  
  Mannington Mills, Inc.   
  91,806    

8.394%, 03/25/2032(g)
1 mo. USD Term SOFR + 4.750%

     90,887  
  Michael Baker International LLC   
  394,127    

7.663%, 12/01/2028(g)
3 mo. USD Term SOFR + 4.000%

     394,498  
  OEP Glass Purchaser LLC   
  197,500    

7.732%, 03/07/2033(g)
3 mo. USD Term SOFR + 4.000%

     197,377  
  Owens-Illinois, Inc.   
  248,750    

6.644%, 09/30/2032(g)
1 mo. USD Term SOFR + 3.000%

     246,884  
  Pelican Products, Inc.   
  96,954    

8.244%, 12/29/2028(g)
3 mo. USD Term SOFR + 4.250%

     93,251  
  Quikrete Holdings, Inc.   
  95,913    

5.894%, 04/14/2031(g)
1 mo. USD Term SOFR + 2.250%

     95,949  
    

 

 

 
     4,021,233  
    

 

 

 
  Technology: 1.5%  
  Apttus Corp.   
  126,475    

7.163%, 05/08/2028(g)
3 mo. USD Term SOFR + 3.500%

     107,926  
  Athenahealth Group, Inc.   
  158,400    

6.894%, 02/16/2032(g)
1 mo. USD Term SOFR + 3.250%

     156,955  
  AthenaHealth Group, Inc.   
  1,510,494    

6.394%, 02/15/2029(g)
1 mo. USD Term SOFR + 2.750%

     1,509,233  
  Boxer Parent Co., Inc.   
  74,093    

6.416%, 07/30/2031(g)
3 mo. USD Term SOFR + 2.750%

     66,970  
  Central Parent, Inc.   
  604,581    

6.982%, 07/06/2029(g)
3 mo. USD Term SOFR + 3.250%

     313,929  
  CoreLogic, Inc.   
  542,876    

7.258%, 06/02/2028(g)
1 mo. USD Term SOFR + 3.500%

     537,447  
  Curriculum Associates LLC   
  81,147    

8.386%-8.413%, 05/07/2032(g)
3 mo. USD Term SOFR + 4.750%

     81,147  
  125,158    

8.413%, 05/07/2032(g)
3 mo. USD Term SOFR + 4.750%

     123,906  
  Darktrace PLC   
  277,492    

6.927%, 10/09/2031(g)
3 mo. USD Term SOFR + 3.250%

     254,669  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         13


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

BANK LOANS (CONTINUED)

 
  Technology (continued)  
  HIG Operations Holdings, Inc.   
  $ 140,432    

8.144%, 06/11/2031(g)
1 mo. USD Term SOFR + 4.500%

   $ 139,503  
  Kaseya, Inc.   
  98,750    

6.913%, 03/22/2032(g)
3 mo. USD Term SOFR + 3.250%

     76,860  
  Planview Parent, Inc.   
  147,674    

7.232%, 12/17/2027(g)
3 mo. USD Term SOFR + 3.500%

     127,696  
  PushPay USA, Inc.   
  98,504    

7.394%, 08/15/2031(g)
1 mo. USD Term SOFR + 3.750%

     92,593  
  Sitecore Holding III AS   
  142,263    

9.837%, 03/12/2029(g)
6 mo. USD Term SOFR + 6.000%

     141,754  
  Zuora, Inc.   
  148,875    

7.144%, 02/14/2032(g)
1 mo. USD Term SOFR + 3.500%

     136,965  
    

 

 

 
     3,867,553  
    

 

 

 
  Utilities: 0.6%  
  Eastern Power LLC   
  1,293,461    

8.394%, 04/03/2029(g)
1 mo. USD Term SOFR + 4.750%

     1,301,086  
  Grid Alliance Partners LLC   
  16,800    

8.403%-8.424%, 07/01/2030(g)
1 mo. USD Term SOFR + 4.750%, 3 mo. USD Term SOFR + 4.750%

     15,624  
  220,218    

8.482%, 07/01/2032(g)
3 mo. USD Term SOFR + 4.750%

     219,204  
    

 

 

 
     1,535,914  
    

 

 

 
 

TOTAL BANK LOANS
(Cost $49,195,627)

     47,722,645  
    

 

 

 
 

CONVERTIBLE BONDS: 0.0%

 
  Financial: 0.0%  
  Kaisa Group Holdings Ltd.   
  115,152    

0.000%, 12/31/2026(d)(h)

     403  
  143,947    

0.000%, 12/31/2027(d)(h)

     1,080  
  230,305    

0.000%, 12/31/2028(d)(h)

     1,727  
  230,305    

0.000%, 12/31/2029(d)(h)

     1,727  
  287,882    

0.000%, 12/31/2030(d)(h)

     1,799  
  287,882    

0.000%, 12/31/2031(d)(h)

     1,080  
  543,106    

0.000%, 12/31/2032(d)(h)

     1,697  
    

 

 

 
 

TOTAL CONVERTIBLE BONDS
(Cost $1,711,094)

     9,513  
    

 

 

 
 

CORPORATE BONDS: 42.8%

 
  Basic Materials: 1.5%  
  AITX FinCo LLC   
  400,000    

Series C
6.000%, 10/23/2035

     396,734  
  Compass Minerals International, Inc.   
  155,000    

8.000%, 07/01/2030(d)

     163,629  
Principal
Amount^
          Value  
  Basic Materials (continued)  
  Dow Chemical Co.   
  $ 100,000    

6.900%, 05/15/2053(a)

   $ 104,889  
  Methanex U.S. Operations, Inc.   
  975,000    

6.250%, 03/15/2032(d)

     987,820  
  Novelis Corp.   
  400,000    

3.875%, 08/15/2031(d)

     364,508  
  Olin Corp.   
  1,280,000    

6.625%, 04/01/2033(d)

     1,265,545  
  SCIL IV LLC/SCIL USA Holdings LLC   
  100,000 (EUR)    

9.500%, 07/15/2028(d)

     118,071  
  Unigel Luxembourg SA   
  59,891    

11.000%, 12/31/2028(d)(l)
Cash 11.000% + PIK Rate 12.000%

     1,797  
  257,536    

11.000%, 12/31/2028(l)
Cash 11.000% + PIK Rate 12.000%

     7,726  
  WR Grace Holdings LLC   
  350,000    

7.000%, 08/01/2033(d)

     340,682  
    

 

 

 
     3,751,401  
    

 

 

 
  Communications: 3.4%  
  Altice France SA   
  152,439    

6.875%, 07/15/2032(d)

     147,958  
  AMC Global Media, Inc.   
  4,000    

4.250%, 02/15/2029

     3,540  
  553,000    

10.500%, 07/15/2032(d)

     568,786  
  Bell Telephone Co. of Canada or Bell Canada   
  200,000    

6.875%, 09/15/2055(a)(f)
5 yr. CMT + 2.390%

     204,540  
  British Telecommunications Ltd.   
  200,000    

4.875%, 11/23/2081(a)(d)(f)
5 yr. CMT + 3.493%

     193,170  
  Charter Communications Operating LLC/Charter Communications Operating Capital   
  15,000    

4.800%, 03/01/2050

     11,232  
  60,000    

3.700%, 04/01/2051

     37,403  
  40,000    

5.250%, 04/01/2053(a)

     31,332  
  70,000    

6.834%, 10/23/2055

     65,487  
  370,000    

4.400%, 12/01/2061

     240,071  
  Connect Finco SARL/Connect U.S. Finco LLC   
  290,000    

9.000%, 09/15/2029(d)

     305,521  
  Cox Communications, Inc.   
  85,000    

2.950%, 10/01/2050(d)

     45,812  
  50,000    

5.800%, 12/15/2053(d)

     42,326  
  CSC Holdings LLC   
  100,000    

11.750%, 01/31/2029(d)

     61,657  
  ELK Grove Village Property LLC   
  780,000    

7.500%, 06/15/2031(d)

     786,916  
  HUT 8 DC LLC   
  170,000    

6.192%, 11/15/2042(d)

     172,559  
  iHeartCommunications, Inc.   
  104,000    

7.750%, 08/15/2030(a)(d)

     96,873  
  McGraw-Hill Education, Inc.   
  38,000    

8.000%, 08/01/2029(d)

     38,100  
  Meta Platforms, Inc.   
  75,000    

6.300%, 05/15/2056

     75,007  
  Nexstar Media, Inc.   
  1,310,000    

6.500%, 09/15/2033(d)

     1,310,829  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
14       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

CORPORATE BONDS (CONTINUED)

 
  Communications (continued)  
  Paramount Global   
  $ 260,000    

6.875%, 04/30/2036(a)

   $ 244,385  
  12,000    

5.900%, 10/15/2040

     9,434  
  345,000    

4.375%, 03/15/2043

     223,595  
  90,000    

5.850%, 09/01/2043

     67,692  
  27,000    

5.250%, 04/01/2044

     18,577  
  28,000    

4.900%, 08/15/2044

     18,544  
  QTS Fayetteville I Dc1-2 LLC/QTS TRS Fayetteville I DC1-2 LLC   
  625,000    

5.700%, 04/15/2036(d)

     594,982  
  QTS Good News Facility   
  478,356    

7.150%, 10/09/2028

     477,845  
  185,467    

7.800%, 10/09/2028

     185,467  
  Rakuten Group, Inc.   
  477,000    

9.750%, 04/15/2029(d)

     518,624  
  Road Michigan Property Owner I LLC   
  170,000    

7.500%, 03/30/2045(d)

     169,663  
  Rogers Communications, Inc.   
  150,000    

7.000%, 04/15/2055(f)
5 yr. CMT + 2.653%

     153,708  
  Surf Internet Telecom LLC   
  150,000    

1.000%, 03/20/2050(f)

     147,009  
  TELUS Corp.   
  200,000    

6.625%, 10/15/2055(f)
5 yr. CMT + 2.769%

     202,911  
  200,000    

7.000%, 10/15/2055(f)
5 yr. CMT + 2.709%

     207,352  
  100,000    

6.375%, 06/09/2056(f)
5 yr. CMT + 2.694%

     100,038  
  100,000    

6.625%, 06/09/2056(f)
5 yr. CMT + 2.515%

     99,801  
  Time Warner Cable LLC   
  20,000    

6.550%, 05/01/2037

     19,869  
  Verizon Communications, Inc.   
  250,000    

6.200%, 05/14/2056(f)
5 yr. CMT + 2.042%

     252,834  
  Virgin Media Finance PLC   
  100,000    

5.000%, 07/15/2030(d)

     76,022  
  Vmed O2 U.K. Financing I PLC   
  400,000    

6.750%, 01/15/2033(d)

     339,352  
  Vodafone Group PLC   
  100,000    

5.125%, 06/04/2081(f)
5 yr. CMT + 3.073%

     78,218  
    

 

 

 
     8,645,041  
    

 

 

 
  Consumer, Cyclical: 4.8%  
  Banijay Gaming SAS   
  150,000 (EUR)    

5.125%, 12/10/2031(d)

     174,247  
  Beach Acquisition Bidco LLC   
  100,000 (EUR)    

5.250%, 07/15/2032(d)

     116,426  
  Boots Group Finco LP   
  200,000 (EUR)    

5.375%, 08/31/2032(d)

     234,986  
  Clarios Global LP/Clarios U.S. Finance Co.   
  300,000 (EUR)    

4.750%, 06/15/2031(d)

     347,192  
  Core & Main LP   
  50,000    

6.000%, 07/01/2034(d)(j)

     50,224  
  Deuce Finco PLC   
  400,000 (GBP)    

7.000%, 11/20/2031(d)

     542,862  
Principal
Amount^
          Value  
  Consumer, Cyclical (continued)  
  Dorman Products, Inc.   
  $ 50,000    

6.250%, 06/15/2034(d)

   $ 50,625  
  Essendi SA   
  200,000 (EUR)    

5.375%, 05/15/2030(d)

     233,441  
  200,000 (EUR)    

5.625%, 05/15/2032(d)

     233,245  
  Ford Motor Credit Co. LLC   
  945,000    

5.113%, 05/03/2029

     938,916  
  JB Poindexter & Co., Inc.   
  30,000    

8.750%, 12/15/2031(d)

     30,886  
  JetBlue Airways Corp./JetBlue Loyalty LP   
  1,905,000    

9.875%, 09/20/2031(d)

     1,727,991  
  Lightning eMotors, Inc.   
  100,000    

7.500%, 03/01/2037

     96,171  
  200,000    

Series 2022-1-A
5.500%, 03/01/2037

     189,472  
  Macy’s Retail Holdings LLC   
  741,000    

5.875%, 03/15/2030(d)

     741,709  
  450,000    

7.375%, 08/01/2033(a)(d)

     473,025  
  Motel One GmbH   
  80,000 (EUR)    

7.750%, 04/02/2031(d)

     97,431  
  NCL Corp. Ltd.   
  250,000    

5.875%, 01/15/2031(d)

     242,825  
  135,000    

6.750%, 02/01/2032(d)

     134,770  
  New Flyer Holdings, Inc.   
  125,000    

9.250%, 07/01/2030(d)

     134,479  
  Newell Brands, Inc.   
  645,000    

8.500%, 06/01/2028(d)

     674,233  
  Nordstrom, Inc.   
  1,985,000    

4.375%, 04/01/2030

     1,911,976  
  Penn Entertainment, Inc.   
  74,000    

4.125%, 07/01/2029(d)

     70,947  
  112,000    

6.750%, 04/01/2031(d)

     112,635  
  Phinia, Inc.   
  86,000    

6.625%, 10/15/2032(d)

     87,915  
  Quicktop Holdco AB   
  100,000 (EUR)    

6.886%, 03/21/2030(d)(g)
3 mo. EURIBOR + 4.500%

     117,897  
  QXO Building Products, Inc.   
  200,000    

6.750%, 04/30/2032(d)

     206,649  
  Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.   
  175,000    

6.625%, 03/01/2030(d)

     149,759  
  Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada’s Wonderland Co.   
  125,000    

6.625%, 05/01/2032(a)(d)

     126,768  
  Suburban Propane Partners LP/Suburban Energy Finance Corp.   
  41,000    

5.000%, 06/01/2031(d)

     38,888  
  Superior Plus LP/Superior General Partner, Inc.   
  100,000    

4.500%, 03/15/2029(d)

     97,014  
  Thunderbird 1 A Funded   
  200,000    

Series 2022-1-A
5.500%, 03/01/2037

     189,472  
  Thunderbird Entertainment Group, Inc.   
  100,000    

7.500%, 03/01/2037

     96,171  
  TVL Finance PLC   
  100,000 (EUR)    

6.041%, 06/30/2030(a)(g)
3 mo. EURIBOR + 3.750%

     97,272  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         15


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

CORPORATE BONDS (CONTINUED)

 
  Consumer, Cyclical (continued)  
  Velocity Vehicle Group LLC   
  $ 100,000    

8.000%, 06/01/2029(d)

   $ 98,852  
  Versuni Group BV   
  200,000 (EUR)    

5.750%, 07/01/2033(d)(j)

     225,701  
  Wabash National Corp.   
  100,000    

4.500%, 10/15/2028(a)(d)

     92,968  
  Whirlpool Corp.   
  100,000    

4.500%, 06/01/2046

     59,609  
  50,000    

4.600%, 05/15/2050

     29,901  
  William Carter Co.   
  815,000    

7.375%, 02/15/2031(a)(d)

     843,049  
  Wolverine World Wide, Inc.   
  74,000    

4.000%, 08/15/2029(d)

     69,779  
    

 

 

 
     12,188,378  
    

 

 

 
  Consumer, Non-cyclical: 2.8%  
  1261229 BC Ltd.   
  198,000    

10.000%, 04/15/2032(d)

     200,644  
  Acadia Healthcare Co., Inc.   
  200,000    

7.375%, 03/15/2033(a)(d)

     206,065  
  Avis Budget Car Rental LLC/Avis Budget Finance, Inc.   
  955,000    

8.250%, 01/15/2030(a)(d)

     984,452  
  Bausch Health Cos., Inc.   
  658,000    

4.875%, 06/01/2028(a)(d)

     609,002  
  BCP V Modular Services Finance II PLC   
  100,000 (EUR)    

4.750%, 11/30/2028(d)

     108,381  
  Carriage Services, Inc.   
  100,000    

4.250%, 05/15/2029(d)

     96,003  
  Centene Corp.   
  755,000    

3.000%, 10/15/2030

     683,702  
  Cidron Atrium SE   
  100,000 (EUR)    

5.625%, 02/15/2033(d)

     112,933  
  CPI CG, Inc.   
  349,000    

10.000%, 07/15/2029(d)

     367,328  
  Herc Holdings, Inc.   
  230,000    

7.250%, 06/15/2033(d)

     239,960  
  Hertz Corp.   
  18,000    

12.625%, 07/15/2029(d)

     14,665  
  Nexture SpA   
  140,000 (EUR)    

5.329%, 07/30/2032(d)(g)
3 mo. EURIBOR + 3.125%

     160,756  
  Nidda Healthcare Holding GmbH   
  450,000 (EUR)    

5.533%, 10/15/2032(d)(g)
3 mo. EURIBOR + 3.250%

     516,168  
  Organon & Co./Organon Foreign Debt Co-Issuer BV   
  1,215,000    

5.125%, 04/30/2031(d)

     1,202,553  
  Perrigo Finance Unlimited Co.   
  100,000 (EUR)    

5.375%, 09/30/2032

     112,311  
  Post Holdings, Inc.   
  957,000    

4.500%, 09/15/2031(d)

     898,294  
  Sotheby’s/Bidfair Holdings, Inc.   
  200,000    

5.875%, 06/01/2029(d)

     190,714  
  Surgery Center Holdings, Inc.   
  150,000    

7.250%, 04/15/2032(a)(d)

     152,033  
  TriNet Group, Inc.   
  50,000    

7.125%, 08/15/2031(d)

     50,316  
Principal
Amount^
          Value  
  Consumer, Non-cyclical (continued)  
  Williams Scotsman, Inc.   
  $ 350,000    

7.375%, 10/01/2031(d)

   $ 362,624  
    

 

 

 
     7,268,904  
    

 

 

 
  Energy: 2.7%  
  BP Capital Markets PLC   
  50,000    

6.125%, 03/18/2035(c)(f)
5 yr. CMT + 1.924%

     50,904  
  CQP Holdco LP/BIP-V Chinook Holdco LLC   
  300,000    

7.500%, 12/15/2033(d)

     313,762  
  Crescent Energy Finance LLC   
  1,230,000    

7.625%, 04/01/2032(d)

     1,241,756  
  CTL AZ Battery Property   
  99,933    

6.730%, 02/20/2046

     98,120  
  CVR Energy, Inc.   
  300,000    

7.875%, 02/15/2034(d)

     296,937  
  Energy Transfer LP   
  70,000    

6.300%, 01/15/2056

     70,563  
  Global Partners LP/GLP Finance Corp.   
  25,000    

6.875%, 01/15/2029

     25,234  
  550,000    

7.125%, 07/01/2033(d)

     556,926  
  Helmerich & Payne, Inc.   
  275,000    

5.500%, 12/01/2034

     270,546  
  Hess Midstream Operations LP   
  1,800,000    

5.875%, 03/01/2028(d)

     1,813,693  
  HF Sinclair Corp.   
  60,000    

6.250%, 01/15/2035

     62,406  
  ITT Holdings LLC   
  125,000    

6.500%, 08/01/2029(d)

     123,609  
  Kinetik Holdings LP   
  100,000    

5.875%, 06/15/2030(a)(d)

     100,651  
  ONEOK, Inc.   
  100,000    

7.150%, 01/15/2051

     111,357  
  Phillips 66 Co.   
  37,000    

Series A
5.875%, 03/15/2056(f)
5 yr. CMT + 2.283%

     36,738  
  37,000    

Series B
6.200%, 03/15/2056(f)
5 yr. CMT + 2.166%

     37,177  
  Rockies Express Pipeline LLC   
  50,000    

6.875%, 04/15/2040(d)

     51,239  
  Sunoco LP   
  1,005,000    

7.000%, 05/01/2029(d)

     1,033,194  
  TransMontaigne Partners LLC   
  75,000    

8.500%, 06/15/2030(d)

     76,488  
  Venture Global LNG, Inc.   
  30,000    

9.500%, 02/01/2029(d)

     32,331  
  50,000    

9.000%, 09/30/2029(a)(c)(d)(f)
5 yr. CMT + 5.440%

     48,843  
  50,000    

9.875%, 02/01/2032(d)

     53,398  
  270,000    

6.625%, 06/15/2036(d)

     266,304  
    

 

 

 
     6,772,176  
    

 

 

 
  Financial: 20.8%  
  Aegon Ltd.   
  685,000    

5.500%, 04/11/2048(f)
6 mo. USD LIBOR + 3.540%

     689,836  
  Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer   
  100,000    

7.000%, 01/15/2031(d)

     101,675  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
16       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

CORPORATE BONDS (CONTINUED)

 
  Financial (continued)  
  Allianz SE   
  $ 200,000    

6.550%, 10/30/2033(c)(d)(f)
5 yr. CMT + 2.317%

   $ 203,410  
  Alpha Holding SA de CV   
  565,639    

9.000%, 02/10/2025(d)(k)

     5,091  
  American Coastal Insurance Corp.   
  255,000    

6.250%, 12/15/2027

     256,196  
  American National Group, Inc.   
  250,000    

7.000%, 12/01/2055(f)
5 yr. CMT + 3.183%

     244,307  
  Americo Life, Inc.   
  650,000    

3.450%, 04/15/2031(d)

     582,513  
  AmFam Holdings, Inc.   
  160,000    

2.805%, 03/11/2031(d)

     141,340  
  Arbor Realty SR, Inc.   
  835,000    

7.875%, 07/15/2030(a)(d)

     786,506  
  685,000    

Series QIB
8.500%, 10/15/2027(d)

     679,897  
  Ardonagh Finco Ltd.   
  350,000 (EUR)    

6.875%, 02/15/2031(d)

     403,684  
  Ascot Group Ltd.   
  1,465,000    

6.349%, 06/15/2035(d)(f)
5 yr. CMT + 2.375%

     1,474,878  
  AXIS Specialty Finance LLC   
  1,995,000    

4.900%, 01/15/2040(f)
5 yr. CMT + 3.186%

     1,957,255  
  Bank of America Corp.   
  2,300,000    

Series RR
4.375%, 01/27/2027(c)(f)
5 yr. CMT + 2.760%

     2,291,753  
  Belrose Funding Trust II   
  550,000    

6.792%, 05/15/2055(d)

     565,696  
  Blue Owl Finance LLC   
  550,000    

6.250%, 04/18/2034

     539,480  
  Blue Owl Technology Finance Corp.   
  2,140,000    

6.750%, 04/04/2029(a)

     2,151,569  
  Bowhead Specialty Holdings, Inc.   
  795,000    

7.750%, 12/01/2030

     784,990  
  Brazilian Merchant Voucher Receivables Ltd.   
  75,424    

4.180%, 04/07/2028(b)(f)

     75,003  
  Bread Financial Holdings, Inc.   
  995,000    

6.750%, 05/15/2031(d)

     1,018,699  
  Ceamer Finance II LLC   
  153,448    

6.920%, 11/15/2037

     156,030  
  Ceamer Finance III LLC   
  81,298    

6.790%, 11/15/2039

     82,184  
  Citadel LP   
  25,000    

6.375%, 01/23/2032(d)

     26,065  
  Citadel Securities Global Holdings LLC   
  250,000    

6.200%, 06/18/2035(d)

     255,922  
  Citigroup, Inc.   
  500,000    

Series EE
6.750%, 02/15/2030(c)(f)
5 yr. CMT + 2.572%

     507,403  
  100,000    

Series FF
6.950%, 02/15/2030(c)(f)
5 yr. CMT + 2.726%

     102,344  
Principal
Amount^
          Value  
  Financial (continued)  
  $ 270,000    

Series HH
6.625%, 02/15/2031(c)(f)
5 yr. CMT + 3.001%

   $ 275,199  
  CNO Financial Group, Inc.   
  50,000    

6.450%, 06/15/2034

     52,192  
  Compeer Financial ACA   
  1,390,000    

Series QIB
7.875%, 02/15/2031(c)(d)(f)
5 yr. CMT + 4.155%

     1,416,015  
  Corebridge Financial, Inc.   
  169,000    

6.875%, 12/01/2030(c)(f)
5 yr. CMT + 3.181%

     175,968  
  2,095,000    

6.875%, 12/15/2052(f)
5 yr. CMT + 3.846%

     2,132,448  
  Cushman & Wakefield U.S. Borrower LLC   
  22,000    

6.750%, 05/15/2028(d)

     22,029  
  Dai-ichi Life Insurance Co. Ltd.   
  200,000    

6.200%, 01/16/2035(c)(d)(f)
5 yr. CMT + 2.515%

     203,981  
  DaVinciRe Holdings Ltd.   
  800,000    

5.950%, 04/15/2035(d)

     822,981  
  Doctors Co. An Interinsurance Exchange   
  350,000    

4.500%, 01/18/2032(d)

     325,683  
  Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance   
  1,125,000    

5.950%, 09/17/2030(d)

     1,078,696  
  Dyal Capital Partners III   
  132,000    

Series B
6.550%, 06/15/2044

     133,763  
  Dyal Capital Partners LP   
  168,000    

6.550%, 06/15/2044

     170,244  
  Encore Capital Group, Inc.   
  200,000    

8.500%, 05/15/2030(d)

     212,533  
  Enstar Finance LLC   
  950,000    

5.500%, 01/15/2042(f)
5 yr. CMT + 4.006%

     948,013  
  Enstar Group Ltd.   
  214,000    

3.100%, 09/01/2031

     190,781  
  700,000    

6.693%, 07/15/2037(d)(f)(j)
1 day USD SOFR + 2.540%

     702,663  
  540,000    

7.500%, 04/01/2045(d)(f)
5 yr. CMT + 3.186%

     572,114  
  EQT AB   
  550,000    

5.850%, 05/08/2035(d)

     553,751  
  Equitable Holdings, Inc.   
  500,000    

6.700%, 03/28/2055(f)
5 yr. CMT + 2.390%

     515,520  
  Fairfax India Holdings Corp.   
  320,000    

5.000%, 02/26/2028(d)

     308,347  
  Farmers Insurance Exchange   
  60,000    

7.000%, 10/15/2064(d)(f)
10 yr. CMT + 3.864%

     60,688  
  Focus Financial Partners LLC   
  500,000    

6.750%, 09/15/2031(d)

     502,796  
  Fortitude Group Holdings LLC   
  50,000    

6.250%, 04/01/2030(d)

     51,153  
  FS KKR Capital Corp.   
  61,000    

3.250%, 07/15/2027

     59,429  
  510,000    

3.125%, 10/12/2028(a)

     480,497  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         17


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

CORPORATE BONDS (CONTINUED)

 
  Financial (continued)  
  Galaxy Bidco Ltd.   
  $ 150,000 (GBP)    

8.125%, 12/19/2029(d)

   $ 205,952  
  Global Atlantic Fin Co.   
  135,000    

3.125%, 06/15/2031(d)

     121,283  
  1,460,000    

7.950%, 10/15/2054(d)(f)
5 yr. CMT + 3.608%

     1,471,573  
  465,000    

7.250%, 03/01/2056(d)(f)
5 yr. CMT + 3.550%

     456,062  
  Goldman Sachs Group, Inc.   
  85,000    

Series Z
6.850%, 02/10/2030(c)(f)
5 yr. CMT + 2.461%

     87,536  
  Golub Capital BDC, Inc.   
  160,000    

6.000%, 07/15/2029

     160,264  
  Golub Capital Private Credit Fund   
  1,020,000    

5.800%, 09/12/2029

     1,009,338  
  Grand River Funding Trust I   
  100,000    

6.311%, 02/15/2036(d)

     100,511  
  Grand River Funding Trust II   
  100,000    

7.280%, 02/15/2056(d)

     104,283  
  HA Sustainable Infrastructure Capital, Inc.   
  1,330,000    

6.375%, 07/01/2034

     1,358,718  
  935,000    

6.750%, 07/15/2035

     973,905  
  Hunt Cos., Inc.   
  98,000    

5.250%, 04/15/2029(d)

     97,191  
  Insured Lending 1 Ltd.   
  850,000 (EUR)    

6.500%, 02/04/2032(d)

     981,496  
  Jane Street Group/JSG Finance, Inc.   
  270,000    

7.125%, 04/30/2031(d)

     279,283  
  Jefferies Finance LLC/JFIN Co-Issuer Corp.   
  595,000    

5.000%, 08/15/2028(d)

     575,182  
  Jefferies Financial Group, Inc.   
  265,000    

6.200%, 04/14/2034

     271,630  
  280,000    

6.250%, 01/15/2036

     286,489  
  Kaisa Group Holdings Ltd.   
  198,497    

6.250%, 12/28/2028(d)(l)
Cash 5.250% + PIK Rate 6.250%

     4,466  
  135,615    

7.721%, 12/28/2028(d)(l)
Cash 6.721% + PIK Rate 7.721%

     2,543  
  332,705    

6.500%, 12/28/2029(d)(l)
Cash 5.500% + PIK Rate 6.500%

     7,486  
  401,503    

6.750%, 12/28/2030(d)(l)
Cash 5.750% + PIK Rate 6.750%

     7,026  
  588,719    

7.000%, 12/28/2031(d)(l)
Cash 6.000% + PIK Rate 7.000%

     9,935  
  570,658    

7.250%, 12/28/2032(d)(l)
Cash 6.250% + PIK Rate 7.250%

     11,413  
  Kane Bidco Ltd.   
  250,000 (GBP)    

7.750%, 07/15/2031(d)

     336,056  
  KKR Core Holdings Co. LLC   
  80,074    

4.000%, 08/12/2031

     72,889  
  Liberty Mutual Group, Inc.   
  220,000    

4.300%, 02/01/2061(d)

     140,336  
  Lincoln National Corp.   
  50,000    

6.800%, 07/15/2056(f)
5 yr. CMT + 2.400%

     49,963  
Principal
Amount^
          Value  
  Financial (continued)  
  Lvnv Funding LLC   
  $ 100,000    

7.800%, 11/05/2028

   $ 102,692  
  Meiji Yasuda Life Insurance Co.   
  200,000    

6.100%, 06/11/2055(d)(f)
5 yr. CMT + 2.911%

     202,583  
  MetLife, Inc.   
  175,000    

5.850%, 03/15/2056(f)
5 yr. CMT + 1.817%

     172,689  
  MG Azalea LP   
  968,220    

6.450%, 06/24/2032

     964,215  
  Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen   
  1,000,000    

5.875%, 05/23/2042(d)(f)
5 yr. CMT + 3.982%

     1,028,421  
  Nassau Cos., of New York   
  267,000    

7.875%, 07/15/2030(d)

     256,752  
  Nationwide Financial Services, Inc.   
  295,000    

6.750%, 05/15/2087

     294,861  
  Nippon Life Insurance Co.   
  400,000    

6.500%, 04/30/2055(d)(f)
5 yr. CMT + 3.189%

     419,558  
  Oaktree Specialty Lending Corp.   
  81,000    

7.100%, 02/15/2029(a)

     82,671  
  Oaktree Strategic Credit Fund   
  635,000    

6.500%, 07/23/2029

     639,827  
  Obra Longevity Fund LP   
  250,000    

Class A
8.478%, 06/30/2039

     263,131  
  Omnis Funding Trust   
  250,000    

6.722%, 05/15/2055(d)

     261,457  
  OneMain Finance Corp.   
  48,000    

6.625%, 05/15/2029

     49,002  
  400,000    

6.750%, 09/15/2033

     396,476  
  Operadora de Servicios Mega SA de CV Sofom ER   
  400,000    

8.250%, 02/11/2025(d)(k)

     3,400  
  PartnerRe Finance B LLC   
  250,000    

4.500%, 10/01/2050(f)
5 yr. CMT + 3.815%

     241,791  
  Pelagos Insurance Capital Ltd.   
  550,000    

7.750%, 06/15/2055(f)
5 yr. CMT + 4.280%

     581,991  
  PennyMac Financial Services, Inc.   
  150,000    

6.750%, 02/15/2034(d)

     144,074  
  PNC Financial Services Group, Inc.   
  2,455,000    

Series T
3.400%, 09/15/2026(c)(f)
5 yr. CMT + 2.595%

     2,454,590  
  Prospect Capital Corp.   
  154,000    

3.437%, 10/15/2028

     144,443  
  Reinsurance Group of America, Inc.   
  225,000    

6.650%, 09/15/2055(f)
5 yr. CMT + 2.392%

     228,328  
  Rocket Cos., Inc.   
  300,000    

6.500%, 06/15/2034(d)

     307,969  
  Sculptor Alternative Solutions LLC   
  500,000    

6.000%, 05/15/2037(d)

     463,400  
  Sherwood Financing PLC   
  130,000 (EUR)    

7.901%, 12/15/2029(a)(g)
3 mo. EURIBOR + 5.500%

     149,642  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
18       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

CORPORATE BONDS (CONTINUED)

 
  Financial (continued)  
  Shimao Group Holdings Ltd.   
  $ 9,677    

5.950%, 07/21/2031(d)(l)
Cash 5.000% + PIK Rate 6.000%

   $ 169  
  Starwood Property Trust, Inc.   
  1,035,000    

4.375%, 01/15/2027(a)(d)

     1,035,383  
  50,000    

6.500%, 07/01/2030(d)

     51,156  
  Stewart Information Services Corp.   
  420,000    

3.600%, 11/15/2031

     373,933  
  Stonebriar ABF Issuer LLC   
  605,000    

8.125%, 12/15/2030(d)

     633,003  
  775,000    

7.000%, 08/15/2031(d)(j)

     775,582  
  Toronto-Dominion Bank   
  50,000    

8.125%, 10/31/2082(f)
5 yr. CMT + 4.075%

     51,729  
  Trinity Capital, Inc.   
  320,000    

4.375%, 08/24/2026

     318,334  
  U.S. Bancorp   
  925,000    

Series N
3.700%, 01/15/2027(a)(c)(f)
5 yr. CMT + 2.541%

     919,521  
  Unigel Netherlands Holding Corp. BV   
  336,431    

15.000%, 12/31/2044(l)
Cash 15.000% + PIK Rate 15.000%

     6,729  
  United Wholesale Mortgage LLC   
  600,000    

5.500%, 04/15/2029(d)

     558,547  
  VFH Parent LLC/Valor Co-Issuer, Inc.   
  550,000    

7.500%, 06/15/2031(d)

     575,574  
  Walker & Dunlop, Inc.   
  100,000    

6.625%, 04/01/2033(d)

     101,665  
  Wells Fargo & Co.   
  250,000    

Series GG-A
6.125%, 06/15/2031(c)(f)
5 yr. CMT + 2.340%

     253,067  
  Wilton RE Ltd.   
  166,000    

6.000%, 10/22/2030(c)(d)(f)
5 yr. CMT + 5.266%

     158,598  
  Yuzhou Group Holdings Co. Ltd.   
  275,284    

7.000%, 06/30/2027(l)
Cash 6.000% + PIK Rate 7.000%

     19,783  
  231,130    

4.000%, 06/30/2028(l)
PIK Rate 4.000%

     8,472  
  403,462    

4.500%, 06/30/2029(l)
Cash 4.500% + PIK Rate 4.500%

     14,121  
  539,842    

5.000%, 06/30/2030(l)
Cash 5.000% + PIK Rate 5.000%

     16,195  
  759,122    

5.500%, 06/30/2031(l)
Cash 5.500% + PIK Rate 5.500%

     23,723  
  233,900    

1.000%, 06/30/2034(l)

     2,631  
    

 

 

 
     52,985,897  
    

 

 

 
  Industrial: 1.5%  
  Biffa Group Holdings Ltd.   
  150,000 (EUR)    

5.250%, 06/15/2031(d)

     172,203  
  100,000 (GBP)    

7.380%, 06/15/2031(d)

     134,063  
  Boeing Co.   
  80,000    

7.008%, 05/01/2064

     91,452  
  Builders FirstSource, Inc.   
  550,000    

6.750%, 05/15/2035(a)(d)

     561,353  
Principal
Amount^
          Value  
  Industrial (continued)  
  CML Fontainebleau Vegas   
  $ 250,000    

(0.081%), 01/31/2028(f)(i)

   $ 255,453  
  GrafTech Finance, Inc.   
  105,000    

4.625%, 12/23/2029(d)

     67,250  
  GrafTech Global Enterprises, Inc.   
  30,000    

9.875%, 12/23/2029(a)(d)

     22,200  
  Graphic Packaging International LLC   
  100,000    

6.375%, 07/15/2032(a)(d)

     101,015  
  Masterbrand, Inc.   
  1,645,000    

7.000%, 07/15/2032(a)(d)

     1,668,765  
  Mauser Packaging Solutions Holding Co.   
  100,000    

7.875%, 04/15/2030(d)

     102,285  
  Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC   
  100,000    

6.750%, 04/01/2032(d)

     99,211  
  Sealed Air Corp.   
  150,000    

6.875%, 07/15/2033(d)

     149,123  
  Standard Building Solutions, Inc.   
  121,000    

6.500%, 08/15/2032(d)

     121,807  
  Textron Financial Corp.   
  185,000    

5.648%, 02/15/2067(d)(f)
3 mo. USD Term SOFR + 1.997%

     170,710  
  Waste Pro USA, Inc.   
  150,000    

7.000%, 02/01/2033(d)

     153,870  
    

 

 

 
     3,870,760  
    

 

 

 
  Technology: 1.6%  
  Capstone Borrower, Inc.   
  150,000    

8.000%, 06/15/2030(d)

     142,340  
  CoreWeave, Inc.   
  1,380,000    

9.250%, 06/01/2030(a)(d)

     1,391,608  
  1,010,000    

9.000%, 02/01/2031(a)(d)

     998,640  
  Dye & Durham Ltd.   
  26,000    

8.625%, 04/15/2029(d)

     18,249  
  Open Text Corp.   
  445,000    

3.875%, 12/01/2029(d)

     409,485  
  Oracle Corp.   
  80,000    

5.200%, 09/26/2035

     75,005  
  50,000    

5.875%, 09/26/2045

     43,955  
  50,000    

5.950%, 09/26/2055

     42,680  
  SS&C Technologies, Inc.   
  400,000    

6.500%, 06/01/2032(d)

     403,685  
  TeamSystem SpA   
  400,000 (EUR)    

5.454%, 07/01/2032(d)(g)
3 mo. EURIBOR + 3.250%

     449,579  
  100,000 (EUR)    

6.500%, 07/01/2032(d)(j)

     114,142  
  VC3, Inc.   
  31    

3.500%, 10/15/2041

     31  
    

 

 

 
     4,089,399  
    

 

 

 
  Utilities: 3.7%  
  American Electric Power Co., Inc.   
  155,000    

Series C
5.800%, 03/15/2056(f)
5 yr. CMT + 2.128%

     154,213  
  155,000    

Series D
6.050%, 03/15/2056(f)
5 yr. CMT + 1.940%

     154,157  
  Atlantica Sustainable Infrastructure PLC   
  1,770,000    

4.125%, 06/15/2028(d)

     1,743,564  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         19


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

CORPORATE BONDS (CONTINUED)

 
  Utilities (continued)  
  CMS Energy Corp.   
  $ 60,000    

6.500%, 06/01/2055(f)
5 yr. CMT + 1.961%

   $ 61,471  
  Edison International   
  1,230,000    

7.875%, 06/15/2054(f)
5 yr. CMT + 3.658%

     1,265,890  
  Eversource Energy   
  125,000    

Series B
6.350%, 08/15/2056(f)
5 yr. CMT + 2.325%

     125,151  
  NextEra Energy Capital Holdings, Inc.   
  1,050,000    

6.750%, 06/15/2054(f)
5 yr. CMT + 2.457%

     1,093,997  
  50,000    

Series CC
6.625%, 10/01/2066(f)
5 yr. CMT + 1.685%

     50,794  
  PacifiCorp   
  150,000    

7.375%, 09/15/2055(f)
5 yr. CMT + 3.319%

     151,638  
  Sierra Pacific Power Co.   
  350,000    

6.375%, 09/15/2056(f)
5 yr. CMT + 2.638%

     350,064  
  Southern Co.   
  55,000    

6.000%, 04/01/2058(f)
5 yr. CMT + 1.993%

     55,149  
  2,074,000    

Series 21-A
3.750%, 09/15/2051(f)
5 yr. CMT + 2.915%

     2,071,034  
  Spire, Inc.   
  200,000    

6.450%, 06/01/2056(f)
5 yr. CMT + 2.327%

     201,380  
  XPLR Infrastructure Operating Partners LP   
  1,905,000    

8.375%, 01/15/2031(a)(d)

     2,032,782  
    

 

 

 
     9,511,284  
    

 

 

 
 

TOTAL CORPORATE BONDS
(Cost $112,584,956)

     109,083,240  
    

 

 

 
 

GOVERNMENT SECURITIES & AGENCY ISSUE: 5.4%

 
  U.S. Treasury Bonds   
  1,400,000    

1.750%, 08/15/2041

     942,184  
  U.S. Treasury Notes   
  1,400,000    

4.625%, 09/15/2026(n)

     1,402,447  
  1,900,000    

4.375%, 12/15/2026(n)

     1,904,630  
  1,700,000    

4.250%, 03/15/2027(n)

     1,702,907  
  1,900,000    

4.625%, 06/15/2027(n)

     1,909,454  
  1,650,000    

3.375%, 09/15/2027(n)

     1,635,434  
  1,500,000    

4.000%, 12/15/2027(n)

     1,496,953  
  1,700,000    

3.875%, 03/15/2028(n)

     1,692,430  
  1,100,000    

3.875%, 06/15/2028

     1,094,435  
    

 

 

 
 

TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE
(Cost $13,846,248)

     13,780,874  
    

 

 

 
 

LIMITED PARTNERSHIPS: 0.0%

 
  1,300,000     U.S. Farming Realty Trust LP*(b)      51,925  
    

 

 

 
 

TOTAL LIMITED PARTNERSHIPS
(Cost $0)

     51,925  
    

 

 

 
Principal
Amount^
          Value  
 

MORTGAGE-BACKED SECURITIES: 13.1%

 
  Acrec Fl 3 LLC   
  $ 150,000    

Series 2025-FL3-C
5.928%, 08/18/2042(d)(g)
1 mo. USD Term SOFR + 2.291%

   $ 150,503  
  ACRES Commercial Realty Issuer LLC   
  300,000    

Series 2026-FL4-C
5.887%, 08/18/2044(d)(g)
1 mo. USD Term SOFR + 2.250%

     300,733  
  Alternative Loan Trust   
  41,088    

Series 2003-22CB-1A1
5.750%, 12/25/2033

     41,620  
  158,197    

Series 2004-13CB-A4
2.233%, 07/25/2034(i)(o)

     118,771  
  22,957    

Series 2004-16CB-1A1
5.500%, 07/25/2034

     22,693  
  17,400    

Series 2004-16CB-3A1
5.500%, 08/25/2034

     17,204  
  16,113    

Series 2004-J10-2CB1
6.000%, 09/25/2034

     16,296  
  273,910    

Series 2006-31CB-A7
6.000%, 11/25/2036

     143,862  
  164,701    

Series 2007-16CB-2A1
4.213%, 08/25/2037(g)
1 mo. USD Term SOFR + 0.564%

     49,298  
  47,693    

Series 2007-16CB-2A2
23.227%, 08/25/2037(g)
-8.333*1 mo. USD Term SOFR + 53.629%

     61,150  
  318,389    

Series 2007-16CB-4A2
17.023%, 08/25/2037(g)
-6*1 mo. USD Term SOFR + 38.913%

     395,663  
  312,489    

Series 2007-19-1A34
6.000%, 08/25/2037

     150,204  
  850,160    

Series 2007-20-A12
6.250%, 08/25/2047

     437,286  
  82,824    

Series 2007-OA4-A1
4.103%, 05/25/2047(g)
1 mo. USD Term SOFR + 0.454%

     76,931  
  89,721    

Series 2007-OA7-A1A
4.123%, 05/25/2047(g)
1 mo. USD Term SOFR + 0.474%

     84,104  
  American Home Mortgage Investment Trust   
  135,060    

Series 2006-1-11A1
4.043%, 03/25/2046(g)
1 mo. USD Term SOFR + 0.394%

     124,939  
  Arbor Realty Commercial Real Estate Notes Ltd.   
  420,000    

Series 2022-FL1-C
5.893%, 01/15/2037(d)(g)
30 day USD SOFR Average + 2.300%

     420,067  
  Atrium Hotel Portfolio Trust   
  860,000    

Series 2025-ATRM-D
6.925%, 08/15/2042(d)(g)
1 mo. USD Term SOFR + 3.300%

     869,761  
  BAHA Trust   
  870,000    

Series 2024-MAR-C
7.766%, 12/10/2041(d)(f)

     897,281  
  Banc of America Alternative Loan Trust   
  17,183    

Series 2003-8-1CB1
5.500%, 10/25/2033

     17,263  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
20       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

MORTGAGE-BACKED SECURITIES (CONTINUED)

 
  Banc of America Funding Trust   
  $ 14,104    

Series 2005-7-3A1
5.750%, 11/25/2035

   $ 14,314  
  158,250    

Series 2006-B-7A1
4.161%, 03/20/2036(f)

     140,076  
  11,747    

Series 2007-4-5A1
5.500%, 11/25/2034

     10,301  
  Banc of America Mortgage Trust   
  4,849    

Series 2005-A-2A1
4.750%, 02/25/2035(f)

     4,745  
  BCAP LLC Trust   
  114,715    

Series 2010-RR6-6A2
4.285%, 07/26/2037(d)(f)

     49,835  
  1,560,333    

Series 2011-R11-2A4
5.500%, 12/26/2035(d)

     867,083  
  BDS LLC   
  150,000    

Series 2025-FL14-C
5.532%, 10/17/2042(d)(g)
1 mo. USD Term SOFR + 1.893%

     150,062  
  Bear Stearns Asset-Backed Securities I Trust   
  262,761    

Series 2006-AC1-1A1
6.250%, 02/25/2036(e)

     116,262  
  BINOM Securitization Trust   
  530,000    

Series 2022-RPL1-M1
3.000%, 02/25/2061(d)(f)

     435,918  
  BSPRT Issuer LLC   
  100,000    

Series 2024-FL11-C
6.269%, 07/15/2039(d)(g)
1 mo. USD Term SOFR + 2.644%

     100,136  
  BX Commercial Mortgage Trust   
  86,725    

Series 2024-AIRC-C
6.215%, 08/15/2041(d)(g)
1 mo. USD Term SOFR + 2.590%

     87,198  
  BX Trust   
  143,925    

Series 2024-VLT4-D
6.065%, 06/15/2041(d)(g)
1 mo. USD Term SOFR + 2.440%

     144,162  
  BXHPP Trust   
  200,000    

Series 2021-FILM-C
4.839%, 08/15/2036(d)(g)
1 mo. USD Term SOFR + 1.214%

     174,823  
  BXMT Ltd.   
  250,000    

Series 2020-FL2-D
5.951%, 02/15/2038(d)(g)
1 mo. USD Term SOFR + 2.314%

     248,271  
  Capmark Military Housing Trust   
  87,877    

Series 2007-AET2-A
6.063%, 10/10/2052(d)

     84,224  
  CD Mortgage Trust   
  708,372    

Series 2017-CD4-XA
1.356%, 05/10/2050(f)(p)

     3,043  
  CG-CCRE Commercial Mortgage Trust   
  96,080    

Series 2014-FL2-COL1
7.240%, 11/15/2031(d)(g)
1 mo. USD Term SOFR + 3.614%

     22,957  
  187,584    

Series 2014-FL2-COL2
8.240%, 11/15/2031(d)(g)
1 mo. USD Term SOFR + 4.614%

     6,800  
Principal
Amount^
          Value  
  CitiMortgage Alternative Loan Trust   
  $ 107,845    

Series 2006-A5-1A13
4.213%, 10/25/2036(g)
1 mo. USD Term SOFR + 0.564%

   $ 83,169  
  CoBank ACB   
  1,160,000    

Series N
6.750%, 07/01/2031(c)(f)
5 yr. CMT + 2.620%

     1,170,177  
  COLT Mortgage Loan Trust   
  93,378    

Series 2025-3-A3
5.707%, 03/25/2070(d)(e)

     93,263  
  COMM Mortgage Trust   
  435,016    

Series 2012-CR3-B
3.922%, 10/15/2045(d)

     424,605  
  Countrywide Home Loan Mortgage Pass-Through Trust   
  2,366    

Series 2004-HYB4-2A1
4.939%, 09/20/2034(f)

     2,286  
  114,209    

Series 2007-10-A5
6.000%, 07/25/2037

     48,211  
  Credit Suisse First Boston Mortgage Securities Corp.   
  845,114    

Series 2005-11-7A1
6.000%, 12/25/2035

     400,146  
  Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates   
  22,811    

Series 2003-27-4A4
5.750%, 11/25/2033

     22,977  
  Credit Suisse Mortgage-Backed Trust   
  587,821    

Series 2007-1-4A1
6.500%, 02/25/2022

     39,487  
  21,244    

Series 2007-2-2A5
5.000%, 03/25/2037

     15,908  
  CSMC Trust   
  80,174    

Series 2021-RPL4-A1
4.148%, 12/27/2060(d)(f)

     79,972  
  Deutsche Mortgage Securities, Inc. Mortgage Loan Trust   
  53,087    

Series 2006-PR1-3A1
6.888%, 04/15/2036(d)(g)
-1.4*1 mo. USD Term SOFR + 11.964%

     48,679  
  DSLA Mortgage Loan Trust   
  82,419    

Series 2005-AR5-2A1A
4.414%, 09/19/2045(g)
1 mo. USD Term SOFR + 0.774%

     43,183  
  Easy Street Mortgage Loan Trust   
  500,000    

Series 2025-RTL2-A1
5.606%, 10/25/2040(d)(e)

     499,365  
  Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates   
  1,334,592    

Series 2015-R1-XA2
0.700%, 10/25/2052(d)(f)(p)

     74,592  
  First Horizon Alternative Mortgage Securities Trust   
  201,625    

Series 2007-FA4-1A7
6.000%, 08/25/2037

     59,366  
  Freddie Mac Military Housing Bonds Resecuritization Trust Certificates   
  2,581,863    

Series 2015-R1-XA1
0.700%, 11/25/2055(d)(f)(p)

     151,637  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         21


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

MORTGAGE-BACKED SECURITIES (CONTINUED)

 
  Freddie Mac Military Housing Bonds Resecuritization Trust Certificates (Continued)   
  $ 3,908,045    

Series 2015-R1-XA3
0.700%, 11/25/2052(d)(f)(p)

   $ 183,960  
  FREMF Mortgage Trust   
  3,747,222    

Series 2025-K170-D
2.411%, 02/25/2063(d)(i)(o)

     1,688,246  
  61,022,478    

Series 2025-K170-X2A
0.100%, 02/25/2063(d)(p)

     347,062  
  13,864,625    

Series 2025-K170-X2B
0.100%, 02/25/2063(d)(p)

     81,421  
  FS Rialto Issuer LLC   
  100,000    

Series 2025-FL10-C
5.785%, 08/19/2042(d)(g)
1 mo. USD Term SOFR + 2.146%

     100,537  
  FS Rialto Issuer Ltd.   
  275,000    

Series 2021-FL3-D
6.248%, 11/16/2036(d)(g)
1 mo. USD Term SOFR + 2.614%

     275,705  
  GCAT Trust   
  15,662    

Series 2019-RPL1-A1
2.650%, 10/25/2068(d)(f)

     15,325  
  67,653    

Series 2022-NQM5-A3
5.710%, 08/25/2067(d)(e)

     67,345  
  90,030    

Series 2023-NQM2-A3
6.598%, 11/25/2067(d)(e)

     89,800  
  42,557    

Series 2024-NQM2-A3
6.541%, 06/25/2059(d)(e)

     42,767  
  199,864    

Series 2025-NQM1-A3
5.829%, 11/25/2069(d)(e)

     200,208  
  GS Mortgage Securities Corp. Trust   
  200,000    

Series 2020-DUNE-E
6.390%, 12/15/2036(d)(g)
1 mo. USD Term SOFR + 2.764%

     191,147  
  GSR Mortgage Loan Trust   
  23,468    

Series 2005-4F-6A1
6.500%, 02/25/2035

     22,956  
  489,727    

Series 2005-9F-2A1
6.000%, 01/25/2036

     209,723  
  32,404    

Series 2005-AR6-4A5
5.073%, 09/25/2035(f)

     29,491  
  HarborView Mortgage Loan Trust   
  145,000    

Series 2006-12-2A2A
4.134%, 01/19/2038(g)
1 mo. USD Term SOFR + 0.494%

     131,266  
  HOMES Trust   
  100,255    

Series 2024-AFC2-A3
5.982%, 10/25/2059(d)(e)

     100,481  
  Imperial Fund Mortgage Trust   
  2,000,000    

Series 2021-NQM3-B2
4.102%, 11/25/2056(d)(f)

     1,562,353  
  IndyMac INDX Mortgage Loan Trust   
  89,475    

Series 2004-AR7-A5
4.983%, 09/25/2034(g)
1 mo. USD Term SOFR + 1.334%

     72,672  
  153,479    

Series 2005-AR11-A3
3.609%, 08/25/2035(f)

     110,187  
Principal
Amount^
          Value  
  JP Morgan Chase Commercial Mortgage Securities Trust   
  $88,863    

Series 2012-LC9-C
3.691%, 12/15/2047(d)(f)

   $ 87,351  
  314,655    

Series 2016-JP2-XA
1.725%, 08/15/2049(f)(p)

     14  
  683,000    

Series 2019-MFP-XG
0.500%, 07/15/2036(d)(f)(p)

     6,500  
  879    

Series 2019-UES-G
4.452%, 05/05/2032(d)(f)

     879  
  JP Morgan Mortgage Trust   
  132,096    

Series 2004-S1-2A1
6.000%, 09/25/2034

     135,630  
  4,078    

Series 2007-A1-4A2
6.032%, 07/25/2035(b)(f)

     4,099  
  516,646    

Series 2007-S3-1A97
6.000%, 08/25/2037

     216,074  
  JPMDB Commercial Mortgage Securities Trust   
  165,840    

Series 2017-C5-XA
1.030%, 03/15/2050(f)(p)

     247  
  KREF Ltd.   
  60,105    

Series 2021-FL2-AS
5.051%, 02/15/2039(d)(g)
1 mo. USD Term SOFR + 1.414%

     60,082  
  Legacy Mortgage Asset Trust   
  408,209    

Series 2021-GS2-A1
5.750%, 04/25/2061(d)(e)

     408,795  
  119,631    

Series 2021-GS3-A1
5.750%, 07/25/2061(d)(e)

     119,868  
  Lehman Mortgage Trust   
  379,022    

Series 2006-2-2A3
5.750%, 04/25/2036

     381,837  
  608,941    

Series 2007-1-1A2
5.750%, 02/25/2037

     602,168  
  Lehman XS Trust   
  58,157    

Series 2006-2N-1A1
4.283%, 02/25/2046(g)
1 mo. USD Term SOFR + 0.634%

     53,656  
  LoanCore Issuer LLC   
  100,000    

Series 2025-CRE8-C
5.778%, 08/17/2042(d)(g)
1 mo. USD Term SOFR + 2.141%

     100,006  
  LoanCore Issuer Ltd.   
  100,000    

Series 2021-CRE6-D
6.590%, 11/15/2038(d)(g)
1 mo. USD Term SOFR + 2.964%

     100,104  
  LSTAR Securities Investment Ltd.   
  96,198    

Series 2024-1-A
7.692%, 01/01/2029(d)(g)
30 day USD SOFR Average + 4.100%

     97,747  
  Master Alternative Loan Trust   
  8,990    

Series 2003-9-4A1
5.250%, 11/25/2033

     9,013  
  6,356    

Series 2004-5-1A1
5.500%, 06/25/2034

     6,376  
  6,366    

Series 2004-5-2A1
6.000%, 06/25/2034

     6,491  
  37,060    

Series 2004-8-2A1
6.000%, 09/25/2034

     37,058  
  Merrill Lynch Mortgage Investors Trust   
  570    

Series 2006-2-2A
5.368%, 05/25/2036(f)

     566  
  Metis Issuer 1 LLC   
  250,000    

6.892%, 05/15/2055

     246,598  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
22       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

MORTGAGE-BACKED SECURITIES (CONTINUED)

 
  Mill City Mortgage Loan Trust   
  $ 305,000    

Series 2021-NMR1-M3
2.500%, 11/25/2060(d)(f)

   $ 255,440  
  Mill City Securities Ltd.   
  121,940    

Series 2024-RS1-A1
3.000%, 11/01/2069(d)(e)

     118,690  
  150,000    

Series 2024-RS1-A2
4.000%, 11/01/2069(d)(e)

     145,706  
  31,966    

Series 2024-RS2-A1
3.000%, 08/01/2069(d)(e)

     30,975  
  Morgan Stanley Mortgage Loan Trust   
  190,925    

Series 2006-7-3A
5.036%, 06/25/2036(f)

     95,399  
  222,350    

Series 2007-13-6A1
6.000%, 10/25/2037

     112,125  
  Morgan Stanley Residential Mortgage Loan Trust   
  9,174,351    

Series 2026-NQM1-A
0.322%, 12/25/2070(d)(f)(p)

     82,175  
  170,000    

Series 2026-NQM1-B1
6.180%, 12/25/2070(d)(f)

     166,862  
  190,000    

Series 2026-NQM1-B2
6.773%, 12/25/2070(d)(f)

     184,251  
  107,442    

Series 2026-NQM1-B3
6.773%, 12/25/2070(d)(f)

     95,190  
  9,174,351    

Series 2026-NQM1-XS
1.825%, 12/25/2070(d)(f)(p)

     365,258  
  New Residential Mortgage Loan Trust   
  215,368    

Series 2025-NQM3-A3
5.985%, 05/25/2065(d)(e)

     215,950  
  NLT Trust   
  384,804    

Series 2025-NQM1-PT
7.465%, 10/25/2070(d)(f)

     400,241  
  OBX Trust   
  500,000    

Series 2024-NQM3-M1
6.845%, 12/25/2063(d)(f)

     502,456  
  150,000    

Series 2024-NQM4-M1
6.622%, 01/25/2064(d)(f)

     150,545  
  100,000    

Series 2024-NQM5-M1
6.513%, 01/25/2064(d)

     100,384  
  150,000    

Series 2024-NQM6-M1
6.924%, 02/25/2064(d)(f)

     151,094  
  68,511    

Series 2024-NQM7-A3
6.598%, 03/25/2064(d)(e)

     68,857  
  PFP Ltd.   
  99,553    

Series 2024-11-B
6.102%, 09/17/2039(d)(g)
1 mo. USD Term SOFR + 2.490%

     99,825  
  Residential Accredit Loans, Inc.   
  185,489    

Series 2006-QS17-A5
6.000%, 12/25/2036

     155,744  
  Residential Accredit Loans, Inc. Trust   
  371,361    

Series 2006-QO6-A1
4.123%, 06/25/2046(g)
1 mo. USD Term SOFR + 0.474%

     73,983  
  259,089    

Series 2007-QS1-2A10
6.000%, 01/25/2037

     200,696  
Principal
Amount^
          Value  
  Residential Asset Securitization Trust   
  $ 225,225    

Series 2007-A1-A8
6.000%, 03/25/2037

   $ 66,813  
  Residential Funding Mtg Sec I Trust   
  225,783    

Series 2006-S4-A5
6.000%, 04/25/2036

     180,581  
  Saluds Grade Alternative Mortgage Trust   
  200,000    

Series 2025-RRTL1-A2
5.657%, 10/25/2040(d)(e)

     198,464  
  Starwood Ltd.   
  200,000    

Series 2021-FL2-C
5.852%, 04/18/2038(d)(g)
1 mo. USD Term SOFR + 2.214%

     199,998  
  Starwood Retail Property Trust   
  235,000    

Series 2014-STAR-C
6.750%, 11/15/2027(b)(d)(g)

     258  
  980,000    

Series 2014-STAR-D
6.750%, 11/15/2027(b)(d)(g)

     781  
  950,000    

Series 2014-STAR-E
6.750%, 11/15/2027(b)(d)(g)

     686  
  Structured Adjustable Rate Mortgage Loan Trust   
  391,680    

Series 2005-14-A1
4.073%, 07/25/2035(g)
1 mo. USD Term SOFR + 0.424%

     223,091  
  340,703    

Series 2008-1-A2
4.344%, 10/25/2037(f)

     276,149  
  Structured Asset Securities Corp.   
  3,692,541    

Series 2007-4-1A3
2.487%, 03/28/2045(d)(g)(p)
-1*1 mo. USD Term SOFR + 6.136%

     170,435  
  STWD Ltd.   
  100,000    

Series 2022-FL3-D
6.343%, 11/15/2038(d)(g)
30 day USD SOFR Average + 2.750%

     99,451  
  TRTX Issuer Ltd.   
  150,000    

Series 2025-FL6-B
5.684%, 09/18/2042(d)(g)
1 mo. USD Term SOFR + 2.046%

     149,761  
  150,000    

Series 2025-FL7-C
5.837%, 06/18/2043(d)(g)
1 mo. USD Term SOFR + 2.200%

     150,766  
  Uniform Mortgage-Backed Security, TBA   
  1,461,127    

5.000%(q)

     1,438,073  
  2,510,000    

3.000%(q)

     2,192,869  
  365,282    

5.000%(q)

     359,090  
  3,495,038    

5.500%(q)

     3,505,535  
  Verus Securitization Trust   
  2,000,000    

Series 2021-7-B2
4.192%, 10/25/2066(d)(f)

     1,563,807  
  106,456    

Series 2025-2-A3
5.662%, 03/25/2070(d)(e)

     106,526  
  Wells Fargo Alternative Loan Trust   
  56,107    

Series 2007-PA2-3A1
4.113%, 06/25/2037(g)
1 mo. USD Term SOFR + 0.464%

     41,695  
  Wells Fargo Commercial Mortgage Trust   
  94,631    

Series 2016-BNK1-XA
1.885%, 08/15/2049(f)(p)

     5  
  135,000    

Series 2016-C36-B
3.671%, 11/15/2059(f)

     128,131  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         23


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

MORTGAGE-BACKED SECURITIES (CONTINUED)

 
  Wells Fargo Mortgage-Backed Securities Trust   
  $ 29,519    

Series 2006-AR19-A1
6.289%, 12/25/2036(f)

   $ 27,174  
    

 

 

 
 

TOTAL MORTGAGE-BACKED SECURITIES
(Cost $38,950,865)

     33,368,658  
  

 

 

 
 

MUNICIPAL BONDS: 0.0%

 
  Indiana: 0.0%  
  County of Knox   
  5,000    

Series B
5.900%, 04/01/2034

     4,978  
    

 

 

 
 

TOTAL MUNICIPAL BONDS
(Cost $4,784)

     4,978  
    

 

 

 
Shares               
 

SHORT-TERM INVESTMENTS: 11.6%

 
  INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 5.3%  
  13,431,002     State Street Navigator Securities Lending Government Money Market Portfolio, 3.660%(r)(s)      13,431,002  
    

 

 

 
 

TOTAL INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED

(Cost $13,431,002)

     13,431,002  
  

 

 

 
 

MONEY MARKET FUNDS: 3.5%

 
  8,868,117     State Street Institutional Treasury Money Market Fund - Premier Class, 3.590%(r)      8,868,117  
    

 

 

 
 

TOTAL MONEY MARKET FUNDS
(Cost $8,868,117)

     8,868,117  
  

 

 

 
Principal
Amount^
              
 

REPURCHASE AGREEMENTS: 2.2%

 
  $5,506,281     Fixed Income Clearing Corp. 1.060%, 6/30/2026, due 07/01/2026 [collateral: par value $5,612,400, U.S. Treasury Notes, 3.625%, due 03/31/2028, value $5,617,164]
(proceeds $5,506,443)
     5,506,281  
    

 

 

 
 

TOTAL REPURCHASE AGREEMENTS
(Cost $5,506,281)

     5,506,281  
  

 

 

 
Principal
Amount^
          Value  
 

TREASURY BILLS: 0.6%

 
  U.S. Treasury Bills   
  $1,200,000    

3.441%, 07/23/2026(i)(t)

   $ 1,197,362  
  375,000    

3.539%, 09/24/2026(i)(t)

     371,754  
    

 

 

 
 

TOTAL TREASURY BILLS
(Cost $1,569,192)

     1,569,116  
  

 

 

 
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $29,374,592)

     29,374,516  
  

 

 

 
 

TOTAL PURCHASED OPTIONS
(Cost $199,615): 0.0%

     22,684  
  

 

 

 
 

TOTAL INVESTMENTS
(Cost: $297,683,762): 108.2%

     275,471,796  
  

 

 

 
  Liabilities in Excess of Other Assets: (8.2)%      (20,760,043
  

 

 

 
 

NET ASSETS: 100.0%

   $ 254,711,753  
  

 

 

 

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, or portion thereof, is out on loan.

(b)

Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.

(c)

Perpetual Call.

(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)

Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at June 30, 2026.

(f)

Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at June 30, 2026.

(g)

Floating Interest Rate at June 30, 2026.

(h)

Security is not accruing interest.

(i)

The rate shown represents yield-to-maturity.

(j)

When issued security.

(k)

Security is currently in default and/or non-income producing.

(l)

Pay-in-kind security.

(m)

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.

 

 

The accompanying notes are an integral part of these financial statements.

 

 
24       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

(n)

Securities with an aggregate fair value of $9,320,900 have been pledged as collateral for options, total return swaps, credit default swaps, interest rate swaps, securities sold short 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)

The rate disclosed is the 7 day net yield as of June 30, 2026.

(s)

Represents security purchased with cash collateral received for securities on loan.

(t)

Issued with a zero coupon. Income is recognized through the accretion of discount.

CURRENCY ABBREVIATIONS:

 

AUD

Australian dollar

EUR

Euro

GBP

British pound

 

 

UNFUNDED LOAN COMMITMENTS—At June 30, 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)
 

Grid Alliance Partners LLC, 0.500%, 07/1/2030

  $ 103,200     $ 95,976     $ (7,224

MB2 Dental Solutions LLC, 0.000%, 02/13/2031

    8,500       7,437       (1,063

HIG Operations Holdings, Inc., 0.500%, 06/11/2031

    7,866       7,886       20  

Secretariat Advisors LLC, 4.000%, 02/28/2032

    10,752       10,571       (181

Cliffwater LLC, 0.375%, 04/22/2032

    10,000       9,200       (800

Vacation Rental Brands, LLC, 1.000%, 05/6/2032

    92,560       91,634       (926

Curriculum Associates, LLC, 1.000%, 05/7/2032

    43,695       43,695        

Grid Alliance Partners LLC, 0.500%, 07/1/2032

    8,228       8,228        

Liquid Tech Solutions LLC, 1.000%, 10/12/2032

    13,375       13,283       (92

Azuria Water Solutions, Inc., 0.000%, 04/25/2033

    16,000       15,989       (11
   

 

 

 

TOTAL

    $ 303,899     $ (10,277
   

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         25


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN PURCHASED OPTIONS at June 30, 2026 (Unaudited)

 

Description   Counterparty   Exercise
Price
    Expiration
Date
    Number of
Contracts
    Notional
Amount
    Fair
Value
    Premiums
Paid
    Unrealized
Appreciation/
(Depreciation)
 

EXCHANGE TRADED

 

Call

 

3-Month SOFR Futures

  Bank of America N.A.   $ 97.50       9/11/2026       118     $ 28,343,600     $ 1,475     $ 43,840     $ (42,365

3-Month SOFR Futures

  Bank of America N.A.     97.50       3/12/2027       84       20,135,850       8,400       47,265       (38,865
           

 

 

 

Total

              9,875       91,105       (81,230
           

 

 

 

 

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       977       5,748       (4,771

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       976       5,719       (4,743

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       276       5,609       (5,333

USD - Secured Overnight Financing Rate (SOFR) strike @3.300%, terminating 9/25/26

  Toronto-
Dominion
Bank
  Pay     9/25/2026       702,000       702,000       137       2,668       (2,531

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       773       10,187       (9,414

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       731       10,768       (10,037

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       774       9,981       (9,207

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       774       11,329       (10,555

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       776       3,823       (3,047

USD - Secured Overnight Financing Rate (SOFR) strike @3.375%, terminating 12/24/26

  Barclays
Bank Plc
  Pay     12/24/2026       703,000       703,000       775       3,810       (3,035

 

The accompanying notes are an integral part of these financial statements.

 

 
26       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN PURCHASED OPTIONS at June 30, 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)

 

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     $ 1,422     $ 6,369     $ (4,947

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       2,558       11,183       (8,625

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       476       5,887       (5,411

USD - Secured Overnight Financing Rate (SOFR) strike @3.425%, terminating 9/24/26

  Toronto-
Dominion
Bank
  Pay     9/24/2026       703,000       703,000       238       3,164       (2,926

USD - Secured Overnight Financing Rate (SOFR) strike @3.425%, terminating 9/28/26

  Barclays
Bank Plc
  Pay     9/28/2026       1,887,000       1,887,000       696       8,208       (7,512

USD - Secured Overnight Financing Rate (SOFR) strike @3.425%, terminating 9/28/26

  Toronto-
Dominion
Bank
  Pay     9/28/2026       922,000       922,000       450       4,057       (3,607
           

 

 

 

Total

              12,809       108,510       (95,701
           

 

 

 

Total Purchased Options

            $ 22,684     $ 199,615     $ (176,931
           

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         27


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at June 30, 2026 (Unaudited)

 

At June 30, 2026, the Fund had the following forward foreign currency exchange contracts:

 

                              Asset
Derivatives
    Liability
Derivatives
 
Counterparty   Settlement Date     Fund
Receiving
  U.S. $ Value at
June 30, 2026
    Fund
Delivering
  U.S. $ Value at
June 30, 2026
    Unrealized
Appreciation
    Unrealized
Depreciation
 

Bank of America N.A.

    7/15/2026     USD   $ 6,670,702     EUR   $ 6,580,511     $ 90,191     $    —  
    7/15/2026     USD     1,254,236     GBP     1,239,563       14,673        

Barclays Bank Plc

    7/15/2026     EUR     114,225     USD     113,790       435        
    7/15/2026     USD     165,646     EUR     165,627       19        
     

 

 

   

 

 

 

 

   

 

 

   

 

 

 
      $ 8,204,809       $ 8,099,491     $ 105,318     $  
     

 

 

   

 

 

 

 

   

 

 

   

 

 

 

 

SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at June 30, 2026 (Unaudited) (a)  
Description    Number of
Contracts
     Notional Amount      Notional Value      Expiration
Date
     Unrealized
Appreciation/
(Depreciation)
 

Futures Contracts – Long

              

Australian Treasury 10-Year Bonds Futures

     10      $ 760,508      $ 759,333        9/15/2026      $ 10,308  

U.S. Treasury 10-Year Note Futures

     23        2,524,559        2,527,484        9/21/2026        2,925  

U.S. Treasury 2-Year Note Futures

     15        3,093,654        3,091,992        9/30/2026        (1,662

U.S. Treasury 2-Year Note Futures

     45        9,276,433        9,275,977        9/30/2026        (456

U.S. Treasury Long Bond Futures

     14        1,545,037        1,589,000        9/21/2026        43,963  

U.S. Treasury 5-Year Note Futures

     15        1,599,631        1,605,703        9/30/2026        6,072  
              

 

 

 

Total Long

               $ 61,150  
              

 

 

 

Total Futures Contracts

               $ 61,150  
              

 

 

 
(a)

Goldman Sachs & Co. and Bank of America N.A. are the counterparties for Open Futures Contracts held by the Fund at June 30, 2026.

 

The accompanying notes are an integral part of these financial statements.

 

 
28       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SWAP at June 30, 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     $ 32,792     $ (44,077   $ 76,869  

$ 2,850,000

    5/09/2040       1 Day SOFR + 0.000     3.914       Annually       67,508       292       67,216  

$ 1,500,000

    11/17/2045       1 Day SOFR + 0.000     4.021       Annually       41,867       319       41,548  
         

 

 

   

 

 

   

 

 

 
          $ 142,167     $ (43,466   $ 185,633  
         

 

 

   

 

 

   

 

 

 

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

 

Description   Maturity
Date
    Fixed Deal
(Pay) Rate
    Implied
Credit
Spread at
June 30,
2026
    Notional
Amount
    Periodic
Payment
Frequency
    Fair Value    

Upfront
Premiums
Paid /

(Received)

    Unrealized
Appreciation /
(Depreciation)
 

Buy Protection

 

iTraxx Europe S45
1.000%, 06/20/2031

    6/20/2031       (1.000 %)      0.520     EUR (2,100,000     Quarterly     $ (53,797   $ (42,696   $ (11,101
           

 

 

 

Total Buy Protection

            $ (53,797   $ (42,696   $ (11,101
           

 

 

 

Sell Protection

               

CDX North America Investment Grade Index Series 46 1
1.000%, 06/20/2031

    6/20/2031       1.000     0.513   $ 2,400,000       Quarterly     $ 52,656     $ 48,233     $ 4,423  
           

 

 

 

Total Sell Protection

 

      $ 52,656     $ 48,233     $ 4,423  
           

 

 

 

Total

 

      $ (1,141   $ 5,537     $ (6,678
           

 

 

 
(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 Investment Grade d Index Series 46 and iTraxx Europe Series 45.

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         29


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN SWAP at June 30, 2026 (Unaudited) (Continued)

 

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

 

Description   Maturity
Date
    Counterparty   Fixed Deal
(Pay) Rate
    Implied
Credit
Spread at
June 30,
2026
    Notional
Amount
    Periodic
Payment
Frequency
  Fair Value    

Upfront
Premiums
Paid /

(Received)

    Unrealized
Appreciation /
(Depreciation)
 

Buy Protection

 

CDX North America High Yield Index
Series 43 V2
5.000%, 12/20/2029

    12/20/2029     Morgan Stanley & Co.     (5.000 %)      2.434   $ (48,000   Quarterly   $ (4,851   $ (3,024   $ (1,827
             

 

 

 

Total Buy Protection

 

        $ (4,851   $ (3,024   $ (1,827
             

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 
30       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at June 30, 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   $ (28,343,600   $ (1,475   $ (21,323   $ 19,848  

3-Month SOFR Futures

    Bank of America N.A.       98.00       3/12/2027       (84     (20,135,850     (5,775     (24,266     18,491  
           

 

 

 

Total

 

            (7,250     (45,589     38,339  
           

 

 

 

INDEX OPTIONS

               

Put

               

S&P 500 Index

    UBS Securities LLC       7,350.00       7/2/2026       (2     (1,499,872     (814     (10,898     10,084  

S&P 500 Index

    UBS Securities LLC       7,370.00       7/2/2026       (4     (2,999,744     (2,084     (20,676     18,592  

S&P 500 Index

    UBS Securities LLC       7,400.00       7/2/2026       (9     (6,749,424     (6,939     (45,391     38,452  

S&P 500 Index

    UBS Securities LLC       7,130.00       7/10/2026       (5     (3,749,680     (2,420     (33,595     31,175  

S&P 500 Index

    UBS Securities LLC       7,350.00       7/10/2026       (2     (1,499,872     (4,038     (7,978     3,940  

S&P 500 Index

    UBS Securities LLC       7,360.00       7/10/2026       (2     (1,499,872     (3,854     (12,338     8,484  

S&P 500 Index

    UBS Securities LLC       7,375.00       7/10/2026       (1     (749,936     (2,280     (5,539     3,259  

S&P 500 Index

    UBS Securities LLC       7,400.00       7/10/2026       (5     (3,749,680     (13,720     (31,915     18,195  

S&P 500 Index

    UBS Securities LLC       7,225.00       7/17/2026       (7     (5,249,552     (13,300     (48,803     35,503  

S&P 500 Index

    UBS Securities LLC       7,330.00       7/17/2026       (3     (2,249,808     (9,090     (15,037     5,947  

S&P 500 Index

    UBS Securities LLC       7,350.00       7/17/2026       (7     (5,249,552     (24,045     (35,503     11,458  

S&P 500 Index

    UBS Securities LLC       7,180.00       7/24/2026       (13     (9,749,168     (32,825     (84,206     51,381  

S&P 500 Index

    UBS Securities LLC       7,290.00       7/24/2026       (3     (2,249,808     (12,000     (20,267     8,267  

S&P 500 Index

    UBS Securities LLC       7,330.00       7/24/2026       (1     (749,936     (4,766     (6,249     1,483  

S&P 500 Index

    UBS Securities LLC       7,180.00       7/31/2026       (1     (749,936     (3,795     (7,759     3,964  
           

 

 

 

Total

 

            (135,970     (386,154     250,184  
           

 

 

 

 

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     -       (4,209     4,209  

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     (9     (4,144     4,135  

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     -       (4,736     4,736  

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     (13     (4,803     4,790  

USD - Secured Overnight Financing Rate (SOFR) strike @2.710%, terminating 8/19/26

  Barclays Bank Plc   Receive     8/19/2026       (925,000     (925,000     (13     (2,960     2,947  

USD - Secured Overnight Financing Rate (SOFR) strike @2.710%, terminating 8/19/26

  BNP Paribas SA   Receive     8/19/2026       (925,000     (925,000     (13     (2,960     2,947  

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         31


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at June 30, 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 (Continued)

 

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   $ (119   $ (3,773   $ 3,654  

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     (120     (3,830     3,710  

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     (103     (3,520     3,417  

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     (120     (3,237     3,117  

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     (9,746     (3,885     (5,861

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     (9,744     (4,014     (5,730

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     (10,046     (4,403     (5,643

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     (10,046     (4,366     (5,680

USD - Secured Overnight Financing Rate (SOFR) strike @3.710%, terminating 8/19/26

  Barclays Bank Plc   Pay     8/19/2026       (925,000     (925,000     (5,986     (2,706     (3,280

USD - Secured Overnight Financing Rate (SOFR) strike @3.710%, terminating 8/19/26

  BNP Paribas SA   Pay     8/19/2026       (925,000     (925,000     (5,983     (2,682     (3,301

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     (3,687     (3,611     (76

USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 12/24/26

  Barclays Bank Plc   Pay     12/24/2026       (703,000     (703,000     (3,682     (3,599     (83

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     (6,206     (5,308     (898

 

The accompanying notes are an integral part of these financial statements.

 

 
32       iM Global Partner Funds


iMGP Low Duration Income Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at June 30, 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 (Continued)

 

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   $ (6,201   $ (5,251   $ (950

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     (6,066     (5,959     (107

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     (10,912     (10,691     (221

USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 9/24/26

  Barclays Bank Plc   Pay     9/24/2026       (1,887,000     (1,887,000     (7,471     (7,831     360  

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     (5,582     (5,640     58  

USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 9/24/26

  Toronto-Dominion Bank   Pay     9/24/2026       (703,000     (703,000     (2,783     (3,023     240  

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     (5,611     (5,362     (249

USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 9/25/26

  Toronto-Dominion Bank   Pay     9/25/2026       (702,000     (702,000     (2,792     (2,597     (195

USD - Secured Overnight Financing Rate (SOFR) strike @3.950%, terminating 9/28/26

  Toronto-Dominion Bank   Pay     9/28/2026       (922,000     (922,000     (3,638     (3,965     327  
           

 

 

 

Total

          (116,692     (123,065     6,373  
           

 

 

 

Total Written Options

        $ (259,912   $ (554,808   $ 294,896  
           

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         33


iMGP Dolan McEniry Core Plus Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 

Principal
Amount^
          Value  
 

CORPORATE BONDS: 93.5%

 
  Basic Materials: 4.0%  
  CF Industries, Inc.   
  $10,593,000    

5.300%, 11/26/2035(a)

   $ 10,586,181  
  Steel Dynamics, Inc.   
  2,740,000    

3.450%, 04/15/2030

     2,617,545  
  8,248,000    

3.250%, 01/15/2031

     7,742,143  
    

 

 

 
     20,945,869  
    

 

 

 
  Communications: 12.1%  
  AT&T, Inc.   
  10,698,000    

2.550%, 12/01/2033

     8,999,742  
  CCO Holdings LLC/CCO Holdings Capital Corp.   
  13,315,000    

4.500%, 05/01/2032(a)

     11,805,043  
  Expedia Group, Inc.   
  10,557,000    

4.625%, 08/01/2027

     10,567,274  
  Motorola Solutions, Inc.   
  7,955,000    

5.600%, 06/01/2032

     8,203,451  
  Omnicom Group, Inc.   
  8,223,000    

5.000%, 06/02/2033

     8,089,722  
  2,949,000    

5.300%, 06/02/2036

     2,880,662  
  Sirius XM Radio LLC   
  7,767,000    

5.500%, 07/01/2029(b)

     7,753,318  
  Verizon Communications, Inc.   
  5,169,000    

4.329%, 09/21/2028

     5,155,604  
    

 

 

 
     63,454,816  
    

 

 

 
  Consumer, Cyclical: 13.3%  
  Bath & Body Works, Inc.   
  9,406,000    

6.625%, 10/01/2030(b)

     9,601,358  
  4,170,000    

6.875%, 11/01/2035

     4,271,469  
  Bloomin’ Brands, Inc./OSI Restaurant Partners LLC   
  10,806,000    

5.125%, 04/15/2029(a)(b)

     10,303,638  
  Dick’s Sporting Goods, Inc.   
  9,721,000    

3.150%, 01/15/2032(a)

     8,887,331  
  Genuine Parts Co.   
  9,532,000    

6.875%, 11/01/2033

     10,344,164  
  LKQ Corp.   
  7,810,000    

6.250%, 06/15/2033

     8,100,891  
  RB Global Holdings, Inc.   
  9,515,000    

6.750%, 03/15/2028(b)

     9,645,251  
  Somnigroup International, Inc.   
  8,491,000    

4.000%, 04/15/2029(b)

     8,191,871  
    

 

 

 
     69,345,973  
    

 

 

 
  Consumer, Non-cyclical: 21.1%  
  Altria Group, Inc.   
  9,266,000    

6.875%, 11/01/2033

     10,272,823  
  BAT Capital Corp.   
  9,627,000    

6.421%, 08/02/2033

     10,422,935  
  Block Financial LLC   
  11,149,000    

2.500%, 07/15/2028

     10,629,217  
  Conagra Brands, Inc.   
  10,483,000    

5.000%, 08/01/2030(a)

     10,486,433  
  DaVita, Inc.   
  12,436,000    

4.625%, 06/01/2030(b)

     12,052,659  
  1,727,000    

6.750%, 07/15/2033(b)

     1,783,046  
Principal
Amount^
          Value  
  Consumer, Non-cyclical (continued)  
  Global Payments, Inc.   
  $10,303,000    

5.400%, 08/15/2032

   $ 10,276,110  
  HCA, Inc.   
  11,163,000    

4.125%, 06/15/2029

     10,997,801  
  IQVIA, Inc.   
  8,187,000    

6.250%, 06/01/2032(b)

     8,336,282  
  Molson Coors Beverage Co.   
  7,435,000    

3.000%, 07/15/2026

     7,430,914  
  Quanta Services, Inc.   
  8,070,000    

2.900%, 10/01/2030

     7,515,959  
  3,336,000    

5.250%, 08/09/2034

     3,380,462  
  Service Corp. International   
  1,661,000    

4.000%, 05/15/2031

     1,568,982  
  Tenet Healthcare Corp.   
  5,347,000    

6.125%, 10/01/2028

     5,371,142  
    

 

 

 
     110,524,765  
    

 

 

 
  Financial: 9.8%  
  American Tower Corp.   
  11,185,000    

2.900%, 01/15/2030

     10,516,388  
  Brown & Brown, Inc.   
  9,927,000    

5.250%, 06/23/2032

     9,949,002  
  Crown Castle, Inc.   
  9,921,000    

5.800%, 03/01/2034

     10,212,165  
  SBA Communications Corp.   
  10,844,000    

3.125%, 02/01/2029

     10,383,510  
  Willis North America, Inc.   
  10,229,000    

5.350%, 05/15/2033

     10,378,216  
    

 

 

 
     51,439,281  
    

 

 

 
  Industrial: 17.3%  
  Allegion U.S. Holding Co., Inc.   
  8,038,000    

5.411%, 07/01/2032

     8,188,981  
  Carlisle Cos., Inc.   
  10,658,000    

3.750%, 12/01/2027

     10,549,997  
  Eagle Materials, Inc.   
  10,371,000    

2.500%, 07/01/2031

     9,286,225  
  Flex Ltd.   
  10,395,000    

4.875%, 05/12/2030

     10,388,054  
  Fortune Brands Innovations, Inc.   
  9,945,000    

5.875%, 06/01/2033

     10,373,837  
  Teledyne Technologies, Inc.   
  9,487,000    

2.750%, 04/01/2031(a)

     8,692,767  
  TransDigm, Inc.   
  11,889,000    

6.875%, 12/15/2030(b)

     12,227,920  
  Trimble, Inc.   
  9,789,000    

6.100%, 03/15/2033(a)

     10,237,071  
  Westinghouse Air Brake Technologies Corp.   
  10,375,000    

4.700%, 09/15/2028

     10,385,977  
    

 

 

 
     90,330,829  
    

 

 

 
  Technology: 15.9%  
  Broadcom, Inc.   
  3,617,000    

4.150%, 11/15/2030

     3,544,045  
  7,039,000    

4.300%, 11/15/2032

     6,826,492  
  CDW LLC/CDW Finance Corp.   
  10,795,000    

3.569%, 12/01/2031

     9,922,741  
  Fiserv, Inc.   
  9,384,000    

3.500%, 07/01/2029

     9,012,550  
  1,722,000    

2.650%, 06/01/2030

     1,575,981  
  HP, Inc.   
  10,337,000    

5.500%, 01/15/2033(a)

     10,571,214  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
34       iM Global Partner Funds


iMGP Dolan McEniry Core Plus Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

CORPORATE BONDS (CONTINUED)

 
  Technology (continued)  
  NetApp, Inc.   
  $ 9,636,000    

5.700%, 03/17/2035

   $ 9,879,190  
  Qorvo, Inc.   
  10,134,000    

4.375%, 10/15/2029

     9,783,983  
  Salesforce, Inc.   
  10,671,000    

4.900%, 09/15/2031

     10,658,871  
  Teledyne FLIR LLC   
  1,364,000    

2.500%, 08/01/2030

     1,251,062  
  Workday, Inc.   
  11,192,000    

3.800%, 04/01/2032(a)

     10,434,350  
    

 

 

 
     83,460,479  
    

 

 

 
 

TOTAL CORPORATE BONDS
(Cost $488,891,134)

     489,502,012  
    

 

 

 
 

GOVERNMENT SECURITIES & AGENCY ISSUE: 5.2%

  
  U.S. Treasury Notes   
  27,321,000    

4.000%, 05/31/2028

     27,250,563  
    

 

 

 
 

TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE
(Cost $27,289,803)

     27,250,563  
    

 

 

 
Shares               
 

SHORT-TERM INVESTMENTS: 1.0%

 
  INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 1.0%  
  5,485,313     State Street Navigator Securities Lending Government Money Market Portfolio, 3.660%(c)(d)      5,485,313  
    

 

 

 
 

TOTAL INVESTMENT OF CASH COLLATERAL FOR
SECURITIES LOANED

(Cost $5,485,313)

     5,485,313  
    

 

 

 
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $5,485,313)

     5,485,313  
    

 

 

 
 

TOTAL INVESTMENTS
(Cost: $521,666,250): 99.7%

     522,237,888  
    

 

 

 
 

Other Assets in Excess of Liabilities: 0.3%

     1,462,635  
    

 

 

 
 

NET ASSETS: 100.0%

   $ 523,700,523  
    

 

 

 

Percentages are stated as a percent of net assets.

 

^

The principal amount is stated in U.S. Dollars unless otherwise indicated.

(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)

The rate disclosed is the 7 day net yield as of June 30, 2026.

(d)

Represents security purchased with cash collateral received for securities on loan.

 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         35


iMGP APA Enhanced Income Municipal Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 

Principal
Amount^
          Value  
 

MUNICIPAL BONDS: 100.7%

 
  Alabama: 3.0%  
  Black Belt Energy Gas District   
  $500,000    

Series E
5.000%, 07/01/2033

   $ 524,023  
  Health Care Authority of the City of Huntsville   
  10,000    

Series B1
5.000%, 06/01/2035

     10,656  
    

 

 

 
     534,679  
    

 

 

 
  California: 13.9%  
  California Community Choice Financing Authority   
  200,000    

Series C
5.000%, 02/01/2031

     211,345  
  350,000    

Series C
5.000%, 02/01/2032

     372,235  
  Los Angeles Department of Water & Power   
  745,000    

Series A
5.000%, 07/01/2038

     815,751  
  250,000    

Series C
5.000%, 07/01/2047

     251,838  
  120,000    

Series D
5.000%, 07/01/2032

     126,712  
  50,000    

Series D
5.000%, 07/01/2039

     51,352  
  Los Angeles Department of Water & Power Water System Revenue   
  15,000    

Series D
5.000%, 07/01/2043

     15,929  
  Miracosta Community College District   
  500,000    

Series A
3.000%, 08/01/2034

     496,278  
  State of California   
  165,000    

3.000%, 03/01/2029

     165,010  
    

 

 

 
     2,506,450  
    

 

 

 
  Colorado: 5.1%  
  Colorado Educational & Cultural Facilities Authority   
  765,000    

Series A
5.000%, 03/01/2047

     768,747  
  Colorado Health Facilities Authority   
  145,000    

Series A-2
5.000%, 08/01/2044

     148,459  
    

 

 

 
     917,206  
    

 

 

 
  Connecticut: 0.7%  
  Connecticut State Health & Educational Facilities Authority   
  75,000    

Series K
5.000%, 07/01/2030

     81,036  
  South Central Connecticut Regional Water Authority   
  45,000    

Series B-1
3.000%, 08/01/2034

     44,251  
    

 

 

 
     125,287  
    

 

 

 
Principal
Amount^
          Value  
  Florida: 7.4%  
  Alachua County Health Facilities Authority   
  $50,000    

Series A
5.000%, 12/01/2044

   $ 50,046  
  Florida Municipal Loan Council   
  200,000    

(AG), Series D
5.000%, 10/01/2049

     211,783  
  Miami-Dade County Educational Facilities Authority   
  200,000    

Series B
5.250%, 04/01/2043

     221,364  
  North Broward Hospital District   
  125,000    

Series B
5.000%, 01/01/2048

     125,807  
  Orange County Health Facilities Authority   
  215,000    

Series A
5.000%, 10/01/2039

     215,643  
  Palm Beach County Health Facilities Authority   
  200,000    

5.000%, 11/15/2032

     200,720  
  UCF Stadium Corp.   
  200,000    

Series A
5.000%, 03/01/2041

     216,225  
  Volusia County Educational Facility Authority   
  100,000    

Series A
5.000%, 10/15/2049

     102,366  
    

 

 

 
     1,343,954  
    

 

 

 
  Georgia: 4.0%  
  City of Atlanta Department of Aviation   
  335,000    

Series A
5.250%, 07/01/2045

     368,135  
  Municipal Electric Authority of Georgia   
  350,000    

Series A
5.000%, 01/01/2037

     363,865  
    

 

 

 
     732,000  
    

 

 

 
  Illinois: 3.2%  
  Chicago Board of Education   
  325,000    

(AG), Series A
5.000%, 12/01/2031

     337,293  
  Illinois Finance Authority   
  110,000    

Series B
5.000%, 08/15/2036

     110,949  
  Regional Transportation Authority   
  125,000    

Series B
5.000%, 06/01/2035

     129,608  
    

 

 

 
     577,850  
    

 

 

 
  Indiana: 3.8%  
  Concord Community Schools Building Corp.   
  250,000    

(ST INTERCEPT)
5.000%, 01/15/2044

     268,835  
  Town of Upland   
  200,000    

4.000%, 09/01/2037

     201,786  
  Westfield-Washington Multi-School Building Corp.   
  200,000    

(BAM), Series A
5.250%, 07/15/2043

     219,561  
    

 

 

 
     690,182  
    

 

 

 
  Kansas: 1.2%  
  Sedgwick County Unified School District No. 262 Valley Center   
  200,000    

(AG)
5.000%, 09/01/2042

     210,243  
    

 

 

 
 

 

The accompanying notes are an integral part of these financial statements.

 

 
36       iM Global Partner Funds


iMGP APA Enhanced Income Municipal Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

MUNICIPAL BONDS (CONTINUED)

 
  Kentucky: 0.8%  
  Louisville/Jefferson County Metropolitan Government   
  $ 150,000    

Series A
5.000%, 10/01/2033

   $ 150,564  
    

 

 

 
  Louisiana: 1.1%  
  Louisiana Public Facilities Authority   
  200,000    

Series A
5.000%, 04/01/2045

     207,629  
    

 

 

 
  Massachusetts: 4.4%  
  Massachusetts Development Finance Agency   
  250,000    

5.000%, 01/01/2027

     251,776  
  250,000    

5.250%, 01/01/2038

     273,841  
  55,000    

Series A
5.000%, 01/01/2040

     55,387  
  50,000    

Series F
4.000%, 07/01/2043

     46,797  
  Massachusetts Housing Finance Agency   
  175,000    

(GNMA/FNMA/FHLMC), Series 224
4.350%, 12/01/2042

     176,250  
    

 

 

 
     804,051  
    

 

 

 
  Michigan: 1.7%  
  Michigan Finance Authority   
  200,000    

5.000%, 11/15/2041

     200,940  
  100,000    

Series 2016MI
5.000%, 12/01/2045

     100,121  
    

 

 

 
     301,061  
    

 

 

 
  New Hampshire: 1.1%  
  New Hampshire Health & Education Facilities Authority Act   
  190,000    

5.000%, 10/01/2040

     190,339  
    

 

 

 
  New Jersey: 8.1%  
  New Jersey Educational Facilities Authority   
  320,000    

Series A
5.000%, 07/01/2031

     326,256  
  New Jersey Health Care Facilities Financing Authority   
  635,000    

Series A
5.000%, 07/01/2031

     635,000  
  500,000    

Series A
4.000%, 07/01/2036

     500,000  
    

 

 

 
     1,461,256  
    

 

 

 
  New York: 7.4%  
  Metropolitan Transportation Authority   
  250,000    

Series A
5.000%, 11/15/2044

     269,358  
  200,000    

Series A
5.250%, 11/15/2045

     217,506  
  Port Authority of New York & New Jersey   
  515,000    

Series 175th
3.250%, 12/01/2042

     458,472  
  TSASC, Inc.   
  195,000    

Series A
5.000%, 06/01/2041

     196,312  
  Westchester County Local Development Corp.   
  200,000    

5.000%, 07/01/2042

     202,675  
    

 

 

 
     1,344,323  
    

 

 

 
Principal
Amount^
          Value  
  North Carolina: 2.8%  
  North Carolina Turnpike Authority   
  $ 500,000    

5.000%, 01/01/2049

   $ 508,169  
    

 

 

 
  Ohio: 4.6%  
  Columbus Regional Airport Authority   
  180,000    

Series B
5.000%, 01/01/2043

     196,043  
  County of Montgomery   
  100,000    

4.000%, 08/01/2041

     98,073  
  Ohio Housing Finance Agency   
  135,000    

(GNMA/FNMA/FHLMC), Series C
4.100%, 09/01/2039

     134,346  
  Port of Greater Cincinnati Development Authority   
  399,000    

(FNMA COLL)
4.400%, 11/01/2040

     400,929  
    

 

 

 
     829,391  
    

 

 

 
  Oklahoma: 3.9%  
  Oklahoma Housing Finance Agency   
  640,000    

(GNMA/FNMA/FHLMC), Series B
6.000%, 09/01/2046

     712,092  
    

 

 

 
  Pennsylvania: 3.8%  
  Allegheny County Higher Education Building Authority   
  200,000    

5.000%, 03/01/2042

     215,686  
  Allentown City School District   
  250,000    

(AG ST AID WITHHLDG)
5.000%, 06/01/2038

     271,369  
  City of Lancaster   
  100,000    

(BAM)
4.000%, 11/01/2038

     100,757  
  Montgomery County Higher Education & Health Authority   
  100,000    

Series A
5.000%, 09/01/2043

     101,862  
    

 

 

 
     689,674  
    

 

 

 
  South Carolina: 2.4%  
  South Carolina Jobs-Economic Development Authority   
  200,000    

Series A
5.000%, 05/01/2043

     204,035  
  South Carolina Public Service Authority   
  130,000    

Series A
5.000%, 12/01/2037

     130,115  
  100,000    

Series A
5.000%, 12/01/2051

     103,791  
    

 

 

 
     437,941  
    

 

 

 
  Texas: 10.8%  
  Brownsboro Independent School District   
  100,000    

(AG)
5.000%, 08/15/2041

     105,626  
  City of Houston Hotel Occupancy Tax & Special Revenue   
  500,000    

(AG), Series D
5.000%, 09/01/2036

     560,260  
  FW Texas Street Public Facility Corp.   
  250,000    

5.000%, 05/01/2038

     265,703  
  Harris County-Houston Sports Authority   
  950,000    

(AG), Series A
0.000%, 11/15/2045

     381,524  
 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         37


iMGP APA Enhanced Income Municipal Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

Principal
Amount^
          Value  
 

MUNICIPAL BONDS (CONTINUED)

 
  Texas (continued)  
  Huffman Independent School District   
  $ 30,000    

(PSF-GTD)
5.250%, 02/15/2049

   $ 32,006  
  Texas Department of Housing & Community Affairs   
  135,000    

(GNMA), Series B
4.400%, 07/01/2038

     137,731  
  Wichita Falls Independent School District   
  500,000    

(PSF-GTD)
3.000%, 02/01/2037

     470,508  
    

 

 

 
     1,953,358  
    

 

 

 
  Vermont: 0.6%  
  Vermont Educational & Health Buildings Financing Agency   
  100,000    

Series B
5.000%, 12/01/2039

     100,042  
    

 

 

 
  Virginia: 1.0%  
  Virginia College Building Authority   
  165,000    

5.000%, 06/01/2031

     174,363  
    

 

 

 
  Washington: 3.9%  
  City of Seattle Municipal Light & Power Revenue   
  330,000    

5.000%, 07/01/2044

     353,878  
  Pend Oreille County Public Utility District No. 1 Box Canyon   
  100,000    

5.000%, 01/01/2039

     101,695  
  University of Washington   
  250,000    

Series A
5.250%, 12/01/2046

     251,431  
    

 

 

 
     707,004  
    

 

 

 
 

TOTAL MUNICIPAL BONDS
(Cost $18,117,901)

     18,209,108  
    

 

 

 
 

TOTAL INVESTMENTS
(Cost: $18,117,901): 100.7%

     18,209,108  
    

 

 

 
 

Liabilities in Excess of Other Assets: (0.7)%

     (118,773
    

 

 

 
 

NET ASSETS: 100.0%

   $ 18,090,335  
  

 

 

 

Percentages are stated as a percent of net assets.

 

^

The principal amount is stated in U.S. Dollars unless otherwise indicated.

 

 

The accompanying notes are an integral part of these financial statements.

 

 
38       iM Global Partner Funds


iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 

Principal
Amount^
           Value  
 

SHORT-TERM INVESTMENTS: 80.6%

 
  REPURCHASE AGREEMENTS: 3.3%  
  $129,381,148      Fixed Income Clearing Corp. 1.060%, 6/30/2026, due 07/01/2026 [collateral: par value $131,872,400, U.S. Treasury Note, 3.625%, due 03/31/2028, value $131,982,115] (proceeds $129,384,958)    $ 129,381,148  
     

 

 

 
 

TOTAL REPURCHASE AGREEMENTS
(Cost $129,381,148)

     129,381,148  
     

 

 

 
 

TREASURY BILLS: 77.3%

  
   U.S. Treasury Bills   
  2,051,000,000     

3.356%, 07/16/2026(a)(b)(c)

     2,047,940,593  
  37,000,000     

3.456%, 07/30/2026(a)(b)(c)

     36,893,445  
  312,000,000     

3.466%, 08/06/2026(a)(b)(c)

     310,888,635  
  45,000,000     

3.540%, 08/27/2026(a)(b)

     44,743,322  
  50,000,000     

3.551%, 09/03/2026(a)(b)

     49,679,449  
  28,000,000     

3.624%, 09/17/2026(a)(b)(c)

     27,777,353  
  490,000,000     

3.628%, 09/24/2026(a)(b)

     485,752,857  
     

 

 

 
 

TOTAL TREASURY BILLS
(Cost $3,003,675,654)

     3,003,675,654  
     

 

 

 
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $3,133,056,802)

     3,133,056,802  
     

 

 

 
 

TOTAL INVESTMENTS
(Cost: $3,133,056,802): 80.6%

     3,133,056,802  
     

 

 

 
 

Other Assets in Excess of Liabilities: 19.4%

     754,417,377  
     

 

 

 
 

NET ASSETS: 100.0%

   $ 3,887,474,179  
  

 

 

 

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 accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         39


iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at June 30, 2026 (Unaudited) (a)

 

Description    Number of
Contracts
   Notional Amount      Notional Value      Expiration
Date
     Unrealized
Appreciation/
(Depreciation)
 

Futures Contracts – Long

 

MSCI EAFE Index Futures

   4,900    $ 752,060,082      $ 770,598,500        9/18/2026      $ 18,538,418  

MSCI Emerging Market Index

   3,722      314,425,013        327,033,530        9/18/2026        12,608,517  

S&P 500 E-Mini Index Futures

   1,998      744,599,949        754,070,175        9/18/2026        9,470,226  

WTI Crude Futures(b)

   3,382      253,049,118        234,271,140        8/20/2026        (18,777,978
              

 

 

 

Total Long

            $ 21,839,183  
              

 

 

 

Futures Contracts – Short

 

EURO FX Currency Futures

   (3,504)    $ (502,145,059    $ (501,794,700      9/14/2026      $ 350,359  

Gold 100 Oz Futures(b)

   (579)      (252,332,188      (233,829,150      8/27/2026        18,503,038  

Japanese Yen Currency Futures

   (30,451)      (2,386,486,940      (2,355,004,212      9/14/2026        31,482,728  

U.S. Treasury 10-Year Note Futures

   (14,681)      (1,608,477,126      (1,613,304,266      9/21/2026        (4,827,140

U.S. Treasury 2-Year Note Futures

   (18,637)      (3,845,887,916      (3,841,697,217      9/30/2026        4,190,699  

U.S. Treasury Long Bond Futures

   (3,134)      (352,588,483      (355,709,000      9/21/2026        (3,120,517
              

 

 

 

Total Short

               $ 46,579,167  
              

 

 

 

Total Futures Contracts

            $ 68,418,350  
              

 

 

 

 

(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 June 30, 2026.

(b)

Contract held by the iMGP DBi Cayman Managed Futures Subsidiary.

 

The accompanying notes are an integral part of these financial statements.

 

 
40       iM Global Partner Funds


iMGP Berkshire Dividend Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 

Shares           Value  
 

COMMON STOCKS: 95.3%

 
  Consumer Discretionary: 5.2%  
  2,270     Lennar Corp. - Class A    $ 205,412  
  1,071     Lowe’s Cos., Inc.      236,145  
  954     McDonald’s Corp.      257,876  
    

 

 

 
     699,433  
    

 

 

 
  Consumer Staples: 9.3%  
  1,033     Hershey Co.      181,240  
  3,388     Mondelez International, Inc. - Class A      195,962  
  2,402     Nestle SA - ADR      246,661  
  1,150     PepsiCo, Inc.      155,710  
  1,182     Procter & Gamble Co.      173,328  
  2,660     Walmart, Inc.      301,272  
    

 

 

 
     1,254,173  
    

 

 

 
  Energy: 8.1%  
  2,920     Chevron Corp.      484,019  
  2,402     EOG Resources, Inc.      311,612  
  9,655     Kinder Morgan, Inc.      308,670  
    

 

 

 
     1,104,301  
    

 

 

 
  Financials: 16.9%  
  8,123     Bank of America Corp.      462,849  
  2,958     Charles Schwab Corp.      272,935  
  883     Chubb Ltd.      300,873  
  1,759     JPMorgan Chase & Co.      575,773  
  1,532     M&T Bank Corp.      364,631  
  1,266     PNC Financial Services Group, Inc.      311,715  
    

 

 

 
     2,288,776  
    

 

 

 
  Health Care: 9.2%  
  1,721     Abbott Laboratories      156,164  
  2,213     AbbVie, Inc.      556,879  
  3,764     Bristol-Myers Squibb Co.      216,882  
  1,227     Johnson & Johnson      311,621  
    

 

 

 
     1,241,546  
    

 

 

 
  Industrials: 16.6%  
  3,302     A.O. Smith Corp.      207,101  
  468     Deere & Co.      296,866  
  2,291     Emerson Electric Co.      327,957  
  732     Honeywell Aerospace, Inc.*      161,831  
  732     Honeywell International, Inc.      163,895  
  689     Lockheed Martin Corp.      351,018  
  1,284     Norfolk Southern Corp.      403,933  
  1,525     Waste Management, Inc.      339,892  
    

 

 

 
     2,252,493  
    

 

 

 
  Information Technology: 21.8%  
  1,894     Apple, Inc.      548,048  
  5,423     Cisco Systems, Inc.      636,986  
  1,696     Dell Technologies, Inc. - Class C      731,756  
  1,018     Microsoft Corp.      379,734  
  2,058     QUALCOMM, Inc.      380,298  
  1,394     TE Connectivity PLC      281,044  
    

 

 

 
     2,957,866  
    

 

 

 
  Materials: 4.4%  
  2,654     Nucor Corp.      591,179  
    

 

 

 
Shares           Value  
  Real Estate: 1.2%  
  2,270     WP Carey, Inc. - REIT    $ 162,305  
    

 

 

 
  Utilities: 2.6%  
  9,758     PPL Corp.      354,703  
    

 

 

 
 

TOTAL COMMON STOCKS
(Cost $10,788,940)

     12,906,775  
    

 

 

 
Principal
Amount
              
 

SHORT-TERM INVESTMENTS: 3.2%

 
  REPURCHASE AGREEMENTS: 3.2%  
  $429,906     Fixed Income Clearing Corp. 1.060%, 6/30/2026, due 07/01/2026 [collateral: par value $438,200, U.S. Treasury Note, 3.625%, due 03/31/2028, value $438,581] (proceeds $429,919)      429,906  
    

 

 

 
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $429,906)

     429,906  
    

 

 

 
 

TOTAL INVESTMENTS
(Cost: $11,218,846): 98.5%

     13,336,681  
    

 

 

 
 

Other Assets in Excess of Liabilities: 1.5%

     199,495  
    

 

 

 
  NET ASSETS: 100.0%    $ 13,536,176  
    

 

 

 

Percentages are stated as a percent of net assets.

 

ADR

American Depositary Receipt

REIT

Real Estate Investment Trust

*

Non-Income Producing Security.

 

 

The accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         41


iM Global Partner Funds

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2026 – (Unaudited)

 

        Global
Select
Fund
     International
Fund
     Small
Company
Fund
 

ASSETS:

          

Investments in securities at cost

     $ 64,228,591      $ 75,749,747      $ 44,118,216  

Repurchase agreements at cost

       1,636,373        2,438,468         
    

 

 

    

 

 

    

 

 

 

Total investments at cost

     $ 65,864,964      $ 78,188,215      $ 44,118,216  
    

 

 

    

 

 

    

 

 

 

Investments in securities at value1

     $ 73,524,762      $ 92,999,994      $ 54,109,267  

Repurchase agreements at value

       1,636,373        2,438,468         
    

 

 

    

 

 

    

 

 

 

Total investments at value

     $ 75,161,135      $ 95,438,462      $ 54,109,267  
    

 

 

    

 

 

    

 

 

 

Cash

       33,424        47,590        894,207  

Cash, denominated in foreign currency (cost of $447,378, $450,348 and $0, respectively)

       447,320        450,441         

Receivables:

          

Securities sold

       2,221,850        428,348        163,734  

Dividends and interest

       25,113        121,720        23,862  

Foreign tax reclaims

       51,485        1,244,211         

Fund shares sold

       200        92        1,459  

Other Receivables

              27         

Line of credit interest

                     94  

Prepaid expenses

       12,071        13,082        19,284  
    

 

 

    

 

 

    

 

 

 

Total Assets

       77,952,598        97,743,973        55,211,907  
    

 

 

    

 

 

    

 

 

 

LIABILITIES:

          

Payables:

          

Advisory fees

       33,134        78,750        23,680  

Securities purchased

              825,490        44,268  

Payable for cash collateral from securities loaned (See Note 2)

                     215,968  

Fund shares redeemed

       154,177        42,551        58,525  

Foreign taxes withheld

       1,348        3,964         

Trustees fees

       1,200        2,970        853  

Professional fees

       9,764        16,444        7,970  

Line of credit interest

              11,182         

Chief Compliance Officer fees

       8,800        8,800        8,800  

Accrued other expenses

       135,856        215,073        67,663  
    

 

 

    

 

 

    

 

 

 

Total Liabilities

       344,279        1,205,224        427,727  
    

 

 

    

 

 

    

 

 

 

NET ASSETS

     $ 77,608,319      $ 96,538,749      $ 54,784,180  
    

 

 

    

 

 

    

 

 

 

Institutional Class:

          

Net Assets

     $ 77,608,319      $ 96,538,749      $ 54,784,180  

Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value)

       6,571,913        4,040,845        3,381,793  

Net asset value, offering price and redemption price per share

     $ 11.81      $ 23.89      $ 16.20  
    

 

 

    

 

 

    

 

 

 

COMPONENTS OF NET ASSETS

          

Paid-in capital

     $ 63,169,598      $ 64,676,760      $ 40,944,171  

Accumulated distributable earnings (deficit)

       14,438,721        31,861,989        13,840,009  
    

 

 

    

 

 

    

 

 

 

Net Assets

     $ 77,608,319      $ 96,538,749      $ 54,784,180  
    

 

 

    

 

 

    

 

 

 

 

  1 

Includes $1,713,600 of securities on loan in Small Company Fund.

 

The accompanying notes are an integral part of these financial statements.

 

 
42       iM Global Partner Funds


iM Global Partner Funds

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2026 – (Unaudited) – (Continued)

 

        Low
Duration
Income Fund
    

Dolan
McEniry

Core Plus
Fund

     APA Enhanced
Income
Municipal
Fund
 

ASSETS:

 

Investments in securities at cost

     $ 292,177,481      $ 521,666,250      $ 18,117,901  

Repurchase agreements at cost

       5,506,281                
    

 

 

    

 

 

    

 

 

 

Total investments at cost

     $ 297,683,762      $ 521,666,250      $ 18,117,901  
    

 

 

    

 

 

    

 

 

 

Investments in securities at value1

     $ 269,965,515      $ 522,237,888      $ 18,209,108  

Repurchase agreements at value

       5,506,281                
    

 

 

    

 

 

    

 

 

 

Total investments at value

     $ 275,471,796      $ 522,237,888      $ 18,209,108  
    

 

 

    

 

 

    

 

 

 

Cash

       1,033,419        2,310,063         

Cash, denominated in foreign currency (cost of $69,263, $0 and $0, respectively)

       68,355                

Deposits at brokers for securities

       280,995                

Deposits at brokers for swaps

       59,368                

Receivables:

 

Securities sold

       9,602,401                

Dividends and interest

       2,670,311        5,766,370        263,440  

Fund shares sold

       19,942        641,689         

Foreign tax reclaims

       196,895                

Variation margin - Centrally Cleared Swaps

       36,096                

Other Receivables

       177,613                

Advisory reimbursement

                     5,393  

Unrealized gain on forward foreign currency exchange contracts

       105,318                

Prepaid expenses

       15,483        25,155        10,932  
    

 

 

    

 

 

    

 

 

 

Total Assets

       289,737,992        530,981,165        18,488,873  
    

 

 

    

 

 

    

 

 

 

LIABILITIES:

 

Written options (premium received, $554,808, $0 and $0, respectively)

       259,912                

Payables:

 

Advisory fees

       127,017        156,644         

Securities purchased

       19,370,139                

Unfunded loans, par value

       844,506                

Payable for cash collateral from securities loaned (See Note 2)

       13,431,002        5,485,313         

Fund shares redeemed

       462,512        957,273        32,368  

Trustees fees

       9,217        1,621         

Professional fees

       8,090        10,915        7,918  

Custodian for overdraft

                     300,609  

Distributions payable

       5,577        437,463         

Line of credit interest

       12,770                

Dividend and interest for swap resets

       60                

Variation margin - Futures

       24,648                

Chief Compliance Officer fees

       8,800        8,800        8,800  

Net swap premiums received

       3,024                

Unrealized loss on unfunded loan commitment

       10,277                

Unrealized loss on swaps

       1,827                

Accrued other expenses

       446,861        222,613        48,843  
    

 

 

    

 

 

    

 

 

 

Total Liabilities

       35,026,239        7,280,642        398,538  
    

 

 

    

 

 

    

 

 

 

Commitments and Contingencies (See Note 7)

 

NET ASSETS

     $ 254,711,753      $ 523,700,523      $ 18,090,335  
    

 

 

    

 

 

    

 

 

 

Institutional Class:

          

Net Assets

     $ 254,711,753      $ 523,700,523      $ 18,090,335  

Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value)

       25,917,199        52,706,647        1,788,545  

Net asset value, offering price and redemption price per share

     $ 9.83      $ 9.94      $ 10.11  
    

 

 

    

 

 

    

 

 

 

COMPONENTS OF NET ASSETS

          

Paid-in capital

     $ 384,977,318      $ 524,635,133      $ 17,882,075  

Accumulated distributable earnings (deficit)

       (130,265,565      (934,610      208,260  
    

 

 

    

 

 

    

 

 

 

Net Assets

     $ 254,711,753      $ 523,700,523      $ 18,090,335  
    

 

 

    

 

 

    

 

 

 

 

  1 

Includes $13,306,847 and $16,135,789 of securities on loan in Low Duration Income Fund and Dolan McEniry Core Plus Fund, respectively.

 

The accompanying notes are an integral part of these financial statements.

 

 
Statements of Assets and Liabilities         43


iM Global Partner Funds

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2026 – (Unaudited) – (Continued)

 

        DBi Managed
Futures
Strategy ETF
(Consolidated)
     Berkshire
Dividend
Growth
ETF
 

ASSETS:

 

Investments in securities at cost

     $ 3,003,675,654      $ 10,788,940  

Repurchase agreements at cost

       129,381,148        429,906  
    

 

 

    

 

 

 

Total investments at cost

     $ 3,133,056,802      $ 11,218,846  
    

 

 

    

 

 

 

Investments in securities at value

     $ 3,003,675,654      $ 12,906,775  

Repurchase agreements at value

       129,381,148        429,906  
    

 

 

    

 

 

 

Total investments at value

     $ 3,133,056,802      $ 13,336,681  
    

 

 

    

 

 

 

Deposits at brokers for futures

       730,541,824         

Receivables:

 

Securities sold

              170,333  

Dividends and interest

       3,810        8,823  

Advisory reimbursement

              20,339  

Variation margin - Futures

       26,445,651         
    

 

 

    

 

 

 

Total Assets

       3,890,048,087        13,536,176  
    

 

 

    

 

 

 

LIABILITIES:

 

Payables:

 

Advisory fees

       2,573,908         
    

 

 

    

 

 

 

Total Liabilities

       2,573,908         
    

 

 

    

 

 

 

NET ASSETS

     $ 3,887,474,179      $ 13,536,176  
    

 

 

    

 

 

 

Net Assets

     $ 3,887,474,179      $ 13,536,176  

Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value)

       127,000,000        950,000  

Net asset value, offering price and redemption price per share

     $ 30.61      $ 14.25  
    

 

 

    

 

 

 

COMPONENTS OF NET ASSETS

 

Paid-in capital

     $ 3,724,936,008      $ 11,447,983  

Accumulated distributable earnings (deficit)

       162,538,171        2,088,193  
    

 

 

    

 

 

 

Net Assets

     $ 3,887,474,179      $ 13,536,176  
    

 

 

    

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 
44       iM Global Partner Funds


iM Global Partner Funds

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2026 – (Unaudited)

 

        Global
Select
Fund
     International
Fund
     Small
Company
Fund
 

INVESTMENT INCOME:

 

Income

 

Dividends (net of foreign taxes withheld of $50,117, $273,974 and $0, respectively)

     $ 393,379      $ 1,704,006      $ 181,830  

Interest

       9,109                

Securities lending income (See Note 2)

       3,692        4,949        1,551  
    

 

 

    

 

 

    

 

 

 

Total income

       406,180        1,708,955        183,381  
    

 

 

    

 

 

    

 

 

 

Expenses

 

Advisory fees

       341,695        545,879        213,699  

Transfer agent fees

       53,760        69,588        43,005  

Fund accounting fees

       12,363        32,047        11,693  

Administration fees

       12,457        17,703        10,698  

Professional fees

       26,202        38,710        16,725  

Trustee fees

       20,379        25,746        17,752  

Custody fees

       14,995        47,415        15,625  

Reports to shareholders

       13,909        14,035        8,443  

Registration expense

       12,263        12,874        12,042  

Miscellaneous

       2,216        4,890        207  

Dividend & interest expense

       2,017        11,263        7,043  

Chief Compliance Officer fees

       8,800        8,800        8,800  
    

 

 

    

 

 

    

 

 

 

Total expenses

       521,056        828,950        365,732  

Less: fees waived (see Note 3)

       (127,001      (7,299      (52,417
    

 

 

    

 

 

    

 

 

 

Net expenses

       394,055        821,651        313,315  
    

 

 

    

 

 

    

 

 

 

Net investment income (loss)

       12,125        887,304        (129,934
    

 

 

    

 

 

    

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on:

 

Investments

       7,315,950        15,445,803        3,732,718  

Foreign currency transactions

       (34,912      (86,012       
    

 

 

    

 

 

    

 

 

 

Net realized gain (loss)

       7,281,038        15,359,791        3,732,718  
    

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation/depreciation on:

 

Investments

       (7,269,372      (6,717,929      4,242,654  

Foreign currency transactions

       (13,654      (41,143       
    

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation/depreciation

       (7,283,026      (6,759,072      4,242,654  
    

 

 

    

 

 

    

 

 

 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

       (1,988      8,600,719        7,975,372  
    

 

 

    

 

 

    

 

 

 

Net increase in net assets resulting from operations

     $ 10,137      $ 9,488,023      $ 7,845,438  
    

 

 

    

 

 

    

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 
Statements of Operations         45


iM Global Partner Funds

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2026 – (Unaudited) – (Continued)

 

        Low
Duration
Income
Fund
     Dolan McEniry
Core Plus
Fund
     APA Enhanced
Income Municipal
Fund
 

INVESTMENT INCOME:

 

Income

 

Dividends (net of foreign taxes withheld of $62,018, $0 and $0, respectively)

     $ 122,259      $      $  

Interest (net of interest taxes withheld of $12,920, $0 and $0, respectively)

       9,675,245        12,766,239        345,859  

Securities lending income (See Note 2)

       35,119        42,657         
    

 

 

    

 

 

    

 

 

 

Total income

       9,832,623        12,808,896        345,859  
    

 

 

    

 

 

    

 

 

 

Expenses

 

Advisory fees

       1,166,431        1,059,471        40,932  

Transfer agent fees

       171,637        361,947        12,766  

Fund accounting fees

       72,008        21,917        5,169  

Administration fees

       30,015        32,618        7,917  

Professional fees

       78,428        66,488        11,279  

Trustee fees

       42,711        55,553        13,547  

Custody fees

       65,258        14,066        9,421  

Reports to shareholders

       14,021        16,406        2,761  

Registration expense

       18,218        26,242        12,346  

Miscellaneous

       6,218        8,812        821  

Dividend & interest expense

       36,575        8,322        787  

Chief Compliance Officer fees

       8,800        8,800        8,800  
    

 

 

    

 

 

    

 

 

 

Total expenses

       1,710,320        1,680,642        126,546  

Less: fees waived (see Note 3)

       (338,661      (116,661      (72,368
    

 

 

    

 

 

    

 

 

 

Net expenses

       1,371,659        1,563,981        54,178  
    

 

 

    

 

 

    

 

 

 

Net investment income

       8,460,964        11,244,915        291,681  
    

 

 

    

 

 

    

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on:

 

Investments, excluding purchased options

       (2,899,004      1,563,246        78,955  

Purchased options

       (114,644              

Written options

       1,832,835                

Forward foreign currency exchange contracts

       177,458                

Foreign currency transactions

       (3,895              

Futures

       (259,884              

Swap contracts

       (14,063              
    

 

 

    

 

 

    

 

 

 

Net realized gain (loss)

       (1,281,197      1,563,246        78,955  
    

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation/depreciation on:

 

Investments, excluding purchased options

       (747,436      (8,651,547      (23,180

Purchased options

       (40,864              

Unfunded loan commitment

       1,391                

Written options

       118,630                

Forward foreign currency exchange contracts

       85,992                

Foreign currency transactions

       43,181                

Futures

       53,069                

Swap contracts

       105,691                
    

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation/depreciation

       (380,346      (8,651,547      (23,180
    

 

 

    

 

 

    

 

 

 

Net realized and unrealized gain (loss) on investments, purchased options, unfunded loan commitment, written options, forward foreign currency exchange contracts, foreign currency transactions, futures and swap contracts

       (1,661,543      (7,088,301      55,775  
    

 

 

    

 

 

    

 

 

 

Net increase in net assets resulting from operations

     $ 6,799,421      $ 4,156,614      $ 347,456  
    

 

 

    

 

 

    

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 
46       iM Global Partner Funds


iM Global Partner Funds

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2026 – (Unaudited) – (Continued)

 

        DBi Managed
Futures
Strategy ETF
(Consolidated)
     Berkshire
Dividend
Growth
ETF
 

INVESTMENT INCOME:

 

Income

 

Dividends (net of foreign taxes withheld of $0 and $2,814, respectively)

     $      $ 99,993  

Interest

       53,325,716        1,824  

Securities lending income (See Note 2)

       4,776         
    

 

 

    

 

 

 

Total income

       53,330,492        101,817  
    

 

 

    

 

 

 

Expenses

 

Advisory fees

       13,475,859        25,388  
    

 

 

    

 

 

 

Total expenses

       13,475,859        25,388  
    

 

 

    

 

 

 

Net expenses

       13,475,859        25,388  
    

 

 

    

 

 

 

Net investment income

       39,854,633        76,429  
    

 

 

    

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

 

Net realized gain (loss) on:

 

Investments

       (44,559      167,337  

Futures

       134,548,195         

In-kind redemptions

              88,241  
    

 

 

    

 

 

 

Net realized gain (loss)

       134,503,636        255,578  
    

 

 

    

 

 

 

Net change in unrealized appreciation/depreciation on:

 

Investments

              738,696  

Futures

       48,030,661         
    

 

 

    

 

 

 

Net change in unrealized appreciation/depreciation

       48,030,661        738,696  
    

 

 

    

 

 

 

Net realized and unrealized gain (loss) on investments and futures

       182,534,297        994,274  
    

 

 

    

 

 

 

Net increase in net assets resulting from operations

     $ 222,388,930      $ 1,070,703  
    

 

 

    

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 
Statements of Operations         47


iM Global Partner Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

      
Global Select Fund
     International Fund  
        Six Months
Ended
June 30,
2026#
     Year Ended
December 31,
2025
     Six Months
Ended
June 30,
2026#
     Year Ended
December 31,
2025
 

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment income

     $ 12,125      $ 220,965      $ 887,304      $ 957,616  

Net realized gain (loss) on investments and foreign currency transactions

       7,281,038        (214,756      15,359,791        29,361,991  

Net change in unrealized appreciation/depreciation on investments and foreign currency transactions

       (7,283,026      4,613,832        (6,759,072      12,821,036  
    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase in net assets resulting from operations

       10,137        4,620,041        9,488,023        43,140,643  
    

 

 

    

 

 

    

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

             

Distributable earnings

              (2,838,964             (1,947,443

Return of capital

              (38,493              
    

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

              (2,877,457             (1,947,443
    

 

 

    

 

 

    

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS:

             

Proceeds from shares sold

             

Institutional Class

       297,234        514,541        698,118        2,341,651  

Reinvested distributions

             

Institutional Class

              2,744,576               1,489,140  

Payment for shares redeemed

             

Institutional Class

       (8,160,125      (18,173,688      (38,587,226      (89,244,709
    

 

 

    

 

 

    

 

 

    

 

 

 

Net decrease in net assets from capital share transactions

       (7,862,891      (14,914,571      (37,889,108      (85,413,918
    

 

 

    

 

 

    

 

 

    

 

 

 

Total decrease in net assets

       (7,852,754      (13,171,987      (28,401,085      (44,220,718

NET ASSETS:

             

Beginning of period

       85,461,073        98,633,060        124,939,834        169,160,552  
    

 

 

    

 

 

    

 

 

    

 

 

 

End of period

     $ 77,608,319      $ 85,461,073      $ 96,538,749      $ 124,939,834  
    

 

 

    

 

 

    

 

 

    

 

 

 

CAPITAL TRANSACTIONS IN SHARES

             

Institutional Class:

             

Sold

       25,197        43,767        30,606        122,362  

Reinvested distributions

              237,010               68,153  

Redeemed

       (699,585      (1,536,379      (1,620,954      (4,331,121
    

 

 

    

 

 

    

 

 

    

 

 

 

Net decrease from capital share transactions

       (674,388      (1,255,602      (1,590,348      (4,140,606
    

 

 

    

 

 

    

 

 

    

 

 

 

 

  #

Unaudited.

 

The accompanying notes are an integral part of these financial statements.

 

 
48       iM Global Partner Funds


iM Global Partner Funds

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

 

      
Small Company Fund
 
        Six Months
Ended
June 30,
2026#
     Year Ended
December 31,
2025
 

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment loss

     $ (129,934    $ (119,870

Net realized gain on investments

       3,732,718        1,729,927  

Net change in unrealized appreciation/depreciation on investments

       4,242,654        (2,021,171
    

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

       7,845,438        (411,114
    

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

       

Institutional Class

              (2,386,329
    

 

 

    

 

 

 

Total distributions

              (2,386,329
    

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS:

       

Proceeds from shares sold

       

Institutional Class

       2,746,847        23,379,415  

Reinvested distributions

       

Institutional Class

              2,362,491  

Payment for shares redeemed

       

Institutional Class

       (12,722,179      (15,292,905
    

 

 

    

 

 

 

Net increase (decrease) in net assets from capital share transactions

       (9,975,332      10,449,001  
    

 

 

    

 

 

 

Total increase (decrease) in net assets

       (2,129,894      7,651,558  

NET ASSETS:

       

Beginning of period

       56,914,074        49,262,516  
    

 

 

    

 

 

 

End of period

     $ 54,784,180      $ 56,914,074  
    

 

 

    

 

 

 

CAPITAL TRANSACTIONS IN SHARES

       

Institutional Class:

       

Sold

       188,482        1,631,508  

Reinvested distributions

              167,079  

Redeemed

       (867,366      (1,109,671
    

 

 

    

 

 

 

Net increase (decrease) from capital share transactions

       (678,884      688,916  
    

 

 

    

 

 

 

 

  #

Unaudited.

 

The accompanying notes are an integral part of these financial statements.

 

 
Statements of Changes in Net Assets         49


iM Global Partner Funds

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

 

      
Low Duration Income Fund
     Dolan McEniry Core Plus Fund  
        Six Months
Ended
June 30,
2026#
     Year Ended
December 31,
2025
     Six Months
Ended
June 30,
2026#
     Year Ended
December 31,
2025
 

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment income

     $ 8,460,964      $ 18,715,064      $ 11,244,915      $ 18,801,915  

Net realized gain (loss) on investments, purchased options, written options, forward foreign currency exchange contracts, foreign currency transactions, futures and swap contracts

       (1,281,197      (11,645,585      1,563,246        (44,245

Net change in unrealized appreciation/depreciation on investments, purchased options, unfunded loan commitment, written options, forward foreign currency exchange contracts, foreign currency transactions, futures and swap contracts

       (380,346      21,619,485        (8,651,547      11,465,154  
    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase in net assets resulting from operations

       6,799,421        28,688,964        4,156,614        30,222,824  
    

 

 

    

 

 

    

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

             

Institutional Class

       (8,105,841      (24,537,953      (11,270,092      (18,816,984
    

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

       (8,105,841      (24,537,953      (11,270,092      (18,816,984
    

 

 

    

 

 

    

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS:

             

Proceeds from shares sold

             

Institutional Class

       26,885,091        51,137,047        94,211,518        209,701,050  

Institutional Class - proceeds in connection with merger (see Note 12)

              318,986,317                

Reinvested distributions

             

Institutional Class

       8,057,775        24,434,807        9,174,870        15,289,713  

Payment for shares redeemed

             

Institutional Class

       (94,108,810      (222,335,382      (59,981,218      (98,604,339
    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) in net assets from capital share transactions

       (59,165,944      172,222,789        43,405,170        126,386,424  
    

 

 

    

 

 

    

 

 

    

 

 

 

Total increase (decrease) in net assets

       (60,472,364      176,373,800        36,291,692        137,792,264  

NET ASSETS:

             

Beginning of period

       315,184,117        138,810,317        487,408,831        349,616,567  
    

 

 

    

 

 

    

 

 

    

 

 

 

End of period

     $ 254,711,753      $ 315,184,117      $ 523,700,523      $ 487,408,831  
    

 

 

    

 

 

    

 

 

    

 

 

 

CAPITAL TRANSACTIONS IN SHARES

             

Institutional Class:

             

Sold

       2,697,442        5,146,230        9,424,812        21,115,064  

Sold - shares in connection with mergers (see Note 12)

              32,710,513                

Reinvested distributions

       819,927        2,465,958        919,604        1,533,080  

Redeemed

       (9,556,943      (22,394,014      (6,006,181      (9,933,137
    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from capital share transactions

       (6,039,574      17,928,687        4,338,235        12,715,007  
    

 

 

    

 

 

    

 

 

    

 

 

 

 

  #

Unaudited.

 

The accompanying notes are an integral part of these financial statements.

 

 
50       iM Global Partner Funds


iM Global Partner Funds

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

 

      
APA Enhanced Income
Municipal Fund
 
        Six Months
Ended
June 30,
2026#
     Year Ended
December 31,
2025
 

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment income

     $ 291,681      $ 586,423  

Net realized gain on investments

       78,955        150,080  

Net change in unrealized appreciation/depreciation on investments

       (23,180      102,175  
    

 

 

    

 

 

 

Net increase in net assets resulting from operations

       347,456        838,678  
    

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

       

Institutional Class

       (323,228      (666,857
    

 

 

    

 

 

 

Total distributions

       (323,228      (666,857
    

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS:

       

Proceeds from shares sold

       

Institutional Class

       837,065        5,115,845  

Reinvested distributions

       

Institutional Class

       323,228        666,857  

Payment for shares redeemed

       

Institutional Class

       (1,195,288      (2,459,750
    

 

 

    

 

 

 

Net increase (decrease) in net assets from capital share transactions

       (34,995      3,322,952  
    

 

 

    

 

 

 

Total increase (decrease) in net assets

       (10,767      3,494,773  

NET ASSETS:

       

Beginning of period

       18,101,102        14,606,329  
    

 

 

    

 

 

 

End of period

     $ 18,090,335      $ 18,101,102  
    

 

 

    

 

 

 

CAPITAL TRANSACTIONS IN SHARES

       

Institutional Class:

       

Sold

       82,307        514,044  

Reinvested distributions

       31,975        66,947  

Redeemed

       (118,470      (247,750
    

 

 

    

 

 

 

Net increase (decrease) from capital share transactions

       (4,188      333,241  
    

 

 

    

 

 

 

 

  #

Unaudited.

 

The accompanying notes are an integral part of these financial statements.

 

 
Statements of Changes in Net Assets         51


iM Global Partner Funds

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

 

       DBi Managed Futures Strategy ETF
(Consolidated)
     Berkshire Dividend Growth ETF  
        Six Months
Ended
June 30,
2026#
     Year Ended
December 31,
2025
     Six Months
Ended
June 30,
2026#
     Year Ended
December 31,
2025
 

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment income

     $ 39,854,633      $ 43,584,989      $ 76,429      $ 157,282  

Net realized gain on investments and futures

       134,503,636        143,483,051        255,578        52,775  

Net change in unrealized appreciation/depreciation on investments and futures

       48,030,661        16,070,094        738,696        947,767  
    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase in net assets resulting from operations

       222,388,930        203,138,134        1,070,703        1,157,824  
    

 

 

    

 

 

    

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

             

Distributable earnings

       (32,396,105      (107,408,960      (71,158      (159,275
    

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

       (32,396,105      (107,408,960      (71,158      (159,275
    

 

 

    

 

 

    

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS:

             

Proceeds from shares sold

       1,910,890,570        1,309,293,317        4,228,250        583,768  

Payment for shares redeemed

       (311,512,865      (563,895,473      (341,503      (1,787,860
    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) in net assets from capital share transactions

       1,599,377,705        745,397,844        3,886,747        (1,204,092
    

 

 

    

 

 

    

 

 

    

 

 

 

Total increase (decrease) in net assets

       1,789,370,530        841,127,018        4,886,292        (205,543

NET ASSETS:

             

Beginning of period

       2,098,103,649        1,256,976,631        8,649,884        8,855,427  
    

 

 

    

 

 

    

 

 

    

 

 

 

End of period

     $ 3,887,474,179      $ 2,098,103,649      $ 13,536,176      $ 8,649,884  
    

 

 

    

 

 

    

 

 

    

 

 

 

CAPITAL TRANSACTIONS IN SHARES

             

Sold

       62,500,000        48,550,000        300,000        50,000  

Redeemed

       (10,300,000      (21,825,000      (25,000      (150,000
    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from capital share transactions

       52,200,000        26,725,000        275,000        (100,000
    

 

 

    

 

 

    

 

 

    

 

 

 

 

  #

Unaudited.

 

The accompanying notes are an integral part of these financial statements.

 

 
52       iM Global Partner Funds


iMGP Global Select Fund – Institutional Class

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

   

Six Months
Ended

June 30,
2026#

    Year Ended December 31,  
     2025      2024      2023      2022      2021  

Net asset value, beginning of period

  $ 11.79     $ 11.60      $ 12.04      $ 10.69      $ 18.80      $ 18.62  
 

 

 

   

 

 

 

Income from investment operations:

 

Net investment income (loss)1

    0.00 ^      0.03        0.07        0.05        (0.01      (0.03

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments and
foreign currency

    0.02 2      0.56        0.35        1.79        (4.78      3.27  
 

 

 

   

 

 

 

Total income (loss) from investment operations

    0.02       0.59        0.42        1.84        (4.79      3.24  
 

 

 

   

 

 

 

Less distributions:

 

From net investment income

          (0.03      (0.15      (0.05              

From net realized gains

          (0.37      (0.71      (0.44      (3.32      (3.06

Return of capital

          (0.00 )^                             
 

 

 

   

 

 

 

Total distributions

          (0.40      (0.86      (0.49      (3.32      (3.06
 

 

 

   

 

 

 

Net asset value, end of period

  $ 11.81     $ 11.79      $ 11.60      $ 12.04      $ 10.69      $ 18.80  
 

 

 

   

 

 

 

Total return

    0.17 %+      5.15      3.33      17.26      (25.52 )%       17.75
 

 

 

   

 

 

 

Ratios/supplemental data:

 

Net assets, end of period (millions)

  $ 77.6     $ 85.5      $ 98.6      $ 117.6      $ 119.7      $ 260.7  
 

 

 

   

 

 

 

Ratios of total expenses to average net assets:

               

Before fees waived

    1.30 %*,3      1.29 %6       1.28 %6       1.46 %5       1.50 %4       1.29 %3 
 

 

 

   

 

 

 

After fees waived

    0.98 %*,3,7      0.98 %6,7       0.98 %6,7       1.01 %5,7       1.18 %4,7       1.16 %3,7 
 

 

 

   

 

 

 

Ratio of net investment income (loss) to average net assets

    0.03 %*,3      0.24 %6       0.57 %6       0.41 %5       (0.06 )%4       (0.13 )%3 
 

 

 

   

 

 

 

Portfolio turnover rate

    50.51 %+      81.15      81.79      55.74      108.86      27.74
 

 

 

   

 

 

 

 

  #

Unaudited.

  ^

Amount represents less than $0.01 per share.

  +

Not annualized.

  *

Annualized.

  1 

Calculated based on the average shares outstanding methodology.

  2 

The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund’s shares in relation to fluctuating market values of the investments of the Fund.

  3 

Includes Interest & Dividend expense of 0.01% of average net assets.

  4 

Includes Interest & Dividend expense of 0.03% of average net assets.

  5 

Includes Interest & Dividend expense of 0.04% of average net assets.

  6 

Includes Interest & Dividend expense of 0.00% of average net assets.

  7 

Includes the impact of the voluntary waiver of less than 0.01% of average net assets.

 

The accompanying notes are an integral part of these financial statements.

 

 
Financial Highlights         53


iMGP International Fund – Institutional Class

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

   

Six Months
Ended

June 30,
2026#

    Year Ended December 31,  
     2025      2024      2023      2022      2021  

Net asset value, beginning of period

  $ 22.19     $ 17.31      $ 17.62      $ 15.16      $ 19.50      $ 18.12  
 

 

 

   

 

 

 

Income from investment operations:

 

Net investment income1

    0.17       0.12        0.15        0.19        0.11        0.71 2 

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency

    1.53       5.10        (0.25 )3       2.45        (4.32      1.39  
 

 

 

   

 

 

 

Total income (loss) from investment operations

    1.70       5.22        (0.10      2.64        (4.21      2.10  
 

 

 

   

 

 

 

Less distributions:

 

From net investment income

          (0.34      (0.18      (0.18      (0.13      (0.72

Return of capital

                 (0.03                     
 

 

 

   

 

 

 

Total distributions

          (0.34      (0.21      (0.18      (0.13      (0.72
 

 

 

   

 

 

 

Net asset value, end of period

  $ 23.89     $ 22.19      $ 17.31      $ 17.62      $ 15.16      $ 19.50  
 

 

 

   

 

 

 

Total return

    7.66 %+      30.21      (0.57 )%       17.40      (21.58 )%       11.75
 

 

 

   

 

 

 

Ratios/supplemental data:

 

Net assets, end of period (millions)

  $ 96.5     $ 124.9      $ 169.2      $ 222.9      $ 205.6      $ 339.7  
 

 

 

   

 

 

 

Ratios of total expenses to average net assets:

               

Before fees waived

    1.37 %*,6      1.31 %5       1.23 %6       1.29 %4       1.47 %5       1.28 %4 
 

 

 

   

 

 

 

After fees waived

    1.36 %*,6,7      1.25 %5,7       1.18 %6,7       1.07 %4,7       1.24 %5,7       1.05 %4,7 
 

 

 

   

 

 

 

Ratio of net investment income to average net assets

    1.46 %*,6      0.59 %5       0.84 %6       1.15 %4       0.68 %5       3.63 %2,4 
 

 

 

   

 

 

 

Portfolio turnover rate

    51.57 %+      98.63      43.58      40.55      42.74      99.91
 

 

 

   

 

 

 

 

  #

Unaudited.

  +

Not annualized.

  *

Annualized.

  1 

Calculated based on the average shares outstanding methodology.

  2 

Include non-cash distributions amounting to $0.68 per share and 3.46% of average daily net assets.

  3 

The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund’s shares in relation to fluctuating market values of the investments of the Fund.

  4 

Includes Interest & Dividend expense of 0.00% of average net assets.

  5 

Includes Interest & Dividend expense of 0.01% of average net assets.

  6 

Includes Interest & Dividend expense of 0.02% of average net assets.

  7 

Includes the impact of the voluntary waiver of less than 0.01% of average net assets.

 

The accompanying notes are an integral part of these financial statements.

 

 
54       iM Global Partner Funds


iMGP Small Company Fund – Institutional Class

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

   

Six Months
Ended

June 30,
2026#

    Year Ended December 31,  
     2025      2024      2023      2022      2021  

Net asset value, beginning of period

  $ 14.02     $ 14.61      $ 14.89      $ 12.87      $ 14.86      $ 12.71  
 

 

 

   

 

 

 

Income from investment operations:

 

Net investment income (loss)1

    (0.04     (0.03      0.02        0.08        0.01        (0.01

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments

    2.22       0.04 2       2.21        3.10        (2.00      2.50  
 

 

 

   

 

 

 

Total income (loss) from investment operations

    2.18       0.01        2.23        3.18        (1.99      2.49  
 

 

 

   

 

 

 

Less distributions:

 

From net investment income

          (0.00 )^       (0.04      (0.11              

From net realized gains

          (0.60      (2.47      (1.05             (0.34
 

 

 

   

 

 

 

Total distributions

          (0.60      (2.51      (1.16             (0.34
 

 

 

   

 

 

 

Net asset value, end of period

  $ 16.20     $ 14.02      $ 14.61      $ 14.89      $ 12.87      $ 14.86  
 

 

 

   

 

 

 

Total return

    15.55 %+      0.01      14.29      24.74      (13.39 )%       19.66
 

 

 

   

 

 

 

Ratios/supplemental data:

 

Net assets, end of period (millions)

  $ 54.8     $ 56.9      $ 49.3      $ 51.8      $ 48.7      $ 65.6  
 

 

 

   

 

 

 

Ratios of total expenses to average net assets:

               

Before fees waived

    1.37 %*,6      1.51 %5       1.37 %4       1.43 %3       1.68 %3       1.48 %3 
 

 

 

   

 

 

 

After fees waived

    1.17 %*,6,7      1.21 %5,7       1.17 %4,7       1.15 %3       1.15 %3       1.15 %3,7 
 

 

 

   

 

 

 

Ratio of net investment income (loss) to average net assets

    (0.49 )%*,6      (0.25 )%5       0.11 %4       0.59 %3       0.11 %3       (0.04 )%3 
 

 

 

   

 

 

 

Portfolio turnover rate

    18.03 %+      98.36      148.82      56.46      35.50      45.15
 

 

 

   

 

 

 

 

  #

Unaudited.

  ^

Amount represents less than $0.01 per share.

  +

Not annualized.

  *

Annualized.

  1 

Calculated based on the average shares outstanding methodology.

  2 

The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund’s shares in relation to fluctuating market values of the investments of the Fund.

  3 

Includes Interest & Dividend expense of 0.00% of average net assets.

  4 

Includes Interest & Dividend expense of 0.02% of average net assets.

  5 

Includes Interest & Dividend expense of 0.07% of average net assets.

  6 

Includes Interest & Dividend expense of 0.03% of average net assets.

  7 

Includes the impact of the voluntary waiver of less than 0.01% of average net assets.

 

The accompanying notes are an integral part of these financial statements.

 

 
Financial Highlights         55


iMGP Low Duration Income Fund – Institutional Class

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

   

Six Months
Ended

June 30,
2026#

    Year Ended December 31,  
     2025      2024      2023      2022      2021  

Net asset value, beginning of period

  $ 9.86     $ 9.90      $ 9.65      $ 9.16      $ 10.27      $ 10.21  
 

 

 

   

 

 

 

Income from investment operations:

 

Net investment income1

    0.30       0.57        0.60        0.56        0.38        0.32 2 

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments, foreign currency, options, futures and swap contracts

    (0.03     0.10        0.24        0.54        (1.08      0.33  
 

 

 

   

 

 

 

Total income (loss) from investment operations

    0.27       0.67        0.84        1.10        (0.70      0.65  
 

 

 

   

 

 

 

Less distributions:

 

From net investment income

    (0.30     (0.71      (0.59      (0.61      (0.38      (0.34

From net realized gains

                               (0.03      (0.25
 

 

 

   

 

 

 

Total distributions

    (0.30     (0.71      (0.59      (0.61      (0.41      (0.59
 

 

 

   

 

 

 

Net asset value, end of period

  $ 9.83     $ 9.86      $ 9.90      $ 9.65      $ 9.16      $ 10.27  
 

 

 

   

 

 

 

Total return

    2.31 %+      6.94      8.84 %3       12.32      (6.85 )%       6.42
 

 

 

   

 

 

 

Ratios/supplemental data:

 

Net assets, end of period (millions)

  $ 254.7     $ 315.2      $ 138.8      $ 91.7      $ 99.8      $ 106.7  
 

 

 

   

 

 

 

Ratios of total expenses to average net assets:

               

Before fees waived

    1.25 %*,5      1.27 %7       1.35 %6       1.51 %5       1.41 %4       1.44 %4 
 

 

 

   

 

 

 

After fees waived

    1.00 %*,5,8      1.02 %7,8       0.98 %6,8       1.01 %5,8       0.99 %4,8       0.98 %4,8 
 

 

 

   

 

 

 

Ratio of net investment income to average net assets

    6.16 %*,5      5.71 %7       6.08 %6       5.98 %5       3.93 %4       3.11 %2,4 
 

 

 

   

 

 

 

Portfolio turnover rate

    28.88 %+      97.16      29.76      38.78      49.41      72.02
 

 

 

   

 

 

 

 

  #

Unaudited.

  +

Not annualized.

  *

Annualized.

  1 

Calculated based on the average shares outstanding methodology.

  2 

Include non-cash distributions amounting to $0.00 per share and 0.01% of average daily net assets.

  3 

The total return does not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

  4 

Includes Interest & Dividend expense of 0.01% of average net assets.

  5 

Includes Interest & Dividend expense of 0.03% of average net assets.

  6 

Includes Interest & Dividend expense of 0.00% of average net assets.

  7 

Includes Interest & Dividend expense of 0.04% of average net assets.

  8 

Includes the impact of the voluntary waiver of less than 0.01% of average net assets.

 

The accompanying notes are an integral part of these financial statements.

 

 
56       iM Global Partner Funds


iMGP Dolan McEniry Core Plus Fund – Institutional Class

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

   

Six Months
Ended

June 30,
2026#

     Year Ended December 31,  
      2025      2024      2023      2022      2021  

Net asset value, beginning of period

  $ 10.08      $ 9.81      $ 9.86      $ 9.54      $ 10.62      $ 10.92  
 

 

 

    

 

 

 

Income from investment operations:

 

Net investment income1

    0.22        0.44        0.42        0.37        0.20        0.14  

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments

    (0.14      0.27        (0.05      0.32        (1.05      (0.23
 

 

 

    

 

 

 

Total income (loss) from investment operations

    0.08        0.71        0.37        0.69        (0.85      (0.09
 

 

 

    

 

 

 

Less distributions:

 

From net investment income

    (0.22      (0.44      (0.42      (0.37      (0.22      (0.15

From net realized gains

                                (0.01      (0.06
 

 

 

    

 

 

 

Total distributions

    (0.22      (0.44      (0.42      (0.37      (0.23      (0.21
 

 

 

    

 

 

 

Net asset value, end of period

  $ 9.94      $ 10.08      $ 9.81      $ 9.86      $ 9.54      $ 10.62  
 

 

 

    

 

 

 

Total return

    0.81 %+       7.39      3.87      7.38      (8.08 )%       (0.86 )% 
 

 

 

    

 

 

 

Ratios/supplemental data:

 

Net assets, end of period (thousands)

  $ 523,701      $ 487,409      $ 349,617      $ 204,102      $ 95,178      $ 90,827  
 

 

 

    

 

 

 

Ratios of total expenses to average net assets:

                

Before fees waived

    0.67 %*,3       0.73 %3       0.74 %3       0.83 %3       1.02      0.96 %2 
 

 

 

    

 

 

 

After fees waived

    0.62 %*,3       0.62 %3       0.68 %3       0.70 %3       0.70      0.70 %2 
 

 

 

    

 

 

 

Ratio of net investment income to average net assets

    4.46 %*,3       4.43 %3       4.31 %3       3.87 %3       2.01      1.28 %2 
 

 

 

    

 

 

 

Portfolio turnover rate

    32.17 %+       14.84      99.98      21.22      26.08 %4       32.65 %4 
 

 

 

    

 

 

 

 

  #

Unaudited.

  +

Not annualized.

  *

Annualized.

  1 

Calculated based on the average shares outstanding methodology.

  2 

Includes Interest & Dividend expense of 0.02% of average net assets.

  3 

Includes Interest & Dividend expense of 0.00% of average net assets.

  4 

Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

 

The accompanying notes are an integral part of these financial statements.

 

 
Financial Highlights         57


iMGP APA Enhanced Income Municipal Fund – Institutional Class

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

     Six Months
Ended
June 30,
2026#
    Year Ended
December 31,
2025
     Period Ended
December 31,
2024**
 

Net asset value, beginning of period

  $ 10.10     $ 10.01      $ 10.00  
 

 

 

 

Income from investment operations:

 

    

Net investment income1

    0.16       0.34        0.00 ^ 

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments

    0.03       0.14        0.01  
 

 

 

 

Total income from investment operations

    0.19       0.48        0.01  
 

 

 

 

Less distributions:

 

    

From net investment income

    (0.18     (0.34       

From net realized gains

          (0.05       
 

 

 

 

Total distributions

    (0.18     (0.39       
 

 

 

 

Net asset value, end of period

  $ 10.11     $ 10.10      $ 10.01  
 

 

 

 

Total return

    1.91 %+      4.86      0.00 %+,2 
 

 

 

 

Ratios/supplemental data:

 

    

Net assets, end of period (millions)

  $ 18.1     $ 18.1      $ 14.6  
 

 

 

 

Ratios of total expenses to average net assets:

      

Before fees waived

    1.39 %*,3      1.76 %3       5.49 %* 
 

 

 

 

After fees waived

    0.60 %*,3      0.60 %3       0.59 %* 
 

 

 

 

Ratio of net investment income to average net assets

    3.21 %*,3      3.43 %3       0.69 %* 
 

 

 

 

Portfolio turnover rate

    88.71 %+      205.09      0.00 %+ 
 

 

 

 

 

  #

Unaudited.

  +

Not annualized.

  *

Annualized.

  **

Commenced operations on December 16, 2024.

  ^

Amount represents less than $0.01 per share.

  1 

Calculated based on the average shares outstanding methodology.

  2 

The total return does not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

  3 

Includes Interest & Dividend expense of 0.01% of average net assets.

 

The accompanying notes are an integral part of these financial statements.

 

 
58       iM Global Partner Funds


iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

    

Six Months
Ended

June 30,
2026#

     Year Ended December 31,  
      2025      2024      2023      2022      2021  

Net asset value, beginning of period

   $ 28.05      $ 26.15      $ 25.77      $ 29.05      $ 25.42      $ 25.58  
  

 

 

    

 

 

 

Income from investment operations:

                 

Net investment income (loss)1

     0.38        0.82        1.10        0.81        (0.23      (0.26

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and futures contracts

     2.45        2.74        0.78 2       (3.34      6.11 2       2.78  
  

 

 

    

 

 

 

Total income (loss) from investment operations

     2.83        3.56        1.88        (2.53      5.88        2.52  
  

 

 

    

 

 

 

Less distributions:

                 

From net investment income

     (0.27      (1.66      (1.50      (0.69      (1.06      (0.35

From net realized gains

                                 (1.18      (1.18

Return of capital

                          (0.06      (0.01      (1.15
  

 

 

    

 

 

 

Total distributions

     (0.27      (1.66      (1.50      (0.75      (2.25      (2.68
  

 

 

    

 

 

 

Net asset value, end of period

   $ 30.61      $ 28.05      $ 26.15      $ 25.77      $ 29.05      $ 25.42  
  

 

 

    

 

 

 

Market price, end of period

   $ 30.61      $ 28.06      $ 26.16      $ 25.76      $ 29.11      $ 25.80  
  

 

 

    

 

 

 

Net asset value total return

     10.11 %+       13.85      7.18      (8.72 )%       23.07      9.80
  

 

 

    

 

 

 

Ratios/supplemental data:

                 

Net assets, end of period (thousands)

   $ 3,887,474      $ 2,098,104      $ 1,256,977      $ 684,737      $ 951,319      $ 60,379  
  

 

 

    

 

 

 

Ratios of total expenses to average net assets:

                 

Before fees waived

     0.85 %*       0.85      0.85      0.85      0.85      0.95 %3 
  

 

 

    

 

 

 

After fees waived

     0.85 %*       0.85      0.85      0.85      0.85      0.95 %3 
  

 

 

    

 

 

 

Ratio of net investment income (loss) to average net assets

     2.51 %*       3.06      3.94      2.93      (0.73 )%       (0.93 )%3 
  

 

 

    

 

 

 

Portfolio turnover rate

     0.00 %+       0.00      0.00      0.00      0.00      0.00
  

 

 

    

 

 

 

 

  #

Unaudited.

  +

Not annualized.

  *

Annualized.

  1 

Calculated based on the average shares outstanding methodology.

  2 

The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund’s shares in relation to fluctuating market values of the investments of the Fund.

  3 

Includes broker interest expense of 0.10% of average net assets.

 

The accompanying notes are an integral part of these financial statements.

 

 
Financial Highlights         59


iMGP Berkshire Dividend Growth ETF

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

   

Six Months
Ended

June 30,
2026#

    Year Ended
December 31,
     Period Ended
December 31,
 
     2025      2024      2023**  

Net asset value, beginning of period

  $ 12.81     $ 11.43      $ 10.44      $ 10.08  
 

 

 

   

 

 

 

Income from investment operations:

         

Net investment income1

    0.11       0.22        0.21        0.11  

Net realized gain (loss) and net change in unrealized
appreciation/depreciation on investments

    1.43       1.38        0.97        0.35  
 

 

 

   

 

 

 

Total income from investment operations

    1.54       1.60        1.18        0.46  
 

 

 

   

 

 

 

Less distributions:

         

From net investment income

    (0.10     (0.22      (0.17      (0.10

From net realized gains

                 (0.02       
 

 

 

   

 

 

 

Total distributions

    (0.10     (0.22      (0.19      (0.10
 

 

 

   

 

 

 

Net asset value, end of period

  $ 14.25     $ 12.81      $ 11.43      $ 10.44  
 

 

 

   

 

 

 

Market price, end of period

  $ 14.27     $ 12.81      $ 11.47      $ 10.44  
 

 

 

   

 

 

 

Net asset value total return

    12.05 %+      14.13      11.35      4.56 %+ 
 

 

 

   

 

 

 

Ratios/supplemental data:

         

Net assets, end of period (thousands)

  $ 13,536     $ 8,650      $ 8,855      $ 1,305  
 

 

 

   

 

 

 

Ratios of total expenses to average net assets:

         

Before fees waived

    0.55 %*      0.55      0.55      0.55 %* 
 

 

 

   

 

 

 

After fees waived

    0.55 %*      0.55      0.55      0.55 %* 
 

 

 

   

 

 

 

Ratio of net investment income to average net assets

    1.66 %*      1.79      1.83      2.18 %* 
 

 

 

   

 

 

 

Portfolio turnover rate

    14.38 %+,5      29.62 %4       4.11 %3       0.02 %+,2 
 

 

 

   

 

 

 

 

  #

Unaudited.

  +

Not annualized.

  *

Annualized.

  **

Commenced operations on June 29, 2023.

  1 

Calculated based on the average shares outstanding methodology.

  2 

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 0.02% for the period ended December 31, 2023.

  3 

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 4.11% for the year ended December 31, 2024.

  4 

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 36.25% for the year ended December 31, 2025

  5 

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 17.90% for the period ended June 30, 2026.

 

The accompanying notes are an integral part of these financial statements.

 

 
60       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited)

 

Note 1 – Organization

 

iM Global Partner Funds (the “Trust”) was organized as a Delaware business trust on August 1, 1996, and is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. Effective June 22, 2026, the Litman Gregory Funds Trust changed its name to the iM Global Partner Funds. The Trust consists of eleven separate series. The eight series that are included in this report are: iMGP Global Select Fund, iMGP International Fund, iMGP Small Company Fund, iMGP Low Duration Income Fund, iMGP Dolan McEniry Core Plus Fund (formerly, iMGP Dolan McEniry Corporate Bond Fund), iMGP APA Enhanced Income Municipal Fund, iMGP DBi Managed Futures Strategy ETF, and iMGP Berkshire Dividend Growth ETF (collectively the “Funds”). Each Fund is diversified.

iMGP Global Select Fund (“Global Select Fund”) seeks to increase the value of an investment in the Fund over the long-term by using the combined talents and favorite stock-picking ideas of two highly regarded portfolio managers (each “Managers” or “Sub-Advisors”). The Global Select Fund offers one class of shares: Institutional Class.

iMGP International Fund (“International Fund”) seeks to increase the value of an investment in the Fund over the long-term by using the combined talents and favorite stock-picking ideas of four highly regarded international portfolio managers. The International Fund offers one class of shares: Institutional Class.

iMGP Small Company Fund (“Small Company Fund”) seeks long-term growth of capital; that is, the increase in the value of an investment in the Fund over the long-term by engaging two experienced, high quality portfolio managers with favorite stock-picking ideas that can deliver a portfolio that is prudently diversified in terms of stocks and industries. The Small Company Fund offers one class of shares: Institutional Class.

iMGP Low Duration Income Fund (“Low Duration Income Fund”) seeks to achieve long-term returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes, by using the combined talents and favorite stock and bond market indexes-picking ideas of three highly regarded portfolio managers. A high level of current income is a secondary objective. The Low Duration Income Fund offers one class of shares: Institutional Class.

iMGP Dolan McEniry Core Plus Fund (“Dolan McEniry Core Plus Fund”) seeks to provide investors with total return, with a secondary investment objective of preserving capital by investing in a diversified portfolio of corporate investment grade bonds, corporate high yield bonds, and U.S. Government and Treasury securities maturing within 10 years or less. The Dolan McEniry Core Plus Fund offers one class of shares: Institutional Class.

iMGP APA Enhanced Income Municipal Fund (“APA Enhanced Income Municipal Fund”) seeks to provide investors with a high level of income exempt from federal income tax, with capital appreciation as a secondary investment objective. Under normal conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in U.S. dollar-denominated municipal bonds of intermediate maturities that are exempt from federal income tax. The Fund may invest up to 20% of its net assets in taxable debt securities issued or guaranteed by the U.S. Government, its agencies, corporate cusips and municipal bonds subject to the federal alternative minimum tax. The Fund may invest up to 10% of its total assets in unrated securities, and may invest up to 20% of its total assets in unrated securities and below investment grade securities (also known as “junk bonds” or “high yield securities”), but will generally invest less than 10% of its total assets in such securities. The APA Enhanced Income Municipal Fund offers one class of shares: Institutional Class.

iMGP DBi Managed Futures Strategy ETF (“DBi Managed Futures Strategy ETF”) seeks long term capital appreciation. The DBi Managed Futures Strategy ETF is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its objective by: (i) investing its assets pursuant to a managed futures strategy; (ii) allocating up to 20% of its total assets in its wholly-owned subsidiary, which is organized under the laws of the Cayman Islands, is advised by the sub-advisor, and will comply with the DBi Managed Futures Strategy ETF’s investment objective and investment policies; and (iii) investing directly in select debt instruments for cash management and other purposes. Shares of the Fund are listed and traded on the New York Stock Exchange Arca.

iMGP Berkshire Dividend Growth ETF (“Berkshire Dividend Growth ETF”) seeks dividend income and long-term capital appreciation. The Berkshire Dividend Growth ETF is an actively-managed ETF that seeks to achieve its objective by investing at least 80% of its net assets, plus borrowings for investment purposes, in dividend-paying equity securities, with an emphasis on stocks that have a strong track record of paying dividends or that are expected to increase their dividends over time. Shares of the Fund are listed and traded on the New York Stock Exchange Arca.

Note 2 – Significant Accounting Policies

 

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”).

 

A

Accounting Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services—Investment Companies.

 

B

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

 

 
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  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.

 

C

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 10.4% of its total net assets invested in the Subsidiary as of June 30, 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.

 

 
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D

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”).

 

E

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.

 

F

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.

 

G

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 June 30, 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

 

Small Company Fund

  $ 1,713,600      $ 215,968      $ 1,489,016      $ 1,704,984  

Low Duration Income Fund

    13,306,847        13,431,002        143,325        13,574,327  

Dolan McEniry Core Plus Fund

    16,135,789        5,485,313        11,028,625        16,513,938  

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%.

 

H

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

 

 
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  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 June 30, 2026, the Funds’ ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments in Securities.

 

I

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.

 

J

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.

 

K

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 (see Note 8).

 

L

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.

 

M

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 (see Note 8).

 

N

Interest Rate Swaps. During the period ended June 30, 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

 

 
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  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 on the Statements of Assets and Liabilities (see Note 8).

 

O

Credit Default Swaps. During the period ended June 30, 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 Statements of Operations. 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 on the Statements of Assets and Liabilities (see Note 8).

 

P

Total Return Swaps. During the period ended June 30, 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 (see Note 8).

 

Q

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

 

 
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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 (see Note 8).

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 (see Note 8).

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 (see Note 8).

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.

 

 
66       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

R

Distributions to Shareholders. Distributions paid to shareholders are recorded on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition – “temporary differences”), such amounts are reclassified within the capital accounts based on their federal tax-basis.

 

S

Income Taxes. DBi Managed Futures Strategy ETF has a tax year end of September 30, 2026. The remaining Funds in this report each has a tax year end of December 31,2026. The Funds intend to comply with the requirements of Subchapter M of the Code applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Accordingly, no provisions for federal income taxes are required. The Funds have reviewed the tax positions, taken on federal income tax returns, for each of the three open tax years (as applicable) and as of June 30, 2026, and have determined that no provision for income tax is required in the Funds’ financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statements of Operations. During the period ended June 30, 2026, the Funds did not incur any interest or penalties. Foreign securities held by the Funds may be subject to foreign taxation on dividend and interest income received. Foreign taxes, if any, net of any reclaims, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds’ invest.

Taxes on foreign interest and dividend income are generally withheld in accordance with the applicable country’s tax treaty with the United States. The foreign withholding rates applicable to a Fund’s investments in certain jurisdictions may be higher if a significant portion of the Fund is held by non-U.S. shareholders. Each Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based charges imposed by certain countries in which it invests. Taxes related to capital gains realized during the period ended June 30, 2026, if any, are reflected as part of net realized gain (loss) in the Statements of Operations.

Changes in tax liabilities related to capital gain taxes on unrealized investment gains, if any, are reflected as part of change in net unrealized appreciation (depreciation) in the Statements of Operations. Transaction-based charges are generally calculated as a percentage of the transaction amount.

The Funds may have previously filed for and/or may file for additional tax refunds with respect to certain taxes withheld by certain countries. Generally, the amount of such refunds that a Fund reasonably determines are collectible and free from significant contingencies are reflected in a Fund’s net asset value and are reflected as foreign tax reclaims receivable in the Statements of Assets and Liabilities. In certain circumstances, a Fund’s receipt of such refunds may cause the Fund and/or its shareholders to be liable for U.S. federal income taxes and interest charges.

Foreign taxes paid by each Fund may be treated, to the extent permissible by the Code (and other applicable U.S. federal tax guidance) and if that Fund so elects, as if paid by U.S. shareholders of that Fund.

The Funds adopted FASB Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures” (“ASU 2023-09”), which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Funds’ income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. Management has determined that there is no material impact of the ASU on the Funds’ financial statements.

 

T

Security Transactions, Dividend and Interest Income and Expenses. Security transactions are accounted for on the trade date. Realized gains and losses on securities transactions are reported on an identified cost basis. Dividend income and, where applicable, related foreign tax withholding expenses are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. For fixed-income securities, purchase discounts are accreted to maturity date and purchase premiums are amortized to maturity date or earliest call date, whichever is shorter, using the effective interest method and reflected within interest income on the Statements of Operations. Paydown gains and losses on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income in the Statements of Operations. Many expenses of the Trust can be directly attributed to a specific Fund. Each Fund is charged for expenses directly attributed to it. Expenses that cannot be directly attributed to a specific Fund are allocated among the Funds in the Trust in proportion to their respective net assets or other appropriate method

 

U

Restricted Cash. At June 30, 2026, the Low Duration Income Fund and the DBi Managed Futures Strategy ETF held restricted cash in connection with investments in certain derivative securities. Restricted cash is held in a segregated account with the Funds’ Custodian as well as with brokers and is reflected in the Statements of Assets and Liabilities as deposits at brokers for securities sold short, futures, options, and swaps. Restrictions may include legally restricted deposits held as compensating balances against short-term borrowing arrangements or contracts entered into with others.

The Funds consider their investment in a Federal Deposits Insurance Corporation (“FDIC”) insured interest bearing savings account to be cash. The Funds maintain cash balances, which, at times, may exceed federally insured limits. The Funds maintain these balances with a high quality financial institution.

 

V

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 June 30, 2026, there were no restricted securities held in the Funds.

 

 
Notes to Financial Statements         67


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

W

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.

 

X

Indemnification Obligations. Under the Trust’s organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred or that would be covered by other parties.

 

Y

Segment Reporting. The Funds adopted FASB Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of their operations. The Funds’ Treasurer acts as the Funds’ chief operating decision maker (“CODM”). The CODM has determined that the Funds have a single operating segment because the CODM monitors the operating results of the Funds as a whole and evaluates performance in accordance with the Funds’ principal investment strategies disclosed in their prospectus. The CODM uses these measures to assess Funds performance and allocate resources effectively. The Funds’ total returns, expense ratios, and changes in net assets which among others are used by the CODM to assess Funds performance and to make resource allocation decisions for the Funds’ single segment are consistent with that presented within the Funds’ financial statements.

Note 3 – Investment Advisory and Other Agreements

 

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with Litman Gregory Fund Advisors, LLC. Effective October 1, 2021, Litman Gregory Fund Advisors, LLC has changed its name to iM Global Partner Fund Management, LLC (the “Advisor”) and also subsequently referred to as “iM Global”. Under the terms of the Agreement, each Fund pays a monthly investment advisory fee to the Advisor at the annual rate below of the respective Fund’s average daily net assets before any fee waivers:

 

    Contractual Management Rate  
Fund   First
$450
million
    Excess
of
$450
million
    First
$750
million
    Excess
of
$750
million
    First
$1
billion
    Excess
of
$1
billion
    Between
$1 and
$2
billion
    First
$2
billion
    Between
$2 and
$3
billion
    Between
$3 and
$4
billion
    Excess
of
$4
billion
 

Global Select

                0.85     0.75                                          

International

                            0.90     0.80                              

Small Company

    0.80     0.80                                                      

Low Duration Income

                            0.85           0.825           0.80     0.775     0.75

Dolan McEniry Core Plus

    0.42     0.42                                                      

APA Enhanced Income Municipal

    0.45     0.45                                                      

DBi Managed Futures Strategy ETF

    0.85     0.85                                                      

Berkshire Dividend Growth ETF

    0.55     0.55                                                      

The investment advisory fee for the DBi Managed Futures Strategy ETF and Berkshire Dividend Growth ETF is a unitary fee that covers ordinary operating expenses other than taxes, brokerage commissions and other transactional expenses, accrued deferred tax liability, acquired fund fees and expenses and extraordinary expenses.

The Advisor engages sub-advisors to manage the Funds and pays the sub-advisors from its advisory fees.

 

 
68       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

Through April 30, 2028, the Advisor has contractually agreed to waive a portion of its advisory fees for the Global Select Fund, International Fund, Small Company Fund and Low Duration Income Fund, effectively reducing total advisory fees to the percentages noted in the table below, based on average daily net assets (the “Advisory Fee Waiver Agreement”). Additionally, the Advisor has voluntarily agreed to waive its management fee on the daily cash values of the Funds not allocated to Managers. Amounts waived, contractual and voluntary, for the six months ended June 30, 2026 are disclosed in the table below. The Advisor has agreed not to seek recoupment of such waived fees under the Advisory Fee Waiver Agreement.

 

Fund  

Reduced Advisory Fee

Percentage

     Fees Waived  

Global Select Fund

    0.80    $ 21,827  

International Fund

    0.89      7,299  

Small Company Fund

    0.80      270  

Low Duration Income Fund

    0.79      79,693  

Furthermore, through April 30, 2028, for each of the Global Select Fund, Small Company Fund, Low Duration Income Fund, Dolan McEniry Core Plus Fund, and APA Enhanced Income Municipal Fund, the Advisor has contractually agreed to waive a portion of its advisory fees and/or reimburse a portion of the Fund’s operating expenses (excluding any taxes, interest, brokerage commissions, expenses incurred in connection with any merger or reorganization, borrowing costs (including commitment fees), dividend expenses, acquired fund fees and expenses and extraordinary expenses such as but not limited to litigation costs) to ensure that the total annual fund operating expenses after fee waiver and/or expense reimbursement for the Institutional Class not to exceed the following expense limitation ratios relative to each Fund’s average daily net assets (the “Expense Limitation Agreements”):

 

Global Select Fund

    0.98

Small Company Fund

    1.15

Low Duration Income Fund

    0.98

Dolan McEniry Core Plus Fund

    0.62

APA Enhanced Income Municipal Fund

    0.59

During the six months ended June 30, 2026, the amounts waived contractually pursuant to the Expense Limitation Agreements were as follows:

 

Global Select Fund

  $ 105,174  

Small Company Fund

    52,147  

Low Duration Income Fund

    258,968  

Dolan McEniry Core Plus Fund

    116,661  

APA Enhanced Income Municipal Fund

    72,368  

The Advisor may be reimbursed by each Fund no later than the end of the third fiscal year following the year of the waiver provided that such reimbursement does not cause each Fund’s expenses to exceed the expense limitation. The Advisor waived its right to recoup any fees waived under the Expense Limitation Agreements for periods ending prior to December 31, 2024.

During the six months ended June 30, 2026, no amount of previously waived fees were recouped.

At June 30, 2026, the amounts waived which are available for recoupment and the expiration schedule are as follows:

 

Fund   Fee waivers subject
to recoupment
     Expires
December 31,
2027
     Expires
December 31,
2028
     Expires
December 31,
2029
 

Global Select Fund

  $ 548,763      $ 198,735      $ 244,854      $ 105,174  

Small Company Fund

    299,502        102,009        145,346        52,147  

Low Duration Income Fund

    1,108,695        245,113        604,614        258,968  

Dolan McEniry Core Plus Fund

    735,139        141,766        476,712        116,661  

APA Enhanced Income Municipal Fund

    292,369        21,292        198,709        72,368  

 

 
Notes to Financial Statements         69


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

State Street Bank and Trust Company (“State Street”) serves as the Administrator, Custodian and Fund Accountant to the Funds.

State Street also serves as the Transfer Agent for DBi Managed Futures Strategy ETF and Berkshire Dividend Growth ETF. SS&C Global Investor & Distribution Solutions, Inc. serves as Transfer Agent for the other Funds. The Funds’ principal underwriter is ALPS Distributors, Inc.

An employee of the Advisor serves as the Funds’ Chief Compliance Officer (“CCO”). The CCO receives no compensation from the Funds for his services, however, the Funds reimbursed the Advisor $99,000 for the six months ended June 30, 2026 for the services of the CCO.

During the six months ended June 30, 2026, each independent Trustee, within the meaning of the 1940 Act, was compensated by the Trust in the amount of $78,500. The Chairperson of the Board was compensated in the amount of $91,000.

Certain officers and Trustees of the Trust are also officers of the Advisor.

Note 4 – Distribution Plan

 

The DBi Managed Futures Strategy ETF and Berkshire Dividend Growth ETF issue and redeem Shares at Net Asset Value (“NAV”) only in Creation Units. Only Authorized Participants (“APs”) may acquire Shares directly from the Funds, and only APs may tender their Shares for redemption directly to the Funds, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

Individual Shares may be purchased and sold only on a national securities exchange through brokers. Shares will be listed for trading on NYSE Arca and because the Shares will trade at market prices rather than NAV, Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount).

Note 5 – Investment Transactions

 

The cost of securities purchased and the proceeds from securities sold for the six months ended June 30, 2026, excluding short-term investments and in-kind transactions were as follows:

 

Fund   U.S. Gov’t
Securities
Purchases
     Other
Purchases
     U.S. Gov’t
Securities Sales
     Other Sales  

Global Select Fund

  $      $ 40,010,155      $      $ 50,872,685  

International Fund

           60,271,706               97,059,581  

Small Company Fund

           9,586,990               19,608,420  

Low Duration Income Fund

    54,950,835        22,297,800        48,668,716        84,372,312  

Dolan McEniry Core Plus Fund

    27,288,983        188,779,868        24,598,363        134,209,998  

APA Enhanced Income Municipal Fund

           16,560,019               16,060,167  

Berkshire Dividend Growth ETF

           1,848,051               1,356,185  

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below:

 

Fund   In-Kind
Subscriptions
     In-Kind
Redemptions
 

Berkshire Dividend Growth ETF

  $ 4,039,340      $ 331,591  

 

 
70       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

Note 6 – 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.

 

 
Notes to Financial Statements         71


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

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 June 30, 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

          

Brazil

  $ 2,427,267      $      $      $ 2,427,267  

Canada

    8,783,917                      8,783,917  

China

    1,571,339                      1,571,339  

Germany

    1,652,085                      1,652,085  

Netherlands

    2,130,806                      2,130,806  

Taiwan

    3,667,260                      3,667,260  

United States

    47,495,031                      47,495,031  

Preferred Stocks

          

South Korea

    5,797,057                      5,797,057  
 

 

 

 

Total Equity

    73,524,762                      73,524,762  
 

 

 

 

Short-Term Investments

          

Repurchase Agreements

           1,636,373               1,636,373  
 

 

 

 

Total Short-Term Investments

           1,636,373               1,636,373  
 

 

 

 

Total Investments in Securities

  $ 73,524,762      $ 1,636,373      $      $ 75,161,135  
 

 

 

 

 

 
72       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

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

  $ 224,282      $      $      $ 224,282  

Brazil

    2,147,198                      2,147,198  

Canada

    1,557,073                      1,557,073  

China

    3,185,634                      3,185,634  

Denmark

    583,479                      583,479  

France

    9,957,314                      9,957,314  

Germany

    10,847,448                      10,847,448  

Greece

    3,345,260                      3,345,260  

Hong Kong

    1,103,425                      1,103,425  

Indonesia

    390,751                      390,751  

Ireland

    1,595,161                      1,595,161  

Israel

    3,781,477                      3,781,477  

Italy

    5,541,245                      5,541,245  

Japan

    9,719,060                      9,719,060  

Netherlands

    7,049,023                      7,049,023  

Singapore

    2,228,030                      2,228,030  

South Africa

    1,410,099                      1,410,099  

South Korea

    1,234,530                      1,234,530  

Spain

    1,032,783                      1,032,783  

Sweden

    1,214,171                      1,214,171  

Switzerland

    5,381,275                      5,381,275  

Taiwan

    4,760,896                      4,760,896  

United Kingdom

    7,266,209                      7,266,209  

United States

    7,444,171                      7,444,171  
 

 

 

 

Total Equity

    92,999,994                      92,999,994  
 

 

 

 

Short-Term Investments

          

Repurchase Agreements

           2,438,468               2,438,468  
 

 

 

 

Total Short-Term Investments

           2,438,468               2,438,468  
 

 

 

 

Total Investments in Securities

  $ 92,999,994      $ 2,438,468      $      $ 95,438,462  
 

 

 

 

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

  $ 53,893,299      $      $      $ 53,893,299  
 

 

 

 

Total Equity

    53,893,299                      53,893,299  
 

 

 

 

Short-Term Investments

          

Investment of Cash Collateral for Securities Loaned

    215,968                      215,968  
 

 

 

 

Total Investments in Securities

  $ 54,109,267      $      $      $ 54,109,267  
 

 

 

 

 

(a)

See Fund’s Schedule of Investments in Securities for sector classifications.

 

 
Notes to Financial Statements         73


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

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

  $ 746,289      $ 60,660      $      $ 806,949  

Preferred Stocks

    3,181,823                      3,181,823  

Limited Partnerships

                  51,925 **       51,925  
 

 

 

 

Total Equity

    3,928,112        60,660        51,925 **       4,040,697  
 

 

 

 

Rights/Warrants

           483,589               483,589  

Fixed Income

          

Asset-Backed Securities

           37,580,402               37,580,402  

Bank Loans

           47,722,645               47,722,645  

Convertible Bonds

           9,513               9,513  

Corporate Bonds

           109,008,237        75,003 **       109,083,240  

Government Securities & Agency Issue

           13,780,874               13,780,874  

Mortgage-Backed Securities

           33,362,834        5,824 **       33,368,658  

Municipal Bonds

           4,978               4,978  
 

 

 

 

Total Fixed Income

           241,469,483        80,827 **       241,550,310  
 

 

 

 

Short-Term Investments

          

Investment of Cash Collateral for Securities Loaned

    13,431,002                      13,431,002  

Money Market Funds

    8,868,117                      8,868,117  

Repurchase Agreements

           5,506,281               5,506,281  

Treasury Bills

           1,569,116               1,569,116  
 

 

 

 

Total Short-Term Investments

    22,299,119        7,075,397               29,374,516  
 

 

 

 

Purchased Options

    9,875        12,809               22,684  
 

 

 

 

Total Investments in Securities in Assets

  $ 26,237,106      $ 249,101,938      $ 132,752 **     $ 275,471,796  
 

 

 

 

Unfunded Loan Commitments***

           (10,277             (10,277
 

 

 

 

Other Financial Instruments*

          

Forward Foreign Currency Exchange Contracts

  $ 105,318      $      $      $ 105,318  

Futures

    61,150                      61,150  

Swaps - Interest Rate

           185,633               185,633  

Swaps - Credit Default

           (8,505             (8,505

Written Options

    (143,220      (116,692             (259,912
 

 

 

 

 

(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 Core Plus 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

  $      $ 489,502,012      $      $ 489,502,012  

Government Securities & Agency Issue

           27,250,563               27,250,563  
 

 

 

 

Total Fixed Income

           516,752,575               516,752,575  
 

 

 

 

Short-Term Investments

          

Investment of Cash Collateral for Securities Loaned

    5,485,313                      5,485,313  
 

 

 

 

Total Investments in Securities

  $ 5,485,313      $ 516,752,575      $      $ 522,237,888  
 

 

 

 

 

 
74       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

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

  $      $ 18,209,108      $      $ 18,209,108  
 

 

 

 

Total Fixed Income

           18,209,108               18,209,108  
 

 

 

 

Total Investments in Securities

  $      $ 18,209,108      $      $ 18,209,108  
 

 

 

 

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

  $      $ 129,381,148      $     $ 129,381,148  

Treasury Bills

           3,003,675,654              3,003,675,654  
 

 

 

 

Total Short-Term Investments

           3,133,056,802              3,133,056,802  
 

 

 

 

Total Investments in Securities

  $      $ 3,133,056,802      $     $ 3,133,056,802  
 

 

 

 

Other Financial Instruments*

         

Futures

  $ 68,418,350      $      $     $ 68,418,350  
 

 

 

 

 

*

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.

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

  $ 12,906,775      $      $      $ 12,906,775  
 

 

 

 

Total Equity

    12,906,775                      12,906,775  
 

 

 

 

Short-Term Investments

          

Repurchase Agreements

           429,906               429,906  
 

 

 

 

Total Investments in Securities

  $ 12,906,775      $ 429,906      $      $ 13,336,681  
 

 

 

 

 

(a)

See Fund’s Schedule of Investments in Securities for sector classifications.

Note 7 – Commitments and Contingencies

 

The Funds may make commitments pursuant to bridge loan facilities. Such commitments typically remain off balance sheet as it is more likely than not, based on good faith judgement of the Advisor, that such bridge facilities will not ever fund. As of June 30, 2026, the Low Duration Income Fund had no outstanding bridge facility commitments.

 

 
Notes to Financial Statements         75


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

Note 8 – Other Derivative Information

 

At June 30, 2026, the Funds are invested in derivative contracts which are reflected in the Statements of Assets and Liabilities as follows:

 

Low Duration Income Fund  
          Derivative Assets           Derivative Liabilities  
Risk          Statements of Assets
and Liabilities Location
  Fair Value
Amount
           Statements of Assets
and Liabilities Location
  Fair Value
Amount
 

Currency

    Unrealized gain on forward
foreign currency exchange contracts
  $ 105,318       Unrealized loss on forward
foreign currency exchange contracts
  $  

Interest rate

    Unrealized gain on
swap contracts**
    185,633       Unrealized loss on
swap contracts**
     
    Unrealized gain on
futures contracts*
    63,268       Unrealized loss on
futures contracts*
    (2,118
    Investments in securities(1)     22,684       Written options     (123,942

Credit

    Unrealized gain on
swap contracts**
    4,423       Unrealized loss on
swap contracts**
    (12,928

Equity

    Investments in securities(1)           Written options     (135,970
 

 

 

 
    Total       $ 381,326         $ (274,958
 

 

 

 
     

 

  

 

   

**  Includes cumulative appreciation/depreciation on centrally cleared swaps.

 

*  Includes cumulative appreciation/depreciation on futures contracts described previously. Only
current day’s variation margin is reported within the Statements of Assets and Liabilities.

 

(1)   The Statements of Assets and Liabilities location for “Purchased Options” is “Investments in
securities”.

   

 

   
 

 

    
 

DBi Managed Futures Strategy ETF (Consolidated)  
          Derivative Assets           Derivative Liabilities  
Risk          Statements of Assets
and Liabilities Location
  Fair Value
Amount
           Statements of Assets
and Liabilities Location
  Fair Value
Amount
 

Currency

    Unrealized gain on
futures contracts*
  $ 31,833,087       Unrealized loss on
futures contracts*
  $  

Commodity

    Unrealized gain on
futures contracts*
    18,503,038       Unrealized loss on
futures contracts*
    (18,777,978

Interest rate

    Unrealized gain on
futures contracts*
    4,190,699       Unrealized loss on
futures contracts*
    (7,947,657

Equity

    Unrealized gain on
futures contracts*
    40,617,161       Unrealized loss on
futures contracts*
     
 

 

 

 
    Total       $ 95,143,985         $ (26,725,635
 

 

 

 
     

*  Includes cumulative appreciation/depreciation on futures contracts described previously. Only
current day’s variation margin is reported within the Consolidated Statements of Assets and
Liabilities.

   
 
 

 

 
76       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

For the six months ended June 30, 2026, the effect of derivative contracts in the Funds’ Statements of Operations were as follows:

 

Low Duration Income Fund  
    Statements of Operations  
Risk           Derivative Type    Net
Realized
Gain (Loss)
     Net Change
in Unrealized
Gain (Loss)
     Average
Notional
Amount
 

Currency

     Forward foreign currency exchange contracts    $ 177,458      $ 85,992        8,194,848 (a) 
     Purchased option contracts      (75,270      73,914        335,667 (b)  

Interest rate

     Swap contracts      (38,470      108,914        7,550,000 (b)(c) 
     Future contracts      (259,884      53,069        25,773,211 (b) 
     Purchased option contracts             (114,778      13,695,202 (b) 
     Written option contracts      50,561        (47,483      30,961,869 (b) 

Credit

     Swap contracts      24,407        (3,223      4,093,017 (b)(c) 

Equity

     Purchased option contracts      (39,374             52 (d)  
     Written option contracts      1,782,274        166,113        155 (d)  
 

 

 

 
    Total         $ 1,621,702      $ 322,518     
 

 

 

 

 

(a)

Average notional values are based on the average of monthly end contract values for the period ended June 30, 2026.

 

(b)

Average notional values are based on the average of monthly end notional balances for the period ended June 30, 2026.

 

(c)

Notional amount is denoted in local currency.

 

(d)

Average contracts are based on the average of monthly end contracts for the period ended June 30, 2026.

 

DBi Managed Futures Strategy ETF (Consolidated)  
    Statements of Operations  
Risk           Derivative Type    Net
Realized
Gain (Loss)
     Net Change
in Unrealized
Gain (Loss)
     Average
Notional
Amount(a)
 

Currency

     Future contracts    $ (16,754,181    $ 17,765,799        3,242,154,752  

Commodity

     Future contracts      140,766,603        (12,044,569      674,760,577  

Interest rate

     Future contracts      (43,992,505      1,935,573        3,718,286,309  

Equity

     Future contracts      54,528,278        40,373,858        2,117,325,725  
 

 

 

 
    Total         $ 134,548,195      $ 48,030,661     
 

 

 

 

 

(a) 

Average notional values are based on the average of monthly end notional balances for the period ended June 30, 2026.

The Funds are subject to various Master Netting Arrangements, which govern the terms of certain transactions with select counterparties. The Master Netting Arrangements allow the Funds to close out and net their total exposure to a counterparty in the event of a default with respect to all the transactions governed under a single agreement with a counterparty. The Master Netting Arrangements also specify collateral posting arrangements at pre-arranged exposure levels. Under the Master Netting Arrangements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant Master Netting Arrangement with a counterparty in a given account exceeds a specified threshold depending on the counterparty and the type of Master Netting Arrangement.

At June 30, 2026, Global Select Fund, International Fund, Low Duration Income Fund, DBi Managed Futures Strategy ETF, and Berkshire Dividend Growth ETF had investments in repurchase agreements with a gross value of $1,636,373, $2,438,468, $5,506,281, $129,381,148, and $429,906, respectively, which are reflected as repurchase agreements on the Statements of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2026.

For the period ended June 30, 2026, the Low Duration Income Fund had outstanding reverse repurchase agreement balance for 30 days. The average amount of borrowings was $2,796,707 and the average interest rate was 3.85% during the 30 day period.

As of June 30, 2026, the Low Duration Income Fund didn’t have open reverse repurchase agreements.

 

 
Notes to Financial Statements         77


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

The following tables represent the disclosure for derivative instruments related to offsetting assets and liabilities for each of the Funds as of June 30, 2026:

 

iMGP Low Duration Income Fund  
    Derivative Assets           Derivative Liabilities                    
Counterparty   Purchased
Options
    Futures(1)     Swaps(2)     Forward
Currency
Contracts
    Total            Futures(1)     Swaps(2)     Forward
Currency
Contracts
    Written
Options
    Total     Net
Derivative
Asset
(Liabilities)
    Collateral
(Received)
Pledged(3)
    Net
Amount
 

BNP Paribas SA

  $ 1,007     $     $     $     $ 1,007       $     $     $     $ (31,519   $ (31,519   $ (30,512   $     $ (30,512

Bank of America N.A.

    11,628       60,343             104,864       176,835         (1,662                 (17,143     (18,805     158,030             158,030  

Barclays Bank Plc

    4,642                   454       5,096                           (29,538     (29,538     (24,442           (24,442

Goldman Sachs & Co.

          2,925                   2,925         (456                       (456     2,469             2,469  

JPMorgan Chase Bank N.A.

    476                         476                           (5,582     (5,582     (5,106           (5,106

Morgan Stanley & Co.

    3,332                         3,332               (1,827           (20,768     (22,595     (19,263           (19,263

Toronto-Dominion Bank

    1,599                         1,599                           (19,392     (19,392     (17,793           (17,793

UBS Securities LLC

                                                      (135,970     (135,970     (135,970           (135,970
 

 

 

 

Total

  $ 22,684     $ 63,268     $     $ 105,318     $ 191,270       $ (2,118   $ (1,827   $     $ (259,912   $ (263,857   $ (72,587   $     $ (72,587
 

 

 

 

 

(1) 

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Schedule of Investments in Futures. Only current day’s variation margin is reported within the Statements of Assets and Liabilities.

 

(2) 

Does not include the unrealized appreciation (depreciation) of centrally cleared swaps as reported in the Schedule of Investments in Swaps. Only the variation margin is reported within the Statement of Assets and Liabilities.

 

(3) 

The actual collateral pledged (received) may be more than the amounts shown.

 

iMGP DBi Managed Futures Strategy ETF (Consolidated)  
    Derivative Assets           Derivative Liabilities                    
Counterparty   Purchased
Options
    Futures(1)     Swaps     Forward
Currency
Contracts
    Total            Futures(1)     Swaps     Forward
Currency
Contracts
    Written
Options
    Total     Net
Derivative
Asset
(Liabilities)
    Collateral
(Received)
Pledged(2)
    Net
Amount
 

Goldman Sachs & Co.

  $     $ 47,647,308     $     $     $ 47,647,308       $ (13,353,942   $     $     $     $ (13,353,942   $ 34,293,366     $     $ 34,293,366  

Societe Generale

          47,496,677                   47,496,677         (13,371,693                       (13,371,693     34,124,984             34,124,984  
 

 

 

 

Total

  $     $ 95,143,985     $     $     $ 95,143,985       $ (26,725,635   $     $     $     $ (26,725,635   $ 68,418,350     $     $ 68,418,350  
 

 

 

 

 

(1)

Includes cumulative appreciation (depreciation) of futures contracts as reported in the Consolidated Schedule of Investments in Futures. Only current day’s variation margin is reported within the Consolidated Statements of Assets and Liabilities.

 

(2)

The actual collateral pledged (received) may be more than the amounts shown.

 

 
78       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

Note 9 – Income Taxes and Distributions to Shareholders

 

As of December 31, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

 

     Global
Select Fund
     International
Fund
     Small
Company
Fund
 

Tax cost of Investments and derivatives

  $ 73,639,920      $ 102,844,825      $ 51,196,605  

Gross Tax Unrealized Appreciation

    18,976,616        26,231,213        7,847,498  

Gross Tax Unrealized Depreciation

    (2,606,490      (5,328,210      (2,508,600
 

 

 

 

Net Tax unrealized appreciation (depreciation) on investments and derivatives

    16,370,126        20,903,003        5,338,898  

Net Tax unrealized appreciation (depreciation) on foreign currency

    13,598        72,185         
 

 

 

 

Net Tax unrealized appreciation (depreciation)

    16,383,724        20,975,188        5,338,898  
 

 

 

 

Undistributed Ordinary Income

                   
 

 

 

 

Undistributed Long-Term Capital Gains

           1,398,778        655,673  
 

 

 

 

Capital Loss Carry Forward

    (1,954,653              
 

 

 

 

Late Year Ordinary Loss Deferral

    (487              
 

 

 

 

Other Accumulated Gains

                   
 

 

 

 

Total accumulated gain/(loss)

  $ 14,428,584      $ 22,373,966      $ 5,994,571  
 

 

 

 

 

     Low Duration
Income Fund
    Dolan McEniry
Core Plus
Fund
    APA Enhanced
Income Municipal
Fund
 

Tax cost of Investments and derivatives

  $ 344,183,202     $ 457,527,015     $ 17,153,797  

Gross Tax Unrealized Appreciation

    8,714,353       9,489,392       184,222  

Gross Tax Unrealized Depreciation

    (32,036,101     (475,959     (69,835
 

 

 

 

Net Tax unrealized appreciation (depreciation) on investments and derivatives

    (23,321,748     9,013,433       114,387  

Net Tax unrealized appreciation (depreciation) on foreign currency

    (103,306            
 

 

 

 

Net Tax unrealized appreciation (depreciation)

    (23,425,054     9,013,433       114,387  
 

 

 

 

Tax Exempt Income

                7,687  
 

 

 

 

Undistributed Ordinary Income

    269,209       20,517       61,958  
 

 

 

 

Undistributed Long-Term Capital Gains

    1,395,575              
 

 

 

 

Capital Loss Carry Forward

    (107,178,910     (2,855,082      
 

 

 

 

Straddle Loss Deferral

    (18,485            
 

 

 

 

Other Accumulated Gains

    (1,480            
 

 

 

 

Total accumulated gain/(loss)

  $ (128,959,145   $ 6,178,868     $ 184,032  
 

 

 

 

 

 
Notes to Financial Statements         79


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

     DBi Managed
Futures Strategy
ETF
(Consolidated)
     Berkshire
Dividend Growth
ETF
 

Tax cost of Investments and derivatives

  $ 1,686,707,206      $ 7,264,888  

Gross Tax Unrealized Appreciation

    7,619,372        1,391,454  

Gross Tax Unrealized Depreciation

    (9,279,011      (12,651
 

 

 

 

Net Tax unrealized appreciation (depreciation) on investments and derivatives

    (1,659,639      1,378,803  

Net Tax unrealized appreciation (depreciation) on foreign currency

            
 

 

 

 

Net Tax unrealized appreciation (depreciation)

    (1,659,639      1,378,803  
 

 

 

 

Undistributed Ordinary Income

    71,680,326       
 

 

 

 

Undistributed Long-Term Capital Gains

            
 

 

 

 

Capital Loss Carry Forward

    (165,564,750 )*       (290,155
 

 

 

 

Late Year Ordinary Loss Deferral

            
 

 

 

 

Other Accumulated Gains

    68,089,409         
 

 

 

 

Total accumulated gain/(loss)

  $ (27,454,654    $ 1,088,648  
 

 

 

 

 

*

Amounts disclosed are as of September 30, 2025.

As of tax year end September 30, 2025, the components of accumulated earnings (losses) for income tax purposes for DBi Managed Futures Strategy ETF were as follows:

 

Net Tax unrealized appreciation (depreciation)

  $ (2,357,013
 

 

 

 

Undistributed Ordinary Income

    71,680,326  
 

 

 

 

Undistributed Long-Term Capital Gains

     
 

 

 

 

Capital Loss Carry Forward

    (165,564,750
 

 

 

 

Late Year Ordinary Loss Deferral

     
 

 

 

 

Other Accumulated Gains

    25,086,436  
 

 

 

 

Total accumulated gain/(loss)

  $ (71,155,001
 

 

 

 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to wash sales, premium amortization accruals, forward foreign currency exchange contracts mark to market, futures contracts mark to market, options contracts mark to market, swap contracts mark to market, passive foreign investment company adjustments, partnership basis adjustments, and REIT and Non REIT ROC basis adjustments.

For tax purposes, the Funds may elect to defer any portion of a post-October capital loss or late-year ordinary loss to the first day of the following fiscal year. As of December 31, 2025, Global Select Fund deferred $487 of specified late year ordinary losses.

For the year ended December 31, 2025, capital loss carry over used in current year was as follows:

 

Fund   Capital Loss
Carryover Utilized
Short-Term
 

International Fund

  $ 24,645,822  

 

 
80       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

The capital loss carry forwards for each Fund were as follows:

 

     Global
Select Fund
     Low Duration
Income Fund
     Dolan McEniry
Core Plus
Fund
     DBi Managed
Futures Strategy
ETF
(Consolidated)*
     Berkshire
Dividend Growth
ETF
 

Capital Loss Carryforwards

             

Perpetual Short-Term

  $ (1,954,653    $ (36,880,883    $ (58,716    $ (51,279,786    $ (3,660

Perpetual Long-Term

           (70,298,027      (2,796,366      (114,284,964      (286,495
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

  $ (1,954,653    $ (107,178,910    $ (2,855,082    $ (165,564,750    $ (290,155
 

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

*

Amounts disclosed are as of September 30, 2025.

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2025, the following table shows the reclassifications made:

 

Fund   Accumulated
Distributable
Earnings (Deficit)
     Paid In
Capital
 

Global Select Fund*

  $ (6,518    $ 6,518  

International Fund*

    (5,175      5,175  

Small Company Fund*

    (118,933      118,933  

Low Duration Income Fund*

    (88,415,726      88,415,726  

Dolan McEniry Core Plus Fund*

            

APA Enhanced Income Municipal Fund*

    (3,018      3,018  

DBi Managed Futures Strategy ETF (Consolidated)*

    16,231,981 **       (16,231,981 )** 

Berkshire Dividend Growth ETF*

    (328,644      328,644  

 

*

The permanent differences primarily relate to equalization adjustments, net operating losses, redemption-in-kind, and merger adjustments.

 

**

Amounts disclosed are as of September 30, 2025.

The tax composition of dividends for the six months ended June 30, 2026 and the year ended December 31, 2025 were as follows:

 

    Six Months Ended June 30, 2026           2025         
Fund   Ordinary
Income
    Tax
Exempt
Income
    Long-Term
Capital
Gain
    Return of
Capital
           Ordinary
Income
    Tax
Exempt
Income
    Long-Term
Capital
Gain
    Return of
Capital
 

Global Select Fund

  $     $     $     $       $ 270,075     $     $ 2,568,889     $ 38,493  

International Fund

                              1,667,355             280,088        

Small Company Fund

                              95,171             2,291,158        

Low Duration Income Fund

    8,105,841                           19,508,208                  

Dolan McEniry Core Plus Fund

    11,270,092                           18,816,984                    

APA Enhanced Income Municipal Fund

    323,228                           89,011       577,846              

DBi Managed Futures Strategy ETF (Consolidated)

    32,396,105                           107,408,960                    

Berkshire Dividend Growth ETF

    71,158                           159,275                    

 

*

Income and capital gain distribution are determined in accordance with income tax regulations, which may differ from GAAP. This difference to the Statement of Changes in Net Assets arises primarily due to the deficiency dividend paid by the fund to cover the undistributed income of the target fund, iMGP Alternative Strategies Fund.

The Funds did not have any unrecognized tax benefits at December 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year ended December 31, 2025. The Funds are subject to examination by the U.S. federal and state tax authorities for returns filed for the prior three and four fiscal years, respectively

 

 
Notes to Financial Statements         81


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

Note 10 – Line of Credit

 

The Trust has an unsecured, uncommitted $100,000,000 line of credit with the Custodian, for the Global Select Fund, International Fund, Small Company Fund, Low Duration Income Fund, Dolan McEniry Core Plus Fund, APA Enhanced Income Municipal Fund and Polen Capital China Growth ETF (the “Seven Funds”) expiring on April 26, 2027. Polen Capital China Growth ETF is not included in this report. Under this agreement, borrowing interest rate is equal to the sum of applicable margin of 1.00%, and applicable rate of 0.10%, plus the higher of (i) the Federal Funds Effective Rate and (ii) Overnight Bank Funding Rate. There is no annual commitment fee on the uncommitted line of credit. There was $50,000 annual administrative fee charged at the May 1, 2026 renewal.

Amounts outstanding to the Seven Funds under the Facility at no time shall exceed in the aggregate at any time the least of (a) $100,000,000; (b) 10% of the value of the total assets of each Fund less such Fund’s total liabilities not represented by senior securities less the value of any assets of the Fund pledged to, or otherwise segregated for the benefit of a party other than the Custodian and in connection with a liability not reflected in the calculation of the Fund’s total liabilities.

For the six months ended June 30, 2026, the Funds had borrowings under the Agreements as follows:

 

Fund   Interest
expense
     Average
borrowing
amount*
     Average
borrowing
rate*
     Maximum
borrowing
amount
     Outstanding
balance**
 

Small Company Fund

  $ 6,453      $ 4,800,000        4.840    $ 4,800,000      $  

Low Duration Income Fund

    44,142        4,365,789        4.863        12,100,000         

 

*

Average borrowing amount and average borrowing rate for the period the line was drawn.

 

**

Outstanding balance at June 30, 2026.

Note 11 – 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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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

 

 
82       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

  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.

 

 

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.

 

 

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.

 

 

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.

 

 

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 Core Plus Fund may be indirectly exposed to such risks associated with corporate debt obligations.

 

 

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.

 

 

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.

 

 

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.

 

 
Notes to Financial Statements         83


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

 

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.

 

   

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.

 

   

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.

 

   

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.

 

   

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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

 

   

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.

 

   

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.

 

   

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.

 

   

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

 

 
84       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

  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.

 

   

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.

 

 

European Investment Risk. Each of the Global Select Fund and International Fund 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.

 

 

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.

 

 

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.

 

   

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.

 

   

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.

 

   

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

 

   

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.

 

 

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.

 

 

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.

 

 
Notes to Financial Statements         85


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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

 

 
86       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

  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.

 

 

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.

 

 

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.

 

 

Large Capitalization Investing Risk. The securities of large-capitalization companies may underperform securities of smaller companies or the market as a whole. The securities of large-capitalization companies may be relatively mature compared to smaller companies and therefore subject to slower growth during times of economic expansion. Large-capitalization companies may also be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

Management Risk. A Fund that is actively managed may not meet its investment objective based on the portfolio managers’ success or failure to implement investment strategies for the Fund.

 

 
Notes to Financial Statements         87


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 
88       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

 

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.

 

 

Sector Concentration Risk. A Fund may concentrate its investments in a narrow segment of the total market. At June 30, 2026, the Small Company Fund has 31.7% of 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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

 
Notes to Financial Statements         89


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

 

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.

 

 

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.

 

 

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.

 

 

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.

Note 12 – Fund Reorganizations

 

As of the close of business on April 17, 2025, pursuant to Agreements and Plans of Reorganization (the “Reorganization”) previously approved by the Funds’ Board of Trustees, all of the assets, subject to the liabilities, of the iMGP Alternative Strategies Fund (the “Alternative Strategies Fund”) were transferred to the Low Duration Income Fund. The Board determined that the Reorganization was in the best interest of the Alternative Strategies Fund’s shareholders, and did not dilute the interests of existing shareholders. The Low Duration income Fund has substantially the same investment objective and strategy as the Alternative Strategies Fund. Prior to the Reorganization, the Investor Class shares of the Alternative Strategies Fund were converted into Institutional Class shares at the close of business on February 28, 2025. 1,999,972 Investor Class shares were converted into 2,007,279 Institutional Class shares in the amount of $21,864,889. Shareholders of the Institutional Class shares of the Alternative Strategies Fund received 1.0861 Institutional Class shares of the Low Duration Income Fund in the Reorganization, which is equivalent in net asset value to the value of their shares of the Alternative Strategies Fund. The Reorganization qualified as a tax-free reorganization to the Funds’ shareholders. For financial reporting purposes, the acquiring fund is deemed to be the accounting survivor and as a result, the financial statements and financial highlights do not reflect the operations of the acquired fund. The assets received and shares issued by the Low Duration Income Fund were recorded at fair value; however, the cost basis of the investments received from the Alternative Strategies Fund were carried forward to align ongoing reporting of the Low Duration Income Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The costs of the Reorganization were shared equally by the Alternative Strategies Fund and the Low Duration Income Fund. Information with respect to the net assets and other relevant operating data for the acquired fund on the merger date are included below:

 

Acquired Fund   Alternative Strategies
Fund
 

Net Assets

  $ 318,986,317  

Shares Outstanding

    30,118,343  

Net Asset Value

  $ 10.59  

Investments at fair value

  $ 163,503,238  

Unrealized appreciation/(depreciation)

  $ (40,553,210

Undistributed net investment income (loss)

  $ 13,810,868  

Accumulated net realized gain (loss)

  $ (103,408,671

Tax capital loss carryforward

  $ (93,758,931

 

 
90       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

Acquiring Fund   Low Duration
Income Fund
 

Net Assets immediately prior to merger

  $ 154,891,642  

Net Assets immediately after merger

  $ 473,878,344  

Fund Shares issued in exchange for acquired Fund

    32,710,513  

Exchange rate for shares issued

    1.0861  

Assuming the acquisitions had been completed on January 1, 2025, the beginning of the annual reporting period of the Funds, the Low Duration Income Fund’s pro forma results of operations for the year ended December 31, 2025, are as follows:

 

Acquiring Fund   Low Duration
Income Fund
 

Net investment income

  $ 23,607,918  

Net realized and unrealized gain (loss) on investments, purchased options, unfunded loan commitment, written options, forward foreign currency exchange contracts, foreign currency transactions, futures and swap contracts

    5,951,462  
 

 

 

 

Total increase from operations

  $ 29,559,380  
 

 

 

 

Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Alternative Strategies Fund that have been included in the Low Duration Income Fund’s Statement of Operations since April 17, 2025.

Note 13 – Subsequent Events

 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events that require recognition or disclosure in the financial statements.

 

 
Notes to Financial Statements         91


iM Global Partner Funds

OTHER INFORMATION – (Unaudited)

 

Board Consideration of and Continuation and Renewal of Advisory Agreements for the iMGP Funds

 

At an in-person meeting held on June 3, 2026 (the “Meeting”), the Board of Trustees (the “Board”) of the Litman Gregory Funds Trust (now, the iM Global Partner Funds) (the “Trust”), including the Trustees who are not “interested persons” of the Trust within the meaning of the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”), considered and approved for an additional one-year term through June 30, 2027 (i) the Unified Investment Advisory Agreement (the “Investment Advisory Agreement”) between the Trust and iM Global Partner Fund Management, LLC (the “Advisor”) with respect to the iMGP Global Select Fund (the “Global Select Fund”), the iMGP International Fund (the “International Fund”), the iMGP Small Company Fund (the “Small Company Fund”), the iMGP Low Duration Income Fund (the “Low Duration Income Fund”), the APA Enhanced Income Municipal Fund, and the Dolan McEniry Core Plus Fund (the “Core Plus Fund”); (ii) the Amended and Restated Investment Advisory Agreement (the “ETF Advisory Agreement”) between the Trust and the Advisor with respect to the DBi Managed Futures Strategy ETF (the “Managed Futures ETF”) and the iMGP Berkshire Dividend Growth ETF (the “Berkshire Dividend Growth ETF”) (each of the Global Select Fund, the International Fund, the Small Company Fund, the Low Duration Income Fund, the APA Enhanced Income Municipal Fund, the Core Plus Fund, the Managed Futures ETF, and the Berkshire Dividend Growth ETF, a “Fund,” and collectively, the “Funds”), and (iii) the investment sub-advisory agreements (the “Investment Sub-Advisory Agreements,” and collectively with the Investment Advisory Agreement and the ETF Advisory Agreement, the “Advisory Agreements”) between the Advisor and (a) each of Polen Capital Management, LLC (“Polen Capital”) and Scharf Investments, LLC with respect to the Global Select Fund; (b) each of Harris, Lazard Asset Management LLC, and Zadig Asset Management S.A. with respect to the International Fund; (c) CI SBH Asset Management with respect to the Small Company Fund; (d) each of Brown Brothers Harriman & Co., Guggenheim Partners Investment Management, LLC and Neuberger Berman Investment Advisers LLC with respect to the Low Duration Income Fund; (e) Dynamic Beta investments, LLC (“DBi”) with respect to the Managed Futures ETF; (f) Asset Preservation Advisors, LLC with respect to the APA Enhanced Income Municipal Fund; (g) Dolan McEniry Capital Management, LLC with respect to the Core Plus Fund; and (g) Berkshire Asset Management, LLC with respect to the Berkshire Dividend Growth ETF (each of the foregoing sub-advisors, a “Sub-Advisor,” and collectively, the “Sub-Advisors”). The Board, including the Independent Trustees, also approved the continuation for an additional one-year term through April 30, 2028 of (i) the Restated Contractual Advisory Fee Waiver Agreement between the Trust, on behalf of the Global Select Fund, the International Fund, and the Low Duration Income Fund, and the Advisor (the “Fee Waiver Agreement”) and (ii) the Operating Expenses Limitation Agreement between the Trust, on behalf of the Global Select Fund, the Low Duration Income Fund, the Small Company Fund, the APA Enhanced Income Municipal Fund, and the Core Plus Fund, and the Advisor (the “Operating Expenses Limitation Agreements” and collectively with the Fee Waiver Agreement and the Advisory Agreements, the “Agreements”).

Prior to the Meeting, the Independent Trustees had requested detailed information from the Advisor regarding the Funds. The materials provided by the Advisor were extensive, including advisory fee and expense comparisons, performance comparisons, Advisor profitability information, and a summary of compliance programs of the Sub-Advisors. In addition, the Independent Trustees discussed the renewal of the Agreements with representatives of the Advisor and were advised by independent counsel on these and other relevant matters.

The Trustees, including the Independent Trustees, also noted that they had received extensive information about, and presentations from, various members of senior management at the Advisor regarding the Funds throughout the year, including, without limitation, information on and/or discussion of the Funds’ and each Sub-Advisor’s investment results; portfolio composition; portfolio trading practices; shareholder services; advisory fees and expense comparisons; the Advisor’s financial condition and profitability; compliance monitoring by the Advisor; the personnel at the Advisor and the Sub-Advisors providing investment management, compliance and other services to the Funds; and the Advisor’s process for selecting Sub-Advisors for the Funds as well as the Advisor’s ongoing oversight of the Sub-Advisors.

The information provided to the Board at the Meeting, together with the information provided to the Board throughout the year, formed the primary (but not exclusive) basis for the Board’s determinations. The Board did not identify any single issue or particular datum point that, in isolation, would be a controlling factor in its decision to approve or renew the Agreements. Rather, the Board considered the total mix of information provided. The following summary describes the key factors considered by the Independent Trustees (as well as the Board).

1. Nature, extent and quality of services

The Independent Trustees considered the depth and quality of the Advisor’s investment management process, including its sophisticated monitoring and oversight of the Sub-Advisors; the experience, capability and integrity of its senior management and other personnel; and the overall financial strength and stability of the Advisor and its parent organization. The Independent Trustees also considered that the Advisor provided personnel to serve as officers of the Trust, including the Trust’s CCO, and that the services of the CCO were provided at a reasonable allocated cost to the Trust. The Independent Trustees discussed the high level of sub-advisor due diligence continually being undertaken by the Advisor. The Independent Trustees also noted the high quality of the non-advisory management services provided by the Advisor, such as responsiveness to shareholder inquiries and requests of the Board, as well as the preparation of high quality shareholder communications and the development of targeted marketing programs for the Funds. The Independent Trustees also noted that the members of senior management of the Advisor as well as many of the Independent Trustees themselves have made significant investments in certain of the Funds.

 

 
92       iM Global Partner Funds


iM Global Partner Funds

OTHER INFORMATION – (Unaudited) – (Continued)

 

The Independent Trustees, based on guidance and information provided by the Trust’s CCO, also considered the Advisor’s policies, procedures and systems to ensure compliance with applicable laws and regulations and its adherence to and continual enhancement of those programs; its efforts to keep the Board informed; and its attention dedicated to matters that may involve potential conflicts of interest with a Fund. The Independent Trustees considered the extent and effectiveness of the Advisor’s compliance operations and the Advisor’s oversight of the Sub-Advisors’ and other service providers’ compliance operations.

The Independent Trustees then reviewed various materials relating to the Sub-Advisors, including copies of each Investment Sub-Advisory Agreement; the Form ADV for each Sub-Advisor; information on assets of the Funds managed and fees charged by each Sub-Advisor, as well as the fee levels of comparable funds managed by each Sub-Advisor, as applicable; a summary of the compliance programs of the Sub-Advisors; and an oral report by the CCO on each Sub-Advisor’s commitment to compliance. The Independent Trustees also considered the Advisor’s lengthy and extensive due diligence process for selecting and monitoring each Sub-Advisor and the value of goodwill between the Advisor and each Sub-Advisor.

The Independent Trustees concluded that the nature, overall quality, and extent of the services provided and to be provided by the Advisor and the Sub-Advisors are fully satisfactory.

2. Investment results

The Independent Trustees reviewed the short-term and long-term performance of each Fund on both an absolute basis and in comparison to peer funds and benchmark indices over various periods ended March 31, 2026. They also considered information regarding the selection, and discussed the appropriateness, of such peer funds and benchmark indices. The Independent Trustees considered the overall performance of the Funds as well as the performance of each Sub-Advisor within each Fund as compared to each Sub-Advisor’s own comparable mutual fund(s) or private fund(s) (if applicable). The Independent Trustees focused on longer-term performance, which they believe is more important than short, isolated periods for purposes of evaluating each Fund’s success in meeting its investment objective.

In particular, the Independent Trustees relied upon, among other information, the FUSE Report. The Independent Trustees noted that FUSE, and not the Advisor, selected the peer funds used in the FUSE Report and that the Advisor had supplemented the FUSE Report with additional performance comparisons.

For the Global Select Fund, the Independent Trustees compared its investment results for its Institutional shares to the MSCI ACWI Index and the Fund’s FUSE Peer Group. The Independent Trustees noted that the Global Select Fund underperformed its benchmark index for the one-, three-, five- and ten-year periods. The Independent Trustees further noted that the Global Select Fund performed below the medians of its peer group for the one-, three-, five- and ten-year periods and the period since inception. The Independent Trustees took account of management’s discussion of the Fund’s performance, including that the Advisor had terminated two sub-advisors to the Fund in April 2025 due to underperformance.

For the International Fund, the Independent Trustees compared its investment results for its Institutional shares to the MSCI EAFE Index and the Fund’s FUSE Peer Group. The Independent Trustees noted that the International Fund outperformed the benchmark for the period since inception but underperformed the benchmark for the one-, three-, five- and ten-year periods. The Independent Trustees further considered that the International Fund performed below the medians of its peer group for the one-, three-, five- and ten-year periods. The Independent Trustees took account of management’s discussion of the Fund’s performance, including that the Advisor had added a Sub-Advisor to the Fund in April 2025 in an effort to improve performance.

For the Low Duration Income Fund, the Independent Trustees compared its investment results for its Institutional shares to the ICE BofA U.S. High Yield Index and the Fund’s FUSE Peer Group. The Independent Trustees noted that the Low Duration Income Fund outperformed the benchmark for the five-year period and the period since inception but performed below that benchmark for the one- and three-year periods. The Independent Trustees further considered that the Low Duration Income Fund outperformed the medians of its peer group for the one-, three- and five-year periods and the period since inception.

For the Small Company Fund, the Independent Trustees compared its investment results for its Institutional shares to the Russell 2000 Index and the Fund’s FUSE Peer Group. The Independent Trustees noted that the Small Company Fund outperformed its benchmark index for the three-year period and the period since inception but underperformed that benchmark for the one-year period. The Independent Trustees further noted that the Small Company Fund outperformed the medians of its peer group for the five-year period and the period since inception and below the medians for the one- and three-year periods. The Independent Trustees took account of management’s discussion of the Fund’s performance, including that the Advisor had replaced a Sub-Advisor to the Fund in June 2025 in an effort to improve performance.

For the Dolan McEniry Core Plus Fund, the Independent Trustees compared its investment results for its Institutional shares to the Bloomberg U.S. Intermediate Credit Index and the Fund’s FUSE Peer Group. The Independent Trustees noted that the Dolan McEniry Core Plus Fund outperformed the benchmark for the three- and five-year periods and the period since inception but underperformed that benchmark for the one-year period. The Independent Trustees further noted that the Dolan McEniry Core Plus Fund performed above the medians of its peer group for the one-, three- and five-year periods and the period since inception.

 

 
Other Information         93


iM Global Partner Funds

OTHER INFORMATION – (Unaudited) – (Continued)

 

For the iMGP Berkshire Dividend Growth ETF (“Berkshire Dividend Growth ETF”), the Independent Trustees compared its investment results to the Russell 1000 Value Index and the Fund’s FUSE Peer Group. The Independent Trustees noted that the Berkshire Dividend Growth ETF underperformed its benchmark and the medians of its peer group for the one-year period and the period since inception. The Independent Trustees took account of management’s discussion of the Fund’s performance.

For the DBi Managed Futures Strategy ETF (the “DBi Managed Futures Strategy ETF”), the Independent Trustees compared its investment results to the SG CTA Index and the Fund’s FUSE Peer Group. The Independent Trustees noted that the DBi Managed Futures Strategy ETF outperformed the benchmark and the medians of its peer group for the one-, three- and five-year periods and the period since inception.

The Independent Trustees noted that the performance of the Sub-Advisors varies over time and noted and acknowledged the Advisor’s detailed monitoring of the Sub-Advisors’ investment results, and interactions with Sub-Advisors, particularly those Sub-Advisors that were experiencing periods of underperformance. The Independent Trustees noted and considered the comments by the Advisor with respect to underperforming Sub-Advisors, discussions at Board meetings throughout the year regarding the potential sources of underperformance and actions taken by the Advisor in response to underperformance by certain Sub-Advisors. The Independent Trustees considered the Advisor’s process for terminating Sub-Advisors and noted the Advisor’s continued willingness to terminate Sub-Advisors if the Advisor determined that the termination would be in the best interest of a Fund and its shareholders. The Independent Trustees also noted and considered the Advisor’s ability to attract and retain high-quality investment managers to serve as Sub-Advisors to the Funds.

The Trustees noted the difficulty of fairly benchmarking the Funds in terms of performance. Ultimately, the Independent Trustees concluded that the Funds’ overall performance records were satisfactory taking into account the Advisor’s explanation for the periods of underperformance, but the Independent Trustees noted that they will remain attentive to the Advisor’s monitoring of Sub-Advisors and Funds experiencing on-going underperformance. The Independent Trustees further concluded that the Advisor was applying appropriate discipline and oversight to ensure that each Fund adhered to its stated investment objective and strategies, and the performance and services of the Sub-Advisors supported the decision to renew the Advisory Agreements.

3. Advisory fees and total expenses

The Independent Trustees reviewed the net and gross advisory fees and total expenses of each Fund and compared them with the net and gross advisory fees and total expenses of funds in the FUSE Report for each Fund, noting that a Fund’s gross advisory fee is the actual advisory fee as reported in the Fund’s most recent annual report while the net advisory fee is a Fund’s gross advisory fee minus any fee waivers. The Independent Trustees noted that the FUSE Peer Group for each Fund was selected independently by FUSE using a selection methodology designed to identify those funds most comparable to each Fund. The Independent Trustees further noted that in selecting the FUSE Peer Group for each Fund, FUSE considered various screening criteria, including, without limitation, fund type, category as determined by FUSE, load/sales charge type, average net assets, and fund attributes. The Independent Trustees then discussed various areas in which the Funds are different from the funds included in the FUSE Peer Groups, such as distribution channels and investment strategies or approaches.

The Independent Trustees noted that the components of a Fund’s total expense ratio in the FUSE Report included non-operating costs, including acquired fund fees and interest expense, as applicable.

The Independent Trustees noted that both the total expenses and gross advisory fee of the Global Select Fund were above the medians of the Fund’s FUSE Peer Group, while the Fund’s net advisory fee was slightly above median. The Independent Trustees took account of management’s discussion of the Fund’s fees and expenses including that with multiple Sub-Advisors, the Fund’s costs reflect the additional expenses of multi-manager asset allocation and administration.

The Independent Trustees noted that the total expenses and the gross and net advisory fees of the International Fund were above the medians of the Fund’s FUSE Peer Group. The Independent Trustees took account of management’s discussion of the Fund’s fees and expenses including that with multiple Sub-Advisors, the Fund’s costs reflect the additional expenses of multi-manager asset allocation and administration.

The Independent Trustees noted that the total expenses and the gross and net advisory fees of the Low Duration Income Fund were above the medians of the Fund’s FUSE Peer Group. The Independent Trustees took account of management’s discussion of the Fund’s fees and expenses including that with multiple Sub-Advisors, the Fund’s costs reflect the additional expenses of multi-manager asset allocation and administration.

The Independent Trustees noted that the total expenses and gross advisory fee of the Small Company Fund were above the medians of the FUSE Peer Group. The Independent Trustees further noted that the Fund’s net advisory fee was below the median of the Fund’s FUSE Peer Group. The Independent Trustees took account of management’s discussion of the Fund’s fees and expenses including that with multiple Sub-Advisors, the Fund’s costs reflect the additional expenses of multi-manager asset allocation and administration.

The Independent Trustees noted that the total expenses of the Dolan McEniry Core Plus Fund were above the median of the Fund’s FUSE Peer Group. The Independent Trustees further noted that the net and gross advisory fees for the Fund were in line with the median of the peer group. The Independent Trustees took account of management’s discussion of the Fund’s expenses.

 

 

 
94       iM Global Partner Funds


iM Global Partner Funds

OTHER INFORMATION – (Unaudited) – (Continued)

 

The Independent Trustees noted that the total expenses and the gross and net advisory fees of the Berkshire Dividend Growth ETF were slightly above the medians of the Fund’s FUSE Peer Group. The Independent Trustees took account of management’s discussion of the Fund’s fees and expenses.

The Independent Trustees noted that the total expenses and the gross and net advisory fee for the DBi Managed Futures Strategy ETF were slightly above the average of the Fund’s FUSE Peer Group. The Independent Trustees took account of management’s discussion of the Fund’s fees and expenses.

For each Fund with higher than median total expenses, the Independent Trustees reviewed the categories of expenses contributing to the higher expense ratios of those Funds. The Independent Trustees also agreed that the use of a multi-manager structure is a primary contributor to the relatively higher advisory fees for certain Funds, and noted that the higher advisory fees allow shareholders of the Funds to have access to Sub-Advisors to which they otherwise might not have access and that the higher fees are not unreasonable given the long-term performance results of certain Funds and potential performance results for currently underperforming Funds.

The Independent Trustees also noted the Advisor’s continued willingness to waive fees or reimburse operating expenses to maintain a competitive fee structure for each Fund and to pass through savings from fee breakpoints in any Sub-Advisor’s fee schedule to the applicable Fund’s shareholders. The Independent Trustees further took into account the Fee Waiver Agreement with respect to the Global Select Fund, the International Fund, the Low Duration Income Fund, and the Small Company Fund. The Independent Trustees also took into account the Operating Expenses Limitation Agreements with respect to the Dolan McEniry Core Plus Fund, Global Select Fund, Low Duration Income Fund, and Small Company Fund, pursuant to which the Advisor has separately agreed to limit those Funds’ operating expenses for the period through April 30, 2028.

The Independent Trustees noted that the sub-advisory fees payable to the Sub-Advisors are separately negotiated with the Advisor and are paid out of the advisory fees the Advisor receives from the Funds. The Independent Trustees also noted that the fees charged by the Sub-Advisors are discounted relative to the fees the Sub-Advisors charge to their own funds and separately managed accounts, and that the Advisor from time to time attempts to renegotiate lower fees with the Sub-Advisors. Given the existence of arm’s-length bargaining between the Advisor and each Sub-Advisor, even with respect to certain Sub-Advisors that have some degree of joint interest or remote affiliation with the Advisor due to a minority interest of an affiliate of the Advisor in those Sub-Advisors, the Independent Trustees did not engage in an extensive discussion of sub-advisory fees and expenses.

The Independent Trustees further noted the Advisor’s efforts to reduce Fund expenses over the last several years, including the renegotiation of the Trust’s custodial, transfer agency and administrative fees, which resulted in savings to the Funds.

Based on such review, the Independent Trustees concluded that the advisory fees and the total expenses of the Funds are reasonable in relation to the services the Funds receive from the Advisor and the Sub-Advisors.

4. The Advisor’s financial information

The Independent Trustees reviewed information regarding the Advisor’s costs of managing the Funds and information regarding the profitability of the Advisor. The Independent Trustees also considered the extent to which economies of scale may be realized as each Fund grows and whether advisory fee levels reflect economies of scale if the Funds grow in size. The Independent Trustees also noted that the Advisor had voluntarily forgone profits to subsidize the Funds when they were at lower asset levels.

The Advisor’s Costs and Profitability. The Independent Trustees reviewed the total advisory fees, the amounts paid by the Advisor to the various Sub-Advisors, the general cost of the services provided by the Advisor and the Advisor’s retained portion of the total advisory fee. The Independent Trustees took note of information provided on advisory fees waived by the Advisor, noting that the Advisor had waived substantial advisory fees otherwise payable under the Investment Advisory Agreement over the most recent year, and that the Advisor follows a policy of not charging advisory fees on unallocated cash.

The Independent Trustees also noted that the Advisor to date had not sought recoupment of any advisory fees waived under the Fee Waiver Agreement. The Independent Trustees also considered the Advisor’s continued willingness to invest in staff dedicated to the Funds, including new hires when needed. The Independent Trustees received information that assured them that the Advisor and its parent company were financially sound and able to honor the Advisor’s sponsorship commitments to the Funds and that the Advisor’s expected profits under the Advisory Agreement are in the range of reasonableness for the mutual fund management industry. The Independent Trustees did not engage in an analysis of Fund-by-Fund profitability given the integrated nature of the Advisor’s management of the Funds.

The Independent Trustees did not engage in an extended analysis of Sub-Advisor profitability given the arm’s-length nature of the bargaining between the Advisor and each Sub-Advisor, even with respect to those Sub-Advisors that have some degree of joint interest or remote affiliation with the Advisor as discussed above, and the difficulty in interpreting profitability information with respect to each Sub-Advisor due to, among other factors, the use of disparate accounting conventions, disparate ownership structures, and the fact that many Sub-Advisors managed only a portion of each Fund. The Independent Trustees also reviewed information regarding the structure and manner in which the Advisor’s and the Sub-Advisors’ investment professionals are compensated and how the compensation structures are designed to attract and retain high caliber personnel and to promote the long-term performance of the Funds.

 

 
Other Information         95


iM Global Partner Funds

OTHER INFORMATION – (Unaudited) – (Continued)

 

Economies of Scale. The Independent Trustees noted that the Advisor has continued to take steps to reduce expenses of the Funds, including agreeing to amendments to the breakpoints in its fee schedules to provide for higher fee waivers, negotiating favorable terms with service providers and providing certain support services to the Funds on a cost-only basis, which represents a sharing of economies of scale. In addition, the Independent Trustees took note of the investments in the Funds made by other accounts managed by affiliates of the Advisor, which help reduce costs for the Funds by increasing the asset base of the Funds. The Independent Trustees also took favorable note of the Advisor’s efforts to invest in its advisory organization to ensure strong research, analytic, compliance and marketing capabilities.

Ancillary Benefits. The Independent Trustees considered other actual and potential financial benefits to the Advisor, noting that the Advisor does not have any direct affiliates that have a relationship with the Funds. The Independent Trustees are, however, aware that the Advisor’s parent company, iM Global, benefits from having certain Sub-Advisors that are affiliates of that parent company, which could be viewed as providing an indirect benefit to the Advisor and creating a conflict of interest for the Advisor. The consensus of the Independent Trustees is that they would remain attentive to those potential indirect benefits and conflicts of interest.

5. Conclusions

Based on their review, including their non-exclusive consideration of each of the factors referred to above, the Independent Trustees as well as the Board concluded that the Agreements are fair and reasonable to each Fund and its shareholders, that each Fund’s shareholders received or would receive reasonable value in return for the advisory fees and other amounts paid to the Advisor, and that the renewal or approval, as applicable, of the Agreements would be in the best interests of each Fund and its shareholders. Each of the factors discussed above supported such approval.

 

 
96       iM Global Partner Funds


Advisor:

 

iM Global Partner Fund Management, LLC

2301 Rosecrans Avenue, Suite 2150

El Segundo, CA 90245

Distributor:

 

ALPS Distributors, Inc.

1290 Broadway, Suite 1100

Denver, CO 80203

Transfer Agent:

 

SS&C Global Investor & Distribution Solutions, Inc.

P.O. Box 219922

Kansas City, MO 64121-9922

1-800-960-0188

For Overnight Delivery:

iMGP Funds

C/O SS&C Global Investor & Distribution Solutions, Inc.

330 W. 9th Street

Kansas City, MO 64105

Transfer Agent (for iMGP DBi Managed Futures Strategy ETF, and iMGP Berkshire Dividend Growth ETF)

State Street Bank and Trust

1 Congress Building

One Congress Street, Suite 1

Boston, MA 02114-2016

1-800-960-0188

Investment Professionals:

 

Registered Investment Advisors, broker/dealers, and other investment professionals may contact Fund Services at 1-925-254-8999.

Prospectus:

 

To request a current prospectus, statement of additional information, or an IRA application, call
1-800-960-0188
.

Shareholder Inquiries:

 

To request action on your existing account of Non-ETFs, contact the Transfer agent, SS&C Global Investor & Distribution Solutions, Inc., at 1-800-960-0188, from 9:00 a.m. to 6:00 p.m. eastern time, Monday through Friday.

24-Hour Automated Information:

 

For Non-ETFs: For access to automated reporting of daily prices, account balances and transaction activity, call
1-800-960-0188, 24 hours a day, seven days a week. Please have your Fund number (see below) and account number ready in order to access your account information.

Information:

 

 

 

Fund

     Symbol        CUSIP        Fund Number  

Global Select Fund

       MSEFX          53700T108          305  

International Fund

       MSILX          53700T207          306  

Small Company Fund

       PFSVX          53700T850          2965  

Low Duration Income Fund

       MAHIX          53700T876          1478  

Dolan McEniry Core Plus Fund

       IDMIX          53700T777          2967  

APA Enhanced Income Municipal Fund

       APAMX          53700T678          2969  

DBi Managed Futures Strategy ETF

       DBMF          53700T827       

Berkshire Dividend Growth ETF

       BDVG          53700T751       

Website:

 

www.imgp.com/us/


LOGO

Polen Capital China Growth ETF

Polen Capital Global Growth ETF

Polen Capital International Growth ETF

 

 

 

Certain Form N-CSR Information

June 30, 2026

 


 

 
ii       iM Global Partner Funds


Contents

 

 

Polen Capital China Growth ETF Schedule of Investments

   2

Polen Capital Global Growth ETF Schedule of Investments

   3

Polen Capital International Growth ETF Schedule of Investments

   5

Statements of Assets and Liabilities

   7

Statements of Operations

   8

Statements of Changes in Net Assets

  

Polen Capital China Growth ETF

   9

Polen Capital Global Growth ETF

   9

Polen Capital International Growth ETF

   10

Financial Highlights

  

Polen Capital China Growth ETF

   11

Polen Capital Global Growth ETF

   12

Polen Capital International Growth ETF

   13

Notes to Financial Statements

   14

iM Global Partner Fund Management, LLC has ultimate responsibility for the funds’ performance due to its responsibility to oversee its investment managers and recommend their hiring, termination and replacement.

 

 
Table of Contents         1


Polen Capital China Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 

Shares           Value  
 

COMMON STOCKS: 94.7%

 
  Communication Services: 18.0%  
  3,600     Baidu, Inc. - Class A*    $ 50,310  
  2,100     NetEase, Inc.      54,197  
  2,700     Tencent Holdings Ltd.      147,971  
  3,199     Tencent Music Entertainment Group - ADR      26,712  
    

 

 

 
     279,190  
    

 

 

 
  Consumer Discretionary: 12.6%  
  6,500     Alibaba Group Holding Ltd.      76,956  
  2,600     ANTA Sports Products Ltd.      23,555  
  2,300     BYD Co. Ltd. - Class H      21,248  
  4,400     H World Group Ltd.      18,716  
  5,400     Haier Smart Home Co. Ltd. - Class H      13,757  
  1,300     Meituan - Class B*(a)      11,355  
  400     Pop Mart International Group Ltd.(a)      7,890  
  550     Trip.com Group Ltd.*      21,853  
    

 

 

 
     195,330  
    

 

 

 
  Consumer Staples: 3.3%  
  9,800     By-health Co. Ltd. - Class A      13,056  
  5,400     Foshan Haitian Flavouring & Food Co. Ltd. - Class H      20,574  
  4,800     Inner Mongolia Yili Industrial Group Co. Ltd. - Class A      16,950  
    

 

 

 
     50,580  
    

 

 

 
  Financials: 13.8%  
  7,000     AIA Group Ltd.      63,775  
  2,100     Hong Kong Exchanges & Clearing Ltd.      97,201  
  8,000     Ping An Insurance Group Co. of China Ltd. - Class H      52,075  
    

 

 

 
     213,051  
    

 

 

 
  Health Care: 9.3%  
  58,000     AK Medical Holdings Ltd.(a)      37,939  
  800     BeOne Medicines Ltd. - Class H*      17,382  
  4,000     Hansoh Pharmaceutical Group Co. Ltd.(a)      15,107  
  1,500     Innovent Biologics, Inc.*(a)      15,225  
  3,800     Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A      29,144  
  1,600     WuXi AppTec Co. Ltd. - Class A      29,360  
    

 

 

 
     144,157  
    

 

 

 
  Industrials: 12.0%  
  8,800     Centre Testing International Group Co. Ltd. - Class A      17,975  
  1,800     Contemporary Amperex Technology Co. Ltd. - Class A      104,256  
  3,300     Shenzhen Inovance Technology Co. Ltd. - Class A      32,259  
  8,000     SITC International Holdings Co. Ltd.      32,010  
    

 

 

 
     186,500  
    

 

 

 
  Information Technology: 11.8%  
  380     Beijing Kingsoft Office Software, Inc. - Class A      11,931  
  18,600     Horizon Robotics*      9,677  
  1,500     Montage Technology Co. Ltd. - Class H*      88,862  
  3,500     Sino Wealth Electronic Ltd. - Class A      16,532  
  900     Victory Giant Technology Huizhou Co. Ltd. - Class H*      40,097  
  5,400     Xiaomi Corp. - Class B*(a)      14,900  
    

 

 

 
     181,999  
    

 

 

 
Shares           Value  
  Materials: 6.9%  
  7,000     Shandong Sinocera Functional Material Co. Ltd. - Class A    $ 106,443  
    

 

 

 
  Real Estate: 7.0%  
  9,200     China Resources Mixc Lifestyle Services Ltd.(a)      43,029  
  8,000     KE Holdings, Inc. - Class A      38,314  
  5,800     Link REIT - REIT      26,994  
    

 

 

 
     108,337  
    

 

 

 
 

TOTAL COMMON STOCKS
(Cost $1,268,649)

     1,465,587  
    

 

 

 
 

TOTAL INVESTMENTS(b)
(Cost: $1,268,649): 94.7%

     1,465,587  
    

 

 

 
  Other Assets in Excess of Liabilities: 5.3%      82,804  
    

 

 

 
 

NET ASSETS: 100.0%

   $ 1,548,391  
    

 

 

 

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 9.

 

 

The accompanying notes are an integral part of these financial statements.

 

 
2       iM Global Partner Funds


Polen Capital Global Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 


Shares
          Value  
 

COMMON STOCKS: 96.5%

 
  Brazil: 2.3%  
  79     MercadoLibre, Inc.*    $ 134,094  
    

 

 

 
  Canada: 2.8%  
  1,411     Shopify, Inc. - Class A*      161,108  
    

 

 

 
  China: 3.3%  
  3,498     Tencent Holdings Ltd.      191,704  
    

 

 

 
  France: 3.4%  
  40     Hermes International SCA      72,974  
  277     L’Oreal SA      121,325  
    

 

 

 
     194,299  
    

 

 

 
  Germany: 3.9%  
  40     Rheinmetall AG      45,232  
  938     Siemens Energy AG      177,550  
    

 

 

 
     222,782  
    

 

 

 
  Japan: 3.8%  
  119     Keyence Corp.      59,322  
  330     Tokyo Electron Ltd.      156,573  
    

 

 

 
     215,895  
    

 

 

 
  Netherlands: 4.7%  
  119     Adyen NV*(a)      111,456  
  79     ASML Holding NV      155,254  
    

 

 

 
     266,710  
    

 

 

 
  Taiwan: 5.5%  
  666     Taiwan Semiconductor Manufacturing Co. Ltd. - ADR      318,062  
    

 

 

 
  United States: 66.8%  
  1,081     Alphabet, Inc. - Class C      381,950  
  976     Amazon.com, Inc.*      232,620  
  541     Aon PLC - Class A      179,444  
  712     Broadcom, Inc.      268,958  
  2,414     CoStar Group, Inc.*      68,365  
  238     Eli Lilly & Co.      285,464  
  105     GE Vernova, Inc.      123,360  
  502     General Electric Co.      187,612  
  225     Howmet Aerospace, Inc.      60,494  
  211     IDEXX Laboratories, Inc.*      111,079  
  488     MasterCard, Inc. - Class A      250,637  
  171     Meta Platforms, Inc. - Class A      96,323  
  687     Microsoft Corp.      256,265  
  211     MSCI, Inc.      118,168  
  2,138     NVIDIA Corp.      427,792  
  369     Oracle Corp.      54,077  
  1,601     ServiceNow, Inc.*      158,947  
  290     Spotify Technology SA*      133,148  
  726     Starbucks Corp.      74,190  
  1,320     Uber Technologies, Inc.*      95,251  
  805     Visa, Inc. - Class A      276,187  
    

 

 

 
     3,840,331  
    

 

 

 
 

TOTAL COMMON STOCKS
(Cost $5,969,531)

     5,544,985  
    

 

 

 
Principal
Amount
          Value  
 

SHORT-TERM INVESTMENTS: 1.9%

 
 

REPURCHASE AGREEMENTS : 1.9%

 
  $106,848     Fixed Income Clearing Corp. 1.060%, 6/30/2026, due 07/01/2026 [collateral: par value $109,000, U.S. Treasury Note, 3.625%, due 03/31/2028, value $109,186] (proceeds $106,851)    $ 106,848  
    

 

 

 
 

TOTAL REPURCHASE AGREEMENTS
(Cost $106,848)

     106,848  
    

 

 

 
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $106,848)

     106,848  
    

 

 

 
 

TOTAL INVESTMENTS
(Cost: $6,076,379): 98.4%

     5,651,833  
    

 

 

 
  Other Assets in Excess of Liabilities: 1.6%      94,104  
    

 

 

 
 

NET ASSETS: 100.0%

   $ 5,745,937  
    

 

 

 

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 accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         3


Polen Capital Global Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

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

 

Industry   % of
Net Assets
 

Semiconductors & Semiconductor Equipment

    23.0%  

Interactive Media & Services

    11.6%  

Financial Services

    11.2%  

Software

    8.2%  

Broadline Retail

    6.3%  

Electrical Equipment

    5.2%  

Aerospace & Defense

    5.1%  

Pharmaceuticals

    5.0%  

Insurance

    3.1%  

IT Services

    2.8%  

Entertainment

    2.3%  

Personal Care Products

    2.1%  

Capital Markets

    2.1%  

Health Care Equipment & Supplies

    1.9%  

Ground Transportation

    1.7%  

Hotels, Restaurants & Leisure

    1.3%  

Textiles, Apparel & Luxury Goods

    1.3%  

Real Estate Management & Development

    1.2%  

Electronic Equipment, Instruments & Components

    1.1%  

Short-Term Investments

    1.9%  
 

 

 

 

Total Investments

    98.4%  

Other Assets in Excess of Liabilities

    1.6%  
 

 

 

 

Net Assets

    100.0%  
 

 

 

 
 

 

The accompanying notes are an integral part of these financial statements.

 

 
4       iM Global Partner Funds


Polen Capital International Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited)

 


Shares
          Value  
 

COMMON STOCKS: 97.8%

 
  Brazil: 8.1%  
  994     MercadoLibre, Inc.*    $ 1,687,206  
  42,597     NU Holdings Ltd. - Class A*      569,096  
    

 

 

 
     2,256,302  
    

 

 

 
  Canada: 5.2%  
  12,705     Shopify, Inc. - Class A*      1,450,657  
    

 

 

 
  China: 4.2%  
  21,385     Tencent Holdings Ltd.      1,171,983  
    

 

 

 
  Germany: 7.3%  
  285     Rheinmetall AG      322,279  
  7,117     SAP SE      1,088,767  
  3,354     Siemens Energy AG      634,864  
    

 

 

 
     2,045,910  
    

 

 

 
  Hong Kong: 2.8%  
  87,504     AIA Group Ltd.      797,215  
    

 

 

 
  India: 0.8%  
  7,589     ICICI Bank Ltd. - ADR      220,309  
    

 

 

 
  Japan: 14.7%  
  2,190     Disco Corp.      1,094,427  
  1,702     Keyence Corp.      848,462  
  21,520     Mitsubishi Heavy Industries Ltd.      485,178  
  3,548     Tokyo Electron Ltd.      1,683,393  
    

 

 

 
     4,111,460  
    

 

 

 
  Netherlands: 16.0%  
  950     Adyen NV*(a)      889,779  
  1,135     ASM International NV      1,296,421  
  1,158     ASML Holding NV      2,275,744  
    

 

 

 
     4,461,944  
    

 

 

 
  Singapore: 1.3%  
  3,864     Sea Ltd. - ADR*      370,287  
    

 

 

 
  South Korea: 3.0%  
  3,897     Samsung Electronics Co. Ltd.      840,120  
    

 

 

 
  Sweden: 1.5%  
  8,296     Saab AB - Class B      429,906  
    

 

 

 
  Switzerland: 6.1%  
  2,032     Lonza Group AG      1,372,011  
  9,528     On Holding AG - Class A*      337,482  
    

 

 

 
     1,709,493  
    

 

 

 
  Taiwan: 3.3%  
  1,910     Taiwan Semiconductor Manufacturing Co. Ltd. - ADR      912,159  
    

 

 

 
  United Kingdom: 6.3%  
  4,893     AstraZeneca PLC      914,652  
  78,285     Sage Group PLC      846,897  
    

 

 

 
     1,761,549  
    

 

 

 
  United States: 17.2%  
  3,057     Aon PLC - Class A      1,013,976  
  4,963     Schneider Electric SE      1,617,079  
  3,449     Spotify Technology SA*      1,583,540  
  2,251     Willis Towers Watson PLC      588,344  
    

 

 

 
     4,802,939  
    

 

 

 
 

TOTAL COMMON STOCKS
(Cost $26,689,384)

     27,342,233  
    

 

 

 
Principal
Amount
          Value  
 

SHORT-TERM INVESTMENTS: 3.2%

 
  REPURCHASE AGREEMENTS: 3.2%  
  $886,098     Fixed Income Clearing Corp. 1.060%, 6/30/2026, due 07/01/2026 [collateral: par value $903,200, U.S. Treasury Note, 3.625%, due 03/31/2028, value $903,992] (proceeds $886,124)    $ $ 886,098  
    

 

 

 
 

TOTAL REPURCHASE AGREEMENTS
(Cost $886,098)

     886,098  
    

 

 

 
 

TOTAL SHORT-TERM INVESTMENTS
(Cost $886,098)

     886,098  
    

 

 

 
 

TOTAL INVESTMENTS
(Cost: $27,575,482): 101.0%

     28,228,331  
    

 

 

 
  Liabilities in Excess of Other Assets: (1.0)%      (288,244
    

 

 

 
 

NET ASSETS: 100.0%

   $ 27,940,087  
    

 

 

 

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 accompanying notes are an integral part of these financial statements.

 

 
Schedule of Investments         5


Polen Capital International Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2026 (Unaudited) (Continued)

 

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

 

Industry   % of
Net Assets
 

Semiconductors & Semiconductor Equipment(a)

    26.0%  

Insurance

    8.5%  

Electrical Equipment

    8.1%  

Broadline Retail

    7.4%  

Software

    6.9%  

Entertainment

    5.7%  

IT Services

    5.2%  

Life Sciences Tools & Services

    4.9%  

Interactive Media & Services

    4.2%  

Pharmaceuticals

    3.3%  

Financial Services

    3.2%  

Electronic Equipment, Instruments & Components

    3.1%  

Technology Hardware, Storage & Peripherals

    3.0%  

Banks

    2.8%  

Aerospace & Defense

    2.6%  

Machinery

    1.7%  

Textiles, Apparel & Luxury Goods

    1.2%  

Short-Term Investments

    3.2%  
 

 

 

 

Total Investments

    101.0%  

Liabilities in Excess of Other Assets

    (1.0)%  
 

 

 

 

Net Assets

    100.0%  
 

 

 

 

 

(a)

For additional information on portfolio concentration, see Note 9.

 

 

The accompanying notes are an integral part of these financial statements.

 

 
6       iM Global Partner Funds


iM Global Partner Funds

STATEMENTS OF ASSETS AND LIABILITIES at June 30, 2026 – (Unaudited)

 

        Polen Capital
China Growth
ETF
     Polen Capital
Global Growth
ETF
     Polen Capital
International
Growth ETF
 

ASSETS:

 

Investments in securities at cost

     $ 1,268,649      $ 5,969,531      $ 26,689,384  

Repurchase agreements at cost

              106,848        886,098  
    

 

 

    

 

 

    

 

 

 

Total investments at cost

     $ 1,268,649      $ 6,076,379      $ 27,575,482  
    

 

 

    

 

 

    

 

 

 

Investments in securities at value

     $ 1,465,587      $ 5,544,985      $ 27,342,233  

Repurchase agreements at value

              106,848        886,098  
    

 

 

    

 

 

    

 

 

 

Total investments at value

     $ 1,465,587      $ 5,651,833      $ 28,228,331  
    

 

 

    

 

 

    

 

 

 

Cash

       54,132        539         

Cash, denominated in foreign currency (cost of $26, $192 and $261, respectively)

       70        191        257  

Receivables:

 

Foreign tax reclaims

              63,334        24,496  

Dividends and interest

       5,982        800        12,366  

Advisory reimbursement

       22,838        29,401        5,901  
    

 

 

    

 

 

    

 

 

 

Total Assets

       1,548,609        5,746,098        28,271,351  
    

 

 

    

 

 

    

 

 

 

LIABILITIES:

 

Payables:

 

Securities purchased

                     330,881  

Foreign taxes withheld

       218        161        383  
    

 

 

    

 

 

    

 

 

 

Total Liabilities

       218        161        331,264  
    

 

 

    

 

 

    

 

 

 

NET ASSETS

     $ 1,548,391      $ 5,745,937      $ 27,940,087  
    

 

 

    

 

 

    

 

 

 

Net Assets

     $ 1,548,391      $ 5,745,937      $ 27,940,087  

Number of shares issued and outstanding (unlimited number of shares authorized, $0.01 par value)

       125,000        525,000        3,190,000  

Net asset value, offering price and redemption price per share

     $ 12.39      $ 10.94      $ 8.76  
    

 

 

    

 

 

    

 

 

 

COMPONENTS OF NET ASSETS

 

Paid-in capital

     $ 1,282,418      $ 34,325,784      $ 32,989,368  

Accumulated distributable earnings (deficit)

       265,973        (28,579,847      (5,049,281
    

 

 

    

 

 

    

 

 

 

NET ASSETS

     $ 1,548,391      $ 5,745,937      $ 27,940,087  
    

 

 

    

 

 

    

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 
Statements of Assets and Liabilities         7


iM Global Partner Funds

STATEMENTS OF OPERATIONS For the Six Months Ended June 30, 2026 – (Unaudited)

 

        Polen Capital
China Growth
ETF
     Polen Capital
Global Growth
ETF
     Polen Capital
International
Growth ETF
 

INVESTMENT INCOME:

 

  

Income

 

  

Dividends (net of foreign taxes withheld of $695, $17,007 and $13,845, respectively)

     $ 20,870      $ 304,336      $ 171,798  

Interest

       4        13,062        5,122  

Securities lending income (See Note 2)

              12        427  
    

 

 

    

 

 

    

 

 

 

Total income

       20,874        317,410        177,347  
    

 

 

    

 

 

    

 

 

 

Expenses

 

  

Advisory fees

       8,006        327,950        112,962  
    

 

 

    

 

 

    

 

 

 

Total expenses

       8,006        327,950        112,962  
    

 

 

    

 

 

    

 

 

 

Net expenses

       8,006        327,950        112,962  
    

 

 

    

 

 

    

 

 

 

Net investment income (loss)

       12,868        (10,540      64,385  
    

 

 

    

 

 

    

 

 

 

REALIZED AND UNREALIZED GAIN (LOSS)

          

Net realized gain (loss) on:

          

Investments

       52,220        (6,490,313      (3,285,290

Foreign currency transactions

       (48      (20,142      (9,651

In-kind redemptions

              (7,805,745       
    

 

 

    

 

 

    

 

 

 

Net realized gain (loss)

       52,172        (14,316,200      (3,294,941
    

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation/depreciation on:

          

Investments

       (153,248      (8,752,629      2,067,026  

Foreign currency transactions

       41        (1,854      (862
    

 

 

    

 

 

    

 

 

 

Net change in unrealized appreciation/depreciation

       (153,207      (8,754,483      2,066,164  
    

 

 

    

 

 

    

 

 

 

Net realized and unrealized gain (loss) on investments and foreign currency transactions

       (101,035      (23,070,683      (1,228,777
    

 

 

    

 

 

    

 

 

 

Net decrease in net assets resulting from operations

     $ (88,167    $ (23,081,223    $ (1,164,392
    

 

 

    

 

 

    

 

 

 

 

The accompanying notes are an integral part of these financial statements.

 

 
8       iM Global Partner Funds


iM Global Partner Funds

STATEMENTS OF CHANGES IN NET ASSETS

 

       Polen Capital China Growth ETF      Polen Capital Global Growth ETF  
        Six Months Ended
June 30,
2026#
     Year Ended
December 31,
2025
    

Six Months Ended
June 30,

2026#

     Year Ended
December 31,
2025
 

INCREASE (DECREASE) IN NET ASSETS FROM:

 

  

OPERATIONS

 

  

Net investment income (loss)

     $ 12,868      $ 17,815      $ (10,540    $ (273,738

Net realized gain (loss) on investments and foreign currency transactions

       52,172        67,182        (14,316,200      1,937,164  

Net change in unrealized appreciation/depreciation on investments and foreign currency transactions

       (153,207      215,128        (8,754,483      1,683,045  
    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

       (88,167      300,125        (23,081,223      3,346,471  
    

 

 

    

 

 

    

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

 

  

Distributable earnings

              (37,376              
    

 

 

    

 

 

    

 

 

    

 

 

 

Total distributions

              (37,376              
    

 

 

    

 

 

    

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS:

 

  

Proceeds from shares sold

                     3,699,705        89,338,486  

Payment for shares redeemed

                     (161,077,685      (63,098,524
    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) in net assets from capital share transactions

                     (157,377,980      26,239,962  
    

 

 

    

 

 

    

 

 

    

 

 

 

Total increase (decrease) in net assets

       (88,167      262,749        (180,459,203      29,586,433  

NET ASSETS:

 

  

Beginning of period

       1,636,558        1,373,809        186,205,140        156,618,707  
    

 

 

    

 

 

    

 

 

    

 

 

 

End of period

     $ 1,548,391      $ 1,636,558      $ 5,745,937      $ 186,205,140  
    

 

 

    

 

 

    

 

 

    

 

 

 

CAPITAL TRANSACTIONS IN SHARES

 

  

Sold

                     330,000        7,605,000  

Redeemed

                     (15,380,000      (5,330,000
    

 

 

    

 

 

    

 

 

    

 

 

 

Net increase (decrease) from capital share transactions

                     (15,050,000      2,275,000  
    

 

 

    

 

 

    

 

 

    

 

 

 

 

  #

Unaudited.

 

The accompanying notes are an integral part of these financial statements.

 

 
Statements of Changes in Net Assets         9


iM Global Partner Funds

STATEMENTS OF CHANGES IN NET ASSETS – (Continued)

 

       Polen Capital International Growth ETF  
       

Six Months Ended
June 30,

2026#

     Year Ended
December 31,
2025
 

INCREASE (DECREASE) IN NET ASSETS FROM:

 

OPERATIONS

 

Net investment income

     $ 64,385      $ 38,502  

Net realized gain (loss) on investments and foreign currency transactions

       (3,294,941      503,798  

Net change in unrealized appreciation/depreciation on investments and foreign currency transactions

       2,066,164        (508,447
    

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

       (1,164,392      33,853  
    

 

 

    

 

 

 

DISTRIBUTIONS TO SHAREHOLDERS

 

Distributable earnings

              (37,180
    

 

 

    

 

 

 

Total distributions

              (37,180
    

 

 

    

 

 

 

CAPITAL SHARE TRANSACTIONS:

 

Proceeds from shares sold

       2,913,364        6,273,118  

Payment for shares redeemed

              (6,662,120
    

 

 

    

 

 

 

Net increase (decrease) in net assets from capital share transactions

       2,913,364        (389,002
    

 

 

    

 

 

 

Total increase (decrease) in net assets

       1,748,972        (392,329

NET ASSETS:

 

Beginning of period

       26,191,115        26,583,444  
    

 

 

    

 

 

 

End of period

     $ 27,940,087      $ 26,191,115  
    

 

 

    

 

 

 

CAPITAL TRANSACTIONS IN SHARES

 

Sold

       330,000        640,000  

Redeemed

              (680,000
    

 

 

    

 

 

 

Net increase (decrease) from capital share transactions

       330,000        (40,000
    

 

 

    

 

 

 

 

  #

Unaudited.

 

The accompanying notes are an integral part of these financial statements.

 

 
10       iM Global Partner Funds


Polen Capital China Growth ETF

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

    

Six Months Ended
June 30,

2026#

     Year Ended
December 31,
2025
     Period Ended
December 31,
2024**
 

Net asset value, beginning of period

  $ 13.09      $ 10.99      $ 10.00  
 

 

 

    

 

 

    

 

 

 

Income from investment operations:

 

  

Net investment income1

    0.10        0.14        0.18  

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency

    (0.80      2.26        1.02  
 

 

 

    

 

 

    

 

 

 

Total income (loss) from investment operations

    (0.70      2.40        1.20  
 

 

 

    

 

 

    

 

 

 

Less distributions:

 

  

From net investment income

           (0.22      (0.21

From net realized gains

           (0.08       
 

 

 

    

 

 

    

 

 

 

Total distributions

           (0.30      (0.21
 

 

 

    

 

 

    

 

 

 

Net asset value, end of period

  $ 12.39      $ 13.09      $ 10.99  
 

 

 

    

 

 

    

 

 

 

Market price, end of period

  $ 12.44      $ 13.08      $ 10.87  
 

 

 

    

 

 

    

 

 

 

Net asset value total return

    (5.40 )%+       21.83      12.00 %+ 
 

 

 

    

 

 

    

 

 

 

Ratios/supplemental data:

 

  

Net assets, end of period (thousands)

  $ 1,548      $ 1,637      $ 1,374  
 

 

 

    

 

 

    

 

 

 

Ratios of total expenses to average net assets:

       

Including tax expense and before fees waived

    1.00 %*       1.00      5.65 %* 
 

 

 

    

 

 

    

 

 

 

Including tax expense and after fees waived

    1.00 %*       1.00      1.00 %*,2 
 

 

 

    

 

 

    

 

 

 

Ratio of net investment income to average net assets including tax expense and fees waived

    1.61 %*       1.12      2.08 %*,2 
 

 

 

    

 

 

    

 

 

 

Portfolio turnover rate

    17.11 %+       34.69      41.06 %+ 
 

 

 

    

 

 

    

 

 

 

 

  #

Unaudited.

  +

Not annualized.

  *

Annualized.

  **

Commenced operations on March 14, 2024.

  1

Calculated based on the average shares outstanding methodology.

  2

Ratio of total expenses to average net assets including tax expense after fees waived, and ratio of net investment income to average net assets including tax expense and fees waived includes a voluntary waiver of 4.65% and income tax expense of 4.65%.

 

The accompanying notes are an integral part of these financial statements.

 

 
Financial Highlights         11


Polen Capital Global Growth ETF

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

   

Six Months Ended
June 30,

2026#

    Year Ended
December 31,
    Period Ended
December 31,
2023**
 
     2025     2024  

Net asset value, beginning of period

  $ 11.96     $ 11.78     $ 10.50     $ 10.00  
 

 

 

   

 

 

   

 

 

   

 

 

 

Income from investment operations:

 

   

Net investment income (loss)1

    ^      (0.02     (0.02     (0.01

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency

    (1.02     0.20       1.30       0.51  
 

 

 

   

 

 

   

 

 

   

 

 

 

Total income (loss) from investment operations

    (1.02     0.18       1.28       0.50  
 

 

 

   

 

 

   

 

 

   

 

 

 

Less distributions:

 

   

From net investment income

                       

From net realized gains

                       
 

 

 

   

 

 

   

 

 

   

 

 

 

Total distributions

                       
 

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value, end of period

  $ 10.94     $ 11.96     $ 11.78     $ 10.50  
 

 

 

   

 

 

   

 

 

   

 

 

 

Market price, end of period

  $ 10.96     $ 11.97     $ 11.78     $ 10.48  
 

 

 

   

 

 

   

 

 

   

 

 

 

Net asset value total return

    (8.45 )%+      1.53     12.12 %2      5.03 %+ 
 

 

 

   

 

 

   

 

 

   

 

 

 

Ratios/supplemental data:

 

   

Net assets, end of period (thousands)

  $ 5,746     $ 186,205     $ 156,619     $ 38,336  
 

 

 

   

 

 

   

 

 

   

 

 

 

Ratios of total expenses to average net assets:

       

Before fees waived

    0.85 %*      0.85     0.85     0.85 %* 
 

 

 

   

 

 

   

 

 

   

 

 

 

After fees waived

    0.85 %*      0.85     0.85     0.85 %* 
 

 

 

   

 

 

   

 

 

   

 

 

 

Ratio of net investment loss to average net assets

    (0.03 )%*      (0.15 )%      (0.18 )%      (0.41 )%* 
 

 

 

   

 

 

   

 

 

   

 

 

 

Portfolio turnover rate

    34.06 %+,6      56.70 %5      17.61 %4      3.65 %+,3 
 

 

 

   

 

 

   

 

 

   

 

 

 

 

  #

Unaudited.

  +

Not annualized.

  *

Annualized.

  **

Commenced operations on August 29, 2023.

  ^

Amount represents less than $0.01 per share.

  1

Calculated based on the average shares outstanding methodology.

  2

The total return does not include the impact of financial statement rounding of the net asset value (NAV) per share and/or financial statement adjustments.

  3

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 3.65% for the period ended December 31, 2023.

  4

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 49.86% for the year ended December 31, 2024.

  5

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 93.60% for the year ended December 31, 2025.

  6

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 37.24% for the period ended June 30, 2026.

 

The accompanying notes are an integral part of these financial statements.

 

 
12       iM Global Partner Funds


Polen Capital International Growth ETF

FINANCIAL HIGHLIGHTS

 

For a capital share outstanding throughout each period

 

    

Six Months Ended
June 30,

2026#

     Year Ended
December 31,
2025
     Period Ended
December 31,
2024**
 

Net asset value, beginning of period

  $ 9.16      $ 9.17      $ 10.00  
 

 

 

    

 

 

    

 

 

 

Income from investment operations:

 

  

Net investment income1

    0.02        0.01        0.04  

Net realized gain (loss) and net change in unrealized appreciation/depreciation on investments and foreign currency

    (0.42      (0.01      (0.84
 

 

 

    

 

 

    

 

 

 

Total income (loss) from investment operations

    (0.40             (0.80
 

 

 

    

 

 

    

 

 

 

Less distributions:

 

  

From net investment income

           (0.01      (0.03

From net realized gains

                   
 

 

 

    

 

 

    

 

 

 

Total distributions

           (0.01      (0.03
 

 

 

    

 

 

    

 

 

 

Net asset value, end of period

  $ 8.76      $ 9.16      $ 9.17  
 

 

 

    

 

 

    

 

 

 

Market price, end of period

  $ 8.81      $ 9.12      $ 9.13  
 

 

 

    

 

 

    

 

 

 

Net asset value total return

    (4.35 )%+       0.04      (8.01 )%+ 
 

 

 

    

 

 

    

 

 

 

Ratios/supplemental data:

 

  

Net assets, end of period (thousands)

  $ 27,940      $ 26,191      $ 26,583  
 

 

 

    

 

 

    

 

 

 

Ratios of total expenses to average net assets:

       

Before fees waived

    0.85 %*       0.85      0.85 %* 
 

 

 

    

 

 

    

 

 

 

After fees waived

    0.85 %*       0.85      0.85 %* 
 

 

 

    

 

 

    

 

 

 

Ratio of net investment income to average net assets

    0.49 %*       0.14      0.46 %* 
 

 

 

    

 

 

    

 

 

 

Portfolio turnover rate

    40.60 %+,4       36.03 %3       24.21 %+,2 
 

 

 

    

 

 

    

 

 

 

 

  #

Unaudited.

  +

Not annualized.

  *

Annualized.

  **

Commenced operations on March 14, 2024.

  1

Calculated based on the average shares outstanding methodology.

  2

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 24.21% for the period ended December 31, 2024.

  3

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 59.62% for the year ended December 31, 2025.

  4

Portfolio turnover rate excludes securities received or delivered in-kind. The portfolio turnover rate including securities received or delivered in-kind was 40.60% for the period ended June 30, 2026.

 

The accompanying notes are an integral part of these financial statements.

 

 
Financial Highlights         13


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited)

 

Note 1 – Organization

 

iM Global Partner Funds (the “Trust”) was organized as a Delaware business trust on August 1, 1996, and is registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company. Effective June 22, 2026, the Litman Gregory Funds Trust changed its name to the iM Global Partner Funds. The Trust consists of eleven separate series. The Polen Capital China Growth ETF, Polen Capital Global Growth ETF and Polen Capital International Growth ETF (together the “Funds”) are the only series included in this report.

The Polen Capital China Growth ETF seeks to achieve long-term growth of capital. The Polen Capital China Growth ETF is a non-diversified, actively-managed ETF that seeks to achieve its objective by investing in a portfolio of equity securities of Chinese companies that in the opinion of Polen Capital Management, LLC (the “Sub-Advisor”), have a sustainable competitive advantage. The Polen Capital China Growth ETF may also gain exposure to such issuers by investing in depositary receipts including Global Depositary Receipts, American Depositary Receipts and International Depositary Receipts or through variable interest entities. The Polen Capital China Growth ETF invests across the market capitalization spectrum in small, mid-and large capitalization companies. Shares of the Polen Capital China Growth ETF are listed and traded on the New York Stock Exchange Arca.

The Polen Capital Global Growth ETF seeks to achieve long-term growth of capital. The Polen Capital Global Growth ETF is a non-diversified, actively-managed ETF that seeks to achieve its objective by investing in a focused portfolio of approximately 25 to 40 common stocks of large capitalization companies (meaning companies with market capitalizations greater than $10 billion at the time of purchase) that are located anywhere in the world, including companies in both developed and emerging markets, and, in the opinion of Polen Capital Management, LLC, have a sustainable competitive advantage. In addition, the Polen Capital Global Growth ETF may from time to time purchase common stocks, including the common stock of medium capitalization companies (meaning companies with market capitalizations greater than $2 billion but less than $10 billion at the time of purchase), if, in the Sub-Advisor’s opinion, the stock represents a particularly attractive investment opportunity. Shares of the Polen Capital Global Growth ETF are listed and traded on the New York Stock Exchange Arca.

The Polen Capital International Growth ETF seeks to achieve long-term growth of capital. The Polen Capital International Growth ETF is a non-diversified, actively-managed ETF that seeks to achieve its objective by investing in a focused portfolio of approximately 25 to 35 common stocks of large capitalization companies (meaning companies with market capitalizations greater than $10 billion at the time of purchase) including companies in both developed and emerging markets, and, in the opinion of Polen Capital Management, LLC, have a sustainable competitive advantage. In addition, the Polen Capital International Growth ETF may from time to time purchase common stocks, including the common stock of medium capitalization companies (meaning companies with market capitalizations greater than $2 billion but less than $10 billion at the time of purchase), if, in the Sub-Advisor’s opinion, the stock represents a particularly attractive investment opportunity. Shares of the Polen Capital International Growth ETF are listed and traded on the New York Stock Exchange Arca.

Note 2 – Significant Accounting Policies

 

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”).

 

A

Accounting Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

The Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investment Companies.

 

B

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 Sub-Advisors that selected the security for the Funds’ portfolio and iM Global Partner Fund Management, LLC (the “Advisor”) 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

 

 
14       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

  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 the Advisor 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 orwhich 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.

 

C

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 June 30, 2026, the Funds’ ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments in Securities.

At June 30, 2026, Polen Capital Global Growth ETF and Polen Capital International Growth ETF had investments in repurchase agreements with a gross value of $106,848 and $886,098, respectively, which are reflected as repurchase agreements on the Statements of Assets and Liabilities. The value of the related collateral exceeded the value of the repurchase agreements at June 30, 2026.

 

D

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.

 

 
Notes to Financial Statements         15


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

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 June 30, 2026, the Funds had no securities on loan.

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%.

 

E

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.

 

F

Distributions to Shareholders. Distributions paid to shareholders are recorded on the ex-dividend date. Net realized gains from securities transactions (if any) are generally distributed annually to shareholders. The amount of dividends and distributions from net investment income and net realized capital gains is determined in accordance with federal income tax regulations, which may differ from generally accepted accounting principles. To the extent these “book/tax” differences are permanent in nature (i.e., that they result from other than timing of recognition – “temporary differences”), such amounts are reclassified within the capital accounts based on their federal tax-basis.

 

G

Income Taxes. The Funds intend to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 (the “Code”) applicable to regulated investment companies and to distribute all of their taxable income to their shareholders. Accordingly, no provisions for federal income taxes are required. The Funds have reviewed the tax positions, taken on federal income tax returns, for each of the three open tax years (as applicable) and as of June 30, 2026, and have determined that no provision for income tax is required in the Funds’ financial statements. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statements of Operations. During the period ended June 30, 2026, the Funds did not incur any interest or penalties. Foreign securities held by the Funds may be subject to foreign taxation on dividend and interest income received. Foreign taxes, if any, net of any reclaims, are recorded based on the tax regulations and rates that exist in the foreign markets in which the Funds’ invest.

Taxes on foreign interest and dividend income are generally withheld in accordance with the applicable country’s tax treaty with the United States. The foreign withholding rates applicable to a Fund’s investments in certain jurisdictions may be higher if a significant portion of the Fund is held by non-U.S. shareholders. Each Fund may be subject to taxation on realized capital gains, repatriation proceeds and other transaction-based charges imposed by certain countries in which it invests. Taxes related to capital gains realized during the period ended June 30, 2026, if any, are reflected as part of net realized gain (loss) in the Statements of Operations.

Changes in tax liabilities related to capital gain taxes on unrealized investment gains, if any, are reflected as part of change in net unrealized appreciation (depreciation) in the Statements of Operations. Transaction-based charges are generally calculated as a percentage of the transaction amount.

The Funds may have previously filed for and/or may file for additional tax refunds with respect to certain taxes withheld by certain countries. Generally, the amount of such refunds that a Fund reasonably determines are collectible and free from significant contingencies are reflected in a Fund’s net asset value and are reflected as foreign tax reclaims receivable in the Statements of Assets and Liabilities. In certain circumstances, a Fund’s receipt of such refunds may cause the Fund and/or its shareholders to be liable for U.S. federal income taxes and interest charges.

Foreign taxes paid by each Fund may be treated, to the extent permissible by the Code (and other applicable U.S. federal tax guidance) and if that Fund so elects, as if paid by U.S. shareholders of that Fund.

 

 
16       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

The Funds adopted FASB Accounting Standards Update No. 2023-09, “Income Taxes (Topic 740) – Improvements to Income Tax Disclosures” (“ASU 2023-09”), which enhances income tax disclosure requirements, including, but not limited to, those with respect to the Funds’ income tax rate reconciliation and income taxes paid disaggregated by jurisdiction. Management has determined that there is no material impact of the ASU on the Funds’ financial statements.

 

H

Security Transactions, Dividend and Interest Income and Expenses. Security transactions are accounted for on the trade date. Realized gains and losses on securities transactions are reported on an identified cost basis. Dividend income and, where applicable, related foreign tax withholding expenses are recorded on the ex-dividend date. Interest income is recorded on an accrual basis. Purchase discounts and premiums on fixed-income securities are accreted and amortized to maturity using the effective interest method and reflected within interest income on the Statements of Operations. Paydown gains and losses on mortgage-related and other asset-backed securities, if any, are recorded as components of interest income in the Statements of Operations. Many expenses of the Trust can be directly attributed to a specific Fund. Each Fund is charged for expenses directly attributed to it. Expenses that cannot be directly attributed to a specific Fund are allocated among the Funds in the Trust in proportion to their respective net assets or other appropriate method.

 

I

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 June 30, 2026, there were no restricted securities held in the Funds.

 

J

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.

 

K

Indemnification Obligations. Under the Trust’s organizational documents, its current and former officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Funds that have not yet occurred or that would be covered by other parties.

 

L

Segment Reporting. The Funds adopted FASB Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures” (“ASU 2023-07”). Adoption of the standard impacted financial statement disclosures only and did not affect the Funds’ financial position or the results of their operations. The Funds’ Treasurer acts as the Funds’ chief operating decision maker (“CODM”). The CODM has determined that the Funds have a single operating segment because the CODM monitors the operating results of the Funds as a whole and evaluates performance in accordance with the Funds’ principal investment strategies disclosed in their prospectus. The CODM uses these measures to assess Funds performance and allocate resources effectively. The Funds’ total returns, expense ratios, and changes in net assets which among others are used by the CODM to assess Funds performance and to make resource allocation decisions for the Funds’ single segment are consistent with that presented within the Funds’ financial statements.

Note 3 – Investment Advisory and Other Agreements

 

The Trust, on behalf of the Funds, entered into an Investment Advisory Agreement (the “Agreement”) with Litman Gregory Fund Advisors, LLC. Effective October 1, 2021, Litman Gregory Fund Advisors, LLC has changed its name to iM Global Partner Fund Management, LLC and also subsequently referred to as “iM Global”. Under the terms of the Agreement, each Fund pays a monthly investment advisory fee to the Advisor at the annual rate below of the respective Fund’s average daily net assets:

 

Fund   Contractual
Management
Rate
 

Polen Capital China Growth ETF

    1.00

Polen Capital Global Growth ETF

    0.85

Polen Capital International Growth ETF

    0.85

 

 
Notes to Financial Statements         17


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

The investment advisory fee covers ordinary operating expenses other than taxes, brokerage commissions and other transactional expenses, accrued deferred tax liability, acquired fund fees and expenses and extraordinary expenses.

The Advisor engages a sub-advisor to manage the Funds and pays the sub-advisor from its advisory fees.

State Street Bank and Trust Company (“State Street”) serves as the Administrator, Transfer Agent, Custodian and Fund Accountant to the Funds.

The Funds’ distributor is ALPS Distributors, Inc. (the “Distributor”).

An employee of the Advisor serves as the Funds’ Chief Compliance Officer (“CCO”). The CCO receives no compensation from the Funds for his services, however, the Funds in the Trust reimbursed the Advisor $99,000 for the six months ended June 30, 2026 for the services of the CCO.

During the six months ended June 30, 2026, each independent Trustee, within the meaning of the 1940 Act, was compensated by the Trust in the amount of $78,500. The Chairperson of the Board was compensated in the amount of $91,000.

Certain officers and Trustees of the Trust are also officers of the Advisor.

Note 4 – Distribution Plan

 

The Funds issue and redeem Shares at Net Asset Value (“NAV”) only in Creation Units. Only Authorized Participants (“APs”) may acquire Shares directly from the Funds, and only APs may tender their Shares for redemption directly to the Funds, at NAV. APs must be a member or participant of a clearing agency registered with the SEC and must execute a Participant Agreement that has been agreed to by the Distributor, and that has been accepted by the Transfer Agent, with respect to purchases and redemptions of Creation Units. Once created, Shares trade in the secondary market in quantities less than a Creation Unit.

Individual Shares may be purchased and sold only on a national securities exchange through brokers. Shares will be listed for trading on NYSE Arca and because the Shares will trade at market prices rather than NAV, Shares may trade at prices greater than NAV (at a premium), at NAV, or less than NAV (at a discount).

Note 5 – Investment Transactions

 

The cost of securities purchased and the proceeds from securities sold for the six months ended June 30, 2026, excluding short-term investments and in-kind transactions were as follows:

 

Fund   Purchases      Sales  

Polen Capital China Growth ETF

  $ 263,860      $ 310,752  

Polen Capital Global Growth ETF

    26,997,672        32,863,212  

Polen Capital International Growth ETF

    11,947,324        10,513,865  

Securities received and delivered in-kind through subscriptions and redemptions are noted in the table below:

 

Fund   In-Kind
Subscriptions
     In-Kind
Redemptions
 

Polen Capital Global Growth ETF

  $ 2,519,815      $ 150,853,162  

Polen Capital International Growth ETF

    1,293,625         

Note 6 – 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 the Funds’ 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).

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

 

 
18       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

The following tables provide the fair value measurements of the Funds’ assets and liabilities by level within the fair value hierarchy for the Funds as of June 30, 2026. These assets and liabilities are measured on a recurring basis.

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

  $ 1,465,587      $      $      $ 1,465,587  
 

 

 

 

Total Equity

    1,465,587                      1,465,587  
 

 

 

 

Total Investments in Securities

  $ 1,465,587      $      $      $ 1,465,587  
 

 

 

 

 

(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

  $ 134,094      $      $      $ 134,094  

Canada

    161,108                      161,108  

China

    191,704                      191,704  

France

    194,299                      194,299  

Germany

    222,782                      222,782  

Japan

    215,895                      215,895  

Netherlands

    266,710                      266,710  

Taiwan

    318,062                      318,062  

United States

    3,840,331                      3,840,331  
 

 

 

 

Total Equity

    5,544,985                      5,544,985  
 

 

 

 

Short-Term Investments

          

Repurchase Agreements

           106,848               106,848  
 

 

 

 

Total Short-Term Investments

           106,848               106,848  
 

 

 

 

Total Investments in Securities

  $ 5,544,985      $ 106,848      $      $ 5,651,833  
 

 

 

 

 

 
Notes to Financial Statements         19


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

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

  $ 2,256,302      $      $      $ 2,256,302  

Canada

    1,450,657                      1,450,657  

China

    1,171,983                      1,171,983  

Germany

    2,045,910                      2,045,910  

Hong Kong

    797,215                      797,215  

India

    220,309                      220,309  

Japan

    4,111,460                      4,111,460  

Netherlands

    4,461,944                      4,461,944  

Singapore

    370,287                      370,287  

South Korea

    840,120                      840,120  

Sweden

    429,906                      429,906  

Switzerland

    1,709,493                      1,709,493  

Taiwan

    912,159                      912,159  

United Kingdom

    1,761,549                      1,761,549  

United States

    4,802,939                      4,802,939  
 

 

 

 

Total Equity

    27,342,233                      27,342,233  
 

 

 

 

Short-Term Investments

          

Repurchase Agreements

           886,098               886,098  
 

 

 

 

Total Short-Term Investments

           886,098               886,098  
 

 

 

 

Total Investments in Securities

  $ 27,342,233      $ 886,098      $      $ 28,228,331  
 

 

 

 

Note 7 – Income Taxes and Distributions to Shareholders

 

As of December 31, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

 

        Polen Capital
China Growth
ETF
     Polen Capital
Global
Growth ETF
     Polen Capital
International
Growth ETF
 

Tax cost of Investments and derivatives

     $ 1,264,974      $ 178,359,600      $ 27,607,171  

Gross Tax Unrealized Appreciation

       389,820        17,084,816        1,619,690  

Gross Tax Unrealized Depreciation

       (41,287      (9,175,821      (3,048,917
    

 

 

    

 

 

    

 

 

 

Net Tax unrealized appreciation (depreciation) on investments and derivatives

       348,533        7,908,995        (1,429,227

Net Tax unrealized appreciation (depreciation) on foreign currency

              4,287        1,721  
    

 

 

    

 

 

    

 

 

 

Net Tax unrealized appreciation (depreciation)

       348,533        7,913,282        (1,427,506
    

 

 

    

 

 

    

 

 

 

Undistributed Ordinary Income

       1,396                
    

 

 

    

 

 

    

 

 

 

Undistributed Long-Term Capital Gains

       4,211                
    

 

 

    

 

 

    

 

 

 

Capital Loss Carry Forward

              (13,411,906      (2,457,383
    

 

 

    

 

 

    

 

 

 

Late Year Ordinary Loss Deferral

                      
    

 

 

    

 

 

    

 

 

 

Post-October Capital Losses Deferral

                      
    

 

 

    

 

 

    

 

 

 

Other Accumulated Gains/(Losses)

                      
    

 

 

    

 

 

    

 

 

 

Total accumulated gain/(loss)

     $ 354,140      $ (5,498,624    $ (3,884,889
    

 

 

    

 

 

    

 

 

 

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to wash sales and tax adjustments on passive foreign investment companies.

 

 
20       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

For the year ended December 31, 2025, capital loss carryover used in current year was as follows:

 

Fund   Capital Loss
Carryover Utilized
Short-Term
 

Polen Capital China Growth ETF

  $ 40,189  

The capital loss carry forwards for each Fund were as follows:

 

        Polen Capital
Global Growth
ETF
     Polen Capital
International
Growth ETF
 

Capital Loss Carryforwards

       

Perpetual Short-Term

     $ (3,780,085    $ (1,077,820

Perpetual Long-Term

       (9,631,821      (1,379,563
    

 

 

    

 

 

 

Total

     $ (13,411,906    $ (2,457,383
    

 

 

    

 

 

 

Additionally, GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended December 31, 2025, the following table shows the reclassifications made:

 

Fund   Accumulated
Distributable Earnings
(Deficit)
     Paid In
Capital
 

Polen Capital China Growth ETF*

  $      $  

Polen Capital Global Growth ETF*

    (14,350,821      14,350,821  

Polen Capital International Growth ETF*

    (1,847,561      1,847,561  

 

*

The permanent differences primarily relate to distribution in excess, redemption-in-kinds, and net operating losses.

The tax composition of dividends for the six months ended June 30, 2026 and the year ended December 31, 2025 were as follows:

 

    Six Months Ended June 30, 2026           2025  
Fund   Ordinary
Income
    Long-Term
Capital Gain
    Return of
Capital
          Ordinary
Income
    Long-Term
Capital Gain
    Return of
Capital
 

Polen Capital China Growth ETF

  $     $     $       $ 26,938     $ 10,438     $  

Polen Capital Global Growth ETF

                                     

Polen Capital International Growth ETF

                        37,180              

The Funds did not have any unrecognized tax benefits at December 31, 2025, nor were there any increases or decreases in unrecognized tax benefits for the year ended December 31, 2025. The Funds are subject to examination by the U.S. federal and state tax authorities for returns filed for the prior one and two fiscal years, if any.

Note 8 – Line of Credit

 

The Trust has an unsecured, uncommitted $100,000,000 line of credit with the Custodian, for the Global Select Fund, International Fund, Small Company Fund, Low Duration Income Fund, Dolan McEniry Corporate Bond Fund, APA Enhanced Income Municipal Fund, and Polen Capital China Growth ETF (the “Seven Funds”) expiring on April 26, 2027. Polen Capital China Growth ETF is included in this report. Under this agreement, borrowing interest rate is equal to the sum of applicable margin of 1.00%, and applicable rate of 0.10%, plus the higher of (i) the Federal Funds Effective Rate and (ii) Overnight Bank Funding Rate. There is no annual commitment fee on the uncommitted line of credit. There was a $50,000 annual administrative fee charged at the May 1, 2026 renewal.

Amounts outstanding to the Seven Funds under the Facility at no time shall exceed in the aggregate at any time the least of (a) $100,000,000; (b) 10% of the value of the total assets of each Fund less such Fund’s total liabilities not represented by senior securities less the value of any assets of the Fund pledged to, or otherwise segregated for the benefit of a party other than the Custodian and in connection with a liability not reflected in the calculation of the Fund’s total liabilities.

For the six months ended June 30, 2026 Polen Capital China Growth ETF had no borrowings under the agreement.

 

 
Notes to Financial Statements         21


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

Note 9 – 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.

 

 

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.

 

 

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.

 

 

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.

 

 

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 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.

 

 

Currency Risk. This is the risk that foreign currencies will decline in value relative to the U.S. dollar and affect the Fund’s investments in foreign (non-U.S.) currencies or in securities that trade in, and receive revenues in, or in derivatives that provide exposure to, foreign (non-U.S.) currencies.

 

 

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.

 

 

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.

 

 

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.

 

 

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

 

 
22       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

  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.

 

 

ETF Risk. As a result of the Funds’ ETF’s structure, each is exposed to the following risks:

 

   

Authorized Participants, Market Makers, and Liquidity Providers Limitation Risk. The Fund has a limited number of financial institutions that may act as 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.

 

   

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.

 

   

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.

 

   

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.

 

   

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.

 

 

Europe Investing Risk. The Polen Capital Global 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 decision by the UK to withdraw from the EU (an event commonly known as “Brexit”). There continues to be uncertainty surrounding the ultimate impact of Brexit on the UK, the EU and the broader global economy. An exit by any member countries from the EU or the Economic and Monetary Union of the EU, or even the prospect of such an exit, could lead to increased volatility in European markets and negatively affect investments both in issuers in the exiting country and throughout Europe.

 

 

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.

 

 

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,

 

 
Notes to Financial Statements         23


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

  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.

 

 

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 certain markets or adverse investor sentiment.

 

 

Geopolitical Events Risk. The 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, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasigovernmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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

 

 
24       iM Global Partner Funds


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

  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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

Sector Concentration Risk. A Fund may concentrate its investments in a narrow segment of the total market. At June 30, 2026, the Polen Capital International Growth Fund has 26% of its net assets invested in the Semiconductors and Semiconductor Equipment industry 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.

 

 

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.

 

 

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.

 

 
Notes to Financial Statements         25


iM Global Partner Funds

NOTES TO FINANCIAL STATEMENTS – (Unaudited) – (Continued)

 

 

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.

 

 

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.

 

 

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.

 

 

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.

 

 

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.

Note 10 – Subsequent Events

 

At the recommendation of the iM Global, the Trust’s investment adviser, the Board of Trustees of the Trust has approved the liquidation of the Funds. The Funds will redeem shares or exchange Fund shares for shares of other iMGP Funds through August 14, 2026 (the “Closing Date”). On or about August 31, 2026 (the “Liquidation Date”), the Funds will cease operations, liquidate their assets, and prepare to distribute proceeds to shareholders of record on the Liquidation Date.

 

 
26       iM Global Partner Funds


Investment Adviser

 

iM Global Partner Fund Management, LLC

2301 Rosecrans Avenue, Suite 2150

El Segundo, CA 90245

Investment Sub-Advisor

 

Polen Capital Management, LLC

1825 NW Corporate Blvd. Suite 300

Boca Raton, FL 33431

Administrator

 

State Street Bank and Trust

1 Congress Building

One Congress Street, Suite 1,

Boston, MA 02114-2016

Transfer Agent

 

State Street Bank and Trust

1 Congress Building

One Congress Street, Suite 1,

Boston, MA 02114-2016

Principal Underwriter

 

ALPS Distributors, Inc.,

1290 Broadway, Suite 1100,

Denver, Colorado 80203

Custodian

 

State Street Bank and Trust

1 Congress Building

One Congress Street, Suite 1,

Boston, MA 02114-2016

Independent Registered Public Accounting Firm

 

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800,

Cleveland, Ohio 44115

Legal Counsel

 

Paul Hastings LLP,

101 California Street, 48th Floor,

San Francisco, California 94111


Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Proxy Disclosures for Open-end Management Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.


Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

The registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable to open-end investment companies.

Item 15. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees since the registrant last provided disclosure in response to this Item 15.

Item 16. Controls and Procedures

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective as of a date within 90 days of the filing date of this report based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act and Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable to the registrant.


Item 19. Exhibits

(a)(1) Code of Ethics – Not applicable for semi-annual reports.

(a)(2) Not applicable.

(a)(3) Separate certifications required by Rule 30a-2(a) under the 1940 Act for each principal executive officer and principal financial officer of the registrant are attached.

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable to open-end investment companies.

(a)(5) Change in Registrant’s independent public accountant – Not applicable.

(b) A single certification required by Rule 30a-2(b) under the 1940 Act, Rule 13a-14(b) or Rule 15d-14(b) under the 1934 Act, as amended, and Section 1350 of Chapter 63 of Title 18 of the United States Code for the principal executive officer and principal financial officer of the registrant is attached.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

iM GLOBAL PARTNER FUNDS

 

By:  

/s/ John M. Coughlan

  John M. Coughlan
  Chief Executive Officer
Date:   September 4, 2026

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By:  

/s/ John M. Coughlan

  John M. Coughlan
  Chief Executive Officer
Date:   September 4, 2026

 

By:  

/s/ John M. Coughlan

  John M. Coughlan
  Treasurer
Date:   September 4, 2026

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