# EDGAR Filing Document

**Accession Number:** 0001020425
**File Stem:** 0001410368-25-032761
**Filing Date:** 2025-11
**Character Count:** 463402
**Document Hash:** 3910920a48c82812aa1d41e1253571a4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-032761.hdr.sgml**: 20251128

**ACCESSION NUMBER**: 0001410368-25-032761

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251128

**DATE AS OF CHANGE**: 20251126

**PERIOD START**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LITMAN GREGORY FUNDS TRUST
- **CENTRAL INDEX KEY:** 0001020425

**ORGANIZATION NAME:**
- **EIN:** 931215604
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07763
- **FILM NUMBER:** 251532085

**BUSINESS ADDRESS:**
- **STREET 1:** 1676 N. CALIFORNIA BLVD.
- **STREET 2:** SUITE 500
- **CITY:** WALNUT CREEK
- **STATE:** CA
- **ZIP:** 94596
- **BUSINESS PHONE:** (925) 254-8999

**MAIL ADDRESS:**
- **STREET 1:** 1676 N. CALIFORNIA BLVD.
- **STREET 2:** SUITE 500
- **CITY:** WALNUT CREEK
- **STATE:** CA
- **ZIP:** 94596

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERS SELECT FUNDS TRUST
- **DATE OF NAME CHANGE:** 19980807

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERS SELECT INVESTMENT TRUST
- **DATE OF NAME CHANGE:** 19961226

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MASTERS SELECT EQUITY FUND
- **DATE OF NAME CHANGE:** 19961213

## Series and Classes Contracts Data

### iMGP APA Enhanced Income Municipal Fund (Series ID: S000089317)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000255834 | Institutional Class |  |

## Nport-Ex

**iMGP Global Select Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **<br>Shares** | | **Value** |
| **COMMON STOCKS: 93.9%**  | **COMMON STOCKS: 93.9%**  | **COMMON STOCKS: 93.9%**  |
| **Canada: 10.7%** | **Canada: 10.7%** | **Canada: 10.7%** |
| 43740 | Brookfield Corp.<sup>(a)</sup> | $2999689 |
| 14805 | Franco-Nevada Corp. | 3300183 |
| 23192 | Shopify, Inc. - Class A<sup>\*</sup> | 3446563 |
|  |  | 9746435 |
| **Germany: 2.7%** | **Germany: 2.7%** | **Germany: 2.7%** |
| 9194 | SAP SE | 2458955 |
| **Netherlands: 4.4%** | **Netherlands: 4.4%** | **Netherlands: 4.4%** |
| 1274 | Adyen NV<sup>\*(b)</sup> | 2040816 |
| 25400 | Heineken NV | 1951774 |
|  |  | 3992590 |
| **Taiwan: 2.5%** | **Taiwan: 2.5%** | **Taiwan: 2.5%** |
| 8206 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 2291854 |
| **United Kingdom: 3.4%** | **United Kingdom: 3.4%** | **United Kingdom: 3.4%** |
| 84243 | Smith & Nephew PLC - ADR<sup>(a)</sup> | 3057178 |
| **United States: 70.2%** | **United States: 70.2%** | **United States: 70.2%** |
| 20001 | Abbott Laboratories | 2678934 |
| 9464 | Alphabet, Inc. - Class A | 2300698 |
| 17528 | Amazon.com, Inc.<sup>\*</sup> | 3848623 |
| 5653 | Aon PLC - Class A | 2015747 |
| 2 | Berkshire Hathaway, Inc. - Class A<sup>\*</sup> | 1508400 |
| 2319 | Berkshire Hathaway, Inc. - Class B<sup>\*</sup> | 1165854 |
| 4562 | Broadcom, Inc. | 1505050 |
| 9135 | Chubb Ltd. | 2578354 |
| 9860 | CME Group, Inc. | 2664073 |
| 27428 | CoStar Group, Inc.<sup>\*</sup> | 2314100 |
| 2785 | Eli Lilly & Co. | 2124955 |
| 11890 | Fiserv, Inc.<sup>\*</sup> | 1532978 |
| 259750 | Haleon PLC - ADR | 2329958 |
| 1315 | Markel Group, Inc.<sup>\*</sup> | 2513438 |
| 3780 | McKesson Corp. | 2920201 |
| 12994 | Microsoft Corp. | 6730242 |
| 20235 | Novartis AG - ADR | 2594936 |
| 58850 | Occidental Petroleum Corp. | 2780663 |
| 12585 | Oracle Corp. | 3539406 |
| 11058 | Paycom Software, Inc. | 2301612 |
| 10960 | Union Pacific Corp. | 2590615 |
| 13414 | Visa, Inc. - Class A | 4579271 |
| 22500 | Walt Disney Co. | 2576250 |
| 14336 | Zoetis, Inc. | 2097644 |
|  |  | 63792002 |
| **TOTAL COMMON STOCKS**<br> (Cost $68,518,009) | **TOTAL COMMON STOCKS**<br> (Cost $68,518,009) | 85339014 |
| **PREFERRED STOCKS: 3.7%**  | **PREFERRED STOCKS: 3.7%**  | **PREFERRED STOCKS: 3.7%**  |
| **South Korea: 3.7%** | **South Korea: 3.7%** | **South Korea: 3.7%** |
| 71365 | Samsung Electronics Co. Ltd. - (Preference Shares) | 3377382 |
| **TOTAL PREFERRED STOCKS**<br> (Cost $2,860,136) | **TOTAL PREFERRED STOCKS**<br> (Cost $2,860,136) | 3377382 |

---

---

| | | |
|:---|:---|:---|
| **Principal**<br> **Amount** | | **Value** |
| **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** | **SHORT-TERM INVESTMENTS: 2.0%** |
| **REPURCHASE AGREEMENTS: 2.0%** | **REPURCHASE AGREEMENTS: 2.0%** | **REPURCHASE AGREEMENTS: 2.0%** |
| $1822993 | Fixed Income Clearing Corp. 1.260%, 9/30/2025, due 10/01/2025 [collateral: par value $1,770,700, U.S. Treasury Inflation Indexed Notes, 1.375%, due 07/15/2033, value $1,859,929] (proceeds $1,823,057) | $1822993 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,822,993) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,822,993) | 1822993 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $1,822,993) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $1,822,993) | 1822993 |
| **TOTAL INVESTMENTS**<br> (Cost: $73,201,138): 99.6%  | **TOTAL INVESTMENTS**<br> (Cost: $73,201,138): 99.6%  | 90539389 |
| Other Assets in Excess of Liabilities: 0.4% | Other Assets in Excess of Liabilities: 0.4% | 331358 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $90870747 |

---

Percentages are stated as a percent of net assets.

---

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

---

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $73201138 |
|  Gross unrealized appreciation | 18611774 |
|  Gross unrealized depreciation | (1273523) |
|  Net unrealized appreciation | $17338251 |

---

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

------

**iMGP Global Select Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

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

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Software | 14.0% |
|  Financial Services | 11.9% |
|  Pharmaceuticals | 10.1% |
|  Insurance | 7.8% |
|  Health Care Equipment & Supplies | 6.4% |
|  Capital Markets | 6.2% |
|  Broadline Retail | 4.2% |
|  Semiconductors & Semiconductor Equipment | 4.2% |
|  IT Services | 3.8% |
|  Technology Hardware, Storage & Peripherals | 3.7% |
|  Metals & Mining | 3.6% |
|  Health Care Providers & Services | 3.2% |
|  Oil, Gas & Consumable Fuels | 3.1% |
|  Ground Transportation | 2.9% |
|  Entertainment | 2.8% |
|  Real Estate Management & Development | 2.5% |
|  Professional Services | 2.5% |
|  Interactive Media & Services | 2.5% |
|  Beverages | 2.2% |
|  Short-Term Investments | 2.0% |
|  Total Investments | 99.6% |
|  Other Assets in Excess of Liabilities | 0.4% |
|  Net Assets | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**iMGP International Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **COMMON STOCKS: 97.9%** | **COMMON STOCKS: 97.9%** | **COMMON STOCKS: 97.9%** |
| **Australia: 2.3%** | **Australia: 2.3%** | **Australia: 2.3%** |
| 433268 | Austal Ltd.<sup>\*</sup> | $2217499 |
| 335600 | Glencore PLC<sup>\*</sup> | 1541117 |
|  |  | 3758616 |
| **Austria: 1.4%** | **Austria: 1.4%** | **Austria: 1.4%** |
| 23700 | Erste Group Bank AG | 2314054 |
| **Brazil: 4.1%** | **Brazil: 4.1%** | **Brazil: 4.1%** |
| 1609 | MercadoLibre, Inc.<sup>\*</sup> | 3760137 |
| 187010 | NU Holdings Ltd. - Class A<sup>\*</sup> | 2994030 |
|  |  | 6754167 |
| **Canada: 3.8%** | **Canada: 3.8%** | **Canada: 3.8%** |
| 34166 | Canadian Pacific Kansas City Ltd. | 2542033 |
| 25836 | Shopify, Inc. - Class A<sup>\*</sup> | 3839488 |
|  |  | 6381521 |
| **China: 0.4%** | **China: 0.4%** | **China: 0.4%** |
| 10491 | Prosus NV | 737964 |
| **Cyprus: 1.8%** | **Cyprus: 1.8%** | **Cyprus: 1.8%** |
| 76409 | Theon International PLC<sup>(a)</sup> | 2914269 |
| **Denmark: 1.8%** | **Denmark: 1.8%** | **Denmark: 1.8%** |
| 29330 | ISS AS | 927803 |
| 38744 | Novo Nordisk AS - Class B | 2099415 |
|  |  | 3027218 |
| **France: 10.4%** | **France: 10.4%** | **France: 10.4%** |
| 17717 | BNP Paribas SA | 1607830 |
| 12380 | Capgemini SE | 1795003 |
| 112968 | Carrefour SA | 1709537 |
| 20500 | Cie de Saint-Gobain SA | 2205137 |
| 4844 | Kering SA | 1606206 |
| 10800 | Pernod Ricard SA | 1058815 |
| 21400 | Publicis Groupe SA | 2051310 |
| 77351 | Societe Generale SA | 5116096 |
| 62682 | Worldline SA<sup>\*(a)(b)</sup> | 202291 |
|  |  | 17352225 |
| **Germany: 14.8%** | **Germany: 14.8%** | **Germany: 14.8%** |
| 14541 | Adidas AG | 3061389 |
| 1510 | Allianz SE | 633335 |
| 22500 | Aumovio SE<sup>\*</sup> | 927340 |
| 42146 | Bayer AG | 1396269 |
| 29000 | Birkenstock Holding PLC<sup>\*</sup> | 1312250 |
| 28250 | Continental AG | 1860535 |
| 21183 | CTS Eventim AG & Co. KGaA | 2073267 |
| 62048 | Daimler Truck Holding AG | 2550032 |
| 15755 | Fresenius SE & Co. KGaA | 876392 |
| 26945 | Mercedes-Benz Group AG | 1690792 |
| 19414 | Merck KGaA | 2493633 |
| 21304 | SAP SE | 5697801 |
|  |  | 24573035 |
| **India: 1.0%** | **India: 1.0%** | **India: 1.0%** |
| 50702 | HDFC Bank Ltd. - ADR | 1731980 |
| **Indonesia: 0.9%** | **Indonesia: 0.9%** | **Indonesia: 0.9%** |
| 5822100 | Bank Mandiri Persero Tbk. PT | 1537188 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Ireland: 1.2%** | **Ireland: 1.2%** | **Ireland: 1.2%** |
| 22500 | Kerry Group PLC - Class A | $2026575 |
| **Israel: 6.4%** | **Israel: 6.4%** | **Israel: 6.4%** |
| 53520 | Next Vision Stabilized Systems Ltd. | 2421646 |
| 129432 | Phoenix Financial Ltd. | 4841353 |
| 145214 | Tel Aviv Stock Exchange Ltd. | 3346173 |
|  |  | 10609172 |
| **Italy: 4.5%** | **Italy: 4.5%** | **Italy: 4.5%** |
| 102883 | Carel Industries SpA<sup>(a)(b)</sup> | 2698503 |
| 198419 | Davide Campari-Milano NV<sup>(a)</sup> | 1250430 |
| 18500 | Prysmian SpA | 1827606 |
| 57500 | Ryanair Holdings PLC | 1666735 |
|  |  | 7443274 |
| **Japan: 5.2%** | **Japan: 5.2%** | **Japan: 5.2%** |
| 75000 | Asahi Group Holdings Ltd. | 899899 |
| 45700 | BayCurrent, Inc. | 2686873 |
| 85500 | Nippon Sanso Holdings Corp. | 3031718 |
| 11349 | Tokyo Electron Ltd. | 2021690 |
|  |  | 8640180 |
| **Netherlands: 8.5%** | **Netherlands: 8.5%** | **Netherlands: 8.5%** |
| 943 | Adyen NV<sup>\*(b)</sup> | 1510588 |
| 11024 | ASML Holding NV | 10713313 |
| 69500 | Koninklijke Philips NV | 1879183 |
|  |  | 14103084 |
| **Poland: 0.8%** | **Poland: 0.8%** | **Poland: 0.8%** |
| 105659 | InPost SA<sup>\*</sup> | 1295760 |
| **Singapore: 1.4%** | **Singapore: 1.4%** | **Singapore: 1.4%** |
| 86000 | STMicroelectronics NV | 2407069 |
| **Spain: 0.7%** | **Spain: 0.7%** | **Spain: 0.7%** |
| 73410 | Puig Brands SA - Class B | 1178537 |
| **Switzerland: 3.6%** | **Switzerland: 3.6%** | **Switzerland: 3.6%** |
| 42346 | Bachem Holding AG | 3109572 |
| 21970 | Julius Baer Group Ltd. | 1515686 |
| 24158 | Sandoz Group AG | 1430406 |
|  |  | 6055664 |
| **Taiwan: 4.1%** | **Taiwan: 4.1%** | **Taiwan: 4.1%** |
| 159000 | Taiwan Semiconductor Manufacturing Co. Ltd. | 6808025 |
| **United Kingdom: 9.7%** | **United Kingdom: 9.7%** | **United Kingdom: 9.7%** |
| 20600 | AstraZeneca PLC | 3096583 |
| 51110 | Diageo PLC | 1219895 |
| 159000 | Informa PLC | 1961311 |
| 237959 | National Grid PLC | 3414806 |
| 25125 | Reckitt Benckiser Group PLC | 1931284 |
| 303146 | Sage Group PLC | 4482708 |
|  |  | 16106587 |
| **United States: 9.1%** | **United States: 9.1%** | **United States: 9.1%** |
| 9130 | Aon PLC - Class A | 3255575 |
| 203043 | CNH Industrial NV | 2203017 |
| 9876 | ICON PLC<sup>\*</sup> | 1728300 |
| 20000 | Sanofi SA | 1843648 |
| 50000 | Shell PLC | 1778844 |
| 1081 | Spotify Technology SA<sup>\*</sup> | 754538 |
| 38365 | Titan SA | 1566810 |

---

------

**iMGP International Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **COMMON STOCKS (CONTINUED)** | **COMMON STOCKS (CONTINUED)** | **COMMON STOCKS (CONTINUED)** |
| **United States (continued)** | **United States (continued)** | **United States (continued)** |
| 6070 | Willis Towers Watson PLC | $2096881 |
|  |  | 15227613 |
| **TOTAL COMMON STOCKS**<br> (Cost $132,086,482) | **TOTAL COMMON STOCKS**<br> (Cost $132,086,482) | 162983777 |
| **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** | **SHORT-TERM INVESTMENTS: 2.7%** |
| **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 1.6%** | **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 1.6%** | **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 1.6%** |
| 2708508 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.180%<sup>(c)(d)</sup> | 2708508 |
| **TOTAL INVESTMENT OF CASH<br>COLLATERAL FOR SECURITIES<br>LOANED**<br> (Cost $2,708,508) | **TOTAL INVESTMENT OF CASH<br>COLLATERAL FOR SECURITIES<br>LOANED**<br> (Cost $2,708,508) | 2708508 |
| **Principal**<br> **Amount** |  |  |
| **REPURCHASE AGREEMENTS: 1.1%** | **REPURCHASE AGREEMENTS: 1.1%** | **REPURCHASE AGREEMENTS: 1.1%** |
| $1854908 | Fixed Income Clearing Corp. 1.260%, 9/30/2025, due 10/01/2025 [collateral: par value $1,801,600, U.S. Treasury Inflation Indexed Notes, 1.375%, due 07/15/2033, value $1,892,281] (proceeds $1,854,973) | 1854908 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,854,908) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $1,854,908) | 1854908 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $4,563,416) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $4,563,416) | 4563416 |
| **TOTAL INVESTMENTS**<br> (Cost: $136,649,898): 100.6%  | **TOTAL INVESTMENTS**<br> (Cost: $136,649,898): 100.6%  | 167547193 |
| Liabilities in Excess of Other Assets: (0.6)% | Liabilities in Excess of Other Assets: (0.6)% | (993917) |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $166553276 |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| ADR | American Depositary Receipt |
| \* | Non-Income Producing Security. |
| (a) | Security, or portion thereof, is out on loan. |
| (b) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933. |
| (c) | Represents security purchased with cash collateral received for securities on loan. |
| (d) | The rate disclosed is the 7 day net yield as of September 30, 2025. |

---

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $136649898 |
|  Gross unrealized appreciation | 36317409 |
|  Gross unrealized depreciation | (5420114) |
|  Net unrealized appreciation | $30897295 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**iMGP International Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

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

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Semiconductors & Semiconductor Equipment | 13.2% |
|  Banks | 9.2% |
|  Pharmaceuticals | 7.5% |
|  Insurance | 6.6% |
|  Software | 6.1% |
|  Textiles, Apparel & Luxury Goods | 3.6% |
|  IT Services | 3.4% |
|  Aerospace & Defense | 3.2% |
|  Building Products | 2.9% |
|  Capital Markets | 2.9% |
|  Life Sciences Tools & Services | 2.9% |
|  Machinery | 2.8% |
|  Broadline Retail | 2.7% |
|  Beverages | 2.7% |
|  Media | 2.4% |
|  Multi-Utilities | 2.0% |
|  Chemicals | 1.8% |
|  Entertainment | 1.7% |
|  Automobile Components | 1.7% |
|  Professional Services | 1.6% |
|  Ground Transportation | 1.5% |
|  Electronic Equipment, Instruments & Components | 1.5% |
|  Food Products | 1.2% |
|  Household Products | 1.2% |
|  Health Care Equipment & Supplies | 1.1% |
|  Electrical Equipment | 1.1% |
|  Oil, Gas & Consumable Fuels | 1.1% |
|  Financial Services | 1.0% |
|  Consumer Staples Distribution & Retail | 1.0% |
|  Automobiles | 1.0% |
|  Passenger Airlines | 1.0% |
|  Construction Materials | 0.9% |
|  Metals & Mining | 0.9% |
|  Air Freight & Logistics | 0.8% |
|  Personal Care Products | 0.7% |
|  Commercial Services & Supplies | 0.5% |
|  Health Care Providers & Services | 0.5% |
|  Short-Term Investments | 2.7% |
|  Total Investments | 100.6% |
|  Liabilities in Excess of Other Assets | (0.6)% |
|  Net Assets | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**iMGP Small Company Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **COMMON STOCKS: 97.7%**  | **COMMON STOCKS: 97.7%**  | **COMMON STOCKS: 97.7%**  |
| **Consumer Discretionary: 9.2%** | **Consumer Discretionary: 9.2%** | **Consumer Discretionary: 9.2%** |
| 13905 | Advance Auto Parts, Inc.<sup>(a)</sup> | $853767 |
| 24240 | American Eagle Outfitters, Inc.<sup>(a)</sup> | 414746 |
| 10950 | Floor & Decor Holdings, Inc. - Class A<sup>\*</sup> | 807015 |
| 13261 | Gentherm, Inc.<sup>\*</sup> | 451670 |
| 44472 | Goodyear Tire & Rubber Co.<sup>\*</sup> | 332650 |
| 2434 | Murphy USA, Inc. | 945025 |
| 17751 | Papa John's International, Inc.<sup>(a)</sup> | 854711 |
| 56233 | VF Corp. | 811442 |
|  |  | 5471026 |
| **Energy: 0.7%** | **Energy: 0.7%** | **Energy: 0.7%** |
| 47547 | Crescent Energy Co. - Class A<sup>(a)</sup> | 424119 |
| **Financials: 17.0%** | **Financials: 17.0%** | **Financials: 17.0%** |
| 22752 | Cadence Bank | 854110 |
| 32091 | Columbia Banking System, Inc. | 826022 |
| 17076 | Glacier Bancorp, Inc. | 831089 |
| 10845 | Goosehead Insurance, Inc. - Class A | 807085 |
| 8840 | Hamilton Lane, Inc. - Class A | 1191544 |
| 2058 | Kinsale Capital Group, Inc. | 875185 |
| 2887 | Morningstar, Inc. | 669813 |
| 21017 | National Bank Holdings Corp. - Class A | 812097 |
| 27645 | Seacoast Banking Corp. of Florida | 841237 |
| 9401 | Southstate Bank Corp. | 929477 |
| 10553 | Texas Capital Bancshares, Inc.<sup>\*</sup> | 892045 |
| 18870 | WesBanco, Inc. | 602519 |
|  |  | 10132223 |
| **Health Care: 8.0%** | **Health Care: 8.0%** | **Health Care: 8.0%** |
| 65134 | AdaptHealth Corp.<sup>\*</sup> | 582949 |
| 16814 | Bio-Techne Corp. | 935363 |
| 4727 | ICU Medical, Inc.<sup>\*</sup> | 567051 |
| 2210 | Medpace Holdings, Inc.<sup>\*</sup> | 1136294 |
| 11817 | QuidelOrtho Corp.<sup>\*</sup> | 348011 |
| 8839 | Repligen Corp.<sup>\*</sup> | 1181509 |
|  |  | 4751177 |
| **Industrials: 27.3% <sup>(b)</sup>** | **Industrials: 27.3% <sup>(b)</sup>** | **Industrials: 27.3% <sup>(b)</sup>** |
| 17069 | Apogee Enterprises, Inc. | 743696 |
| 4407 | Applied Industrial Technologies, Inc. | 1150447 |
| 7314 | AZZ, Inc. | 798177 |
| 10014 | Casella Waste Systems, Inc. - Class A<sup>\*</sup> | 950128 |
| 19810 | Core & Main, Inc. - Class A<sup>\*</sup> | 1066372 |
| 4482 | CSW Industrials, Inc. | 1088006 |
| 8343 | EnerSys | 942425 |
| 7338 | Federal Signal Corp. | 873149 |
| 11793 | Gibraltar Industries, Inc.<sup>\*</sup> | 740601 |
| 82342 | Hayward Holdings, Inc.<sup>\*</sup> | 1245011 |
| 3748 | HEICO Corp. - Class A | 952329 |
| 2189 | Kadant, Inc. | 651403 |
| 10515 | Mercury Systems, Inc.<sup>\*</sup> | 813861 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Industrials (continued)** | **Industrials (continued)** | **Industrials (continued)** |
| 31301 | Quanex Building Products Corp. | $445100 |
| 3477 | RBC Bearings, Inc.<sup>\*</sup> | 1357038 |
| 13773 | REV Group, Inc. | 780516 |
| 4300 | Valmont Industries, Inc. | 1667239 |
|  |  | 16265498 |
| **Information Technology: 21.3%** | **Information Technology: 21.3%** | **Information Technology: 21.3%** |
| 7905 | Agilysys, Inc.<sup>\*</sup> | 832001 |
| 23757 | Allegro MicroSystems, Inc.<sup>\*</sup> | 693704 |
| 5243 | Ambarella, Inc.<sup>\*</sup> | 432652 |
| 4368 | Appfolio, Inc. - Class A<sup>\*</sup> | 1204083 |
| 5780 | Badger Meter, Inc. | 1032192 |
| 4733 | Belden, Inc. | 569238 |
| 10652 | Descartes Systems Group, Inc.<sup>\*</sup> | 1003738 |
| 4047 | Guidewire Software, Inc.<sup>\*</sup> | 930244 |
| 3289 | Littelfuse, Inc. | 851884 |
| 6061 | Manhattan Associates, Inc.<sup>\*</sup> | 1242384 |
| 10541 | Novanta, Inc.<sup>\*</sup> | 1055681 |
| 4672 | Onto Innovation, Inc.<sup>\*</sup> | 603716 |
| 13062 | Procore Technologies, Inc.<sup>\*</sup> | 952481 |
| 5784 | Rambus, Inc.<sup>\*</sup> | 602693 |
| 9819 | Synaptics, Inc.<sup>\*</sup> | 671031 |
|  |  | 12677722 |
| **Materials: 13.0%** | **Materials: 13.0%** | **Materials: 13.0%** |
| 3276 | Eagle Materials, Inc. | 763439 |
| 31846 | Element Solutions, Inc. | 801564 |
| 23603 | Ingevity Corp.<sup>\*</sup> | 1302650 |
| 7834 | MP Materials Corp.<sup>\*</sup> | 525426 |
| 80393 | O-I Glass, Inc.<sup>\*</sup> | 1042697 |
| 92101 | Perimeter Solutions, Inc.<sup>\*</sup> | 2062141 |
| 17868 | Silgan Holdings, Inc. | 768503 |
| 78638 | U.S. Antimony Corp.<sup>(a)\*</sup> | 487556 |
|  |  | 7753976 |
| **Real Estate: 1.2%** | **Real Estate: 1.2%** | **Real Estate: 1.2%** |
| 21149 | STAG Industrial, Inc. - REIT | 746348 |
| **TOTAL COMMON STOCKS**<br> (Cost $52,474,172) | **TOTAL COMMON STOCKS**<br> (Cost $52,474,172) | 58222089 |
| **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** | **SHORT-TERM INVESTMENTS: 0.8%** |
| **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 0.8%** | **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 0.8%** | **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 0.8%** |
| 477724 | State Street Navigator Securities Lending Government Money Market Portfolio,<br>4.180%<sup>(c)(d)</sup> | 477724 |
| **TOTAL INVESTMENT OF CASH<br>COLLATERAL FOR SECURITIES<br>LOANED**<br> (Cost $477,724) | **TOTAL INVESTMENT OF CASH<br>COLLATERAL FOR SECURITIES<br>LOANED**<br> (Cost $477,724) | 477724 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $477,724) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $477,724) | 477724 |
| **TOTAL INVESTMENTS**<br> (Cost: $52,951,896): 98.5%  | **TOTAL INVESTMENTS**<br> (Cost: $52,951,896): 98.5%  | 58699813 |
| Other Assets in Excess of Liabilities: 1.5% | Other Assets in Excess of Liabilities: 1.5% | 871939 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $59571752 |

---

Percentages are stated as a percent of net assets.

------

**iMGP Small Company Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | |
|:---|:---|
| REIT | Real Estate Investment Trust |
| \* | Non-Income Producing Security. |
| (a) | Security, or portion thereof, is out on loan. |
| (b) | For additional information on portfolio concentration, see Notes to the Schedule of Investments. |
| (c) | The rate disclosed is the 7 day net yield as of September 30, 2025. |
| (d) | Represents security purchased with cash collateral received for securities on loan. |

---

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $52951896 |
|  Gross unrealized appreciation | 7501671 |
|  Gross unrealized depreciation | (1753754) |
|  Net unrealized appreciation | $5747917 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **COMMON STOCKS: 0.2%**  | **COMMON STOCKS: 0.2%**  | **COMMON STOCKS: 0.2%**  |
| **Communication Services: 0.0%** | **Communication Services: 0.0%** | **Communication Services: 0.0%** |
| 12251 | Oi SA - ADR<sup>\*</sup> | $6126 |
| 801 | Xplornet Communications, Inc.<sup>\*</sup> | 2891 |
|  |  | 9017 |
| **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** | **Consumer Discretionary: 0.0%** |
| 1 | Accuride Corp.<sup>\*</sup> | 0 |
| 21482 | Accuride Corp.<sup>\*</sup> | 2 |
| 422 | WW International, Inc.<sup>\*</sup> | 11546 |
|  |  | 11548 |
| **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** | **Consumer Staples: 0.0%** |
| 30089 | Moran Foods LLC<sup>\*</sup> | 858 |
| **Financials: 0.1%** | **Financials: 0.1%** | **Financials: 0.1%** |
| 17500 | Sound Holdings FP<sup>\*(a)</sup> | 292443 |
| 202512 | Yuzhou Group Holdings Co. Ltd.<sup>\*</sup> | 6637 |
|  |  | 299080 |
| **Health Care: 0.0%** | **Health Care: 0.0%** | **Health Care: 0.0%** |
| 268 | Mallinckrodt PLC<sup>\*</sup> | 27850 |
| **Industrials: 0.1%** | **Industrials: 0.1%** | **Industrials: 0.1%** |
| 1 | Hornbeck Offshore Services, Inc.<sup>\*</sup> | 48 |
| 32677 | Mcdermott International Ltd.<sup>\*</sup> | 490149 |
| 440 | McDermott International, Inc.<sup>\*</sup> | 6598 |
|  |  | 496795 |
| **Information Technology: 0.0%** | **Information Technology: 0.0%** | **Information Technology: 0.0%** |
| 6102 | Riverbed Technology, Inc.<sup>\*</sup> | 793 |
| **Materials: 0.0%** | **Materials: 0.0%** | **Materials: 0.0%** |
| 563 | Yak Blocker 2 LLC<sup>\*(a)</sup> | 462 |
| 609 | Yak Blocker 2 LLC<sup>\*(a)</sup> | 499 |
|  |  | 961 |
| **Special Purpose Acquisition Companies: 0.0%** | **Special Purpose Acquisition Companies: 0.0%** | **Special Purpose Acquisition Companies: 0.0%** |
| 6266 | Pershing Square Tontine Holdings Ltd.<sup>\*</sup> | 0 |
| 294 | Stichting Administratiekantoor<sup>\*</sup> | 0 |
| 800 | Stichting Administratiekantoor<sup>\*</sup> | 0 |
|  |  | 0 |
| **TOTAL COMMON STOCKS**<br> (Cost $414,093) | **TOTAL COMMON STOCKS**<br> (Cost $414,093) | 846902 |
| **RIGHTS/WARRANTS: 0.2%**  | **RIGHTS/WARRANTS: 0.2%**  | **RIGHTS/WARRANTS: 0.2%**  |
| 22138 | ABIOMED, Inc., CVR<br>(Expiration date 12/31/99)<sup>\*</sup> | 35421 |
| 47716 | Albireo Pharma, Inc., CVR<br>(Expiration date 12/31/99)<sup>\*</sup> | 131162 |
| 54961 | CinCor Pharma, Inc., CVR<br>(Expiration date 12/31/99)<sup>\*</sup> | 215535 |
| 213778 | Concert Pharmaceuticals, Inc., CVR<br>(Expiration date 12/31/99)<sup>\*</sup> | 101053 |
| 11 | Hornbeck Offshore Services, Inc.<br>(Expiration date 04/09/30)<sup>\*</sup> | 550 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Shares** | | **Value** | **Value** |
| 389 | Hornbeck Offshore Services, Inc.<br>(Expiration date 04/09/30)<sup>\*</sup> | $| 7002 |
| 4247 | MariaDB PLC<br>(Expiration date 12/16/27)<sup>\*</sup> |  | 0 |
| 1566 | Pershing Square Holdings Ltd.<br>(Expiration date 09/23/33)<sup>\*</sup> |  | 0 |
| 124401 | Resolute Forest Products, Inc., CVR<br>(Expiration date 12/31/99)<sup>\*</sup> |  | 195807 |
| 1039 | Ross Acquisition Corp. II<br>(Expiration date 02/12/26)<sup>\*</sup> |  | 0 |
| **TOTAL RIGHTS/WARRANTS**<br> (Cost $554,144) | **TOTAL RIGHTS/WARRANTS**<br> (Cost $554,144) |  | 686530 |
| **PREFERRED STOCKS: 0.9%**  | **PREFERRED STOCKS: 0.9%**  | **PREFERRED STOCKS: 0.9%**  | **PREFERRED STOCKS: 0.9%**  |
| **Financials: 0.8%** | **Financials: 0.8%** | **Financials: 0.8%** | **Financials: 0.8%** |
|  | American National Group, Inc. | American National Group, Inc. | American National Group, Inc. |
| 3000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 01/15/2030<sup>(b)(c)</sup> |  | 75330 |
|  | CION Investment Corp. | CION Investment Corp. | CION Investment Corp. |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 12/30/2029 |  | 505400 |
|  | CNO Financial Group, Inc. | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 11/25/2060 |  | 40380 |
|  | Crescent Capital BDC, Inc. | Crescent Capital BDC, Inc. | Crescent Capital BDC, Inc. |
| 8900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/25/2026 |  | 222144 |
|  | Eagle Point Credit Co., Inc. | Eagle Point Credit Co., Inc. | Eagle Point Credit Co., Inc. |
| 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 01/31/2029 |  | 751946 |
|  | Oxford Lane Capital Corp. | Oxford Lane Capital Corp. | Oxford Lane Capital Corp. |
| 23400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/31/2027 |  | 565578 |
|  | Selective Insurance Group, Inc. - Series B | Selective Insurance Group, Inc. - Series B | Selective Insurance Group, Inc. - Series B |
| 2000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 12/15/2025<sup>(b)(c)</sup> |  | 37100 |
|  | Trinity Capital, Inc. | Trinity Capital, Inc. | Trinity Capital, Inc. |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 03/30/2029 |  | 629500 |
|  |  |  | 2827378 |
| **Industrials: 0.0%** | **Industrials: 0.0%** | **Industrials: 0.0%** | **Industrials: 0.0%** |
|  | Element Commercial Aviation | Element Commercial Aviation | Element Commercial Aviation |
| 170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, <sup>(a)</sup> |  | 0 |
| **Utilities: 0.1%** | **Utilities: 0.1%** | **Utilities: 0.1%** | **Utilities: 0.1%** |
|  | NextEra Energy Capital Holdings, Inc. - Series U | NextEra Energy Capital Holdings, Inc. - Series U | NextEra Energy Capital Holdings, Inc. - Series U |
| 20100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/2085<sup>(c)</sup> |  | 517575 |
| **TOTAL PREFERRED STOCKS**<br> (Cost $5,113,685) | **TOTAL PREFERRED STOCKS**<br> (Cost $5,113,685) |  | 3344953 |
| **Principal<br>Amount^** |  |  |  |
| **ASSET-BACKED SECURITIES: 16.4%**  | **ASSET-BACKED SECURITIES: 16.4%**  | **ASSET-BACKED SECURITIES: 16.4%**  | **ASSET-BACKED SECURITIES: 16.4%**  |
| **Commercial MBS: 0.2%** | **Commercial MBS: 0.2%** | **Commercial MBS: 0.2%** | **Commercial MBS: 0.2%** |
|  | Cogent Ipv4 LLC | Cogent Ipv4 LLC | Cogent Ipv4 LLC |
| $580000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A2 <br>6.646%, 04/25/2055<sup>(d)</sup> |  | 595620 |
| **Home Equity ABS: 0.7%** | **Home Equity ABS: 0.7%** | **Home Equity ABS: 0.7%** | **Home Equity ABS: 0.7%** |
|  | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust | Carrington Mortgage Loan Trust |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-NC3-M5 <br>5.322%, 06/25/2035<sup>(e)</sup> <br>1 mo. USD Term SOFR + 1.164% |  | 282959 |
|  | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust | CSAB Mortgage-Backed Trust |
| 1857684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-A6B <br>6.200%, 09/25/2036<sup>(f)</sup> |  | 105732 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | |
|:---|:---|
| **Principal<br>Amount^** | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Home Equity ABS (continued)** | **Home Equity ABS (continued)** |
|  | FIGRE Trust |
| $68817 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE1-B <br>6.506%, 03/25/2054<sup>(d)(g)</sup> | 70587 |
| 107800 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE2-C <br>6.720%, 05/25/2054<sup>(d)(g)</sup> | 110588 |
| 111461 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE3-C <br>6.229%, 07/25/2054<sup>(d)(g)</sup> | 113563 |
| 128846 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE1-C <br>6.029%, 01/25/2055<sup>(d)(g)</sup> | 130317 |
|  | GSAA Home Equity Trust |
| 510679 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-10-AF5 <br>6.948%, 06/25/2036<sup>(f)</sup> | 113640 |
|  | Long Beach Mortgage Loan Trust |
| 3065555 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-9-2A2 <br>4.492%, 10/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.334% | 957540 |
|  | Morgan Stanley ABS Capital I, Inc. Trust |
| 246811 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-HE8-A2D <br>4.492%, 10/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.334% | 108567 |
| 329482 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-HE4-A2C <br>4.502%, 02/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.344% | 104452 |
|  | Morgan Stanley IXIS Real Estate Capital Trust |
| 504058 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-A3 <br>4.422%, 11/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.264% | 162114 |
| 327638 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-A4 <br>4.492%, 11/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.334% | 105376 |
|  | Saluda Grade Alternative Mortgage Trust |
| 68674 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-FIG4-B <br>7.115%, 11/25/2053<sup>(d)(g)</sup> | 70987 |
|  | Vista Point Securitization Trust |
| 330275 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-CES1-A1 <br>6.676%, 05/25/2054<sup>(d)(f)</sup> | 334613 |
|  | 2771035 |
| **Other ABS: 15.5%** | **Other ABS: 15.5%** |
|  | 720 East CLO V Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-C <br>6.526%, 07/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.200% | 251208 |
|  | AASET |
| 232795 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A1 <br>6.261%, 05/16/2049<sup>(d)</sup> | 240911 |
|  | AASET Ltd. |
| 232499 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-A <br>5.930%, 09/16/2049<sup>(d)</sup> | 237626 |
|  | AASET Trust |
| 45915 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2-B <br>4.458%, 10/16/2039<sup>(d)</sup> | 44792 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
| $60181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.335%, 01/16/2040<sup>(d)</sup> | $58033 |
|  | Aaset Trust |  |
| 179885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A <br>2.950%, 11/16/2041<sup>(d)</sup> | 172686 |
|  | AASET Trust |  |
| 332627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A-B <br>3.538%, 01/15/2047<sup>(d)</sup> | 315666 |
| 239205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>5.943%, 02/16/2050<sup>(d)</sup> | 244946 |
|  | ABPCI Direct Lending Fund ABS I Ltd. |  |
| 74247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.935%, 12/29/2030<sup>(d)</sup> | 73199 |
|  | ABPCI Direct Lending Fund ABS IV LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>9.639%, 05/01/2034<sup>(d)</sup> | 261378 |
|  | ABPCI Direct Lending Fund CLO XV Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-15A-C <br>8.510%, 10/30/2035<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.200% | 251156 |
|  | Adams Outdoor Advertising LP |  |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1-A2 <br>6.967%, 07/15/2053<sup>(d)</sup> | 285817 |
|  | Aligned Data Centers Issuer LLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>2.482%, 08/15/2046<sup>(d)</sup> | 146245 |
|  | ALLO Issuer LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>7.150%, 07/20/2054<sup>(d)</sup> | 103198 |
|  | AMSR Trust |  |
| 1800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR5-G <br>4.112%, 11/17/2037<sup>(d)</sup> | 1793989 |
| 2500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR1-G <br>4.612%, 06/17/2038<sup>(d)</sup> | 2389434 |
|  | Anchorage Credit Funding 4 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-4A-CR <br>3.523%, 04/27/2039<sup>(d)</sup> | 225907 |
|  | Apidos CLO XXIV Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-24A-DR <br>10.387%, 10/20/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.062% | 1005926 |
|  | Aquila Funding | Aquila Funding |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.400%, 09/30/2045 | 260387 |
|  | ARES Direct Lending CLO 2 LLC | ARES Direct Lending CLO 2 LLC |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-D <br>8.226%, 10/20/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.900% | 100644 |
|  | Ares Finance Co. LLC | Ares Finance Co. LLC |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 10/15/2036<sup>(g)(h)</sup> | 772600 |
|  | Ares LXXVII CLO Ltd. | Ares LXXVII CLO Ltd. |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-77A-SUB <br>0.333%, 07/15/2038<sup>(d)(g)(i)</sup> | 492352 |
|  | Ballyrock CLO 14 Ltd. | Ballyrock CLO 14 Ltd. |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-14A-SUB <br>0.404%, 07/20/2037<sup>(d)(g)(i)</sup> | 175492 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | |
|:---|:---|
| **Principal<br>Amount^** | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Other ABS (continued)** | **Other ABS (continued)** |
|  | Ballyrock CLO Ltd. |
| $250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-DR <br>11.329%, 07/15/2032<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 7.012% | $251637 |
|  | Bayard Park CLO Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-SUB <br>1.501%, 07/24/2038<sup>(d)(g)(i)</sup> | 212051 |
|  | BCRED CLO LLC |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-C <br>6.301%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 250305 |
|  | Blue Stream Issuer LLC |
| 100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B <br>6.898%, 05/20/2053<sup>(d)</sup> | 101928 |
| 1000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-C <br>8.898%, 05/20/2053<sup>(d)</sup> | 1030986 |
| 50000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>6.043%, 11/20/2054<sup>(d)</sup> | 50824 |
|  | Brant Point CLO Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-7A-SUB <br>1.326%, 07/25/2038<sup>(d)(g)(i)</sup> | 432486 |
|  | Business Jet Securities LLC |
| 192409 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A-B <br>5.192%, 06/15/2037<sup>(d)</sup> | 191261 |
| 415768 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>6.924%, 05/15/2039<sup>(d)</sup> | 428260 |
|  | Buttermilk Park CLO Ltd. |
| 750000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-E <br>10.329%, 10/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 747238 |
|  | Canyon Capital CLO Ltd. |
| 1000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A-ER <br>10.329%, 07/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 994875 |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-E <br>10.329%, 07/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 501355 |
|  | Carlyle Global Market Strategies CLO Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2RA-D <br>9.823%, 05/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.612% | 503859 |
| 405000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-5A-A2R3 <br>5.976%, 01/20/2032<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.650% | 405478 |
|  | CARS-DB4 LP |
| 200000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B3 <br>4.950%, 02/15/2050<sup>(d)</sup> | 182644 |
|  | CARS-DB7 LP |
| 97875 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-A2 <br>6.500%, 09/15/2053<sup>(d)</sup> | 98999 |
| 320000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B <br>7.750%, 09/15/2053<sup>(d)</sup> | 323271 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Carval CLO X-C Ltd. |  |
| $285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-B <br>6.126%, 07/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.800% | $285711 |
|  | Castlelake Aircraft Securitization Trust |  |
| 25795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1-A <br>4.125%, 06/15/2043<sup>(d)</sup> | 25461 |
|  | Castlelake Aircraft Structured Trust |  |
| 238555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>5.783%, 02/15/2050<sup>(d)</sup> | 242596 |
|  | Cerberus Loan Funding 50 LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-C <br>6.918%, 07/15/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.600% | 506937 |
|  | Cerberus Loan Funding 52 LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-C <br>6.167%, 10/15/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.200% | 250000 |
|  | Cerberus Loan Funding XLIV LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-5A-C <br>8.518%, 01/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.200% | 252594 |
|  | Cerberus Loan Funding XLV LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-C <br>7.468%, 04/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.150% | 251449 |
|  | Cerberus Loan Funding XLVI LP |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-C <br>7.368%, 07/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.050% | 252017 |
|  | Cerberus Loan Funding XLVII LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A-D <br>8.668%, 07/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.350% | 251232 |
|  | Chenango Park CLO Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-D <br>10.379%, 04/15/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.062% | 500752 |
|  | CIFC Funding CLO Ltd. |  |
| 205000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A-A3LR <br>6.541%, 10/18/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.212% | 205343 |
|  | Cook Park CLO Ltd. |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-E <br>9.984%, 04/17/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.662% | 1005850 |
|  | CoreVest American Finance Ltd. |  |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4-C <br>2.250%, 12/15/2052<sup>(d)</sup> | 283241 |
|  | DigitalBridge Issuer LLC |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A2 <br>3.933%, 09/25/2051<sup>(d)</sup> | 345452 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | |
|:---|:---|
| **Principal<br>Amount^** | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Other ABS (continued)** | **Other ABS (continued)** |
|  | Dryden 40 Senior Loan Fund CLO |
| $1000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-40A-ER <br>10.223%, 08/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | $941752 |
|  | Dryden 55 CLO Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-55A-F <br>11.779%, 04/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 7.462% | 421580 |
|  | Dryden 87 CLO Ltd. |
| 300000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-87A-SUB <br>0.551%, 08/20/2038<sup>(d)(g)(i)</sup> | 133290 |
|  | Elm Trust |
| 22881 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-4A-B <br>3.866%, 10/20/2029<sup>(d)</sup> | 22842 |
|  | Falcon Aerospace Ltd. |
| 56676 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1-B <br>6.300%, 02/15/2042<sup>(d)</sup> | 56251 |
|  | Fillmore Park CLO Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-E <br>9.979%, 07/15/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.662% | 502169 |
|  | First Franklin Mortgage Loan Trust |
| 394217 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-FF16-2A4 <br>4.692%, 12/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.534% | 160588 |
|  | FirstKey Homes Trust |
| 150000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2-G1 <br>4.000%, 10/19/2037<sup>(d)</sup> | 149384 |
| 100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-SFR2-G2 <br>4.500%, 10/19/2037<sup>(d)</sup> | 99607 |
|  | Five Guys Holdings, Inc. |
| 198500 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-A2 <br>7.549%, 01/26/2054<sup>(d)</sup> | 206754 |
|  | Fortress Credit BSL XV Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-2A-CR <br>6.929%, 10/18/2033<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.600% | 250423 |
|  | Fortress Credit Opportunities IX CLO Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-9A-A2TR <br>6.379%, 10/15/2033<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.062% | 250497 |
|  | GAIA Aviation Ltd. |
| 157086 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-A <br>3.967%, 12/15/2044<sup>(d)(f)</sup> | 152413 |
| 144422 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-B <br>5.193%, 12/15/2044<sup>(d)(f)</sup> | 131599 |
|  | Galaxy XXVI CLO Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-26A-BR <br>5.804%, 11/22/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.600% | 250182 |

---

---

| | |
|:---|:---|
| **Principal<br>Amount^** | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** |
|  | GoldenTree Loan Management U.S. CLO 9 Ltd. |
| $250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A-CR <br>6.726%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.400% | $251481 |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-9A-DR <br>7.676%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.350% | 251850 |
|  | Golub Capital Partners ABS Funding Ltd. |
| 50497 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.496%, 01/22/2029<sup>(d)</sup> | 50467 |
|  | Golub Capital Partners CLO 16M-R3 Ltd. |
| 1100000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-16A-CR3 <br>6.919%, 08/09/2039<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.600% | 1102716 |
|  | Golub Capital Partners CLO 46M Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-46A-CR <br>7.376%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.050% | 251516 |
|  | Golub Capital Partners CLO 74 B Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-74A-B <br>6.169%, 07/25/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.850% | 250899 |
|  | Highbridge Loan Management CLO Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-2A-DR <br>11.187%, 10/20/2029<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.862% | 502055 |
|  | Hotwire Funding LLC |
| 750000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-C <br>4.459%, 11/20/2051<sup>(d)</sup> | 736696 |
|  | HPS Private Credit CLO LLC |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-C <br>7.060%, 07/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.800% | 500901 |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-D <br>8.260%, 07/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 501488 |
|  | Jamestown CLO XVIII Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-18A-DR <br>8.069%, 07/25/2035<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 500881 |
|  | KDAC Aviation Finance Ltd. |
| 75574 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A-A <br>4.212%, 12/15/2042<sup>(d)</sup> | 75083 |
|  | Kestrel Aircraft Funding Ltd. |
| 162911 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1A-A <br>4.250%, 12/15/2038<sup>(d)</sup> | 161917 |
|  | Labrador Aviation Finance Ltd. |
| 164221 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-1A-A1 <br>4.300%, 01/15/2042<sup>(d)</sup> | 160120 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | |
|:---|:---|
| **Principal<br>Amount^** | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Other ABS (continued)** | **Other ABS (continued)** |
|  | LCM 35 Ltd. |
| $520000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 35A-SUB <br>1.750%, 10/15/2034<sup>(d)(g)(i)</sup> | $81396 |
|  | LCM 37 Ltd. |
| 300000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 37A-SUB <br>1.999%, 04/15/2034<sup>(d)(g)(i)</sup> | 52317 |
|  | LCM CLO 26 Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 26A-E <br>9.887%, 01/20/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.562% | 351079 |
|  | LCM CLO XVII LP |
| 1000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 17A-ER <br>10.579%, 10/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.262% | 720759 |
|  | LCM Loan Income Fund I Income Note Issuer CLO Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 27A-E <br>10.179%, 07/16/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.862% | 429411 |
|  | Lunar Structured Aircraft Portfolio Notes |
| 170791 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-B <br>3.432%, 10/15/2046<sup>(d)</sup> | 162553 |
|  | MACH 1 Cayman Ltd. |
| 41802 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-A <br>3.474%, 10/15/2039<sup>(d)</sup> | 41322 |
|  | Madison Park Funding CLO XXXVIII Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-38A-E <br>10.584%, 07/17/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.262% | 500025 |
|  | Madison Park Funding LIX Ltd. |
| 305000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-59A-CR <br>6.579%, 04/18/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.250% | 306664 |
|  | Madison Park Funding LVIII Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-58A-D <br>7.969%, 04/25/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.650% | 252251 |
|  | MAPS Trust |
| 177460 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A <br>2.521%, 06/15/2046<sup>(d)</sup> | 169917 |
|  | MCA Fund Holding LLC |
| 105006 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1-B <br>4.247%, 11/15/2035<sup>(d)</sup> | 102288 |
|  | Milos CLO Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-1A-ER <br>10.737%, 10/20/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.412% | 496680 |
|  | Monroe Capital ABS Funding Ltd. |
| 74661 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A2 <br>2.815%, 04/22/2031<sup>(d)</sup> | 74146 |
|  | Monroe Capital Income Plus ABS Funding LLC |
| 109501 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A-B <br>5.150%, 04/30/2032<sup>(d)</sup> | 107064 |

---

---

| | |
|:---|:---|
| **Principal<br>Amount^** | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** |
|  | Nassau CFO LLC |
| $67475 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1-A <br>3.980%, 08/15/2034<sup>(d)</sup> | $63928 |
|  | Navigator Aircraft ABS Ltd. |
| 349776 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-B <br>3.571%, 11/15/2046<sup>(d)(f)</sup> | 334197 |
|  | Neuberger Berman Loan Advisers CLO 26 Ltd. |
| 1000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-26A-INC <br>0.370%, 10/18/2038<sup>(d)(g)(i)</sup> | 414366 |
|  | Neuberger Berman Loan Advisers CLO 44 Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-44A-SUB <br>0.966%, 10/16/2035<sup>(d)(g)(i)</sup> | 154037 |
|  | Neuberger Berman Loan Advisers CLO 60 Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-60A-SUB <br>0.778%, 04/22/2039<sup>(d)(g)(i)</sup> | 210854 |
|  | Obsidian Issuer LLC |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>6.933%, 05/15/2055<sup>(d)</sup> | 500000 |
|  | Ocean Trails CLO V |
| 700000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-5A-DRR <br>8.032%, 10/13/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.712% | 701562 |
|  | Octagon 74 Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A-SUB <br>1.342%, 04/22/2038<sup>(d)(g)(i)</sup> | 193034 |
|  | Octagon 78 Ltd. |
| 350000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-SUB <br>1.157%, 10/20/2038<sup>(d)(g)(i)</sup> | 300755 |
|  | Octagon Investment Partners CLO 40 Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-ER <br>11.587%, 01/20/2035<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 7.262% | 484447 |
|  | Octagon Investment Partners CLO XVI Ltd. |
| 1000000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A-ER <br>10.334%, 07/17/2030<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.012% | 956551 |
| 1500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-1A-SUB <br>10.322%, 07/17/2030<sup>(d)(g)(i)</sup> | 225 |
|  | OHA Credit Partners VII Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-7A-ER4 <br>8.704%, 02/20/2038<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.500% | 249716 |
|  | OHA Credit Partners XI Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-11A-CR2 <br>6.526%, 04/20/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.200% | 251312 |
|  | OnDeck Asset Securitization IV LLC |
| 540000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-C <br>6.640%, 04/19/2032<sup>(d)</sup> | 535054 |
|  | OnDeck Asset Securitization Trust IV LLC |
| 340000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B <br>8.250%, 08/19/2030<sup>(d)</sup> | 345113 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Owl Rock CLO I LLC | Owl Rock CLO I LLC |
| $250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-C <br>8.454%, 02/20/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | $252102 |
|  | Owl Rock CLO III Ltd. | Owl Rock CLO III Ltd. |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-3A-BR <br>6.676%, 04/20/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.350% | 250788 |
|  | Owl Rock CLO IX LLC | Owl Rock CLO IX LLC |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-9A-CR <br>6.504%, 11/22/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.300% | 248242 |
|  | Owl Rock CLO VIII LLC | Owl Rock CLO VIII LLC |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-8A-CR <br>6.675%, 04/24/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.400% | 251162 |
|  | Owl Rock CLO XIII LLC | Owl Rock CLO XIII LLC |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-13A-B <br>7.353%, 09/20/2035<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.350% | 251303 |
|  | Owl Rock CLO XVI LLC | Owl Rock CLO XVI LLC |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-16A-C <br>7.626%, 04/20/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 3.300% | 250995 |
|  | OWL Rock CLO XXI LLC | OWL Rock CLO XXI LLC |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-21A-C <br>6.716%, 07/24/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.400% | 350580 |
|  | Oxford Finance Credit Fund III LP | Oxford Finance Credit Fund III LP |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A-B <br>7.548%, 01/14/2032<sup>(d)</sup> | 400680 |
| 1810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A-B <br>7.194%, 08/14/2034<sup>(d)</sup> | 1809568 |
|  | Oxford Finance Funding Trust | Oxford Finance Funding Trust |
| 174362 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-B <br>7.879%, 02/15/2031<sup>(d)</sup> | 174870 |
|  | Palmer Square BDC CLO 1 Ltd. | Palmer Square BDC CLO 1 Ltd. |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 1A-B1 <br>6.468%, 07/15/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.150% | 311979 |
|  | Palmer Square Loan Funding Ltd. | Palmer Square Loan Funding Ltd. |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A-SUB <br>0.000%, 05/20/2029<sup>(d)(g)(h)(i)</sup> | 11900 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-3A-SUB <br>0.000%, 07/20/2029<sup>(d)(g)(h)(i)</sup> | 27288 |
| 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A-SUB <br>0.000%, 08/08/2032<sup>(d)(g)(h)(i)</sup> | 459699 |
|  | Post CLO Ltd. |  |
| 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-1A-A <br>6.276%, 04/20/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 1.950% | 370850 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
|  | Progress Residential Trust |  |
| $125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-SFR6-E2 <br>2.525%, 07/17/2038<sup>(d)</sup> | $122400 |
|  | ReadyCap Lending Small Business Loan Trust | ReadyCap Lending Small Business Loan Trust |
| 14106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2-A <br>6.750%, 12/27/2044<sup>(d)(e)</sup> <br>U.S. (Fed) Prime Rate - 0.500% | 14097 |
|  | Regatta 33 Funding Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A-SUB <br>0.000%, 07/25/2038<sup>(d)(g)(h)(i)</sup> | 258430 |
|  | Regatta 34 Funding Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3A-SUB <br>0.000%, 07/20/2038<sup>(d)(g)(h)(i)</sup> | 251478 |
|  | Regional Management Issuance Trust |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1-C <br>5.730%, 04/17/2034<sup>(d)</sup> | 151799 |
|  | RR 39 Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-39A-SUB <br>0.812%, 04/15/2038<sup>(d)(g)(i)</sup> | 216909 |
|  | RR CLO 2 Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-2A-DR <br>10.379%, 04/15/2036<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.062% | 497977 |
|  | Sapphire Aviation Finance II Ltd. |  |
| 125864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.335%, 03/15/2040<sup>(d)</sup> | 115709 |
|  | Servpro Master Issuer LLC |  |
| 188500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-1A-A2 <br>3.882%, 10/25/2049<sup>(d)</sup> | 186804 |
|  | Slam Ltd. |  |
| 186992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>3.422%, 06/15/2046<sup>(d)</sup> | 177732 |
| 1077919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A <br>5.807%, 05/15/2050<sup>(d)</sup> | 1108398 |
|  | Sonic Capital LLC |  |
| 189833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-A2I <br>3.845%, 01/20/2050<sup>(d)</sup> | 187244 |
| 47458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-A2II <br>4.336%, 01/20/2050<sup>(d)</sup> | 45991 |
|  | Sound Point CLO XXXII Ltd. |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-4A-E <br>11.280%, 10/25/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.962% | 457536 |
|  | Sprite Ltd. |  |
| 86976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1-A <br>3.750%, 11/15/2046<sup>(d)</sup> | 84648 |
|  | SSI ABS Issuer LLC |  |
| 197104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1-A <br>6.150%, 07/25/2065<sup>(d)</sup> | 199993 |
|  | Start Ltd. |  |
| 71210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-1-A <br>4.089%, 05/15/2043<sup>(d)</sup> | 71228 |
|  | Stream Innovations Issuer Trust |  |
| 66803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A <br>6.270%, 07/15/2044<sup>(d)</sup> | 69602 |
|  | Subway Funding LLC |  |
| 148875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A23 <br>6.505%, 07/30/2054<sup>(d)</sup> | 155790 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** | **ASSET-BACKED SECURITIES (CONTINUED)** |
| **Other ABS (continued)** | **Other ABS (continued)** | **Other ABS (continued)** |
| $49625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-3A-A23 <br>5.914%, 07/30/2054<sup>(d)</sup> | $49617 |
|  | Sunbird Engine Finance LLC | Sunbird Engine Finance LLC |
| 106545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-1A-B <br>4.703%, 02/15/2045<sup>(d)</sup> | 104113 |
|  | Switch ABS Issuer LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-A2 <br>6.280%, 03/25/2054<sup>(d)</sup> | 102008 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-A2 <br>5.436%, 06/25/2054<sup>(d)</sup> | 50293 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-A2 <br>5.036%, 03/25/2055<sup>(d)</sup> | 99250 |
|  | Symphony CLO 41 Ltd. | Symphony CLO 41 Ltd. |
| 360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-41A-SUB <br>1.323%, 07/20/2037<sup>(d)(g)(i)</sup> | 284996 |
|  | Symphony CLO 48 Ltd. | Symphony CLO 48 Ltd. |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-48A-SUB <br>0.818%, 04/20/2038<sup>(d)(g)(i)</sup> | 243524 |
|  | Symphony CLO XXXI Ltd. | Symphony CLO XXXI Ltd. |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-31A-SUB <br>0.314%, 04/22/2050<sup>(d)(g)(i)</sup> | 323448 |
|  | Textainer Marine Containers VII Ltd. | Textainer Marine Containers VII Ltd. |
| 142233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>2.520%, 02/20/2046<sup>(d)</sup> | 132240 |
|  | THL Credit Wind River CLO Ltd. | THL Credit Wind River CLO Ltd. |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-2A-INC <br>5.552%, 01/15/2031<sup>(d)(i)</sup> | 300 |
|  | Thrust Engine Leasing DAC | Thrust Engine Leasing DAC |
| 369947 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-B <br>6.121%, 07/15/2040<sup>(d)</sup> | 367813 |
|  | TICP CLO VII Ltd. | TICP CLO VII Ltd. |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-7A-CR <br>6.729%, 04/15/2033<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.412% | 280553 |
|  | Vault DI Issuer LLC | Vault DI Issuer LLC |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-A2 <br>2.804%, 07/15/2046<sup>(d)</sup> | 244883 |
|  | VB-S1 Issuer LLC | VB-S1 Issuer LLC |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1A-F <br>5.268%, 02/15/2052<sup>(d)</sup> | 243274 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-F <br>8.871%, 05/15/2054<sup>(d)</sup> | 103804 |
|  | VCP RRL ABS I Ltd. | VCP RRL ABS I Ltd. |
| 35456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-1A-C <br>5.425%, 10/20/2031<sup>(d)</sup> | 32881 |
|  | Venture XIII CLO Ltd. | Venture XIII CLO Ltd. |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-13A-SUB <br>4.547%, 09/10/2029<sup>(d)(g)(i)</sup> | 38 |
|  | VOLT XCIV LLC | VOLT XCIV LLC |
| 704155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NPL3-A2 <br>8.949%, 02/27/2051<sup>(d)(f)</sup> | 704799 |
|  | Voya CLO Ltd. | Voya CLO Ltd. |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-2A-E <br>9.829%, 07/15/2031<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 5.512% | 487792 |
|  | Wellfleet CLO Ltd. | Wellfleet CLO Ltd. |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1A-B <br>6.379%, 07/18/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.050% | 250985 |

---

---

| | |
|:---|:---|
| **Principal<br>Amount^** | **Value** |
| **Other ABS (continued)** | **Other ABS (continued)** |
|  | Willis Engine Structured Trust V |
| $179410 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-A-A <br>3.228%, 03/15/2045<sup>(d)</sup> | 172624 |
|  | Willis Engine Structured Trust VII |
| 144817 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-A-A <br>8.000%, 10/15/2048<sup>(d)</sup> | 150224 |
|  | Wind River CLO Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-2A-E <br>11.017%, 07/20/2034<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 6.692% | 490192 |
|  | Wise CLO Ltd. |
| 250000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-2A-C <br>6.518%, 07/15/2037<sup>(d)(e)</sup> <br>3 mo. USD Term SOFR + 2.200% | 251063 |
|  | Wonder Lake Park CLO Ltd. |
| 500000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1A-SUB <br>1.257%, 07/24/2038<sup>(d)(g)(i)</sup> | 420000 |
|  | Zayo Issuer LLC |
| 3030000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2A-C <br>9.489%, 06/20/2055<sup>(d)</sup> | 3229215 |
|  | 58455808 |
| **WL Collateral CMO: 0.0%** | **WL Collateral CMO: 0.0%** |
|  | FIGRE Trust |
| 126641 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-HE6-C <br>5.974%, 12/25/2054<sup>(d)(g)</sup> | 127512 |
| **TOTAL ASSET-BACKED SECURITIES**<br> (Cost $67,463,857) | 61949975 |
| **BANK LOANS: 20.0%**  | **BANK LOANS: 20.0%**  |
| **Basic Materials: 1.7%** | **Basic Materials: 1.7%** |
|  | A-AP Buyer, Inc. |
| 89325 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.752%, 09/09/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% | 89493 |
|  | Arsenal AIC Parent LLC |
| 262208 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.913%, 08/19/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% | 262535 |
|  | Discovery Purchaser Corp. |
| 238802 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.082%, 10/04/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 238006 |
|  | GEON Performance Solutions LLC |
| 3314815 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.513%, 08/18/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | 3116755 |
|  | Nouryon Finance BV |
| 2173943 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/03/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% | 2180291 |
|  | Power Services Holding Co. |
| 67149 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.028%, 11/22/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.750% | 66998 |
|  | SCIH Salt Holdings, Inc. |
| 417497 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.197%, 01/31/2029<sup>(e)</sup> <br>6 mo. USD Term SOFR + 3.000% | 418409 |
|  | 6372487 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | |
|:---|:---|
| **Principal<br>Amount^** | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Communications: 2.6%** | **Communications: 2.6%** |
|  | Cengage Learning, Inc. |
| $109969 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.666%, 03/24/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500%, 3 mo. USD Term SOFR + 3.500% | $109820 |
|  | Connect Finco SARL |
| 3268670 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.663%, 09/27/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% | 3233712 |
|  | Cyxtera DC Holdings, Inc. |
| 132288 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 01/16/2026<sup>(j)</sup> | 728 |
|  | Eagle Broadband Investments LLC |
| 2428122 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.263%, 11/12/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% | 2413201 |
|  | Firstdigital Communications LLC |
| 49000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 12/17/2026<sup>(e)</sup> <br>U.S. (Fed) Prime Rate - 3.250% | 48226 |
|  | Iridium Satellite LLC |
| 1968435 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.413%, 09/20/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 1869472 |
|  | Midcontinent Communications |
| 851400 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.635%, 08/16/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 854061 |
|  | Nexstar Broadcasting, Inc. |
| 1017450 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.663%, 06/28/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 1017358 |
|  | Speedster Bidco GmbH |
| 149251 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.240%, 12/10/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 149811 |
|  | Sunrise Financing Partnership |
| 150000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.691%, 02/15/2032<sup>(e)</sup> <br>6 mo. USD Term SOFR + 2.500% | 149785 |
|  | TripAdvisor, Inc. |
| 99248 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.913%, 07/08/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% | 97511 |
|  | Xplornet Communications, Inc. |
| 4080 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.280%, 10/24/2029<sup>(e)(k)</sup> <br>1 mo. USD Term SOFR + 1.500% Cash, 3.500% PIK | 3886 |
| 14239 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.735%, 10/24/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 1.500% | 9949 |
|  | 9957520 |
| **Consumer, Cyclical: 3.3%** | **Consumer, Cyclical: 3.3%** |
|  | ABG Intermediate Holdings 2 LLC |
| 136125 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.413%, 12/21/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 136029 |
|  | Accuride Intermediate Co., Inc. |
| 15689 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.623%, 03/07/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% | 29443 |

---

---

| | |
|:---|:---|
| **Principal<br>Amount^** | **Value** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | Air Canada |
| $59397 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.166%, 03/21/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% | $59490 |
|  | Allen Media LLC |
| 500765 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.652%, 02/10/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.500% | 359048 |
|  | American Airlines, Inc. |
| 1458713 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.575%, 04/20/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.250% | 1458209 |
|  | Arcis Golf LLC |
| 547429 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.913%, 11/24/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% | 549655 |
|  | Beach Acquisition Bidco LLC |
| 855000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.308%, 09/12/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 860168 |
|  | Bulldog Purchaser, Inc. |
| 547493 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.036%, 06/27/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 550617 |
|  | Caesars Entertainment, Inc. |
| 97605 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.413%, 02/06/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 97579 |
| 98747 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.413%, 02/06/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 98645 |
|  | EG America LLC |
| 99002 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.699%, 02/07/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% | 99700 |
|  | Epic Creations, Inc. |
| 58 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 07/31/2025<sup>(l)</sup> | 59 |
| 156 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14.163%, 07/31/2025<sup>(e)</sup> <br>1 mo. USD Term SOFR + 10.000% | 156 |
|  | Flutter Financing BV |
| 8000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 11/30/2030<sup>(l)</sup> | 7988 |
| 101227 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.752%, 11/30/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 1.750% | 101075 |
|  | Foundation Building Materials Holding Co. LLC |
| 98500 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.308%, 01/29/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 98791 |
|  | FR Refuel LLC |
| 86722 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.028%, 11/08/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.750% | 86288 |
|  | Gibson Brands, Inc. |
| 96250 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.584%, 08/11/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.000% | 91293 |
|  | Gloves Buyer, Inc. |
| 345000 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.163%, 05/21/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | 335944 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | Great Outdoors Group LLC |  |
| $3310497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.413%, 01/23/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% | $3312980 |
|  | Hilton Grand Vacations Borrower LLC |  |
| 124063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 01/17/2031<sup>(l)</sup> | 124028 |
|  | Hunter Douglas, Inc. |  |
| 447371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.252%, 01/20/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 448530 |
|  | Laseraway Intermediate Holdings II LLC |  |
| 90034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.334%, 10/14/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.750% | 88683 |
|  | Oil Changer Holding Corp. |  |
| 86515 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/08/2027<sup>(e)</sup> <br>3 mo. USD Tem SOFR + 6.750%, 6 mo. USD Term SOFR + 6.750 | 85866 |
|  | Pacific Bells LLC |  |
| 157922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.752%, 11/13/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 158876 |
|  | Park River Holdings, Inc. |  |
| 224414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.802%, 12/28/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 224694 |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 09/25/2031<sup>(l)</sup> | 280560 |
|  | PCI Gaming Authority |  |
| 148249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.163%, 07/18/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% | 148133 |
|  | Peer Holding III BV |  |
| 99250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.502%, 07/01/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.500% | 99478 |
|  | QSRP Finco BV |  |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.069%, 06/19/2031<sup>(e)</sup> <br>6 mo. EURIBOR + 4.000% | 593063 |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 06/19/2031<sup>(l)</sup> | 593063 |
|  | Recess Holdings, Inc. |  |
| 98506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.069%, 02/20/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 99007 |
|  | SGH2 LLC |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.508%, 08/18/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% | 150375 |
|  | Tacala LLC |  |
| 49253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.002%, 01/31/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% | 49530 |
|  | TKO Worldwide Holdings LLC |  |
| 148877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.038%, 11/21/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 149270 |
|  | Topgolf Callaway Brands Corp. |  |
| 24867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.163%, 03/18/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% | 24632 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | United Airlines, Inc. |  |  |
| $556548 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.196%, 02/22/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | $| 558983 |
|  | Vista Management Holding, Inc. |  |  |
| 173250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.041%, 04/01/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% |  | 174694 |
|  | White Cap Buyer LLC |  |  |
| 248374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.416%, 10/19/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% |  | 248705 |
|  |  |  | 12633327 |
| **Consumer, Non-cyclical: 4.1%** | **Consumer, Non-cyclical: 4.1%** | **Consumer, Non-cyclical: 4.1%** | **Consumer, Non-cyclical: 4.1%** |
|  | A-AG U.S. GSI Bidco, Inc. |  |  |
| 2169100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.002%, 10/31/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.000% |  | 2169100 |
|  | Albion Financing 3 SARL |  |  |
| 98755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.215%, 05/21/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 99188 |
|  | American Auto Auction Group LLC |  |  |
| 547250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.502%, 05/28/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% |  | 552772 |
|  | Amspec Parent LLC |  |  |
| 18620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.502%, 12/22/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 18745 |
| 302575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.502%, 12/22/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 304608 |
|  | Bausch Health Cos., Inc. |  |  |
| 19950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.413%, 10/08/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 6.250% |  | 19707 |
|  | Blue Ribbon LLC |  |  |
| 203077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.547%, 05/08/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 6.000% |  | 126720 |
|  | CCRR Parent, Inc. |  |  |
| 297922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.710%, 03/06/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% |  | 101293 |
|  | Chef's Warehouse Leasing Co. LLC |  |  |
| 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.163%, 08/23/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 84788 |
|  | CHG PPC Parent LLC |  |  |
| 69093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.278%, 12/08/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 69266 |
|  | Citrin Cooperman Advisors LLC |  |  |
| 140909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.002%, 04/01/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 140491 |
|  | Congruex Group LLC |  |  |
| 47031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.958%, 05/03/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 1.500% |  | 39976 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | Dermatology Intermediate Holdings III, Inc. |  |
| $97728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.558%, 03/30/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | $92370 |
|  | EyeCare Partners LLC |  |
| 20039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.877%, 08/31/2028<sup>(e)</sup> <br>6 mo. USD Term SOFR + 5.750% | 20289 |
| 71877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.837%, 11/30/2028<sup>(e)(k)</sup> <br>6 mo. USD Term SOFR + 1.000% Cash, 3.610% PIK | 45950 |
|  | Florida Food Products LLC |  |
| 66221 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.278%, 10/18/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.000% | 45941 |
|  | Fugue Finance BV |  |
| 147384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.949%, 01/09/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% | 147898 |
|  | Help At Home, Inc. |  |
| 90706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.163%, 09/24/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.000% | 81976 |
|  | Holding Socotec |  |
| 49500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.370%, 06/30/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 49933 |
|  | Imagefirst Holdings LLC |  |
| 149625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.308%, 03/12/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 150186 |
|  | Inception Holdco SARL |  |
| 99000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.252%, 04/18/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | 99742 |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 04/18/2031<sup>(l)</sup> | 453375 |
|  | Jazz Financing Lux SARL |  |
| 2182366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.413%, 05/05/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 2187331 |
|  | MB2 Dental Solutions LLC |  |
| 13768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.663%, 02/13/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.500% | 13768 |
| 15183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.663%-9.666%, 02/13/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.500% | 15183 |
| 95076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.663%, 02/13/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.500% | 94883 |
|  | Moran Foods LLC |  |
| 5688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.352%, 06/30/2026<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.250% | 463 |
| 12145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.352%, 06/30/2026<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.250% | 6601 |
| 12813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.352%, 06/30/2026<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 12813 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | MPH Acquisition Holdings LLC |  |
| $78759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.058%, 12/31/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | $78759 |
| 652864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.170%, 12/31/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.600% | 601722 |
|  | NFM & J LP |  |
| 47848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.158%, 11/30/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.750% | 47241 |
| 48640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.049%-10.158%, 11/30/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.750% | 48023 |
|  | PABST Financing Newco LLC |  |
| 77847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.279%, 05/08/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 8.000% | 77458 |
|  | Pacific Dental Services LLC |  |
| 198495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.643%, 03/15/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 198577 |
|  | Parexel International Corp. |  |
| 2063666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.663%, 11/15/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 2067752 |
|  | Priority Holdings LLC |  |
| 1256220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.913%, 07/30/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.750% | 1261716 |
|  | ScribeAmerica Intermediate Holdco LLC |  |
| 46710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.750%, 10/30/2025<sup>(e)</sup> <br>U.S. (Fed) Prime Rate - 5.500% | 34799 |
|  | Secretariat Advisors LLC |  |
| 88801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.002%, 02/28/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 89079 |
|  | Sotera Health Holdings LLC |  |
| 2100618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.663%, 05/30/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 2106311 |
|  | System One Holdings LLC |  |
| 1123561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.663%, 03/02/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% | 1127072 |
|  | TMF Group Holding BV |  |
| 168725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.036%, 05/03/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% | 169076 |
|  | Women's Care Enterprises LLC |  |
| 188393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.908%, 01/15/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% | 172144 |
|  | WW International, Inc. |  |
| 28739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.803%, 06/24/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 6.800% | 26296 |
|  |  | 15351381 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Energy: 1.2%** | **Energy: 1.2%** | **Energy: 1.2%** |
|  | AL GCX Holdings LLC |  |
| $145510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.223%, 05/17/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% | $145487 |
|  | GIP Pilot Acquisition Partners LP |  |
| 48543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.286%, 10/04/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 48574 |
|  | Hilcorp Energy I LP |  |
| 2044725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.150%, 02/11/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% | 2050686 |
|  | Lealand Finance Co. BV |  |
| 45798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.278%, 06/30/2027<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% | 37249 |
| 421231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.552%, 06/30/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 240102 |
| 1505384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.278%, 12/31/2027<sup>(e)(k)</sup> <br>1 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK | 1078864 |
|  | Par Petroleum LLC |  |
| 183403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.029%, 02/28/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 183422 |
|  | Rockpoint Gas Storage Partners LP |  |
| 893250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.002%, 09/18/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% | 897399 |
|  | Venture Global Calcasieu Pass LLC |  |
| 15609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.138%, 08/19/2026<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.875% | 15633 |
|  |  | 4697416 |
| **Financial: 2.2%** | **Financial: 2.2%** | **Financial: 2.2%** |
|  | AmWINS Group, Inc. |  |
| 148875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.252%, 01/30/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.250% | 148971 |
|  | Apex Group Treasury LLC |  |
| 179100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.755%, 02/27/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% | 175518 |
|  | AqGen Island Holdings, Inc. |  |
| 98168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.163%, 08/02/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% | 98209 |
|  | Ardonagh Midco 3 PLC |  |
| 149251 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.752%, 02/15/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750%,<br>6 mo. USD Term SOFR + 2.750% | 148816 |
|  | Aretec Group, Inc. |  |
| 147884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.663%, 08/09/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% | 148045 |
|  | Astra Acquisition Corp. |  |
| 839743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 10/25/2029<sup>(l)</sup> | 3355 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Asurion LLC |  |
| $74374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.413%, 09/19/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% | $74212 |
| 97744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.513%, 08/19/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% | 98165 |
| 399000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.413%, 09/19/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% | 396965 |
|  | Blackhawk Network Holdings, Inc. |  |
| 158651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.163%, 03/12/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | 159457 |
|  | Capstone Acquisition Holdings, Inc. |  |
| 136545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.763%, 11/13/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% | 135922 |
|  | Cfc Bidco 2022 Ltd. |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.041%, 07/01/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% | 526625 |
|  | Chrysaor Bidco SARL |  |
| 92417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.329%, 10/30/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% | 92929 |
|  | Cliffwater LLC |  |
| 139300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.308%, 04/22/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 5.000% | 139300 |
|  | CoreLogic, Inc. |  |
| 547150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.778%, 06/02/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% | 548176 |
|  | Eisner Advisory Group LLC |  |
| 98260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.163%, 02/28/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | 98974 |
|  | Fiserv Investment Solutions, Inc. |  |
| 98187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.204%, 02/18/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 97614 |
|  | Focus Financial Partners LLC |  |
| 49625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.913%, 09/15/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% | 49693 |
|  | Higginbotham Insurance Agency, Inc. |  |
| 141494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.670%, 11/24/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% | 140647 |
|  | HV Eight LLC |  |
| 401,192 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.516%, 11/22/2027<sup>(e)</sup> <br>3 mo. EURIBOR + 3.500% | 469517 |
|  | IMC Financing LLC |  |
| 548625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.636%, 06/18/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% | 554111 |
|  | LendingTree, Inc. |  |
| 2628200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.663%, 08/21/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.500% | 2623824 |
|  | Orion U.S. Finco, Inc. |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 05/20/2032<sup>(l)</sup> | 553438 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | PMH Newco LP |  |  |
| $228899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.899%, 10/02/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.600% | $| 228058 |
|  | PMH SPV C LLC |  |  |
| 60167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.096%, 10/02/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.150% |  | 59974 |
|  | Saphilux SARL |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 07/18/2028<sup>(l)</sup> |  | 201062 |
| 298252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.321%, 07/18/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 299836 |
|  |  |  | 8271413 |
| **Industrial: 2.4%** | **Industrial: 2.4%** | **Industrial: 2.4%** | **Industrial: 2.4%** |
|  | Anchor Packaging, Inc. |  |  |
| 97979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.386%, 07/18/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% |  | 98519 |
|  | API Holdings III LLC |  |  |
| 8288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.002%, 03/25/2027<sup>(e)(k)</sup> <br>3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK |  | 8478 |
| 110051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.002%, 05/10/2027<sup>(e)(k)</sup> <br>3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK |  | 99706 |
|  | Azuria Water Solutions, Inc. |  |  |
| 232454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.163%, 05/17/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% |  | 233035 |
|  | Bettcher Industries, Inc. |  |  |
| 148084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.002%, 12/14/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% |  | 148825 |
|  | Climater Bidco II SAS |  |  |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 03/31/2032<sup>(l)</sup> |  | 588609 |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 03/19/2032<sup>(e)</sup> <br>3 mo. EURIBOR + 4.000% |  | 588609 |
|  | Cobham Ultra SeniorCo SARL |  |  |
| 577104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.370%, 08/03/2029<sup>(e)</sup> <br>6 mo. USD Term SOFR + 3.750% |  | 577874 |
|  | Cube Industrials Buyer, Inc. |  |  |
| 149250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.582%, 10/17/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 150090 |
|  | Dispatch Acquisition Holdings LLC |  |  |
| 59298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.402%, 03/27/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% |  | 58087 |
|  | Engineered Machinery Holdings, Inc. |  |  |
| 198966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.763%, 05/19/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 200334 |
|  | GrafTech Finance, Inc. |  |  |
| 42667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.158%, 12/21/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 6.000% |  | 43606 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
|  | Ilpea Parent, Inc. |  |
| $464421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.163%, 06/22/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.000% | $464567 |
|  | KKR Apple Bidco LLC |  |
| 148875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.663%, 09/23/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.500% | 149028 |
|  | Knife River Holdco |  |
| 199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.123%, 03/08/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.000% | 199685 |
|  | Mannington Mills, Inc. |  |
| 98500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.913%, 03/25/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.750% | 96776 |
|  | Mauser Packaging Solutions Holding Co. |  |
| 74809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.280%, 04/15/2027<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.000% | 74914 |
|  | Michael Baker International LLC |  |
| 397128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.308%, 12/01/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% | 398866 |
|  | MV Holding GmbH |  |
| 179550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.413%, 03/17/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 179999 |
|  | NA Rail HoldCo LLC |  |
| 149625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.123%, 03/08/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% | 150373 |
|  | Newly Weds Foods, Inc. |  |
| 99750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.386%, 03/15/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 99896 |
|  | Pelican Products, Inc. |  |
| 97716 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.513%, 12/29/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.250% | 83840 |
|  | Quikrete Holdings, Inc. |  |
| 69650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.413%, 02/10/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 69685 |
| 96643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.413%, 04/14/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.250% | 96723 |
|  | Roper Industrial Products Investment Co. LLC | Roper Industrial Products Investment Co. LLC |
| 537293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.752%, 11/22/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% | 538604 |
|  | Service Logic Acquisition, Inc. |  |
| 196993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.308%, 10/29/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% | 197733 |
|  | Stonepeak Nile Parent LLC |  |
| 2260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.079%, 04/09/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% | 2261977 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
| **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** | **BANK LOANS (CONTINUED)** |
| **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
|  | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. | Student Transportation of America Holdings, Inc. |
| $36667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.288%-7.564%, 06/24/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% | $| 36810 |
| 512050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.253%, 06/24/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 514052 |
|  | Tidal Waste & Recycling Holdings LLC |  |  |
| 517400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.002%, 10/24/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 521066 |
|  |  |  | 8930366 |
| **Technology: 1.5%** | **Technology: 1.5%** | **Technology: 1.5%** | **Technology: 1.5%** |
|  | Apttus Corp. |  |  |
| 127440 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.808%, 05/08/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 126166 |
|  | AthenaHealth Group, Inc. |  |  |
| 2311772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.913%, 02/15/2029<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.750% |  | 2310085 |
|  | Boxer Parent Co., Inc. |  |  |
| 99500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.199%, 07/30/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.000% |  | 99453 |
|  | Byju's Alpha, Inc. |  |  |
| 18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.163%, 04/09/2026<sup>(e)</sup> <br>1 mo. USD Term SOFR + 8.000% |  | 18 |
| 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 04/09/2026<sup>(l)</sup> |  | 65 |
|  | Central Parent, Inc. |  |  |
| 609196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.252%, 07/06/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 528505 |
|  | Constant Contact, Inc. |  |  |
| 875000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 02/12/2029<sup>(l)</sup> |  | 758332 |
|  | Curriculum Associates LLC |  |  |
| 125158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.913%, 05/07/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.750% |  | 124570 |
|  | Cvent, Inc. |  |  |
| 99250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.752%, 06/17/2030<sup>(e)</sup> <br>3 mo. USD Term SOFR + 2.750% |  | 99209 |
|  | Darktrace PLC |  |  |
| 79600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.570%, 10/09/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.250% |  | 79704 |
|  | Drake Software LLC |  |  |
| 538444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.413%, 06/26/2031<sup>(e)</sup> <br>1 mo. USD Term SOFR + 4.250% |  | 538891 |
|  | Finastra USA, Inc. |  |  |
| 25110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.288%, 09/13/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.250% |  | 25277 |
|  | Kaseya, Inc. |  |  |
| 99500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.413%, 03/20/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.250% |  | 99760 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
| **Technology (continued)** | **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
|  | Modena Buyer LLC |  |  |
| $174062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.808%, 07/01/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.500% | $| 172135 |
|  | Planview Parent, Inc. |  |  |
| 148801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.502%, 12/17/2027<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.500% |  | 146848 |
|  | PushPay USA, Inc. |  |  |
| 99250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.752%, 08/15/2031<sup>(e)</sup> <br>3 mo. USD Term SOFR + 3.750% |  | 100056 |
|  | Sitecore Holding III AS |  |  |
| 140054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.345%, 03/12/2029<sup>(e)</sup> <br>3 mo. USD Term SOFR + 7.000% |  | 139552 |
|  | Vision Solutions, Inc. |  |  |
| 3428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.570%, 04/24/2028<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.000% |  | 3321 |
|  | Zuora, Inc. |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.663%, 02/14/2032<sup>(e)</sup> <br>1 mo. USD Term SOFR + 3.500% |  | 149231 |
|  |  |  | 5501178 |
| **Utilities: 1.0%** | **Utilities: 1.0%** | **Utilities: 1.0%** | **Utilities: 1.0%** |
|  | Calpine Construction Finance Co. LP |  |  |
| 99500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.163%, 07/31/2030<sup>(e)</sup> <br>1 mo. USD Term SOFR + 2.000% |  | 99613 |
|  | Eastern Power LLC |  |  |
| 3476220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.413%, 04/03/2028<sup>(e)</sup> <br>1 mo. USD Term SOFR + 5.250% |  | 3501423 |
|  | PowerGrid Services LLC |  |  |
| 2055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.752%, 07/01/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.750% |  | 2055 |
| 175882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.752%, 07/01/2032<sup>(e)</sup> <br>3 mo. USD Term SOFR + 4.750% |  | 175882 |
|  |  |  | 3778973 |
| **TOTAL BANK LOANS**<br> (Cost $75,108,062) | **TOTAL BANK LOANS**<br> (Cost $75,108,062) |  | 75494061 |
| **CONVERTIBLE BONDS: 0.4%**  | **CONVERTIBLE BONDS: 0.4%**  | **CONVERTIBLE BONDS: 0.4%**  | **CONVERTIBLE BONDS: 0.4%**  |
| **Energy: 0.4%** | **Energy: 0.4%** | **Energy: 0.4%** | **Energy: 0.4%** |
|  | XPLR Infrastructure LP |  |  |
| 745000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010%, 11/15/2025<sup>(d)(i)</sup> |  | 741275 |
| 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 06/15/2026<sup>(c)(d)</sup> |  | 596275 |
|  |  |  | 1337550 |
| **Financial: 0.0%** | **Financial: 0.0%** | **Financial: 0.0%** | **Financial: 0.0%** |
|  | Kaisa Group Holdings Ltd. |  |  |
| 45611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2025<sup>(d)(h)</sup> |  | 1368 |
| 60809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2026<sup>(d)(h)</sup> |  | 1672 |
| 76015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2027<sup>(d)(h)</sup> |  | 1805 |
| 121620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2028<sup>(d)(h)</sup> |  | 2888 |
| 121620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2029<sup>(d)(h)</sup> |  | 2888 |
| 152026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2030<sup>(d)(h)</sup> |  | 3611 |
| 152026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2031<sup>(d)(h)</sup> |  | 3611 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
| **CONVERTIBLE BONDS (CONTINUED)** | **CONVERTIBLE BONDS (CONTINUED)** | **CONVERTIBLE BONDS (CONTINUED)** | **CONVERTIBLE BONDS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| $286806 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 12/31/2032<sup>(d)(h)</sup> | $| 6812 |
|  | Shimao Group Holdings Ltd. |  |  |
| 369226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.000%, 07/21/2026<sup>(d)(h)</sup> |  | 21231 |
|  |  |  | 45886 |
| **TOTAL CONVERTIBLE BONDS**<br> (Cost $2,485,180) | **TOTAL CONVERTIBLE BONDS**<br> (Cost $2,485,180) |  | 1383436 |
| **CORPORATE BONDS: 49.6%**  | **CORPORATE BONDS: 49.6%**  | **CORPORATE BONDS: 49.6%**  | **CORPORATE BONDS: 49.6%**  |
| **Basic Materials: 2.5%** | **Basic Materials: 2.5%** | **Basic Materials: 2.5%** | **Basic Materials: 2.5%** |
|  | Alumina Pty. Ltd. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 09/15/2032<sup>(d)</sup> |  | 205170 |
|  | AngloGold Ashanti Holdings PLC |  |  |
| 240000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 11/01/2028 |  | 232314 |
|  | ArcelorMittal SA |  |  |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.800%, 11/29/2032<sup>(c)</sup> |  | 61213 |
|  | Arsenal AIC Parent LLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 10/01/2030<sup>(d)</sup> |  | 106005 |
|  | Compass Minerals International, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 07/01/2030<sup>(d)</sup> |  | 104590 |
|  | Dow Chemical Co. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.900%, 05/15/2053<sup>(m)</sup> |  | 106974 |
|  | Glencore Funding LLC |  |  |
| 455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/06/2033<sup>(d)(m)</sup> |  | 501598 |
|  | Methanex U.S. Operations, Inc. |  |  |
| 3140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/2032<sup>(d)</sup> |  | 3197195 |
|  | Minerals Technologies, Inc. |  |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2028<sup>(d)</sup> |  | 161835 |
|  | Olin Corp. |  |  |
| 3760000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2033<sup>(d)</sup> |  | 3784329 |
|  | RPM International, Inc. |  |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 01/15/2032<sup>(m)</sup> |  | 271284 |
|  | SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC | SCIL IV LLC/SCIL USA Holdings LLC |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 07/15/2028<sup>(d)</sup> |  | 123569 |
|  | SK Invictus Intermediate II SARL |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/30/2029<sup>(d)</sup> |  | 97972 |
|  | Southern Copper Corp. |  |  |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 07/27/2035 |  | 260521 |
|  | Steel Dynamics, Inc. |  |  |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 05/15/2035 |  | 81790 |
|  | Unigel Luxembourg SA |  |  |
| 56454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/31/2028<sup>(d)(k)</sup> <br>Cash 11.000% + PIK Rate 12.000% |  | 10444 |
| 242753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.000%, 12/31/2028<sup>(k)</sup> <br>Cash 11.000% + PIK Rate 12.000% |  | 44909 |
|  |  |  | 9351712 |
| **Communications: 3.1%** | **Communications: 3.1%** | **Communications: 3.1%** | **Communications: 3.1%** |
|  | Altice France SA |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 10/15/2029<sup>(d)</sup> |  | 173987 |
|  | AMC Networks, Inc. |  |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 01/15/2029<sup>(d)</sup> |  | 52731 |
| 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/2029 |  | 3484 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.500%, 07/15/2032<sup>(c)(d)</sup> |  | 529200 |
|  | AppLovin Corp. |  |  |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 12/01/2029 |  | 71625 |
| 170000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/2034 |  | 175510 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
|  | Bell Telephone Co. of Canada or Bell Canada | Bell Telephone Co. of Canada or Bell Canada |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 09/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.390% | $207758 |
|  | British Telecommunications PLC |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 11/23/2081<sup>(d)(g)</sup> <br>5 yr. CMT + 3.493% | 192137 |
|  | CCO Holdings LLC/CCO Holdings Capital Corp. | CCO Holdings LLC/CCO Holdings Capital Corp. |
| 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 05/01/2027<sup>(d)</sup> | 322948 |
| 1255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 03/01/2031<sup>(d)</sup> | 1297488 |
|  | Charter Communications Operating LLC/Charter Communications Operating Capital | Charter Communications Operating LLC/Charter Communications Operating Capital |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 03/01/2050 | 11879 |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.700%, 04/01/2051 | 39603 |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/2053 | 33412 |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.834%, 10/23/2055 | 71581 |
| 370000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.400%, 12/01/2061 | 256400 |
|  | Connect Finco SARL/Connect U.S. Finco LLC | Connect Finco SARL/Connect U.S. Finco LLC |
| 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 09/15/2029<sup>(d)</sup> | 304859 |
|  | CSC Holdings LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.750%, 01/31/2029<sup>(d)</sup> | 84157 |
|  | FactSet Research Systems, Inc. |  |
| 172000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 03/01/2032 | 158949 |
|  | Fox Corp. |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 10/13/2033 | 330413 |
|  | Go Daddy Operating Co. LLC/GD Finance Co., Inc. | Go Daddy Operating Co. LLC/GD Finance Co., Inc. |
| 678000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 03/01/2029<sup>(d)</sup> | 643274 |
|  | iHeartCommunications, Inc. |  |
| 104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 08/15/2030<sup>(d)</sup> | 86435 |
|  | Juniper Networks, Inc. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.000%, 12/10/2030 | 280794 |
|  | Koninklijke KPN NV |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 10/01/2030 | 117355 |
|  | Level 3 Financing, Inc. |  |
| 206000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 04/01/2030<sup>(d)</sup> | 189005 |
|  | McGraw-Hill Education, Inc. |  |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 08/01/2029<sup>(d)</sup> | 40769 |
|  | Motorola Solutions, Inc. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 05/24/2031 | 292329 |
| 467000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/01/2032<sup>(m)</sup> | 491799 |
| 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 04/15/2034 | 300840 |
|  | Paramount Global |  |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/30/2036 | 275597 |
| 12000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 10/15/2040 | 11055 |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 03/15/2043 | 266005 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 09/01/2043 | 82187 |
| 27000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/01/2044 | 22288 |
| 28000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 08/15/2044 | 22552 |
|  | QTS Good News Facility |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.010%, 10/09/2028 | 499918 |
| 266490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.800%, 10/09/2028 | 266490 |
|  | Rakuten Group, Inc. |  |
| 477000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 04/15/2029<sup>(d)</sup> | 536921 |
|  | Rogers Communications, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 04/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.653% | 156695 |
|  | Sunrise FinCo I BV |  |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 07/15/2031<sup>(d)</sup> | 429017 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Communications (continued)** | **Communications (continued)** | **Communications (continued)** | **Communications (continued)** |
|  | TEGNA, Inc. |  |  |
| $615000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/2028 | $| 608097 |
|  | Telefonica Emisiones SA |  |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.045%, 06/20/2036 |  | 338555 |
|  | TELUS Corp. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.769% |  | 206015 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.709% |  | 211030 |
|  | Time Warner Cable LLC |  |  |
| 20000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 05/01/2037 |  | 20792 |
|  | Uber Technologies, Inc. |  |  |
| 630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/2029<sup>(d)</sup> |  | 629577 |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 09/15/2034 |  | 30082 |
|  | VeriSign, Inc. |  |  |
| 232000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.700%, 06/15/2031 |  | 209299 |
|  | Virgin Media Finance PLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/15/2030<sup>(d)</sup> |  | 92961 |
|  | Vodafone Group PLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 06/04/2081<sup>(g)</sup> <br>5 yr. CMT + 3.073% |  | 78952 |
|  |  |  | 11754806 |
| **Consumer, Cyclical: 6.1%** | **Consumer, Cyclical: 6.1%** | **Consumer, Cyclical: 6.1%** | **Consumer, Cyclical: 6.1%** |
|  | Air Canada |  |  |
| 100,000 (CAD) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/15/2029<sup>(d)</sup> |  | 71790 |
|  | Air Canada Pass Through Trust |  |  |
| 11801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-2-A <br>5.250%, 10/01/2030<sup>(d)</sup> |  | 12084 |
|  | Allison Transmission, Inc. |  |  |
| 1024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 01/30/2031<sup>(d)</sup> |  | 948238 |
|  | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC | Allwyn Entertainment Financing U.K. PLC |
| 108,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/30/2030 |  | 133299 |
|  | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. | American Airlines, Inc./AAdvantage Loyalty IP Ltd. |
| 473750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/20/2026<sup>(d)</sup> |  | 474233 |
|  | AutoNation, Inc. |  |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.890%, 03/15/2035<sup>(m)</sup> |  | 568420 |
|  | Beach Acquisition Bidco LLC |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 07/15/2032<sup>(d)</sup> |  | 120585 |
|  | Boots Group Finco LP |  |  |
| 200,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 08/31/2032<sup>(d)</sup> |  | 241694 |
|  | Carnival Corp. |  |  |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 02/15/2033<sup>(d)</sup> |  | 133332 |
|  | Choice Hotels International, Inc. | Choice Hotels International, Inc. | Choice Hotels International, Inc. |
| 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 08/01/2034 |  | 557703 |
|  | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. | Clarios Global LP/Clarios U.S. Finance Co. |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/15/2030<sup>(d)</sup> |  | 206761 |
| 300,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 06/15/2031<sup>(d)</sup> |  | 359526 |
|  | Crocs, Inc. |  |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2031<sup>(c)(d)</sup> |  | 123872 |
|  | Essendi SA |  |  |
| 200,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 05/15/2030<sup>(d)</sup> |  | 242307 |
| 200,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 05/15/2032<sup>(d)</sup> |  | 242778 |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.786%, 05/15/2032<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.750% |  | 118724 |
|  | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. | Ferrellgas LP/Ferrellgas Finance Corp. |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/01/2026<sup>(d)</sup> |  | 138695 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | Ford Motor Credit Co. LLC |  |
| $2700000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.113%, 05/03/2029 | $2681241 |
|  | Hilton Domestic Operating Co., Inc. |  |
| 1033000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/15/2032<sup>(d)</sup> | 946482 |
|  | JB Poindexter & Co., Inc. |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.750%, 12/15/2031<sup>(d)</sup> | 31453 |
|  | JetBlue Airways Corp./JetBlue Loyalty LP |  |
| 1815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 09/20/2031<sup>(c)(d)</sup> | 1843695 |
|  | Lightning eMotors, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/01/2037 | 95763 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1-A <br>5.500%, 03/01/2037 | 189036 |
|  | M/I Homes, Inc. |  |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.950%, 02/15/2030 | 296783 |
|  | Macy's Retail Holdings LLC |  |
| 741000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/15/2030<sup>(d)</sup> | 741486 |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 08/01/2033<sup>(d)</sup> | 469759 |
|  | Magna International, Inc. |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/01/2035 | 580821 |
|  | Marriott International, Inc. |  |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/2037<sup>(m)</sup> | 184094 |
|  | Meritage Homes Corp. |  |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 03/15/2035 | 198151 |
|  | Motel One GmbH/Muenchen |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 04/02/2031<sup>(d)</sup> | 126769 |
|  | Murphy Oil USA, Inc. |  |
| 815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/2031<sup>(d)</sup> | 759259 |
|  | NCL Corp. Ltd. |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/01/2032<sup>(d)</sup> | 138879 |
|  | New Flyer Holdings, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 07/01/2030<sup>(d)</sup> | 107076 |
|  | Newell Brands, Inc. |  |
| 1505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 06/01/2028<sup>(d)</sup> | 1595363 |
|  | Nordstrom, Inc. |  |
| 2485000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/01/2030 | 2351393 |
|  | NVR, Inc. |  |
| 152000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 05/15/2030 | 143753 |
|  | Patrick Industries, Inc. |  |
| 430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/01/2029<sup>(d)</sup> | 421639 |
|  | Penn Entertainment, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 07/01/2029<sup>(c)(d)</sup> | 93806 |
|  | Phinia, Inc. |  |
| 86000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/15/2032<sup>(d)</sup> | 88703 |
|  | PulteGroup, Inc. |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 05/15/2033 | 54559 |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 02/15/2035 | 188114 |
|  | Quicktop Holdco AB |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.529%, 03/21/2030<sup>(e)</sup> <br>3 mo. EURIBOR + 4.500% | 120470 |
|  | QXO Building Products, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/30/2032<sup>(d)</sup> | 207260 |
|  | Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 03/01/2030<sup>(d)</sup> | 93010 |
|  | Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co. | Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's Wonderland Co. |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/01/2032<sup>(d)</sup> | 127435 |
|  | Somnigroup International, Inc. |  |
| 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 10/15/2031<sup>(d)</sup> | 568058 |
|  | Suburban Propane Partners LP/Suburban Energy Finance Corp. | Suburban Propane Partners LP/Suburban Energy Finance Corp. |
| 41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/2031<sup>(d)</sup> | 39034 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** | **Consumer, Cyclical (continued)** |
|  | Superior Plus LP/Superior General Partner, Inc. |  |  |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 03/15/2029<sup>(d)</sup> | $| 96555 |
|  | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. | Taylor Morrison Communities, Inc. |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 08/01/2030<sup>(d)</sup> |  | 498915 |
|  | Thunderbird 1 A Funded |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-1-A <br>5.500%, 03/01/2037 |  | 189036 |
|  | Thunderbird Entertainment Group, Inc. | Thunderbird Entertainment Group, Inc. | Thunderbird Entertainment Group, Inc. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 03/01/2037 |  | 95763 |
|  | TVL Finance PLC |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 06/30/2030<sup>(e)</sup> <br>3 mo. EURIBOR + 3.750% |  | 115707 |
|  | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust | United Airlines Pass-Through Trust |
| 136681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-2-B <br>3.500%, 11/01/2029 |  | 134033 |
|  | Velocity Vehicle Group LLC |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/01/2029<sup>(d)</sup> |  | 100534 |
|  | Versuni Group BV |  |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 06/15/2028 |  | 115131 |
|  | Wabash National Corp. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/15/2028<sup>(d)</sup> |  | 92812 |
|  | Whirlpool Corp. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/01/2046 |  | 76220 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.600%, 05/15/2050 |  | 37430 |
|  | Wyndham Hotels & Resorts, Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/15/2028<sup>(d)</sup> |  | 195387 |
|  | Yum! Brands, Inc. |  |  |
| 749000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 01/15/2030<sup>(d)</sup> |  | 745444 |
| 192000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 01/31/2032<sup>(c)</sup> |  | 186780 |
|  |  |  | 22857132 |
| **Consumer, Non-cyclical: 4.8%** | **Consumer, Non-cyclical: 4.8%** | **Consumer, Non-cyclical: 4.8%** | **Consumer, Non-cyclical: 4.8%** |
|  | Acadia Healthcare Co., Inc. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 03/15/2033<sup>(c)(d)</sup> |  | 207829 |
|  | Altria Group, Inc. |  |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.450%, 05/06/2050 |  | 8107 |
|  | Avantor Funding, Inc. |  |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 07/15/2028<sup>(d)</sup> |  | 2215259 |
|  | Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| 2145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 01/15/2030<sup>(c)(d)</sup> |  | 2226853 |
|  | Bausch Health Cos., Inc. |  |  |
| 885000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 06/01/2028<sup>(d)</sup> |  | 792849 |
|  | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC | BCP V Modular Services Finance II PLC |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/30/2028<sup>(d)</sup> |  | 112730 |
|  | Becle SAB de CV |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 10/14/2031<sup>(d)</sup> |  | 172952 |
|  | Block Financial LLC |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2030 |  | 192779 |
|  | Brink's Co. |  |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/2032<sup>(d)</sup> |  | 156137 |
|  | Carriage Services, Inc. |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 05/15/2029<sup>(d)</sup> |  | 94820 |
|  | Centene Corp. |  |  |
| 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/15/2029 |  | 184466 |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 02/15/2030 |  | 147684 |
|  | CPI CG, Inc. |  |  |
| 349000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.000%, 07/15/2029<sup>(d)</sup> |  | 366221 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | CVS Health Corp. |  |
| $50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 03/10/2055<sup>(g)</sup> <br>5 yr. CMT + 2.886% | $52599 |
|  | Darling Global Finance BV |  |
| 500,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 07/15/2032<sup>(d)</sup> | 593158 |
|  | DaVita, Inc. |  |
| 410000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 02/15/2031<sup>(d)</sup> | 375937 |
|  | Encompass Health Corp. |  |
| 340000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/2030 | 336207 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 04/01/2031 | 486830 |
|  | Endo Luxembourg Finance SARL |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 04/01/2029<sup>(d)</sup> | 0 |
|  | GXO Logistics, Inc. |  |
| 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 05/06/2034<sup>(m)</sup> | 667273 |
|  | HCA, Inc. |  |
| 295000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 04/01/2034<sup>(m)</sup> | 306731 |
|  | Herc Holdings, Inc. |  |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/15/2030<sup>(d)</sup> | 332610 |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 06/15/2033<sup>(d)</sup> | 240278 |
|  | Hertz Corp. |  |
| 18000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.625%, 07/15/2029<sup>(d)</sup> | 19100 |
|  | Hologic, Inc. |  |
| 620000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 02/15/2029<sup>(d)</sup> | 599154 |
|  | IQVIA, Inc. |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/2032<sup>(d)</sup> | 360424 |
|  | JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 02/02/2052 | 78806 |
|  | JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group |  |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 04/20/2035<sup>(d)</sup> | 68474 |
|  | Mars, Inc. |  |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 03/01/2035<sup>(d)</sup> | 66474 |
|  | Nidda Healthcare Holding GmbH |  |
| 450,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.786%, 10/23/2030<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.750% | 533185 |
|  | Pediatrix Medical Group, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2030<sup>(d)</sup> | 198862 |
|  | Perrigo Finance Unlimited Co. |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/30/2032 | 121755 |
|  | Philip Morris International, Inc. |  |
| 166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 11/01/2030 | 147104 |
|  | Pilgrim's Pride Corp. |  |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 05/15/2034 | 607927 |
|  | Post Holdings, Inc. |  |
| 957000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 09/15/2031<sup>(d)</sup> | 895067 |
|  | PRA Health Sciences, Inc. |  |
| 1510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.875%, 07/15/2026<sup>(d)</sup> | 1489684 |
|  | Primo Water Holdings, Inc./Triton Water Holdings, Inc. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 04/30/2029<sup>(d)</sup> | 194651 |
|  | RELX Capital, Inc. |  |
| 130000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 05/20/2032 | 132440 |
|  | Sammontana Italia SpA |  |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.776%, 10/15/2031<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.750% | 118005 |
|  | Service Corp. International |  |
| 834000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 05/15/2031 | 786985 |
| 157000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 10/15/2032 | 159251 |
|  | Smithfield Foods, Inc. |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 09/13/2031<sup>(d)</sup> | 131488 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | Sotheby's/Bidfair Holdings, Inc. | Sotheby's/Bidfair Holdings, Inc. |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/01/2029<sup>(d)</sup> | 183238 |
|  | TriNet Group, Inc. | TriNet Group, Inc. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 08/15/2031<sup>(d)</sup> | 103381 |
|  | United Rentals North America, Inc. | United Rentals North America, Inc. |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/2034<sup>(d)</sup> | 166568 |
|  | Valvoline, Inc. | Valvoline, Inc. |
| 556000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 06/15/2031<sup>(d)</sup> | 509363 |
|  | Verisk Analytics, Inc. | Verisk Analytics, Inc. |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/05/2034<sup>(m)</sup> | 278521 |
|  |  | 18220216 |
| **Energy: 3.5%** | **Energy: 3.5%** | **Energy: 3.5%** |
|  | BP Capital Markets PLC | BP Capital Markets PLC |
| 210000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 03/22/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 4.398% | 208835 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/18/2035<sup>(b)(g)</sup> <br>5 yr. CMT + 1.924% | 51843 |
|  | Cheniere Energy Partners LP | Cheniere Energy Partners LP |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 08/15/2034 | 104013 |
|  | Crescent Energy Finance LLC | Crescent Energy Finance LLC |
| 2270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 04/01/2032<sup>(d)</sup> | 2256072 |
|  | CTL AZ Battery Property | CTL AZ Battery Property |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.730%, 02/20/2046 | 97632 |
|  | CVR Energy, Inc. | CVR Energy, Inc. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 01/15/2029<sup>(d)</sup> | 102289 |
|  | DT Midstream, Inc. | DT Midstream, Inc. |
| 568000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/2029<sup>(d)(m)</sup> | 554220 |
|  | Global Partners LP/GLP Finance Corp. |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 01/15/2029 | 25237 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 07/01/2033<sup>(d)</sup> | 564167 |
|  | Helmerich & Payne, Inc. | Helmerich & Payne, Inc. |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 12/01/2034<sup>(c)</sup> | 269725 |
|  | Hess Midstream Operations LP | Hess Midstream Operations LP |
| 2825000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 03/01/2028<sup>(d)</sup> | 2879291 |
| 880000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 02/15/2030<sup>(d)</sup> | 853661 |
|  | HF Sinclair Corp. | HF Sinclair Corp. |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/2035 | 62753 |
|  | ITT Holdings LLC | ITT Holdings LLC |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/01/2029<sup>(d)</sup> | 122981 |
|  | Kinetik Holdings LP | Kinetik Holdings LP |
| 97000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 12/15/2028<sup>(d)</sup> | 99640 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/15/2030<sup>(d)</sup> | 100669 |
|  | MPLX LP | MPLX LP |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/2033<sup>(m)</sup> | 550450 |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/01/2034<sup>(m)</sup> | 305908 |
|  | NuStar Logistics LP | NuStar Logistics LP |
| 32000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 10/01/2030 | 33163 |
|  | Occidental Petroleum Corp. | Occidental Petroleum Corp. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 09/15/2031 | 113783 |
|  | ONEOK, Inc. | ONEOK, Inc. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.150%, 01/15/2051<sup>(m)</sup> | 112315 |
|  | Parkland Corp. | Parkland Corp. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 05/01/2030<sup>(d)</sup> | 97283 |
|  | Phillips 66 Co. | Phillips 66 Co. |
| 37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 03/15/2056<sup>(g)</sup> <br>5 yr. CMT + 2.166% | 37140 |
| 37000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.875%, 03/15/2056<sup>(g)</sup> <br>5 yr. CMT + 2.283% | 36785 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Energy (continued)** | **Energy (continued)** | **Energy (continued)** |
|  | Plains All American Pipeline LP/PAA Finance Corp. | Plains All American Pipeline LP/PAA Finance Corp. |
| $50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 06/15/2044 | 42567 |
|  | Rockies Express Pipeline LLC | Rockies Express Pipeline LLC |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 04/15/2040<sup>(d)</sup> | 51485 |
|  | Sunoco LP | Sunoco LP |
| 2070000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 05/01/2029<sup>(d)</sup> | 2144804 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 05/01/2032<sup>(d)</sup> | 52517 |
|  | Targa Resources Corp. | Targa Resources Corp. |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/30/2034 | 337983 |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 02/15/2035 | 5094 |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.550%, 08/15/2035 | 107073 |
|  | TransMontaigne Partners LLC | TransMontaigne Partners LLC |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 06/15/2030<sup>(d)</sup> | 26062 |
|  | Venture Global Calcasieu Pass LLC | Venture Global Calcasieu Pass LLC |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2029<sup>(d)</sup> | 95964 |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 08/15/2031<sup>(d)</sup> | 70843 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 11/01/2033<sup>(d)</sup> | 108136 |
|  | Venture Global LNG, Inc. | Venture Global LNG, Inc. |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.500%, 02/01/2029<sup>(d)</sup> | 55116 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 09/30/2029<sup>(b)(d)(g)</sup> <br>5 yr. CMT + 5.440% | 49586 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 02/01/2032<sup>(c)(d)</sup> | 54469 |
|  | Venture Global Plaquemines LNG LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 05/01/2033<sup>(d)</sup> | 552808 |
|  |  | 13394362 |
| **Financial: 20.5%** | **Financial: 20.5%** | **Financial: 20.5%** |
|  | Acadian Asset Management, Inc. | Acadian Asset Management, Inc. |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 07/27/2026 | 234384 |
|  | Aegon Ltd. | Aegon Ltd. |
| 1625000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/11/2048<sup>(g)</sup> <br>6 mo. USD LIBOR + 3.540% | 1640748 |
|  | AerCap Ireland Capital DAC/AerCap Global Aviation Trust |  |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 12/15/2031 | 155251 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.400%, 10/29/2033 | 134875 |
|  | Aircastle Ltd. | Aircastle Ltd. |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/18/2028<sup>(d)</sup> | 126190 |
| 65000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 02/15/2029<sup>(d)</sup> | 67863 |
|  | Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 01/15/2031<sup>(d)</sup> | 103393 |
|  | Allianz SE | Allianz SE |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 10/30/2033<sup>(b)(d)(g)</sup> <br>5 yr. CMT + 2.317% | 206662 |
|  | Alpha Holding SA de CV | Alpha Holding SA de CV |
| 565639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 02/10/2025<sup>(d)(j)</sup> | 4242 |
|  | American Coastal Insurance Corp. | American Coastal Insurance Corp. |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 12/15/2027 | 257550 |
|  | American National Group, Inc. | American National Group, Inc. |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/01/2055<sup>(g)</sup> <br>5 yr. CMT + 3.183% | 257902 |
|  | Americo Life, Inc. | Americo Life, Inc. |
| 1300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 04/15/2031<sup>(d)(m)</sup> | 1173708 |
|  | AmFam Holdings, Inc. | AmFam Holdings, Inc. |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.805%, 03/11/2031<sup>(d)(m)</sup> | 139121 |
|  | AP Grange Holdings | AP Grange Holdings |
| 396868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/20/2045 | 418696 |
|  | Arbor Realty SR, Inc. | Arbor Realty SR, Inc. |
| 835000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 07/15/2030<sup>(d)</sup> | 878301 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| $685000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series QIB <br>8.500%, 10/15/2027<sup>(d)</sup> | $689398 |
|  | Ardonagh Finco Ltd. | Ardonagh Finco Ltd. |
| 350,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 02/15/2031<sup>(d)</sup> | 426252 |
|  | Ascot Group Ltd. | Ascot Group Ltd. |
| 1465000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.349%, 06/15/2035<sup>(d)(g)</sup> <br>5 yr. CMT + 2.375% | 1527055 |
|  | Aspen Insurance Holdings Ltd. | Aspen Insurance Holdings Ltd. |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/01/2030 | 78598 |
|  | AXIS Specialty Finance LLC | AXIS Specialty Finance LLC |
| 2865000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.900%, 01/15/2040<sup>(g)</sup> <br>5 yr. CMT + 3.186% | 2784162 |
|  | Bank of America Corp. | Bank of America Corp. |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.846%, 03/08/2037<sup>(g)</sup> <br>5 yr. CMT + 2.000% | 9345 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series OO <br>6.625%, 05/01/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.684% | 416736 |
| 2400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series RR <br>4.375%, 01/27/2027<sup>(b)(g)</sup> <br>5 yr. CMT + 2.760% | 2362346 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TT <br>6.125%, 04/27/2027<sup>(b)(g)</sup> <br>5 yr. CMT + 3.231% | 253079 |
|  | Barings BDC, Inc. | Barings BDC, Inc. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/15/2029 | 104086 |
|  | Belrose Funding Trust II | Belrose Funding Trust II |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.792%, 05/15/2055<sup>(d)(m)</sup> | 596056 |
|  | Blue Owl Finance LLC | Blue Owl Finance LLC |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/18/2034<sup>(m)</sup> | 577144 |
|  | Blue Owl Technology Finance Corp. | Blue Owl Technology Finance Corp. |
| 2140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/04/2029 | 2209004 |
|  | Brazilian Merchant Voucher Receivables Ltd. |  |
| 91248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.180%, 04/07/2028<sup>(a)(g)</sup> | 91210 |
|  | Bread Financial Holdings, Inc. | Bread Financial Holdings, Inc. |
| 1100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.750%, 03/15/2029<sup>(d)</sup> | 1174991 |
|  | Ceamer Finance II LLC | Ceamer Finance II LLC |
| 198841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.920%, 11/15/2037 | 206089 |
|  | Ceamer Finance III LLC | Ceamer Finance III LLC |
| 96522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.790%, 11/15/2039 | 99188 |
|  | Charles Schwab Corp. | Charles Schwab Corp. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series H <br>4.000%, 12/01/2030<sup>(b)(g)</sup> <br>10 yr. CMT + 3.079% | 93991 |
|  | CION Investment Corp. | CION Investment Corp. |
| 230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/11/2026 | 228400 |
|  | Citadel LP | Citadel LP |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 01/23/2030<sup>(d)</sup> | 31199 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 01/23/2032<sup>(d)</sup> | 26531 |
|  | Citadel Securities Global Holdings LLC | Citadel Securities Global Holdings LLC |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 06/18/2035<sup>(d)</sup> | 262861 |
|  | Citigroup, Inc. | Citigroup, Inc. |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series EE <br>6.750%, 02/15/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.572% | 509214 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series FF <br>6.950%, 02/15/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.726% | 102826 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series W <br>4.000%, 12/10/2025<sup>(b)(g)</sup> <br>5 yr. CMT + 3.597% | $99739 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X <br>3.875%, 02/18/2026<sup>(b)(g)</sup> <br>5 yr. CMT + 3.417% | 148774 |
|  | CNO Financial Group, Inc. | CNO Financial Group, Inc. |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 06/15/2034 | 53099 |
|  | Comerica Bank | Comerica Bank |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.332%, 08/25/2033<sup>(g)</sup> <br>1 day USD SOFR + 2.610% | 2250071 |
|  | Corebridge Financial, Inc. | Corebridge Financial, Inc. |
| 3185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2052<sup>(g)</sup> <br>5 yr. CMT + 3.846% | 3267640 |
|  | Credit Agricole SA | Credit Agricole SA |
| 255000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.251%, 01/10/2035<sup>(d)(g)</sup> <br>1 day USD SOFR + 2.670% | 269177 |
|  | Cushman & Wakefield U.S. Borrower LLC |  |
| 71000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/15/2028<sup>(d)</sup> | 71713 |
|  | Dai-ichi Life Insurance Co. Ltd. | Dai-ichi Life Insurance Co. Ltd. |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 01/16/2035<sup>(b)(d)(g)</sup> <br>5 yr. CMT + 2.515% | 208026 |
|  | DaVinciRe Holdings Ltd. | DaVinciRe Holdings Ltd. |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 04/15/2035<sup>(d)</sup> | 827004 |
|  | Doctors Co. An Interinsurance Exchange | Doctors Co. An Interinsurance Exchange |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 01/18/2032<sup>(d)</sup> | 311993 |
|  | Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance |  |
| 1125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 09/17/2030<sup>(d)</sup> | 1099154 |
|  | Dyal Capital Partners III | Dyal Capital Partners III |
| 132000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>6.550%, 06/15/2044 | 133134 |
|  | Dyal Capital Partners LP | Dyal Capital Partners LP |
| 168000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.550%, 06/15/2044 | 169454 |
|  | Encore Capital Group, Inc. | Encore Capital Group, Inc. |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.500%, 05/15/2030<sup>(c)(d)</sup> | 212555 |
|  | Enstar Finance LLC | Enstar Finance LLC |
| 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/2042<sup>(g)</sup> <br>5 yr. CMT + 4.006% | 944291 |
|  | Enstar Group Ltd. | Enstar Group Ltd. |
| 214000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.100%, 09/01/2031 | 191423 |
| 540000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 04/01/2045<sup>(d)(g)</sup> <br>5 yr. CMT + 3.186% | 565574 |
|  | EQT AB | EQT AB |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.850%, 05/08/2035<sup>(d)(m)</sup> | 568551 |
|  | Equitable Holdings, Inc. | Equitable Holdings, Inc. |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.700%, 03/28/2055<sup>(g)</sup> <br>5 yr. CMT + 2.390% | 521820 |
|  | F&G Annuities & Life, Inc. | F&G Annuities & Life, Inc. |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.400%, 01/13/2028 | 945273 |
|  | Fairfax India Holdings Corp. | Fairfax India Holdings Corp. |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/26/2028<sup>(d)</sup> | 302240 |
|  | Farmers Insurance Exchange | Farmers Insurance Exchange |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 10/15/2064<sup>(d)(g)</sup> <br>10 yr. CMT + 3.864% | 62561 |
|  | Fidelis Insurance Holdings Ltd. | Fidelis Insurance Holdings Ltd. |
| 1155000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2041<sup>(d)(g)</sup> <br>5 yr. CMT + 6.323% | 1153925 |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 06/15/2055<sup>(c)(g)</sup> <br>5 yr. CMT + 4.280% | 589931 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Focus Financial Partners LLC | Focus Financial Partners LLC |
| $500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 09/15/2031<sup>(d)</sup> | $512398 |
|  | Fortitude Group Holdings LLC | Fortitude Group Holdings LLC |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 04/01/2030<sup>(d)</sup> | 51945 |
|  | FS KKR Capital Corp. | FS KKR Capital Corp. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 07/15/2027 | 96683 |
| 510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 10/12/2028 | 472956 |
| 120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 01/15/2029 | 126142 |
|  | Galaxy Bidco Ltd. | Galaxy Bidco Ltd. |
| 150,000 (GBP) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 12/19/2029<sup>(d)</sup> | 209471 |
|  | Global Atlantic Fin Co. | Global Atlantic Fin Co. |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.125%, 06/15/2031<sup>(d)</sup> | 122025 |
| 46000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 06/15/2033<sup>(d)</sup> | 53345 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 10/15/2051<sup>(d)(g)</sup> <br>5 yr. CMT + 3.796% | 49266 |
| 1460000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.950%, 10/15/2054<sup>(d)(g)</sup> <br>5 yr. CMT + 3.608% | 1547234 |
|  | GLP Capital LP/GLP Financing II, Inc. | GLP Capital LP/GLP Financing II, Inc. |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 01/15/2031 | 134125 |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 01/15/2032 | 175614 |
|  | Goldman Sachs Group, Inc. | Goldman Sachs Group, Inc. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 02/10/2030<sup>(b)(c)(g)</sup> <br>5 yr. CMT + 2.461% | 103998 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series U <br>3.650%, 08/10/2026<sup>(b)(g)</sup> <br>5 yr. CMT + 2.915% | 98080 |
| 900000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series X <br>7.500%, 05/10/2029<sup>(b)(g)</sup> <br>5 yr. CMT + 2.809% | 951196 |
|  | Golub Capital BDC, Inc. | Golub Capital BDC, Inc. |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.050%, 12/05/2028 | 148074 |
| 160000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 07/15/2029<sup>(m)</sup> | 163580 |
|  | Golub Capital Private Credit Fund | Golub Capital Private Credit Fund |
| 2200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 09/12/2029 | 2230873 |
|  | HA Sustainable Infrastructure Capital, Inc. | HA Sustainable Infrastructure Capital, Inc. |
| 2285000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/01/2034<sup>(c)</sup> | 2326598 |
| 935000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 07/15/2035 | 964626 |
|  | HAT Holdings I LLC/HAT Holdings II LLC | HAT Holdings I LLC/HAT Holdings II LLC |
| 1330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 06/15/2026<sup>(d)</sup> | 1316611 |
|  | Host Hotels & Resorts LP | Host Hotels & Resorts LP |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series I <br>3.500%, 09/15/2030 | 140933 |
|  | Hunt Cos., Inc. | Hunt Cos., Inc. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 04/15/2029<sup>(d)</sup> | 97633 |
|  | Iron Mountain, Inc. | Iron Mountain, Inc. |
| 378000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 02/15/2031<sup>(d)</sup> | 361176 |
|  | Jane Street Group/JSG Finance, Inc. | Jane Street Group/JSG Finance, Inc. |
| 270000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 04/30/2031<sup>(d)</sup> | 283542 |
| 575000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/01/2033<sup>(d)</sup> | 596801 |
|  | Jefferies Finance LLC/JFIN Co-Issuer Corp. | Jefferies Finance LLC/JFIN Co-Issuer Corp. |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/15/2028<sup>(d)</sup> | 580308 |
|  | Jefferies Financial Group, Inc. | Jefferies Financial Group, Inc. |
| 265000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.200%, 04/14/2034<sup>(m)</sup> | 281582 |
| 280000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 01/15/2036<sup>(m)</sup> | 298777 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | JPMorgan Chase & Co. | JPMorgan Chase & Co. |
| $385000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series OO <br>6.500%, 04/01/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.152% | $398946 |
|  | Kaisa Group Holdings Ltd. | Kaisa Group Holdings Ltd. |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.250%, 04/16/2025<sup>(j)</sup> | 45000 |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11.700%, 11/11/2025<sup>(j)</sup> | 27000 |
| 91216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 12/28/2028<sup>(d)(k)</sup> <br>Cash 5.250% + PIK Rate 6.250% | 2075 |
| 60809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.721%, 12/28/2028<sup>(d)(k)</sup> <br>Cash 6.721% + PIK Rate 7.721% | 1672 |
| 152026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 12/28/2029<sup>(d)(k)</sup> <br>Cash 5.500% + PIK Rate 6.500% | 3231 |
| 182430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 12/28/2030<sup>(d)(k)</sup> <br>Cash 5.750% + PIK Rate 6.750% | 2964 |
| 273646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 12/28/2031<sup>(d)(k)</sup> <br>Cash 6.000% + PIK Rate 7.000% | 3763 |
| 256400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 12/28/2032<sup>(d)(k)</sup> <br>Cash 6.250% + PIK Rate 7.250% | 3910 |
|  | Kane Bidco Ltd. | Kane Bidco Ltd. |
| 250,000 (GBP) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.750%, 07/15/2031<sup>(d)</sup> | 342082 |
|  | Kennedy-Wilson, Inc. | Kennedy-Wilson, Inc. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/01/2030 | 93463 |
| 56000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/2031<sup>(c)</sup> | 52127 |
|  | KKR Core Holdings Co. LLC | KKR Core Holdings Co. LLC |
| 87319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 08/12/2031 | 79962 |
|  | Kuvare U.S. Holdings, Inc. | Kuvare U.S. Holdings, Inc. |
| 41000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>7.000%, 02/17/2051<sup>(d)(g)</sup> <br>5 yr. CMT + 6.541% | 40909 |
|  | Liberty Mutual Group, Inc. | Liberty Mutual Group, Inc. |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 02/01/2061<sup>(d)</sup> | 138576 |
|  | Lvnv Funding LLC | Lvnv Funding LLC |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.800%, 11/05/2028 | 104976 |
|  | Macquarie Airfinance Holdings Ltd. | Macquarie Airfinance Holdings Ltd. |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 03/17/2030<sup>(d)</sup> | 30440 |
|  | Main Street Capital Corp. | Main Street Capital Corp. |
| 2275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.950%, 03/01/2029 | 2388320 |
|  | Meiji Yasuda Life Insurance Co. | Meiji Yasuda Life Insurance Co. |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 06/11/2055<sup>(d)(g)</sup> <br>5 yr. CMT + 2.911% | 208488 |
|  | MG Azalea LP | MG Azalea LP |
| 1150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.450%, 06/24/2032 | 1156590 |
|  | MidCap Funding XLVI Trust | MidCap Funding XLVI Trust |
| 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.849%, 04/15/2028 | 450000 |
|  | Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen |  |
| 1000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 05/23/2042<sup>(d)(g)</sup> <br>5 yr. CMT + 3.982% | 1044286 |
|  | Nassau Cos., of New York | Nassau Cos., of New York |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 07/15/2030<sup>(d)</sup> | 204426 |
|  | National Health Investors, Inc. | National Health Investors, Inc. |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 02/01/2031 | 63403 |
|  | Nationstar Mortgage Holdings, Inc. | Nationstar Mortgage Holdings, Inc. |
| 446000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 11/15/2031<sup>(d)</sup> | 452145 |
|  | Nippon Life Insurance Co. | Nippon Life Insurance Co. |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 04/30/2055<sup>(d)(g)</sup> <br>5 yr. CMT + 3.189% | 862530 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Oaktree Specialty Lending Corp. | Oaktree Specialty Lending Corp. |
| $90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.100%, 02/15/2029<sup>(c)</sup> | $93178 |
|  | Oaktree Strategic Credit Fund | Oaktree Strategic Credit Fund |
| 2120000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/23/2029 | 2198759 |
|  | Obra Longevity Fund LP | Obra Longevity Fund LP |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Class A <br>8.478%, 06/30/2039 | 262948 |
|  | OFS Capital Corp. | OFS Capital Corp. |
| 154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 02/10/2026 | 152760 |
|  | Omnis Funding Trust | Omnis Funding Trust |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.722%, 05/15/2055<sup>(d)(m)</sup> | 269889 |
|  | OneAmerica Financial Partners, Inc. | OneAmerica Financial Partners, Inc. |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 10/15/2050<sup>(d)</sup> | 23566 |
|  | OneMain Finance Corp. | OneMain Finance Corp. |
| 48000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 05/15/2029 | 49401 |
|  | Operadora de Servicios Mega SA de CV Sofom ER |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.250%, 02/11/2025<sup>(d)(j)</sup> | 110000 |
|  | Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. |  |
| 1060000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 02/01/2027<sup>(d)</sup> | 1060880 |
|  | PartnerRe Finance B LLC | PartnerRe Finance B LLC |
| 290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/01/2050<sup>(g)</sup> <br>5 yr. CMT + 3.815% | 275710 |
|  | PennyMac Financial Services, Inc. | PennyMac Financial Services, Inc. |
| 69000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 12/15/2029<sup>(d)</sup> | 73277 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.125%, 11/15/2030<sup>(d)</sup> | 104215 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 02/15/2034<sup>(d)</sup> | 153160 |
|  | PNC Financial Services Group, Inc. | PNC Financial Services Group, Inc. |
| 2455000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series T <br>3.400%, 09/15/2026<sup>(b)(g)</sup> <br>5 yr. CMT + 2.595% | 2386433 |
|  | Prospect Capital Corp. | Prospect Capital Corp. |
| 154000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.437%, 10/15/2028 | 138426 |
|  | Reinsurance Group of America, Inc. | Reinsurance Group of America, Inc. |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.650%, 09/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.392% | 236374 |
|  | Rocket Cos., Inc. | Rocket Cos., Inc. |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/01/2033<sup>(d)</sup> | 206845 |
|  | Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc. |  |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/01/2031<sup>(d)</sup> | 23363 |
| 545000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 10/15/2033<sup>(d)</sup> | 498253 |
|  | Ryan Specialty LLC | Ryan Specialty LLC |
| 33000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 08/01/2032<sup>(d)</sup> | 33407 |
|  | Safehold GL Holdings LLC | Safehold GL Holdings LLC |
| 87000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 04/01/2034 | 91726 |
| 13000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 01/15/2035 | 13317 |
|  | Scentre Group Trust 2 | Scentre Group Trust 2 |
| 910000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 09/24/2080<sup>(d)(g)</sup> <br>5 yr. CMT + 4.685% | 915652 |
|  | Sculptor Alternative Solutions LLC | Sculptor Alternative Solutions LLC |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 05/15/2037<sup>(d)</sup> | 424687 |
|  | Sherwood Financing PLC | Sherwood Financing PLC |
| 130,000<br>(EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.514%, 12/15/2029<sup>(e)</sup> <br>3 mo. EURIBOR + 5.500% | 147232 |
|  | Shimao Group | Shimao Group |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 05/13/2027 | 10264 |
|  | Shimao Group Holdings Ltd. | Shimao Group Holdings Ltd. |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 02/11/2031 | 20000 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
| $3400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/21/2031<sup>(d)(k)</sup> <br>Cash 5.000% + PIK Rate 6.000% | $155 |
|  | SiriusPoint Ltd. | SiriusPoint Ltd. |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 04/05/2029 | 74049 |
|  | Standard Chartered PLC | Standard Chartered PLC |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.265%, 02/18/2036<sup>(d)(g)</sup> <br>5 yr. CMT + 2.300% | 238826 |
|  | Starwood Property Trust, Inc. | Starwood Property Trust, Inc. |
| 209000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 07/15/2026<sup>(d)</sup> | 206782 |
| 2740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 01/15/2027<sup>(d)</sup> | 2718910 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.250%, 04/01/2029<sup>(d)</sup> | 105223 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/01/2030<sup>(d)</sup> | 51760 |
|  | State Street Corp. | State Street Corp. |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K <br>6.450%, 09/15/2030<sup>(b)(g)</sup> <br>5 yr. CMT + 2.135% | 51647 |
|  | Stewart Information Services Corp. | Stewart Information Services Corp. |
| 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 11/15/2031 | 377294 |
|  | Strategic Credit Opportunities | Strategic Credit Opportunities |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>4.250%, 04/01/2026 | 342714 |
|  | Synchrony Financial | Synchrony Financial |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.935%, 08/02/2030<sup>(g)</sup> <br>1 day USD SOFR Index + 2.130% | 108910 |
| 35000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.450%, 03/06/2031<sup>(g)</sup> <br>1 day USD SOFR + 1.680% | 35687 |
|  | Terminal Investment Ltd. Holding SA | Terminal Investment Ltd. Holding SA |
| 800000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.630%, 07/09/2032 | 805468 |
|  | Toronto-Dominion Bank | Toronto-Dominion Bank |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.125%, 10/31/2082<sup>(g)</sup> <br>5 yr. CMT + 4.075% | 52925 |
|  | Trinity Capital, Inc. | Trinity Capital, Inc. |
| 320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 08/24/2026 | 315662 |
|  | U.S. Bancorp | U.S. Bancorp |
| 925000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series N <br>3.700%, 01/15/2027<sup>(b)(g)</sup> <br>5 yr. CMT + 2.541% | 895707 |
|  | UBS Group AG | UBS Group AG |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.016%, 11/15/2033<sup>(d)(g)</sup> <br>1 day USD SOFR + 5.020% | 313327 |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.699%, 02/08/2035<sup>(d)(g)</sup> <br>1 yr. CMT + 1.770% | 237060 |
|  | Unigel Netherlands Holding Corp. BV | Unigel Netherlands Holding Corp. BV |
| 295656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15.000%, 12/31/2044<sup>(k)</sup> <br>Cash 15.000% + PIK Rate 15.000% | 8870 |
|  | United Wholesale Mortgage LLC | United Wholesale Mortgage LLC |
| 600000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 04/15/2029<sup>(d)</sup> | 592366 |
|  | Universal Insurance Holdings, Inc. | Universal Insurance Holdings, Inc. |
| 345000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/30/2026 | 340994 |
|  | VFH Parent LLC/Valor Co-Issuer, Inc. | VFH Parent LLC/Valor Co-Issuer, Inc. |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.500%, 06/15/2031<sup>(d)</sup> | 569138 |
|  | Walker & Dunlop, Inc. | Walker & Dunlop, Inc. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 04/01/2033<sup>(d)</sup> | 102543 |
|  | Wells Fargo & Co. | Wells Fargo & Co. |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.625%, 09/15/2028<sup>(b)(g)</sup> <br>5 yr. CMT + 3.606% | 107171 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.850%, 09/15/2029<sup>(b)(g)</sup> <br>5 yr. CMT + 2.767% | 105280 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Financial (continued)** | **Financial (continued)** | **Financial (continued)** |
|  | Wilton RE Ltd. | Wilton RE Ltd. |
| $166000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%, 10/22/2030<sup>(b)(d)(g)</sup> <br>5 yr. CMT + 5.266% | 165761 |
|  | Yuzhou Group Holdings Co. Ltd. | Yuzhou Group Holdings Co. Ltd. |
| 710000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.850%, 08/12/2026<sup>(j)</sup> | 53193 |
| 211293 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 06/30/2027<sup>(k)</sup> <br>Cash 6.000% + PIK Rate 7.000% | 27372 |
| 179144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/30/2028<sup>(k)</sup> <br>PIK Rate 4.000% | 6270 |
| 311945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 06/30/2029<sup>(k)</sup> <br>Cash 4.500% + PIK Rate 4.500% | 10057 |
| 416369 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/30/2030<sup>(k)</sup> <br>Cash 5.000% + PIK Rate 5.000% | 10066 |
| 584070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 06/30/2031<sup>(k)</sup> <br>Cash 5.500% + PIK Rate 5.500% | 12253 |
| 173011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 06/30/2034<sup>(k)</sup> <br>PIK rate | 1038 |
|  |  | 77340845 |
| **Industrial: 3.2%** | **Industrial: 3.2%** | **Industrial: 3.2%** |
|  | Amsted Industries, Inc. | Amsted Industries, Inc. |
| 59000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/15/2033<sup>(d)</sup> | 60607 |
|  | AptarGroup, Inc. | AptarGroup, Inc. |
| 70000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.600%, 03/15/2032 | 65103 |
|  | Axon Enterprise, Inc. | Axon Enterprise, Inc. |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/15/2030<sup>(d)</sup> | 51497 |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 03/15/2033<sup>(d)</sup> | 25792 |
|  | Boeing Co. | Boeing Co. |
| 262000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.625%, 02/01/2031 | 251125 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.388%, 05/01/2031 | 54502 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.528%, 05/01/2034 | 55383 |
| 183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.705%, 05/01/2040 | 186876 |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.805%, 05/01/2050<sup>(m)</sup> | 304838 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.858%, 05/01/2054 | 153846 |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.930%, 05/01/2060 | 10002 |
| 80000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.008%, 05/01/2064 | 92587 |
|  | Builders FirstSource, Inc. | Builders FirstSource, Inc. |
| 550000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 05/15/2035<sup>(d)</sup> | 574960 |
|  | BWX Technologies, Inc. | BWX Technologies, Inc. |
| 361000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 04/15/2029<sup>(d)</sup> | 349858 |
|  | Cemex SAB de CV | Cemex SAB de CV |
| 310000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 07/11/2031<sup>(d)</sup> | 294318 |
|  | CML Fontainebleau Vegas | CML Fontainebleau Vegas |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 01/31/2026<sup>(i)</sup> | 250000 |
|  | EnerSys | EnerSys |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 01/15/2032<sup>(d)</sup> | 103053 |
|  | Enviri Corp. | Enviri Corp. |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.750%, 07/31/2027<sup>(d)</sup> | 173730 |
|  | FedEx Corp. | FedEx Corp. |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 11/15/2045 | 43259 |
|  | GrafTech Finance, Inc. | GrafTech Finance, Inc. |
| 105000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 12/23/2029<sup>(d)</sup> | 74058 |
|  | GrafTech Global Enterprises, Inc. | GrafTech Global Enterprises, Inc. |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.875%, 12/23/2029<sup>(d)</sup> | 25725 |
|  | Graphic Packaging International LLC | Graphic Packaging International LLC |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 07/15/2032<sup>(d)</sup> | 101669 |
|  | Great Lakes Dredge & Dock Corp. | Great Lakes Dredge & Dock Corp. |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/2029<sup>(c)(d)</sup> | 194023 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Industrial (continued)** | **Industrial (continued)** | **Industrial (continued)** |
|  | Hillenbrand, Inc. | Hillenbrand, Inc. |
| $2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 02/15/2029 | 2309625 |
|  | IDEX Corp. | IDEX Corp. |
| 72000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.625%, 06/15/2031 | 65247 |
|  | Masterbrand, Inc. | Masterbrand, Inc. |
| 2510000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 07/15/2032<sup>(d)</sup> | 2597458 |
|  | Mauser Packaging Solutions Holding Co. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 04/15/2027<sup>(d)</sup> | 101109 |
|  | Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 04/01/2032<sup>(d)</sup> | 102770 |
|  | Mueller Water Products, Inc. | Mueller Water Products, Inc. |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/2029<sup>(d)</sup> | 240847 |
|  | nVent Finance SARL | nVent Finance SARL |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.650%, 05/15/2033<sup>(m)</sup> | 313381 |
|  | Pentair Finance SARL | Pentair Finance SARL |
| 260000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.900%, 07/15/2032 | 276390 |
|  | Quikrete Holdings, Inc. | Quikrete Holdings, Inc. |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 03/01/2032<sup>(d)</sup> | 316202 |
| 90000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/01/2033<sup>(d)</sup> | 93594 |
|  | Standard Building Solutions, Inc. | Standard Building Solutions, Inc. |
| 121000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 08/15/2032<sup>(d)</sup> | 124297 |
|  | TD SYNNEX Corp. | TD SYNNEX Corp. |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 04/12/2034 | 207403 |
|  | Teledyne Technologies, Inc. | Teledyne Technologies, Inc. |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/01/2031 | 367710 |
|  | Textron Financial Corp. | Textron Financial Corp. |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.208%, 02/15/2067<sup>(d)(g)</sup> <br>3 mo. USD Term SOFR + 1.997% | 167675 |
|  | TransDigm, Inc. | TransDigm, Inc. |
| 196000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/01/2029 | 193273 |
|  | Waste Connections, Inc. | Waste Connections, Inc. |
| 725000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.200%, 01/15/2032<sup>(m)</sup> | 637732 |
|  | Waste Pro USA, Inc. | Waste Pro USA, Inc. |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.000%, 02/01/2033<sup>(d)</sup> | 155727 |
|  | Westinghouse Air Brake Technologies Corp. |  |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.611%, 03/11/2034<sup>(m)</sup> | 420764 |
|  | XPO, Inc. | XPO, Inc. |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/2028<sup>(d)</sup> | 86773 |
|  |  | 12274788 |
| **Technology: 2.3%** | **Technology: 2.3%** | **Technology: 2.3%** |
|  | Accenture Capital, Inc. | Accenture Capital, Inc. |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 10/04/2034<sup>(m)</sup> | 296097 |
|  | Amdocs Ltd. | Amdocs Ltd. |
| 104000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.538%, 06/15/2030 | 95364 |
|  | ams-OSRAM AG | ams-OSRAM AG |
| 770000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12.250%, 03/30/2029<sup>(d)</sup> | 829353 |
|  | Booz Allen Hamilton, Inc. | Booz Allen Hamilton, Inc. |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 08/04/2033<sup>(c)</sup> | 115578 |
|  | Broadcom, Inc. | Broadcom, Inc. |
| 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.469%, 04/15/2034<sup>(d)</sup> | 173394 |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.137%, 11/15/2035<sup>(d)(m)</sup> | 302964 |
|  | Broadridge Financial Solutions, Inc. | Broadridge Financial Solutions, Inc. |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.600%, 05/01/2031<sup>(m)</sup> | 316631 |
|  | Capstone Borrower, Inc. | Capstone Borrower, Inc. |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.000%, 06/15/2030<sup>(d)</sup> | 157061 |
|  | CGI, Inc. | CGI, Inc. |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.300%, 09/14/2031 | 158401 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
|  | Cloud Software Group, Inc. | Cloud Software Group, Inc. |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 03/31/2029<sup>(d)</sup> | 100983 |
|  | CoreWeave, Inc. | CoreWeave, Inc. |
| 1380000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.250%, 06/01/2030<sup>(d)</sup> | 1427113 |
| 1010000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9.000%, 02/01/2031<sup>(d)</sup> | 1035732 |
|  | Dye & Durham Ltd. | Dye & Durham Ltd. |
| 40000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.625%, 04/15/2029<sup>(d)</sup> | 39589 |
|  | Fair Isaac Corp. | Fair Isaac Corp. |
| 974000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 06/15/2028<sup>(d)</sup> | 948562 |
|  | Foundry JV Holdco LLC | Foundry JV Holdco LLC |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 01/25/2034<sup>(d)(m)</sup> | 208647 |
|  | KBR, Inc. | KBR, Inc. |
| 225000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.750%, 09/30/2028<sup>(d)</sup> | 222720 |
|  | Micron Technology, Inc. | Micron Technology, Inc. |
| 220000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/15/2033<sup>(m)</sup> | 234010 |
|  | NetApp, Inc. | NetApp, Inc. |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 03/17/2032 | 62481 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 03/17/2035<sup>(c)</sup> | 52313 |
|  | Oracle Corp. | Oracle Corp. |
| 25000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.800%, 09/26/2032 | 25029 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/26/2035 | 150842 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 09/26/2045 | 50145 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.950%, 09/26/2055 | 49788 |
|  | Playtika Holding Corp. | Playtika Holding Corp. |
| 38000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/15/2029<sup>(d)</sup> | 34902 |
|  | PTC, Inc. | PTC, Inc. |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 02/15/2028<sup>(d)</sup> | 245036 |
|  | Synopsys, Inc. | Synopsys, Inc. |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.150%, 04/01/2035<sup>(c)</sup> | 76322 |
| 85000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 04/01/2055 | 85827 |
|  | TeamSystem SpA | TeamSystem SpA |
| 100,000<br>(EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.526%, 07/31/2031<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.500% | 117975 |
| 400,000<br>(EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.194%, 07/01/2032<sup>(d)(e)</sup> <br>3 mo. EURIBOR + 3.250% | 470441 |
|  | Twilio, Inc. | Twilio, Inc. |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 03/15/2031 | 282256 |
|  | VC3, Inc. | VC3, Inc. |
| 31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 10/15/2041 | 31 |
|  | Xerox Corp. | Xerox Corp. |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10.250%, 10/15/2030<sup>(d)</sup> | 203429 |
|  |  | 8569016 |
| **Utilities: 3.6%** | **Utilities: 3.6%** | **Utilities: 3.6%** |
|  | Alexander Funding Trust II | Alexander Funding Trust II |
| 2110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.467%, 07/31/2028<sup>(d)</sup> | 2257511 |
|  | Atlantica Sustainable Infrastructure Ltd. | Atlantica Sustainable Infrastructure Ltd. |
| 2430000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/2028<sup>(d)</sup> | 2378301 |
|  | CMS Energy Corp. | CMS Energy Corp. |
| 60000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 06/01/2055<sup>(g)</sup> <br>5 yr. CMT + 1.961% | 62168 |
|  | ContourGlobal Power Holdings SA | ContourGlobal Power Holdings SA |
| 100,000 (EUR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/28/2030<sup>(d)</sup> | 120524 |
|  | Edison International | Edison International |
| 1230000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.875%, 06/15/2054<sup>(c)(g)</sup> <br>5 yr. CMT + 3.658% | 1256648 |
| 1375000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.375%, 03/09/2026<sup>(b)(g)</sup> <br>5 yr. CMT + 4.698% | 1338059 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Utilities (continued)** | **Utilities (continued)** | **Utilities (continued)** |
|  | NextEra Energy Capital Holdings, Inc. | NextEra Energy Capital Holdings, Inc. |
| $1050000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 06/15/2054<sup>(g)</sup> <br>5 yr. CMT + 2.457% | 1132077 |
| 58000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.375%, 08/15/2055<sup>(g)</sup> <br>5 yr. CMT + 2.053% | 60274 |
|  | PacifiCorp | PacifiCorp |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7.375%, 09/15/2055<sup>(g)(m)</sup> <br>5 yr. CMT + 3.319% | 316706 |
|  | Southern Co. | Southern Co. |
| 2074000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 21-A <br>3.750%, 09/15/2051<sup>(g)</sup> <br>5 yr. CMT + 2.915% | 2049065 |
|  | Southwestern Public Service Co. | Southwestern Public Service Co. |
| 650000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.500%, 08/15/2041<sup>(m)</sup> | 586988 |
|  | Terraform Global Operating LP | Terraform Global Operating LP |
| 103000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 03/01/2026<sup>(d)</sup> | 102001 |
|  | XPLR Infrastructure Operating Partners LP | XPLR Infrastructure Operating Partners LP |
| 1905000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.375%, 01/15/2031<sup>(c)(d)</sup> | 1997461 |
|  |  | 13657783 |
| **TOTAL CORPORATE BONDS**<br> (Cost $187,521,501) | **TOTAL CORPORATE BONDS**<br> (Cost $187,521,501) | 187420660 |
| **GOVERNMENT SECURITIES & AGENCY ISSUE: 0.9%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 0.9%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 0.9%**  |
|  | U.S. Treasury Bonds | U.S. Treasury Bonds |
| 1400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.750%, 08/15/2041 | 949676 |
|  | U.S. Treasury Notes | U.S. Treasury Notes |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 03/15/2026<sup>(n)</sup> | 301018 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 06/15/2026<sup>(n)</sup> | 501189 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 09/15/2026<sup>(n)</sup> | 403400 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 12/15/2026<sup>(n)</sup> | 504062 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.250%, 03/15/2027<sup>(n)</sup> | 504180 |
| 400000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/2027<sup>(n)</sup> | 406461 |
| **TOTAL GOVERNMENT SECURITIES &<br>AGENCY ISSUE**<br> (Cost $3,573,838) | **TOTAL GOVERNMENT SECURITIES &<br>AGENCY ISSUE**<br> (Cost $3,573,838) | 3569986 |
| **LIMITED PARTNERSHIPS: 0.0%**  | **LIMITED PARTNERSHIPS: 0.0%**  | **LIMITED PARTNERSHIPS: 0.0%**  |
| 1300000 | U.S. Farming Realty Trust LP<sup>\*(a)</sup> | 48294 |
| **TOTAL LIMITED PARTNERSHIPS**<br> (Cost $0) | **TOTAL LIMITED PARTNERSHIPS**<br> (Cost $0) | 48294 |
| **MORTGAGE-BACKED SECURITIES: 13.5%**  | **MORTGAGE-BACKED SECURITIES: 13.5%**  | **MORTGAGE-BACKED SECURITIES: 13.5%**  |
|  | ACHM Trust | ACHM Trust |
| 89512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-HE1-A <br>5.920%, 03/25/2055<sup>(d)(g)</sup> | 91097 |
|  | ACRE Commercial Mortgage Ltd. | ACRE Commercial Mortgage Ltd. |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4-D <br>7.350%, 12/18/2037<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.214% | 238464 |
|  | ACREC LLC | ACREC LLC |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL3-C <br>6.427%, 08/18/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.291% | 150112 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | Alternative Loan Trust | Alternative Loan Trust |
| $45789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-22CB-1A1 <br>5.750%, 12/25/2033 | $46627 |
| 178256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-13CB-A4 <br>2.251%, 07/25/2034<sup>(i)(o)</sup> | 133308 |
| 28071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-16CB-1A1 <br>5.500%, 07/25/2034 | 28572 |
| 23199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-16CB-3A1 <br>5.500%, 08/25/2034 | 23578 |
| 20507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-J10-2CB1 <br>6.000%, 09/25/2034 | 20840 |
| 280997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-31CB-A7 <br>6.000%, 11/25/2036 | 154692 |
| 165338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB-2A1 <br>4.722%, 08/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.564% | 52097 |
| 47878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB-2A2 <br>18.980%, 08/25/2037<sup>(e)</sup> <br>-8.333\*1 mo. USD Term SOFR + 53.629% | 61812 |
| 337937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-16CB-4A2 <br>13.966%, 08/25/2037<sup>(e)</sup> <br>-6\*1 mo. USD Term SOFR + 38.913% | 417221 |
| 314011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-19-1A34 <br>6.000%, 08/25/2037 | 145089 |
| 875685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-20-A12 <br>6.250%, 08/25/2047 | 469667 |
| 91610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA4-A1 <br>4.612%, 05/25/2047<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.454% | 82888 |
| 93423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-OA7-A1A <br>4.632%, 05/25/2047<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.474% | 86777 |
|  | American Home Mortgage Investment Trust | American Home Mortgage Investment Trust |
| 145606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-1-11A1 <br>4.552%, 03/25/2046<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.394% | 132674 |
|  | Arbor Realty Commercial Real Estate Notes Ltd. |  |
| 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL1-C <br>6.672%, 01/15/2037<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 2.300% | 421275 |
|  | Atrium Hotel Portfolio Trust | Atrium Hotel Portfolio Trust |
| 860000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-ATRM-D <br>7.450%, 08/15/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.300% | 861773 |
|  | BAHA Trust | BAHA Trust |
| 870000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-MAR-C <br>7.766%, 12/10/2041<sup>(d)(g)</sup> | 908162 |
|  | Banc of America Alternative Loan Trust | Banc of America Alternative Loan Trust |
| 20416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-8-1CB1 <br>5.500%, 10/25/2033 | 20628 |
|  | Banc of America Funding Trust | Banc of America Funding Trust |
| 16099 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-7-3A1 <br>5.750%, 11/25/2035 | 16429 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| $163432 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-B-7A1 <br>4.462%, 03/20/2036<sup>(g)</sup> | $143345 |
| 13025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4-5A1 <br>5.500%, 11/25/2034 | 11442 |
|  | Banc of America Mortgage Trust | Banc of America Mortgage Trust |
| 5115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-A-2A1 <br>5.111%, 02/25/2035<sup>(g)</sup> | 4992 |
|  | BCAP LLC Trust | BCAP LLC Trust |
| 252711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AA2-A1 <br>4.612%, 01/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.454% | 236368 |
| 117864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2010-RR6-6A2 <br>9.300%, 07/26/2037<sup>(d)(g)</sup> | 54552 |
| 1590072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-R11-2A4 <br>5.500%, 12/26/2035<sup>(d)</sup> | 920466 |
|  | BDS LLC | BDS LLC |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL14-C <br>6.026%, 10/21/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.893% | 146390 |
|  | Bear Stearns Asset-Backed Securities I Trust |  |
| 268695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AC1-1A1 <br>6.250%, 02/25/2036<sup>(f)</sup> | 121575 |
|  | BINOM Securitization Trust | BINOM Securitization Trust |
| 530000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-RPL1-M1 <br>3.000%, 02/25/2061<sup>(d)(g)</sup> | 440835 |
|  | BSPRT Issuer LLC | BSPRT Issuer LLC |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-FL11-C <br>6.794%, 07/15/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.644% | 99469 |
|  | BX Commercial Mortgage Trust | BX Commercial Mortgage Trust |
| 145324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-VOLT-E <br>6.265%, 09/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.114% | 145134 |
| 93620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AIRC-C <br>6.740%, 08/15/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.590% | 94139 |
|  | BX Trust | BX Trust |
| 84000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-MFM1-D <br>5.765%, 01/15/2034<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.614% | 84010 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-DELC-B <br>7.489%, 05/15/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.339% | 100998 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-VLT4-D <br>6.590%, 06/15/2041<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.440% | 150436 |
|  | BXHPP Trust | BXHPP Trust |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FILM-C <br>5.365%, 08/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.214% | 183142 |
|  | BXMT Ltd. | BXMT Ltd. |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FL2-D <br>6.457%, 02/15/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.314% | 241527 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-FL3-D <br>7.557%, 11/15/2037<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.414% | $97534 |
|  | Capmark Military Housing Trust |  |
| 88843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AET2-A <br>6.063%, 10/10/2052<sup>(d)</sup> | 86374 |
|  | CD Mortgage Trust |  |
| 768123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD4-XA <br>1.370%, 05/10/2050<sup>(g)(p)</sup> | 9846 |
|  | CFMT LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-HB9-M1 <br>3.250%, 09/25/2037<sup>(d)(g)</sup> | 96588 |
|  | CG-CCRE Commercial Mortgage Trust |  |
| 96080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-FL2-COL1 <br>7.765%, 11/15/2031<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.614% | 25063 |
| 187584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-FL2-COL2 <br>8.765%, 11/15/2031<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 4.614% | 6800 |
|  | Chase Mortgage Finance Trust |  |
| 1249315 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3-1A15 <br>6.000%, 05/25/2037 | 520918 |
|  | CIM Trust |  |
| 94963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-R1-A1 <br>5.000%, 02/25/2099<sup>(d)(f)</sup> | 94531 |
|  | Citigroup Mortgage Loan Trust, Inc. |  |
| 73886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-A-A1 <br>9.170%, 09/25/2062<sup>(d)(f)</sup> | 74125 |
|  | CitiMortgage Alternative Loan Trust |  |
| 118286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-A5-1A13 <br>4.722%, 10/25/2036<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.564% | 90417 |
| 1031360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A6-1A5 <br>6.000%, 06/25/2037 | 907259 |
|  | COLT Mortgage Loan Trust |  |
| 135844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-3-A3 <br>5.707%, 03/25/2070<sup>(d)(f)</sup> | 136413 |
|  | COMM Mortgage Trust |  |
| 435016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-CR3-B <br>3.922%, 10/15/2045<sup>(d)</sup> | 419138 |
|  | Countrywide Home Loan Mortgage Pass-Through Trust |  |
| 2755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-HYB4-2A1 <br>5.221%, 09/20/2034<sup>(g)</sup> | 2673 |
| 114908 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-10-A5 <br>6.000%, 07/25/2037 | 49869 |
|  | Credit Suisse First Boston Mortgage Securities Corp. | Credit Suisse First Boston Mortgage Securities Corp. |
| 863825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-11-7A1 <br>6.000%, 12/25/2035 | 429199 |
|  | Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates |  |
| 24382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-27-4A4 <br>5.750%, 11/25/2033 | 25143 |
| 2259346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-10-10A3 <br>6.000%, 11/25/2035 | 490530 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
|  | Credit Suisse Mortgage-Backed Trust |  |
| $600150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-6-1A10 <br>6.000%, 07/25/2036 | $271954 |
| 587821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1-4A1 <br>6.500%, 02/25/2022 | 39352 |
| 22184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-2-2A5 <br>5.000%, 03/25/2037 | 16883 |
|  | CSMC Trust |  |
| 87613 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-RPL4-A1 <br>4.136%, 12/27/2060<sup>(d)(g)</sup> | 87323 |
|  | Deutsche Mortgage & Asset Receiving Corp. | Deutsche Mortgage & Asset Receiving Corp. |
| 1375980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-RS1-1A2 <br>6.500%, 07/27/2037<sup>(d)(g)</sup> | 1126438 |
|  | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust |  |
| 56531 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-PR1-3A1 <br>6.154%, 04/15/2036<sup>(d)(e)</sup> <br>-1.4\*1 mo. USD Term SOFR + 11.964% | 52204 |
|  | DSLA Mortgage Loan Trust |  |
| 82989 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR5-2A1A <br>4.908%, 09/19/2045<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.774% | 43450 |
|  | Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates |  |
| 1353749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R1-XA2 <br>0.700%, 10/25/2052<sup>(d)(g)(p)</sup> | 77840 |
|  | Federal Home Loan Mortgage Corp. REMICS | Federal Home Loan Mortgage Corp. REMICS |
| 46891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3641-TB <br>4.500%, 03/15/2040 | 46820 |
| 14996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3946-SM <br>1.240%, 10/15/2041<sup>(e)</sup> <br>-3\*30 day USD SOFR Average + 14.357% | 12746 |
| 200285 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 3972-AZ <br>3.500%, 12/15/2041 | 188923 |
| 1358240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 4239-OU <br>2.159%, 07/15/2043<sup>(i)(o)</sup> | 821532 |
|  | Federal National Mortgage Association |  |
| 20839663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M25-X <br>0.203%, 11/25/2029<sup>(g)(p)</sup> | 94066 |
| 23026590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M5-X <br>0.611%, 02/25/2029<sup>(g)(p)</sup> | 256440 |
| 23057956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M23-X1 <br>0.597%, 11/01/2031<sup>(g)(p)</sup> | 309433 |
|  | Federal National Mortgage Association REMICS | Federal National Mortgage Association REMICS |
| 89243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-84-PZ <br>5.000%, 09/25/2033 | 91158 |
| 6420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-110-LS <br>1.160%, 11/25/2041<sup>(e)</sup> <br>-2\*30 day USD SOFR Average + 9.871% | 5382 |
| 56525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-111-VZ <br>4.000%, 11/25/2041 | 54688 |
| 233458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-141-PZ <br>4.000%, 01/25/2042 | 226131 |
| 16878533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M12-X <br>0.676%, 06/25/2029<sup>(g)(p)</sup> | 284312 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
| $7148665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M24-2XA <br>1.275%, 03/25/2031<sup>(g)(p)</sup> | $321038 |
| 19510582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-M7-X <br>0.444%, 04/25/2029<sup>(g)(p)</sup> | 191094 |
| 26523860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M10-X4 <br>0.987%, 07/25/2032<sup>(g)(p)</sup> | 973195 |
| 15449147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M10-X9 <br>0.868%, 12/25/2027<sup>(g)(p)</sup> | 82916 |
| 6744719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-M13-X2 <br>1.328%, 09/25/2030<sup>(g)(p)</sup> | 231558 |
| 67855000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-M4-X2 <br>0.259%, 05/25/2030<sup>(g)(p)</sup> | 497574 |
|  | Federal National Mortgage Association-Aces | Federal National Mortgage Association-Aces |
| 120674692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M17-X <br>0.128%, 07/25/2031<sup>(g)(p)</sup> | 381175 |
|  | Federal National Mortgage Association-ACES | Federal National Mortgage Association-ACES |
| 13236948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-M21-X <br>0.795%, 03/25/2028<sup>(g)(p)</sup> | 120700 |
|  | First Horizon Alternative Mortgage Securities Trust |  |
| 202408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-FA4-1A7 <br>6.000%, 08/25/2037 | 66183 |
|  | Freddie Mac Military Housing Bonds Resecuritization Trust Certificates |  |
| 2625616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R1-XA1 <br>0.700%, 11/25/2055<sup>(d)(g)(p)</sup> | 159924 |
| 4010477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-R1-XA3 <br>0.700%, 11/25/2052<sup>(d)(g)(p)</sup> | 196760 |
|  | FREMF Mortgage Trust |  |
| 3747222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-K170-D <br>2.411%, 02/25/2063<sup>(d)(i)(o)</sup> | 1602795 |
| 61062887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-K170-X2A <br>0.100%, 02/25/2063<sup>(d)(p)</sup> | 375375 |
| 13864625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-K170-X2B <br>0.100%, 02/25/2063<sup>(d)(p)</sup> | 87742 |
|  | FS Rialto Issuer LLC |  |
| 275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL3-D <br>6.761%, 11/16/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.614% | 274393 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL10-C <br>6.280%, 08/19/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.146% | 98868 |
|  | GCAT Trust |  |
| 22239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-RPL1-A1 <br>2.650%, 10/25/2068<sup>(d)(g)</sup> | 21699 |
| 74228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM5-A3 <br>5.710%, 08/25/2067<sup>(d)(f)</sup> | 74009 |
| 108256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2023-NQM2-A3 <br>6.598%, 11/25/2067<sup>(d)(f)</sup> | 108246 |
| 60597 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM2-A3 <br>6.541%, 06/25/2059<sup>(d)(f)</sup> | 61353 |
| 272479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM1-A3 <br>5.829%, 11/25/2069<sup>(d)(f)</sup> | 274876 |
|  | Government National Mortgage Association | Government National Mortgage Association |
| 167822 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-45-GZ <br>4.500%, 03/20/2041 | 168716 |
| 51227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2011-69-OC <br>0.573%, 05/20/2041<sup>(i)(o)</sup> | 41233 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| $5345236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-H10-BI <br>1.197%, 06/20/2069<sup>(g)(p)</sup> | $280140 |
| 9422186 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H11-HI <br>1.412%, 06/20/2070<sup>(g)(p)</sup> | 699590 |
| 9488903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H18-AI <br>1.707%, 09/20/2070<sup>(g)(p)</sup> | 601020 |
| 6680799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-H19-BI <br>1.793%, 11/20/2070<sup>(g)(p)</sup> | 512065 |
| 8941444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-52-IO <br>0.722%, 04/16/2063<sup>(g)(p)</sup> | 461976 |
| 6479625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-94-IO <br>0.833%, 02/16/2063<sup>(g)(p)</sup> | 388736 |
| 40033135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H08-QI <br>0.071%, 05/20/2071<sup>(g)(p)</sup> | 1177427 |
| 14375557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-H19-AI <br>0.886%, 11/20/2071<sup>(g)(p)</sup> | 945240 |
|  | GS Mortgage Securities Corp. Trust |  |
| 230536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-DUNE-E <br>6.920%, 12/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.764% | 223719 |
|  | GSR Mortgage Loan Trust |  |
| 25510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-4F-6A1 <br>6.500%, 02/25/2035 | 25036 |
| 492839 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-9F-2A1 <br>6.000%, 01/25/2036 | 215774 |
| 41171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR6-4A5 <br>5.381%, 09/25/2035<sup>(g)</sup> | 37592 |
|  | HarborView Mortgage Loan Trust |  |
| 145093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-11-2A2A <br>4.888%, 01/19/2035<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.754% | 116945 |
| 155976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-12-2A2A <br>4.628%, 01/19/2038<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.494% | 137926 |
|  | HGI CRE CLO Ltd. |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL1-D <br>6.611%, 06/16/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.464% | 349474 |
|  | HOMES Trust |  |
| 127721 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-AFC2-A3 <br>5.982%, 10/25/2059<sup>(d)(f)</sup> | 128615 |
|  | Imperial Fund Mortgage Trust |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQM3-B2 <br>4.120%, 11/25/2056<sup>(d)(g)</sup> | 1503369 |
|  | IndyMac INDX Mortgage Loan Trust |  |
| 94080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-AR7-A5 <br>5.492%, 09/25/2034<sup>(e)</sup> <br>1 mo. USD Term SOFR + 1.334% | 75890 |
| 157581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-AR11-A3 <br>3.686%, 08/25/2035<sup>(g)</sup> | 116646 |
| 772043 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-AR5-2A1 <br>3.338%, 05/25/2037<sup>(g)</sup> | 620539 |
|  | JP Morgan Chase Commercial Mortgage Securities Trust |  |
| 110228 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2012-LC9-C <br>3.689%, 12/15/2047<sup>(d)(g)</sup> | 107285 |
| 1308105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP2-XA <br>1.968%, 08/15/2049<sup>(g)(p)</sup> | 5085 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
| $683000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-MFP-XG <br>0.500%, 07/15/2036<sup>(d)(g)(p)</sup> | $7170 |
| 219000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-C <br>4.343%, 05/05/2032<sup>(d)</sup> | 214839 |
| 224000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-D <br>4.601%, 05/05/2032<sup>(d)(g)</sup> | 218975 |
| 261000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-E <br>4.601%, 05/05/2032<sup>(d)(g)</sup> | 253465 |
| 274000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-F <br>4.601%, 05/05/2032<sup>(d)(g)</sup> | 265678 |
| 299000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-UES-G <br>4.601%, 05/05/2032<sup>(d)(g)</sup> | 283099 |
|  | JP Morgan Mortgage Trust |  |
| 144341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-S1-2A1 <br>6.000%, 09/25/2034 | 151226 |
| 4427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1-4A2 <br>6.193%, 07/25/2035<sup>(a)(g)</sup> | 4446 |
| 524360 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-S3-1A97 <br>6.000%, 08/25/2037 | 222814 |
|  | JPMDB Commercial Mortgage Securities Trust | JPMDB Commercial Mortgage Securities Trust |
| 169790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C5-XA <br>0.990%, 03/15/2050<sup>(g)(p)</sup> | 1232 |
|  | KREF Ltd. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2-AS <br>5.557%, 02/15/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 1.414% | 98022 |
|  | Legacy Mortgage Asset Trust |  |
| 550164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS2-A1 <br>5.750%, 04/25/2061<sup>(d)(f)</sup> | 550154 |
| 164076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-GS3-A1 <br>5.750%, 07/25/2061<sup>(d)(f)</sup> | 164185 |
|  | Lehman Mortgage Trust |  |
| 460990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-2A3 <br>5.750%, 04/25/2036 | 464901 |
| 671975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-1-1A2 <br>5.750%, 02/25/2037 | 680615 |
|  | Lehman XS Trust |  |
| 63735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2N-1A1 <br>4.792%, 02/25/2046<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.634% | 57489 |
|  | LoanCore Issuer LLC |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CRE8-C <br>6.284%, 08/17/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.141% | 99351 |
|  | LoanCore Issuer Ltd. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-CRE7-D <br>7.481%, 01/17/2037<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 3.100% | 200003 |
|  | LoanCore Issuer Ltd. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE5-C <br>6.615%, 07/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.464% | 248783 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE5-D <br>7.265%, 07/15/2036<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 3.114% | 99347 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-CRE6-D <br>7.115%, 11/15/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.964% | $99023 |
|  | LSTAR Securities Investment Ltd. |  |
| 185955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-1-A <br>7.415%, 01/01/2029<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 3.100% | 188302 |
|  | Master Alternative Loan Trust |  |
| 10675 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2003-9-4A1 <br>5.250%, 11/25/2033 | 10752 |
| 7309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5-1A1 <br>5.500%, 06/25/2034 | 7382 |
| 8591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-5-2A1 <br>6.000%, 06/25/2034 | 8823 |
| 44133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2004-8-2A1 <br>6.000%, 09/25/2034 | 44449 |
|  | Merrill Lynch Mortgage Investors Trust |  |
| 809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-2-2A <br>5.969%, 05/25/2036<sup>(g)</sup> | 793 |
|  | Metis Issuer 1 LLC |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.892%, 05/15/2055 | 246264 |
|  | Mill City Mortgage Loan Trust |  |
| 305000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NMR1-M3 <br>2.500%, 11/25/2060<sup>(d)(g)</sup> | 257156 |
|  | Mill City Securities Ltd. |  |
| 135350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RS1-A1 <br>3.000%, 11/01/2069<sup>(d)(f)</sup> | 129350 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RS1-A2 <br>4.000%, 11/01/2069<sup>(d)(f)</sup> | 142496 |
| 74883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RS2-A1 <br>3.000%, 08/01/2069<sup>(d)(f)</sup> | 71558 |
|  | Morgan Stanley Mortgage Loan Trust |  |
| 204401 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-7-3A <br>5.100%, 06/25/2036<sup>(g)</sup> | 108151 |
| 222029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-13-6A1 <br>6.000%, 10/25/2037 | 114228 |
|  | New Residential Mortgage Loan Trust |  |
| 2250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-NQ1R-M1 <br>2.273%, 07/25/2055<sup>(d)(g)</sup> | 1897352 |
| 275257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-NQM3-A3 <br>5.985%, 05/25/2065<sup>(d)(f)</sup> | 278621 |
|  | OBX Trust |  |
| 66891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-NQM9-A3 <br>6.450%, 09/25/2062<sup>(d)(f)</sup> | 66753 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM3-M1 <br>6.845%, 12/25/2063<sup>(d)(g)</sup> | 506874 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM4-M1 <br>6.622%, 01/25/2064<sup>(d)(g)</sup> | 151524 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM5-M1 <br>6.513%, 01/25/2064<sup>(d)</sup> | 101019 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM6-M1 <br>6.924%, 02/25/2064<sup>(d)(g)</sup> | 152548 |
| 99393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-NQM7-A3 <br>6.598%, 03/25/2064<sup>(d)(f)</sup> | 100632 |
|  | PFP Ltd. |  |
| 99553 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-11-B <br>6.708%, 09/17/2039<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.490% | 99575 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** | **MORTGAGE-BACKED SECURITIES (CONTINUED)** |
|  | Prime Mortgage Trust |  |
| $543460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-DR1-2A1 <br>5.500%, 05/25/2035<sup>(d)</sup> | $511760 |
|  | PRPM LLC |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-RPL2-A2 <br>3.500%, 05/25/2054<sup>(d)(f)</sup> | 477968 |
| 559087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2-A1 <br>6.469%, 05/25/2030<sup>(d)(f)</sup> | 561552 |
|  | Residential Accredit Loans, Inc. |  |
| 197764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS17-A5 <br>6.000%, 12/25/2036 | 165882 |
|  | Residential Accredit Loans, Inc. Trust |  |
| 371361 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QO6-A1 <br>4.632%, 06/25/2046<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.474% | 77977 |
| 215334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-QS7-A3 <br>6.000%, 06/25/2036 | 172861 |
| 272421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS1-2A10 <br>6.000%, 01/25/2037 | 208731 |
| 238192 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-QS8-A8 <br>6.000%, 06/25/2037 | 191737 |
|  | Residential Asset Securitization Trust |  |
| 227960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-A1-A8 <br>6.000%, 03/25/2037 | 69768 |
|  | Residential Funding Mtg Sec I Trust |  |
| 240223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-S4-A5 <br>6.000%, 04/25/2036 | 194495 |
|  | Starwood Ltd. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL2-C <br>6.350%, 04/18/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.214% | 199133 |
|  | Starwood Retail Property Trust |  |
| 235000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-STAR-C <br>7.500%, 11/15/2027<sup>(a)(d)(e)</sup> | 253 |
| 980000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-STAR-D <br>7.500%, 11/15/2027<sup>(a)(d)(e)</sup> | 757 |
| 950000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2014-STAR-E <br>7.500%, 11/15/2027<sup>(a)(d)(e)</sup> | 661 |
|  | Structured Adjustable Rate Mortgage Loan Trust |  |
| 421374 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2005-14-A1 <br>4.582%, 07/25/2035<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.424% | 250140 |
| 348128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2008-1-A2 <br>4.531%, 10/25/2037<sup>(g)</sup> | 268272 |
|  | Structured Asset Securities Corp. |  |
| 4072658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-4-1A3 <br>1.978%, 03/28/2045<sup>(d)(e)(p)</sup> <br>-1\*1 mo. USD Term SOFR + 6.136% | 257401 |
|  | STWD Ltd. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-FL3-D <br>7.122%, 11/15/2038<sup>(d)(e)</sup> <br>30 day USD SOFR Average + 2.750% | 98528 |
|  | Towd Point Revolving Trust |  |
| 91073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.000%, 11/01/2069<sup>(g)</sup> | 91324 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
|  | TRTX Issuer Ltd. |  |  |
| $320000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-FL4-C <br>6.657%, 03/15/2038<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.514% | $| 318490 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-FL6-B <br>6.182%, 09/18/2042<sup>(d)(e)</sup> <br>1 mo. USD Term SOFR + 2.046% |  | 149944 |
|  | Uniform Mortgage-Backed Security, TBA |  |  |
| 610000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%<sup>(q)</sup> |  | 614891 |
| 670000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%<sup>(q)</sup> |  | 684380 |
| 490000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.000%<sup>(q)</sup> |  | 500192 |
| 2830000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%<sup>(q)</sup> |  | 2488217 |
| 713000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%<sup>(q)</sup> |  | 706651 |
|  | Verus Securitization Trust |  |  |
| 2000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-7-B2 <br>4.192%, 10/25/2066<sup>(d)(g)</sup> |  | 1466919 |
| 137461 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-2-A3 <br>5.662%, 03/25/2070<sup>(d)(f)</sup> |  | 138009 |
|  | Vista Point Securitization Trust |  |  |
| 89014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-CES1-A1 <br>5.812%, 04/25/2055<sup>(d)(f)</sup> |  | 89673 |
|  | Washington Mutual Mortgage Pass-Through Certificates Trust |  |  |
| 308239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-5-1A5 <br>6.000%, 07/25/2036 |  | 250149 |
| 352323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-8-A6 <br>4.118%, 10/25/2036<sup>(f)</sup> |  | 118187 |
|  | Wells Fargo Alternative Loan Trust |  |  |
| 58035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2007-PA2-3A1 <br>4.622%, 06/25/2037<sup>(e)</sup> <br>1 mo. USD Term SOFR + 0.464% |  | 42047 |
|  | Wells Fargo Commercial Mortgage Trust |  |  |
| 22350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2013-LC12-B <br>3.913%, 07/15/2046<sup>(g)</sup> |  | 21752 |
| 838159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-BNK1-XA <br>1.829%, 08/15/2049<sup>(g)(p)</sup> |  | 6173 |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C36-B <br>3.671%, 11/15/2059<sup>(g)</sup> |  | 127183 |
|  | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust | Wells Fargo Mortgage-Backed Securities Trust |
| 32321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2006-AR19-A1 <br>6.814%, 12/25/2036<sup>(g)</sup> |  | 31572 |
| **TOTAL MORTGAGE-BACKED SECURITIES**<br> (Cost $61,166,403) | **TOTAL MORTGAGE-BACKED SECURITIES**<br> (Cost $61,166,403) |  | 51176656 |
| **MUNICIPAL BONDS: 0.0%**  | **MUNICIPAL BONDS: 0.0%**  | **MUNICIPAL BONDS: 0.0%**  | **MUNICIPAL BONDS: 0.0%**  |
| **Indiana: 0.0%** | **Indiana: 0.0%** | **Indiana: 0.0%** | **Indiana: 0.0%** |
|  | County of Knox |  |  |
| 5000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.900%, 04/01/2034 |  | 5006 |
| **TOTAL MUNICIPAL BONDS**<br> (Cost $4,769) | **TOTAL MUNICIPAL BONDS**<br> (Cost $4,769) |  | 5006 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **SHORT-TERM INVESTMENTS: 3.9%**  | **SHORT-TERM INVESTMENTS: 3.9%**  | **SHORT-TERM INVESTMENTS: 3.9%**  |
| **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 2.8%**  | **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 2.8%**  | **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 2.8%**  |
| 10688045 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.180%<sup>(r)(s)</sup> | $10688045 |
| **TOTAL INVESTMENT OF CASH<br>COLLATERAL FOR SECURITIES<br>LOANED** <br> (Cost $10,688,045) | **TOTAL INVESTMENT OF CASH<br>COLLATERAL FOR SECURITIES<br>LOANED** <br> (Cost $10,688,045) | 10688045 |
| **MONEY MARKET FUNDS: 0.2%**  | **MONEY MARKET FUNDS: 0.2%**  | **MONEY MARKET FUNDS: 0.2%**  |
| 616505 | State Street Institutional Treasury Money Market Fund - Premier Class,<br>4.244%<sup>(s)</sup> | 616505 |
| **TOTAL MONEY MARKET FUNDS**<br> (Cost $616,505) | **TOTAL MONEY MARKET FUNDS**<br> (Cost $616,505) | 616505 |
| **Principal<br>Amount^** |  |  |
| **REPURCHASE AGREEMENTS: 0.8%**  | **REPURCHASE AGREEMENTS: 0.8%**  | **REPURCHASE AGREEMENTS: 0.8%**  |
| $2842469 | Fixed Income Clearing Corp. 1.260%, 9/30/2025, due 10/01/2025 [collateral: par value $2,569,100, U.S. Treasury Inflation Indexed Notes, 0.125%, due 04/15/2027, value $2,899,588] (proceeds $2,842,569) | 2842469 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,842,469) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $2,842,469) | 2842469 |
| **TREASURY BILLS: 0.1%**  | **TREASURY BILLS: 0.1%**  | **TREASURY BILLS: 0.1%**  |
|  | U.S. Treasury Bills |  |
| 425000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.582%, 10/09/2025<sup>(i)(n)(t)</sup> | 424618 |
| **TOTAL TREASURY BILLS**<br> (Cost $424,619) | **TOTAL TREASURY BILLS**<br> (Cost $424,619) | 424618 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $14,571,638) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $14,571,638) | 14571637 |
| **TOTAL PURCHASED OPTIONS**<br> (Cost $272,548): 0.0% | **TOTAL PURCHASED OPTIONS**<br> (Cost $272,548): 0.0% | 105792 |
| **TOTAL INVESTMENTS**<br> (Cost: $418,249,718): 106.0%  | **TOTAL INVESTMENTS**<br> (Cost: $418,249,718): 106.0%  | 400603888 |
| Liabilities in Excess of Other Assets: (6.0)% | Liabilities in Excess of Other Assets: (6.0)% | (22757356) |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $377846532 |

---

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 |

---

---

| | |
|:---|:---|
| REMICS | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| \* | Non-Income Producing Security. |
| ^ | The principal amount is stated in U.S. Dollars unless otherwise indicated. |
| (a) | Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees. |
| (b) | Perpetual Call. |
| (c) | Security, or portion thereof, is out on loan. |
| (d) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933. |
| (e) | Floating Interest Rate at September 30, 2025. |
| (f) | Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2025. |
| (g) | Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2025. |
| (h) | Security is not accruing interest. |
| (i) | The rate shown represents yield-to-maturity. |
| (j) | Security is currently in default and/or non-income producing. |
| (k) | Pay-in-kind security. |
| (l) | This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date. |
| (m) | All or a portion of the security has been pledged as collateral against open reverse repurchase agreements. As of September 30, 2025 , the market value of securities pledged amounted to $12,707,631. |
| (n) | Securities with an aggregate fair value of $1,736,125 have been pledged as collateral for options, credit default swaps, interest rate swaps, and futures positions. |
| (o) | Principal Only security. |
| (p) | Interest Only security. Security with a notional or nominal principal amount. |
| (q) | TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date. |
| (r) | Represents security purchased with cash collateral received for securities on loan. |
| (s) | The rate disclosed is the 7 day net yield as of September 30, 2025. |
| (t) | Issued with a zero coupon. Income is recognized through the accretion of discount. |

---

**CURRENCY ABBREVIATIONS:** 

---

| | |
|:---|:---|
| CAD | Canadian dollar |
| EUR | Euro |
| GBP | British pound |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

**UNFUNDED LOAN COMMITMENTS** — At September 30, 2025, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following agreements:

---

| | | | |
|:---|:---|:---|:---|
| **Borrower** | **Principal<br>Amount** | **Current<br>Value** | **Unrealized<br>Gain (Loss)** |
|  Oil Changer Holding Corp., 6.750%, 02/8/2027 | $8939 | $8872 | $(67) |
|  Lealand Finance Co. BV, 0.500%, 06/30/2027 | 953779 | 524578 | (429201) |
|  Lealand Finance Co. BV 2, 0.500%, 06/30/2027 | 36230 | 20651 | (15579) |
|  Azuria Water Solutions, Inc., 1.000%, 05/17/2028 | 20130 | 20180 | 50 |
|  Power Services Holding Co., 1.000%, 11/22/2028 | 32132 | 32052 | (80) |
|  Finastra USA, Inc., 0.500%, 09/13/2029 | 10000 | 10067 | 67 |
|  Capstone Acquisition Holdings, Inc., 1.000%, 11/13/2029 | 12075 |  | (12075) |
|  GrafTech Finance, Inc., 3.750%, 12/21/2029 | 24381 | 24918 | 537 |
|  PowerGrid Services LLC, 0.500%, 07/1/2030 | 120000 | 111600 | (8400) |
|  MB2 Dental Solutions LLC, 0.500%, 02/13/2031 | 10000 | 8750 | (1250) |
|  MB2 Dental Solutions LLC , 1.000%, 02/13/2031 | 18182 | 18182 |  |
|  PowerGrid Services LLC, 8.752%, 07/1/2031 | 52063 | 52063 |  |
|  Chrysaor Bidco SARL, 3.000%, 10/30/2031 | 6886 | 6924 | 38 |
|  Amspec Parent LLC, 1.000%, 12/22/2031 | 28000 | 28188 | 188 |
|  Secretariat Advisors LLC, 4.000%, 02/28/2032 | 10753 | 10786 | 33 |
|  Citrin Cooperman Advisors LLC, 1.000%, 04/1/2032 | 9091 | 9064 | (27) |
|  Cliffwater LLC, 0.500%, 04/22/2032 | 10000 | 9200 | (800) |
|  Curriculum Associates LLC, 0.000%, 05/7/2032 | 124842 | 124842 |  |
|  TOTAL |  | $1020917 | $(466566) |

---

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $405913646 |
|  Gross unrealized appreciation | 12372241 |
|  Gross unrealized depreciation | (44804018) |
|  Net unrealized depreciation | $(32431777) |

---

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

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN PURCHASED OPTIONS AT September 30, 2025** (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair<br>Value** | **Premiums<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **CURRENCY OPTIONS** |  |  |  |  |  |  |  |  |
|  **Put** |  |  |  |  |  |  |  |  |
|  EUR Put USD Call | Bank of America N.A. | $1.01 | 11/24/2025 | 641000 | $641000 | $1 | $9457 | $(9456) |
|  EUR Put USD Call | Bank of America N.A. | 1.01 | 11/24/2025 | 641000 | 641000 | 1 | 9133 | (9132) |
|  EUR Put USD Call | Bank of America N.A. | 1.01 | 11/26/2025 | 192000 | 192000 | 1 | 2465 | (2464) |
|  EUR Put USD Call | Bank of America N.A. | 1.01 | 11/26/2025 | 449000 | 449000 | 2 | 5626 | (5624) |
|  EUR Put USD Call | Bank of America N.A. | 1.01 | 11/26/2025 | 232000 | 232000 | 1 | 2954 | (2953) |
|  EUR Put USD Call | Bank of America N.A. | 1.12 | 1/13/2026 | 1778000 | 1778000 | 3090 | 9308 | (6218) |
|  EUR Put USD Call | Bank of America N.A. | 1.12 | 1/14/2026 | 1556000 | 1556000 | 2748 | 8521 | (5773) |
|  EUR Put USD Call | Bank of America N.A. | 1.12 | 1/14/2026 | 1556000 | 1556000 | 2748 | 8596 | (5848) |
|  EUR Put USD Call | Bank of America N.A. | 1.12 | 1/16/2026 | 1989000 | 1989000 | 3637 | 11173 | (7536) |
|  EUR Put USD Call | BNP Paribas SA | 1.01 | 11/26/2025 | 38000 | 38000 |  | 500 | (500) |
|  EUR Put USD Call | Goldman Sachs & Co. | 1.12 | 1/14/2026 | 881000 | 881000 | 1556 | 5095 | (3539) |
|  USD Put JPY Call | Bank of America N.A. | 140.00 | 4/1/2026 | 33000 | 33000 | 415 | 868 | (453) |
|  USD Put JPY Call | Goldman Sachs & Co. | 140.00 | 11/19/2025 | 1580000 | 1580000 | 3162 | 37542 | (34380) |
|  USD Put JPY Call | Goldman Sachs & Co. | 140.00 | 4/1/2026 | 187000 | 187000 | 2351 | 5105 | (2754) |
|  USD Put JPY Call | Goldman Sachs & Co. | 140.00 | 4/1/2026 | 150000 | 150000 | 1886 | 3963 | (2077) |
|  USD Put JPY Call | Goldman Sachs & Co. | 123.50 | 5/20/2026 | 181000 | 181000 | 5515 | 18154 | (12639) |
|  USD Put JPY Call | JPMorgan Chase Bank N.A. | 123.50 | 5/20/2026 | 45000 | 45000 | 1371 | 4488 | (3117) |
|  Total |  |  |  |  |  | 28485 | 142948 | (114463) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/<br>Receive<br>Floating<br>rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair<br>Value** | **Premiums<br>Paid** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **INTEREST RATE SWAPTIONS** |  |  |  |  |  |  |  |  |
|  **Call** |  |  |  |  |  |  |  |  |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.500%, terminating 2/13/26 | BNP Paribas SA | Pay | 2/13/2026 | 3595000 | $3595000 | $25769 | $43140 | $(17371) |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.500%, terminating 2/13/26 | BNP Paribas SA | Pay | 2/13/2026 | 3595000 | 3595000 | 25769 | 43140 | (17371) |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.500%, terminating 2/13/26 | Toronto-<br>Dominion Bank | Pay | 2/13/2026 | 3595000 | 3595000 | 25769 | 43319 | (17550) |
|  Total |  |  |  |  |  | 77307 | 129599 | (52292) |
|  Total Purchased Options |  |  |  |  |  | $105792 | $272547 | $(166755) |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**REVERSE REPURCHASE AGREEMENTS at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| $(1559938) | Royal Bank of Canada 4.300%, trade date 9/25/2025, due 09/25/2026 , repurchase amount $1,559,938 | $(1559938) |
| (553312) | Bank of America N.A. 4.600%, trade date 7/11/2025, due 07/11/2026 , repurchase amount $553,312 | (553312) |
| (258437) | Bank of America N.A. 4.350%, trade date 9/25/2025, due 09/25/2026 , repurchase amount $258,437 | (258437) |
| (152062) | Toronto Dominion Securities, Inc. 4.600%, trade date 7/21/2025, due 07/21/2026 , repurchase amount $152,062 | (152062) |
| (5019345) | Toronto Dominion Securities, Inc. 4.350%, trade date 9/18/2025, due 09/20/2027 , repurchase amount $5,019,345 | (5019345) |
| (1104481) | Toronto Dominion Securities, Inc. 4.300%, trade date 9/25/2025, due 09/25/2026 , repurchase amount $1,104,481 | (1104481) |
| (1835038) | Toronto Dominion Securities, Inc. 4.330%, trade date 9/25/2025, due 09/25/2026 , repurchase amount $1,835,038 | (1835038) |
| (131800) | Toronto Dominion Securities, Inc. 4.340%, trade date 9/25/2025, due 09/25/2026 , repurchase amount $131,800 | (131800) |
| (1457837) | Toronto Dominion Securities, Inc. 4.350%, trade date 9/18/2025, due 09/19/2026 , repurchase amount $1,457,837 | (1457837) |
| **TOTAL REVERSE REPURCHASE<br>AGREEMENTS**<br> (Proceeds $12,072,250) | **TOTAL REVERSE REPURCHASE<br>AGREEMENTS**<br> (Proceeds $12,072,250) | $(12072250) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Securities pledged as collateral against open reverese repurchase agreements are noted in the Schedule of Investments.

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at September 30, 2025** (Unaudited)

At September 30, 2025, the Fund had the following forward foreign currency exchange contracts:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | | | | | **Asset<br>Derivatives** | **Liability<br>Derivatives** |
| **Counterparty** | <br>**Settlement<br>Date** |<br>**Fund<br>Receiving** |<br>**U.S. $ Value at<br>September 30, 2025** |<br>**Fund<br>Delivering** |<br>**U.S. $ Value at<br>September 30, 2025** | **Unrealized<br>Appreciation** | **Unrealized<br>Depreciation** |
|  Barclays Bank Plc | 10/15/2025 | USD | $9408 | EUR | $9396 | $12 | $— |
|  | 10/15/2025 | USD | 11674 | EUR | 11745 |  | (71) |
|  | 10/17/2025 | USD | 563708 | GBP | 557931 | 5777 |  |
|  Morgan Stanley & Co. | 10/15/2025 | USD | 22307 | EUR | 22315 |  | (8) |
|  | 10/17/2025 | USD | 74608 | CAD | 73993 | 615 |  |
|  Nomura Global Financial Products, Inc. | 10/17/2025 | USD | 6483571 | EUR | 6476869 | 6702 |  |
|  |  |  | $7165276 |  | $7152249 | $13106 | $(79) |

---

**SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at September 30, 2025 (Unaudited) (a)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional Amount** | **Notional Value** | **Expiration<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **<u>Futures Contracts - Long</u>** |  |  |  |  |  |
|  U.S. Treasury 10-Year Note Futures  | 30 | $3361014 | $3375000 | 12/19/2025 | $13986 |
|  U.S. Treasury 2-Year Note Futures  | 62 | 12900025 | 12920703 | 12/31/2025 | 20678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Long |  |  |  |  | $34664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  |  | $34664 |

---

a) Goldman Sachs & Co. is the counterparty for Open Futures Contractors held by the Fund at
September 30, 2025

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN SWAPS AT September 30, 2025** (Unaudited)

**CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | | **Rates Exchanged** | **Rates Exchanged** | | | | |
| **Notional <br>Amount** |<br>**Maturity<br>Date** | **Payment<br>Received** | **Payment<br>Made** |<br>**Periodic<br>Payment<br>Frequency** |<br>**Fair Value** |<br>**Upfront<br>Payment<br>Made<br>(Received)** |<br>**Unrealized<br>Appreciation/<br>(Depreciation)** |
| $10000000 | 5/02/2028 | 1 Day SOFR + 0.000% | 3.307% | Annually | $13570 | $75 | $13495 |
| $6300000 | 4/23/2035 | 1 Day SOFR + 0.000% | 3.849 | Annually | (107887) | 320 | (108207) |
| $10000000 | 5/02/2035 | 1 Day SOFR + 0.000% | 3.651 | Annually | (10290) | 230 | (10520) |
| $2850000 | 5/09/2040 | 1 Day SOFR + 0.000% | 3.914 | Annually | (16052) | 292 | (16344) |
|  |  |  |  |  | $(120659) | $917 | $(121576) |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Maturity<br>Date** | **Fixed Deal<br>(Pay) Rate** | **Implied**<br>**Credit<br>Spread at<br>September 30,<br>2025** | **Notional<br>Amount** | **Periodic<br>Payment<br>Frequency** | **Fair Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation /<br>(Depreciation)** |
|  **Buy Protection** | **Buy Protection** | **Buy Protection** |  |  |  |  |  |  |
| CDX North America High Yield Index Series 44 V1 <br>5.000%, 6/20/2030 | 6/20/2030 | (5.000%) | 3.028% | $(2000000) | Quarterly | $(159390) | $(151470) | $(7920) |
| CDX North America High Yield Index Series 45 V1 <br>1.000%, 12/20/2030 | 12/20/2030 | (1.000%) | 0.525% | (4000000) | Quarterly | (90632) | (91364) | 732 |
|  Total Buy Protection |  |  |  |  |  | $(250022) | $(242834) | $(7188) |
|  Total |  |  |  |  |  | $(250022) | $(242834) | $(7188) |

---

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

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

(3) For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a
buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the CDX North America High Yield Index Series 44 and 45.

**OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Maturity<br>Date** | **Counterparty** | **Fixed Deal<br>(Pay) Rate** | **Implied**<br>**Credit<br>Spread at<br>September 30,**<br>**2025** | **Notional<br>Amount** | **Periodic**<br>**Payment**<br>**Frequency** | **Fair Value** | **Upfront<br>Premiums<br>Paid**<br>**(Received)** | **Unrealized<br>Appreciation /<br>(Depreciation)** |
|  **Buy Protection** | **Buy Protection** | **Buy Protection** |  |  |  |  |  |  |  |
| CDX North America High Yield Index Series 43 V1 <br>5.000%, 12/20/2029 | 12/20/2029 | Morgan Stanley & Co. | (5.000%) | 1.054% | $(230000) | Quarterly | $(35447) | $(34690) | $(757) |
| CDX North America High Yield Index Series 43 V2 <br>5.000%, 12/20/2029 | 12/20/2029 | Morgan Stanley & Co. | (5.000%) | 2.747% | (230000) | Quarterly | (19404) | (14589) | (4815) |
|  Total Buy Protection | Total Buy Protection | Total Buy Protection |  |  |  |  | $(54851) | $(49279) | $(5572) |
|  Total |  |  |  |  |  |  | $(54851) | $(49279) | $(5572) |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS AT September 30, 2025** (Unaudited)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Exercise<br>Price** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair<br>Value** | **Premiums<br>Received** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** | **CURRENCY OPTIONS** |
|  **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** |
|  USD Put JPY Call | Goldman Sachs & Co. | $130.00 | 11/19/2025 | (1580000) | $(1580000) | $(201) | $(12571) | $12370 |
|  **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** | **INDEX OPTIONS** |
|  **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** |
|  S&P 500 Index | UBS Securities LLC | 6465.00 | 10/10/2025 | (4) | 2675384 | (3704) | (11916) | 8212 |
|  S&P 500 Index | UBS Securities LLC | 6455.00 | 10/17/2025 | (3) | 2006538 | (5910) | (11047) | 5137 |
|  S&P 500 Index | UBS Securities LLC | 6465.00 | 10/17/2025 | (4) | 2675384 | (8600) | (10346) | 1746 |
|  S&P 500 Index | UBS Securities LLC | 6460.00 | 10/24/2025 | (3) | 2006538 | (9150) | (9467) | 317 |
|  S&P 500 Index | UBS Securities LLC | 6500.00 | 10/24/2025 | (4) | 2675384 | (13196) | (17666) | 4470 |
|  S&P 500 Index | UBS Securities LLC | 6465.00 | 10/31/2025 | (6) | 4013076 | (25860) | (26713) | 853 |
|  S&P 500 Index | UBS Securities LLC | 6505.00 | 10/31/2025 | (1) | 668846 | (4935) | (5609) | 674 |
|  S&P 500 Index | UBS Securities LLC | 6460.00 | 11/7/2025 | (1) | 668846 | (5105) | (5249) | 144 |
|  Total |  |  |  |  |  | (76460) | (98013) | 21553 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/Receive<br>Floating rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair<br>Value** | **Premiums<br>Received** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** | **INTEREST RATE SWAPTIONS** |
|  **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** | **Call** |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.640%, terminating 8/13/26 | BNP Paribas SA | Receive | 8/13/2026 | (1295000) | $(1295000) | $(2027) | $(4209) | $2182 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.640%, terminating 8/13/26 | Morgan Stanley & Co. | Receive | 8/13/2026 | (1295000) | (1295000) | (3055) | (4144) | 1089 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.685%, terminating 8/14/26 | BNP Paribas SA | Receive | 8/14/2026 | (1480000) | (1480000) | (2517) | (4736) | 2219 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.685%, terminating 8/14/26 | Toronto-Dominion Bank | Receive | 8/14/2026 | (1480000) | (1480000) | (3782) | (4803) | 1021 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.710%, terminating 8/19/26 | Barclays Capital, Inc. | Receive | 8/19/2026 | (925000) | (925000) | (2502) | (2960) | 458 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.710%, terminating 8/19/26 | BNP Paribas SA | Receive | 8/19/2026 | (925000) | (925000) | (2502) | (2960) | 458 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at September 30, 2025** (Unaudited)(Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/Receive<br>Floating rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair<br>Value** | **Premiums<br>Received** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.852%, terminating 2/13/26 | BNP Paribas SA | Receive | 2/13/2026 | (925000) | $(925000) | $(2081) | $(3515) | $1434 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.853%, terminating 2/13/26 | Morgan Stanley & Co. | Receive | 2/13/2026 | (925000) | (925000) | (1058) | (3515) | 2457 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.860%, terminating 2/13/26 | Morgan Stanley & Co. | Receive | 2/13/2026 | (925000) | (925000) | (1080) | (3515) | 2435 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.890%, terminating 2/20/26 | BNP Paribas SA | Receive | 2/20/2026 | (925000) | (925000) | (2463) | (3182) | 719 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.925%, terminating 2/19/26 | Barclays Capital, Inc. | Receive | 2/19/2026 | (925000) | (925000) | (1400) | (3238) | 1838 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.929%, terminating 2/19/26 | Toronto-Dominion Bank | Receive | 2/19/2026 | (925000) | (925000) | (1417) | (3168) | 1751 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.940%, terminating 2/18/26 | BNP Paribas SA | Receive | 2/18/2026 | (925000) | (925000) | (1451) | (3238) | 1787 |
| USD - Secured Overnight Financing Rate (SOFR) strike @2.940%, terminating 2/18/26 | Toronto-Dominion Bank | Receive | 2/18/2026 | (925000) | (925000) | (1451) | (3191) | 1740 |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.000%, terminating 2/13/26 | BNP Paribas SA | Receive | 2/13/2026 | (3595000) | (3595000) | (6342) | (19916) | 13574 |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.000%, terminating 2/13/26 | BNP Paribas SA | Receive | 2/13/2026 | (3595000) | (3595000) | (6342) | (19862) | 13520 |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.000%, terminating 2/13/26 | Toronto-Dominion Bank | Receive | 2/13/2026 | (3595000) | (3595000) | (6342) | (19952) | 13610 |
|  **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** | **Put** |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.640%, terminating 8/13/26 | BNP Paribas SA | Pay | 8/13/2026 | (1295000) | (1295000) | (5136) | (3885) | (1251) |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.640%, terminating 8/13/26 | Morgan Stanley & Co. | Pay | 8/13/2026 | (1295000) | (1295000) | (3192) | (4015) | 823 |

---

------

**iMGP Low Duration Income Fund (formerly iMGP High Income Fund)** 

**SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at September 30, 2025** (Unaudited)(Continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Pay/Receive<br>Floating rate** | **Expiration<br>Date** | **Number of<br>Contracts** | **Notional<br>Amount** | **Fair<br>Value** | **Premiums<br>Received** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.685%, terminating 8/14/26 | BNP Paribas SA | Pay | 8/14/2026 | (1480000) | $(1480000) | $(3336) | $(4403) | $1067 |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.685%, terminating 8/14/26 | Toronto-Dominion Bank | Pay | 8/14/2026 | (1480000) | (1480000) | (3336) | (4366) | 1030 |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.710%, terminating 8/19/26 | Barclays Capital, Inc. | Pay | 8/19/2026 | (925000) | (925000) | (3261) | (2706) | (555) |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.710%, terminating 8/19/26 | BNP Paribas SA | Pay | 8/19/2026 | (925000) | (925000) | (2020) | (2682) | 662 |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.852%, terminating 2/13/26 | BNP Paribas SA | Pay | 2/13/2026 | (925000) | (925000) | (3983) | (3145) | (838) |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.853%, terminating 2/13/26 | Morgan Stanley & Co. | Pay | 2/13/2026 | (925000) | (925000) | (3971) | (3145) | (826) |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.860%, terminating 2/13/26 | Morgan Stanley & Co. | Pay | 2/13/2026 | (925000) | (925000) | (3885) | (3154) | (731) |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.925%, terminating 2/19/26 | Barclays Capital, Inc. | Pay | 2/19/2026 | (925000) | (925000) | (3316) | (2844) | (472) |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.929%, terminating 2/19/26 | Toronto-Dominion Bank | Pay | 2/19/2026 | (925000) | (925000) | (1523) | (2914) | 1391 |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.940%, terminating 2/18/26 | BNP Paribas SA | Pay | 2/18/2026 | (925000) | (925000) | (1448) | (2914) | 1466 |
| USD - Secured Overnight Financing Rate (SOFR) strike @3.940%, terminating 2/18/26 | Toronto-Dominion Bank | Pay | 2/18/2026 | (925000) | (925000) | (3126) | (2960) | (166) |
|  Total |  |  |  |  |  | (89345) | (153237) | 63892 |
|  Total Written Options | Total Written Options | Total Written Options |  |  |  | $(166006) | $(263821) | $97815 |

---

------

**iMGP Dolan McEniry Corporate Bond Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **CORPORATE BONDS: 91.8%**  | **CORPORATE BONDS: 91.8%**  | **CORPORATE BONDS: 91.8%**  |
| **Basic Materials: 4.1%** | **Basic Materials: 4.1%** | **Basic Materials: 4.1%** |
|  | Olin Corp. |  |
| $8188000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 08/01/2029 | $8219573 |
| 1199000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 02/01/2030<sup>(a)</sup> | 1171322 |
|  | Steel Dynamics, Inc. |  |
| 6743000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 12/15/2026 | 6745030 |
| 2740000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.450%, 04/15/2030 | 2640068 |
|  |  | 18775993 |
| **Communications: 9.0%** | **Communications: 9.0%** | **Communications: 9.0%** |
|  | AT&T, Inc. |  |
| 10698000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.550%, 12/01/2033 | 9114084 |
|  | Expedia Group, Inc. |  |
| 7223000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 08/01/2027 | 7275562 |
| 1217000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.800%, 02/15/2028 | 1206856 |
|  | Motorola Solutions, Inc. |  |
| 7955000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.600%, 06/01/2032 | 8377424 |
|  | Sirius XM Radio LLC |  |
| 7767000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 07/01/2029<sup>(b)</sup> | 7774402 |
|  | Verizon Communications, Inc. |  |
| 7564000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.329%, 09/21/2028 | 7619985 |
|  |  | 41368313 |
| **Consumer, Cyclical: 17.0%** | **Consumer, Cyclical: 17.0%** | **Consumer, Cyclical: 17.0%** |
|  | Bath & Body Works, Inc. |  |
| 7364000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.625%, 10/01/2030<sup>(b)</sup> | 7536785 |
|  | Bloomin' Brands, Inc./OSI Restaurant Partners LLC | Bloomin' Brands, Inc./OSI Restaurant Partners LLC |
| 10806000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.125%, 04/15/2029<sup>(b)</sup> | 9418441 |
|  | Dick's Sporting Goods, Inc. |  |
| 8113000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.150%, 01/15/2032 | 7437183 |
|  | Genuine Parts Co. |  |
| 6789000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 11/01/2028 | 7213124 |
|  | LKQ Corp. |  |
| 7810000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/15/2033<sup>(a)</sup> | 8339008 |
|  | Lowe's Cos., Inc. |  |
| 8000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.650%, 04/05/2029 | 7865535 |
|  | Marriott International, Inc. |  |
| 8110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/15/2030 | 8197673 |
|  | RB Global Holdings, Inc. |  |
| 5815000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 03/15/2028<sup>(b)</sup> | 5948472 |
|  | Somnigroup International, Inc. |  |
| 8491000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 04/15/2029<sup>(b)</sup> | 8161587 |
|  | Yum! Brands, Inc. |  |
| 7936000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 04/01/2032 | 7978997 |
|  |  | 78096805 |
| **Consumer, Non-cyclical: 22.6%** | **Consumer, Non-cyclical: 22.6%** | **Consumer, Non-cyclical: 22.6%** |
|  | Altria Group, Inc. |  |
| 7693000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 11/01/2033 | 8699305 |
|  | BAT Capital Corp. |  |
| 1386000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.726%, 03/25/2031 | 1268201 |
| 7422000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.421%, 08/02/2033 | 8151633 |
|  | Block Financial LLC |  |
| 7843000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/15/2028 | 7442464 |
| 1874000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.875%, 08/15/2030 | 1806334 |
|  | Conagra Brands, Inc. |  |
| 7993000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.850%, 11/01/2028 | 8082705 |
| 1183000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 08/01/2030 | 1195456 |
|  | DaVita, Inc. |  |
| 8153000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.625%, 06/01/2030<sup>(b)</sup> | 7815953 |
| 1727000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.750%, 07/15/2033<sup>(b)</sup> | 1782383 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
| **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** | **Consumer, Non-cyclical (continued)** |
|  | Global Payments, Inc. |  |  |
| $8351000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.400%, 08/15/2032 | $| 8547641 |
|  | HCA, Inc. |  |  |
| 7091000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 09/01/2026 |  | 7125162 |
|  | IQVIA, Inc. |  |  |
| 8187000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.250%, 06/01/2032<sup>(b)</sup> |  | 8430833 |
|  | Molson Coors Beverage Co. |  |  |
| 7435000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.000%, 07/15/2026 |  | 7371393 |
|  | Philip Morris International, Inc. |  |  |
| 1993000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.625%, 11/17/2029 |  | 2098169 |
| 7024000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.375%, 02/15/2033 |  | 7334633 |
|  | Quanta Services, Inc. |  |  |
| 9677000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 10/01/2030 |  | 9045669 |
|  | Tenet Healthcare Corp. |  |  |
| 7638000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.125%, 10/01/2028 |  | 7650918 |
|  |  |  | 103848852 |
| **Financial: 7.7%** | **Financial: 7.7%** | **Financial: 7.7%** | **Financial: 7.7%** |
|  | American Tower Corp. |  |  |
| 7356000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.375%, 10/15/2026 |  | 7303563 |
| 2002000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.900%, 01/15/2030 |  | 1888059 |
|  | Brown & Brown, Inc. |  |  |
| 8636000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/23/2032 |  | 8863195 |
|  | Crown Castle, Inc. |  |  |
| 6986000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.800%, 03/01/2034 |  | 7354968 |
| 1216000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.200%, 09/01/2034<sup>(a)</sup> |  | 1229511 |
|  | Willis North America, Inc. |  |  |
| 8555000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.350%, 05/15/2033 |  | 8868101 |
|  |  |  | 35507397 |
| **Industrial: 18.4%** | **Industrial: 18.4%** | **Industrial: 18.4%** | **Industrial: 18.4%** |
|  | Allegion U.S. Holding Co., Inc. |  |  |
| 8038000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.411%, 07/01/2032 |  | 8398209 |
|  | Carlisle Cos., Inc. |  |  |
| 7392000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.750%, 12/01/2027 |  | 7338000 |
| 2171000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 03/01/2030 |  | 2035625 |
|  | Eagle Materials, Inc. |  |  |
| 8271000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.500%, 07/01/2031 |  | 7466662 |
|  | Flex Ltd. |  |  |
| 7333000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.875%, 05/12/2030 |  | 7408794 |
| 1243000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/15/2032 |  | 1275242 |
|  | Fortune Brands Innovations, Inc. |  |  |
| 3982000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.250%, 09/15/2029 |  | 3813082 |
| 5173000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.875%, 06/01/2033 |  | 5487761 |
|  | Sealed Air Corp. |  |  |
| 8623000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.500%, 07/15/2032<sup>(a)(b)</sup> |  | 8937757 |
|  | Teledyne Technologies, Inc. |  |  |
| 9487000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.750%, 04/01/2031 |  | 8721153 |
|  | TransDigm, Inc. |  |  |
| 7482000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.875%, 12/15/2030<sup>(b)</sup> |  | 7759181 |
|  | Trimble, Inc. |  |  |
| 7881000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.100%, 03/15/2033 |  | 8489621 |
|  | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. | Westinghouse Air Brake Technologies Corp. |
| 7282000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 09/15/2028 |  | 7381172 |
|  |  |  | 84512259 |
| **Technology: 13.0%** | **Technology: 13.0%** | **Technology: 13.0%** | **Technology: 13.0%** |
|  | Broadcom, Inc. |  |  |
| 2808000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.459%, 09/15/2026 |  | 2796528 |
| 3617000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.150%, 11/15/2030 |  | 3604691 |
| 1617000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.300%, 11/15/2032 |  | 1597237 |
|  | CA, Inc. |  |  |
| 231000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.700%, 03/15/2027 |  | 231781 |

---

------

**iMGP Dolan McEniry Corporate Bond Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** | **CORPORATE BONDS (CONTINUED)** |
| **Technology (continued)** | **Technology (continued)** | **Technology (continued)** |
|  | CDW LLC/CDW Finance Corp. |  |
| $9412000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.569%, 12/01/2031 | $8790990 |
|  | Fiserv, Inc. |  |
| 9384000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.500%, 07/01/2029 | 9124078 |
|  | HP, Inc. |  |
| 7613000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.500%, 01/15/2033<sup>(a)</sup> | 7889938 |
|  | NetApp, Inc. |  |
| 8322000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.700%, 03/17/2035<sup>(a)</sup> | 8706987 |
|  | Oracle Corp. |  |
| 9049000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.950%, 04/01/2030 | 8530136 |
|  | Qorvo, Inc. |  |
| 8673000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.375%, 10/15/2029 | 8512555 |
|  |  | 59784921 |
| **TOTAL CORPORATE BONDS**<br> (Cost $413,754,262) | **TOTAL CORPORATE BONDS**<br> (Cost $413,754,262) | 421894540 |
| **GOVERNMENT SECURITIES & AGENCY ISSUE: 5.1%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 5.1%**  | **GOVERNMENT SECURITIES & AGENCY ISSUE: 5.1%**  |
|  | U.S. Treasury Notes |  |
| 23275000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.125%, 01/31/2027 | 23406831 |
| **TOTAL GOVERNMENT SECURITIES &<br>AGENCY ISSUE**<br> (Cost $23,329,075) | **TOTAL GOVERNMENT SECURITIES &<br>AGENCY ISSUE**<br> (Cost $23,329,075) | 23406831 |
| **Shares** |  |  |
| **SHORT-TERM INVESTMENTS: 2.0%**  | **SHORT-TERM INVESTMENTS: 2.0%**  | **SHORT-TERM INVESTMENTS: 2.0%**  |
| **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 2.0%**  | **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 2.0%**  | **INVESTMENT OF CASH COLLATERAL FOR<br>SECURITIES LOANED: 2.0%**  |
| 9263480 | State Street Navigator Securities Lending Government Money Market Portfolio, 4.180%<sup>(c)(d)</sup> | 9263480 |
| **TOTAL INVESTMENT OF CASH<br>COLLATERAL FOR SECURITIES<br>LOANED**<br> (Cost $9,263,480) | **TOTAL INVESTMENT OF CASH<br>COLLATERAL FOR SECURITIES<br>LOANED**<br> (Cost $9,263,480) | 9263480 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $9,263,480) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $9,263,480) | 9263480 |
| **TOTAL INVESTMENTS**<br> (Cost: $446,346,817): 98.9%  | **TOTAL INVESTMENTS**<br> (Cost: $446,346,817): 98.9%  | 454564851 |
| Other Assets in Excess of Liabilities: 1.1% | Other Assets in Excess of Liabilities: 1.1% | 5104902 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $459669753 |

---

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

(d) The rate disclosed is the 7 day net yield as of September 30, 2025.

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $446346817 |
|  Gross unrealized appreciation | 8919609 |
|  Gross unrealized depreciation | (701575) |
|  Net unrealized appreciation | $8218034 |

---

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

------

**iMGP APA Enhanced Income Municipal Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **MUNICIPAL BONDS: 97.9%**  | **MUNICIPAL BONDS: 97.9%**  | **MUNICIPAL BONDS: 97.9%**  |
| **Alabama: 4.4%** | **Alabama: 4.4%** | **Alabama: 4.4%** |
|  | Auburn University |  |
| $50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>4.000%, 06/01/2035 | $50131 |
|  | Black Belt Energy Gas District |  |
| 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 <br>4.000%, 12/01/2049 | 336130 |
|  | Health Care Authority of the City of Huntsville |  |
| 10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B1 <br>5.000%, 06/01/2035 | 10640 |
|  | Lower Alabama Gas District |  |
| 405000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/2050 | 405836 |
|  |  | 802737 |
| **California: 3.1%** | **California: 3.1%** | **California: 3.1%** |
|  | California State Public Works Board |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 04/01/2043 | 107876 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 04/01/2044 | 107110 |
|  | Los Angeles Department of Water & Power |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>5.000%, 07/01/2039 | 51054 |
| 150000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>5.000%, 07/01/2043 | 157297 |
|  | Los Angeles Department of Water & Power Water System Revenue |  |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 07/01/2035 | 115369 |
| 15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D <br>5.000%, 07/01/2043 | 15666 |
|  |  | 554372 |
| **Colorado: 0.8%** | **Colorado: 0.8%** | **Colorado: 0.8%** |
|  | Colorado Health Facilities Authority |  |
| 145000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 <br>5.000%, 08/01/2044 | 146329 |
| **Connecticut: 0.7%** | **Connecticut: 0.7%** | **Connecticut: 0.7%** |
|  | Connecticut State Health & Educational Facilities Authority |  |
| 75000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series K <br>5.000%, 07/01/2030 | 82606 |
|  | South Central Connecticut Regional Water Authority |  |
| 45000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B-1 <br>3.000%, 08/01/2034 | 43578 |
|  |  | 126184 |
| **Florida: 13.0%** | **Florida: 13.0%** | **Florida: 13.0%** |
|  | Alachua County Health Facilities Authority |  |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 12/01/2044 | 50008 |
|  | Florida Municipal Loan Council |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG), Series D <br>5.000%, 10/01/2049 | 210531 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
| **Florida (continued)** | **Florida (continued)** | **Florida (continued)** | **Florida (continued)** |
|  | Miami-Dade County Educational Facilities Authority |  |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.250%, 04/01/2043 | $| 214902 |
|  | North Broward Hospital District |  |  |
| 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 01/01/2048 |  | 124255 |
|  | Orange County Health Facilities Authority |  |  |
| 215000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 10/01/2039 |  | 217246 |
|  | Palm Beach County Health Facilities Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/2032 |  | 202731 |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025B <br>5.000%, 11/15/2042 |  | 506176 |
|  | St. Johns County School Board |  |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG), Series A <br>5.500%, 07/01/2049 |  | 106929 |
|  | UCF Stadium Corp. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 03/01/2041 |  | 211548 |
|  | Volusia County Educational Facility Authority |  |  |
| 395000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 06/01/2054 |  | 400654 |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 10/15/2049 |  | 101237 |
|  |  |  | 2346217 |
| **Georgia: 9.9%** | **Georgia: 9.9%** | **Georgia: 9.9%** | **Georgia: 9.9%** |
|  | City of Atlanta Department of Aviation |  |  |
| 185000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.250%, 07/01/2044 |  | 200226 |
| 335000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.250%, 07/01/2045 |  | 361423 |
|  | Georgia Housing & Finance Authority |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA/FNMA/FHLMC), Series E <br>5.125%, 12/01/2045 |  | 514593 |
|  | Main Street Natural Gas, Inc. |  |  |
| 115000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C <br>5.000%, 12/01/2054 |  | 124674 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E <br>5.000%, 12/01/2032 |  | 217595 |
|  | Municipal Electric Authority of Georgia |  |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/01/2037 |  | 364443 |
|  |  |  | 1782954 |
| **Illinois: 9.7%** | **Illinois: 9.7%** | **Illinois: 9.7%** | **Illinois: 9.7%** |
|  | Chicago Board of Education |  |  |
| 325000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG), Series A <br>5.000%, 12/01/2031 |  | 341152 |
|  | Chicago O'Hare International Airport |  |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/01/2038 |  | 512392 |
|  | Chicago Transit Authority Sales Tax Receipts Fund |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 12/01/2045 |  | 203788 |
|  | Illinois Finance Authority |  |  |
| 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 08/15/2036 |  | 112324 |

---

------

**iMGP APA Enhanced Income Municipal Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | | |
|:---|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** | **Value** |
| **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** |
| **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** | **Illinois (continued)** |
|  | Regional Transportation Authority |  |  |
| $125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 06/01/2035 | $| 130919 |
|  | State of Illinois |  |  |
| 420000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.250%, 05/01/2038 |  | 452365 |
|  |  |  | 1752940 |
| **Indiana: 3.8%** | **Indiana: 3.8%** | **Indiana: 3.8%** | **Indiana: 3.8%** |
|  | Concord Community Schools Building Corp. |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ST INTERCEPT) <br>5.000%, 01/15/2044 |  | 264382 |
|  | Town of Upland |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 09/01/2037 |  | 200751 |
|  | Westfield-Washington Multi-School Building Corp. |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BAM), Series A <br>5.250%, 07/15/2043 |  | 213839 |
|  |  |  | 678972 |
| **Kansas: 1.2%** | **Kansas: 1.2%** | **Kansas: 1.2%** | **Kansas: 1.2%** |
|  | Sedgwick County Unified School District No. 262 Valley Center |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>5.000%, 09/01/2042 |  | 208642 |
| **Louisiana: 1.1%** | **Louisiana: 1.1%** | **Louisiana: 1.1%** | **Louisiana: 1.1%** |
|  | Louisiana Public Facilities Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 04/01/2045 |  | 203854 |
| **Massachusetts: 4.4%** | **Massachusetts: 4.4%** | **Massachusetts: 4.4%** | **Massachusetts: 4.4%** |
|  | Massachusetts Development Finance Agency |  |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/2027 |  | 255979 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.250%, 01/01/2038 |  | 266684 |
| 55000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/01/2040 |  | 55229 |
| 50000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series F <br>4.000%, 07/01/2043 |  | 44892 |
|  | Massachusetts Housing Finance Agency |  |  |
| 175000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA/FNMA/FHLMC), Series 224 <br>4.350%, 12/01/2042 |  | 173129 |
|  |  |  | 795913 |
| **Michigan: 5.4%** | **Michigan: 5.4%** | **Michigan: 5.4%** | **Michigan: 5.4%** |
|  | Detroit Downtown Development Authority |  |  |
| 505000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2048 |  | 522535 |
|  | Michigan Finance Authority |  |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 11/15/2041 |  | 201338 |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-MI <br>5.000%, 12/01/2045 |  | 251214 |
|  |  |  | 975087 |
| **New Hampshire: 1.1%** | **New Hampshire: 1.1%** | **New Hampshire: 1.1%** | **New Hampshire: 1.1%** |
|  | New Hampshire Health & Education Facilities Authority Act |  |  |
| 190000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 10/01/2040 |  | 190810 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **New Jersey: 0.5%** | **New Jersey: 0.5%** | **New Jersey: 0.5%** |
|  | Tobacco Settlement Financing Corp. |  |
| $100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 06/01/2046 | $97750 |
| **New York: 5.6%** | **New York: 5.6%** | **New York: 5.6%** |
|  | Metropolitan Transportation Authority |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A <br>5.000%, 11/15/2044 | 260869 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025A <br>5.250%, 11/15/2045 | 211853 |
|  | New York Transportation Development Corp. |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>5.500%, 06/30/2038 | 110552 |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>6.000%, 06/30/2043 | 221853 |
|  | Westchester County Local Development Corp. |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2042 | 201272 |
|  |  | 1006399 |
| **Ohio: 3.5%** | **Ohio: 3.5%** | **Ohio: 3.5%** |
|  | Columbus Metropolitan Housing Authority |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 12/01/2034 | 303606 |
|  | Columbus Regional Airport Authority |  |
| 180000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 01/01/2043 | 190854 |
|  | Ohio Housing Finance Agency |  |
| 140000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA/FNMA/FHLMC), Series C <br>4.100%, 09/01/2039 | 138739 |
|  |  | 633199 |
| **Pennsylvania: 3.8%** | **Pennsylvania: 3.8%** | **Pennsylvania: 3.8%** |
|  | Allegheny County Higher Education Building Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 03/01/2042 | 210243 |
|  | Allentown City School District |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (AG ST AID WITHHLDG) <br>5.000%, 06/01/2038 | 270897 |
|  | City of Lancaster |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(BAM) <br>4.000%, 11/01/2038 | 100323 |
|  | Montgomery County Higher Education & Health Authority |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 09/01/2043 | 101246 |
|  |  | 682709 |
| **South Carolina: 2.2%** | **South Carolina: 2.2%** | **South Carolina: 2.2%** |
|  | South Carolina Jobs-Economic Development Authority |  |
| 200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 05/01/2043 | 202702 |
|  | South Carolina Public Service Authority |  |
| 195000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 12/01/2037 | 196563 |
|  |  | 399265 |

---

------

**iMGP APA Enhanced Income Municipal Fund** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)(Continued)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** | **MUNICIPAL BONDS (CONTINUED)** |
| **Texas: 15.8%** | **Texas: 15.8%** | **Texas: 15.8%** |
|  | Arlington Higher Education Finance Corp. |  |
| $200000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (PSF-GTD), Series A <br>4.250%, 12/01/2048 | $190396 |
|  | Brownsboro Independent School District |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>5.000%, 08/15/2041 | 104332 |
|  | Central Texas Regional Mobility Authority |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C <br>5.000%, 01/01/2027 | 502394 |
|  | City of Bryan Waterworks & Sewer Revenue |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 07/01/2041 | 244504 |
|  | City of Odessa |  |
| 500000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.000%, 03/01/2033 | 504929 |
|  | FW Texas Street Public Facility Corp. |  |
| 250000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 05/01/2038 | 253090 |
|  | Huffman Independent School District |  |
| 30000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (PSF-GTD) <br>5.250%, 02/15/2049 | 31912 |
|  | Midland County Hospital District |  |
| 415000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (BAM), Series A <br>4.125%, 05/15/2049 | 394400 |
|  | North Texas Tollway Authority |  |
| 300000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.000%, 01/01/2027 | 301801 |
|  | Northwest Williamson County Municipal Utility District No. 2 |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(AG) <br>4.000%, 08/15/2044 | 90506 |
|  | State of Texas |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>3.300%, 10/01/2029 | 100042 |
|  | Texas Department of Housing & Community Affairs |  |
| 135000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (GNMA), Series B <br>4.400%, 07/01/2038 | 136821 |
|  |  | 2855127 |
| **Vermont: 1.9%** | **Vermont: 1.9%** | **Vermont: 1.9%** |
|  | Vermont Educational & Health Buildings Financing Agency |  |
| 350000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B <br>5.000%, 12/01/2039 | 350924 |
| **Virginia: 1.0%** | **Virginia: 1.0%** | **Virginia: 1.0%** |
|  | Virginia College Building Authority |  |
| 165000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 06/01/2031 | 177330 |
| **Washington: 5.0%** | **Washington: 5.0%** | **Washington: 5.0%** |
|  | City of Seattle Municipal Light & Power Revenue |  |
| 330000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 07/01/2044 | 344990 |
|  | Pend Oreille County Public Utility District No. 1 Box Canyon |  |
| 100000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.000%, 01/01/2039 | 101849 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **Washington (continued)** | **Washington (continued)** | **Washington (continued)** |
|  | University of Washington |  |
| $450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A <br>5.250%, 12/01/2046 | $454060 |
|  |  | 900899 |
| **TOTAL MUNICIPAL BONDS**<br> (Cost $17,652,905) | **TOTAL MUNICIPAL BONDS**<br> (Cost $17,652,905) | 17668613 |
| **TOTAL INVESTMENTS**<br> (Cost: $17,652,905): 97.9%  | **TOTAL INVESTMENTS**<br> (Cost: $17,652,905): 97.9%  | 17668613 |
| Other Assets in Excess of Liabilities: 2.1% | Other Assets in Excess of Liabilities: 2.1% | 379874 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $**18048487** |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| ^ | The principal amount is stated in U.S. Dollars unless otherwise indicated.  |

---

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $17652905 |
|  Gross unrealized appreciation | 121923 |
|  Gross unrealized depreciation | (106215) |
|  Net unrealized appreciation | $15708 |

---

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

------

**iMGP DBi Managed Futures Strategy ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount^** | | **Value** |
| **SHORT-TERM INVESTMENTS: 71.9%**  | **SHORT-TERM INVESTMENTS: 71.9%**  | **SHORT-TERM INVESTMENTS: 71.9%**  |
| **REPURCHASE AGREEMENTS: 1.5%**  | **REPURCHASE AGREEMENTS: 1.5%**  | **REPURCHASE AGREEMENTS: 1.5%**  |
| $22772717 | &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income Clearing Corp. 1.260%, 9/30/2025, due 10/01/2025 [collateral: par value $20,581,700, U.S. Treasury Inflation Indexed Note, 0.125%, due 04/15/2027, value $23,228,311] (proceeds $22,773,514) | $22772717 |
| **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $22,772,717) | **TOTAL REPURCHASE AGREEMENTS**<br> (Cost $22,772,717) | 22772717 |
| **TREASURY BILLS: 70.4%**  | **TREASURY BILLS: 70.4%**  | **TREASURY BILLS: 70.4%**  |
| 191000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.761%, 10/14/2025<sup>(a)(b)(c)</sup> | 190721444 |
| 378000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.869%, 10/23/2025<sup>(a)(b)(c)</sup> | 377070547 |
| 36000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.896%, 10/28/2025<sup>(a)(b)(c)</sup> | 35890915 |
| 44890000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.904%, 10/30/2025<sup>(b)(c)</sup> | 44743905 |
| 298000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.873%, 11/06/2025<sup>(a)(b)(c)</sup> | 296806992 |
| 126290000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.072%, 11/20/2025<sup>(b)(c)</sup> | 125561581 |
| **TOTAL TREASURY BILLS**<br> (Cost $1,070,796,370) | **TOTAL TREASURY BILLS**<br> (Cost $1,070,796,370) | 1070795384 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $1,093,569,087) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $1,093,569,087) | 1093568101 |
| **TOTAL INVESTMENTS**<br> (Cost: $1,093,569,087): 71.9%  | **TOTAL INVESTMENTS**<br> (Cost: $1,093,569,087): 71.9%  | 1093568101 |
| Other Assets in Excess of<br>Liabilities: 28.1% | Other Assets in Excess of<br>Liabilities: 28.1% | 426818806 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $1520386907 |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| ^ | The principal amount is stated in U.S. Dollars unless otherwise indicated.  |

---

(a) All or a portion of this security is held by the iMGP DBi Cayman Managed Futures Subsidiary.

(b) The rate shown represents yield-to-maturity.

(c) Issued with a zero coupon. Income is recognized through the accretion of discount.

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $1093569087 |
|  Gross unrealized appreciation | 49674295 |
|  Gross unrealized depreciation | (4897161) |
|  Net unrealized appreciation | $44777134 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**iMGP DBi Managed Futures Strategy ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at September 30, 2025 (Unaudited) (a)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Number of<br>Contracts** | **Notional**<br>**Amount** | **Notional Value** | **Expiration<br>Date** | **Unrealized<br>Appreciation/<br>(Depreciation)** |
|  **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** | **<u>Futures Contracts - Long</u>** |
|  Euro FX Currency Futures  | 400 | $58912192 | $58960000 | 12/15/2025 | $47808 |
|  Gold 100 Oz Futures <sup>(b)</sup> | 795 | 278607353 | 307919400 | 12/29/2025 | 29312047 |
|  MSCI EAFE Index Futures  | 2240 | 311380275 | 311953600 | 12/19/2025 | 573325 |
|  MSCI Emerging Market Index  | 8597 | 576617515 | 584467045 | 12/19/2025 | 7849530 |
|  S&P 500 E-Mini Index Futures  | 1666 | 552978496 | 561337875 | 12/19/2025 | 8359379 |
|  U.S. Treasury 10-Year Note Futures  | 6369 | 716758354 | 716512500 | 12/19/2025 | (245854) |
|  U.S. Treasury 2-Year Note Futures  | 5799 | 1208921906 | 1208502542 | 12/31/2025 | (419364) |
|  WTI Crude Futures <sup>(b)</sup> | 2363 | 150636708 | 146411480 | 11/20/2025 | (4225228) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Long |  |  |  |  | $41251643 |
|  **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** | **<u>Futures Contracts - Short</u>** |
|  Japanese Yen Currency Futures  | (10702) | $(914976278) | $(911542850) | 12/15/2025 | $3433428 |
|  U.S. Treasury Long Bond Futures  | (369) | (43116142) | (43023093) | 12/19/2025 | 93049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short |  |  |  |  | $3526477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Futures Contracts |  |  |  |  | $44778120 |

---

(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 September 30, 2025.

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

------

**iMGP Berkshire Dividend Growth ETF** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **COMMON STOCKS: 99.2%**  | **COMMON STOCKS: 99.2%**  | **COMMON STOCKS: 99.2%**  |
| **Consumer Discretionary: 7.2%** | **Consumer Discretionary: 7.2%** | **Consumer Discretionary: 7.2%** |
| 1569 | Lennar Corp. - Class A | $197757 |
| 810 | Lowe's Cos., Inc. | 203561 |
| 729 | McDonald's Corp. | 221536 |
|  |  | 622854 |
| **Consumer Staples: 11.4%** | **Consumer Staples: 11.4%** | **Consumer Staples: 11.4%** |
| 1485 | General Mills, Inc. | 74874 |
| 726 | Hershey Co. | 135798 |
| 2565 | Mondelez International, Inc. - Class A | 160236 |
| 1722 | Nestle SA - ADR | 158028 |
| 864 | PepsiCo, Inc. | 121340 |
| 891 | Procter & Gamble Co. | 136902 |
| 1924 | Walmart, Inc. | 198287 |
|  |  | 985465 |
| **Energy: 7.4%** | **Energy: 7.4%** | **Energy: 7.4%** |
| 2109 | Chevron Corp. | 327506 |
| 918 | EOG Resources, Inc. | 102926 |
| 7344 | Kinder Morgan, Inc. | 207909 |
|  |  | 638341 |
| **Financials: 17.4%** | **Financials: 17.4%** | **Financials: 17.4%** |
| 5870 | Bank of America Corp. | 302833 |
| 2108 | Charles Schwab Corp. | 201251 |
| 675 | Chubb Ltd. | 190519 |
| 1285 | JPMorgan Chase & Co. | 405327 |
| 1093 | M&T Bank Corp. | 215999 |
| 920 | PNC Financial Services Group, Inc. | 184856 |
|  |  | 1500785 |
| **Health Care: 10.1%** | **Health Care: 10.1%** | **Health Care: 10.1%** |
| 1296 | Abbott Laboratories | 173586 |
| 1674 | AbbVie, Inc. | 387598 |
| 2862 | Bristol-Myers Squibb Co. | 129076 |
| 945 | Johnson & Johnson | 175222 |
|  |  | 865482 |
| **Industrials: 18.2%** | **Industrials: 18.2%** | **Industrials: 18.2%** |
| 2335 | A.O. Smith Corp. | 171412 |
| 351 | Deere & Co. | 160498 |
| 1674 | Emerson Electric Co. | 219595 |
| 1050 | Honeywell International, Inc. | 221025 |
| 513 | Lockheed Martin Corp. | 256095 |
| 932 | Norfolk Southern Corp. | 279982 |
| 1161 | Waste Management, Inc. | 256384 |
|  |  | 1564991 |
| **Information Technology: 20.0%** | **Information Technology: 20.0%** | **Information Technology: 20.0%** |
| 1380 | Apple, Inc. | 351389 |
| 4104 | Cisco Systems, Inc. | 280796 |
| 1549 | Dell Technologies, Inc. - Class C | 219602 |
| 742 | Microsoft Corp. | 384319 |
| 1500 | QUALCOMM, Inc. | 249540 |
| 1053 | TE Connectivity PLC | 231165 |
|  |  | 1716811 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Materials: 3.0%** | **Materials: 3.0%** | **Materials: 3.0%** |
| 1930 | Nucor Corp. | $261380 |
| **Real Estate: 1.4%** | **Real Estate: 1.4%** | **Real Estate: 1.4%** |
| 1728 | WP Carey, Inc. - REIT | 116761 |
| **Utilities: 3.1%** | **Utilities: 3.1%** | **Utilities: 3.1%** |
| 7101 | PPL Corp. | 263873 |
| **TOTAL COMMON STOCKS**<br> (Cost $7,433,520) | **TOTAL COMMON STOCKS**<br> (Cost $7,433,520) | 8536743 |
| **TOTAL INVESTMENTS**<br> (Cost: $7,433,520): 99.2%  | **TOTAL INVESTMENTS**<br> (Cost: $7,433,520): 99.2%  | 8536743 |
| Other Assets in Excess of Liabilities: 0.8% | Other Assets in Excess of Liabilities: 0.8% | 65874 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $8602617 |

---

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $7433520 |
|  Gross unrealized appreciation | 1342628 |
|  Gross unrealized depreciation | (239405) |
|  Net unrealized appreciation | $1103223 |

---

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

------

**Polen Capital China Growth ETF** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **COMMON STOCKS: 98.1%**  | **COMMON STOCKS: 98.1%**  | **COMMON STOCKS: 98.1%**  |
| **Communication Services: 23.8%** | **Communication Services: 23.8%** | **Communication Services: 23.8%** |
| 8600 | Kingsoft Corp. Ltd. | $38264 |
| 2900 | NetEase, Inc. | 88256 |
| 2700 | Tencent Holdings Ltd. | 230062 |
| 3199 | Tencent Music Entertainment Group - ADR | 74665 |
|  |  | 431247 |
| **Consumer Discretionary: 20.1%** | **Consumer Discretionary: 20.1%** | **Consumer Discretionary: 20.1%** |
| 3800 | Alibaba Group Holding Ltd. | 86442 |
| 4200 | ANTA Sports Products Ltd. | 50470 |
| 3000 | BYD Co. Ltd. - Class H | 42488 |
| 15200 | Haier Smart Home Co. Ltd. - Class H | 49501 |
| 1300 | Meituan - Class B<sup>\*(a)</sup> | 17459 |
| 1350 | Trip.com Group Ltd. | 103406 |
| 2100 | Zhejiang Supor Co. Ltd. - Class A | 14087 |
|  |  | 363853 |
| **Consumer Staples: 1.9%** | **Consumer Staples: 1.9%** | **Consumer Staples: 1.9%** |
| 9800 | By-health Co. Ltd. - Class A | 15873 |
| 4800 | Inner Mongolia Yili Industrial Group Co. Ltd. - Class A | 18395 |
|  |  | 34268 |
| **Financials: 18.2%** | **Financials: 18.2%** | **Financials: 18.2%** |
| 10200 | AIA Group Ltd. | 97858 |
| 3100 | Hong Kong Exchanges & Clearing Ltd. | 176097 |
| 8000 | Ping An Insurance Group Co. of China Ltd. - Class H | 54543 |
|  |  | 328498 |
| **Health Care: 4.7%** | **Health Care: 4.7%** | **Health Care: 4.7%** |
| 58000 | AK Medical Holdings Ltd.<sup>(a)</sup> | 41147 |
| 8600 | Hygeia Healthcare Holdings Co. Ltd.<sup>\*(a)</sup> | 15816 |
| 2800 | Jiangsu Hengrui Pharmaceuticals Co. Ltd. - Class A | 28144 |
|  |  | 85107 |
| **Industrials: 11.4%** | **Industrials: 11.4%** | **Industrials: 11.4%** |
| 1800 | Contemporary Amperex Technology Co. Ltd. - Class A | 101651 |
| 8300 | Hefei Meiya Optoelectronic Technology, Inc. - Class A | 23623 |
| 3300 | Shenzhen Inovance Technology Co. Ltd. - Class A | 38858 |
| 11000 | SITC International Holdings Co. Ltd. | 42355 |
|  |  | 206487 |
| **Information Technology: 6.0%** | **Information Technology: 6.0%** | **Information Technology: 6.0%** |
| 6000 | Sino Wealth Electronic Ltd. - Class A | 22943 |
| 12400 | Xiaomi Corp. - Class B<sup>\*(a)</sup> | 86057 |
|  |  | 109000 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Materials: 2.8%** | **Materials: 2.8%** | **Materials: 2.8%** |
| 16000 | Shandong Sinocera Functional Material Co. Ltd. - Class A | $50168 |
| **Real Estate: 8.6%** | **Real Estate: 8.6%** | **Real Estate: 8.6%** |
| 10600 | China Resources Mixc Lifestyle Services Ltd.<sup>(a)</sup> | 56318 |
| 8000 | KE Holdings, Inc. - Class A | 54132 |
| 8900 | Link REIT - REIT | 45753 |
|  |  | 156203 |
| **Utilities: 0.6%** | **Utilities: 0.6%** | **Utilities: 0.6%** |
| 4000 | China Resources Gas Group Ltd. | 10199 |
| **TOTAL COMMON STOCKS**<br> (Cost $1,264,323) | **TOTAL COMMON STOCKS**<br> (Cost $1,264,323) | 1775030 |
| **TOTAL INVESTMENTS<sup>(b)</sup>**<br> (Cost: $1,264,323): 98.1%  | **TOTAL INVESTMENTS<sup>(b)</sup>**<br> (Cost: $1,264,323): 98.1%  | 1775030 |
| Other Assets in Excess of Liabilities: 1.9% | Other Assets in Excess of Liabilities: 1.9% | 33735 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $1808765 |

---

Percentages are stated as a percent of net assets.

---

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

---

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $1264323 |
|  Gross unrealized appreciation | 545904 |
|  Gross unrealized depreciation | (35197) |
|  Net unrealized appreciation | $510707 |

---

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

------

**Polen Capital Emerging Markets ex-China Growth ETF** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **COMMON STOCKS: 95.7%**  | **COMMON STOCKS: 95.7%**  | **COMMON STOCKS: 95.7%**  |
| **Brazil: 17.4%** | **Brazil: 17.4%** | **Brazil: 17.4%** |
| 50 | MercadoLibre, Inc.<sup>\*</sup> | $116847 |
| 6045 | NU Holdings Ltd. - Class A<sup>\*</sup> | 96781 |
| 26000 | Raia Drogasil SA | 89876 |
| 12600 | TOTVS SA | 108605 |
| 10260 | WEG SA | 70452 |
|  |  | 482561 |
| **Cambodia: 3.0%** | **Cambodia: 3.0%** | **Cambodia: 3.0%** |
| 111424 | NagaCorp Ltd. | 83916 |
| **India: 11.3%** | **India: 11.3%** | **India: 11.3%** |
| 551 | Bajaj Auto Ltd. | 54024 |
| 7208 | HDFC Bank Ltd. | 77325 |
| 3239 | ICICI Lombard General Insurance Co. Ltd.<sup>(a)</sup> | 68874 |
| 6143 | Indian Hotels Co. Ltd. | 49863 |
| 11893 | Saregama India Ltd. | 62647 |
|  |  | 312733 |
| **Indonesia: 3.8%** | **Indonesia: 3.8%** | **Indonesia: 3.8%** |
| 137700 | Bank Central Asia Tbk. PT | 63004 |
| 154500 | Bank Mandiri Persero Tbk. PT | 40792 |
|  |  | 103796 |
| **Italy: 2.5%** | **Italy: 2.5%** | **Italy: 2.5%** |
| 4467 | Wizz Air Holdings PLC<sup>\*(a)</sup> | 69358 |
| **Japan: 3.7%** | **Japan: 3.7%** | **Japan: 3.7%** |
| 4630 | Nexon Co. Ltd. | 101596 |
| **Mexico: 2.0%** | **Mexico: 2.0%** | **Mexico: 2.0%** |
| 17897 | Wal-Mart de Mexico SAB de CV | 55207 |
| **Poland: 6.0%** | **Poland: 6.0%** | **Poland: 6.0%** |
| 5680 | Dino Polska SA<sup>\*(a)</sup> | 68372 |
| 8060 | InPost SA<sup>\*</sup> | 98845 |
|  |  | 167217 |
| **Singapore: 2.9%** | **Singapore: 2.9%** | **Singapore: 2.9%** |
| 138600 | Genting Singapore Ltd. | 78933 |
| **South Africa: 7.9%** | **South Africa: 7.9%** | **South Africa: 7.9%** |
| 5912 | Discovery Ltd. | 67419 |
| 2636 | Karooooo Ltd. | 150568 |
|  |  | 217987 |
| **South Korea: 2.7%** | **South Korea: 2.7%** | **South Korea: 2.7%** |
| 352 | Hugel, Inc.<sup>\*</sup> | 75766 |
| **Taiwan: 17.4%** | **Taiwan: 17.4%** | **Taiwan: 17.4%** |
| 2912 | Accton Technology Corp. | 99844 |
| 13000 | E Ink Holdings, Inc. | 102582 |
| 6500 | Taiwan Semiconductor Manufacturing Co. Ltd. | 278315 |
|  |  | 480741 |
| **United Arab Emirates: 3.0%** | **United Arab Emirates: 3.0%** | **United Arab Emirates: 3.0%** |
| 51024 | Salik Co. PJSC | 83488 |
| **Uruguay: 4.5%** | **Uruguay: 4.5%** | **Uruguay: 4.5%** |
| 8738 | Dlocal Ltd. | 124779 |

---

---

| | | |
|:---|:---|:---|
| **Shares** | | **Value** |
| **Vietnam: 7.6%** | **Vietnam: 7.6%** | **Vietnam: 7.6%** |
| 21160 | FPT Corp. | $74465 |
| 27900 | Mobile World Investment Corp. | 82031 |
| 17300 | Phu Nhuan Jewelry JSC | 54400 |
|  |  | 210896 |
| **TOTAL COMMON STOCKS**<br> (Cost $2,460,762) | **TOTAL COMMON STOCKS**<br> (Cost $2,460,762) | 2648974 |
| **TOTAL INVESTMENTS**<br> (Cost: $2,460,762): 95.7%  | **TOTAL INVESTMENTS**<br> (Cost: $2,460,762): 95.7%  | 2648974 |
| Other Assets in Excess of Liabilities: 4.3% | Other Assets in Excess of Liabilities: 4.3% | 118701 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $2767675 |

---

Percentages are stated as a percent of net assets.

---

| | |
|:---|:---|
| PJSC | Public Joint-Stock Company |
| \* | Non-Income Producing Security. |
| (a) | Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933. |

---

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $2460762 |
|  Gross unrealized appreciation | 442100 |
|  Gross unrealized depreciation | (253888) |
|  Net unrealized appreciation | $188212 |

---

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

------

**Polen Capital Emerging Markets ex-China Growth ETF** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

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

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Semiconductors & Semiconductor Equipment | 10.1% |
|  Banks | 10.1% |
|  Software | 9.4% |
|  Consumer Staples Distribution & Retail | 7.7% |
|  Hotels, Restaurants & Leisure | 7.7% |
|  Entertainment | 6.0% |
|  Insurance | 4.9% |
|  Financial Services | 4.5% |
|  Broadline Retail | 4.2% |
|  Electronic Equipment, Instruments & Components | 3.7% |
|  Communications Equipment | 3.6% |
|  Air Freight & Logistics | 3.6% |
|  Transportation Infrastructure | 3.0% |
|  Specialty Retail | 2.9% |
|  Biotechnology | 2.7% |
|  IT Services | 2.7% |
|  Electrical Equipment | 2.5% |
|  Passenger Airlines | 2.5% |
|  Textiles, Apparel & Luxury Goods | 2.0% |
|  Automobiles | 1.9% |
|  Total Investments | 95.7% |
|  Other Assets in Excess of Liabilities | 4.3% |
|  Net Assets | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Polen Capital Global Growth ETF** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| <br> **Shares** | | **Value** |
| **COMMON STOCKS: 97.4%**  | **COMMON STOCKS: 97.4%**  | **COMMON STOCKS: 97.4%**  |
| **Brazil: 2.2%** | **Brazil: 2.2%** | **Brazil: 2.2%** |
| 1815 | MercadoLibre, Inc.<sup>\*</sup> | $4241546 |
| **Canada: 5.8%** | **Canada: 5.8%** | **Canada: 5.8%** |
| 74481 | Shopify, Inc. - Class A<sup>\*</sup> | 11068621 |
| **France: 1.1%** | **France: 1.1%** | **France: 1.1%** |
| 4844 | L'Oreal SA | 2094804 |
| **Germany: 4.5%** | **Germany: 4.5%** | **Germany: 4.5%** |
| 25625 | SAP SE | 6853462 |
| 32088 | Siemens Healthineers AG<sup>(a)</sup> | 1732970 |
|  |  | 8586432 |
| **Netherlands: 3.0%** | **Netherlands: 3.0%** | **Netherlands: 3.0%** |
| 3634 | Adyen NV<sup>\*(a)</sup> | 5821292 |
| **Taiwan: 2.4%** | **Taiwan: 2.4%** | **Taiwan: 2.4%** |
| 16305 | Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 4553823 |
| **United Kingdom: 0.9%** | **United Kingdom: 0.9%** | **United Kingdom: 0.9%** |
| 111450 | Sage Group PLC | 1648044 |
| **United States: 77.5%** | **United States: 77.5%** | **United States: 77.5%** |
| 36023 | Abbott Laboratories | 4824921 |
| 14327 | Adobe, Inc.<sup>\*</sup> | 5053849 |
| 28248 | Alphabet, Inc. - Class C | 6879800 |
| 53684 | Amazon.com, Inc.<sup>\*</sup> | 11787396 |
| 24208 | Aon PLC - Class A | 8632089 |
| 27035 | Boston Scientific Corp.<sup>\*</sup> | 2639427 |
| 18752 | Broadcom, Inc. | 6186472 |
| 61755 | CoStar Group, Inc.<sup>\*</sup> | 5210269 |
| 7670 | Eli Lilly & Co. | 5852210 |
| 20383 | ICON PLC<sup>\*</sup> | 3567025 |
| 4037 | IDEXX Laboratories, Inc.<sup>\*</sup> | 2579199 |
| 15540 | MasterCard, Inc. - Class A | 8839307 |
| 24224 | Microsoft Corp. | 12546821 |
| 12311 | MSCI, Inc. | 6985385 |
| 20991 | NVIDIA Corp. | 3916501 |
| 40977 | Oracle Corp. | 11524372 |
| 38344 | Paycom Software, Inc. | 7980920 |
| 5248 | ServiceNow, Inc.<sup>\*</sup> | 4829629 |
| 40367 | Starbucks Corp. | 3415048 |
| 40950 | Uber Technologies, Inc.<sup>\*</sup> | 4011872 |
| 24821 | Visa, Inc. - Class A | 8473393 |
| 11100 | Willis Towers Watson PLC | 3834495 |
| 12311 | Workday, Inc. - Class A<sup>\*</sup> | 2963627 |
| 38541 | Zoetis, Inc. | 5639319 |
|  |  | 148173346 |
| **TOTAL COMMON STOCKS**<br> (Cost $174,892,865) | **TOTAL COMMON STOCKS**<br> (Cost $174,892,865) | 186187908 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **SHORT-TERM INVESTMENTS: 2.6%** | **SHORT-TERM INVESTMENTS: 2.6%** | **SHORT-TERM INVESTMENTS: 2.6%** |
| **REPURCHASE AGREEMENTS: 2.6%** | **REPURCHASE AGREEMENTS: 2.6%** | **REPURCHASE AGREEMENTS: 2.6%** |
| $4926547 | Fixed Income Clearing Corp. 1.260%, 9/30/2025, due 10/01/2025 [collateral: par value $4,452,600, U.S. Treasury Inflation Indexed Note, 0.125%, due 04/15/2027, value $5,025,216] (proceeds $4,926,720) | $4926547 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $4,926,547) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $4,926,547) | 4926547 |
| **TOTAL INVESTMENTS**<br> (Cost: $179,819,412): 100.0%  | **TOTAL INVESTMENTS**<br> (Cost: $179,819,412): 100.0%  | 191114455 |
| Liabilities in Excess of Other Assets: (0.0)% | Liabilities in Excess of Other Assets: (0.0)% | (52886) |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $191061569 |

---

Percentages are stated as a percent of net assets.

---

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

---

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $179819412 |
|  Gross unrealized appreciation | 18418729 |
|  Gross unrealized depreciation | (7123686) |
|  Net unrealized appreciation | $11295043 |

---

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

------

**Polen Capital Global Growth ETF** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

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

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Software | 23.8% |
|  Financial Services | 12.0% |
|  Broadline Retail | 8.4% |
|  Semiconductors & Semiconductor Equipment | 7.6% |
|  Insurance | 6.5% |
|  Health Care Equipment & Supplies | 6.1% |
|  Pharmaceuticals | 6.1% |
|  IT Services | 5.8% |
|  Professional Services | 4.2% |
|  Capital Markets | 3.7% |
|  Interactive Media & Services | 3.6% |
|  Real Estate Management & Development | 2.7% |
|  Ground Transportation | 2.1% |
|  Life Sciences Tools & Services | 1.9% |
|  Hotels, Restaurants & Leisure | 1.8% |
|  Personal Care Products | 1.1% |
|  Short-Term Investments | 2.6% |
|  Total Investments | 100.0% |
|  Liabilities in Excess of Other Assets | (0.0)% |
|  Net Assets | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Polen Capital International Growth ETF** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

---

| | | |
|:---|:---|:---|
| <br> **Shares** | | **Value** |
| **COMMON STOCKS: 98.4%**  | **COMMON STOCKS: 98.4%**  | **COMMON STOCKS: 98.4%**  |
| **Brazil: 8.8%** | **Brazil: 8.8%** | **Brazil: 8.8%** |
| 664 | MercadoLibre, Inc.<sup>\*</sup> | $1551728 |
| 52974 | NU Holdings Ltd. - Class A<sup>\*</sup> | 848114 |
|  |  | 2399842 |
| **Canada: 5.6%** | **Canada: 5.6%** | **Canada: 5.6%** |
| 10230 | Shopify, Inc. - Class A<sup>\*</sup> | 1520280 |
| **China: 2.2%** | **China: 2.2%** | **China: 2.2%** |
| 7000 | Tencent Holdings Ltd. | 596457 |
| **France: 1.5%** | **France: 1.5%** | **France: 1.5%** |
| 5426 | Teleperformance SE | 403329 |
| **Germany: 12.7%** | **Germany: 12.7%** | **Germany: 12.7%** |
| 4388 | Adidas AG | 923828 |
| 7387 | SAP SE | 1975669 |
| 10176 | Siemens Healthineers AG<sup>(a)</sup> | 549573 |
|  |  | 3449070 |
| **India: 8.0%** | **India: 8.0%** | **India: 8.0%** |
| 37102 | HDFC Bank Ltd. - ADR | 1267404 |
| 15991 | ICICI Bank Ltd. - ADR | 483408 |
| 4390 | MakeMyTrip Ltd.<sup>\*</sup> | 410904 |
|  |  | 2161716 |
| **Japan: 5.6%** | **Japan: 5.6%** | **Japan: 5.6%** |
| 1700 | Disco Corp. | 534327 |
| 5530 | Tokyo Electron Ltd. | 985104 |
|  |  | 1519431 |
| **Netherlands: 11.2%** | **Netherlands: 11.2%** | **Netherlands: 11.2%** |
| 622 | Adyen NV<sup>\*(a)</sup> | 996380 |
| 953 | ASM International NV | 571275 |
| 1503 | ASML Holding NV | 1460641 |
|  |  | 3028296 |
| **Poland: 2.9%** | **Poland: 2.9%** | **Poland: 2.9%** |
| 63371 | InPost SA<sup>\*</sup> | 777157 |
| **Singapore: 2.3%** | **Singapore: 2.3%** | **Singapore: 2.3%** |
| 3551 | Sea Ltd. - ADR<sup>\*</sup> | 634670 |
| **Spain: 1.5%** | **Spain: 1.5%** | **Spain: 1.5%** |
| 5217 | Amadeus IT Group SA | 413263 |
| **Switzerland: 4.0%** | **Switzerland: 4.0%** | **Switzerland: 4.0%** |
| 793 | Lonza Group AG | 524784 |
| 13322 | On Holding AG - Class A<sup>\*</sup> | 564187 |
|  |  | 1088971 |
| **United Kingdom: 6.9%** | **United Kingdom: 6.9%** | **United Kingdom: 6.9%** |
| 126868 | Sage Group PLC | 1876034 |
| **United States: 25.2%** | **United States: 25.2%** | **United States: 25.2%** |
| 3120 | Aon PLC - Class A | 1112530 |
| 7196 | Globant SA<sup>\*</sup> | 412907 |
| 7522 | ICON PLC<sup>\*</sup> | 1316350 |
| 6334 | Medtronic PLC | 603250 |
| 6525 | Monday.com Ltd.<sup>\*</sup> | 1263827 |
| 3826 | Schneider Electric SE | 1066825 |
| 490 | Spotify Technology SA<sup>\*</sup> | 342020 |
| 2033 | Willis Towers Watson PLC | 702300 |
|  |  | 6820009 |
| **TOTAL COMMON STOCKS**<br> (Cost $27,742,229) | **TOTAL COMMON STOCKS**<br> (Cost $27,742,229) | 26688525 |

---

---

| | | |
|:---|:---|:---|
| **Principal<br>Amount** | | **Value** |
| **SHORT-TERM INVESTMENTS: 1.5%**  | **SHORT-TERM INVESTMENTS: 1.5%**  | **SHORT-TERM INVESTMENTS: 1.5%**  |
| **REPURCHASE AGREEMENTS: 1.5%**  | **REPURCHASE AGREEMENTS: 1.5%**  | **REPURCHASE AGREEMENTS: 1.5%**  |
| $406652 | Fixed Income Clearing Corp. 1.260%, 9/30/2025, due 10/01/2025 [collateral: par value $367,600 U.S. Treasury Inflation Indexed Note, 0.125%, due 04/15/2027, value $414,952] (proceeds $406,666) | $406652 |
| **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $406,652) | **TOTAL SHORT-TERM INVESTMENTS**<br> (Cost $406,652) | 406652 |
| **TOTAL INVESTMENTS**<br> (Cost: $28,148,881): 99.9%  | **TOTAL INVESTMENTS**<br> (Cost: $28,148,881): 99.9%  | 27095177 |
| Other Assets in Excess of Liabilities: 0.1% | Other Assets in Excess of Liabilities: 0.1% | 21396 |
| **NET ASSETS: 100.0%** | **NET ASSETS: 100.0%** | $27116573 |

---

Percentages are stated as a percent of net assets.

---

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

---

The cost basis of investments for federal income tax purposes at September 30, 2025 was as follows\*:

---

| | |
|:---|:---|
|  Cost of investments | $28148881 |
|  Gross unrealized appreciation | 1590702 |
|  Gross unrealized depreciation | (2644406) |
|  Net unrealized depreciation | $(1053704) |

---

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

------

**Polen Capital International Growth ETF** 

**SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2025** (Unaudited)

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

---

| | |
|:---|:---|
| **Industry** | **% of<br>Net Assets** |
|  Software | 18.9% |
|  Semiconductors & Semiconductor Equipment | 13.1% |
|  Banks | 9.6% |
|  Broadline Retail | 8.0% |
|  IT Services | 7.1% |
|  Life Sciences Tools & Services | 6.8% |
|  Insurance | 6.7% |
|  Textiles, Apparel & Luxury Goods | 5.5% |
|  Health Care Equipment & Supplies | 4.2% |
|  Electrical Equipment | 3.9% |
|  Financial Services | 3.7% |
|  Hotels, Restaurants & Leisure | 3.0% |
|  Air Freight & Logistics | 2.9% |
|  Interactive Media & Services | 2.2% |
|  Professional Services | 1.5% |
|  Entertainment | 1.3% |
|  Short-Term Investments | 1.5% |
|  Total Investments | 99.9% |
|  Other Assets in Excess of Liabilities | 0.1% |
|  Net Assets | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

**Litman Gregory Funds Trust** 

September 30, 2025 (Unaudited)

**NOTES TO THE SCHEDULE OF INVESTMENTS** 

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

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

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

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

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

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

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

**Consolidation of Subsidiary.** The DBi Managed Futures Strategy ETF may invest up to 20% of its total assets in the iMGP DBi Cayman Managed Futures Subsidiary (the "Subsidiary"). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly- owned and controlled by the DBi Managed Futures Strategy ETF. The financial statements of the DBi Managed Futures Strategy ETF include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund's investment objectives and policies. The DBi Managed Futures Strategy ETF had 15.6% of its total net assets invested in the Subsidiary as of September 30, 2025.

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

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

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

------

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

**Securities Lending.** The Funds may make secured loans of their portfolio securities amounting to not more than one-third of their total assets. Securities loans are required to be collateralized by cash or securities in an amount equal to the securities loaned (marked to market daily). Loans are collateralized at a value at least equal to 105% of the then current market value of any loaned 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.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Value of securities<br>on loan** | **Cash Collateral** | **Non-cash<br>Collateral** | **Total Collateral** |
| Global Select Fund | $5451156 | $— | $5533547 | $5533547 |
| International Fund | 5983059 | 2708508 | 3507421 | 6215929 |
| Small Company Fund | 2174338 | 477724 | 1793107 | 2270831 |
| Low Duration Income Fund | 10607953 | 10688045 | 133125 | 10821170 |
| Dolan McEniry Corporate Bond Fund | 9625655 | 9263480 | 567680 | 9831160 |

---

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 U.S. securities, equal to at least 102% or 105% of the value of the portfolio securities loaned, and (ii) at all times thereafter mark-to-market the collateral on a daily basis so that the market value of such collateral is at least 100% of the value of securities loaned. From time to time the collateral may not be 102% or 105% due to end of day market movement. The next business day, additional collateral is obtained/received from the borrower to replenish/reestablish 102% or 105%.

**Repurchase Agreements***.* Each Fund may enter into repurchase agreements through which the Fund acquires a security (the "underlying security") from a seller, a well-established securities dealer or a bank that is a member of the Federal Reserve System. The bank or securities dealer agrees to repurchase the underlying security at the same price, plus a specified amount of interest, at a later date, generally for a period of less than one week. It is the Trust's policy that its Custodian takes possession of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities, including recorded interest, is sufficient to cover the value of the repurchase agreements. The Trust's policy states that the value of the collateral is at least 102% of the value of the repurchase agreement. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by a Fund may be delayed or limited. At September 30, 2025, the Funds' ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments in Securities.

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

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

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

Net realized foreign currency transaction gains and losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the differences between the amounts of dividends, interest, and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign currency transactions gains and losses arise from changes in the value of assets and liabilities, other than investments in securities, resulting from changes in the exchange rates.

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

------

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

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

**Interest Rate Swaps***.* During the period ended September 30, 2025, the Low Duration Income Fund invested in interest rate swaps. An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the Over the counter ("OTC") market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member ("DCM"), acting in an agency capacity, and submitted to a central counterparty ("CCP") ("centrally cleared swaps"), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin.

**Credit Default Swaps**. During the period ended September 30, 2025, the Low Duration Income Fund entered into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate issuers or indexes or to create exposure to corporate issuers or indexes to which they are not otherwise exposed. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap's notional amount is recorded as realized gain (for protection written) or loss (for protection sold). In the case of credit default swaps where a Fund is selling protection, the notional amount approximates the maximum loss. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin.

**Total Return Swaps.** During the period ended September 30, 2025, the Low Duration Income Fund invested in total return swaps. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the "total return" of a defined underlying asset, usually in return for receiving a stream of Secured Overnight Financing Rate ("SOFR") and Federal Fund Rate ("FEDL01") based cash flows. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. Total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the Statement of Assets and Liabilities. The other leg of the swap, usually SOFR or FEDL01, is a spread to reflect the non-Statement of Assets and Liabilities nature of the product. No notional amounts are exchanged with total return swaps. The total return receiver assumes the entire economic exposure - that is, both market and credit exposure - to the reference asset. The total return payer - often the owner of the reference obligation - gives up economic exposure to the performance of the reference asset and in return takes on counterparty credit exposure to the total return receiver in the event of a default or fall in value of the reference asset.

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

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

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

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

------

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

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

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

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

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

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

**Restricted Securities***.* A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933. If the security is subsequently registered and resold, the issuers would typically bear the expense of all registrations at no cost to the Fund. Restricted securities are valued according to the guidelines and procedures adopted by the Funds' Board of Trustees. As of September 30, 2025, there were no restricted securities held in the Funds.

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

**Fair Value of Financial Investments** 

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

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

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

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

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

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

------

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

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

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

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

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

The following tables provide the fair value measurements of applicable Fund assets and liabilities by level within the fair value hierarchy for each Fund as of September 30, 2025. These assets and liabilities are measured on a recurring basis.

**Global Select Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices<br>in<br>active markets<br>for<br> identical assets** | **Level 2 -<br>Significant<br>other<br>observable<br> inputs** | **Level 3 -<br>Significant<br>unobservable<br> inputs** | **Total** |
|  Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | $9746435 | $— | $— | $9746435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 2458955 |  |  | 2458955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 3992590 |  |  | 3992590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 2291854 |  |  | 2291854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 3057178 |  |  | 3057178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 63792002 |  |  | 63792002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 3377382 |  |  | 3377382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 88716396 |  |  | 88716396 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1822993 |  | 1822993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments |  | 1822993 |  | 1822993 |
|  Total Investments in Securities | $88716396 | $1822993 | $— | $90539389 |

---

**International Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices<br>in<br>active markets<br>for<br> identical assets** | **Level 2 -<br>Significant<br>other<br>observable<br> inputs** | **Level 3 -<br>Significant<br>unobservable<br> inputs** | **Total** |
|  Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia | $3758616 | $— | $— | $3758616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Austria | 2314054 |  |  | 2314054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | 6754167 |  |  | 6754167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 6381521 |  |  | 6381521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 737964 |  |  | 737964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cyprus | 2914269 |  |  | 2914269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denmark | 3027218 |  |  | 3027218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 17352225 |  |  | 17352225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 24573035 |  |  | 24573035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 1731980 |  |  | 1731980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 1537188 |  |  | 1537188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ireland | 2026575 |  |  | 2026575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Israel | 10609172 |  |  | 10609172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 7443274 |  |  | 7443274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 8640180 |  |  | 8640180 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 14103084 |  | 14103084.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 1295760 |  | 1295760.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 2407069 |  | 2407069.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 1178537 |  | 1178537.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 6055664 |  | 6055664.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 6808025 |  | 6808025.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 16106587 |  | 16106587.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 15227613 |  | 15227613.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 162983777 |  | 162983777.0 |
|  Short-Term Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 2708508 |  | 2708508.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 1854908 | 1854908.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments | 2708508 | 1854908 | 4563416.0 |
|  Total Investments in Securities | $165692285 | $1854908 | $167547193.0 |

---

**Small Company Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices<br>in<br>active markets<br>for<br> identical assets** | **Level 2 -<br>Significant<br>other<br>observable<br> inputs** | **Level 3 -<br>Significant<br>unobservable<br> inputs** | **Total** |
|  Equity<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $58222089 | $— | $— | $58222089 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 58222089 |  |  | 58222089 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 477724 |  |  | 477724 |
|  Total Investments in Securities | $58699813 | $— | $— | $58699813 |

---

<sup>(a)</sup> See Fund's Schedule of Investments in Securities for sector classifications.

**Low Duration Income Fund** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices in<br>active markets<br>for<br> identical assets** | **Level 2 -<br>Significant<br>other<br>observable<br> inputs** | **Level 3 -<br>Significant<br>unobservable<br> inputs** |  | **Total** |
|  Equity<sup>(a)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $514930 | $38568 | $293404 | \*\* | $846902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 3344953 |  |  |  | 3344953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Limited Partnerships |  |  | 48294 | \*\* | 48294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 3859883 | 38568 | 341698 | \*\* | 4240149 |
|  Rights/Warrants |  | 686530 |  |  | 686530 |
|  Fixed Income |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset-Backed Securities |  | 61949975 |  |  | 61949975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank Loans |  | 75494061 |  |  | 75494061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Bonds |  | 1383436 |  |  | 1383436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds |  | 187329450 | 91210 | \*\* | 187420660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Securities & Agency Issue |  | 3569986 |  |  | 3569986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage-Backed Securities |  | 51170539 | 6117 |  | 51176656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds |  | 5006 |  |  | 5006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fixed Income |  | 380902453 | 97327 | \*\* | 380999780 |
|  Short-Term Investments |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 10688045 |  |  |  | 10688045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 616505 |  |  |  | 616505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 2842469 |  |  | 2842469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Bills |  | 424618 |  |  | 424618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments | 11304550 | 3267087 |  |  | 14571637 |
|  Purchased Options | 105792 |  |  |  | 105792 |
|  Total Investments in Securities in Assets | $15270225 | $384894638 | $439025 | \*\* | $400603888 |
|  Unfunded Loan Commitments\*\*\* |  | (466566) |  |  | (466566) |
|  Reverse Repurchase Agreements |  | (12072250) |  |  | (12072250) |
|  Total Investments in Securities in Liabilities | $— | $(12072250) | $— |  | $(12072250) |

---

------

---

| | | | |
|:---|:---|:---|:---|
|  Other Financial Instruments<sup>\*</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward Foreign Currency Exchange Contracts | $13027 | $— | $13027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 34664 |  | 34664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps - Interest Rate |  | (121576) | (121576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swaps - Credit Default |  | (12760) | (12760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written Options | (166006) |  | (166006) |

---

<sup>(a)</sup> See Fund's Schedule of Investments in Securities for sector classifications.

<sup>\*</sup> 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. 

<sup>\*\*</sup> Significant unobservable inputs were used in determining the value of portfolio securities for the Low Duration Income Fund.

<sup>\*\*\*</sup> Unfunded Loan Commitments are shown at the unrealized appreciation (depreciation).

**Dolan McEniry Corporate Bond Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices<br>in<br>active markets<br>for<br>identical assets** | **Level 2 -<br>Significant<br>other observable<br> inputs** | **Level 3 -<br>Significant<br>unobservable<br> inputs** | **Total** |
|  Fixed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds | $— | $421894540 | $— | $421894540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Government Securities & Agency Issue |  | 23406831 |  | 23406831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fixed Income |  | 445301371 |  | 445301371 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment of Cash Collateral for Securities Loaned | 9263480 |  |  | 9263480 |
|  Total Investments in Securities | $9263480 | $445301371 | $— | $454564851 |

---

**APA Enhanced Income Municipal Fund** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices<br>in<br>active markets<br>for<br>identical assets** | **Level 2 -<br>Significant<br>other<br>observable<br> inputs** | **Level 3 -<br>Significant<br>unobservable<br> inputs** | **Total** |
|  Fixed Income |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Municipal Bonds | $— | $17668613 | $— | $17668613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Fixed Income |  | 17668613 |  | 17668613 |
|  Total Investments in Securities | $— | $17668613 | $— | $17668613 |

---

**DBi Managed Futures Strategy ETF (Consolidated)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices<br>in<br>active markets<br>for<br>identical assets** | **Level 2 -<br>Significant<br>other observable<br> inputs** | **Level 3 -<br>Significant<br>unobservable<br> inputs** | **Total** |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements | $— | $22772717 | $— | $22772717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Treasury Bills |  | 1070795384 |  | 1070795384 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments |  | 1093568101 |  | 1093568101 |
|  Total Investments in Securities | $— | $1093568101 | $— | $1093568101 |
|  Other Financial Instruments<sup>\*</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | $44778120 | $— | $— | $44778120 |

---

<sup>\*</sup> 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 -<br>Quoted prices<br>in<br>active markets<br>for<br>identical assets** | **Level 2 -<br>Significant<br>other observable<br> inputs** | **Level 3 -<br>Significant<br>unobservable<br> inputs** | **Total** |
|  Equity<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $8536743 | $— | $— | $8536743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 8536743 |  |  | 8536743 |
|  Total Investments in Securities | $8536743 | $— | $— | $8536743 |

---

<sup>(a)</sup> See Fund's Schedule of Investments in Securities for sector classifications.

**Polen Capital China Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices<br>in<br>active markets<br>for<br>identical assets** | **Level 2 -<br>Significant<br>other<br>observable<br> inputs** | **Level 3 -<br>Significant<br>unobservable<br> inputs** | **Total** |
|  Equity<sup>(a)</sup>  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $1775030 | $— | $— | $1775030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 1775030 |  |  | 1775030 |
|  Total Investments in Securities | $1775030 | $— | $— | $1775030 |

---

<sup>(a)</sup> See Fund's Schedule of Investments in Securities for sector classifications.

**Polen Capital Emerging Markets ex-China Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices<br>in<br>active markets<br>for<br>identical assets** | **Level 2 -<br>Significant<br>other<br>observable<br> inputs** | **Level 3 -<br>Significant<br>unobservable<br> inputs** | **Total** |
|  Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $482561 | $— | $— | $482561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cambodia | 83916 |  |  | 83916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 312733 |  |  | 312733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indonesia | 103796 |  |  | 103796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Italy | 69358 |  |  | 69358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 101596 |  |  | 101596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mexico | 55207 |  |  | 55207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 167217 |  |  | 167217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 78933 |  |  | 78933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Africa | 217987 |  |  | 217987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Korea | 75766 |  |  | 75766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 480741 |  |  | 480741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Arab Emirates | 83488 |  |  | 83488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Uruguay | 124779 |  |  | 124779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vietnam | 210896 |  |  | 210896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 2648974 |  |  | 2648974 |
|  Total Investments in Securities | $2648974 | $— | $— | $2648974 |

---

**Polen Capital Global Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices<br>in<br>active markets<br>for<br>identical assets** | **Level 2 -<br>Significant<br>other<br>observable<br> inputs**  | **Level 3 -<br>Significant<br>unobservable<br> inputs**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total**  |
|  Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $4241546 | $— | $— | $4241546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 11068621 |  |  | 11068621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 2094804 |  |  | 2094804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 8586432 |  |  | 8586432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 5821292 |  |  | 5821292 |

---

------

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taiwan | 4553823 |  | 4553823.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1648044 |  | 1648044.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 148173346 |  | 148173346.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 186187908 |  | 186187908.0 |
|  Short-Term Investments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 4926547 | 4926547.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments |  | 4926547 | 4926547.0 |
|  Total Investments in Securities | $186187908 | $4926547 | $191114455.0 |

---

**Polen Capital International Growth ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Level 1 -<br>Quoted prices<br>in<br>active markets<br>for<br>identical assets** | **Level 2 -<br>Significant<br>other<br>observable<br> inputs**  | **Level 3 -<br>Significant<br>unobservable<br> inputs**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total**  |
|  Equity |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazil | $2399842 | $— | $— | $2399842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canada | 1520280 |  |  | 1520280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; China | 596457 |  |  | 596457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; France | 403329 |  |  | 403329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Germany | 3449070 |  |  | 3449070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; India | 2161716 |  |  | 2161716 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Japan | 1519431 |  |  | 1519431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Netherlands | 3028296 |  |  | 3028296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poland | 777157 |  |  | 777157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Singapore | 634670 |  |  | 634670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spain | 413263 |  |  | 413263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Switzerland | 1088971 |  |  | 1088971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Kingdom | 1876034 |  |  | 1876034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States | 6820009 |  |  | 6820009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Equity | 26688525 |  |  | 26688525 |
|  Short-Term Investments |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements |  | 406652 |  | 406652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Short-Term Investments |  | 406652 |  | 406652 |
|  Total Investments in Securities | $26688525 | $406652 | $— | $27095177 |

---

**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 invest, 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.

• **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.

------

• **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 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.

• **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.

• **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 Arbitrage Risk *.*** Arbitrage strategies involve engaging in transactions that
attempt to exploit price differences of identical, related or similar securities on different markets or in different forms. A Fund may realize losses or reduced rate of return if underlying relationships among securities in which investment
positions are taken change in an adverse manner or a transaction is unexpectedly terminated or delayed. Trading to seek short-term capital appreciation can be expected to cause the Fund's portfolio turnover rate to be substantially higher than
that of the average equity-oriented investment company, resulting in higher transaction costs and additional capital gains tax liabilities.

• **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 Corporate Bond 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. <br>

• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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 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.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

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

• **Financial Sector Risk.** The 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Call Risk *.*** During periods of declining interest rates, a bond issuer may "call"
or repay its high yielding bonds before their maturity dates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **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.

• **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.

------

• **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 iMGP 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.

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

• **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.

• **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 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.

• **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 each 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.** 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.

• **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 iMGP 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.

------

• **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.

• **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.

• **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 September 30, 2025, the Small Company Fund has 27.3% 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.

• **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.

• **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 each 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.

• **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 those Funds 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.

• **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.

• **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.

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** LITMAN GREGORY FUNDS TRUST

- **b. Investment Company Act file number:** 811-07763

- **c. CIK number of Registrant:** 0001020425

- **d. LEI of Registrant:** 549300RB4CD8N2IPVU55

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 2301 Rosecrans Avenue

  - **City:** El Segundo

  - **State:** CA

  - **Foreign country:** US

  - **Zip / Postal Code:** 90245

  - **Telephone number:** 925-254-8999

**Item A.2. Information about the Series.**

- **a. Name of Series:** iMGP APA Enhanced Income Municipal Fund

- **b. EDGAR series identifier (if any):** S000089317

- **c. LEI of Series:** 2549004UF8NYI16FUI70

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-09-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $18127364.62

**Total Liabilities:** $106186.63

**Net Assets:** $18021177.99

**Cash Not Reported:** $723088.43

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -65.97000000 | **1-Year:** -661.39000000 | **5-Year:** -2439.28000000 | **10-Year:** -5983.61000000 | **30-Year:** -1365.00000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** -0.41000000 | **1-Year:** -47.23000000 | **5-Year:** -109.74000000 | **10-Year:** -47.17000000 | **30-Year:** 0.00000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000255834 | -0.43%               | 1.06%                | 2.26%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-11286.01               | $-115935.38                                |
| Month 2  | $54535.80                | $73783.97                                  |
| Month 3  | $7611.25                 | $338999.11                                 |

### Schedule of Portfolio Investments

| Name                                                         | Title                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Municipal Electric Authority of Georgia                      | MUNI ELEC AUTH OF GEORGIA                              | CUSIP: 6262074E1<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |    350000 | PA      | $364442.89    | 2.02%             | 2037-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Central Texas Regional Mobility Authority                    | CENTRL TX REGL MOBILITY AUTH REVENUE                   | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $502394.50    | 2.79%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Illinois                                            | ILLINOIS ST                                            | CUSIP: 452153FE4<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    420000 | PA      | $452364.57    | 2.51%             | 2038-05-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Connecticut State Health & Educational Facilities Authority  | CONNECTICUT ST HLTH & EDUCTNL FACS AUTH REVENUE        | CUSIP: 20775DJG8<br>LEI: 549300ZOQJ5U8YBS5Q35 | Long             | DBT              | MUN               | US        |     75000 | PA      | $82606.18     | 0.46%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Colorado Health Facilities Authority                         | COLORADO ST HLTH FACS AUTH REVENUE                     | CUSIP: 19648FKS2<br>LEI: 5493002JB6DRFRZPEQ21 | Long             | DBT              | MUN               | US        |    145000 | PA      | $146328.82    | 0.81%             | 2044-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                | PALM BEACH CNTY FL HLTH FACS AUTH                      | CUSIP: 69650MAZ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $506175.65    | 2.81%             | 2042-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                    | ATLANTA GA ARPT REVENUE                                | CUSIP: 04780M2C2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    185000 | PA      | $200225.81    | 1.11%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Vermont Educational & Health Buildings Financing Agency      | VERMONT ST EDUCTNL & HLTH BLDGS FING AGY REVENUE       | CUSIP: 924166JE2<br>LEI: 549300ZC1ZW1EUIIV708 | Long             | DBT              | MUN               | US        |    350000 | PA      | $350924.00    | 1.95%             | 2039-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Alachua County Health Facilities Authority                   | ALACHUA CNTY FL HLTH FACS AUTH                         | CUSIP: 010685KF1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50007.80     | 0.28%             | 2044-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| South Central Connecticut Regional Water Authority           | SOUTH CENTRAL CT REGL WTR AUTH WTR SYS REVENUE         | CUSIP: 8372275S2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $43577.88     | 0.24%             | 2034-08-01      | Fixed         | 3.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                     | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE         | CUSIP: 650116JF4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $221853.22    | 1.23%             | 2043-06-30      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                        | MET TRANSPRTN AUTH NY REVENUE                          | CUSIP: 59261A5B9<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    250000 | PA      | $260868.55    | 1.45%             | 2044-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Arlington Higher Education Finance Corp                      | ARLINGTON TX HGR EDU FIN CORP EDU REVENUE              | CUSIP: 041807DA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $190395.62    | 1.06%             | 2048-12-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                     | MASSACHUSETTS ST DEV FIN AGY REVENUE                   | CUSIP: 57585BDF2<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $255978.78    | 1.42%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Health Care Authority of the City of Huntsville/The          | HUNTSVILLE AL HLTH CARE AUTH REVENUE                   | CUSIP: 44706HDN4<br>LEI: 254900QP8DQFH746YJ31 | Long             | DBT              | MUN               | US        |     10000 | PA      | $10640.04     | 0.06%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Board of Education                                   | CHICAGO IL BRD OF EDU                                  | CUSIP: 167505UG9<br>LEI: 54930099NR6T9V7LVB43 | Long             | DBT              | MUN               | US        |    325000 | PA      | $341152.53    | 1.89%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allegheny County Higher Education Building Authority         | ALLEGHENY CNTY PA HGR EDU BLDG AUTH UNIV REVENUE       | CUSIP: 01728RPY9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210243.06    | 1.17%             | 2042-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE             | CUSIP: 13068XPS2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107876.01    | 0.60%             | 2043-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Louisiana Public Facilities Authority                        | LOUISIANA PUB FACS AUTH REVENUE                        | CUSIP: 546399JU1<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |    200000 | PA      | $203854.02    | 1.13%             | 2045-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Miami-Dade County Educational Facilities Authority           | MIAMI-DADE CNTY FL EDUCTNL FACS AUTH REVENUE           | CUSIP: 59333APR6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $214902.10    | 1.19%             | 2043-04-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue | LOS ANGELES CA DEPT OF WTR & PWR WTRWKS REVENUE        | CUSIP: 544525VE5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    115000 | PA      | $115369.10    | 0.64%             | 2035-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Allentown City School District                               | ALLENTOWN PA SCH DIST                                  | CUSIP: 018471MX7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $270897.15    | 1.50%             | 2038-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                  | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE      | CUSIP: 56035DJH6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    200000 | PA      | $217595.50    | 1.21%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UCF Stadium Corp                                             | UCF STADIUM CORP FL REVENUE                            | CUSIP: 90350TCA9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $211548.22    | 1.17%             | 2041-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New York Transportation Development Corp                     | NEW YORK ST TRANSPRTN DEV CORP SPL FAC REVENUE         | CUSIP: 650116JA5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $110552.38    | 0.61%             | 2038-06-30      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                      | LOS ANGELES CA DEPT WTR & PWR REVENUE                  | CUSIP: 5444956B5<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     50000 | PA      | $51053.92     | 0.28%             | 2039-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Housing Finance Agency                         | MASSACHUSETTS ST HSG FIN AGY HSG REVENUE               | CUSIP: 57587GMU6<br>LEI: 549300NLJBK1VP6K2K81 | Long             | DBT              | MUN               | US        |    175000 | PA      | $173128.73    | 0.96%             | 2042-12-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| South Carolina Public Service Authority                      | SOUTH CAROLINA ST PUBLIC SVC AUTH REVENUE              | CUSIP: 837151PT0<br>LEI: EMBXY64GWKA9MZGFUD26 | Long             | DBT              | MUN               | US        |    195000 | PA      | $196563.65    | 1.09%             | 2037-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | MICHIGAN ST FIN AUTH REVENUE                           | CUSIP: 59447TMN0<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201338.46    | 1.12%             | 2041-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Lower Alabama Gas District/The                               | LOWER AL GAS DIST GAS PROJ REVENUE                     | CUSIP: 547804AM6<br>LEI: 549300YTI1NTDG2OVU42 | Long             | DBT              | MUN               | US        |    405000 | PA      | $405836.16    | 2.25%             | 2050-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbus Regional Airport Authority                          | COLUMBUS OH REGL ARPT AUTH REVENUE                     | CUSIP: 199546DT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    180000 | PA      | $190853.93    | 1.06%             | 2043-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| University of Washington                                     | UNIV OF WASHINGTON WA UNIV REVENUES                    | CUSIP: 91523NRL2<br>LEI: T8YS5W0N70BYCTHPA429 | Long             | DBT              | MUN               | US        |    450000 | PA      | $454060.04    | 2.52%             | 2046-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power Water System Revenue | LOS ANGELES CA DEPT OF WTR & PWR WTRWKS REVENUE        | CUSIP: 544525Q27<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |     15000 | PA      | $15666.16     | 0.09%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| New Hampshire Health and Education Facilities Authority Act  | NEW HAMPSHIRE ST HLTH & EDU FACS AUTH REVENUE          | CUSIP: 6446143P2<br>LEI: 549300CNCK7OT82W5653 | Long             | DBT              | MUN               | US        |    190000 | PA      | $190809.78    | 1.06%             | 2040-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Bryan TX Waterworks & Sewer Revenue                  | BRYAN TX WTRWKS & SWR REVENUE                          | CUSIP: 117622PC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $244503.65    | 1.36%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Midland County Hospital District                             | MIDLAND CNTY TX HOSP DIST                              | CUSIP: 597503EJ6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    415000 | PA      | $394399.90    | 2.19%             | 2049-05-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                | VOLUSIA CNTY FL EDUCTNL FAC AUTH                       | CUSIP: 928836NE1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101236.82    | 0.56%             | 2049-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Los Angeles Department of Water & Power                      | LOS ANGELES CA DEPT OF WTR & PWR REVENUE               | CUSIP: 544532HT4<br>LEI: 549300S8NXV6YU61GG95 | Long             | DBT              | MUN               | US        |    150000 | PA      | $157296.98    | 0.87%             | 2043-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Ohio Housing Finance Agency                                  | OHIO ST HSG FIN AGY RSDL MTGE REVENUE                  | CUSIP: 67756UAZ1<br>LEI: 549300K10X7VPG6JVX38 | Long             | DBT              | MUN               | US        |    140000 | PA      | $138738.89    | 0.77%             | 2039-09-01      | Fixed         | 4.10%                 | No            |                  2 | On Loan: No      |
| Town of Upland IN                                            | UPLAND IN ECON DEV REVENUE                             | CUSIP: 915395FA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200751.04    | 1.11%             | 2037-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Auburn University                                            | AUBURN UNIV AL GEN FEE REVENUE                         | CUSIP: 050589NR7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50130.66     | 0.28%             | 2035-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Pend Oreille County Public Utility District No 1 Box Canyon  | PEND OREILLE CNTY WA PUBLIC UTILITY DIST #1 BOX CANYON | CUSIP: 706643DD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101849.45    | 0.57%             | 2039-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing & Finance Authority                          | GEORGIA ST HSG & FIN AUTH REVENUE                      | CUSIP: 37353PSQ3<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |    500000 | PA      | $514593.35    | 2.86%             | 2045-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Tobacco Settlement Financing Corp                            | TOBACCO SETTLEMENT FING CORP NJ                        | CUSIP: 888808HQ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $97750.43     | 0.54%             | 2046-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FW Texas Street Public Facility Corp                         | FW TEXAS STREET PUBLIC FAC CORP RSDL DEV REVENUE       | CUSIP: 30322SAA4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $253090.35    | 1.40%             | 2038-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Huffman Independent School District                          | HUFFMAN TX INDEP SCH DIST                              | CUSIP: 444348A71<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $31911.76     | 0.18%             | 2049-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Illinois Finance Authority                                   | ILLINOIS ST FIN AUTH REVENUE                           | CUSIP: 45204ENV6<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |    110000 | PA      | $112324.07    | 0.62%             | 2036-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Montgomery County Higher Education and Health Authority      | MONTGOMERY CNTY PA HGR EDU & HLTH AUTH                 | CUSIP: 613603YX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $101246.03    | 0.56%             | 2043-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                     | MASSACHUSETTS ST DEV FIN AGY REVENUE                   | CUSIP: 57585BDS4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |    250000 | PA      | $266684.35    | 1.48%             | 2038-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Virginia College Building Authority                          | VIRGINIA CLG BLDG AUTH EDUCTNL FACS REVENUE            | CUSIP: 92778FKM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    165000 | PA      | $177329.64    | 0.98%             | 2031-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Sedgwick County Unified School District No 262 Valley Center | SEDGWICK CNTY KS UNIF SCH DIST #262                    | CUSIP: 815662MY4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $208641.80    | 1.16%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                     | MASSACHUSETTS ST DEV FIN AGY REVENUE                   | CUSIP: 57584XU74<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55229.36     | 0.31%             | 2040-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Volusia County Educational Facility Authority                | VOLUSIA CNTY FL EDUCTNL FAC AUTH                       | CUSIP: 928836NZ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    395000 | PA      | $400653.87    | 2.22%             | 2054-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| North Broward Hospital District                              | NORTH BROWARD FL HOSP DIST                             | CUSIP: 657883DP6<br>LEI: 549300HZL14T4Q7UDP41 | Long             | DBT              | MUN               | US        |    125000 | PA      | $124255.18    | 0.69%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago Transit Authority Sales Tax Receipts Fund            | CHICAGO IL TRANSIT AUTH SALES TAX RECPTS REVENUE       | CUSIP: 16772PCB0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $203787.92    | 1.13%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westchester County Local Development Corp                    | WESTCHESTER CNTY NY LOCAL DEV CORP REVENUE             | CUSIP: 95737TEJ1<br>LEI: 549300KOSU8OC75V9238 | Long             | DBT              | MUN               | US        |    200000 | PA      | $201271.80    | 1.12%             | 2042-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Florida Municipal Loan Council                               | FLORIDA ST MUNI LOAN COUNCIL REVENUE                   | CUSIP: 34282CWS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $210531.04    | 1.17%             | 2049-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Westfield-Washington Multi-School Building Corp              | WESTFIELD-WASHINGTON IN MULTI-SCH BLDG CORP            | CUSIP: 96023PPG4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $213838.66    | 1.19%             | 2043-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Black Belt Energy Gas District                               | BLACK BELT ENERGY GAS DIST ALGAS PREPAY REVENUE        | CUSIP: 09182RAR2<br>LEI: 549300I8V0Z68JQCB679 | Long             | DBT              | MUN               | US        |    335000 | PA      | $336130.36    | 1.87%             | 2049-12-01      | Floating      | 4.00%                 | No            |                  2 | On Loan: No      |
| Michigan Finance Authority                                   | MICHIGAN ST FIN AUTH REVENUE                           | CUSIP: 59447TYG2<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    250000 | PA      | $251213.55    | 1.39%             | 2045-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Palm Beach County Health Facilities Authority                | PALM BEACH CNTY FL HLTH FACS AUTH                      | CUSIP: 69650MAV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $202731.00    | 1.12%             | 2032-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| State of Texas                                               | TEXAS ST                                               | CUSIP: 882723ZT9<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100041.76    | 0.56%             | 2029-10-01      | Fixed         | 3.30%                 | No            |                  2 | On Loan: No      |
| City of Odessa TX                                            | ODESSA TX                                              | CUSIP: 676006RS0<br>LEI: 5493009W8JN2B6ZDRY14 | Long             | DBT              | MUN               | US        |    500000 | PA      | $504929.60    | 2.80%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| South Carolina Jobs-Economic Development Authority           | SOUTH CAROLINA ST JOBS-ECON DEV AUTH HOSP REVENUE      | CUSIP: 83703FLN0<br>LEI: 5493006X47I9VG3DL112 | Long             | DBT              | MUN               | US        |    200000 | PA      | $202701.66    | 1.12%             | 2043-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Atlanta GA Department of Aviation                    | ATLANTA GA ARPT REVENUE                                | CUSIP: 04780M2D0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    335000 | PA      | $361422.99    | 2.01%             | 2045-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| California State Public Works Board                          | CALIFORNIA ST PUBLIC WKS BRD LEASE REVENUE             | CUSIP: 13068XPT0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $107110.14    | 0.59%             | 2044-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| St Johns County School Board                                 | SAINT JOHNS CNTY FL SCH BRD COPS                       | CUSIP: 790409HV1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $106929.39    | 0.59%             | 2049-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Metropolitan Transportation Authority                        | MET TRANSPRTN AUTH NY REVENUE                          | CUSIP: 59261A5C7<br>LEI: 5493000TKYODLXADQD60 | Long             | DBT              | MUN               | US        |    200000 | PA      | $211852.82    | 1.18%             | 2045-11-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Texas Department of Housing & Community Affairs              | TEXAS ST DEPT OF HSG & CMNTY AFFAIRS RESDL MTG REVENUE | CUSIP: 882750UX8<br>LEI: 549300J3RRLLZZN4WP77 | Long             | DBT              | MUN               | US        |    135000 | PA      | $136821.57    | 0.76%             | 2038-07-01      | Fixed         | 4.40%                 | No            |                  2 | On Loan: No      |
| Massachusetts Development Finance Agency                     | MASSACHUSETTS ST DEV FIN AGY REVENUE                   | CUSIP: 57583UTY4<br>LEI: 549300UZSVMFXJK08K70 | Long             | DBT              | MUN               | US        |     50000 | PA      | $44891.71     | 0.25%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Brownsboro Independent School District                       | BROWNSBORO TX INDEP SCH DIST                           | CUSIP: 116079HS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $104332.08    | 0.58%             | 2041-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Northwest Williamson County Municipal Utility District No 2  | N W WILLIAMSON TX MUNI UTILITY DIST #2                 | CUSIP: 667868CP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $90505.79     | 0.50%             | 2044-08-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Concord Community Schools Building Corp                      | CONCORD IN CMNTY SCHS BLDG CORP                        | CUSIP: 206256WE5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $264381.93    | 1.47%             | 2044-01-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Orange County Health Facilities Authority                    | ORANGE CNTY FL HLTH FACS AUTH REVENUE                  | CUSIP: 68450LEN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    215000 | PA      | $217245.76    | 1.21%             | 2039-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| North Texas Tollway Authority                                | N TX TOLLWAY AUTH REVENUE                              | CUSIP: 66285WUX2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    300000 | PA      | $301800.60    | 1.67%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| City of Lancaster PA                                         | LANCASTER PA                                           | CUSIP: 514282XS6<br>LEI: 549300BGOEKNNN4HPE68 | Long             | DBT              | MUN               | US        |    100000 | PA      | $100323.27    | 0.56%             | 2038-11-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| City of Seattle WA Municipal Light & Power Revenue           | SEATTLE WA MUNI LIGHT & PWR REVENUE                    | CUSIP: 812643XU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    330000 | PA      | $344989.72    | 1.91%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Regional Transportation Authority                            | REGL TRANSPRTN AUTH IL                                 | CUSIP: 7599114A5<br>LEI: 549300FOIPI62F5YFO59 | Long             | DBT              | MUN               | US        |    125000 | PA      | $130918.56    | 0.73%             | 2035-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Chicago O'Hare International Airport                         | CHICAGO IL O'HARE INTERNATIONAL ARPT REVENUE           | CUSIP: 167593L26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $512392.35    | 2.84%             | 2038-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc                                  | MAIN STREET NATURAL GAS INC GA GAS SUPPLY REVENUE      | CUSIP: 56035DHT2<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    115000 | PA      | $124673.75    | 0.69%             | 2054-12-01      | Floating      | 5.00%                 | No            |                  2 | On Loan: No      |
| Columbus Metropolitan Housing Authority                      | COLUMBUS OH MET HSG AUTH GEN REVENUE                   | CUSIP: 19951AAV8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $303605.85    | 1.68%             | 2034-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-30

**Name of Applicant:** LITMAN GREGORY FUNDS TRUST

**Signature:** John Coughlan

**Name of Signer:** John Coughlan

**Title:** COO