Litman Gregory Masters Equity Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 97.5%
	Communication Services: 13.6%
	6,661	Alphabet, Inc. - Class A*	$	7,739,749
	3,607	Alphabet, Inc. - Class C*		4,194,256
	4,000	Charter Communications, Inc. - Class A*		1,745,240
	10,208	Facebook, Inc. - Class A*		1,702,694
	15,830	Netflix, Inc.*		5,944,165
	42,805	Sea Ltd. - ADR*		1,896,690
	11,550	Spotify Technology S.A.*		1,402,632
	38,625	Tencent Holdings Ltd.		1,894,513
	58,700	ViacomCBS, Inc. - Class B		822,387
				27,342,326
	Consumer Discretionary: 18.8%
	27,144	Alibaba Group Holding Ltd. - ADR*		5,278,965
	4,320	Amazon.com, Inc.*		8,422,791
	3,275	Booking Holdings, Inc.*		4,405,923
	11,000	Dollar General Corp.		1,661,110
	119,700	General Motors Co.		2,487,366
	40,035	Hilton Worldwide Holdings, Inc.		2,731,988
	37,300	Lear Corp.		3,030,625
	51,200	Naspers Ltd. - Class N, ADR		1,456,128
	51,500	Nordstrom, Inc.		790,010
	51,200	Prosus N.V. - ADR*		700,928
	104,300	Revolve Group, Inc.*		901,152
	13,900	Royal Caribbean Cruises Ltd.		447,163
	54,805	Thor Industries, Inc.		2,311,675
	43,500	TJX Cos., Inc. (The)		2,079,735
	53,200	YETI Holdings, Inc.*		1,038,464
				37,744,023
	Consumer Staples: 3.8%
	12,700	Constellation Brands, Inc. - Class A		1,820,672
	12,495	Diageo Plc - ADR		1,588,364
	25,515	Monster Beverage Corp.*		1,435,474
	95,400	Nomad Foods Ltd.*		1,770,624
	8,034	Sanderson Farms, Inc.		990,753
				7,605,887
	Energy: 1.6%
	26,820	Apache Corp.		112,107
	27,300	Concho Resources, Inc.		1,169,805
	31,000	EOG Resources, Inc.		1,113,520
	142,400	Parsley Energy, Inc. - Class A		815,952
				3,211,384
	Financials: 20.0%
	87,200	Ally Financial, Inc.		1,258,296
	85,500	American International Group, Inc.		2,073,375
	87,000	Bank of America Corp.		1,847,010
	49,475	Bank of New York Mellon Corp. (The)		1,666,318
	19	Berkshire Hathaway, Inc. - Class A*		5,168,000
	24,400	Berkshire Hathaway, Inc. - Class B*		4,461,052
	91,060	Capital One Financial Corp.		4,591,245
	86,427	Charles Schwab Corp. (The)		2,905,676

Shares			Value
	Financials (continued)
	12,469	Chubb Ltd.	$	1,392,663
	43,300	Citigroup, Inc.		1,823,796
	5,000	Fairfax Financial Holdings Ltd.		1,534,800
	15,030	JPMorgan Chase & Co.		1,353,151
	17,229	MetLife, Inc.		526,690
	15,383	Northern Trust Corp.		1,160,801
	34,500	Pinnacle Financial Partners, Inc.		1,295,130
	5,509	Reinsurance Group of America, Inc.		463,527
	24,879	Travelers Cos., Inc. (The)		2,471,729
	48,640	US Bancorp		1,675,648
	93,280	Wells Fargo & Co.		2,677,136
				40,346,043
	Health Care: 12.1%
	17,794	Alexion Pharmaceuticals, Inc.*		1,597,723
	61,524	DENTSPLY SIRONA, Inc.		2,388,977
	9,051	Edwards Lifesciences Corp.*		1,707,200
	4,937	ICU Medical, Inc.*		996,138
	6,250	Illumina, Inc.*		1,707,000
	49,500	Koninklijke Philips N.V.		2,013,037
	49,140	LivaNova Plc*		2,223,585
	36,539	Merit Medical Systems, Inc.*		1,141,844
	90,250	Mylan N.V.*		1,345,628
	34,500	Quest Diagnostics, Inc.		2,770,350
	3,850	Regeneron Pharmaceuticals, Inc.*		1,879,917
	38,282	Smith & Nephew Plc - ADR		1,373,175
	13,200	UnitedHealth Group, Inc.		3,291,816
				24,436,390
	Industrials: 11.0%
	11,128	3M Co.		1,519,083
	18,675	Carlisle Cos., Inc.		2,339,604
	22,500	Eaton Corp. Plc		1,748,025
	33,500	Ferguson Plc		2,109,324
	228,000	General Electric Co.		1,810,320
	17,400	Honeywell International, Inc.		2,327,946
	110,100	Howmet Aerospace, Inc.		1,768,206
	33,650	Knight-Swift Transportation Holdings, Inc.		1,103,720
	72,000	Southwest Airlines Co.		2,563,920
	26,480	United Technologies Corp.		2,497,859
	17,493	WABCO Holdings, Inc.*		2,362,430
				22,150,437
	Information Technology: 14.9%
	15,262	Amphenol Corp. - Class A		1,112,295
	12,889	Atlassian Corp. Plc - Class A*		1,769,144
	39,800	Genpact Ltd.		1,162,160
	65,800	NCR Corp.*		1,164,660
	8,600	Palo Alto Networks, Inc.*		1,410,056
	15,921	salesforce.com, Inc.*		2,292,306
	15,561	ServiceNow, Inc.*		4,459,471
	82,060	TE Connectivity Ltd.		5,168,139
	49,210	Visa, Inc. - Class A		7,928,715
	13,502	Workday, Inc. - Class A*		1,758,230
	27,650	Zendesk, Inc.*		1,769,876
				29,995,052
	Materials: 0.7%
	37,800	Agnico Eagle Mines Ltd.		1,504,062

Litman Gregory Masters Equity Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Shares			Value
	COMMON STOCKS (CONTINUED)
	Real Estate: 1.0%
	51,900	CBRE Group, Inc. - Class A*	$	1,957,149
	TOTAL COMMON STOCKS (Cost $175,220,092)			196,292,753
	PREFERRED STOCK: 1.2%
	Information Technology: 1.2%
	76,000	Samsung Electronics Co. Ltd. - (Preference Shares)		2,503,471
	TOTAL PREFERRED STOCK (Cost $2,454,001)			2,503,471
Principal Amount
	SHORT-TERM INVESTMENTS: 1.4%
	REPURCHASE AGREEMENTS : 1.4%
	$2,711,000	Fixed Income Clearing Corp. 0.000%, 3/31/2020, due 04/01/2020 [collateral: par value $2,440,000, U.S. Treasury Notes, 2.375%, due 05/15/2027 value $2,777,264.] (proceeds $2,711,000)		2,711,000
	TOTAL SHORT-TERM INVESTMENTS (Cost $2,711,000)			2,711,000
	TOTAL INVESTMENTS (Cost: $180,385,093): 100.1%			201,507,224
	Liabilities in Excess of Other Assets: (0.1)%			(212,210	)
	NET ASSETS: 100.0%		$	201,295,014

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
L.P.	Limited Partnership
*	Non-Income Producing Security.

The cost basis of investments for federal income tax purposes at March 31, 2020 was as follows*:

Cost of investments	$	180,385,093
Gross unrealized appreciation		50,956,143
Gross unrealized depreciation		(29,834,012	)
Net unrealized appreciation	$	21,122,131

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

Litman Gregory Masters International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 94.8%
	Australia: 1.7%
	3,475,538	Incitec Pivot Ltd.	$	4,418,124
	Austria: 1.6%
	214,283	S&T AG		4,067,359
	Belgium: 2.2%
	294,310	Fagron		5,807,485
	Bermuda: 5.9%
	1,162,527	Frontline Ltd.		11,171,885
	192,900	Jardine Strategic Holdings Ltd.		4,269,828
				15,441,713
	Canada: 1.2%
	239,800	CAE, Inc.		3,021,276
	Cayman Islands: 2.3%
	260,396	Trip.com Group Ltd. - ADR*		6,106,286
	Denmark: 1.2%
	27,185	Carlsberg A/S - Class B		3,083,840
	Finland: 2.0%
	181,856	Sampo Oyj - Class A		5,313,199
	France: 15.4%
	164,200	BNP Paribas S.A.		4,944,239
	10,354	Bollore S.A.*		33,974
	1,749,242	Bollore S.A.		4,813,042
	208,161	Constellium SE*		1,084,519
	449,429	Elis S.A.		4,258,617
	71,265	Safran S.A.		6,256,814
	875,333	Vivendi S.A.		18,760,427
				40,151,632
	Germany: 4.3%
	23,625	Allianz SE		4,067,900
	213,050	Daimler AG		6,528,432
	25,136	LPKF Laser & Electronics AG*		475,485
				11,071,817
	Ireland: 1.0%
	49,145	Ryanair Holdings Plc - ADR*		2,609,108
	Israel: 2.2%
	1,943,224	Israel Discount Bank Ltd. - Class A		5,748,178
	Japan: 12.4%
	283,400	Asahi Group Holdings Ltd.		9,199,983
	91,700	Cocokara fine, Inc.		4,768,926
	562,648	Nexon Co. Ltd.		9,201,350
	19,300	Nintendo Co. Ltd.		7,442,507
	27,300	Toyota Motor Corp.		1,643,203
				32,255,969
	Mexico: 1.4%
	606,446	Grupo Televisa SAB - ADR		3,517,387
	Monaco: 1.5%
	693,643	Scorpio Bulkers, Inc.		1,754,917
	107,211	Scorpio Tankers, Inc.		2,049,874
				3,804,791

Shares			Value
	Netherlands: 7.0%
	835,941	CNH Industrial N.V.	$	4,777,513
	177,538	EXOR N.V.		9,134,573
	359,643	OCI N.V.*		4,315,851
				18,227,937
	Norway: 0.6%
	173,874	Atlantic Sapphire A/S*		1,500,661
	Russia: 1.8%
	3,698,526	Moscow Exchange MICEX-RTS PJSC		4,590,475
	South Africa: 0.9%
	16,640	Naspers Ltd. - Class N		2,378,557
	South Korea: 0.7%
	13,680	NAVER Corp.		1,881,867
	Spain: 2.3%
	1,023,255	Codere S.A.*(a)		1,611,995
	288,181	Siemens Gamesa Renewable Energy S.A.		4,331,205
				5,943,200
	Sweden: 4.1%
	838,609	Modern Times Group MTG AB - Class B*		6,607,246
	191,224	Nordic Entertainment Group AB - Class B		4,024,511
				10,631,757
	Switzerland: 6.4%
	34,235	Cie Financiere Richemont S.A.		1,875,651
	556,433	Credit Suisse Group AG		4,593,251
	3,886,400	Glencore Plc		5,947,179
	125,270	Julius Baer Group Ltd.		4,275,512
				16,691,593
	United Kingdom: 13.9%
	180,900	Ashtead Group Plc		4,028,416
	122,471	Coca-Cola European Partners Plc		4,661,877
	190,366	easyJet Plc		1,373,574
	458,532	Gamesys Group Plc*		4,167,651
	1,766,359	Informa Plc		9,821,880
	11,683,050	Lloyds Banking Group Plc		4,619,186
	354,468	Prudential Plc		4,536,635
	696,700	Rolls-Royce Holdings Plc		2,939,663
				36,148,882
	United States: 0.8%
	333,287	Genco Shipping & Trading Ltd.		2,139,703
	TOTAL COMMON STOCKS (Cost $313,190,970)			246,552,796

Litman Gregory Masters International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount			Value
	SHORT-TERM INVESTMENTS: 4.5%
	REPURCHASE AGREEMENTS: 4.5%
$	11,763,000	Fixed Income Clearing Corp. 0.000%, 03/31/2020, due 04/01/2020 [collateral: par value $10,550,000, U.S. Treasury Note, 2.375%, due 05/15/2027 value $12,008,253] (proceeds $11,763,000)	$	11,763,000
	TOTAL SHORT-TERM INVESTMENTS (Cost $11,763,000)			11,763,000
	TOTAL INVESTMENTS (Cost: $324,953,970): 99.3%			258,315,796
	Other Assets in Excess of Liabilities: 0.7%			1,708,314
	NET ASSETS: 100.0%		$	260,024,110

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

PJSC Public Joint-Stock Company

* Non-Income Producing Security.

(a) Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.

CURRENCY ABBREVIATIONS:

CHF Swiss Franc

The cost basis of investments for federal income tax purposes at March 31, 2020 was as follows*:

Cost of investments	$	324,953,970
Gross unrealized appreciation		10,018,391
Gross unrealized depreciation		(76,665,126	)
Net unrealized depreciation	$	(66,646,735	)

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

Litman Gregory Masters International Fund

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2020 (Unaudited)

At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

											Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date		Fund Receiving		U.S. $ Value at March 31, 2020		Fund Delivering		U.S. $ Value at March 31, 2020		Unrealized Appreciation		Unrealized Depreciation
State Street Bank and Trust Company		6/17/2020		CHF	$	198,059		USD	$	195,297	$	2,762	$	—
		6/17/2020		USD		855,967		CHF		867,290		—		(11,323	)
					$	1,054,026			$	1,062,587	$	2,762	$	(11,323	)

Litman Gregory Masters Smaller Companies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 95.0%
	Communication Services: 7.7%
	35,572	Emerald Holding, Inc.	$	92,131
	65,000	EW Scripps Co. (The) - Class A		490,100
	88,259	MDC Partners, Inc. - Class A*		127,976
	21,593	Millicom International Cellular S.A.*		613,241
				1,323,448
	Consumer Discretionary: 8.9%
	37,106	American Eagle Outfitters, Inc.		294,993
	14,600	Cheesecake Factory, Inc. (The)		249,368
	13,750	Chewy, Inc. - Class A*		515,487
	4,094	Jack in the Box, Inc.		143,495
	4,150	Mohawk Industries, Inc.*		316,396
				1,519,739
	Consumer Staples: 8.1%
	35,991	Hain Celestial Group, Inc. (The)*		934,686
	10,105	TreeHouse Foods, Inc.*		446,136
				1,380,822
	Energy: 0.8%
	43,153	WPX Energy, Inc.*		131,617
	Financials: 3.2%
	16,000	AllianceBernstein Holding L.P.		297,440
	15,300	Bank of NT Butterfield & Son Ltd. (The)		260,559
				557,999
	Health Care: 11.5%
	20,300	Avanos Medical, Inc.*		546,679
	119,800	Capital Senior Living Corp.*		69,484
	6,000	Integer Holdings Corp.*		377,160
	4,407	Magellan Health, Inc.*		212,021
	13,054	MEDNAX, Inc.*		151,948
	22,166	Orthofix Medical, Inc.*		620,870
				1,978,162
	Industrials: 21.8%
	8,800	ASGN, Inc.*		310,816
	16,450	Avis Budget Group, Inc.*		228,655
	6,020	Axon Enterprise, Inc.*		426,035
	25,000	Colfax Corp.*		495,000
	89,578	GP Strategies Corp.*		583,153
	7,500	Heritage-Crystal Clean, Inc.*		121,800
	22,600	Macquarie Infrastructure Corp.		570,650
	9,525	Regal Beloit Corp.		599,599
	11,916	SPX Corp.*		388,938
				3,724,646
	Information Technology: 20.0%
	9,900	Brooks Automation, Inc.		301,950
	25,500	Dropbox, Inc. - Class A*		461,550
	8,607	FARO Technologies, Inc.*		383,012
	32,398	FireEye, Inc.*		342,771
	8,797	FLIR Systems, Inc.		280,536

Shares			Value
	Information Technology (continued)
	28,499	NCR Corp.*	$	504,432
	25,000	ViaSat, Inc.*		898,000
	2,340	WEX, Inc.*		244,647
				3,416,898
	Materials: 9.4%
	29,280	Compass Minerals International, Inc.		1,126,401
	19,000	Norbord, Inc.		224,960
	22,000	Olin Corp.		256,740
				1,608,101
	Real Estate: 3.6%
	12,876	Equity Commonwealth - REIT		408,298
	5,800	Ryman Hospitality Properties, Inc. - REIT		207,930
				616,228
	TOTAL COMMON STOCKS (Cost $23,395,475)			16,257,660
Principal Amount
	SHORT-TERM INVESTMENTS: 4.7%
	REPURCHASE AGREEMENTS : 4.7%
	$805,000	Fixed Income Clearing Corp. 0.000%, 3/31/2020, due 04/01/2020 [collateral: par value $730,000, U.S. Treasury Notes, 2.375%, due 05/15/2027 value $830,903] (proceeds $805,000)		805,000
	TOTAL SHORT-TERM INVESTMENTS (Cost $805,000)			805,000
	TOTAL INVESTMENTS (Cost: $24,200,475): 99.7%			17,062,660
	Other Assets in Excess of Liabilities: 0.3%			50,488
	NET ASSETS: 100.0%		$	17,113,148

Percentages are stated as a percent of net assets.

L.P.	Limited Partnership
*	Non-Income Producing Security.

The cost basis of investments for federal income tax purposes at March 31, 2020 was as follows*:

Cost of investments	$	24,200,475
Gross unrealized appreciation		1,000,722
Gross unrealized depreciation		(8,138,537	)
Net unrealized depreciation	$	(7,137,815	)

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

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 28.4%
	Communication Services: 3.6%
	6,074	Alphabet, Inc. - Class A*	$	7,057,684
	5,557	Alphabet, Inc. - Class C*(a)		6,461,735
	76,429	AT&T, Inc.		2,227,905
	41,790	Baidu, Inc. - ADR*		4,212,014
	14,058	Charter Communications, Inc. - Class A*		6,133,646
	246,397	Cincinnati Bell, Inc.*		3,607,252
	63,157	Clear Channel Outdoor Holdings, Inc.*		40,421
	242,722	Comcast Corp. - Class A(a)		8,344,782
	114,390	Escrow Altegrity, Inc.*(b)		2,344,995
	35,610	Facebook, Inc. - Class A*(a)		5,939,748
	26,858	iHeartMedia, Inc. - Class A*		196,332
	552	Interpublic Group of Cos., Inc. (The)		8,937
	483,237	Meet Group, Inc. (The)*(a)		2,836,601
	163,700	Nexon Co. Ltd.*		2,686,601
	662	Omnicom Group, Inc.		36,344
	32,800	SoftBank Group Corp.		1,155,297
	25,700	Tokyo Broadcasting System Holdings, Inc.		359,411
	859	Verizon Communications, Inc.		46,154
				53,695,859
	Consumer Discretionary: 3.5%
	8,670	Alibaba Group Holding Ltd. - ADR*		1,686,142
	591	Best Buy Co., Inc.		33,687
	2,655	Booking Holdings, Inc.*		3,571,825
	1,978,193	Caesars Entertainment Corp.*(a)		13,372,585
	24,350	Cie Financiere Richemont S.A.		1,341,931
	128	Domino’s Pizza, Inc.		41,481
	854	DR Horton, Inc.		29,036
	491	Garmin Ltd.		36,805
	217	Home Depot, Inc. (The)		40,516
	66,947	JD.com, Inc. - ADR*		2,711,353
	387	LVMH Moet Hennessy Louis Vuitton SE		144,294
	9,311	Marriott International, Inc. - Class A		696,556
	3,813	McDonald’s Corp.		630,480
	37,599	Naspers Ltd. - Class N		5,401,341
	1,773	NIKE, Inc. - Class B		146,698
	47,290	Porsche Automobil Holding SE - (Preference Shares)		2,015,114
	33,884	Prosus N.V.*		2,357,283
	68,191	Regis Corp.*		403,009
	2,432	Starbucks Corp.		159,880
	452	Target Corp.		42,022
	124,704	Tiffany & Co.		16,149,168
	30,500	Toyota Industries Corp.		1,469,059
	4,129	Yum China Holdings, Inc.		176,019
	394	Yum! Brands, Inc.		27,001
				52,683,285
	Consumer Staples: 0.2%
	1,169	Altria Group, Inc.		45,205
	11,560	Coca-Cola Co. (The)		511,530
	1,819	Costco Wholesale Corp.		518,652

Shares			Value
	Consumer Staples (continued)
	844	Estee Lauder Cos., Inc. (The) - Class A	$	134,483
	164	PepsiCo, Inc.		19,696
	600	Philip Morris International, Inc.		43,776
	5,151	Procter & Gamble Co. (The)		566,610
	569	Tyson Foods, Inc. - Class A		32,928
	4,770	Walmart, Inc.		541,968
				2,414,848
	Energy: 1.1%
	18,829	Battalion Oil Corp.*		88,025
	220	Dommo Energia S.A. - ADR*		529
	281,530	Kinder Morgan, Inc.		3,918,898
	1,578	McDermott International, Inc.*		0
	747,904	Tallgrass Energy L.P. - Class A		12,310,500
	21,289	Whiting Petroleum Corp.*		14,272
				16,332,224
	Financials: 4.6%
	426	Allstate Corp. (The)		39,077
	261,480	American International Group, Inc.(a)		6,340,890
	15,310	Aon Plc		2,526,762
	167,760	Bank of America Corp.		3,561,545
	725	Blackstone Group, Inc. (The) - Class A		33,038
	52,738	Bolsas y Mercados Espanoles SHMSF S.A.		1,920,748
	76,053	CIT Group, Inc.(a)		1,312,675
	107,132	Citigroup, Inc.(a)		4,512,400
	597	Citizens Financial Group, Inc.		11,230
	267,565	FGL Holdings(a)		2,622,137
	1,204	Fidelity National Financial, Inc.		29,956
	73,597	Groupe Bruxelles Lambert S.A.		5,806,818
	210,138	Jefferies Financial Group, Inc.(a)		2,872,586
	269,628	Legg Mason, Inc.(a)		13,171,328
	20,110	LPL Financial Holdings, Inc.		1,094,587
	1,020	MetLife, Inc.		31,181
	1,156,540	Royal Bank of Scotland Group Plc		1,626,096
	141	S&P Global, Inc.		34,552
	9,980	Signature Bank		802,292
	382	T Rowe Price Group, Inc.		37,302
	490,234	TD Ameritrade Holding Corp.(a)		16,991,510
	146,020	Wells Fargo & Co.(a)		4,190,774
				69,569,484
	Health Care: 3.7%
	582	AbbVie, Inc.		44,343
	183,930	Allergan Plc(a)		32,574,003
	559	AmerisourceBergen Corp.		49,471
	215	Amgen, Inc.		43,587
	127	Anthem, Inc.		28,834
	823	Bristol-Myers Squibb Co.		45,874
	9,763	CVS Health Corp.		579,239
	312	Eli Lilly & Co.		43,281
	141	Humana, Inc.		44,277
	4,434	Johnson & Johnson		581,430
	455	Medtronic Plc		41,032
	608	Merck & Co., Inc.		46,780
	165,200	Olympus Corp.		2,399,390
	1,267,973	Pacific Biosciences of California, Inc.*(a)		3,879,997

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Shares			Value
	COMMON STOCKS (CONTINUED)
	Health Care (continued)
	137,303	Paratek Pharmaceuticals, Inc.*(a)	$	432,504
	375	Pfizer, Inc.		12,240
	175	UnitedHealth Group, Inc.		43,642
	536,965	Wright Medical Group N.V.*(a)		15,384,047
				56,273,971
	Industrials: 1.6%
	10,788	AECOM*		322,022
	34,711	Air Canada*		387,180
	104	Bureau Veritas S.A.		1,983
	354	Caterpillar, Inc.		41,078
	506	Eaton Corp. Plc		39,311
	2,405	Expeditors International of Washington, Inc.		160,462
	12,711	GEA Group AG		262,208
	303	Honeywell International, Inc.		40,538
	309,049	Howmet Aerospace, Inc.*		4,963,327
	290	Illinois Tool Works, Inc.		41,215
	66,570	Jardine Strategic Holdings Ltd.		1,477,854
	1,260	Johnson Controls International Plc		33,970
	46,790	LG Corp.		2,267,721
	121	Lockheed Martin Corp.		41,013
	261,340	Meggitt Plc		944,810
	7,788	Navistar International Corp.*		128,424
	57	Northrop Grumman Corp.		17,245
	45,950	Raytheon Technologies Corp.		4,334,463
	28,613	Rush Enterprises, Inc. - Class A(a)		913,327
	22,690	Samsung C&T Corp.		1,670,041
	17,500	Sound Holding FP Luxemburg*(b)		306,388
	104,100	Univar, Inc.*		1,115,952
	20,050	WABCO Holdings, Inc.*		2,707,752
	53,720	Westinghouse Air Brake Technologies Corp.		2,585,543
				24,803,827
	Information Technology: 8.0%
	206	Accenture Plc - Class A		33,632
	1,797	Adobe, Inc.*		571,877
	78,523	Analog Devices, Inc.(a)		7,039,587
	195,166	Anixter International, Inc.*		17,149,236
	763	Apple, Inc.		194,023
	789	Applied Materials, Inc.		36,152
	32,499	Broadcom, Inc.		7,705,513
	1,107	Cisco Systems, Inc.		43,516
	338	Fidelity National Information Services, Inc.		41,114
	204,548	ForeScout Technologies, Inc.*		6,461,671
	159,888	Gilat Satellite Networks Ltd.(a)		1,133,606
	2,374	HP, Inc.		41,213
	799	Intel Corp.		43,242
	7,911	International Business Machines Corp.		877,567
	575,010	KEMET Corp.(a)		13,892,242
	966	KLA-Tencor Corp.		138,853
	159	Lam Research Corp.		38,160
	433	Leidos Holdings, Inc.		39,684
	291,205	LogMeIn, Inc.		24,251,552

Shares			Value
	Information Technology (continued)
	758	MasterCard, Inc. - Class A	$	183,103
	10,703	Mellanox Technologies Ltd.*		1,298,488
	32,823	Microsoft Corp.		5,176,515
	159,124	MINDBODY, Inc. - Class A*		5,808,026
	171	NVIDIA Corp.		45,076
	17,240	NXP Semiconductors N.V.		1,429,713
	925	Oracle Corp.		44,705
	613	Paychex, Inc.		38,570
	8,794	Perspecta, Inc.		160,403
	2,408	Qualcomm, Inc.		162,901
	154,708	RIB Software SE*		4,867,599
	87,231	TE Connectivity Ltd.(a)		5,493,808
	115,430	Tech Data Corp.*		15,104,016
	394	Texas Instruments, Inc.		39,372
	1,056	Visa, Inc. - Class A		170,143
				119,754,878
	Materials: 1.0%
	17,473	Axalta Coating Systems Ltd.*(a)		301,759
	357,443	Cemex SAB de C.V. - ADR		757,779
	44,314	DuPont de Nemours, Inc.		1,511,108
	1,766,021	Glencore Plc		2,722,752
	65,910	HeidelbergCement AG		2,838,316
	58,729	Hexion Holdings Corp. - Class B*		594,631
	158,310	LafargeHolcim Ltd.		5,814,127
	78,667	O-I Glass, Inc.		559,322
				15,099,794
	Real Estate: 1.0%
	1,574	Iron Mountain, Inc.		37,462
	420,381	Northview Apartment Real Estate Investment Trust		9,747,361
	268,000	Swire Pacific Ltd. - Class A		1,726,980
	94,999	Taubman Centers, Inc.(a)		3,978,558
				15,490,361
	Utilities: 0.1%
	1,891	AES Corp.		25,718
	7,883	Dominion Energy, Inc.		569,074
	7,138	Duke Energy Corp.		577,321
	162	Entergy Corp.		15,223
	719	Evergy, Inc.		39,581
	653	FirstEnergy Corp.		26,166
	48,890	PG&E Corp.*		439,521
				1,692,604
	TOTAL COMMON STOCKS (Cost $463,359,030)			427,811,135
	RIGHTS/WARRANTS: 0.0%
	17,471	Avaya Holdings Corp. (Expiration date 12/15/22)*		5,678
	TOTAL RIGHTS/WARRANTS (Cost $0)			5,678
	PREFERRED STOCKS: 0.2%
	Consumer Staples: 0.1%
		Bunge Ltd.
	16,579	4.875%, 12/20/2165(c)		1,541,847

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Shares			Value
	PREFERRED STOCKS (CONTINUED)
	Energy: 0.0%
		Chesapeake Energy Corp.
	506	5.750%, 08/15/2166(c)	$	15,686
		El Paso Energy Capital Trust I
	528	4.750%, 03/31/2028		22,704
				38,390
	Industrials: 0.1%
		Element Communication Aviation
	170	12.000%, 03/16/2040(b)		1,110,780
		Fortive Corp. - Series A
	177	5.000%, 07/01/2021		127,392
		Stanley Black & Decker, Inc.
	674	5.250%, 11/15/2022		47,153
				1,285,325
	Information Technology: 0.0%
		Broadcom, Inc. - Series A
	138	8.000%, 09/30/2022		128,942
	Utilities: 0.0%
		NextEra Energy, Inc.
	4,328	5.279%, 03/01/2023		190,821
	TOTAL PREFERRED STOCKS (Cost $4,097,199)			3,185,325
Principal Amount^
	ASSET-BACKED SECURITIES: 9.4%
		Accelerated Assets LLC
	$220,616	Series 2018-1-B 4.510%, 12/02/2033(d)		220,655
		Adams Outdoor Advertising L.P.
	913,818	Series 2018-1-A 4.810%, 11/15/2048(d)		920,273
		AGL CLO 3 Ltd.
	575,000	Series 2020-3A-C 3.040%, 01/15/2033(d)(e) 3 mo. USD LIBOR + 2.150%		459,497
	470,000	Series 2020-3A-D 4.190%, 01/15/2033(d)(e) 3 mo. USD LIBOR + 3.300%		326,800
		AIM Aviation Finance Ltd.
	642,483	Series 2015-1A-B1 5.072%, 02/15/2040(d)(f)		526,659
		Ajax Mortgage Loan Trust
	332,820	Series 2017-B-A 3.163%, 09/25/2056(d)(g)		339,581
		American Homes 4 Rent
	875,000	Series 2014-SFR2-E 6.231%, 10/17/2036(d)		851,383
	600,000	Series 2014-SFR3-E 6.418%, 12/17/2036(d)		513,222
	845,000	Series 2015-SFR1-E 5.639%, 04/17/2052(d)		794,465
		AmeriCredit Automobile Receivables Trust
	795,000	Series 2018-2-D 4.010%, 07/18/2024		649,213
		Americredit Automobile Receivables Trust
	1,010,000	Series 2018-3-D 4.040%, 11/18/2024		1,024,729

Principal Amount^			Value
		AmeriCredit Automobile Receivables Trust
	$630,000	Series 2019-3-A3 2.060%, 04/18/2024	$	641,438
		AMSR Trust
	335,000	Series 2019-SFR1-B 3.023%, 01/19/2039(d)		297,800
		Apidos CLO XX
	265,000	Series 2015-20A-BRR 3.793%, 07/16/2031(d)(e) 3 mo. USD LIBOR + 1.950%		229,918
		Apidos CLO XXI
	500,000	Series 2015-21A-ER 10.069%, 07/18/2027(d)(e) 3 mo. USD LIBOR + 8.250%		323,821
		Apidos CLO XXIII
	855,000	Series 2015-23A-CR 3.601%, 04/15/2033(d)(e) 3 mo. USD LIBOR + 2.000%		758,465
		Apidos CLO XXIV
	1,000,000	Series 2016-24A-DR 7.619%, 10/20/2030(d)(e) 3 mo. USD LIBOR + 5.800%		622,421
		Ascentium Equipment Receivables Trust
	95,000	Series 2017-2A-C 2.870%, 08/10/2022(d)		95,090
		Atrium XII
	260,000	Series 12A-AR 2.632%, 04/22/2027(d)(e) 3 mo. USD LIBOR + 0.830%		252,650
		Atrium XIII
	500,000	Series 13A-E 7.856%, 11/21/2030(d)(e) 3 mo. USD LIBOR + 6.050%		310,410
		Atrium XIV LLC
	750,000	Series 14A-E 7.493%, 08/23/2030(d)(e) 3 mo. USD LIBOR + 5.650%		469,606
		Avid Automobile Receivables Trust
	180,000	Series 2019-1-C 3.140%, 07/15/2026(d)		173,254
		Barings CLO Ltd.
	1,000,000	Series 2018-3A-E 7.569%, 07/20/2029(d)(e) 3 mo. USD LIBOR + 5.750%		622,829
	500,000	Series 2018-4A-E 7.651%, 10/15/2030(d)(e) 3 mo. USD LIBOR + 5.820%		314,288
		Bayview Opportunity Master Fund IVa Trust
	64,159	Series 2019-RN2-A1 3.967%, 03/28/2034(d)(f)		63,924
		Blackbird Capital Aircraft Lease Securitization Ltd.
	280,729	Series 2016-1A-A 4.213%, 12/16/2041(d)(f)		205,763
	260,677	Series 2016-1A-B 5.682%, 12/16/2041(d)(f)		177,764
		Bristol Park CLO Ltd.
	260,000	Series 2016-1A-CR 3.577%, 04/15/2029(d)(e) 3 mo. USD LIBOR + 1.950%		232,052

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Burnham Park CLO Ltd.
	$340,000	Series 2016-1A-CR 3.969%, 10/20/2029(d)(e) 3 mo. USD LIBOR + 2.150%	$	304,930
		Buttermilk Park CLO Ltd.
	750,000	Series 2018-1A-E 7.581%, 10/15/2031(d)(e) 3 mo. USD LIBOR + 5.750%		467,203
		California Republic Auto Receivables Trust
	520,000	Series 2018-1-D 4.330%, 04/15/2025		533,459
		Canyon Capital CLO Ltd.
	1,000,000	Series 2016-1A-ER 7.581%, 07/15/2031(d)(e) 3 mo. USD LIBOR + 5.750%		577,453
	500,000	Series 2018-1A-E 7.581%, 07/15/2031(d)(e) 3 mo. USD LIBOR + 5.750%		321,108
		Carlyle Global Market Strategies CLO Ltd.
	500,000	Series 2014-2RA-D 7.042%, 05/15/2031(d)(e) 3 mo. USD LIBOR + 5.350%		297,939
		CarMax Auto Owner Trust
	445,000	Series 2018-2-D 3.990%, 04/15/2025		454,463
	299,078	Series 2018-3-A2B 0.905%, 10/15/2021(e) 1 mo. USD LIBOR + 0.200%		299,063
	305,000	Series 2018-4-D 4.150%, 04/15/2025		283,256
		Castlelake Aircraft Securitization Trust
	3,586,326	Series 2018-1-C 6.625%, 06/15/2043(d)		2,131,604
		Castlelake Aircraft Structured Trust
	3,000,000	Series 2019-1A-E 0.000%, 04/15/2039(d)		1,572,700
		Catskill Park CLO Ltd.
	1,000,000	Series 2017-1A-D 7.819%, 04/20/2029(d)(e) 3 mo. USD LIBOR + 6.000%		634,325
		CCG Receivables Trust
	100,000	Series 2018-1-C 3.420%, 06/16/2025(d)		100,237
		Chenango Park CLO Ltd.
	500,000	Series 2018-1A-D 7.631%, 04/15/2030(d)(e) 3 mo. USD LIBOR + 5.800%		322,629
		Chesapeake Funding II LLC
	180,000	Series 2017-2A-D 3.710%, 05/15/2029(d)		180,363
	281,791	Series 2017-4A-A2 1.045%, 11/15/2029(d)(e) 1 mo. USD LIBOR + 0.340%		278,574
	250,000	Series 2018-1A-C 3.570%, 04/15/2030(d)		251,912
	640,000	Series 2018-1A-D 3.920%, 04/15/2030(d)		648,237

Principal Amount^			Value
		CIFC Funding 2013-II Ltd.
	$205,000	Series 2013-2A-A3LR 3.777%, 10/18/2030(d)(e) 3 mo. USD LIBOR + 1.950%	$	177,392
		CIG Auto Receivables Trust
	14,517	Series 2017-1A-A 2.710%, 05/15/2023(d)		14,476
		Citigroup Mortgage Loan Trust, Inc.
	1,012,105	Series 2019-E-A1 3.228%, 11/25/2070(d)(f)		1,047,188
		Coinstar Funding LLC
	1,030,850	Series 2017-1A-A2 5.216%, 04/25/2047(d)		977,625
		Colony American Finance Ltd.
	480,000	Series 2015-1-D 5.649%, 10/15/2047(d)		493,679
	230,000	Series 2016-1-C 4.638%, 06/15/2048(d)(f)		228,960
		Cook Park CLO Ltd.
	1,000,000	Series 2018-1A-E 7.236%, 04/17/2030(d)(e) 3 mo. USD LIBOR + 5.400%		629,313
		CPS Auto Receivables Trust
	220,000	Series 2017-D-D 3.730%, 09/15/2023(d)		217,471
	105,000	Series 2018-A-C 3.050%, 12/15/2023(d)		103,440
	490,000	Series 2018-D-C 3.830%, 09/15/2023(d)		489,376
		Credit Acceptance Auto Loan Trust
	775,000	Series 2018-2A-C 4.160%, 09/15/2027(d)		760,372
	605,000	Series 2020-1A-C 2.590%, 06/15/2029(d)		510,151
		CSAB Mortgage-Backed Trust
	1,857,684	Series 2006-2-A6B 5.700%, 09/25/2036(f)		211,041
		CVP Cascade CLO-2 Ltd.
	446,961	Series 2014-2A-A1R 3.019%, 07/18/2026(d)(e) 3 mo. USD LIBOR + 1.200%		440,712
		DB Master Finance LLC
	329,510	Series 2019-1A-A23 4.352%, 05/20/2049(d)		317,806
		Diamond Resorts Owner Trust
	89,833	Series 2017-1A-C 6.070%, 10/22/2029(d)		90,340
	387,304	Series 2018-1-C 4.530%, 01/21/2031(d)		386,678
	320,369	Series 2019-1A-B 3.530%, 02/20/2032(d)		310,015
		Domino’s Pizza Master Issuer LLC
	718,463	Series 2017-1A-A23 4.118%, 07/25/2047(d)		704,221
	59,100	Series 2018-1A-A2I 4.116%, 07/25/2048(d)		57,799
	325,050	Series 2018-1A-A2II 4.328%, 07/25/2048(d)		311,500
	498,750	Series 2019-1A-A2 3.668%, 10/25/2049(d)		445,419

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^				Value
	ASSET-BACKED SECURITIES (CONTINUED)
			Dorchester Park CLO Ltd.
	$500,000		Series 2015-1A-ER 6.819%, 04/20/2028(d)(e) 3 mo. USD LIBOR + 5.000%	$	325,534
			Drive Auto Receivables Trust
	975,000		Series 2018-1-D 3.810%, 05/15/2024		974,969
	85,000		Series 2018-3-D 4.300%, 09/16/2024		84,467
	630,000		Series 2018-5-D 4.300%, 04/15/2026		624,828
			Driven Brands Funding LLC
	230,888		Series 2018-1A-A2 4.739%, 04/20/2048(d)		226,149
			Dryden 40 Senior Loan Fund
	1,000,000		Series 2015-40A-ER 7.442%, 08/15/2031(d)(e) 3 mo. USD LIBOR + 5.750%		646,049
			Dryden 45 Senior Loan Fund
	275,000		Series 2016-45A-ER 7.681%, 10/15/2030(d)(e) 3 mo. USD LIBOR + 5.850%		172,932
			Dryden 55 CLO Ltd.
	500,000		Series 2018-55A-F 9.031%, 04/15/2031(d)(e) 3 mo. USD LIBOR + 7.200%		278,332
			DT Auto Owner Trust
	410,000		Series 2018-2A-D 4.150%, 03/15/2024(d)		408,777
	585,000		Series 2018-3A-C 3.790%, 07/15/2024(d)		575,913
			Earnest Student Loan Program LLC
	13,000		Series 2016-D-R 0.000%, 01/25/2041(d)		226,925
			Education Funding Trust
	873,051		Series 2020-A-A 2.790%, 07/25/2041(d)		864,791
			Elevation CLO Ltd.
	501,338		Series 2015-4A-AR 2.809%, 04/18/2027(d)(e) 3 mo. USD LIBOR + 0.990%		493,312
			Fairstone Financial Issuance Trust
	670,000	(CAD)	Series 2019-1A-A 3.948%, 03/21/2033(d)		474,329
			Fillmore Park CLO Ltd.
	500,000		Series 2018-1A-E 7.231%, 07/15/2030(d)(e) 3 mo. USD LIBOR + 5.400%		314,186
			First Investors Auto Owner Trust
	160,000		Series 2019-2A-D 2.800%, 12/15/2025(d)		153,364
	365,000		Series 2019-2A-E 3.880%, 01/15/2026(d)		338,064
			Five Guys Funding LLC
	674,900		Series 2017-1A-A2 4.600%, 07/25/2047(d)		710,662
			Flagship Credit Auto Trust
	300,000		Series 2016-3-E 6.250%, 10/15/2023(d)		304,553
	700,000		Series 2019-2-D 3.530%, 05/15/2025(d)		688,569
	595,000		Series 2020-1-D 2.480%, 03/16/2026(d)		553,205

Principal Amount^			Value
		Flatiron CLO Ltd.
	$245,417	Series 2015-1A-AR 2.721%, 04/15/2027(d)(e) 3 mo. USD LIBOR + 0.890%	$	240,097
		Galaxy XXVI CLO Ltd.
	715,000	Series 2018-26A-E 7.533%, 11/22/2031(d)(e) 3 mo. USD LIBOR + 5.850%		404,350
		Genesis Sales Finance Master Trust
	145,000	Series 2019-AA-A 4.680%, 08/20/2023(d)		129,800
		Gilbert Park CLO Ltd.
	500,000	Series 2017-1A-E 8.231%, 10/15/2030(d)(e) 3 mo. USD LIBOR + 6.400%		336,019
		Global Container Assets 2014 Holdings Ltd.
	754,937	Series 2014-1-C 6.000%, 01/05/2030(b)(d)		623,880
	340,720	Series 2014-1-D 7.500%, 01/05/2030(b)(d)		195,165
	1,185,000	Series 2014-1-E 0.000%, 01/05/2030(b)(d)		0
		Global Container Assets Ltd.
	152,993	Series 2015-1A-B 4.500%, 02/05/2030(d)		148,472
		GM Financial Consumer Automobile Receivables Trust
	40,625	Series 2018-3-A2B 0.815%, 07/16/2021(e) 1 mo. USD LIBOR + 0.110%		40,616
		GSAA Home Equity Trust
	648,840	Series 2006-10-AF5 6.448%, 06/25/2036(f)		258,196
		Halcyon Loan Advisors Funding Ltd.
	194,398	Series 2014-2A-A1BR 2.975%, 04/28/2025(d)(e) 3 mo. USD LIBOR + 1.180%		195,783
		Harbour Aircraft Investments Ltd.
	307,343	Series 2017-1-C 8.000%, 11/15/2037		283,858
		Harley Marine Financing LLC
	939,473	Series 2018-1A-A2 5.682%, 05/15/2043(d)		847,094
		Hertz Vehicle Financing II L.P.
	365,000	Series 2017-2A-A 3.290%, 10/25/2023(d)		353,031
		Highbridge Loan Management Ltd.
	500,000	Series 2013-2A-DR 8.419%, 10/20/2029(d)(e) 3 mo. USD LIBOR + 6.600%		376,844
	1,000,000	Series 6A-2015-DR 6.841%, 02/05/2031(d)(e) 3 mo. USD LIBOR + 5.100%		560,336
		Horizon Aircraft Finance I Ltd.
	2,612,546	Series 2018-1-C 6.657%, 12/15/2038(d)		1,644,342
		HPEFS Equipment Trust
	265,000	Series 2020-1A-D 2.260%, 02/20/2030(d)		258,782
		InSite Issuer LLC
	3,500,000	Series 2016-1A-C 6.414%, 11/15/2046(d)		2,983,473

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Invitation Homes Trust
	$714,902	Series 2018-SFR1-E 2.800%, 03/17/2037(d)(e) 1 mo. USD LIBOR + 2.000%	$	574,692
	1,225,000	Series 2018-SFR2-E 2.705%, 06/17/2037(d)(e) 1 mo. USD LIBOR + 2.000%		996,882
		Jamestown CLO VII Ltd.
	638,328	Series 2015-7A-A1R 2.624%, 07/25/2027(d)(e) 3 mo. USD LIBOR + 0.830%		609,045
		JP Morgan Mortgage Acquisition Trust
	1,000,000	Series 2007-CH1-AF5 4.888%, 11/25/2036(f)		991,968
		Kestrel Aircraft Funding Ltd.
	541,637	Series 2018-1A-A 4.250%, 12/15/2038(d)		399,625
		LCM 26 Ltd.
	500,000	Series 26A-E 7.119%, 01/20/2031(d)(e) 3 mo. USD LIBOR + 5.300%		306,176
		LCM Loan Income Fund I Income Note Issuer Ltd.
	500,000	Series 27A-E 7.443%, 07/16/2031(d)(e) 3 mo. USD LIBOR + 5.600%		302,620
		LCM XVII L.P.
	1,000,000	Series 17A-ER 7.831%, 10/15/2031(d)(e) 3 mo. USD LIBOR + 6.000%		608,827
		LCM XX L.P.
	500,000	Series 20A-ER 7.269%, 10/20/2027(d)(e) 3 mo. USD LIBOR + 5.450%		318,818
		Lehman XS Trust
	2,644,175	Series 2005-6-3A3A 5.760%, 11/25/2035(f)		1,653,457
	467,420	Series 2006-8-3A3 5.201%, 06/25/2036(f)		460,793
		Limerock CLO III LLC
	105,968	Series 2014-3A-A1R 3.019%, 10/20/2026(d)(e) 3 mo. USD LIBOR + 1.200%		105,278
		Madison Park Funding XII Ltd.
	250,000	Series 2014-12A-B1R 3.469%, 07/20/2026(d)(e) 3 mo. USD LIBOR + 1.650%		250,912
		Madison Park Funding XIV Ltd.
	1,000,000	Series 2014-14A-ER 7.602%, 10/22/2030(d)(e) 3 mo. USD LIBOR + 5.800%		616,079
		Madison Park Funding XXII Ltd.
	1,000,000	Series 2016-22A-ER 8.358%, 01/15/2033(d)(e) 3 mo. USD LIBOR + 6.700%		624,848
		Madison Park Funding XXXI Ltd.
	270,000	Series 2018-31A-C 3.956%, 01/23/2031(d)(e) 3 mo. USD LIBOR + 2.150%		232,692
		MAPS Ltd.
	630,924	Series 2018-1A-A 4.212%, 05/15/2043(d)		478,497

Principal Amount^			Value
	$287,285	Series 2019-1A-A 4.458%, 03/15/2044(d)	$	210,378
		Marlette Funding Trust
	168,227	Series 2019-1A-A 3.440%, 04/16/2029(d)		162,695
	281,071	Series 2019-3A-A 2.690%, 09/17/2029(d)		272,338
		Milos CLO Ltd.
	255,000	Series 2017-1A-CR 3.587%, 10/20/2030(d)(e) 3 mo. USD LIBOR + 1.900%		220,535
		Mosaic Solar Loans LLC
	1,750,584	Series 2017-2A-B 4.770%, 06/22/2043(d)		1,619,518
		Motor Plc
	135,688	Series 2017-1A-A1 1.477%, 09/25/2024(d)(e) 1 mo. USD LIBOR + 0.530%		135,614
		Mountain View CLO X Ltd.
	822,235	Series 2015-10A-AR 2.668%, 10/13/2027(d)(e) 3 mo. USD LIBOR + 0.820%		785,631
		MVW Owner Trust
	136,148	Series 2019-1A-C 3.330%, 11/20/2036(d)		125,353
		Myers Park CLO Ltd.
	1,000,000	Series 2018-1A-E 7.319%, 10/20/2030(d)(e) 3 mo. USD LIBOR + 5.500%		611,611
		Navient Private Education Refi Loan Trust
	260,000	Series 2018-A-B 3.680%, 02/18/2042(d)		268,892
	855,000	Series 2019-FA-B 3.120%, 08/15/2068(d)		863,265
	180,000	Series 2019-GA-B 3.080%, 10/15/2068(d)		184,385
		Navistar Financial Dealer Note Master Owner Trust
	310,000	Series 2018-1-A 1.577%, 09/25/2023(d)(e) 1 mo. USD LIBOR + 0.630%		301,048
		Neuberger Berman CLO XIV Ltd.
	1,705,000	Series 2013-14A-CR2 3.516%, 01/28/2030(d)(e) 3 mo. USD LIBOR + 1.900%		1,512,156
		Neuberger Berman CLO XVI-S Ltd.
	500,000	Series 2017-16SA-E 7.231%, 01/15/2028(d)(e) 3 mo. USD LIBOR + 5.400%		339,798
		Neuberger Berman CLO XXIII Ltd.
	1,000,000	Series 2016-23A-ER 7.586%, 10/17/2027(d)(e) 3 mo. USD LIBOR + 5.750%		639,953
		Neuberger Berman Loan Advisers CLO 24 Ltd.
	1,000,000	Series 2017-24A-E 7.839%, 04/19/2030(d)(e) 3 mo. USD LIBOR + 6.020%		633,383
		Neuberger Berman Loan Advisers CLO 26 Ltd.
	1,000,000	Series 2017-26A-INC 0.000%, 10/18/2030(d)(g)		453,848

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		NextGear Floorplan Master Owner Trust
	$1,210,000	Series 2017-2A-A1 1.385%, 10/17/2022(d)(e) 1 mo. USD LIBOR + 0.680%	$	1,149,992
	845,000	Series 2018-1A-A1 1.345%, 02/15/2023(d)(e) 1 mo. USD LIBOR + 0.640%		804,379
		Nissan Auto Receivables Owner Trust
	817,209	Series 2018-A-A3 2.650%, 05/16/2022		820,723
	156,532	Series 2018-B-A2B 0.805%, 07/15/2021(e) 1 mo. USD LIBOR + 0.100%		156,289
		NRZ Excess Spread-Collateralized Notes
	1,741,558	Series 2018-PLS2-D 4.593%, 02/25/2023(d)		1,746,249
		OCP CLO Ltd.
	916,488	Series 2015-10A-A1R 2.614%, 10/26/2027(d)(e) 3 mo. USD LIBOR + 0.820%		883,200
		Octagon Investment Partners 26 Ltd.
	1,000,000	Series 2016-1A-FR 9.921%, 07/15/2030(d)(e) 3 mo. USD LIBOR + 8.090%		524,450
		Octagon Investment Partners 29 Ltd.
	1,000,000	Series 2016-1A-ER 9.051%, 01/24/2033(d)(e) 3 mo. USD LIBOR + 7.250%		740,221
		Octagon Investment Partners 39 Ltd.
	275,000	Series 2018-3A-E 7.569%, 10/20/2030(d)(e) 3 mo. USD LIBOR + 5.750%		155,360
		Octagon Investment Partners XVI Ltd.
	1,000,000	Series 2013-1A-ER 7.586%, 07/17/2030(d)(e) 3 mo. USD LIBOR + 5.750%		573,924
	1,500,000	Series 2013-1A-SUB 0.000%, 07/17/2030(d)(g)		284,787
		Octagon Investment Partners XXI Ltd.
	500,000	Series 2014-1A-DRR 8.704%, 02/14/2031(d)(e) 3 mo. USD LIBOR + 7.000%		341,834
		OFSI Fund VII Ltd.
	211,829	Series 2014-7A-AR 2.719%, 10/18/2026(d)(e) 3 mo. USD LIBOR + 0.900%		212,137
		OHA Credit Funding 5 Ltd.
	990,000	Series 2020-5A-C 3.306%, 04/18/2033 (b)(d)(e) 3 mo. USD LIBOR + 2.000%		820,928
		OHA Loan Funding Ltd.
	1,615,000	Series 2016-1A-CR 3.683%, 01/20/2033(d)(e) 3 mo. USD LIBOR + 1.950%		1,350,340
		OneMain Financial Issuance Trust
	675,000	Series 2015-3A-B 4.160%, 11/20/2028(d)		686,172
	1,000,000	Series 2016-1A-C 6.000%, 02/20/2029(d)		964,509

Principal Amount^			Value
		Oxford Finance Funding LLC
	$180,000	Series 2019-1A-A2 4.459%, 02/15/2027(d)	$	182,387
		Palmer Square CLO Ltd.
	260,000	Series 2015-2A-BR2 3.769%, 07/20/2030(d)(e) 3 mo. USD LIBOR + 1.950%		228,420
		Parallel Ltd.
	713,114	Series 2015-1A-AR 2.669%, 07/20/2027(d)(e) 3 mo. USD LIBOR + 0.850%		685,842
	700,000	Series 2017-1A-CR 3.713%, 07/20/2029(d)(e) 3 mo. USD LIBOR + 2.000%		596,146
	1,005,000	Series 2018-2A-B 3.969%, 10/20/2031(d)(e) 3 mo. USD LIBOR + 2.150%		824,344
		Park Place Securities, Inc. Asset-Backed Pass-Through Certificates
	8,000,000	Series 2005-WHQ1-M5 2.072%, 03/25/2035(e) 1 mo. USD LIBOR + 1.125%		7,330,101
		Penarth Master Issuer Trust
	300,000	Series 2019-1A 1.152%, 07/18/2023(d)(e) 1 mo. USD LIBOR + 0.540%		296,708
		Planet Fitness Master Issuer LLC
	852,025	Series 2018-1A-A2I 4.262%, 09/05/2048(d)		813,366
	628,425	Series 2019-1A-A2 3.858%, 12/05/2049(d)		498,781
		PNMAC FMSR Issuer Trust
	7,300,000	Series 2018-FT1-A 3.297%, 04/25/2023(d)(e) 1 mo. USD LIBOR + 2.350%		6,542,354
		Prestige Auto Receivables Trust
	200,000	Series 2019-1A-E 3.900%, 05/15/2026(d)		181,617
		Preston Ridge Partners Mortgage LLC
	275,000	Series 2018-1A-A2 5.000%, 04/25/2023(d)(g)		287,625
	469,145	Series 2019-4A-A1 3.351%, 11/25/2024(d)(f)		465,419
		Progress Residential Trust
	210,000	Series 2017-SFR2-E 4.142%, 12/17/2034(d)		199,735
	125,000	Series 2018-SFR2-E 4.656%, 08/17/2035(d)		115,579
	530,000	Series 2019-SFR1-E 4.466%, 08/17/2035(d)		481,780
	235,000	Series 2019-SFR3-D 2.871%, 09/17/2036(d)		214,964
		PRPM LLC
	340,275	Series 2020-1A-A1 2.981%, 02/25/2025(d)(f)		274,321
		Recette Clo Ltd.
	192,481	Series 2015-1A-AR 2.739%, 10/20/2027(d)(e) 3 mo. USD LIBOR + 0.920%		188,266
		Republic FInance Issuance Trust
	1,000,000	Series 2019-A-A 3.430%, 11/22/2027(d)		876,658

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Rockford Tower CLO Ltd.
	$700,000	Series 2017-2A-CR 3.154%, 10/15/2029(d)(e) 3 mo. USD LIBOR + 1.900%	$	623,499
		S-Jets Ltd.
	1,157,905	Series 2017-1-A 3.967%, 08/15/2042(d)		824,205
		Santander Drive Auto Receivables Trust
	1,120,000	Series 2018-2-D 3.880%, 02/15/2024		1,118,235
	975,000	Series 2018-3-D 4.070%, 08/15/2024		955,087
	735,000	Series 2018-5-C 3.810%, 12/16/2024		727,186
	875,000	Series 2019-2-D 3.220%, 07/15/2025		865,939
		SCF Equipment Leasing LLC
	1,135,000	Series 2018-1A-C 4.210%, 04/20/2027(d)		1,117,090
		SLM Private Credit Student Loan Trust
	273,000	Series 2003-A-A3 4.570%, 06/15/2032(e) 28 day ARS		253,135
	812,000	Series 2003-B-A3 4.363%, 03/15/2033(e) 28 day ARS		807,620
	71,000	Series 2003-B-A4 4.477%, 03/15/2033(e) 28 day ARS		64,772
		SMB Private Education Loan Trust
	291,822	Series 2017-B-A2B 1.455%, 10/15/2035(d)(e) 1 mo. USD LIBOR + 0.750%		278,338
		SoFi Consumer Loan Program Trust
	481,147	Series 2018-2-A2 3.350%, 04/26/2027(d)		477,116
	435,000	Series 2018-2-B 3.790%, 04/26/2027(d)		415,745
	380,000	Series 2019-4-C 2.840%, 08/25/2028(d)		310,812
		SoFi Professional Loan Program LLC
	203,961	Series 2016-A-B 3.570%, 01/26/2038(d)		208,085
	133,000	Series 2017-F-R1 0.000%, 01/25/2041(d)		5,538,744
	63,855	Series 2019-B-R1 0.000%, 08/17/2048(d)		2,341,655
		SoFi Professional Loan Program Trust
	360,000	Series 2020-A-BFX 3.120%, 05/15/2046(d)		306,598
	45,000	Series 2020-A-R1 0.000%, 05/15/2046(d)		2,488,182
		Soundview Home Loan Trust
	5,325,308	Series 2007-OPT3-2A3 1.127%, 08/25/2037(e) 1 mo. USD LIBOR + 0.180%		4,923,751

Principal Amount^			Value
		SpringCastle Funding Asset-Backed Notes
	$102,261	Series 2019-AA-A 3.200%, 05/27/2036(d)	$	96,397
		Sprite Ltd.
	299,645	Series 2017-1-B 5.750%, 12/15/2037(d)		212,856
		Stewart Park CLO Ltd.
	500,000	Series 2015-1A-ER 7.111%, 01/15/2030(d)(e) 3 mo. USD LIBOR + 5.280%		313,757
		Taco Bell Funding LLC
	706,063	Series 2018-1A-A2II 4.940%, 11/25/2048(d)		695,629
		Terwin Mortgage Trust
	728,849	Series 2006-3-2A2 1.157%, 04/25/2037(d)(e) 1 mo. USD LIBOR + 0.210%		690,856
		THL Credit Wind River CLO Ltd.
	2,000,000	Series 2014-2A-INC 0.000%, 01/15/2031(d)		304,364
	500,000	Series 2018-2A-E 7.581%, 07/15/2030(d)(e) 3 mo. USD LIBOR + 5.750%		277,291
		TICP CLO VII Ltd.
	280,000	Series 2017-7A-CR 3.660%, 04/15/2033(d)(e) 3 mo. USD LIBOR + 2.150%		227,619
		TICP CLO XV Ltd.
	250,000	Series 2020-15A-C 3.785%, 04/20/2033(d)(e) 3 mo. USD LIBOR + 2.150%		204,641
		Tidewater Auto Receivables Trust
	110,000	Series 2018-AA-D 4.300%, 11/15/2024(d)		102,876
		Towd Point Mortgage Trust
	280,843	Series 2017-6-A1 2.750%, 10/25/2057(d)(g)		281,244
		Trestles CLO II Ltd.
	335,000	Series 2018-2A-D 7.544%, 07/25/2031(d)(e) 3 mo. USD LIBOR + 5.750%		190,505
		Tricon American Homes Trust
	415,000	Series 2019-SFR1-A 2.750%, 03/17/2038(d)		399,830
		Tryon Park CLO Ltd.
	1,000,000	Series 2013-1A-DR 7.781%, 04/15/2029(d)(e) 3 mo. USD LIBOR + 5.950%		647,006
		United Auto Credit Securitization Trust
	640,000	Series 2019-1-C 3.160%, 08/12/2024(d)		619,433
		Venture XX CLO Ltd.
	299,947	Series 2015-20A-AR 2.651%, 04/15/2027(d)(e) 3 mo. USD LIBOR + 0.820%		291,430
		Venture XXI CLO Ltd.
	833,447	Series 2015-21A-AR 2.711%, 07/15/2027(d)(e) 3 mo. USD LIBOR + 0.880%		802,774
		Vericrest Opportunity Loan Trust
	1,370,831	Series 2019-NPL5-A1A 3.352%, 09/25/2049(d)(f)		1,189,546

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Verizon Owner Trust
	$316,059	Series 2017-3A-A1B 1.043%, 04/20/2022(d)(e) 1 mo. USD LIBOR + 0.270%	$	315,206
		Volkswagen Auto Loan Enhanced Trust
	155,892	Series 2018-1-A2B 0.953%, 07/20/2021(e) 1 mo. USD LIBOR + 0.180%		155,584
		VOLT LXXXIII LLC
	383,215	Series 2019-NPL9-A1A 3.327%, 11/26/2049(d)(f)		348,592
		VOLT LXXXVII LLC
	1,038,317	Series 2020-NPL3-A1A 2.981%, 02/25/2050(d)(f)		761,643
		Voya CLO Ltd.
	500,000	Series 2018-2A-E 7.081%, 07/15/2031(d)(e) 3 mo. USD LIBOR + 5.250%		277,487
		WAVE Trust
	282,273	Series 2017-1A-B 5.682%, 11/15/2042(d)		205,269
		Webster Park CLO Ltd.
	1,000,000	Series 2015-1A-DR 7.319%, 07/20/2030(d)(e) 3 mo. USD LIBOR + 5.500%		616,232
		Wendy’s Funding LLC
	869,975	Series 2018-1A-A2II 3.884%, 03/15/2048(d)		788,650
	187,625	Series 2019-1A-A2II 4.080%, 06/15/2049(d)		165,915
		West CLO Ltd.
	506,091	Series 2014-1A-A1R 2.739%, 07/18/2026(d)(e) 3 mo. USD LIBOR + 0.920%		502,357
		Westlake Automobile Receivables Trust
	245,000	Series 2018-1A-D 3.410%, 05/15/2023(d)		234,767
	565,000	Series 2018-2A-D 4.000%, 01/16/2024(d)		568,116
		Wingstop Funding LLC
	237,600	Series 2018-1-A2 4.970%, 12/05/2048(d)		228,757
		World Financial Network Credit Card Master Trust
	1,765,000	Series 2019-C-M 2.710%, 07/15/2026		1,713,156
	TOTAL ASSET-BACKED SECURITIES (Cost $169,534,925)			141,769,543
	BANK LOANS: 2.5%
		Acrisure LLC
	471,240	5.207%, 02/15/2027(e) 3 mo. LIBOR + 3.500%		421,760
		Air Methods Corp.
	1,185,855	4.950%, 04/22/2024(e) 3 mo. LIBOR + 3.500%		847,228
		Almonde, Inc.
	466,522	5.277%, 06/13/2024(e) 3 mo. LIBOR + 3.500%		403,152

Principal Amount^			Value
		American Builders & Contractors Supply Co., Inc.
	$81,244	0.000%, 01/15/2027(h)	$	77,588
		American Tire Distributors Holdings, Inc.
	1,151,295	8.550%, 09/02/2024(e) 3 mo. LIBOR + 7.500%		777,124
		Athenahealth, Inc.
	163,350	5.284%, 02/11/2026(e) 3 mo. LIBOR + 4.500%		153,549
		Avaya, Inc.
	535,000	4.955%, 12/15/2024(e) 1 mo. LIBOR + 4.250%		461,437
		BellRing Brands LLC
	281,438	6.000%, 10/21/2024(e) 1 mo. LIBOR + 5.000%		265,255
		BI-LO Holding LLC
	718,177	9.574%, 05/31/2024(e) 3 mo. LIBOR + 8.000%		590,342
		BJ Services LLC
	3,135,000	8.500%, 01/03/2023(b)(e) 3 mo. LIBOR + 7.000%		3,113,016
		California Resources Corp.
	4,092,000	6.363%, 12/31/2022(e) 3 mo. LIBOR + 4.750%		1,091,193
		Cengage Learning, Inc.
	1,041,881	5.250%, 06/07/2023(e) 1 mo. LIBOR + 4.250%		854,343
		Colorado Buyer, Inc.
	473,471	4.000%, 05/01/2024(e) 1 mo. LIBOR + 3.000%		316,516
		Connect Finco S.A.R.L.
	240,000	5.500%, 12/11/2026(e) 3 mo. LIBOR + 0.375%		193,500
		Cvent, Inc.
	453,506	4.739%, 11/29/2024(e) 1 mo. LIBOR + 3.750%		330,304
		Dell International LLC
	450,000	2.990%, 09/19/2025(e) 1 mo. LIBOR + 2.000%		432,423
		Dhanani Group, Inc.
	108,433	4.739%, 07/20/2025(e) 1 mo. LIBOR + 3.750%		91,626
		Elanco Animal Health, Inc.
	415,000	0.000%, 02/04/2027(h)		397,363
		Equinox Holdings, Inc.
	480,475	4.072%, 03/08/2024(e) 6 mo. LIBOR + 3.000%		356,904
		Flex Acquisition Co., Inc.
	670,000	5.159%, 06/29/2025(e) 3 mo. LIBOR + 3.250%		616,400
		Flexential Intermediate Corp.
	442,730	4.950%, 08/01/2024(e) 3 mo. LIBOR + 3.500%		318,212
		Gavilan Resources LLC
	1,025,000	6.989%, 03/01/2024(e) 1 mo. LIBOR + 6.000%		123,000
		Global Medical Response, Inc.
	248,728	5.863%, 03/14/2025(e) 1 mo. LIBOR + 4.250%		224,477
		Granite Holdings US Acquisition Co.
	457,700	6.322%, 09/30/2026(e) 6 mo. LIBOR + 5.250%		331,833

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
		Gray Television, Inc.
	$556,000	3.765%, 02/07/2024(e) 1 mo. LIBOR + 2.250%	$	526,810
	362,000	4.015%, 01/02/2026(e) 1 mo. LIBOR + 2.500%		340,642
		Gulf Finance LLC
	1,305,109	6.791%, 08/25/2023(e) 1 mo. LIBOR + 5.250%		679,962
		Hayward Industries, Inc.
	453,687	4.489%, 08/05/2024(e) 1 mo. LIBOR + 3.500%		362,949
		Hyland Software, Inc.
	462,175	4.239%, 07/01/2024(e) 1 mo. LIBOR + 3.250%		433,867
		Ingersoll-Rand Services Co.
	265,000	2.739%, 03/01/2027(e) 1 mo. LIBOR + 1.750%		250,756
		ION Trading Technologies S.A.R.L.
	363,143	5.072%, 11/21/2024(e) 3 mo. LIBOR + 4.000%		302,619
		Iron Mountain, Inc.
	1,122,962	2.739%, 01/02/2026(e) 1 mo. LIBOR + 1.750%		1,072,429
		Jeld-Wen, Inc.
	696,362	3.450%, 12/14/2024(e) 3 mo. LIBOR + 2.000%		624,289
		KAR Auction Services, Inc.
	162,488	0.000%, 09/19/2026(h)		151,114
		Klockner-Pentaplast of America, Inc.
	303,444	5.250%, 06/30/2022(e) 1 mo. LIBOR + 4.250%		214,856
		Kronos Acquisition Holdings, Inc.
	380,000	5.000%, 05/15/2023(e) 1 mo. LIBOR + 4.000%		343,742
		Lamar Media Corp.
	211,435	2.516%, 02/05/2027(e) 1 mo. LIBOR + 1.500%		203,506
		Lower Cadence Holdings LLC
	287,825	4.989%, 05/22/2026(e) 1 mo. LIBOR + 4.000%		175,573
		McDermott International, Inc.
	4,165,000	0.000%, 05/10/2023(h)		1,218,262
		McDermott Technology Americas, Inc.
	2,233,381	10.720%, 10/21/2020(e) 3 mo. LIBOR + 9.000%		2,050,244
	106,429	10.647%, 10/22/2020(e) 3 mo. LIBOR + 9.000%		97,702
	1,005,000	0.000%, 10/23/2020(h)		1,020,075
	1,013,203	0.000%, 10/21/2021(h)		987,873
	4,515,073	7.250%, 05/09/2025(e) 3 mo. PRIME + 4.000%		1,389,627
		Mediaco Holding, Inc.
	2,240,124	8.489%, 11/21/2024(e) 1 mo. LIBOR + 7.500%		2,219,295
		Minotaur Acquisition, Inc.
	1,086,767	5.989%, 03/27/2026(e) 1 mo. LIBOR + 5.000%		921,937
		Mitchell International, Inc.
	845,000	8.239%, 12/01/2025(e) 1 mo. LIBOR + 7.250%		664,732

Principal Amount^			Value
		MLN U.S. Holding Co. LLC
	$469,584	6.015%, 11/30/2025(e) 1 mo. LIBOR + 4.500%	$	335,753
		MPH Acquisition Holdings LLC
	1,094,041	4.200%, 06/07/2023(e) 3 mo. LIBOR + 2.750%		984,637
		Murray Energy Corp.
	1,005,435	11.500%, 02/12/2021(b)(e) 1 mo. LIBOR + 9.500%		1,005,435
		Parexel International Corp.
	99,717	3.739%, 09/27/2024(e) 1 mo. LIBOR + 2.750%		86,130
		Quikrete Holdings, Inc.
	360,000	0.000%, 02/01/2027(h)		333,000
		Radiology Partners, Inc.
	508,265	5.981%, 07/09/2025(e) 2 mo. LIBOR + 4.250%		425,926
		Refinitiv US Holdings, Inc.
	390,261	4.239%, 10/01/2025(e) 1 mo. LIBOR + 3.250%		376,763
		Reynolds Consumer Products LLC
	210,000	3.501%, 02/04/2027(e) 3 mo. LIBOR + 1.750%		199,395
		Securus Technologies Holdings, Inc.
	45,025	5.500%, 11/01/2024(e) 6 mo. LIBOR + 4.500%		35,795
		Solenis Holdings LLC
	542,241	5.613%, 06/26/2025(e) 3 mo. LIBOR + 4.000%		437,409
	170,000	10.113%, 06/26/2026(e) 3 mo. LIBOR + 8.500%		118,150
		Team Health Holdings, Inc.
	840,667	3.750%, 02/06/2024(e) 1 mo. LIBOR + 2.750%		542,230
		Tibco Software, Inc.
	195,000	8.240%, 03/03/2028(e) 1 mo. LIBOR + 7.250%		186,225
		Travelport Finance (Luxembourg) S.A.R.L.
	532,325	6.072%, 05/29/2026(e) 3 mo. LIBOR + 5.000%		349,205
		Uber Technologies, Inc.
	644,059	4.489%, 07/13/2023(e) 1 mo. LIBOR + 3.500%		608,636
		United Natural Foods, Inc.
	448,428	5.239%, 10/22/2025(e) 1 mo. LIBOR + 4.250%		388,451
		Verscend Holding Corp.
	270,875	5.489%, 08/27/2025(e) 1 mo. LIBOR + 4.500%		257,331
		Western Digital Corp.
	848,000	3.353%, 04/29/2023(e) 3 mo. LIBOR + 1.750%		822,560
		Zelis Healthcare Corp.
	159,600	5.739%, 09/30/2026(e) 1 mo. LIBOR + 4.750%		148,428
		Ziggo B.V.
	490,000 (EUR)	3.000%, 01/31/2029(e) 3 mo. EURIBOR + 3.000%		505,876
	TOTAL BANK LOANS (Cost $47,495,347)			37,188,741

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CONVERTIBLE BONDS: 1.1%
	Communications: 0.2%
		CalAmp Corp.
	$1,090,000	2.000%, 08/01/2025	$	715,470
		DISH Network Corp.
	1,615,000	2.375%, 03/15/2024		1,285,944
	1,575,000	3.375%, 08/15/2026		1,282,604
		Palo Alto Networks, Inc.
	110,000	0.750%, 07/01/2023		106,446
		Proofpoint, Inc.
	125,000	0.250%, 08/15/2024(d)		117,656
				3,508,120
	Consumer, Non-cyclical: 0.4%
		BioMarin Pharmaceutical, Inc.
	1,755,000	0.599%, 08/01/2024		1,843,509
		Dermira, Inc.
	3,806,000	3.000%, 05/15/2022		3,909,714
				5,753,223
	Energy: 0.0%
		Chesapeake Energy Corp.
	440,000	5.500%, 09/15/2026		24,200
	Industrial: 0.0%
		Greenbrier Cos., Inc. (The)
	180,000	2.875%, 02/01/2024		137,925
	Technology: 0.5%
		Adesto Technologies Corp.
	1,850,000	4.250%, 09/15/2024(d)		2,082,853
		Akamai Technologies, Inc.
	75,000	0.375%, 09/01/2027(d)		74,837
		Cypress Semiconductor Corp.
	2,690,000	4.500%, 01/15/2022		4,577,468
		Microchip Technology, Inc.
	505,000	1.625%, 02/15/2027		519,566
				7,254,724
	TOTAL CONVERTIBLE BONDS (Cost $18,006,640)			16,678,192
	CORPORATE BONDS: 29.6%
	Basic Materials: 1.4%
		Allegheny Technologies, Inc.
	555,000	5.875%, 12/01/2027		462,870
		Anglo American Capital Co.
	570,000	5.375%, 04/01/2025(d)		576,604
		Braskem Idesa SAPI
	300,000	7.450%, 11/15/2029(d)		212,772
		Compass Minerals International, Inc.
	462,000	6.750%, 12/01/2027(d)		419,635
		CSN Islands XII Corp.
	600,000	7.000%, 06/23/2020(c)		360,183
		First Quantum Minerals Ltd.
	600,000	7.500%, 04/01/2025(d)		503,067
	1,445,000	6.875%, 03/01/2026(d)		1,167,632
		FMG Resources August 2006 Pty Ltd.
	5,932,000	5.125%, 03/15/2023(d)		5,857,672
	410,000	4.500%, 09/15/2027(d)		367,176
		Freeport-McMoRan, Inc.
	130,000	3.875%, 03/15/2023		123,663
	95,000	5.000%, 09/01/2027		88,730
	410,000	4.125%, 03/01/2028		359,263

Principal Amount^			Value
	Basic Materials (continued)
	$600,000	5.450%, 03/15/2043	$	541,680
		Hecla Mining Co.
	980,000	7.250%, 02/15/2028		870,240
		Metinvest B.V.
	200,000	7.750%, 10/17/2029		135,000
		Minera Mexico S.A. de C.V.
	925,000	4.500%, 01/26/2050(d)		792,600
		Mineral Resources Ltd.
	3,888,000	8.125%, 05/01/2027(d)		3,669,640
		POSCO
	1,730,000	2.375%, 11/12/2022(d)		1,738,159
		Sasol Financing USA LLC
	805,000	5.875%, 03/27/2024		338,433
		Schweitzer-Mauduit International, Inc.
	2,430,000	6.875%, 10/01/2026(d)		2,438,608
		Vedanta Resources Finance II Plc
	250,000	9.250%, 04/23/2026(d)		106,250
	200,000	9.250%, 04/23/2026		85,000
				21,214,877
	Communications: 4.4%
		Bharti Airtel Ltd.
	265,000	4.375%, 06/10/2025		247,197
		Block Communications, Inc.
	170,000	4.875%, 03/01/2028(d)		159,056
		Cable Onda S.A.
	360,000	4.500%, 01/30/2030(d)		318,798
		CCO Holdings LLC / CCO Holdings Capital Corp.
	515,000	4.500%, 08/15/2030(d)		507,597
		Cincinnati Bell, Inc.
	3,484,000	7.000%, 07/15/2024(a)(d)		3,531,801
		CommScope, Inc.
	740,000	6.000%, 03/01/2026(d)		743,050
		CSC Holdings LLC
	335,000	7.750%, 07/15/2025(d)		350,902
	630,000	6.500%, 02/01/2029(d)		682,992
		DISH DBS Corp.
	2,289,000	7.750%, 07/01/2026		2,364,651
		eBay, Inc.
	65,000	4.000%, 07/15/2042		61,289
		Fox Corp.
	185,000	3.050%, 04/07/2025		184,711
	150,000	3.500%, 04/08/2030		149,699
		GrubHub Holdings, Inc.
	350,000	5.500%, 07/01/2027(d)		311,693
		GTT Communications, Inc.
	400,000	7.875%, 12/31/2024(d)		261,000
		iHeartCommunications, Inc.
	2,290,000	8.375%, 05/01/2027		2,006,429
	735,000	4.750%, 01/15/2028(d)		665,579
		Intelsat Jackson Holdings S.A.
	825,000	8.500%, 10/15/2024(d)		524,663
		Kenbourne Invest S.A.
	825,000	6.875%, 11/26/2024(d)		634,475
		Match Group, Inc.
	2,900,000	5.000%, 12/15/2027(d)		2,794,273
	3,070,000	5.625%, 02/15/2029(d)		2,958,075
	300,000	4.125%, 08/01/2030(d)		269,813
		MDC Partners, Inc.
	1,732,000	6.500%, 05/01/2024(d)		1,311,990

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Communications (continued)
		Millicom International Cellular S.A.
	$205,000	5.125%, 01/15/2028(d)	$	180,101
		NBCUniversal Enterprise, Inc.
	520,000	5.250%, 03/19/2021(c)(d)		520,070
		Netflix, Inc.
	75,000	4.875%, 04/15/2028		77,818
	2,546,000	5.875%, 11/15/2028		2,734,531
	2,766,000	4.875%, 06/15/2030(d)		2,823,256
		Network i2i Ltd.
	550,000	5.650%, 01/15/2025(c)(d)(g) 5 year CMT + 4.277%		445,225
		Nokia Oyj
	480,000 (EUR)	2.000%, 03/11/2026		474,062
		Oi S.A.
	500,000	10.000%, 07/27/2025(i) PIK rate 12.000%		345,623
		Outfront Media Capital LLC / Outfront Media Capital Corp.
	280,000	4.625%, 03/15/2030(d)		250,754
		Sirius XM Radio, Inc.
	145,000	4.625%, 07/15/2024(d)		148,072
	4,213,000	5.000%, 08/01/2027(d)		4,299,156
	2,613,000	5.500%, 07/01/2029(d)		2,679,762
		Telecom Italia Capital S.A.
	300,000	6.000%, 09/30/2034		299,090
		Telecom Italia SpA
	5,462,000	5.303%, 05/30/2024(d)		5,530,439
		Twitter, Inc.
	995,000	3.875%, 12/15/2027(d)		964,528
		Uber Technologies, Inc.
	4,654,000	8.000%, 11/01/2026(d)		4,651,522
	5,068,000	7.500%, 09/15/2027(d)		5,041,520
		VeriSign, Inc.
	5,965,000	4.750%, 07/15/2027		6,215,232
		Verizon Communications, Inc.
	75,000	4.000%, 03/22/2050		89,105
		ViacomCBS, Inc.
	1,485,000	4.750%, 05/15/2025(j)		1,493,590
	1,125,000	4.950%, 01/15/2031(j)		1,109,549
	325,000	4.375%, 03/15/2043		289,415
		ViaSat, Inc.
	2,500,000	5.625%, 09/15/2025(d)		2,352,888
		Virgin Media Secured Finance Plc
	680,000	5.500%, 08/15/2026(d)		694,938
		VTR Finance B.V.
	550,000	6.875%, 01/15/2024		502,560
		Ziggo B.V.
	300,000	5.500%, 01/15/2027(d)		301,665
	440,000	4.875%, 01/15/2030(d)		431,597
				65,985,801
	Consumer, Cyclical: 5.6%
		1011778 BC ULC / New Red Finance, Inc.
	120,000	3.875%, 01/15/2028(d)		114,666
	1,500,000	4.375%, 01/15/2028(d)		1,394,175
		Allison Transmission, Inc.
	3,317,000	4.750%, 10/01/2027(d)		3,079,975
		American Honda Finance Corp.
	165,000	1.950%, 05/20/2022		162,745

Principal Amount^			Value
	Consumer, Cyclical (continued)
	$1,040,000	2.104%, 05/10/2023(e) 3 mo. USD LIBOR + 0.370%	$	959,539
		Beazer Homes USA, Inc.
	1,266,000	5.875%, 10/15/2027		965,420
	1,215,000	7.250%, 10/15/2029		932,604
		Boyd Gaming Corp.
	990,000	4.750%, 12/01/2027(d)		822,245
		Carvana Co.
	3,400,000	8.875%, 10/01/2023(d)		3,238,398
		Century Communities, Inc.
	1,200,000	6.750%, 06/01/2027		1,025,241
		Churchill Downs, Inc.
	948,000	5.500%, 04/01/2027(d)		898,913
	4,920,000	4.750%, 01/15/2028(d)		4,307,706
		Daimler Finance North America LLC
	2,425,000	2.592%, 02/15/2022(d)(e) 3 mo. USD LIBOR + 0.900%		2,248,275
		FCE Bank Plc
	3,195,000 (EUR)	1.134%, 02/10/2022		3,120,184
		General Motors Financial Co., Inc.
	695,000	3.700%, 11/24/2020		688,281
		Hilton Domestic Operating Co., Inc.
	4,423,000	4.875%, 01/15/2030		3,790,367
		Home Depot, Inc. (The)
	1,535,000	1.890%, 03/01/2022(e) 3 mo. USD LIBOR + 0.310%		1,491,480
		Hyundai Capital America
	1,730,000	3.950%, 02/01/2022(d)		1,744,999
	710,000	2.375%, 02/10/2023(d)		670,746
		Installed Building Products, Inc.
	1,100,000	5.750%, 02/01/2028(d)		1,057,147
		KB Home
	1,563,000	6.875%, 06/15/2027		1,576,352
	979,000	4.800%, 11/15/2029		829,703
		KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC
	3,331,000	4.750%, 06/01/2027(d)		3,154,349
		Latam Airlines 2015-1 Pass Through Trust
	1,500,828	4.500%, 11/15/2023		986,314
		Latam Finance Ltd.
	550,000	7.000%, 03/01/2026		253,564
		M/I Homes, Inc.
	1,802,000	4.950%, 02/01/2028(d)		1,542,962
		Marriott International, Inc.
	850,000	2.125%, 10/03/2022		766,023
		McDonald’s Corp.
	345,000	3.600%, 07/01/2030		362,988
		Mobile Mini, Inc.
	2,685,000	5.875%, 07/01/2024		2,591,025
		Murphy Oil USA, Inc.
	2,780,000	4.750%, 09/15/2029		2,621,679
		Nissan Motor Acceptance Corp.
	960,000	3.650%, 09/21/2021(d)		941,202
		PulteGroup, Inc.
	230,000	4.250%, 03/01/2021		226,251
	3,050,000	5.000%, 01/15/2027		3,064,541
		Rite Aid Corp.
	2,608,000	6.125%, 04/01/2023(d)		2,262,440
		Scotts Miracle-Gro Co. (The)
	1,572,000	4.500%, 10/15/2029		1,509,238

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Cyclical (continued)
		Stars Group Holdings B.V. / Stars Group US Co-Borrower LLC
	$4,194,000	7.000%, 07/15/2026(a)(d)	$	3,966,475
		Suburban Propane Partners L.P. / Suburban Energy Finance Corp.
	3,585,000	5.875%, 03/01/2027		3,333,306
		Taylor Morrison Communities, Inc.
	2,632,000	5.875%, 06/15/2027(d)		2,462,861
	2,895,000	6.625%, 07/15/2027(d)		2,638,069
	637,000	5.750%, 01/15/2028(d)		574,228
		Tesla, Inc.
	6,015,000	5.300%, 08/15/2025(d)		5,691,694
		Toll Brothers Finance Corp.
	292,000	4.350%, 02/15/2028		268,214
	400,000	3.800%, 11/01/2029		353,030
		Toyota Motor Credit Corp.
	1,725,000	2.164%, 10/07/2021(e) 3 mo. USD LIBOR + 0.290%		1,667,938
		United Airlines Pass Through Trust
	1,755,000	Series 2019-2-B 3.500%, 05/01/2028		1,371,120
		Vista Outdoor, Inc.
	769,000	5.875%, 10/01/2023		642,926
		Volkswagen Group of America Finance LLC
	1,760,000	2.064%, 09/24/2021(d)(e) 3 mo. USD LIBOR + 0.860%		1,612,319
		Yum! Brands, Inc.
	1,400,000	3.875%, 11/01/2023		1,314,243
	220,000	7.750%, 04/01/2025(d)(j)		231,550
	2,261,000	4.750%, 01/15/2030(d)		2,137,889
				83,667,599
	Consumer, Non-cyclical: 4.6%
		AMN Healthcare, Inc.
	2,300,000	4.625%, 10/01/2027(d)		2,198,799
		Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.
	125,000	4.900%, 02/01/2046		136,757
		Anheuser-Busch InBev Worldwide, Inc.
	240,000	4.600%, 04/15/2048		255,123
		Avis Budget Car Rental LLC / Avis Budget Finance, Inc.
	1,441,000	5.750%, 07/15/2027(d)		1,156,655
		Avon International Operations, Inc.
	2,981,000	7.875%, 08/15/2022(d)		2,686,093
		Bausch Health Cos., Inc.
	2,185,000 (EUR)	4.500%, 05/15/2023		2,322,496
	1,547,000	7.250%, 05/30/2029(d)		1,614,062
	868,000	5.250%, 01/30/2030(d)		827,256
		BRF S.A.
	220,000	4.875%, 01/24/2030(d)		185,999
		Brink’s Co. (The)
	1,425,000	4.625%, 10/15/2027(d)		1,324,491
		Camposol S.A.
	300,000	6.000%, 02/03/2027(d)		238,875
		Carriage Services, Inc.
	1,980,000	6.625%, 06/01/2026(d)		1,962,264

Principal Amount^			Value
	Consumer, Non-cyclical (continued)
		Charles River Laboratories International, Inc.
	$500,000	4.250%, 05/01/2028(d)	$	484,725
		CVS Health Corp.
	745,000	3.750%, 04/01/2030		768,656
		Encompass Health Corp.
	4,069,000	4.750%, 02/01/2030		4,010,203
		HCA, Inc.
	730,000	3.500%, 09/01/2030		664,810
		Hologic, Inc.
	3,750,000	4.625%, 02/01/2028(d)		3,791,409
		JBS USA LUX S.A. / JBS USA Food Co./JBS USA Finance, Inc.
	445,000	5.500%, 01/15/2030(d)		461,932
		Kraft Heinz Foods Co.
	195,000	5.000%, 06/04/2042		185,469
	750,000	5.200%, 07/15/2045		724,526
	400,000	4.375%, 06/01/2046		362,209
	1,885,000	4.875%, 10/01/2049(d)		1,721,635
		NBM US Holdings, Inc.
	2,465,000	7.000%, 05/14/2026(d)		2,254,532
	200,000	6.625%, 08/06/2029(d)		180,230
		Nielsen Co. Luxembourg S.A.R.L. (The)
	5,732,000	5.500%, 10/01/2021(d)		5,656,051
		Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics S.A.
	275,000	7.250%, 02/01/2028(d)		238,535
		Post Holdings, Inc.
	2,750,000	5.750%, 03/01/2027(d)		2,837,113
	1,750,000	5.625%, 01/15/2028(d)		1,785,963
	1,850,000	5.500%, 12/15/2029(d)		1,929,273
		Pyxus International, Inc.
	240,000	8.500%, 04/15/2021(d)		216,000
		Radiology Partners, Inc.
	590,000	9.250%, 02/01/2028(d)		515,217
		Rede D’or Finance S.A.R.L.
	1,755,000	4.500%, 01/22/2030(d)		1,531,676
		Select Medical Corp.
	325,000	6.250%, 08/15/2026(d)		326,789
		Service Corp. International
	4,130,000	4.625%, 12/15/2027		4,158,776
	1,625,000	5.125%, 06/01/2029		1,666,519
		Teleflex, Inc.
	3,700,000	4.625%, 11/15/2027		3,716,465
		Tenet Healthcare Corp.
	2,805,000	5.125%, 05/01/2025		2,699,812
		Teva Pharmaceutical Finance Netherlands II B.V.
	805,000 (EUR)	6.000%, 01/31/2025		870,984
	650,000 (EUR)	6.000%, 01/31/2025(d)		703,279
		Teva Pharmaceutical Finance Netherlands III B.V.
	725,000	7.125%, 01/31/2025(d)		722,285
	925,000	3.150%, 10/01/2026		786,181
	4,795,000	4.100%, 10/01/2046		3,477,813
		United Rentals North America, Inc.
	2,990,000	4.000%, 07/15/2030		2,687,262
		Vector Group Ltd.
	1,791,000	10.500%, 11/01/2026(d)		1,505,425
		Walnut Bidco Plc
	200,000	9.125%, 08/01/2024		159,000
				68,709,624

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Energy: 2.0%
		Aker BP ASA
	$1,175,000	3.750%, 01/15/2030(d)	$	883,626
		Bellatrix Exploration Ltd.
	417,000	8.500%, 09/11/2023(b)		19,849
		Bruin E&P Partners LLC
	2,820,000	8.875%, 08/01/2023(d)		239,700
		California Resources Corp.
	4,117,000	8.000%, 12/15/2022(d)		73,097
	23,000	6.000%, 11/15/2024		654
		Calumet Specialty Products Partners L.P. / Calumet Finance Corp.
	1,127,000	7.750%, 04/15/2023		787,486
	1,690,000	11.000%, 04/15/2025(d)		1,230,016
		Canacol Energy Ltd.
	550,000	7.250%, 05/03/2025		477,815
		Cheniere Corpus Christi Holdings LLC
	1,405,000	3.700%, 11/15/2029(d)		1,055,623
		CNX Midstream Partners L.P. / CNX Midstream Finance Corp.
	2,196,000	6.500%, 03/15/2026(d)		1,533,999
		CNX Resources Corp.
	123,000	7.250%, 03/14/2027(d)		87,759
		Compania General Combust
	600,000	9.500%, 11/07/2021		425,220
		Eclipse Resources Corp.
	1,750,000	8.875%, 07/15/2023		1,194,322
		Energy Transfer Operating L.P.
	1,225,000	5.000%, 05/15/2050		963,381
		Enviva Partners L.P. / Enviva Partners Finance Corp.
	1,710,000	6.500%, 01/15/2026(d)		1,680,075
		Exxon Mobil Corp.
	1,735,000	2.022%, 08/16/2022(e) 3 mo. USD LIBOR + 0.330%		1,592,296
	645,000	4.327%, 03/19/2050		791,592
		Fermaca Enterprises S de RL de C.V.
	258,531	6.375%, 03/30/2038		257,159
		Geopark Ltd.
	550,000	6.500%, 09/21/2024		316,935
		Global Partners L.P. / GLP Finance Corp.
	1,088,000	7.000%, 08/01/2027		825,294
		Gran Tierra Energy, Inc.
	550,000	7.750%, 05/23/2027(d)		143,688
		Gulfport Energy Corp.
	145,000	6.625%, 05/01/2023		41,822
	287,000	6.000%, 10/15/2024		72,468
	137,000	6.375%, 05/15/2025		34,421
	144,000	6.375%, 01/15/2026		29,370
		Kinder Morgan, Inc.
	2,000,000	4.300%, 03/01/2028		1,965,701
	165,000	5.050%, 02/15/2046		158,237
		Lonestar Resources America, Inc.
	380,000	11.250%, 01/01/2023(d)		88,350
		Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp.
	2,870,000	6.000%, 08/01/2026(d)		1,793,750
		Medco Oak Tree Pte Ltd.
	550,000	7.375%, 05/14/2026		349,787

Principal Amount^			Value
	Energy (continued)
		MEG Energy Corp.
	$560,000	7.125%, 02/01/2027(d)	$	280,907
		Northern Oil and Gas, Inc.
	971,000	8.500%, 05/15/2023(i) PIK rate 9.500%		667,562
		NuStar Logistics L.P.
	2,975,000	6.000%, 06/01/2026		2,218,225
		Parkland Fuel Corp.
	3,137,000	5.875%, 07/15/2027(d)		2,958,034
		Sunoco L.P. / Sunoco Finance Corp.
	5,030,000	6.000%, 04/15/2027		4,360,847
		Tennessee Gas Pipeline Co. LLC
	325,000	7.000%, 03/15/2027		364,413
		Whiting Petroleum Corp.
	2,260,000	6.625%, 01/15/2026		169,669
		YPF S.A.
	780,000	44.438%, 07/07/2020(d)(e) BADLARPP + 4.000%		166,362
	400,000	8.500%, 07/28/2025		209,898
	450,000	6.950%, 07/21/2027(d)		235,729
				30,745,138
	Financial: 6.1%
		AerCap Ireland Capital DAC / AerCap Global Aviation Trust
	245,000	3.650%, 07/21/2027		190,119
	665,000	3.875%, 01/23/2028		507,752
		Agile Group Holdings Ltd.
	200,000	6.875%, 03/07/2023(c)(g) 5 year CMT + 9.216%		166,990
	200,000	7.750%, 05/25/2025(c)(g) 5 year CMT + 11.083%		156,506
		AIA Group Ltd.
	765,000	1.636%, 09/20/2021(d)(e) 3 mo. USD LIBOR + 0.520%		759,990
	455,000	3.375%, 04/07/2030(d)		458,877
		AIG Global Funding
	925,000	2.300%, 07/01/2022(d)		921,835
		Aircastle Ltd.
	1,295,000	4.250%, 06/15/2026		1,123,427
		Alpha Holding S.A. de C.V.
	600,000	9.000%, 02/10/2025(d)		418,500
		Altice France Holding S.A.
	5,900,000	10.500%, 05/15/2027(d)		6,252,023
		American Express Co.
	1,300,000	2.341%, 11/05/2021(e) 3 mo. USD LIBOR + 0.600%		1,279,965
		Ares Capital Corp.
	1,750,000	3.250%, 07/15/2025		1,393,759
		Assurant, Inc.
	1,960,000	3.700%, 02/22/2030		1,924,862
		Banco BTG Pactual S.A.
	550,000	7.750%, 02/15/2029(g) 5 year CMT + 5.257%		473,000
		Banco Hipotecario S.A.
	12,020,000 (ARS)	31.750%, 11/07/2022(d)(e) BADLARPP + 4.000%		168,540
		Banco Macro S.A.
	7,805,000 (ARS)	17.500%, 05/08/2022(d)		66,055
	250,000	6.750%, 11/04/2026(g) 5 year USD Swap + 5.463%		152,502

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		Banco Mercantil del Norte S.A.
	$500,000	7.625%, 01/10/2028(c)(g) 10 year CMT + 5.353%	$	383,912
		Banco Santander Mexico S.A.
	500,000	8.500%, 01/20/2022(c)(g) 5 year CMT + 6.472%		517,500
		Banco Supervielle S.A.
	7,500,000 (ARS)	38.708%, 08/09/2020(d)(e) BADLARPP + 4.500%		108,330
		Bank of America Corp.
	1,575,000	1.866%, 06/25/2022(e) 3 mo. USD LIBOR + 0.650%		1,497,591
		Barclays Plc
	400,000	5.088%, 06/20/2030(g) 3 mo. USD LIBOR + 3.054%		418,770
		BBVA Bancomer S.A.
	600,000	5.125%, 01/18/2033(g) 5 year CMT + 2.650%		501,345
		Capital One Bank USA NA
	1,685,000	2.014%, 01/27/2023(g) SOFRRATE + 0.616%		1,648,077
		CFLD Cayman Investment Ltd.
	200,000	6.500%, 12/21/2020		192,002
	610,000	8.600%, 04/08/2024		497,226
		CIFI Holdings Group Co. Ltd.
	200,000	5.500%, 01/23/2022		188,996
		CIT Group, Inc.
	90,000	5.000%, 08/01/2023		87,153
		Citibank N.A.
	1,110,000	2.063%, 02/12/2021(e) 3 mo. USD LIBOR + 0.350%		1,099,908
		Citigroup, Inc.
	855,000	1.549%, 11/04/2022(e) SOFRRATE + 0.870%		803,518
		Country Garden Holdings Co. Ltd.
	805,000	6.150%, 09/17/2025		774,953
		Credit Suisse AG
	290,000	2.100%, 11/12/2021		289,393
		Credito Real SAB de C.V.
	550,000	9.125%, 11/29/2022(c)(g) 5 year CMT + 7.026%		423,673
		Credivalores-Crediservicios SAS
	300,000	8.875%, 02/07/2025(d)		226,350
		Crown Castle Intl Corp.
	170,000	3.300%, 07/01/2030		168,604
	35,000	4.150%, 07/01/2050		34,615
		Danske Bank A/S
	360,000	3.244%, 12/20/2025(d)(g) 3 mo. USD LIBOR + 1.591%		335,230
		Docuformas SAPI de C.V.
	550,000	10.250%, 07/24/2024(d)		378,815
		Easy Tactic Ltd.
	345,000	8.125%, 02/27/2023		298,446
		Enova International, Inc.
	1,120,000	8.500%, 09/01/2024(d)		984,194
	580,000	8.500%, 09/15/2025(d)		503,150
		Financiera de Desarrollo Territorial S.A.
	6,675,000,000 (COP)	7.875%, 08/12/2024(d)		1,703,903

Principal Amount^			Value
	Financial (continued)
		Financiera Independencia SAB de C.V.
	$600,000	8.000%, 07/19/2024	$	366,753
		Gilex Holding S.A.R.L.
	510,000	8.500%, 05/02/2023		438,215
		goeasy Ltd.
	3,850,000	5.375%, 12/01/2024(d)		3,613,052
		Greenland Global Investment Ltd.
	205,000	6.750%, 09/26/2023		183,466
	615,000	5.875%, 07/03/2024		507,229
		Hall of Fame
	387,300	10.822%, 10/31/2020(b)		387,300
		HSBC Holdings Plc
	1,910,000	1.434%, 09/11/2021(e) 3 mo. USD LIBOR + 0.650%		1,867,851
	250,000	4.950%, 03/31/2030		273,325
		Icahn Enterprises L.P. / Icahn Enterprises Finance Corp.
	2,314,000	4.750%, 09/15/2024		2,136,886
	4,415,000	6.250%, 05/15/2026		4,196,996
	1,037,000	5.250%, 05/15/2027		965,706
		iStar, Inc.
	5,422,000	4.750%, 10/01/2024		4,588,395
	750,000	4.250%, 08/01/2025		622,425
		Kaisa Group Holdings Ltd.
	810,000	11.950%, 10/22/2022(d)		703,031
		Ladder Capital Finance Holdings LLLP / Ladder Capital Finance Corp.
	1,040,000	4.250%, 02/01/2027(d)		829,400
		Logan Property Holdings Co. Ltd.
	200,000	5.250%, 02/23/2023		184,988
		Metropolitan Life Global Funding I
	870,000	1.695%, 01/13/2023(d)(e) SOFRRATE + 0.570%		760,743
		MGM Growth Properties Operating Partnership L.P. / MGP Finance Co-Issuer, Inc.
	3,070,000	5.625%, 05/01/2024		2,966,403
	3,100,000	5.750%, 02/01/2027		2,708,625
		Mitsubishi UFJ Financial Group, Inc.
	1,935,000	2.444%, 07/26/2021(e) 3 mo. USD LIBOR + 0.650%		1,854,968
		MPT Operating Partnership L.P. / MPT Finance Corp.
	3,825,000	5.000%, 10/15/2027		3,739,224
	1,400,000	4.625%, 08/01/2029		1,309,875
		Navient Corp.
	45,000	7.250%, 01/25/2022		43,635
	10,000	6.500%, 06/15/2022		9,865
	105,000	7.250%, 09/25/2023		102,641
	291,000	6.750%, 06/15/2026		269,335
	15,000	5.000%, 03/15/2027		13,008
		New York Life Global Funding
	2,575,000	2.099%, 01/21/2022(d)(e) 3 mo. USD LIBOR + 0.280%		2,496,357
	880,000	2.288%, 07/12/2022(d)(e) 3 mo. USD LIBOR + 0.440%		845,621
		Operadora de Servicios Mega S.A. de C.V. Sofom ER
	400,000	8.250%, 02/11/2025(d)		275,500
		Radian Group, Inc.
	2,570,000	4.500%, 10/01/2024		2,553,925
	3,550,000	4.875%, 03/15/2027		3,527,076
		Reliance Standard Life Global Funding II
	830,000	2.150%, 01/21/2023(d)		811,422
		RKP Overseas Finance 2016 A Ltd.
	200,000	7.950%, 02/17/2022(c)		173,996

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		RKPF Overseas 2019 E Ltd.
	$300,000	7.750%, 11/18/2024(c)(g) 5 year CMT + 6.003%	$	280,502
		Shimao Property Holdings Ltd.
	200,000	4.750%, 07/03/2022		197,496
		Shriram Transport Finance Co. Ltd.
	480,000	5.100%, 07/16/2023(d)		337,774
		Springleaf Finance Corp.
	50,000	6.875%, 03/15/2025		50,729
	150,000	7.125%, 03/15/2026		149,344
	655,000	6.625%, 01/15/2028		622,610
	160,000	5.375%, 11/15/2029		147,288
		Standard Chartered Plc
	1,760,000	2.096%, 09/10/2022(d)(e) 3 mo. USD LIBOR + 1.200%		1,698,022
	955,000	4.247%, 01/20/2023(d)(g) 3 mo. USD LIBOR + 1.150%		960,415
	1,015,000	4.644%, 04/01/2031(d)(g) 5 year CMT + 3.850%		1,043,476
		Starwood Property Trust, Inc.
	6,458,000	4.750%, 03/15/2025		5,739,515
		Sunac China Holdings Ltd.
	335,000	7.250%, 06/14/2022		316,581
	200,000	7.500%, 02/01/2024		182,096
	200,000	6.500%, 01/10/2025		183,063
		Unifin Financiera SAB de C.V.
	600,000	8.875%, 01/29/2025(c)(g) 5 year CMT + 6.308%		365,712
		US Bank N.A.
	1,860,000	2.072%, 11/16/2021(e) 3 mo. USD LIBOR + 0.380%		1,834,845
		Yanlord Land Hong Kong Co. Ltd.
	200,000	5.875%, 01/23/2022		190,292
		Yuzhou Properties Co. Ltd.
	710,000	8.300%, 05/27/2025		592,625
				91,699,978
	Industrial: 3.0%
		3M Co.
	1,750,000	2.750%, 03/01/2022		1,764,323
		Aeropuertos Dominicanos Siglo XXI S.A.
	350,000	6.750%, 03/30/2029		248,500
		Arconic, Inc.
	5,580,000	5.125%, 10/01/2024		5,521,179
		Ball Corp.
	5,472,000	4.875%, 03/15/2026		5,721,250
		Boeing Co. (The)
	1,555,000	2.700%, 05/01/2022		1,472,849
	460,000	2.250%, 06/15/2026		406,204
	195,000	2.950%, 02/01/2030		183,146
	70,000	3.750%, 02/01/2050		64,159
	455,000	3.950%, 08/01/2059		410,286
		Bombardier, Inc.
	768,000	7.500%, 03/15/2025(d)		554,496
		C10 Capital SPV Ltd.
	300,000	6.160%, 06/30/2020(c)(g) 3 mo. USD LIBOR + 4.710%		237,750
		C5 Capital SPV Ltd.
	200,000	5.727%, 06/30/2020(c)(g) 3 mo. USD LIBOR + 4.277%		158,500

Principal Amount^			Value
	Industrial (continued)
		Carrier Global Corp.
	$250,000	1.923%, 02/15/2023(d)	$	246,634
		Caterpillar Financial Services Corp.
	1,650,000	1.544%, 09/04/2020(e) 3 mo. USD LIBOR + 0.290%		1,631,155
	1,065,000	1.950%, 11/18/2022		1,062,597
		Cemex SAB de C.V.
	400,000	5.450%, 11/19/2029(d)		327,900
		Embraer Netherlands Finance B.V.
	340,000	5.050%, 06/15/2025		303,023
		FedEx Corp.
	695,000	3.400%, 01/14/2022		699,547
		General Electric Co.
	363,000	5.000%, 01/21/2021(c)(g) 3 mo. USD LIBOR + 3.330%		300,156
		GMR Hyderabad International Airport Ltd.
	735,000	5.375%, 04/10/2024		628,366
		Honeywell International, Inc.
	1,755,000	2.104%, 08/08/2022(e) 3 mo. USD LIBOR + 0.370%		1,682,267
	1,755,000	2.150%, 08/08/2022		1,773,052
		Hornbeck Offshore Services, Inc.
	186,000	5.875%, 04/01/2020		15,810
		IHS Netherlands Holdco B.V.
	500,000	7.125%, 03/18/2025(d)		412,023
		John Deere Capital Corp.
	2,000,000	1.263%, 06/13/2022(e) 3 mo. USD LIBOR + 0.490%		1,957,558
	700,000	1.479%, 09/08/2022(e) 3 mo. USD LIBOR + 0.480%		670,187
	875,000	1.200%, 04/06/2023		858,583
		JSL Europe S.A.
	550,000	7.750%, 07/26/2024		400,150
		Klabin Austria GmbH
	550,000	7.000%, 04/03/2049		508,200
		Leonardo US Holdings, Inc.
	438,000	6.250%, 01/15/2040(d)		445,021
		Masonite International Corp.
	40,000	5.375%, 02/01/2028(d)		39,534
		Patrick Industries, Inc.
	300,000	7.500%, 10/15/2027(d)		296,563
		Rolls-Royce Plc
	1,750,000	2.375%, 10/14/2020(d)		1,649,281
		Sensata Technologies, Inc.
	3,191,000	4.375%, 02/15/2030(d)		2,896,072
		Silgan Holdings, Inc.
	4,261,000	4.125%, 02/01/2028(d)		3,962,730
		Spirit AeroSystems, Inc.
	80,000	4.600%, 06/15/2028		68,141
		TransDigm, Inc.
	190,000	6.250%, 03/15/2026(d)		190,356
	3,401,000	7.500%, 03/15/2027		3,296,419
	3,102,000	5.500%, 11/15/2027(d)		2,801,261
				45,865,228
	Technology: 1.9%
		Amkor Technology, Inc.
	2,400,000	6.625%, 09/15/2027(d)		2,269,320
		Broadcom Corp. / Broadcom Cayman Finance Ltd.
	30,000	3.875%, 01/15/2027		28,729

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Technology (continued)
		Broadcom, Inc.
	$    1,625,000	4.750%, 04/15/2029(d)	$	1,651,855
		Diebold Nixdorf, Inc.
	1,772,000	8.500%, 04/15/2024		1,167,314
		Entegris, Inc.
	1,750,000	4.625%, 02/10/2026(d)		1,672,212
		Fair Isaac Corp.
	4,361,000	5.250%, 05/15/2026(d)		4,354,644
	160,000	4.000%, 06/15/2028(d)		152,800
		Flexential Intermediate Corp.
	585,000	11.250%, 08/01/2024(d)		536,737
		Hewlett Packard Enterprise Co.
	1,760,000	1.464%, 03/12/2021(e) 3 mo. USD LIBOR + 0.680%		1,703,128
		Micron Technology, Inc.
	1,585,000	5.327%, 02/06/2029		1,737,138
		MSCI, Inc.
	4,436,000	4.000%, 11/15/2029(d)		4,431,253
	1,450,000	3.625%, 09/01/2030(d)		1,383,844
		NCR Corp.
	3,422,000	6.125%, 09/01/2029(d)		3,214,798
		Nuance Communications, Inc.
	2,370,000	5.625%, 12/15/2026		2,322,950
		PTC, Inc.
	120,000	4.000%, 02/15/2028(d)		116,136
		Western Digital Corp.
	1,138,000	4.750%, 02/15/2026		1,159,337
				27,902,195
	Utilities: 0.6%
		AES Argentina Generacion S.A.
	150,000	7.750%, 02/02/2024		85,837
		AES Corp.
	25,000	4.875%, 05/15/2023		24,219
	180,000	5.500%, 04/15/2025		177,745
	60,000	6.000%, 05/15/2026		59,433
		AES Gener S.A.
	200,000	7.125%, 03/26/2079(g) 5 year USD Swap + 4.664%		157,485
	400,000	6.350%, 10/07/2079(d)(g) 5 year CMT + 4.917%		305,800
		Calpine Corp.
	65,000	5.125%, 03/15/2028(d)		60,288
		Capex S.A.
	150,000	6.875%, 05/15/2024		100,313
		Cometa Energia S.A. de C.V.
	193,800	6.375%, 04/24/2035		177,386
		Edison International
	75,000	4.950%, 04/15/2025		74,827
		Empresa Electrica Guacolda S.A.
	300,000	4.560%, 04/30/2025		213,141
		Enel SpA
	740,000	8.750%, 09/24/2073(d)(g) 5 year USD Swap + 5.880%		786,472
		Energuate Trust
	300,000	5.875%, 05/03/2027		300,003
		NextEra Energy Operating Partners L.P.
	3,748,000	3.875%, 10/15/2026(d)		3,581,671
		NRG Energy, Inc.
	75,000	5.750%, 01/15/2028		76,916
	190,000	5.250%, 06/15/2029(d)		196,754

Principal Amount^			Value
	Utilities (continued)
		Pampa Energia S.A.
	$    150,000	9.125%, 04/15/2029(d)	$	101,033
		Stoneway Capital Corp.
	177,117	10.000%, 03/01/2027		26,569
		Vistra Operations Co. LLC
	2,845,000	3.700%, 01/30/2027(d)		2,540,613
				9,046,505
	TOTAL CORPORATE BONDS (Cost $490,861,721)			444,836,945
	GOVERNMENT SECURITIES & AGENCY ISSUE: 0.8%
		Argentina POM Politica Monetaria
	10,815,000 (ARS)	38.039%, 06/21/2020(e)		86,880
		Dominican Republic International Bond
	550,000	6.400%, 06/05/2049(d)		489,668
		Export-Import Bank of Korea
	895,000	1.741%, 06/25/2022(e) 3 mo. USD LIBOR + 0.525%		876,332
		Provincia de Buenos Aires Government Bonds
	72,825,000 (ARS)	33.929%, 05/31/2022(e) BADLARPP + 3.830%		588,929
	15,545,000 (ARS)	37.463%, 04/12/2025(d)(e) BADLARPP + 3.750%		125,442
		United States Treasury Note
	10,500,000	2.750%, 09/30/2020(a)		10,638,428
	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $17,967,075)			12,805,679
	LIMITED PARTNERSHIPS: 0.2%
	35,594	GACP II L.P.		2,147,442
	1,300,000	U.S. Farming Realty Trust II L.P.(b)		1,063,211
	TOTAL LIMITED PARTNERSHIPS (Cost $2,925,355)			3,210,653
	MORTGAGE-BACKED SECURITIES: 17.4%
		Adjustable Rate Mortgage Trust
	1,933,251	Series 2005-2-6M2 1.927%, 06/25/2035(e) 1 mo. USD LIBOR + 0.980%		1,783,110
	323,532	Series 2006-1-2A1 4.171%, 03/25/2036(g)		218,376
		American Home Mortgage Investment Trust
	334,782	Series 2006-1-11A1 1.227%, 03/25/2046(b)(e) 1 mo. USD LIBOR + 0.280%		263,699
		AREIT Trust
	1,000,000	Series 2019-CRE3-D 3.355%, 09/14/2036(d)(e) 1 mo. USD LIBOR + 2.650%		683,721
		Banc of America Alternative Loan Trust
	69,370	Series 2003-8-1CB1 5.500%, 10/25/2033		69,010
	642,941	Series 2006-7-A4 5.998%, 10/25/2036(f)		275,503

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Banc of America Funding Trust
	$67,354	Series 2005-7-3A1 5.750%, 11/25/2035	$	67,948
	120,105	Series 2006-6-1A2 6.250%, 08/25/2036		109,545
	688,801	Series 2006-7-T2A3 5.695%, 10/25/2036(g)		620,724
	381,361	Series 2006-B-7A1 3.747%, 03/20/2036(g)		319,970
	3,254,767	Series 2007-1-TA4 6.090%, 01/25/2037(f)		3,294,096
	69,456	Series 2007-4-5A1 5.500%, 11/25/2034		65,375
	2,836,365	Series 2010-R5-1A3 6.000%, 10/26/2037(d)(g)		2,524,857
		Banc of America Merrill Lynch Commercial Mortgage Securities Trust
	1,474,000	Series 2019-AHT-D 3.205%, 03/15/2034(d)(e) 1 mo. USD LIBOR + 2.500%		1,343,227
		Banc of America Mortgage Trust
	20,640	Series 2005-A-2A1 3.676%, 02/25/2035(b)(g)		18,338
		Bancorp Commercial Mortgage Trust
	665,000	Series 2019-CRE5-D 3.055%, 03/15/2036(d)(e) 1 mo. USD LIBOR + 2.350%		585,282
		BBCMS Trust
	750,000	Series 2018-CBM-E 3.855%, 07/15/2037(d)(e) 1 mo. USD LIBOR + 3.150%		667,261
		BCAP LLC Trust
	224,930	Series 2010-RR6-6A2 9.300%, 07/26/2037(d)(g)		171,773
	2,901,449	Series 2011-R11-2A4 5.500%, 12/26/2035(d)		2,303,399
		Bear Stearns Adjustable Rate Mortgage Trust
	3,895,750	Series 2005-12-25A1 3.013%, 02/25/2036(g)		2,797,596
		Bear Stearns Asset-Backed Securities I Trust
	523,855	Series 2006-AC1-1A1 6.250%, 02/25/2036(f)		349,945
		BF Mortgage Trust
	666,000	Series 2019-NYT-F 3.705%, 12/15/2035(d)(e) 1 mo. USD LIBOR + 3.000%		515,045
		BHP Trust
	710,000	Series 2019-BXHP-E 3.272%, 08/15/2036(d)(e) 1 mo. USD LIBOR + 2.568%		576,377
		BX Commercial Mortgage Trust
	1,517,000	Series 2019-IMC-G 4.305%, 04/15/2034(d)(e) 1 mo. USD LIBOR + 3.600%		1,121,266
		BX Trust
	709,000	Series 2019-MMP-F 3.497%, 08/15/2036(d)(e) 1 mo. USD LIBOR + 2.792%		487,724

Principal Amount^			Value
		Carbon Capital VI Commercial Mortgage Trust
	$649,000	Series 2019-FL2-B 3.555%, 10/15/2035(d)(e) 1 mo. USD LIBOR + 2.850%	$	562,391
		CF Trust
	1,420,000	Series 2019-MF1-F 3.950%, 08/21/2032(d)(e) 1 mo. USD LIBOR + 2.950%		1,124,614
		CFCRE Commercial Mortgage Trust
	16,323,000	Series 2016-C7-XE 0.975%, 12/10/2054(d)(g)(k)		947,361
	7,346,000	Series 2016-C7-XF 0.975%, 12/10/2054(d)(g)(k)		414,309
		CG-CCRE Commercial Mortgage Trust
	105,000	Series 2014-FL2-COL1 4.205%, 11/15/2031(d)(e) 1 mo. USD LIBOR + 3.500%		104,841
	205,000	Series 2014-FL2-COL2 5.205%, 11/15/2031(d)(e) 1 mo. USD LIBOR + 4.500%		204,188
		Chase Mortgage Finance Trust
	3,353,221	Series 2007-S2-1A9 6.000%, 03/25/2037		2,471,853
	1,648,890	Series 2007-S3-1A15 6.000%, 05/25/2037		1,125,800
		ChaseFlex Trust
	1,217,759	Series 2007-3-2A1 1.247%, 07/25/2037(e) 1 mo. USD LIBOR + 0.300%		1,061,368
		CIM Trust
	6,000,000	Series 2016-1RR-B2 6.956%, 07/26/2055(d)(g)		5,386,345
	10,000,000	Series 2016-2RR-B2 7.569%, 02/25/2056(d)(g)		9,006,454
	10,000,000	Series 2016-3RR-B2 7.969%, 02/27/2056(d)(g)		8,950,217
	7,860,000	Series 2017-3RR-B2 10.501%, 01/27/2057(d)(g)		7,353,036
		Citicorp Mortgage Securities Trust
	2,565,585	Series 2006-7-1A1 6.000%, 12/25/2036		2,276,749
		Citigroup Commercial Mortgage Trust
	668,000	Series 2015-GC27-D 4.420%, 02/10/2048(d)(g)		559,462
	1,497,000	Series 2018-TBR-F 4.355%, 12/15/2036(d)(e) 1 mo. USD LIBOR + 3.650%		950,337
		Citigroup Mortgage Loan Trust, Inc.
	208,078	Series 2005-5-2A2 5.750%, 08/25/2035		157,112
	2,929,724	Series 2005-5-3A2A 3.507%, 10/25/2035(g)		1,923,651
	356,871	Series 2009-6-8A2 6.000%, 08/25/2022(d)(g)		365,686
	3,071,266	Series 2011-12-1A2 3.864%, 04/25/2036(d)(g)		2,100,251
	330,112	Series 2018-A-A1 4.000%, 01/25/2068(d)(g)		309,183
	764,416	Series 2018-C-A1 4.125%, 03/25/2059(d)(f)		710,470

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		CitiMortgage Alternative Loan Trust
	$267,301	Series 2006-A5-1A13 1.397%, 10/25/2036(e) 1 mo. USD LIBOR + 0.450%	$	192,407
	264,877	Series 2006-A5-1A2 5.603%, 10/25/2036(e)(k) -1*1 mo. USD LIBOR + 6.550%		41,374
	465,340	Series 2007-A4-1A13 5.750%, 04/25/2037		418,182
	238,268	Series 2007-A4-1A6 5.750%, 04/25/2037		213,986
	2,330,131	Series 2007-A6-1A5 6.000%, 06/25/2037		2,099,590
		COMM Mortgage Trust
	40,000	Series 2012-LC4-C 5.537%, 12/10/2044(g)		39,335
	1,868,035	Series 2014-UBS4-F 3.750%, 08/10/2047(d)		592,294
	3,345,369	Series 2014-UBS4-G 3.750%, 08/10/2047(d)		341,522
	7,000	Series 2014-UBS4-V 0.000%, 08/10/2047(d)(g)		1
	1,000,000	Series 2015-CR26-E 3.250%, 10/10/2048(d)		653,419
	1,989,000	Series 2018-HCLV-D 2.881%, 09/15/2033(d)(e) 1 mo. USD LIBOR + 2.177%		1,885,714
		Countrywide Alternative Loan Trust
	129,274	Series 2003-22CB-1A1 5.750%, 12/25/2033		133,315
	501,781	Series 2004-13CB-A4 0.000%, 07/25/2034(l)		406,837
	97,370	Series 2004-16CB-1A1 5.500%, 07/25/2034		100,056
	106,761	Series 2004-16CB-3A1 5.500%, 08/25/2034		109,778
	239,047	Series 2004-J10-2CB1 6.000%, 09/25/2034		247,896
	5,052,330	Series 2005-64CB-1A10 5.750%, 12/25/2035		4,724,285
	78,696	Series 2005-J1-2A1 5.500%, 02/25/2025		77,795
	2,545,145	Series 2006-13T1-A13 6.000%, 05/25/2036		1,764,750
	419,613	Series 2006-31CB-A7 6.000%, 11/25/2036		322,894
	4,197,717	Series 2006-36T2-2A1 6.250%, 12/25/2036		2,664,247
	437,809	Series 2006-J1-2A1 7.000%, 02/25/2036		95,440
	219,824	Series 2007-16CB-2A1 1.397%, 08/25/2037(e) 1 mo. USD LIBOR + 0.450%		81,157
	63,656	Series 2007-16CB-2A2 46.695%, 08/25/2037(e) -8.3333*1 mo. USD LIBOR + 54.583%		167,775
	428,334	Series 2007-19-1A34 6.000%, 08/25/2037		302,290
	1,248,154	Series 2007-20-A12 6.250%, 08/25/2047		932,425
	434,036	Series 2007-22-2A16 6.500%, 09/25/2037		253,999

Principal Amount^			Value
	$2,822,982	Series 2007-HY2-1A 3.612%, 03/25/2047(g)	$	2,426,810
	1,970,359	Series 2007-HY7C-A4 1.177%, 08/25/2037(e) 1 mo. USD LIBOR + 0.230%		1,482,107
		Countrywide Alternative Loan Trust Resecuritization
	555,520	Series 2008-2R-2A1 6.000%, 08/25/2037(g)		349,500
	3,771,778	Series 2008-2R-4A1 6.250%, 08/25/2037(g)		2,956,189
		Countrywide Home Loan GMSR Issuer Trust
	1,980,000	Series 2018-GT1-A 3.697%, 05/25/2023(d)(e) 1 mo. USD LIBOR + 2.750%		1,840,979
		Countrywide Home Loan Mortgage Pass-Through Trust
	9,037	Series 2004-HYB4-2A1 4.104%, 09/20/2034(b)(g)		7,743
	617,854	Series 2005-23-A1 5.500%, 11/25/2035		459,764
	386,709	Series 2005-HYB8-4A1 3.624%, 12/20/2035(g)		339,677
	3,223,503	Series 2006-9-A1 6.000%, 05/25/2036		2,253,115
	174,587	Series 2007-10-A5 6.000%, 07/25/2037		128,685
	698,545	Series 2007-13-A5 6.000%, 08/25/2037		520,389
		Credit Suisse Commercial Mortgage Securities Corp.
	175,000	Series 2019-SKLZ-D 4.305%, 01/15/2034(d)(e) 1 mo. USD LIBOR + 3.600%		154,288
		Credit Suisse First Boston Mortgage Securities Corp.
	1,297,307	Series 2005-11-7A1 6.000%, 12/25/2035		953,885
		Credit Suisse First Boston Mortgage- Backed Pass-Through Certificates
	51,065	Series 2003-27-4A4 5.750%, 11/25/2033		52,831
	2,467,918	Series 2005-10-10A3 6.000%, 11/25/2035		1,098,197
		Credit Suisse Mortgage-Backed Trust
	799,048	Series 2006-6-1A10 6.000%, 07/25/2036		586,535
	653,159	Series 2007-1-4A1 6.500%, 02/25/2022		143,669
	72,383	Series 2007-2-2A5 5.000%, 03/25/2037		65,853
	1,607,978	Series 2011-17R-1A2 5.750%, 02/27/2037(d)		1,584,285
	630,000	Series 2014-USA-A2 3.953%, 09/15/2037(d)		638,449
	635,000	Series 2014-USA-D 4.373%, 09/15/2037(d)		531,524
	1,475,000	Series 2014-USA-E 4.373%, 09/15/2037(d)		1,114,815
	782,665	Series 2018-RPL2-A1 4.030%, 08/25/2062(d)(f)		728,091
	307,529	Series 2018-RPL7-A1 4.000%, 08/26/2058(d)		320,695

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Credit Suisse Mortgage-Backed Trust (Continued)
	$    669,736	Series 2019-RP10-A1 3.318%, 12/26/2059(d)(g)	$	688,144
		DBUBS Mortgage Trust
	310,000	Series 2017-BRBK-D 3.530%, 10/10/2034(d)(g)		261,383
		Deutsche Mortgage and Asset Receiving Corp.
	3,011,622	Series 2014-RS1-1A2 6.500%, 07/27/2037(d)(g)		2,791,192
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	104,328	Series 2006-PR1-3A1 11.138%, 04/15/2036(d)(e) -1.4*1 mo. USD LIBOR + 12.124%		96,996
		DSLA Mortgage Loan Trust
	129,615	Series 2005-AR5-2A1A 1.080%, 09/19/2045(e) 1 mo. USD LIBOR + 0.330%		89,826
		Dukinfield II Plc
	383,800 (GBP)	Series 2-A 1.787%, 12/20/2052(e) 3 mo. GBP LIBOR + 1.250%		465,416
		Federal Home Loan Mortgage Corp. REMICS
	617,455	Series 3118-SD 5.995%, 02/15/2036(e)(k) -1*1 mo. USD LIBOR + 6.700%		113,520
	245,414	Series 3301-MS 5.395%, 04/15/2037(e)(k) -1*1 mo. USD LIBOR + 6.100%		49,925
	320,691	Series 3303-SE 5.375%, 04/15/2037(e)(k) -1*1 mo. USD LIBOR + 6.080%		59,441
	208,449	Series 3303-SG 5.395%, 04/15/2037(e)(k) -1*1 mo. USD LIBOR + 6.100%		44,691
	62,452	Series 3382-SB 5.295%, 11/15/2037(e)(k) -1*1 mo. USD LIBOR + 6.000%		8,540
	289,770	Series 3382-SW 5.595%, 11/15/2037(e)(k) -1*1 mo. USD LIBOR + 6.300%		53,549
	84,615	Series 3384-S 5.685%, 11/15/2037(e)(k) -1*1 mo. USD LIBOR + 6.390%		12,858
	188,118	Series 3384-SG 5.605%, 08/15/2036(e)(k) -1*1 mo. USD LIBOR + 6.310%		39,520
	2,041,561	Series 3404-SA 5.295%, 01/15/2038(e)(k) -1*1 mo. USD LIBOR + 6.000%		424,897

Principal Amount^			Value
	$    106,299	Series 3417-SX 5.475%, 02/15/2038(e)(k) -1*1 mo. USD LIBOR + 6.180%	$	12,371
	64,640	Series 3423-GS 4.945%, 03/15/2038(e)(k) -1*1 mo. USD LIBOR + 5.650%		7,026
	577,915	Series 3423-TG 0.350%, 03/15/2038(e)(k) -1*1 mo. USD LIBOR + 6.000%		4,316
	2,661,404	Series 3435-S 5.275%, 04/15/2038(e)(k) -1*1 mo. USD LIBOR + 5.980%		491,816
	81,605	Series 3445-ES 5.295%, 05/15/2038(e)(k) -1*1 mo. USD LIBOR + 6.000%		10,810
	362,191	Series 3523-SM 5.295%, 04/15/2039(e)(k) -1*1 mo. USD LIBOR + 6.000%		65,930
	220,180	Series 3560-KS 5.695%, 11/15/2036(e)(k) -1*1 mo. USD LIBOR + 6.400%		32,831
	131,796	Series 3598-SA 5.645%, 11/15/2039(e)(k) -1*1 mo. USD LIBOR + 6.350%		19,621
	160,656	Series 3641-TB 4.500%, 03/15/2040		182,427
	596,471	Series 3728-SV 3.745%, 09/15/2040(e)(k) -1*1 mo. USD LIBOR + 4.450%		68,780
	224,785	Series 3758-S 5.325%, 11/15/2040(e)(k) -1*1 mo. USD LIBOR + 6.030%		41,884
	816,406	Series 3770-SP 5.795%, 11/15/2040(e)(k) -1*1 mo. USD LIBOR + 6.500%		91,282
	286,224	Series 3815-ST 5.145%, 02/15/2041(e)(k) -1*1 mo. USD LIBOR + 5.850%		55,493
	627,098	Series 3859-SI 5.895%, 05/15/2041(e)(k) -1*1 mo. USD LIBOR + 6.600%		141,551
	191,589	Series 3872-SL 5.245%, 06/15/2041(e)(k) -1*1 mo. USD LIBOR + 5.950%		31,491
	154,171	Series 3900-SB 5.265%, 07/15/2041(e)(k) -1*1 mo. USD LIBOR + 5.970%		23,897

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Federal Home Loan Mortgage Corp. REMICS (Continued)
	$    30,651	Series 3946-SM 12.586%, 10/15/2041(e) -3*1 mo. USD LIBOR + 14.700%	$	52,661
	1,130,781	Series 3957-DZ 3.500%, 11/15/2041		1,226,986
	1,196,233	Series 3972-AZ 3.500%, 12/15/2041		1,297,534
	3,150,704	Series 3984-DS 5.245%, 01/15/2042(e)(k) -1*1 mo. USD LIBOR + 5.950%		542,595
	2,003,385	Series 4229-MS 6.467%, 07/15/2043(e) -1.75*1 mo. USD LIBOR + 7.700%		2,473,694
	4,524,727	Series 4239-OU 0.000%, 07/15/2043(l)		4,246,469
	3,105,979	Series 4291-MS 5.195%, 01/15/2054(e)(k) -1*1 mo. USD LIBOR + 5.900%		556,172
	2,930,785	Series 4314-MS 5.395%, 07/15/2043(e)(k) -1*1 mo. USD LIBOR + 6.100%		358,340
		Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes
	25,750	Series 2014-DN2-M2 2.597%, 04/25/2024(e) 1 mo. USD LIBOR + 1.650%		25,325
	227,457	Series 2015-DNA1-M2 2.797%, 10/25/2027(e) 1 mo. USD LIBOR + 1.850%		222,074
	40,000	Series 2018-DNA1-M2 2.747%, 07/25/2030(e) 1 mo. USD LIBOR + 1.800%		33,291
		Federal National Mortgage Association Connecticut Avenue Securities
	406,174	Series 2017-C05-1M2 3.147%, 01/25/2030(e) 1 mo. USD LIBOR + 2.200%		363,353
	95,000	Series 2017-C07-1M2 3.347%, 05/25/2030(e) 1 mo. USD LIBOR + 2.400%		85,682
		Federal National Mortgage Association REMICS
	330,019	Series 2003-84-PZ 5.000%, 09/25/2033		378,318
	672,961	Series 2005-42-SA 5.853%, 05/25/2035(e)(k) -1*1 mo. USD LIBOR + 6.800%		74,116
	2,277,582	Series 2006-92-LI 5.633%, 10/25/2036(e)(k) -1*1 mo. USD LIBOR + 6.580%		465,106
	583,842	Series 2007-39-AI 5.173%, 05/25/2037(e)(k) -1*1 mo. USD LIBOR + 6.120%		113,663

Principal Amount^			Value
	$    171,155	Series 2007-57-SX 5.673%, 10/25/2036(e)(k) -1*1 mo. USD LIBOR + 6.620%	$	32,410
	28,582	Series 2007-68-SA 5.703%, 07/25/2037(e)(k) -1*1 mo. USD LIBOR + 6.650%		4,180
	34,318	Series 2008-1-CI 5.353%, 02/25/2038(e)(k) -1*1 mo. USD LIBOR + 6.300%		4,705
	1,749,355	Series 2008-33-SA 5.053%, 04/25/2038(e)(k) -1*1 mo. USD LIBOR + 6.000%		343,252
	68,625	Series 2008-56-SB 5.113%, 07/25/2038(e)(k) -1*1 mo. USD LIBOR + 6.060%		10,107
	3,582,222	Series 2009-110-SD 5.303%, 01/25/2040(e)(k) -1*1 mo. USD LIBOR + 6.250%		677,683
	45,540	Series 2009-111-SE 5.303%, 01/25/2040(e)(k) -1*1 mo. USD LIBOR + 6.250%		6,563
	234,107	Series 2009-86-CI 4.853%, 09/25/2036(e)(k) -1*1 mo. USD LIBOR + 5.800%		37,238
	146,472	Series 2009-87-SA 5.053%, 11/25/2049(e)(k) -1*1 mo. USD LIBOR + 6.000%		26,227
	68,115	Series 2009-90-IB 4.773%, 04/25/2037(e)(k) -1*1 mo. USD LIBOR + 5.720%		9,842
	82,630	Series 2010-11-SC 3.853%, 02/25/2040(e)(k) -1*1 mo. USD LIBOR + 4.800%		9,279
	41,130	Series 2010-115-SD 5.653%, 11/25/2039(e)(k) -1*1 mo. USD LIBOR + 6.600%		4,789
	3,663,542	Series 2010-123-SK 5.103%, 11/25/2040(e)(k) -1*1 mo. USD LIBOR + 6.050%		703,365
	883,097	Series 2010-134-SE 5.703%, 12/25/2025(e)(k) -1*1 mo. USD LIBOR + 6.650%		83,610
	229,667	Series 2010-15-SL 4.003%, 03/25/2040(e)(k) -1*1 mo. USD LIBOR + 4.950%		33,893
	72,291	Series 2010-9-GS 3.803%, 02/25/2040(e)(k) -1*1 mo. USD LIBOR + 4.750%		7,350

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Federal National Mortgage Association REMICS (Continued)
	$6,420	Series 2011-110-LS 6.938%, 11/25/2041(e) -2*1 mo. USD LIBOR + 10.100%	$	9,736
	266,335	Series 2011-111-VZ 4.000%, 11/25/2041		294,905
	1,189,914	Series 2011-141-PZ 4.000%, 01/25/2042		1,309,273
	136,565	Series 2011-5-PS 5.453%, 11/25/2040(e)(k) -1*1 mo. USD LIBOR + 6.400%		12,367
	2,188,301	Series 2011-93-ES 5.553%, 09/25/2041(e)(k) -1*1 mo. USD LIBOR + 6.500%		441,407
	1,470,802	Series 2012-106-SA 5.213%, 10/25/2042(e)(k) -1*1 mo. USD LIBOR + 6.160%		297,544
	2,994,607	Series 2012-131-BS 3.503%, 12/25/2042(e) -1.2*1 mo. USD LIBOR + 5.400%		3,125,826
	11,100,940	Series 2013-109-BO 0.000%, 07/25/2043(l)		9,120,170
	2,002,333	Series 2013-15-SC 3.563%, 03/25/2033(e) -1.2*1 mo. USD LIBOR + 5.460%		2,198,361
	3,615,518	Series 2014-50-WS 5.253%, 08/25/2044(e)(k) -1*1 mo. USD LIBOR + 6.200%		622,044
		First Horizon Alternative Mortgage Securities Trust
	780,452	Series 2006-FA6-1A4 6.250%, 11/25/2036		512,576
	306,875	Series 2007-FA4-1A7 6.000%, 08/25/2037		199,942
		First Horizon Mortgage Pass-Through Trust
	184,766	Series 2006-1-1A10 6.000%, 05/25/2036		135,555
		Fontainebleau Miami Beach Trust
	693,000	Series 2019-FBLU H 4.095%, 12/10/2036(d)(g)		414,735
		GCAT LLC
	491,990	Series 2020-1-A1 2.981%, 01/26/2060(d)(f)		492,355
		GCAT Trust
	727,284	Series 2019-RPL1-A1 2.650%, 10/25/2068(d)(g)		722,190
		Gosforth Funding Plc
	330,444	Series 2018-1A-A1 2.129%, 08/25/2060(d)(e) 3 mo. USD LIBOR + 0.450%		324,359
		Government National Mortgage Association
	644,187	Series 2007-21-S 5.495%, 04/16/2037(e)(k) -1*1 mo. USD LIBOR + 6.200%		120,419

Principal Amount^			Value
	$229,535	Series 2008-69-SB 6.857%, 08/20/2038(e)(k) -1*1 mo. USD LIBOR + 7.630%	$	53,898
	272,281	Series 2009-104-SD 5.645%, 11/16/2039(e)(k) -1*1 mo. USD LIBOR + 6.350%		54,247
	41,634	Series 2010-98-IA 5.680%, 03/20/2039(g)(k)		4,673
	607,966	Series 2011-45-GZ 4.500%, 03/20/2041		673,327
	162,197	Series 2011-69-OC 0.000%, 05/20/2041(l)		158,710
	3,320,586	Series 2011-69-SC 4.607%, 05/20/2041(e)(k) -1*1 mo. USD LIBOR + 5.380%		533,342
	553,687	Series 2011-89-SA 4.677%, 06/20/2041(e)(k) -1*1 mo. USD LIBOR + 5.450%		92,750
	2,640,060	Series 2013-102-BS 5.377%, 03/20/2043(e)(k) -1*1 mo. USD LIBOR + 6.150%		403,626
	46,819,755	Series 2013-155-IB 0.197%, 09/16/2053(g)(k)		764,997
	4,342,850	Series 2014-145-CS 4.895%, 05/16/2044(e)(k) -1*1 mo. USD LIBOR + 5.600%		706,595
	2,834,886	Series 2014-156-PS 5.477%, 10/20/2044(e)(k) -1*1 mo. USD LIBOR + 6.250%		486,358
	4,677,184	Series 2014-5-SA 4.777%, 01/20/2044(e)(k) -1*1 mo. USD LIBOR + 5.550%		847,809
	4,692,553	Series 2014-58-SG 4.895%, 04/16/2044(e)(k) -1*1 mo. USD LIBOR + 5.600%		698,610
	4,689,828	Series 2014-76-SA 4.827%, 01/20/2040(e)(k) -1*1 mo. USD LIBOR + 5.600%		828,011
	5,139,548	Series 2014-95-CS 5.545%, 06/16/2044(e)(k) -1*1 mo. USD LIBOR + 6.250%		1,088,650
	6,183,492	Series 2018-105-SH 5.477%, 08/20/2048(e)(k) -1*1 mo. USD LIBOR + 6.250%		924,243
	78,763,449	Series 2018-111-SA 3.550%, 08/20/2048(e)(k) -1*1 mo. USD LIBOR + 4.550%		9,014,752
	26,349,223	Series 2018-134-CS 5.427%, 10/20/2048(e)(k) -1*1 mo. USD LIBOR + 6.200%		3,620,502

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		GPMT Ltd.
	$1,507,000	Series 2018-FL1-D 3.723%, 11/21/2035(d)(e) 1 mo. USD LIBOR + 2.950%	$	1,264,377
		GS Mortgage Securities Corp. Trust
	1,503,000	Series 2018-TWR-G 4.629%, 07/15/2031(d)(e) 1 mo. USD LIBOR + 3.925%		1,125,841
		GS Mortgage Securities Trust
	1,010,000	Series 2011-GC5-D 5.389%, 08/10/2044(d)(g)		979,812
	2,216,000	Series 2014-GC26-D 4.514%, 11/10/2047(d)(g)		1,876,066
		GSCG Trust
	710,000	Series 2019-600C-H 4.118%, 09/06/2034(d)(g)		488,999
		GSR Mortgage Loan Trust
	41,897	Series 2005-4F-6A1 6.500%, 02/25/2035(b)		39,500
	790,823	Series 2005-9F-2A1 6.000%, 01/25/2036		571,448
	117,130	Series 2005-AR4-6A1 4.655%, 07/25/2035(g)		101,147
	184,827	Series 2005-AR6-4A5 4.507%, 09/25/2035(g)		174,242
	275,572	Series 2006-7F-3A4 6.250%, 08/25/2036		147,264
	117,882	Series 2006-8F-2A1 6.000%, 09/25/2036		107,591
		HarborView Mortgage Loan Trust
	285,445	Series 2004-11-2A2A 1.390%, 01/19/2035(b)(e) 1 mo. USD LIBOR + 0.640%		233,804
	4,428,618	Series 2007-7-2A1B 1.947%, 10/25/2037(e) 1 mo. USD LIBOR + 1.000%		3,197,074
		Hawaii Hotel Trust
	1,297,000	Series 2019-MAUI-F 3.455%, 05/15/2038(d)(e) 1 mo. USD LIBOR + 2.750%		927,939
		Hilton Orlando Trust
	873,000	Series 2018-ORL-F 4.355%, 12/15/2034(d)(e) 1 mo. USD LIBOR + 3.650%		660,784
		Hilton USA Trust
	1,073,000	Series 2016-SFP-E 5.519%, 11/05/2035(d)		979,356
		Hospitality Mortgage Trust
	1,122,280	Series 2019-HIT-G 4.605%, 11/15/2036(d)(e) 1 mo. USD LIBOR + 3.900%		841,262
		Impac Secured Assets Trust
	7,060,923	Series 2007-2-1A1C 1.327%, 05/25/2037(e) 1 mo. USD LIBOR + 0.380%		5,363,523
		IndyMac INDA Mortgage Loan Trust
	288,008	Series 2006-AR3-1A1 3.830%, 12/25/2036(g)		237,714
		IndyMac INDX Mortgage Loan Trust
	190,223	Series 2004-AR7-A5 2.167%, 09/25/2034(e) 1 mo. USD LIBOR + 1.220%		157,317

Principal Amount^			Value
	$305,746	Series 2005-AR11-A3 3.601%, 08/25/2035(g)	$	248,854
	713,157	Series 2006-AR2-2A1 1.157%, 02/25/2046(e) 1 mo. USD LIBOR + 0.210%		524,731
	2,201,483	Series 2006-AR5-2A1 3.679%, 05/25/2036(g)		1,829,127
	4,024,901	Series 2006-R1-A3 3.515%, 12/25/2035(g)		3,295,502
	1,433,842	Series 2007-AR5-2A1 3.610%, 05/25/2037(g)		1,174,246
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,285,000	Series 2011-C3-E 5.664%, 02/15/2046(d)(g)		1,216,189
	1,531,000	Series 2019-MFP-F 3.705%, 07/15/2036(d)(e) 1 mo. USD LIBOR + 3.100%		948,783
	219,000	Series 2019-UES-C 4.343%, 05/05/2032(d)		213,179
	224,000	Series 2019-UES-D 4.452%, 05/05/2032(d)(g)		208,197
	261,000	Series 2019-UES-E 4.452%, 05/05/2032(d)(g)		234,502
	274,000	Series 2019-UES-F 4.452%, 05/05/2032(d)(g)		227,607
	299,000	Series 2019-UES-G 4.452%, 05/05/2032(d)(g)		239,434
		JP Morgan Mortgage Trust
	377,263	Series 2004-S1-2A1 6.000%, 09/25/2034		392,638
	2,461,281	Series 2005-ALT1-3A1 3.713%, 10/25/2035(g)		1,935,025
	56,967	Series 2007-A1-4A2 4.688%, 07/25/2035(b)(g)		49,931
	16,444	Series 2007-S1-1A2 5.500%, 03/25/2022		15,464
	766,460	Series 2007-S3-1A97 6.000%, 08/25/2037		548,902
	373,528	Series 2008-R2-2A 5.500%, 12/27/2035(d)(g)		356,908
		JP Morgan Resecuritization Trust
	7,581,976	Series 2015-4-1A7 1.817%, 06/26/2047(d)(e) 1 mo. USD LIBOR + 0.190%		4,319,426
		JPMBB Commercial Mortgage Securities Trust
	1,616,000	Series 2014-C23-D 3.973%, 09/15/2047(d)(g)		1,341,655
	300,000	Series 2014-C23-E 3.364%, 09/15/2047(d)(g)		207,165
	78,000	Series 2015-C27-D 3.807%, 02/15/2048(d)(g)		63,160
	4,749,500	Series 2015-C27-XFG 1.307%, 02/15/2048(d)(g)(k)		265,683
		Lanark Master Issuer Plc
	311,600	Series 2019-1A-1A1 2.453%, 12/22/2069(d)(e) 3 mo. USD LIBOR + 0.770%		309,468
		Legacy Mortgage Asset Trust
	1,112,546	Series 2020-GS1-A1 2.882%, 10/25/2059(d)(f)		1,112,980
		Lehman Mortgage Trust
	1,805,676	Series 2006-2-2A3 5.750%, 04/25/2036		1,844,983

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Lehman XS Trust
	$128,937	Series 2006-2N-1A1 1.207%, 02/25/2046(e) 1 mo. USD LIBOR + 0.260%	$	102,201
		LoanCore Issuer Ltd.
	1,296,000	Series 2019-CRE3-D 3.205%, 04/15/2034(d)(e) 1 mo. USD LIBOR + 2.500%		966,626
		Master Alternative Loan Trust
	34,288	Series 2003-9-4A1 5.250%, 11/25/2033		35,084
	32,016	Series 2004-5-1A1 5.500%, 06/25/2034		32,865
	39,845	Series 2004-5-2A1 6.000%, 06/25/2034		41,213
	170,749	Series 2004-8-2A1 6.000%, 09/25/2034		178,704
		Merrill Lynch Alternative Note Asset Trust
	461,453	Series 2007-AF1-1AF2 5.750%, 05/25/2037		424,041
		Merrill Lynch Mortgage Investors Trust
	10,073	Series 2006-2-2A 3.768%, 05/25/2036(b)(g)		8,929
		Morgan Stanley Bank of America Merrill Lynch Trust
	15,000	Series 2015-C20-D 3.071%, 02/15/2048(d)		11,738
		Morgan Stanley Capital I Trust
	687,000	Series 2007-IQ15-C 6.128%, 06/11/2049(d)(g)		677,096
	285,000	Series 2011-C2-D 5.488%, 06/15/2044(d)(g)		263,458
	235,000	Series 2011-C2-E 5.488%, 06/15/2044(d)(g)		196,562
	1,508,000	Series 2019-PLND-F 3.505%, 05/15/2036(d)(e) 1 mo. USD LIBOR + 2.800%		1,212,842
		Morgan Stanley Mortgage Loan Trust
	2,593,306	Series 2005-9AR-2A 3.951%, 12/25/2035(g)		2,214,900
	3,071,198	Series 2006-11-2A2 6.000%, 08/25/2036		2,116,084
	387,455	Series 2006-7-3A 5.034%, 06/25/2036(g)		299,823
	261,354	Series 2007-13-6A1 6.000%, 10/25/2037		184,362
		Morgan Stanley Re-REMIC Trust
	382,532	Series 2010-R9-3C 6.000%, 11/26/2036(d)(g)		371,888
		Motel 6 Trust
	1,045,891	Series 2017-M6MZ-M 7.631%, 08/15/2024(d)(e) 1 mo. USD LIBOR + 6.927%		826,930
		OBX Trust
	527,449	Series 2019-EXP3-1A8 3.500%, 10/25/2059(d)(g)		524,289
		Prime Mortgage Trust
	1,369,351	Series 2006-DR1-2A1 5.500%, 05/25/2035(d)		792,598

Principal Amount^			Value
		Residential Accredit Loans, Inc.
	$980,938	Series 2006-QS10-A9 6.500%, 08/25/2036	$	900,087
	626,256	Series 2006-QS14-A18 6.250%, 11/25/2036		520,462
	459,808	Series 2006-QS17-A5 6.000%, 12/25/2036		401,030
	474,256	Series 2006-QS2-1A4 5.500%, 02/25/2036		423,411
	557,198	Series 2006-QS7-A3 6.000%, 06/25/2036		482,716
	599,466	Series 2007-QS1-2A10 6.000%, 01/25/2037		507,168
	924,136	Series 2007-QS3-A1 6.500%, 02/25/2037		799,290
	2,071,352	Series 2007-QS6-A6 6.250%, 04/25/2037		1,829,813
	516,313	Series 2007-QS8-A8 6.000%, 06/25/2037		439,226
	1,588,545	Series 2007-QS9-A33 6.500%, 07/25/2037		1,429,124
		Residential Asset Securitization Trust
	174,262	Series 2005-A8CB-A9 5.375%, 07/25/2035		135,059
	286,380	Series 2006-A8-1A1 6.000%, 08/25/2036		223,951
	253,640	Series 2007-A1-A8 6.000%, 03/25/2037		134,199
	490,187	Series 2007-A5-2A5 6.000%, 05/25/2037		353,284
	16,209,941	Series 2007-A9-A1 1.497%, 09/25/2037(e) 1 mo. USD LIBOR + 0.550%		3,674,777
	16,209,941	Series 2007-A9-A2 5.503%, 09/25/2037(e)(k) -1*1 mo. USD LIBOR + 6.450%		5,840,289
		Residential Funding Mortgage Securities I Trust
	543,297	Series 2006-S4-A5 6.000%, 04/25/2036		505,223
		Sequoia Mortgage Trust
	243,476	Series 2018-CH1-A1 4.000%, 02/25/2048(d)(g)		244,045
	801,334	Series 2019-CH1-A1 4.500%, 03/25/2049(d)(g)		800,936
		SLIDE
	2,383,973	Series 2018-FUN-F 3.705%, 06/15/2031(d)(e) 1 mo. USD LIBOR + 3.000%		2,034,941
		Starwood Retail Property Trust
	235,000	Series 2014-STAR-C 3.455%, 11/15/2027(d)(e) 1 mo. USD LIBOR + 2.750%		193,713
	980,000	Series 2014-STAR-D 4.205%, 11/15/2027(d)(e) 1 mo. USD LIBOR + 3.500%		728,630
	950,000	Series 2014-STAR-E 5.105%, 11/15/2027(b)(d)(e) 1 mo. USD LIBOR + 4.400%		551,074

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Structured Adjustable Rate Mortgage Loan Trust
	$751,276	Series 2005-14-A1 1.257%, 07/25/2035(e) 1 mo. USD LIBOR + 0.310%	$	518,250
	326,827	Series 2005-15-1A1 3.762%, 07/25/2035(g)		224,851
	418,119	Series 2005-22-3A1 4.119%, 12/25/2035(g)		326,038
	923,702	Series 2008-1-A2 3.692%, 10/25/2037(g)		736,975
		Structured Asset Securities Corp. Trust
	725,465	Series 2005-5-2A2 5.500%, 04/25/2035		644,328
	8,805,420	Series 2007-4-1A3 5.309%, 03/28/2045(d)(e)(k) -1*1 mo. LIBOR + 6.250%		1,654,295
		Tharaldson Hotel Portfolio Trust
	1,382,807	Series 2018-THL-F 4.958%, 11/11/2034(d)(e) 1 mo. USD LIBOR + 3.952%		1,153,561
		UBS-Barclays Commercial Mortgage Trust
	305,000	Series 2012-C2-E 4.888%, 05/10/2063(d)(g)		263,439
		Washington Mutual Mortgage Pass-Through Certificates Trust
	421,070	Series 2005-1-5A1 6.000%, 03/25/2035		403,936
	624,423	Series 2006-5-1A5 6.000%, 07/25/2036		546,323
	468,322	Series 2006-8-A6 4.310%, 10/25/2036(f)		237,449
	2,869,893	Series 2007-5-A3 7.000%, 06/25/2037		1,859,517
		Wells Fargo Alternative Loan Trust
	181,264	Series 2007-PA2-3A1 1.297%, 06/25/2037(e) 1 mo. USD LIBOR + 0.350%		144,764
	271,370	Series 2007-PA2-3A2 5.703%, 06/25/2037(e)(k) -1*1 mo. USD LIBOR + 6.650%		40,421
		Wells Fargo Commercial Mortgage Trust
	19,971,000	Series 2015-C28-XE 1.110%, 05/15/2048(d)(g)(k)		1,026,597
	750,000	Series 2016-C33-D 3.123%, 03/15/2059(d)		554,202
	1,225,000	Series 2019-JWDR-C 3.139%, 09/15/2031(d)(g)		918,397
		Wells Fargo Mortgage-Backed Securities Trust
	119,868	Series 2006-AR19-A1 4.349%, 12/25/2036(g)		112,111
		WFRBS Commercial Mortgage Trust
	155,000	Series 2011-C2-D 5.663%, 02/15/2044(d)(g)		151,918
	510,000	Series 2011-C3-D 5.681%, 03/15/2044(d)(g)		413,778
	500,000	Series 2012-C6-D 5.579%, 04/15/2045(d)(g)		479,288

Principal Amount^			Value
	$160,000	Series 2012-C7-C 4.813%, 06/15/2045(g)	$	154,018
	290,000	Series 2012-C7-E 4.813%, 06/15/2045(d)(g)		251,003
	TOTAL MORTGAGE-BACKED SECURITIES (Cost $257,105,343)			261,248,782
	MUNICIPAL BONDS: 0.2%
	Puerto Rico: 0.2%
		Commonwealth of Puerto Rico
	1,330,000	Series A 8.000%, 07/01/2035(m)		801,325
		Puerto Rico Commonwealth Aqueduct & Sewer Authority
	100,000	Series A 5.250%, 07/01/2029		95,875
	311,000	Series A 5.125%, 07/01/2037		295,450
	280,000	Series A 6.000%, 07/01/2047		275,800
		Puerto Rico Public Buildings Authority
	675,000	Series U 5.250%, 07/01/2042(m)		513,000
		Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue
	21,000	Series A-1 0.000%, 07/01/2024(n)		18,007
	40,000	Series A-1 0.000%, 07/01/2027(n)		30,507
	39,000	Series A-1 0.000%, 07/01/2029(n)		27,037
	50,000	Series A-1 0.000%, 07/01/2031(n)		31,156
	56,000	Series A-1 0.000%, 07/01/2033(n)		31,057
	41,000	Series A-1 4.500%, 07/01/2034		41,195
	21,000	Series A-1 4.550%, 07/01/2040		19,932
	536,000	Series A-1 0.000%, 07/01/2046(n)		127,391
	437,000	Series A-1 0.000%, 07/01/2051(n)		77,651
	151,000	Series A-1 4.750%, 07/01/2053		142,568
	383,000	Series A-1 5.000%, 07/01/2058		373,406
	210,000	Series A-2 4.329%, 07/01/2040		193,429
	7,000	Series A-2 4.536%, 07/01/2053		6,370
	84,000	Series A-2 4.784%, 07/01/2058		78,878
	TOTAL MUNICIPAL BONDS (Cost $2,112,174)			3,180,034
	SHORT-TERM INVESTMENTS: 13.8%
	TREASURY BILLS: 2.9%
		United States Treasury Bill
	7,000,000	0.052%, 05/05/2020(a)(o)		6,999,645
	2,190,000	1.905%, 07/16/2020(a)(o)		2,177,603
	2,000,000	0.067%, 08/13/2020(a)(o)		1,999,496

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	TREASURY BILLS (CONTINUED)
		United States Treasury Bill (Continued)
	$32,050,000	0.069%, 11/05/2020(a)(o)	$	32,036,608
	TOTAL TREASURY BILLS (Cost $42,991,113)			43,213,352
	REPURCHASE AGREEMENTS : 10.9%
	164,125,647	Fixed Income Clearing Corp. 0.000%, 3/31/2020, due 04/01/2020 [collateral: par value $1,130,000 U.S. Treasury Note, 2.125%, due 05/15/2022, value $1,184,350; par value $86,350,000 U.S. Treasury Note, 2.375%, due 03/15/2022, value $90,088,270; par value $75,965,000 U.S. Treasury Note, 0.375%, due 03/31/2022, value $76,155,693] (proceeds $164,125,647)		164,125,647
	TOTAL REPURCHASE AGREEMENTS (Cost $164,125,647)			164,125,647
	TOTAL SHORT-TERM INVESTMENTS (Cost $207,116,760)			207,338,999
	TOTAL PURCHASED OPTIONS (Cost $64,464): 0.0%			88,768
	TOTAL INVESTMENTS BEFORE INVESTMENTS SOLD SHORT
	(Cost: $1,680,646,033): 103.6%			1,559,348,474
	Liabilities in Excess of Other Assets: (3.6)%			(54,164,577	)
	NET ASSETS: 100.0%		$	1,505,183,897

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
BADLARPP	Argentina Badlar Floating Rate Notes
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury Index
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
L.P.	Limited Partnership
PIK	Payment-in-kind
REMICS	Real Estate Mortgage Investment Conduit
SOFRRATE	Secured Overnight Financing Rate
*	Non-Income Producing Security.
^	The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)	Securities with an aggregate fair value of $159,681,516 have been pledged as collateral for options, total return swaps, credit default swaps, securities sold short and futures positions.
(b)	Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.
(c)	Perpetual Call.

(d)	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(e)	Floating Interest Rate at March 31, 2020.
(f)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2020.
(g)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at March 31, 2020.
(h)	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.
(i)	Pay-in-kind securities.
(j)	When issued security.
(k)	Interest Only security. Security with a notional or nominal principal amount.
(l)	Principal Only security.
(m)	Security is currently in default and/or non-income producing.
(n)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(o)	The rate shown represents yield-to-maturity.

CURRENCY ABBREVIATIONS:

ARS	Argentine Peso
AUD	Australian Dollar
BRL	Brazilian Real
CAD	Canadian Dollar
COP	Colombian Peso
EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
JPY	Japanese Yen
MXN	Mexican Peso
NOK	Norwegian Krone
NZD	New Zealand Dollar
PLN	Polish Zloty
SEK	Swedish Krona
THB	Thai Baht
ZAR	South African Rand

The cost basis of investments for federal income tax purposes at March 31, 2020 was as follows*:

Cost of investments	$	1,635,270,774
Gross unrealized appreciation		137,228,382
Gross unrealized depreciation		(254,528,777	)
Net unrealized depreciation	$	(117,300,395	)

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

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF PURCHASED OPTIONS at March 31, 2020 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
COMMON STOCKS
Call
Cincinnati Bell, Inc.	Goldman Sachs & Co.	$	12.50		8/21/2020		151	$	221,064	$	40,393	$	5,707	$	34,686
Stars Group, Inc. (The)	Goldman Sachs & Co.		25.00		8/21/2020		251		512,542		46,435		35,716		10,719
Wesco International, Inc.	Goldman Sachs & Co.		55.00		4/17/2020		194		443,290		1,940		23,041		(21,101	)
Total Purchased Options										$	88,768	$	64,464	$	24,304

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SECURITIES SOLD SHORT at March 31, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: (2.7)%
	(159,121)	AbbVie, Inc.	$	(12,123,429	)
	(106,856)	Adesto Technologies Corp.*		(1,195,719	)
	(18,819)	Allegheny Technologies, Inc.*		(159,962	)
	(4,312)	Bayerische Motoren Werke AG		(223,811	)
	(460)	Booz Allen Hamilton Holding Corp.		(31,574	)
	(131)	CACI International, Inc. - Class A*		(27,661	)
	(531,268)	Charles Schwab Corp. (The)		(17,861,230	)
	(47,034)	Cincinnati Bell, Inc.*		(688,578	)
	(13,583)	Comtech Telecommunications Corp.		(180,518	)
	(5,517)	Daimler AG		(167,261	)
	(20,981)	Eldorado Resorts, Inc.*		(302,126	)
	(16,825)	Fiat Chrysler Automobiles N.V.		(121,814	)
	(27,372)	Fidelity National Financial, Inc.		(681,015	)
	(34,023)	Ford Motor Co.		(164,331	)
	(10,301)	General Motors Co.		(214,055	)
	(13,780)	Honda Motor Co. Ltd.		(311,362	)
	(8,431)	International Flavors & Fragrances, Inc.		(860,636	)
	(1,279)	Jacobs Engineering Group, Inc.		(101,386	)
	(5,412)	Kaiser Aluminum Corp.		(374,943	)
	(9,547)	Peugeot S.A.		(127,945	)
	(510)	PPG Industries, Inc.		(42,636	)
	(33,931)	Ra Pharmaceuticals, Inc.*		(1,629,027	)
	(2,588)	Renault S.A.		(50,487	)
	(639)	RPM International, Inc.		(38,021	)
	(382)	Science Applications International Corp.		(28,509	)
	(99)	Sherwin-Williams Co. (The)		(45,492	)
	(22,000)	Softbank Corp.		(281,175	)
	(5,106)	Spirit AeroSystems Holdings, Inc. - Class A		(122,187	)
	(4,058)	Stantec, Inc.		(103,722	)
	(10,537)	Stars Group, Inc. (The)*		(215,166	)
	(618)	Tesla, Inc.*		(323,832	)
	(1,357)	Tetra Tech, Inc.		(95,831	)
	(9,136)	Textron, Inc.		(243,657	)
	(7,260)	Toyota Motor Corp.		(438,861	)
	(21,469)	WESCO International, Inc.*		(490,567	)
	(1,685)	WSP Global, Inc.		(95,372	)
	(195)	WW Grainger, Inc.		(48,458	)
	TOTAL COMMON STOCKS (Proceeds $41,754,574)			(40,212,356	)
	EXCHANGE-TRADED FUND : (0.1)%
	(71,010)	Financial Select Sector SPDR Fund		(1,478,428	)
	TOTAL EXCHANGE-TRADED FUND (Proceeds $1,355,579)			(1,478,428	)

Principal Amount^			Value
	CORPORATE BONDS: (0.1)%
		Dell International LLC / EMC Corp.
	$(450,000)	7.125%, 06/15/2024(d)	$	(466,312	)
		Gray Television, Inc.
	(556,000)	5.125%, 10/15/2024(d)		(546,968	)
		Gray Television, Inc.
	(362,000)	5.875%, 07/15/2026(d)		(350,543	)
		Western Digital Corp.
	(848,000)	4.750%, 02/15/2026		(863,900	)
	TOTAL CORPORATE BONDS (Proceeds $2,257,404)			(2,227,723	)
	TOTAL SECURITIES SOLD SHORT (Proceeds $45,367,557)			(43,918,507	)

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS AT March 31, 2020 (Unaudited)

At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

								Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at March 31, 2020		Fund Delivering	U.S. $ Value at March 31, 2020		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	4/14/2020	IDR	$	1,464,313	USD	$	1,727,747	$	—	$	(263,434	)
	4/14/2020	USD		1,726,375	IDR		1,464,313		262,062		—
	4/15/2020	JPY		7,077,813	USD		6,982,866		94,947		—
	4/15/2020	NOK		2,906,164	USD		3,399,255		—		(493,091	)
	4/15/2020	PLN		1,600,874	USD		1,737,041		—		(136,167	)
	4/15/2020	USD		6,955,949	JPY		7,077,812		—		(121,863	)
	4/15/2020	USD		3,257,590	NOK		2,906,163		351,427		—
	4/15/2020	USD		1,695,632	PLN		1,600,874		94,758		—
	4/23/2020	USD		453,912	CAD		463,997		—		(10,085	)
	4/23/2020	USD		1,583,617	EUR		1,620,696		—		(37,079	)
Barclays Bank Plc	4/14/2020	EUR		3,444,063	USD		3,495,094		—		(51,031	)
	4/14/2020	USD		3,428,219	EUR		3,444,063		—		(15,844	)
	4/23/2020	USD		531,654	EUR		545,744		—		(14,090	)
Citibank N.A.	4/30/2020	BRL		1,347,844	USD		1,652,824		—		(304,980	)
	4/30/2020	USD		1,615,358	BRL		1,347,845		267,513		—
Deutsche Bank AG	4/30/2020	USD		525,761	GBP		502,174		23,587		—
Goldman Sachs & Co.	6/15/2020	CAD		184,757	USD		179,829		4,928		—
	6/15/2020	CAD		268,809	USD		274,765		—		(5,956	)
	6/15/2020	EUR		2,508,445	USD		2,464,241		44,204		—
	6/15/2020	EUR		985,259	USD		972,395		12,864		—
	6/15/2020	GBP		3,127,264	USD		2,972,188		155,076		—
	6/15/2020	USD		4,824,165	CAD		4,727,864		96,301		—
	6/15/2020	USD		817,109	CAD		807,844		9,265		—
	6/15/2020	USD		347,130	CAD		344,569		2,561		—
	6/15/2020	USD		121,668	CAD		120,337		1,331		—
	6/15/2020	USD		72,575	CAD		72,216		359		—
	6/15/2020	USD		302,634	CAD		305,378		—		(2,744	)
	6/15/2020	USD		1,662,521	CAD		1,665,439		—		(2,918	)
	6/15/2020	USD		1,138,564	CAD		1,142,066		—		(3,502	)
	6/15/2020	USD		223,668	CAD		227,988		—		(4,320	)
	6/15/2020	USD		460,323	CAD		474,544		—		(14,221	)
	6/15/2020	USD		710,521	CAD		728,399		—		(17,878	)
	6/15/2020	USD		8,643,785	EUR		8,477,231		166,554		—
	6/15/2020	USD		580,868	EUR		572,617		8,251		—
	6/15/2020	USD		341,302	EUR		339,063		2,239		—
	6/15/2020	USD		1,181,514	EUR		1,182,135		—		(621	)
	6/15/2020	USD		159,016	EUR		161,301		—		(2,285	)
	6/15/2020	USD		3,164,522	GBP		3,127,264		37,258		—
Goldman Sachs International	4/14/2020	MXN		1,387,337	USD		1,712,462		—		(325,125	)
	4/14/2020	USD		1,702,578	MXN		1,387,337		315,241		—
	6/15/2020	CAD		698,492	USD		695,259		3,233		—
	6/15/2020	EUR		368,119	USD		368,979		—		(860	)
HSBC Holdings Plc	4/13/2020	CAD		3,212,146	USD		3,476,348		—		(264,202	)
	4/13/2020	USD		3,408,442	CAD		3,212,146		196,296		—
	4/15/2020	SEK		1,664,583	USD		1,745,657		—		(81,074	)
	4/15/2020	USD		1,709,030	SEK		1,664,583		44,447		—
	4/22/2020	AUD		3,051,141	USD		3,428,743		—		(377,602	)
	4/22/2020	USD		3,325,005	AUD		3,051,142		273,863		—
	5/13/2020	USD		181,173	EUR		182,062		—		(889	)
JPMorgan Chase Bank N.A.	6/8/2020	EUR		949,162	USD		921,188		27,974		—
	6/8/2020	EUR		800,824	USD		778,055		22,769		—
	6/8/2020	EUR		1,094,727	USD		1,084,904		9,823		—
	6/8/2020	EUR		1,216,894	USD		1,226,518		—		(9,624	)
	6/8/2020	USD		827,625	EUR		825,339		2,286		—
	6/8/2020	USD		116,182	EUR		114,332		1,850		—
	6/8/2020	USD		1,184,112	EUR		1,182,342		1,770		—
	6/8/2020	USD		359,230	EUR		358,302		928		—
	6/8/2020	USD		197,633	EUR		197,262		371		—
	6/8/2020	USD		901,037	EUR		932,294		—		(31,257	)
	6/8/2020	USD		5,374,397	EUR		5,435,614		—		(61,217	)
Morgan Stanley & Co.	4/7/2020	USD		1,966,536	COP		1,621,566		344,970		—

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2020 (Unaudited)(Continued)

											Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date		Fund Receiving		U.S. $ Value at March 31, 2020		Fund Delivering		U.S. $ Value at March 31, 2020		Unrealized Appreciation		Unrealized Depreciation
Morgan Stanley & Co. (Continued)
		4/14/2020		NZD	$	1,557,588		USD	$	1,737,589	$	—	$	(180,001	)
		4/14/2020		USD		1,715,021		NZD		1,557,588		157,433		—
		4/30/2020		USD		5,102,759		ZAR		4,224,015		878,744		—
		4/30/2020		ZAR		4,224,014		USD		4,772,136		—		(548,122	)
		6/16/2020		USD		471,591		EUR		464,033		7,558		—
		6/16/2020		USD		305,841		EUR		303,831		2,010		—
		6/16/2020		USD		254,585		EUR		254,113		472		—
		6/16/2020		USD		303,968		EUR		303,831		137		—
		6/16/2020		USD		132,600		EUR		132,581		19		—
		6/16/2020		USD		403,623		EUR		408,791		—		(5,168	)
		6/16/2020		USD		356,080		EUR		364,597		—		(8,517	)
		6/30/2020		USD		183,393		EUR		182,392		1,001		—
		6/30/2020		USD		293,475		EUR		292,933		542		—
Standard Chartered Bank		7/2/2020		USD		3,028,331		EUR		3,029,044		—		(713	)
UBS AG		4/22/2020		USD		3,589,811		THB		3,323,940		265,871		—
					$	129,060,642			$	128,262,029	$	4,195,093	$	(3,396,480	)

SCHEDULE OF FINANCIAL FUTURES CONTRACTS at March 31, 2020 (Unaudited)

Description	Number of Contracts			Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
S&P 500 EMINI		107		$	5,350		$	13,747,895			6/19/2020	$	(23,448	)
2YR U.S. Treasury Notes		785			157,000,000			173,000,508			6/30/2020		1,271,580
Total Long												$	1,248,132
Futures Contracts - Short
5YR U.S. Treasury Notes		(641	)	$	(64,100,000	)	$	(80,355,359	)		6/30/2020	$	(1,480,316	)
10YR U.S. Treasury Notes		(291	)		(29,100,000	)		(40,358,063	)		6/19/2020		(518,857	)
Ultra-Long U.S. Treasury Bonds		(41	)		(4,100,000	)		(9,096,875	)		6/19/2020		68,419
Ultra 10YR. U.S. Treasury Notes		(284	)		(28,400,000	)		(44,312,875	)		6/19/2020		(975,494	)
Total Short												$	(2,906,248	)
Total Futures Contracts												$	(1,658,116	)

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection
Accor S.A. 2.625%, 02/05/2021		12/20/2024		(1.000%	)		3.240%		EUR	(150,000)		Quarterly	$	15,735		$	(3,106	)	$	18,841
Aegon N.V. 6.125%, 12/15/2031		12/20/2024		(1.000%	)		1.345%			(1,800,000)		Quarterly		31,325			(24,016	)		55,341
AES Corp. 4.875%, 05/15/2023		12/20/2024		(5.000%	)		2.041%		$	(1,250,000)		Quarterly		(161,435	)		(244,599	)		83,164
Akzo Nobel N.V. 1.750%, 11/07/2024		12/20/2024		(1.000%	)		0.524%		EUR	(9,800,000)		Quarterly		(243,004	)		(154,973	)		(88,031	)
American Axle & Manufacturing, Inc. 6.625%, 10/15/2022		12/20/2024		(5.000%	)		9.154%		$	(11,000,000)		Quarterly		1,535,371			(9,821	)		1,545,192
American International Group, Inc. 6.250%, 05/01/2036		12/20/2024		(1.000%	)		0.932%			(150,000)		Quarterly		(463	)		(2,313	)		1,850
Amgen, Inc. 3.625%, 05/22/2024		12/20/2024		(1.000%	)		0.483%			(100,000)		Quarterly		(2,399	)		(2,946	)		547

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2020		Notional Amount(4)				Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection (Continued)
Anheuser-Busch InBev S.A. 4.000%, 06/02/2021		12/20/2024		(1.000%	)		1.464%		EUR	(2,150,000)			Quarterly	$	49,999		$	(66,050	)	$	116,049
Assicurazioni Generali SpA 5.125%, 09/16/2024		12/20/2024		(1.000%	)		1.409%			(150,000	)		Quarterly		3,082			(3,337	)		6,419
AT&T, Inc. 2.450%, 06/30/2020		12/20/2024		(1.000%	)		2.100%		$	(250,000	)		Quarterly		11,981			(2,651	)		14,632
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.250%, 03/15/2025		12/20/2024		(5.000%	)		9.311%			(1,600,000	)		Quarterly		230,535			119,879			110,656
Avnet, Inc. 4.875%, 12/01/2022		12/20/2024		(1.000%	)		0.685%			(13,800,000	)		Quarterly		(200,049	)		(83,197	)		(116,852	)
Bank of America Corp. 2.369%, 07/21/2021		12/20/2024		(1.000%	)		1.002%			(4,750,000	)		Quarterly		431			(130,881	)		131,312
Barrick Gold Corp. 5.800%, 11/15/2034		12/20/2024		(1.000%	)		0.394%			(6,350,000	)		Quarterly		(179,200	)		(158,369	)		(20,831	)
Beazer Homes USA, Inc. 6.750%, 03/15/2025		12/20/2024		(5.000%	)		7.427%			(1,550,000	)		Quarterly		134,280			99,449			34,831
Best Buy Co., Inc. 5.500%, 03/15/2021		12/20/2024		(5.000%	)		1.318%			(9,150,000	)		Quarterly		(1,512,764	)		(1,855,592	)		342,828
Block Financial LLC 5.500%, 11/01/2022		12/20/2024		(5.000%	)		1.133%			(9,300,000	)		Quarterly		(1,626,438	)		(1,894,443	)		268,005
Boeing Co. (The) 8.750%, 08/15/2021		12/20/2024		(1.000%	)		4.416%			(6,300,000	)		Quarterly		858,306			(135,793	)		994,099
Bouygues S.A. 4.250%, 07/22/2020		12/20/2024		(1.000%	)		0.503%		EUR	(5,950,000)			Quarterly		(154,159	)		(250,973	)		96,814
British Telecommunications Plc 5.750%, 12/07/2028		12/20/2024		(1.000%	)		1.163%			(10,150,000	)		Quarterly		83,979			(149,663	)		233,642
Campbell Soup Co. 4.250%, 04/15/2021		12/20/2024		(1.000%	)		0.350%		$	(100,000	)		Quarterly		(3,029	)		(1,939	)		(1,090	)
Canadian Natural Resources Ltd. 3.450%, 11/15/2021		12/20/2024		(1.000%	)		3.202%			(2,250,000	)		Quarterly		206,914			(42,771	)		249,685
Cardinal Health, Inc. 4.625%, 12/15/2020		12/20/2024		(1.000%	)		0.527%			(3,600,000	)		Quarterly		(78,903	)		(24,295	)		(54,608	)
Carnival Corp. 6.650%, 01/15/2028		12/20/2024		(1.000%	)		7.122%			(12,250,000	)		Quarterly		2,852,987			(347,827	)		3,200,814
CDX North America High Yield Index Series 33 5.000%, 12/20/2024		12/20/2024		(5.000%	)		6.687%			(93,100,000	)		Quarterly		5,676,175			(5,958,400	)		11,634,575
CDX North America Investment Grade Index Series 33 1.000%, 12/20/2024		12/20/2024		(1.000%	)		1.078%			(80,000,000	)		Quarterly		287,255			(1,563,272	)		1,850,527
Centrica Plc 6.375%, 03/10/2022		12/20/2024		(1.000%	)		1.581%		EUR	(10,750,000	)		Quarterly		311,634			149,189			162,445
CenturyLink, Inc. 7.500%, 04/01/2024		12/20/2024		(1.000%	)		3.243%		$	(2,200,000	)		Quarterly		205,746			116,176			89,570
CHS/Community Health Systems, Inc. 6.875%, 02/01/2022		12/20/2024		(5.000%	)		24.282%			(2,050,000	)		Quarterly		826,070			922,500			(96,430	)
CIT Group, Inc. 5.000%, 08/15/2022		12/20/2024		(5.000%	)		3.652%			(9,150,000	)		Quarterly		(505,936	)		(1,846,429	)		1,340,493
CNH Industrial Finance Europe S.A. 2.875%, 05/17/2023		12/20/2024		(5.000%	)		2.059%		EUR	(9,150,000	)		Quarterly		(1,319,135	)		(2,008,070	)		688,935

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection (Continued)
Commerzbank AG 4.000%, 09/16/2020		12/20/2024		(1.000%	)		1.472%		EUR	(10,100,000)		Quarterly	$	239,024		$	(150,313	)	$	389,337
Continental AG 3.125%, 09/09/2020		12/20/2024		(1.000%	)		1.974%			(11,700,000)		Quarterly		560,083			(181,402	)		741,485
Credit Suisse Group AG 4.282%, 01/09/2028		12/20/2024		(1.000%	)		1.297%			(2,000,000)		Quarterly		29,986			(53,918	)		83,904
CVS Health Corp. 2.125%, 06/01/2021		12/20/2024		(1.000%	)		0.757%		$	(2,100,000)		Quarterly		(23,446	)		(24,169	)		723
Daimler AG 1.400%, 01/12/2024		12/20/2024		(1.000%	)		1.700%		EUR	(2,100,000)		Quarterly		73,075			(42,868	)		115,943
Darden Restaurants, Inc. 3.850%, 05/01/2027		12/20/2024		(1.000%	)		1.716%		$	(10,800,000)		Quarterly		342,074			(339,765	)		681,839
Dell, Inc. 7.100%, 04/15/2028		12/20/2024		(1.000%	)		2.202%			(11,450,000)		Quarterly		597,218			519,827			77,391
Devon Energy Corp. 7.950%, 04/15/2032		12/20/2024		(1.000%	)		4.278%			(11,200,000)		Quarterly		1,472,180			73,967			1,398,213
DISH DBS Corp. 6.750%, 06/01/2021		12/20/2024		(5.000%	)		4.744%			(7,900,000)		Quarterly		(79,286	)		210,370			(289,656	)
Domtar Corp. 4.400%, 04/01/2022		12/20/2024		(1.000%	)		0.806%			(11,200,000)		Quarterly		(99,204	)		(16,498	)		(82,706	)
Dow Chemical Co. (The) 7.375%, 11/01/2029		12/20/2024		(1.000%	)		1.625%			(2,050,000)		Quarterly		56,822			(12,210	)		69,032
DR Horton, Inc. 4.750%, 02/15/2023		12/20/2024		(1.000%	)		0.905%			(150,000)		Quarterly		(646	)		(3,930	)		3,284
Eastman Chemical Co. 7.600%, 02/01/2027		12/20/2024		(1.000%	)		1.028%			(9,250,000)		Quarterly		11,606			(155,304	)		166,910
Electricite de France S.A. 5.625%, 02/21/2033		12/20/2024		(1.000%	)		0.575%		EUR	(10,000,000)		Quarterly		(221,029	)		(237,343	)		16,314
Electrolux AB 1.000%, 12/05/2019		12/20/2024		(1.000%	)		0.337%			(9,800,000)		Quarterly		(340,729	)		(427,835	)		87,106
Enbridge, Inc. 3.500%, 06/10/2024		12/20/2024		(1.000%	)		3.146%		$	(100,000)		Quarterly		8,981			(1,445	)		10,426
Enel SpA 5.250%, 05/20/2024		12/20/2024		(1.000%	)		0.858%		EUR	(200,000)		Quarterly		(1,461	)		(4,754	)		3,293
FirstEnergy Corp. 7.375%, 11/15/2031		12/20/2024		(1.000%	)		0.354%		$	(2,750,000)		Quarterly		(82,845	)		(84,381	)		1,536
Ford Motor Co. 4.346%, 12/08/2026		12/20/2024		(5.000%	)		9.560%			(9,800,000)		Quarterly		1,480,871			(702,524	)		2,183,395
Fortum Oyj 2.250%, 09/06/2022		12/20/2024		(1.000%	)		0.827%		EUR	(4,300,000)		Quarterly		(38,210	)		(49,863	)		11,653
Freeport-McMoRan, Inc. 3.550%, 03/01/2022		12/20/2024		(1.000%	)		4.818%		$	(9,700,000)		Quarterly		1,455,185			1,099,456			355,729
General Electric Co. 2.700%, 10/09/2022		12/20/2024		(1.000%	)		2.166%			(200,000)		Quarterly		10,136			(383	)		10,519
Glencore Finance Europe Ltd. 3.375%, 09/30/2020		12/20/2024		(5.000%	)		4.517%		EUR	(8,700,000)		Quarterly		(187,447	)		(1,655,816	)		1,468,369
Goodyear Tire & Rubber Co. (The) 5.000%, 05/31/2026		12/20/2024		(5.000%	)		5.138%		$	(11,850,000)		Quarterly		64,212			(1,004,812	)		1,069,024
Halliburton Co. 8.750%, 02/15/2021		12/20/2024		(1.000%	)		3.401%			(11,200,000)		Quarterly		1,114,422			(30,581	)		1,145,003
Hertz Corp. (The) 5.500%, 10/15/2024		12/20/2024		(5.000%	)		18.433%			(7,800,000)		Quarterly		2,599,963			993,750			1,606,213

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection (Continued)
Host Hotels & Resorts L.P. 4.750%, 03/01/2023		12/20/2024		(1.000%	)		1.795%		$	(11,050,000)		Quarterly	$	387,188		$	(221,752	)	$	608,940
Howmet Aerospace, Inc. 5.125%, 10/01/2024		12/20/2024		(1.000%	)		3.393%			(3,500,000)		Quarterly		347,131			361,758			(14,627	)
HSBC Holdings Plc 0.875%, 09/06/2024		12/20/2024		(1.000%	)		0.973%		EUR	(9,850,000)		Quarterly		(13,516	)		(271,172	)		257,656
Imperial Brands Finance Plc 1.375%, 01/27/2025		12/20/2024		(1.000%	)		0.991%			(10,100,000)		Quarterly		(4,494	)		67,976			(72,470	)
ING Groep N.V. 0.750%, 03/09/2022		12/20/2024		(1.000%	)		0.931%			(8,100,000)		Quarterly		(28,595	)		(211,286	)		182,691
International Lease Finance Corp. 8.250%, 12/15/2020		12/20/2024		(5.000%	)		3.715%		$	(4,650,000)		Quarterly		(244,612	)		(228,089	)		(16,523	)
International Paper Co. 7.500%, 08/15/2021		12/20/2024		(1.000%	)		0.481%			(11,050,000)		Quarterly		(265,854	)		(234,235	)		(31,619	)
ITV Plc 2.125%, 09/21/2022		12/20/2024		(5.000%	)		2.914%		EUR	(8,650,000)		Quarterly		(855,467	)		(1,152,028	)		296,561
KB Home 7.000%, 12/15/2021		12/20/2024		(5.000%	)		4.683%		$	(9,600,000)		Quarterly		(119,551	)		323,325			(442,876	)
Kinder Morgan, Inc. 3.050%, 12/01/2019		12/20/2024		(1.000%	)		1.599%			(150,000)		Quarterly		3,991			(2,381	)		6,372
Kinder Morgan, Inc. 4.300%, 03/01/2028		12/20/2024		(1.000%	)		1.599%			(1,400,000)		Quarterly		37,251			90,150			(52,899	)
Kohl’s Corp. 4.250%, 07/17/2025		12/20/2024		(1.000%	)		4.058%			(13,550,000)		Quarterly		1,675,040			274,172			1,400,868
Koninklijke KPN N.V. 5.625%, 09/30/2024		12/20/2024		(1.000%	)		0.775%		EUR	(4,500,000)		Quarterly		(52,101	)		(32,982	)		(19,119	)
LafargeHolcim Ltd. 3.000%, 11/22/2022		12/20/2024		(1.000%	)		1.480%			(250,000)		Quarterly		6,011			(4,823	)		10,834
Lennar Corp. 4.750%, 04/01/2021		12/20/2024		(5.000%	)		2.936%		$	(700,000)		Quarterly		(60,919	)		(49,964	)		(10,955	)
Liberty Interactive LLC 8.500%, 07/15/2029		12/20/2024		(5.000%	)		6.124%			(4,900,000)		Quarterly		207,291			(898,098	)		1,105,389
Macy’s Retail Holdings, Inc. 3.450%, 01/15/2021		12/20/2024		(1.000%	)		9.169%			(11,900,000)		Quarterly		3,263,893			633,984			2,629,909
Marks & Spencer Plc 3.000%, 12/08/2023		12/20/2024		(1.000%	)		4.360%		EUR	(15,450,000)		Quarterly		2,329,411			928,470			1,400,941
MBIA, Inc. 6.625%, 10/01/2028		12/20/2024		(5.000%	)		4.368%		$	(300,000)		Quarterly		(7,530	)		(52,450	)		44,920
McKesson Corp. 7.650%, 03/01/2027		12/20/2024		(1.000%	)		0.434%			(11,000,000)		Quarterly		(289,372	)		(97,345	)		(192,027	)
Meritor, Inc. 6.250%, 02/15/2024		12/20/2024		(5.000%	)		3.309%			(8,400,000)		Quarterly		(590,290	)		(1,267,586	)		677,296
MetLife, Inc. 3.600%, 11/13/2025		12/20/2024		(1.000%	)		0.846%			(300,000)		Quarterly		(2,108	)		(5,531	)		3,423
METRO AG 1.375%, 10/28/2021		12/20/2024		(1.000%	)		2.995%		EUR	(10,500,000)		Quarterly		990,233			283,158			707,075
MGIC Investment Corp. 5.750%, 08/15/2023		6/20/2025		(5.000%	)		3.325%		$	(1,400,000)		Quarterly		(106,168	)		(94,714	)		(11,454	)
Motorola Solutions, Inc. 7.500%, 05/15/2025		12/20/2024		(1.000%	)		0.562%			(100,000)		Quarterly		(2,026	)		(1,929	)		(97	)
National Grid Plc 4.375%, 03/10/2020		12/20/2024		(1.000%	)		0.342%		EUR	(200,000)		Quarterly		(6,900	)		(5,639	)		(1,261	)

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection (Continued)
Naturgy Capital Markets S.A. 5.125%, 11/02/2021		12/20/2024		(1.000%	)		0.444%		EUR	(4,050,000)		Quarterly	$	(117,540	)	$	(136,398	)	$	18,858
Next Group Plc 5.375%, 10/26/2021		12/20/2024		(1.000%	)		3.105%			(550,000)		Quarterly		54,495			(2,928	)		57,423
Nokia Oyj 1.000%, 03/15/2021		12/20/2024		(5.000%	)		1.606%			(8,400,000)		Quarterly		(1,422,159	)		(1,937,256	)		515,097
Nordstrom, Inc. 6.950%, 03/15/2028		12/20/2024		(1.000%	)		4.525%		$	(15,900,000)		Quarterly		2,226,168			792,638			1,433,530
NRG Energy, Inc. 7.250%, 05/15/2026		12/20/2024		(5.000%	)		1.644%			(2,100,000)		Quarterly		(312,359	)		(413,711	)		101,352
Olin Corp. 5.500%, 08/15/2022		12/20/2024		(1.000%	)		3.792%			(11,700,000)		Quarterly		1,333,737			318,902			1,014,835
Omnicom Group, Inc. / Omnicom Capital, Inc. 4.450%, 08/15/2020		12/20/2024		(1.000%	)		0.467%			(8,650,000)		Quarterly		(213,862	)		(245,570	)		31,708
Ovintiv, Inc. 3.900%, 11/15/2021		12/20/2024		(1.000%	)		10.680%			(5,800,000)		Quarterly		1,789,245			—			1,789,245
PostNL N.V. 1.000%, 11/21/2024		12/20/2024		(1.000%	)		1.093%		EUR	(10,150,000)		Quarterly		47,921			(155,943	)		203,864
Publicis Groupe S.A. 1.125%, 12/16/2021		12/20/2024		(1.000%	)		1.241%			(10,050,000)		Quarterly		122,481			(193,966	)		316,447
PulteGroup, Inc. 7.875%, 06/15/2032		12/20/2024		(5.000%	)		2.265%		$	(4,450,000)		Quarterly		(526,635	)		(389,952	)		(136,683	)
Radian Group, Inc. 4.500%, 10/01/2024		12/20/2024		(5.000%	)		3.228%			(5,550,000)		Quarterly		(409,852	)		(911,740	)		501,888
Renault S.A. 3.125%, 03/05/2021		12/20/2024		(1.000%	)		3.293%		EUR	(10,200,000)		Quarterly		1,092,949			(13,159	)		1,106,108
Rolls-Royce Plc 2.125%, 06/18/2021		12/20/2024		(1.000%	)		4.204%			(10,050,000)		Quarterly		1,453,543			(46,434	)		1,499,977
Royal Bank of Scotland Group Plc 2.000%, 03/04/2025		12/20/2024		(1.000%	)		1.291%			(4,850,000)		Quarterly		71,276			27,211			44,065
RR Donnelley & Sons Co. 7.875%, 03/15/2021		12/20/2024		(5.000%	)		9.668%		$	(5,400,000)		Quarterly		832,129			357,187			474,942
RR Donnelley & Sons Co. 7.875%, 03/15/2021		6/20/2025		(5.000%	)		9.838%			(5,500,000)		Quarterly		930,191			1,237,500			(307,309	)
Ryder System, Inc. 3.875%, 12/01/2023		12/20/2024		(1.000%	)		1.469%			(11,100,000)		Quarterly		232,555			(68,303	)		300,858
SES S.A. 4.750%, 03/11/2021		12/20/2024		(1.000%	)		1.389%		EUR	(6,100,000)		Quarterly		119,274			(20,457	)		139,731
Sherwin-Williams Co. (The) 7.375%, 02/01/2027		12/20/2024		(1.000%	)		0.684%		$	(200,000)		Quarterly		(2,908	)		(4,361	)		1,453
Simon Property Group L.P. 4.375%, 03/01/2021		12/20/2024		(1.000%	)		2.479%			(10,900,000)		Quarterly		691,890			(251,063	)		942,953
Solvay S.A. 1.625%, 12/02/2022		12/20/2024		(1.000%	)		0.914%		EUR	(4,300,000)		Quarterly		(19,005	)		(141,015	)		122,010
Springleaf Finance Corp. 7.750%, 10/01/2021		12/20/2024		(5.000%	)		6.771%		$	(1,600,000)		Quarterly		103,693			(278,398	)		382,091
SSE Plc 5.875%, 09/22/2022		12/20/2024		(1.000%	)		0.571%		EUR	(400,000)		Quarterly		(8,915	)		(9,603	)		688
Standard Chartered Plc 2.250%, 04/17/2020		12/20/2024		(1.000%	)		1.071%			(4,300,000)		Quarterly		15,586			(108,767	)		124,353

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection (Continued)
Teck Resources Ltd. 6.125%, 10/01/2035		12/20/2024		(5.000%	)		2.641%		$	(9,500,000)		Quarterly	$	(955,540	)	$	(1,645,759	)	$	690,219
Telecom Italia SpA 3.625%, 01/19/2024		12/20/2024		(1.000%	)		2.643%		EUR	(250,000)		Quarterly		19,676			8,342			11,334
Telefonica Emisiones S.A. 1.528%, 01/17/2025		6/20/2025		(1.000%	)		1.159%			(2,050,000)		Quarterly		18,224			21,746			(3,522	)
Telenor ASA 2.625%, 12/06/2024		12/20/2024		(1.000%	)		0.320%			(9,650,000)		Quarterly		(344,305	)		(416,563	)		72,258
Tesco Plc 6.125%, 02/24/2022		12/20/2024		(1.000%	)		0.993%			(250,000)		Quarterly		(85	)		(417	)		332
thyssenkrupp AG 2.500%, 02/25/2025		12/20/2024		(1.000%	)		5.312%			(10,550,000)		Quarterly		1,969,821			692,232			1,277,589
Toll Brothers Finance Corp. 4.375%, 04/15/2023		12/20/2024		(1.000%	)		3.052%		$	(7,300,000)		Quarterly		629,208			417,632			211,576
UBS Group AG 3.491%, 05/23/2023		12/20/2024		(1.000%	)		0.929%		EUR	(4,500,000)		Quarterly		(16,455	)		(139,268	)		122,813
United Rentals North America, Inc. 5.500%, 07/15/2025		12/20/2024		(5.000%	)		2.674%		$	(6,350,000)		Quarterly		(629,109	)		(1,148,324	)		519,215
United States Steel Corp. 6.650%, 06/01/2037		12/20/2024		(5.000%	)		13.231%			(10,950,000)		Quarterly		2,637,296			625,063			2,012,233
Verizon Communications, Inc. 4.125%, 03/16/2027		12/20/2024		(1.000%	)		1.122%			(200,000)		Quarterly		1,104			(5,676	)		6,780
Vodafone Group Plc 1.000%, 09/11/2020		12/20/2024		(1.000%	)		0.769%		EUR	(5,850,000)		Quarterly		(69,735	)		(131,460	)		61,725
Volkswagen International Finance N.V. 0.500%, 03/30/2021		12/20/2024		(1.000%	)		2.107%			(800,000)		Quarterly		43,336			(5,529	)		48,865
Williams Cos, Inc. (The) 4.550%, 06/24/2024		12/20/2024		(1.000%	)		2.688%		$	(11,050,000)		Quarterly		794,293			(128,448	)		922,741
Total Buy Protection													$	35,155,990		$	(24,162,303	)	$	59,318,293
Sell Protection
Accor S.A. 2.625%, 02/05/2021		12/20/2024		1.000%			3.240%		EUR	10,050,000		Quarterly	$	(1,054,248	)	$	140,134		$	(1,194,382	)
Aegon N.V. 6.125%, 12/15/2031		12/20/2024		1.000%			1.345%			1,800,000		Quarterly		(31,325	)		(36,225	)		4,900
AES Corp. 4.875%, 05/15/2023		12/20/2024		5.000%			2.041%		$	6,250,000		Quarterly		807,177			1,311,626			(504,449	)
Akzo Nobel N.V. 1.750%, 11/07/2024		12/20/2024		1.000%			0.524%		EUR	9,800,000		Quarterly		243,003			393,748			(150,745	)
American Axle & Manufacturing, Inc. 6.625%, 10/15/2022		12/20/2024		5.000%			9.154%		$	800,000		Quarterly		(111,663	)		65,438			(177,101	)
American International Group, Inc. 6.250%, 05/01/2036		12/20/2024		1.000%			0.932%			11,100,000		Quarterly		34,258			127,367			(93,109	)
Amgen, Inc. 3.625%, 05/22/2024		12/20/2024		1.000%			0.483%			10,950,000		Quarterly		262,636			334,230			(71,594	)
Anglo American Capital Plc 4.125%, 04/15/2021		12/20/2024		5.000%			2.337%		EUR	8,350,000		Quarterly		1,078,323			1,791,934			(713,611	)
Anheuser-Busch InBev S.A. 4.000%, 06/02/2021		12/20/2024		1.000%			1.464%			2,150,000		Quarterly		(49,999	)		(73,267	)		23,268

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate		Implied Credit Spread at March 31, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
Assicurazioni Generali SpA 5.125%, 09/16/2024		12/20/2024		1.000%		1.409%		EUR	10,100,000		Quarterly	$	(207,531	)	$	163,925		$	(371,456	)
AT&T, Inc. 2.450%, 06/30/2020		12/20/2024		1.000%		2.100%		$	11,250,000		Quarterly		(539,159	)		58,611			(597,770	)
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 5.250%, 03/15/2025		12/20/2024		5.000%		9.311%			10,150,000		Quarterly		(1,462,463	)		1,139,345			(2,601,808	)
Avnet, Inc. 4.875%, 12/01/2022		12/20/2024		1.000%		0.685%			2,600,000		Quarterly		37,690			23,234			14,456
Bank of America Corp. 2.369%, 07/21/2021		12/20/2024		1.000%		1.002%			4,750,000		Quarterly		(431	)		(8,118	)		7,687
Barrick Gold Corp. 5.800%, 11/15/2034		12/20/2024		1.000%		0.394%			12,600,000		Quarterly		355,575			332,685			22,890
BAT International Finance Plc 2.375%, 01/19/2023		12/20/2024		1.000%		0.914%		EUR	7,850,000		Quarterly		34,582			170,977			(136,395	)
Bayer AG 1.875%, 01/25/2021		12/20/2024		1.000%		0.935%			3,900,000		Quarterly		13,053			102,580			(89,527	)
Beazer Homes USA, Inc. 6.750%, 03/15/2025		12/20/2024		5.000%		7.427%		$	10,300,000		Quarterly		(892,311	)		927,772			(1,820,083	)
Berkshire Hathaway, Inc. 2.750%, 03/15/2023		12/20/2024		1.000%		0.258%			10,850,000		Quarterly		376,971			266,348			110,623
Best Buy Co., Inc. 5.500%, 03/15/2021		12/20/2024		5.000%		1.318%			4,650,000		Quarterly		768,781			763,306			5,475
Boeing Co. (The) 8.750%, 08/15/2021		12/20/2024		1.000%		4.416%			3,300,000		Quarterly		(449,589	)		(516,050	)		66,461
Campbell Soup Co. 4.250%, 04/15/2021		12/20/2024		1.000%		0.350%			11,100,000		Quarterly		336,235			232,476			103,759
Canadian Natural Resources Ltd. 3.450%, 11/15/2021		12/20/2024		1.000%		3.202%			2,950,000		Quarterly		(271,287	)		42,548			(313,835	)
Canadian Natural Resources Ltd. 3.450%, 11/15/2021		6/20/2025		1.000%		3.375%			1,750,000		Quarterly		(187,798	)		(178,884	)		(8,914	)
Cardinal Health, Inc. 4.625%, 12/15/2020		12/20/2024		1.000%		0.527%			11,150,000		Quarterly		244,379			(31,009	)		275,388
Carnival Corp. 6.650%, 01/15/2028		12/20/2024		1.000%		7.122%			12,250,000		Quarterly		(2,852,986	)		(2,094,107	)		(758,879	)
Carrefour S.A. 1.250%, 06/03/2025		12/20/2024		1.000%		0.977%		EUR	4,000,000		Quarterly		4,763			76,206			(71,443	)
CDX North America High Yield Index Series 33 5.000%, 12/20/2024		12/20/2024		5.000%		6.687%		$	17,640,000		Quarterly		(1,075,485	)		(230,730	)		(844,755	)
CDX North America HIgh Yield Index Series 34 5.000%, 06/20/2025		6/20/2025		5.000%		6.558%			99,820,000		Quarterly		(6,218,591	)		(5,190,640	)		(1,027,951	)
CDX North America Investment Grade Index Series 33 1.000%, 12/20/2024		12/20/2024		1.000%		1.078%			80,000,000		Quarterly		(287,254	)		(542,059	)		254,805
Centrica Plc 6.375%, 03/10/2022		12/20/2024		1.000%		1.581%		EUR	500,000		Quarterly		(14,495	)		456			(14,951	)
CenturyLink, Inc. 7.500%, 04/01/2024		12/20/2024		1.000%		3.243%		$	2,200,000		Quarterly		(205,747	)		(326,219	)		120,472

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate		Implied Credit Spread at March 31, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
CHS/Community Health Systems, Inc. 6.875%, 02/01/2022		12/20/2024		5.000%		24.282%		$	2,850,000		Quarterly	$	(1,148,438	)	$	(672,500	)	$	(475,938	)
Citigroup, Inc. 2.876%, 07/24/2023		12/20/2024		1.000%		1.088%			4,400,000		Quarterly		(17,495	)		118,811			(136,306	)
Clariant AG 1.125%, 04/15/2026		12/20/2024		1.000%		0.942%		EUR	6,350,000		Quarterly		18,855			146,877			(128,022	)
CNH Industrial Finance Europe S.A. 2.875%, 05/17/2023		12/20/2024		5.000%		2.059%			10,900,000		Quarterly		1,571,430			2,525,487			(954,057	)
Commerzbank AG 4.000%, 09/16/2020		12/20/2024		1.000%		1.472%			150,000		Quarterly		(3,550	)		2,184			(5,734	)
Continental AG 3.125%, 09/09/2020		12/20/2024		1.000%		1.974%			1,800,000		Quarterly		(86,167	)		35,412			(121,579	)
CVS Health Corp. 2.125%, 06/01/2021		12/20/2024		1.000%		0.757%		$	11,000,000		Quarterly		122,811			153,008			(30,197	)
Deutsche Bank AG 0.031%, 12/07/2020		12/20/2024		1.000%		2.768%		EUR	10,250,000		Quarterly		(864,006	)		(24,977	)		(839,029	)
Devon Energy Corp. 7.950%, 04/15/2032		12/20/2024		1.000%		4.278%		$	150,000		Quarterly		(19,716	)		1,328			(21,044	)
DISH DBS Corp. 6.750%, 06/01/2021		12/20/2024		5.000%		4.744%			10,900,000		Quarterly		109,396			168,886			(59,490	)
Domtar Corp. 4.400%, 04/01/2022		12/20/2024		1.000%		0.806%			150,000		Quarterly		1,329			1,544			(215	)
Dow Chemical Co. (The) 7.375%, 11/01/2029		12/20/2024		1.000%		1.625%			2,050,000		Quarterly		(56,822	)		(104,588	)		47,766
DR Horton, Inc. 4.750%, 02/15/2023		12/20/2024		1.000%		0.905%			11,000,000		Quarterly		47,392			274,212			(226,820	)
Eastman Chemical Co. 7.600%, 02/01/2027		12/20/2024		1.000%		1.028%			5,600,000		Quarterly		(7,026	)		114,708			(121,734	)
Electricite de France S.A. 5.625%, 02/21/2033		12/20/2024		1.000%		0.575%		EUR	12,100,000		Quarterly		267,447			380,924			(113,477	)
Electrolux AB 1.103%, 03/27/2024		12/20/2024		1.000%		0.337%			100,000		Quarterly		3,477			4,511			(1,034	)
Enbridge, Inc. 3.500%, 06/10/2024		12/20/2024		1.000%		3.146%		$	11,100,000		Quarterly		(996,966	)		133,849			(1,130,815	)
Enel SpA 5.250%, 05/20/2024		12/20/2024		1.000%		0.858%		EUR	10,100,000		Quarterly		73,775			231,710			(157,935	)
Eni SpA 2.625%, 11/22/2021		6/20/2025		1.000%		1.590%			2,050,000		Quarterly		(66,318	)		(61,974	)		(4,344	)
Experian Finance Plc 3.500%, 10/15/2021		12/20/2024		1.000%		0.429%			8,100,000		Quarterly		241,777			319,927			(78,150	)
FirstEnergy Corp. 7.375%, 11/15/2031		12/20/2024		1.000%		0.354%		$	10,800,000		Quarterly		325,354			331,370			(6,016	)
Ford Motor Co. 4.346%, 12/08/2026		12/20/2024		5.000%		9.560%			9,800,000		Quarterly		(1,480,869	)		1,456,540			(2,937,409	)
Fortum Oyj 2.250%, 09/06/2022		12/20/2024		1.000%		0.827%		EUR	4,300,000		Quarterly		38,210			112,388			(74,178	)
Freeport-McMoRan, Inc. 3.550%, 03/01/2022		12/20/2024		1.000%		4.818%		$	9,700,000		Quarterly		(1,455,185	)		(303,715	)		(1,151,470	)
General Electric Co. 2.700%, 10/09/2022		12/20/2024		1.000%		2.166%			11,300,000		Quarterly		(572,691	)		(147,417	)		(425,274	)
General Motors Co. 4.875%, 10/02/2023		6/20/2025		5.000%		4.650%			2,000,000		Quarterly		29,996			60,892			(30,896	)
Glencore Finance Europe Ltd. 3.375%, 09/30/2020		12/20/2024		5.000%		4.517%		EUR	200,000		Quarterly		4,309			38,213			(33,904	)

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate		Implied Credit Spread at March 31, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
Goldman Sachs Group, Inc. (The) 2.908%, 06/05/2023		12/20/2024		1.000%		1.211%		$	4,450,000		Quarterly	$	(42,246	)	$	106,816		$	(149,062	)
Goldman Sachs Group, Inc. (The) 2.908%, 06/05/2023		6/20/2025		1.000%		1.244%			5,900,000		Quarterly		(71,134	)		(228,124	)		156,990
Goodyear Tire & Rubber Co. (The) 5.000%, 05/31/2026		12/20/2024		5.000%		5.138%			2,200,000		Quarterly		(11,922	)		286,672			(298,594	)
Halliburton Co. 8.750%, 02/15/2021		12/20/2024		1.000%		3.401%			1,600,000		Quarterly		(159,203	)		25,253			(184,456	)
Hertz Corp. (The) 5.500%, 10/15/2024		12/20/2024		5.000%		18.433%			10,000,000		Quarterly		(3,333,284	)		894,021			(4,227,305	)
Host Hotels & Resorts L.P. 4.750%, 03/01/2023		12/20/2024		1.000%		1.795%			3,850,000		Quarterly		(134,903	)		(413,573	)		278,670
Howmet Aerospace, Inc. 5.125%, 10/01/2024		12/20/2024		1.000%		3.393%			8,400,000		Quarterly		(833,117	)		(7,798	)		(825,319	)
Iberdrola International B.V. 2.875%, 11/11/2020		12/20/2024		1.000%		0.350%		EUR	1,800,000		Quarterly		61,383			68,615			(7,232	)
Imperial Brands Finance Plc 1.375%, 01/27/2025		12/20/2024		1.000%		0.991%			2,150,000		Quarterly		957			29,579			(28,622	)
International Lease Finance Corp. 8.250%, 12/15/2020		12/20/2024		5.000%		3.715%		$	9,100,000		Quarterly		478,702			1,936,243			(1,457,541	)
International Paper Co. 7.500%, 08/15/2021		12/20/2024		1.000%		0.481%			3,100,000		Quarterly		74,583			89,466			(14,883	)
Intesa Sanpaolo SpA 1.750%, 03/20/2028		12/20/2024		1.000%		1.634%		EUR	10,000,000		Quarterly		(315,847	)		53,083			(368,930	)
ITV Plc 2.125%, 09/21/2022		12/20/2024		5.000%		2.914%			8,650,000		Quarterly		855,468			1,773,467			(917,999	)
KB Home 7.000%, 12/15/2021		12/20/2024		5.000%		4.683%		$	9,600,000		Quarterly		119,549			1,705,331			(1,585,782	)
Kinder Morgan, Inc. 3.050%, 12/01/2019		12/20/2024		1.000%		1.599%			11,100,000		Quarterly		(295,343	)		166,001			(461,344	)
Kohl’s Corp. 4.250%, 07/17/2025		12/20/2024		1.000%		4.058%			2,200,000		Quarterly		(271,963	)		(34,245	)		(237,718	)
Koninklijke KPN N.V. 5.625%, 09/30/2024		12/20/2024		1.000%		0.775%		EUR	12,950,000		Quarterly		149,935			67,475			82,460
LafargeHolcim Ltd. 3.000%, 11/22/2022		12/20/2024		1.000%		1.480%			10,050,000		Quarterly		(241,653	)		195,752			(437,405	)
Lennar Corp. 4.750%, 04/01/2021		12/20/2024		5.000%		2.936%		$	9,300,000		Quarterly		809,344			1,907,856			(1,098,512	)
Macy’s Retail Holdings, Inc. 3.450%, 01/15/2021		12/20/2024		1.000%		9.169%			350,000		Quarterly		(95,996	)		(14,767	)		(81,229	)
Marks & Spencer Plc 3.000%, 12/08/2023		12/20/2024		1.000%		4.360%		EUR	5,000,000		Quarterly		(753,854	)		(173,037	)		(580,817	)
Marriott International, Inc. 2.300%, 01/15/2022		12/20/2024		1.000%		2.357%		$	3,800,000		Quarterly		(222,466	)		112,906			(335,372	)
MBIA, Inc. 6.625%, 10/01/2028		12/20/2024		5.000%		4.368%			9,900,000		Quarterly		248,490			1,571,517			(1,323,027	)
McDonald’s Corp. 2.750%, 12/09/2020		6/20/2025		1.000%		0.521%			4,350,000		Quarterly		106,276			115,785			(9,509	)
Meritor, Inc. 6.250%, 02/15/2024		12/20/2024		5.000%		3.309%			5,150,000		Quarterly		361,905			884,039			(522,134	)

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate		Implied Credit Spread at March 31, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
MetLife, Inc. 3.600%, 11/13/2025		12/20/2024		1.000%		0.846%		$	11,250,000		Quarterly	$	79,065		$	174,059		$	(94,994	)
METRO AG 1.375%, 10/28/2021		12/20/2024		1.000%		2.995%		EUR	350,000		Quarterly		(33,008	)		(6,298	)		(26,710	)
Mondelez International, Inc. 4.000%, 02/01/2024		12/20/2024		1.000%		0.322%		$	10,900,000		Quarterly		345,030			369,368			(24,338	)
Morgan Stanley 3.750%, 02/25/2023		12/20/2024		1.000%		1.240%			4,450,000		Quarterly		(48,117	)		111,095			(159,212	)
Motorola Solutions, Inc. 7.500%, 05/15/2025		12/20/2024		1.000%		0.562%			11,050,000		Quarterly		223,966			217,904			6,062
National Grid Plc 4.375%, 03/10/2020		12/20/2024		1.000%		0.342%		EUR	9,900,000		Quarterly		341,530			257,856			83,674
Next Group Plc 5.375%, 10/26/2021		12/20/2024		1.000%		3.105%			10,550,000		Quarterly		(1,045,325	)		(64,493	)		(980,832	)
Nordstrom, Inc. 6.950%, 03/15/2028		12/20/2024		1.000%		4.525%		$	6,700,000		Quarterly		(938,070	)		(250,903	)		(687,167	)
Olin Corp. 5.500%, 08/15/2022		12/20/2024		1.000%		3.792%			1,250,000		Quarterly		(142,493	)		(153,816	)		11,323
Ovintiv, Inc. 3.900%, 11/15/2021		12/20/2024		1.000%		10.680%			2,500,000		Quarterly		(771,228	)		(706,423	)		(64,805	)
Pearson Funding Plc 1.375%, 05/06/2025		6/20/2025		1.000%		1.205%		EUR	2,050,000		Quarterly		(23,455	)		(17,198	)		(6,257	)
PostNL N.V. 1.000%, 11/21/2024		12/20/2024		1.000%		1.093%			250,000		Quarterly		(1,181	)		5,065			(6,246	)
Publicis Groupe S.A. 1.125%, 12/16/2021		12/20/2024		1.000%		1.241%			1,900,000		Quarterly		(23,156	)		38,509			(61,665	)
PulteGroup, Inc. 7.875%, 06/15/2032		12/20/2024		5.000%		2.265%		$	9,350,000		Quarterly		1,106,527			1,861,705			(755,178	)
Radian Group, Inc. 4.500%, 10/01/2024		12/20/2024		5.000%		3.228%			9,400,000		Quarterly		694,162			1,729,115			(1,034,953	)
Rite Aid Corp. 7.700%, 02/15/2027		12/20/2024		5.000%		11.341%			4,550,000		Quarterly		(898,128	)		(740,500	)		(157,628	)
RR Donnelley & Sons Co. 7.875%, 03/15/2021		12/20/2024		5.000%		9.668%			5,400,000		Quarterly		(832,129	)		(1,080,000	)		247,871
Sherwin-Williams Co. (The) 7.375%, 02/01/2027		12/20/2024		1.000%		0.684%			11,150,000		Quarterly		162,144			162,039			105
Societe Generale S.A. 3.250%, 01/12/2022		12/20/2024		1.000%		1.144%		EUR	1,650,000		Quarterly		(12,092	)		45,336			(57,428	)
Solvay S.A. 1.625%, 12/02/2022		12/20/2024		1.000%		0.914%			4,300,000		Quarterly		19,004			(41,889	)		60,893
Springleaf Finance Corp. 7.750%, 10/01/2021		12/20/2024		5.000%		6.771%		$	9,650,000		Quarterly		(625,397	)		1,559,020			(2,184,417	)
SSE Plc 5.875%, 09/22/2022		12/20/2024		1.000%		0.571%		EUR	10,100,000		Quarterly		225,080			185,188			39,892
Sudzucker International Finance B.V. 1.250%, 11/29/2023		12/20/2024		1.000%		1.643%			9,850,000		Quarterly		(315,653	)		105,781			(421,434	)
Teck Resources Ltd. 6.125%, 10/01/2035		12/20/2024		5.000%		2.641%		$	4,350,000		Quarterly		437,536			258,327			179,209
Telecom Italia SpA 3.625%, 01/19/2024		12/20/2024		1.000%		2.643%		EUR	10,650,000		Quarterly		(838,158	)		(467,251	)		(370,907	)
Telefonaktiebolaget LM Ericsson 4.125%, 05/15/2022		6/20/2025		1.000%		1.323%			4,350,000		Quarterly		(77,987	)		(121,347	)		43,360
Telenor ASA 2.625%, 12/06/2024		12/20/2024		1.000%		0.320%			3,900,000		Quarterly		139,149			103,784			35,365

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

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

Description	Maturity Date		Fixed Deal (Pay) Rate		Implied Credit Spread at March 31, 2020		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection (Continued)
Tesco Plc 6.125%, 02/24/2022		12/20/2024		1.000%		0.993%		EUR	10,250,000		Quarterly	$	3,487		$	(77,619	)	$	81,106
Toll Brothers Finance Corp. 4.375%, 04/15/2023		12/20/2024		1.000%		3.052%		$	11,100,000		Quarterly		(956,740	)		82,520			(1,039,260	)
Total Capital S.A. 3.125%, 09/16/2022		6/20/2025		1.000%		1.178%		EUR	2,050,000		Quarterly		(20,405	)		(17,198	)		(3,207	)
United Rentals North America, Inc. 5.500%, 07/15/2025		12/20/2024		5.000%		2.674%		$	2,200,000		Quarterly		217,959			443,072			(225,113	)
United States Steel Corp. 6.650%, 06/01/2037		12/20/2024		5.000%		13.231%			4,800,000		Quarterly		(1,156,075	)		(1,078,313	)		(77,762	)
Verizon Communications, Inc. 4.125%, 03/16/2027		12/20/2024		1.000%		1.122%			11,050,000		Quarterly		(61,008	)		265,595			(326,603	)
Vinci S.A. 0.189%, 11/17/2021		6/20/2025		1.000%		0.658%		EUR	2,150,000		Quarterly		42,026			3,557			38,469
Vivendi S.A. 0.750%, 05/26/2021		12/20/2024		1.000%		0.451%			8,400,000		Quarterly		241,016			293,935			(52,919	)
Vodafone Group Plc 1.000%, 09/11/2020		12/20/2024		1.000%		0.769%			15,800,000		Quarterly		188,343			358,255			(169,912	)
Volkswagen International Finance N.V. 0.500%, 03/30/2021		12/20/2024		1.000%		2.107%			10,950,000		Quarterly		(593,180	)		88,777			(681,957	)
Wendel SE 2.750%, 10/02/2024		12/20/2024		5.000%		1.267%			8,450,000		Quarterly		1,594,692			2,080,491			(485,799	)
Williams Cos, Inc. (The) 4.550%, 06/24/2024		12/20/2024		1.000%		2.688%		$	11,050,000		Quarterly		(794,292	)		(958,888	)		164,596
Total Sell Protection												$	(22,897,527	)	$	20,671,798		$	(43,569,325	)
Total												$	12,258,463		$	(3,490,505	)	$	15,748,968

(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 33, CDX North America High Yield Index Series 34, and CDX North America Investment Grade Index Series 33.

(4) Notional amounts are denominated in foreign currency where indicated.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS

Description	Maturity Date	Counterparty	Fixed Deal (Pay) Rate	Implied Credit Spread at March 31, 2020		Notional Amount(1)	Periodic Payment Frequency	Fair Value			Upfront Premiums Paid / (Received)		Unrealized Appreciation / (Depreciation)
Buy Protection
Enel SpA 5.250%, 05/20/2024	12/20/2023	Morgan Stanley & Co.	(1.000%)		0.682%	EUR (1,660,000)	Quarterly	$	(21,786	)	$	11,425	$	(33,211	)
Total Buy Protection								$	(21,786	)	$	11,425	$	(33,211	)

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)(Continued)

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS (Continued)

Description	Maturity Date		Counterparty	Fixed Deal (Pay) Rate		Implied Credit Spread at March 31, 2020		Notional Amount(1)			Periodic Payment Frequency	Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Sell Protection
ADLER Real Estate AG 1.500%, 12/06/2021		12/20/2024	JPMorgan Chase Bank N.A.		5.000%		4.309%		EUR	4,300,000	Quarterly	$	133,424		$	802,092		$	(668,668	)
Altice Finco S.A. 9.000%, 06/15/2023		12/20/2024	JPMorgan Chase Bank N.A.		5.000%		4.836%			9,100,000	Quarterly		64,468			889,240			(824,772	)
EDP Finance B.V. 1.875%, 09/29/2023		12/20/2024	JPMorgan Chase Bank N.A.		1.000%		0.705%			10,100,000	Quarterly		153,799			205,068			(51,269	)
Elis S.A. 1.750%, 04/11/2024		12/20/2024	JPMorgan Chase Bank N.A.		5.000%		4.824%			5,150,000	Quarterly		39,703			1,118,256			(1,078,553	)
Hapag-Lloyd AG 5.125%, 07/15/2024		6/20/2025	JPMorgan Chase Bank N.A.		5.000%		6.264%			4,600,000	Quarterly		(262,408	)		(304,055	)		41,647
Netflix, Inc. 4.875%, 06/15/2030		12/20/2024	JPMorgan Chase Bank N.A.		5.000%		1.451%		$	5,450,000	Quarterly		863,843			992,646			(128,803	)
Netflix, Inc. 5.375%, 02/01/2021		12/20/2024	JPMorgan Chase Bank N.A.		5.000%		1.451%			2,250,000	Quarterly		356,633			366,857			(10,224	)
Teva Pharmaceutical Finance Co. B.V. 3.650%, 11/10/2021		12/20/2024	JPMorgan Chase Bank N.A.		1.000%		4.428%			6,350,000	Quarterly		(867,940	)		(621,250	)		(246,690	)
CDX Emerging Markets Index Series 33 1.000%, 06/20/2025		6/20/2025	Morgan Stanley & Co.		1.000%		3.438%			2,850,000	Quarterly		(322,235	)		(283,575	)		(38,660	)
Total Sell Protection												$	159,287		$	3,165,279		$	(3,005,992	)
Total												$	137,501		$	3,176,704		$	(3,039,203	)

(1) Notional amounts are denominated in foreign currency where indicated.

OVER THE COUNTER TOTAL RETURN SWAP CONTRACTS

Referenced Obligation	Maturity Date		Counterparty	Fund Pays/ Receives Floating Rate	Floating Rate Index and Spread	Notional Amount			Periodic Payment Frequency	Fair Value			Upfront Premiums Paid (Received)		Unrealized Depreciation
iBoxx USD Liquid High Yield Index USD		6/20/2020	JPMorgan Chase Bank N.A.	Receives	3 Month USD LIBOR + 0.000%	$	140,000,000		Quarterly	$	(9,309,087	)	$	—	$	(9,309,087	)
Cypress Semiconductor Corp. USD		2/28/2021	Morgan Stanley & Co.	Receives	1 Month USD LIBOR - 0.400%		5,721,888		Monthly		—			—		—
ForeScout Technologies, Inc. USD		2/28/2021	Morgan Stanley & Co.	Pays	1 Month USD LIBOR - 0.400%		(7,301,460	)	Monthly		—			—		—
Taubman Centers, Inc. USD		2/28/2021	Morgan Stanley & Co.	Pays	1 Month USD LIBOR - 0.400%		(8,374,995	)	Monthly		—			—		—
WABCO Holdings, Inc. USD		2/28/2021	Morgan Stanley & Co.	Pays	1 Month USD LIBOR - 0.400%	$	(28,980,785	)	Monthly		—			—		—
Total										$	(9,309,087	)	$	—	$	(9,309,087	)

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF WRITTEN OPTIONS at March 31, 2020 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount			Market Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
COMMON STOCKS
Call
Allstate Corp. (The)	Morgan Stanley & Co.	$	125.00		4/17/2020		(1)	$	(9,173	)	$	(57	)	$	(147	)	$	90
Amgen, Inc.	Morgan Stanley & Co.		230.00		4/17/2020		(1)		(20,273	)		(34	)		(262	)		228
Applied Materials, Inc.	Morgan Stanley & Co.		70.00		4/17/2020		(3)		(13,746	)		(3	)		(251	)		248
AT&T, Inc.	Morgan Stanley & Co.		39.00		4/17/2020		(9)		(26,235	)		(18	)		(582	)		564
Bristol-myers Squibb Co.	Morgan Stanley & Co.		67.50		4/17/2020		(8)		(44,592	)		(8	)		(709	)		701
Broadcom, Inc.	Morgan Stanley & Co.		330.00		4/17/2020		(1)		(23,710	)		(2	)		(271	)		269
Citigroup, Inc.	Morgan Stanley & Co.		80.00		4/17/2020		(3)		(12,636	)		(18	)		(203	)		185
Comcast Corp.	Morgan Stanley & Co.		47.50		4/17/2020		(8)		(27,504	)		(8	)		(358	)		350
Eaton Corp. Plc	Morgan Stanley & Co.		110.00		4/17/2020		(3)		(23,307	)		(30	)		(185	)		155
Fidelity National Information	Morgan Stanley & Co.		160.00		4/17/2020		(1)		(12,164	)		(100	)		(190	)		90
Garmin Ltd.	Morgan Stanley & Co.		105.00		4/17/2020		(3)		(22,488	)		(15	)		(122	)		107
Home Depot, Inc. (The)	Morgan Stanley & Co.		260.00		4/17/2020		(1)		(18,671	)		(12	)		(188	)		176
Intel Corp.	Morgan Stanley & Co.		67.50		4/17/2020		(5)		(27,060	)		(20	)		(413	)		393
Interpublic Group of Cos. Inc. (The)	Morgan Stanley & Co.		25.00		4/17/2020		(2)		(3,238	)		(20	)		(59	)		39
Iron Mountain, Inc.	Morgan Stanley & Co.		35.00		4/17/2020		(7)		(16,660	)		(17	)		(208	)		191
Johnson & Johnson	Morgan Stanley & Co.		150.00		4/17/2020		(1)		(13,113	)		(41	)		(287	)		246
Johnson Controls International	Morgan Stanley & Co.		44.00		4/17/2020		(6)		(16,176	)		(72	)		(208	)		136
Mcdonald’s Corp.	Morgan Stanley & Co.		220.00		4/17/2020		(1)		(16,535	)		(3	)		(248	)		245
Metlife, Inc.	Morgan Stanley & Co.		52.50		4/17/2020		(8)		(24,456	)		(40	)		(390	)		350
Microsoft Corp.	Morgan Stanley & Co.		190.00		4/17/2020		(1)		(15,771	)		(17	)		(192	)		175
NVIDIA Corp.	Morgan Stanley & Co.		330.00		4/17/2020		(1)		(26,360	)		(23	)		(329	)		306
Omnicom Group, Inc.	Morgan Stanley & Co.		80.00		4/17/2020		(4)		(21,960	)		(60	)		(315	)		255
Oracle Corp.	Morgan Stanley & Co.		57.50		4/17/2020		(6)		(28,998	)		(66	)		(294	)		228
Qualcomm, Inc.	Morgan Stanley & Co.		95.00		4/17/2020		(4)		(27,060	)		(16	)		(327	)		311
T Rowe Price Group, Inc.	Morgan Stanley & Co.		140.00		4/17/2020		(1)		(9,765	)		(38	)		(158	)		120
Target Corp.	Morgan Stanley & Co.		125.00		4/17/2020		(3)		(27,891	)		(3	)		(494	)		491
Texas Instruments, Inc.	Morgan Stanley & Co.		135.00		4/17/2020		(1)		(9,993	)		(1	)		(97	)		96
Verizon Communications, Inc.	Morgan Stanley & Co.		60.00		4/17/2020		(3)		(16,119	)		(21	)		(215	)		194
Total Written Options											$	(763	)	$	(7,702	)	$	6,939

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)

Shares			Value
	COMMON STOCKS: 8.8%
	Energy: 0.9%
	31,777	Energy Transfer L.P.	$	146,174
	20,187	Enterprise Products Partners L.P.		288,674
	7,165	Kinder Morgan, Inc.		99,737
	14,532	Williams Cos., Inc. (The)		205,628
				740,213
	Financials: 7.9%
	52,470	Ares Capital Corp.		565,627
	76,549	Barings BDC, Inc.		572,586
	58,290	BlackRock Capital Investment Corp.		128,238
	43,711	Capital Southwest Corp.		499,180
	11,904	Crescent Capital BDC, Inc.		114,874
	11,300	Ellington Financial, Inc.		64,523
	27,078	Ellington Residential Mortgage REIT		143,513
	84,408	FS KKR Capital Corp.		253,224
	50,153	Golub Capital BDC, Inc.		629,922
	37,400	Granite Point Mortgage Trust, Inc.		189,618
	22,408	KKR Real Estate Finance Trust, Inc.		336,344
	46,628	New Residential Investment Corp.		233,606
	24,258	Nexpoint Real Estate Finance, Inc.		234,090
	79,569	Oaktree Specialty Lending Corp.		257,804
	44,401	Oaktree Strategic Income Corp.		245,981
	25,119	Ready Capital Corp.		181,359
	43,347	Solar Capital Ltd.		504,559
	35,855	TPG RE Finance Trust, Inc.		196,844
	66,673	TriplePoint Venture Growth BDC Corp. - Class B		382,703
	23,437	Two Harbors Investment Corp.		89,295
	54,892	WhiteHorse Finance, Inc.		388,635
				6,212,525
	TOTAL COMMON STOCKS (Cost $10,724,465)			6,952,738
	PREFERRED STOCKS: 1.2%
	Energy: 0.0%
		NuStar Energy L.P.
	3,000	7.625%, 06/15/2022(a)(b)		29,100
	Financials: 1.2%
		AG Mortgage Investment Trust, Inc.
	2,350	8.000%, 09/17/2024(a)(b)		13,559
		AmTrust Financial Services, Inc.
	31	7.250%, 04/30/2020(b)		482
		AmTrust Financial Services, Inc.
	14	7.625%, 04/30/2020(b)		215
		AmTrust Financial Services, Inc.
	118	7.750%, 03/15/2021(b)		1,835
		ARMOUR Residential REIT, Inc.
	6,000	7.000%, 01/28/2025(b)		98,400
		Chimera Investment Corp.
	4,000	8.000%, 03/30/2024(a)(b)		59,560
		Chimera Investment Corp.
	7,570	7.750%, 09/30/2025(a)(b)		112,036

Shares			Value
	Financials (continued)
		Investcorp Credit Management BDC, Inc.
	5,650	6.125%, 07/01/2023	$	88,422
		New Residential Investment Corp.
	4,075	7.125%, 08/15/2024(a)(b)		55,624
		New Residential Investment Corp.
	3,975	7.500%, 08/15/2024(a)(b)		60,142
		Trinity Capital, Inc.
	17,000	7.000%, 01/16/2023(c)		444,125
				934,400
	TOTAL PREFERRED STOCKS (Cost $1,332,704)			963,500
	CLOSED-END FUNDS: 0.4%
	1,816	Ares Dynamic Credit Allocation Fund, Inc.		19,595
	12,892	BlackRock Corporate High Yield Fund, Inc.		113,449
	4,345	BlackRock Credit Allocation Income Trust		50,663
	677	BlackRock Debt Strategies Fund, Inc.		5,721
	3,923	Blackstone / GSO Strategic Credit Fund		40,838
	1,296	Eaton Vance Ltd. Duration Income Fund		13,699
	2,875	Guggenheim Strategic Opportunities Fund		43,844
	TOTAL CLOSED-END FUNDS (Cost $264,350)			287,809
	EXCHANGE-TRADED FUND: 1.0%
	9,860	iShares iBoxx High Yield Corporate Bond ETF		759,910
	TOTAL EXCHANGE-TRADED FUND (Cost $684,043)			759,910
Principal Amount^
	ASSET-BACKED SECURITIES: 26.7%
		AASET Trust
	$223,659	Series 2019-1-B 4.948%, 05/15/2039(c)		156,658
	241,088	Series 2019-2-B 4.458%, 10/16/2039(c)		162,611
	244,877	Series 2020-1A-B 4.335%, 01/16/2040(c)		162,350
		AASET US Ltd.
	219,224	Series 2018-2A-A 4.454%, 11/18/2038(c)		175,348
		Adams Outdoor Advertising L.P.
	390,938	Series 2018-1-A 4.810%, 11/15/2048(c)		393,700
		AIM Aviation Finance Ltd.
	160,506	Series 2015-1A-A1 4.213%, 02/15/2040(c)(d)		139,684
	158,213	Series 2015-1A-B1 5.072%, 02/15/2040(c)(d)		129,691
		Atlas Senior Loan Fund Ltd.
	350,000	Series 2018-9A-C 3.619%, 04/20/2028(c)(e) 3 mo. USD LIBOR + 1.800%		310,918

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Bain Capital Credit CLO Ltd.
$	250,000	Series 2016-2A-CR 4.381%, 01/15/2029(c)(e) 3 mo. USD LIBOR + 2.550%	$	224,782
		Capital Automotive LLC
	330,214	Series 2017-1A-A1 3.870%, 04/15/2047(c)		297,634
		CARS-DB4 L.P.
	220,000	Series 2020-1A-B1 4.170%, 02/15/2050(c)		200,707
	100,000	Series 2020-1A-B3 4.950%, 02/15/2050(c)		84,423
		Castlelake Aircraft Securitization Trust
	325,013	Series 2017-1A 3.967%, 07/15/2042		246,876
	206,363	Series 2018-1-A 4.125%, 06/15/2043(c)		151,266
		CFG Investments Ltd.
	400,000	Series 2019-1-B 7.620%, 08/15/2029(c)		252,024
		Colombia Cent CLO 27 Ltd.
	200,000	Series 2018-27A-X 2.494%, 10/25/2028(c)(e) 3 mo. USD LIBOR + 0.700%		200,005
		Drug Royalty III L.P.
	360,912	Series 2018-1A-A1 3.431%, 10/15/2031(c)(e) 3 mo. USD LIBOR + 1.600%		349,763
		Elm Trust
	300,000	Series 2018-2A-A2 4.605%, 10/20/2027(c)		299,253
	100,000	Series 2018-2A-B 5.584%, 10/20/2027(c)		100,631
		Falcon Aerospace Ltd.
	369,390	Series 2017-1-B 6.300%, 02/15/2042(c)		276,498
		FREED ABS Trust
	400,000	Series 2018-2-B 4.610%, 10/20/2025(c)		374,023
		Global SC Finance II SRL
	260,000	Series 2014-1A-A1 3.190%, 07/17/2029(c)		245,430
		GoldentTree Loan Management US CLO 1 Ltd.
	250,000	Series 2017-1A-CR 3.496%, 04/20/2029(c)(e) 3 mo. USD LIBOR + 1.850%		225,913
		GPMT Ltd.
	500,000	Series 2019-FL2-A 2.005%, 02/22/2036(c)(e) 1 mo. USD LIBOR + 1.300%		459,003
		GSAMP Trust
	281,411	Series 2007-NC1-A1 1.077%, 12/25/2046(e) 1 mo. USD LIBOR + 0.130%		153,098
		Hercules Capital Funding Trust
	400,000	Series 2018-1A-A 4.605%, 11/22/2027(c)		398,740
	100,000	Series 2019-1A-A 4.703%, 02/20/2028(c)		99,754

Principal Amount^			Value
		Highbridge Loan Management Ltd.
$	500,000	Series 7A-2015-BR 2.872%, 03/15/2027(c)(e) 3 mo. USD LIBOR + 1.180%	$	470,395
		Hull Street CLO Ltd.
	300,000	Series 2014-1A-CR 4.527%, 10/18/2026(c)(e) 3 mo. USD LIBOR + 2.700%		283,735
		InSite Issuer LLC
	480,000	Series 2018-1A-C 6.115%, 12/15/2048(c)		404,954
		KREF Ltd.
	400,000	Series 2018-FL1-A 1.900%, 06/15/2036(c)(e) 1 mo. USD LIBOR + 1.100%		373,366
		Legacy Mortgage Asset Trust
	232,312	Series 2019-GS5-A1 3.200%, 05/25/2059(c)(d)		232,695
		LoanCore Issuer Ltd.
	250,000	Series 2018-CRE1-AS 2.205%, 05/15/2028(c)(e) 1 mo. USD LIBOR + 1.500%		230,447
		Madison Avenue Secured Funding Trust
	150,000	Series 2019-1-A 2.225%, 11/11/2020(c)(e) 1 mo. USD LIBOR + 1.500%		135,311
		Marathon CLO V Ltd.
	500,000	Series 2013-5A-A2R 3.146%, 11/21/2027(c)(e) 3 mo. USD LIBOR + 1.450%		454,928
	250,000	Series 2013-5A-BR 3.546%, 11/21/2027(c)(e) 3 mo. USD LIBOR + 1.850%		220,246
		Marathon CRE Ltd.
	100,000	Series 2018-FL1-C 3.305%, 06/15/2028(c)(e) 1 mo. USD LIBOR + 2.600%		85,773
		MidOcean Credit CLO VII
	500,000	Series 2017-7A-CR 4.581%, 07/15/2029(c)(e) 3 mo. USD LIBOR + 2.200%		432,391
		Monroe Capital CLO Ltd.
	250,000	Series 2014-1A-CR 4.202%, 10/22/2026(c)(e) 1 mo. USD LIBOR + 2.400%		235,024
		Morgan Stanley ABS Capital I, Inc. Trust
	339,758	Series 2006-HE8-A2D 1.167%, 10/25/2036(e) 1 mo. USD LIBOR + 0.220%		164,821
	401,717	Series 2007-HE4-A2C 1.177%, 02/25/2037(e) 1 mo. USD LIBOR + 0.230%		153,742
		Morgan Stanley IXIS Real Estate Capital Trust
	411,074	Series 2006-2-A4 1.167%, 11/25/2036(e) 1 mo. USD LIBOR + 0.220%		177,366
		NADG NNN Operating L.P.
	159,800	Series 2019-1-A 3.368%, 12/28/2049(c)		131,705

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Nassau CFO LLC
$	235,959	Series 2019-1-A 3.980%, 08/15/2034(c)	$	221,706
		Nationstar HECM Loan Trust
	460,000	Series 2018-3A-M1 3.903%, 11/25/2028(a)(c)		463,750
		Neuberger Berman CLO XVI-S Ltd.
	500,000	Series 2017-16SA-B 3.081%, 01/15/2028(c)(e) 3 mo. USD LIBOR + 1.250%		487,652
		Neuberger Berman CLO XX Ltd.
	420,000	Series 2015-20A-AR 2.631%, 01/15/2028(c)(e) 3 mo. USD LIBOR + 0.800%		406,794
		Neuberger Berman Loan Advisers CLO 36 Ltd.
	250,000	Series 2020-36A-C 3.525%, 04/20/2033(c)(e)(f) 3 mo. USD LIBOR + 2.350%		218,204
		New Residential Advance Receivables Trust
	600,000	Series 2019-T3-DT3 3.055%, 09/15/2052(c)		575,128
	300,000	Series 2019-T4-DT4 2.804%, 10/15/2051(c)		291,695
		NewStar Clarendon Fund CLO LLC
	250,000	Series 2014-1A-BR 3.844%, 01/25/2027(c)(e) 3 mo. USD LIBOR + 2.050%		241,789
	300,000	Series 2014-1A-CR 4.844%, 01/25/2027(c)(e) 3 mo. USD LIBOR + 3.050%		287,652
		Newtek Small Business Loan Trust
	170,311	Series 2018-1-A 2.647%, 02/25/2044(c)(e) 1 mo. USD LIBOR + 1.700%		165,158
	77,414	Series 2018-1-B 3.947%, 02/25/2044(c)(e) 1 mo. USD LIBOR + 3.000%		75,401
		Ocwen Master Advance Receivables Trust
	100,000	Series 2019-T1-BT1 2.662%, 08/15/2050(c)		99,490
	100,000	Series 2019-T1-CT1 2.811%, 08/15/2050(c)		99,491
	100,000	Series 2019-T1-DT1 3.107%, 08/15/2050(c)		99,492
		Oportun Funding X LLC
	400,000	Series 2018-C-B 4.590%, 10/08/2024(c)		372,136
		Oxford Finance Funding LLC
	260,000	Series 2019-1A-A2 4.459%, 02/15/2027(c)		263,449
	430,000	Series 2020-1A-B 4.037%, 02/15/2028(c)		415,972
		Palmer Square Loan Funding Ltd.
	326,887	Series 2018-4A-A1 2.592%, 11/15/2026(c)(e) 3 mo. USD LIBOR + 0.900%		319,514
	215,000	Series 2019-2A-B 4.069%, 04/20/2027(c)(e) 3 mo. USD LIBOR + 2.250%		197,070

Principal Amount^			Value
$	340,000	Series 2019-3A-B 3.795%, 08/20/2027(c)(e) 3 mo. USD LIBOR + 2.100%	$	313,730
		Raspro Trust
	542,298	Series 2005-1A-B 2.891%, 03/23/2024(c)(e) 3 mo. USD LIBOR + 0.925%		517,837
		ReadyCap Lending Small Business Loan Trust
	201,133	Series 2019-2-A 2.750%, 12/27/2044(c)(e) 3 mo. PRIME-0.500%		179,834
		Regatta VI Funding Ltd.
	500,000	Series 2016-1A-AR 2.899%, 07/20/2028(c)(e) 3 mo. USD LIBOR + 1.080%		490,915
		Regional Management Issuance Trust
	480,000	Series 2018-2-B 4.940%, 01/18/2028(c)		428,473
		Republic FInance Issuance Trust
	240,000	Series 2019-A-A 3.430%, 11/22/2027(c)		210,398
		RMF Buyout Issuance Trust
	460,000	Series 2018-1-M1 3.912%, 11/25/2028(a)(c)		459,541
		Saganaw Insurance Recievables LLC
	159,181	Series 2019-1A-A 5.125%, 12/01/2023(c)		163,190
		Sapphire Aviation Finance I Ltd.
	187,259	Series 2018-1A-A 4.250%, 03/15/2040(c)		142,125
		Sapphire Aviation Finance II Ltd.
	250,000	Series 2020-1A-B 4.335%, 03/15/2040(c)		147,792
		Secured Tenant Site Contract Revenue Notes
	121,272	Series 2018-1A-C 3.970%, 06/15/2048(c)		103,674
		SPS Servicer Advance Receivables Trust
	150,000	Series 2019-T1-DT1 2.630%, 10/15/2051(c)		146,869
		Stack Infrastructure Issuer LLC
	455,017	Series 2019-1A-A2 4.540%, 02/25/2044(c)		457,121
		STWD Ltd.
	150,000	Series 2019-FL1-B 2.305%, 07/15/2038(c)(e) 1 mo. USD LIBOR + 1.600%		128,647
		Sunbird Engine Finance LLC
	249,124	Series 2020-1A-B 4.703%, 02/15/2045(c)		198,529
		THL Credit Wind River CLO Ltd.
	352,356	Series 2012-1A-AR2 2.711%, 01/15/2026(c)(e) 3 mo. USD LIBOR + 0.880%		352,677
		TPG Real Estate Finance Issuer Ltd.
	470,000	Series 2018-FL2-A 1.930%, 11/15/2037(c)(e) 1 mo. USD LIBOR + 1.130%		454,281
		Venture XIII CLO Ltd.
	250,000	Series 2013-13A-SUB 0.000%, 09/10/2029(a)(c)		32,500

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
		Veros Automobile Receivables Trust
$	42,550	Series 2018-1-A 3.630%, 05/15/2023(c)	$	42,482
		Wachovia Asset Securitization Issuance II LLC Trust
	274,616	Series 2007-HE2A-A 1.077%, 07/25/2037(c)(e) 1 mo. USD LIBOR + 0.130%		250,774
		Wingstop Funding LLC
	99,000	Series 2018-1-A2 4.970%, 12/05/2048(c)		95,315
	TOTAL ASSET-BACKED SECURITIES (Cost $23,206,609)			21,075,929
	BANK LOANS: 15.8%
		Accuride Corp.
	49,362	6.700%, 11/17/2023(e) 3 mo. LIBOR + 5.250%		21,473
		Allen Media LLC
	530,000	7.231%, 02/10/2027(e) 3 mo. LIBOR + 5.500%		445,200
		AmeriLife Group LLC
	40,000	4.612%, 03/18/2027(e) 1 mo. LIBOR + 4.000%		33,400
		Anchor Packaging, Inc.
	81,809	4.989%, 07/18/2026(e) 1 mo. LIBOR + 4.000%		67,901
		API Technologies Corp.
	99,250	5.239%, 05/09/2026(e) 1 mo. LIBOR + 4.250%		81,881
		Arconic Rolled Products Corp.
	100,000	0.000%, 02/04/2027(g)		91,500
		Arctic Glacier U.S.A., Inc.
	100,000	4.950%, 03/20/2024(e) 1 mo. LIBOR + 3.500%		82,500
		Aria Energy Operating LLC
	295,830	5.459%, 05/27/2022(e) 1 mo. LIBOR + 4.500%		221,873
		Aston FinCo S.A.R.L.
	100,000	6.128%, 10/09/2026(e) 3 mo. LIBOR + 4.250%		89,750
		Avolon TLB Borrower 1 (US) LLC
	252,009	2.523%, 01/15/2025(e) 1 mo. LIBOR + 1.750%		227,229
		AVSC Holding Corp.
	98,492	4.888%, 03/03/2025(e) 3 mo. LIBOR + 3.250%		64,020
		BCP Renaissance Parent LLC
	492,481	4.950%, 10/31/2024(e) 3 mo. LIBOR + 3.500%		253,628
		BCPE Empire Holdings, Inc.
	13,063	4.787%, 06/11/2026(e) 1 mo. LIBOR + 4.000%		11,757
	83,127	4.989%, 06/11/2026(e) 1 mo. LIBOR + 4.000%		74,814
		Blue Ribbon LLC
	10,000	5.623%, 11/15/2021(e) 3 mo. LIBOR + 4.000%		7,933
		Buckeye Partners L.P.
	300,000	4.265%, 11/01/2026(e) 1 mo. LIBOR + 2.750%		277,650

Principal Amount^			Value
		BWAY Holding Co.
$	58,584	5.084%, 04/03/2024(e) 3 mo. LIBOR + 3.250%	$	48,442
		Cast and Crew Payroll LLC
	50,000	0.000%, 02/09/2026(g)		39,750
	49,874	4.740%, 02/09/2026(e) 1 mo. LIBOR + 3.750%		39,899
		CD&R Hydra Buyer, Inc.
	99,239	5.250%, 12/11/2024(e) 1 mo. LIBOR + 4.250%		81,872
		CenturyLink, Inc.
	325,000	0.000%, 01/31/2025(g)		304,959
		Cologix, Inc.
	100,000	4.750%, 03/20/2024(e) 1 mo. LIBOR + 3.750%		87,500
		Comet Acquisition, Inc.
	98,750	5.113%, 10/24/2025(e) 3 mo. LIBOR + 3.500%		81,469
		CPM Holdings, Inc.
	98,750	5.353%, 11/17/2025(e) 1 mo. LIBOR + 3.750%		81,864
		Cvent, Inc.
	98,492	4.739%, 11/29/2024(e) 1 mo. LIBOR + 3.750%		71,735
		Diamond (BC) B.V.
	98,489	4.777%, 09/06/2024(e) 3 mo. LIBOR + 3.000%		75,180
		Eastern Power LLC
	680,516	4.750%, 10/02/2025(e) 1 mo. LIBOR + 3.750%		596,867
		Elanco Animal Health, Inc.
	325,000	0.000%, 02/04/2027(g)		311,187
		Emerald TopCo, Inc.
	99,500	4.489%, 07/24/2026(e) 1 mo. LIBOR + 3.500%		92,286
		EyeCare Partners LLC
	81,081	4.822%, 02/05/2027(e) 3 mo. LIBOR + 3.750%		66,621
		Frontera Generation Holdings LLC
	492,401	5.250%, 05/02/2025(e) 1 mo. LIBOR + 4.250%		366,839
		Give & Go Prepared Foods Corp.
	99,490	6.500%, 07/29/2023(e) 3 mo. PRIME + 3.250%		98,122
		GlobalFoundries, Inc.
	99,250	6.250%, 06/05/2026(e) 3 mo. LIBOR + 4.750%		85,355
		Helix Gen Funding LLC
	600,000	4.750%, 06/03/2024(e) 1 mo. LIBOR + 3.750%		534,000
		IBC Capital Ltd.
	93,505	4.639%, 09/11/2023(e) 3 mo. LIBOR + 3.750%		79,947
		Informatica LLC
	100,000	0.000%, 02/25/2027(g)		87,667
		Jefferies Finance LLC
	99,749	4.250%, 06/03/2026(e) 1 mo. LIBOR + 3.250%		83,706
		Kestrel Acquisition LLC
	283,545	5.250%, 06/02/2025(e) 1 mo. LIBOR + 4.250%		170,481

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
		LTI Holdings, Inc.
$	98,500	4.489%, 09/06/2025(e) 1 mo. LIBOR + 3.500%	$	74,080
		MMM Holdings, Inc.
	770,250	6.750%, 12/24/2026(e) 1 mo. LIBOR + 5.750%		720,184
		Moran Foods LLC
	49,617	9.777%, 12/05/2023(e) 3 mo. LIBOR + 6.000%		3,473
		NFP Corp.
	49,364	4.239%, 02/15/2027(e) 1 mo. LIBOR + 3.250%		42,947
		NorthRiver Midstream Finance L.P.
	591,247	5.159%, 10/01/2025(e) 3 mo. LIBOR + 3.250%		468,072
		Panther BF Aggregator 2 L.P.
	781,399	4.441%, 04/30/2026(e) 1 mo. LIBOR + 3.500%		718,887
		Playpower, Inc.
	99,250	6.950%, 05/08/2026(e) 3 mo. LIBOR + 5.500%		88,333
		RPI 2019 Intermediate Finance Trust
	418,950	2.739%, 02/11/2027(e) 1 mo. LIBOR + 1.750%		391,718
		RPI Intermediate Finance Trust
	222,188	2.739%, 02/11/2027(e) 3 mo. LIBOR + 1.750%		208,579
		ScribeAmerica Intermediate Holdco LLC
	49,246	5.112%, 04/03/2025(e) 1 mo. LIBOR + 4.500%		44,075
		Sprint Communications, Inc.
	566,432	3.500%, 02/02/2024(e) 1 mo. LIBOR + 2.500%		564,307
		SS&C Technologies, Inc.
	341,669	2.739%, 04/16/2025(e) 1 mo. LIBOR + 1.750%		323,198
		Stericycle, Inc.
	650,000	0.000%, 11/17/2022(g)		598,000
		Summit Midstream Partners Holdings LLC
	15,890	7.000%, 05/13/2022(e) 1 mo. LIBOR + 6.000%		6,674
		Teneo Holdings LLC
	49,750	6.250%, 07/11/2025(e) 3 mo. LIBOR + 5.250%		40,795
		Tibco Software, Inc.
	100,000	4.740%, 06/30/2026(e) 1 mo. LIBOR + 3.750%		95,000
		Tivity Health, Inc.
	728,313	6.239%, 03/06/2026(e) 1 mo. LIBOR + 5.250%		592,938
		TVC Albany, Inc.
	98,500	4.490%, 07/23/2025(e) 1 mo. LIBOR + 3.500%		81,099
		U.S. Renal Care, Inc.
	472,625	6.000%, 06/26/2026(e) 1 mo. LIBOR + 5.000%		417,938
		UGI Energy Services LLC
	238,200	4.739%, 08/13/2026(e) 1 mo. LIBOR + 3.750%		206,043
		Vistra Operations Co. LLC
	649,560	2.703%, 12/31/2025(e) 1 mo. LIBOR + 1.750%		620,736

Principal Amount^			Value
		Wyndham Hotels & Resorts, Inc.
$	591,247	2.739%, 05/30/2025(e) 1 mo. LIBOR + 1.750%	$	526,210
		Zayo Group Holdings, Inc.
	100,000	3.989%, 03/09/2027(e) 1 mo. LIBOR + 3.000%		95,000
	TOTAL BANK LOANS (Cost $14,333,787)			12,466,543
	CORPORATE BONDS: 12.5%
	Basic Materials: 0.0%
		Neon Holdings, Inc.
	16,000	10.125%, 04/01/2026(c)		14,446
	Communications: 1.0%
		Sprint Corp.
	16,000	7.250%, 02/01/2028(c)		16,140
		TEGNA, Inc.
	260,000	5.000%, 09/15/2029(c)		235,703
		Telefonica Emisiones S.A.
	25,000	5.134%, 04/27/2020		25,002
		VeriSign, Inc.
	400,000	5.250%, 04/01/2025		414,502
		ViacomCBS, Inc.
	70,000	4.750%, 05/15/2025(f)		70,405
				761,752
	Consumer, Cyclical: 0.2%
		Aramark Services, Inc.
	5,000	5.000%, 02/01/2028(c)		4,681
		Nordstrom, Inc.
	160,000	4.375%, 04/01/2030		128,660
		Panther BF Aggregator 2 L.P. / Panther Finance Co., Inc.
	10,000	8.500%, 05/15/2027(c)		8,779
		Party City Holdings, Inc.
	28,000	6.625%, 08/01/2026(c)		2,940
		Suburban Propane Partners L.P. / Suburban Energy Finance Corp.
	25,000	5.750%, 03/01/2025		23,344
		Superior Plus L.P. / Superior General Partner, Inc.
	20,000	7.000%, 07/15/2026(c)		19,671
				188,075
	Consumer, Non-cyclical: 2.3%
		Ashtead Capital, Inc.
	260,000	4.250%, 11/01/2029(c)		222,074
		Avanos Medical, Inc.
	32,000	6.250%, 10/15/2022		31,480
		Carriage Services, Inc.
	10,000	6.625%, 06/01/2026(c)		9,910
		Conagra Brands, Inc.
	10,000	2.552%, 10/22/2020(e) 3 mo. USD LIBOR + 0.750%		9,895
		CVS Pass-Through Trust
	153,495	5.926%, 01/10/2034(c)		175,202
		Ingredion, Inc.
	70,000	4.625%, 11/01/2020(h)		70,049
		KeHE Distributors LLC / KeHE Finance Corp.
	10,000	8.625%, 10/15/2026(c)		10,106
		Kraft Heinz Foods Co.
	160,000	4.625%, 10/01/2039(c)		143,994

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Non-cyclical (continued)
	$    50,000	5.000%, 06/04/2042	$	47,556
	80,000	4.375%, 06/01/2046		72,442
		MEDNAX, Inc.
	450,000	6.250%, 01/15/2027(c)		364,534
		Nathan’s Famous, Inc.
	50,000	6.625%, 11/01/2025(c)		46,750
		Quest Diagnostics, Inc.
	70,000	4.700%, 04/01/2021(h)		70,830
		Reynolds American, Inc.
	100,000	3.250%, 06/12/2020(h)		99,704
		Sotheby’s
	50,000	7.375%, 10/15/2027(c)		40,090
		Sysco Corp.
	260,000	5.950%, 04/01/2030(f)		273,464
		Vector Group Ltd.
	50,000	6.125%, 02/01/2025(c)		45,873
		Zimmer Biomet Holdings, Inc.
	60,000	2.700%, 04/01/2020		60,000
				1,793,953
	Energy: 0.6%
		Enable Midstream Partners L.P.
	405,000	4.150%, 09/15/2029		180,031
		Energy Transfer Operating L.P.
	320,000	6.250%, 02/15/2023(a)(b) 3 mo. USD LIBOR + 4.028%		160,559
		Sabine Pass Liquefaction LLC
	100,000	5.625%, 02/01/2021(h)		97,034
				437,624
	Financial: 8.0%
		Alliance Data Systems Corp.
	375,000	4.750%, 12/15/2024(c)		287,813
		American Equity Investment Life Holding Co.
	25,000	5.000%, 06/15/2027		24,088
		Assurant, Inc.
	17,000	2.482%, 03/26/2021(e) 3 mo. USD LIBOR + 1.250%		17,000
		AXIS Specialty Finance LLC
	3,000	5.875%, 06/01/2020(h)		3,021
		Brazilian Merchant Voucher Receivables Ltd.
	200,000	4.180%, 04/07/2028		206,811
		Business Development Corp. of America
	375,000	4.750%, 12/30/2022(c)		384,227
	225,000	4.850%, 12/15/2024(c)		220,728
		Credit Acceptance Corp.
	285,000	6.625%, 03/15/2026		272,090
		Credit Suisse Group AG
	250,000	4.194%, 04/01/2031(a)(c)(f) SOFRRATE + 3.730%		256,524
		Drawbridge Special Opportunities Fund L.P. / Drawbridge Special Opportunities Finance
	465,000	5.000%, 08/01/2021(c)		447,003
		Enstar Group Ltd.
	500,000	4.950%, 06/01/2029		473,465

Principal Amount^			Value
	Financial (continued)
		FS KKR Capital Corp. II
	$    645,000	4.250%, 02/14/2025(c)	$	523,705
		HAT Holdings I LLC / HAT Holdings II LLC
	230,000	5.250%, 07/15/2024(c)		222,239
		HSBC Holdings Plc
	200,000	4.950%, 03/31/2030		218,660
		JPMorgan Chase & Co.
	50,000	4.493%, 03/24/2031(a) SOFRRATE + 3.790%		57,875
		Main Street Capital Corp.
	200,000	5.200%, 05/01/2024		189,616
		Marsh & McLennan Cos., Inc.
	20,000	4.800%, 07/15/2021		20,538
		Owl Rock Capital Corp.
	100,000	4.000%, 03/30/2025		77,256
		Owl Rock Capital Corp. II
	120,000	4.625%, 11/26/2024(c)		112,158
		Sirius International Group Ltd.
	700,000	4.600%, 11/01/2026(c)		657,765
		Solar Capital Ltd.
	400,000	4.500%, 01/20/2023		401,669
		Standard Chartered Plc
	200,000	4.644%, 04/01/2031(a)(c) 5 year CMT + 3.850%		205,611
		Swiss Re Finance Luxembourg S.A.
	495,000	5.000%, 04/02/2049(a)(c) 5 year CMT + 3.582%		506,286
		United Insurance Holdings Corp.
	530,000	6.250%, 12/15/2027		537,309
				6,323,457
	Industrial: 0.1%
		Cleaver-Brooks, Inc.
	25,000	7.875%, 03/01/2023(c)		20,969
		Textron, Inc.
	100,000	2.284%, 11/10/2020(e)(h) 3 mo. USD LIBOR + 0.550%		100,005
				120,974
	Technology: 0.2%
		Fiserv, Inc.
	20,000	2.700%, 06/01/2020		19,938
		Western Digital Corp.
	100,000	4.750%, 02/15/2026		101,875
				121,813
	Utilities: 0.1%
		AES Corp.
	50,000	4.500%, 03/15/2023		49,313
		Exelon Corp.
	60,000	2.850%, 06/15/2020		59,995
				109,308
	TOTAL CORPORATE BONDS (Cost $10,594,102)			9,871,402
	GOVERNMENT SECURITIES & AGENCY ISSUE: 20.6%
		United States Treasury Note
	100,000	1.500%, 06/15/2020		100,291
	2,000,000	1.375%, 09/15/2020		2,011,719
	1,800,000	1.875%, 12/15/2020		1,822,922

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	GOVERNMENT SECURITIES & AGENCY ISSUE (CONTINUED)
	$1,600,000	2.375%, 03/15/2021	$	1,635,156
	1,600,000	2.625%, 06/15/2021		1,648,375
	1,600,000	2.750%, 09/15/2021		1,659,250
	1,800,000	2.625%, 12/15/2021		1,874,215
	1,500,000	2.375%, 03/15/2022(i)		1,563,428
	1,500,000	1.750%, 06/15/2022(i)		1,550,947
	1,500,000	1.500%, 09/15/2022(i)		1,546,494
	800,000	1.625%, 12/15/2022(i)		829,484
	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $15,785,699)			16,242,281
	MORTGAGE-BACKED SECURITIES: 10.4%
		Alternative Loan Trust
	337,163	Series 2005-38-A3 1.297%, 09/25/2035(e) 1 mo. USD LIBOR + 0.350%		294,794
	467,014	Series 2005-59-1A1 1.103%, 11/20/2035(e) 1 mo. USD LIBOR + 0.330%		384,298
	193,229	Series 2007-OA4-A1 1.117%, 05/25/2047(e) 1 mo. USD LIBOR + 0.170%		159,632
	207,836	Series 2007-OA7-A1A 1.127%, 05/25/2047(e) 1 mo. USD LIBOR + 0.180%		164,874
		Angel Oak Mortgage Trust
	494,536	Series 2020-1-A3 2.774%, 12/25/2059(a)(c)		490,661
		BX Commercial Mortgage Trust
	238,850	Series 2019-XL-F 2.705%, 10/15/2036(c)(e) 1 mo. USD LIBOR + 2.000%		211,341
	238,850	Series 2019-XL-G 3.005%, 10/15/2036(c)(e) 1 mo. USD LIBOR + 2.300%		206,559
		BXMT Ltd.
	250,000	Series 2020-FL2-D 2.750%, 02/16/2037(c)(e) 1 mo. USD LIBOR + 1.950%		185,406
		Cascade Funding Mortgage Trust
	491,275	Series 2018-RM2-A 4.000%, 10/25/2068(a)(c)		486,354
		CD Mortgage Trust
	1,023,740	Series 2017-CD4-XA 1.306%, 05/10/2050(a)(j)		66,415
		CGMS Commercial Mortgage Trust
	260,000	Series 2017-MDRC-E 4.105%, 07/15/2030(c)(e) 1 mo. USD LIBOR + 3.400%		252,354
		Citigroup Mortgage Loan Trust
	114,810	Series 2019-IMC1-A1 2.720%, 07/25/2049(a)(c)		111,625
		COLT Mortgage Loan Trust
	104,231	Series 2018-3-A1 3.692%, 10/26/2048(a)(c)		103,515
		Credit Suisse Mortgage Trust
	151,511	Series 2018-RPL9-A1 3.850%, 09/25/2057(a)(c)		155,329
	480,000	Series 2018-SITE-C 4.782%, 04/15/2036(a)(c)		462,684

Principal Amount^			Value
		Exantas Capital Corp. Ltd.
$	150,000	Series 2018-RSO6-B 1.950%, 06/15/2035(c)(e) 1 mo. USD LIBOR + 1.150%	$	128,601
		Federal National Mortgage Association Connecticut Avenue Securities
	75,758	Series 2016-C02-1M2 6.947%, 09/25/2028(e) 1 mo. USD LIBOR + 6.000%		74,721
	250,000	Series 2016-C06-1M2 5.197%, 04/25/2029(e) 1 mo. USD LIBOR + 4.250%		243,329
		Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
	2,873,512	Series 2015-R1-XA1 0.700%, 11/25/2055(a)(c)(j)		220,739
	4,619,355	Series 2015-R1-XA3 0.700%, 11/25/2052(a)(c)(j)		301,642
		GPMT Ltd.
	200,000	Series 2018-FL1-C 2.923%, 11/19/2035(c)(e) 1 mo. USD LIBOR + 2.150%		181,477
		GS Mortgage Securities Corp. Trust
	250,000	Series 2020-DUNE-E 3.205%, 12/15/2036(c)(e) 1 mo. USD LIBOR + 2.500%		199,570
	250,000	Series 2020-UPTN-E 3.246%, 02/10/2037(a)(c)		199,076
		HarborView Mortgage Loan Trust
	340,585	Series 2006-12-2A2A 0.940%, 01/19/2038(e) 1 mo. USD LIBOR + 0.190%		275,686
		Homeward Opportunities Fund I Trust
	232,914	Series 2019-2-A1 2.702%, 09/25/2059(a)(c)		225,391
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,849,309	Series 2016-JP2-XA 1.821%, 08/15/2049(a)(j)		165,771
		JPMDB Commercial Mortgage Securities Trust
	214,208	Series 2017-C5-XA 0.938%, 03/15/2050(a)(j)		11,039
		LSTAR Securities Investment Ltd.
	822,895	Series 2019-5-A1 3.081%, 11/01/2024(c)(e) 1 mo. USD LIBOR + 1.500%		807,985
		LSTAR Securities Investment Trust
	297,715	Series 2019-1-A1 3.281%, 03/01/2024(c)(e) 1 mo. USD LIBOR + 1.700%		284,231
		NRPL Trust
	241,728	Series 2019-3A-A1 3.000%, 07/25/2059(c)(d)		244,473
		Residential Accredit Loans, Inc. Trust
	434,376	Series 2006-QO6-A1 1.127%, 06/25/2046(e) 1 mo. USD LIBOR + 0.180%		128,541
		Station Place Securitization Trust
	50,000	Series 2019-2-A 1.479%, 04/24/2021(c)(e) 1 mo. USD LIBOR + 0.550%		50,319

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Station Place Securitization Trust (Continued)
$	50,000	Series 2019-9-A 1.629%, 10/24/2020(c)(e) 1 mo. USD LIBOR + 0.700%	$	50,074
	100,000	Series 2019-WL1-B 1.747%, 08/25/2052(c)(e) 1 mo. USD LIBOR + 0.800%		99,285
		Verus Securitization Trust
	245,630	Series 2020-1-A1 2.417%, 01/25/2060(a)(c)		236,076
	245,630	Series 2020-1-A2 2.642%, 01/25/2060(a)(c)		236,116
		Wells Fargo Commercial Mortgage Trust
	962,985	Series 2016-BNK1-XA 1.758%, 08/15/2049(a)(j)		82,460
	TOTAL MORTGAGE-BACKED SECURITIES (Cost $8,874,295)			8,182,443
	MUNICIPAL BOND: 0.0%
	Indiana: 0.0%
		Knox County Industry Economic Development Revenue
	5,000	Series B 5.900%, 04/01/2034		4,740
	TOTAL MUNICIPAL BOND (Cost $4,675)			4,740
	SHORT-TERM INVESTMENTS: 4.7%
	CERTIFICATE OF DEPOSITS: 0.2%
		Lloyds Bank Corporate Markets Plc
	100,000	2.111%, 08/05/2020(e) 3 mo. USD LIBOR + 0.370%		100,000
		Standard Chartered Bank
	100,000	2.151%, 08/04/2020(e) 3 mo. USD LIBOR + 0.400%		100,000
	TOTAL CERTIFICATE OF DEPOSITS (Cost $200,000)			200,000
	COMMERCIAL PAPER: 0.7%
		American Electric Power Co., Inc.
	300,000	1.928%, 04/01/2020(k)		300,000
		UDR, Inc.
	300,000	1.441%, 04/03/2020(k)		299,976
	TOTAL COMMERCIAL PAPER (Cost $599,976)			599,976
Shares
	MONEY MARKET FUND: 1.8%
	1,391,163	State Street Institutional Treasury Money Market Fund - Premier Class, 0.580%(l)		1,391,163
	TOTAL MONEY MARKET FUND (Cost $1,391,163)			1,391,163

Principal Amount^			Value
	REPURCHASE AGREEMENTS: 2.0%
	$1,581,000	Fixed Income Clearing Corp. 0.000%, 3/31/2020, due 04/01/2020 [collateral: par value $1,615,000, U.S. Treasury Note, 0.375%, due 03/31/2022, value $1,619,054] (proceeds $1,581,000)	$	1,581,000
	TOTAL REPURCHASE AGREEMENTS (Cost $1,581,000)			1,581,000
	TREASURY BILLS: 0.0%
		United States Treasury Bill
	25,000	1.535%, 05/21/2020(i)(k)		24,998
	10,000	0.155%, 02/25/2021(i)(k)		9,990
	TOTAL TREASURY BILLS (Cost $34,933)			34,988
	TOTAL SHORT-TERM INVESTMENTS (Cost $3,807,072)			3,807,127
	TOTAL INTEREST RATE SWAPTIONS (Cost $61,700): 0.1%			50,644
	TOTAL INVESTMENTS (Cost: $89,673,501): 102.2%			80,665,066
	Liabilities in Excess of Other Assets: (2.2)%			(1,745,447	)
	NET ASSETS: 100.0%		$	78,919,619

Percentages are stated as a percent of net assets.

CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury Index
ETF	Exchange Traded Fund
LIBOR	London Interbank Offered Rate
L.P.	Limited Partnership
SOFRRATE	Secured Overnight Financing Rate
^	The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at March 31, 2020.
(b)	Perpetual Call.
(c)	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.
(d)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2020.
(e)	Floating Interest Rate at March 31, 2020.
(f)	When issued security.
(g)	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.
(h)	All or a portion of this security has been pledged to cover collateral requirements for reverse repurchase agreements.
(i)	Securities with an aggregate fair value of $5,525,341 have been pledged as collateral for options, credit default swaps, interest rate swaps, and futures positions.

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2020 (Unaudited)(Continued)

(j)	Interest Only security. Security with a notional or nominal principal amount.
(k)	The rate shown represents yield-to-maturity.
(l)	The rate disclosed is the 7 day net yield as of March 31, 2020.

CURRENCY ABBREVIATIONS:

BRL	Brazilian Real
EUR	Euro
ILS	Israeli New Shekel
MXN	Mexican Peso

UNFUNDED LOAN COMMITMENTS — At March 31, 2020, the Fund had unfunded loan commitments which could be extended at the option of the borrowers, pursuant to the following agreements:

Borrower	Principal Amount		Current Value		Unrealized Gain (Loss)
BCPE Empire Holdings, Inc., 4.787%, 06/11/2026	$	3,354	$	3,019	$	(335	)
Anchor Packaging, Inc., 1.000%, 07/18/2026		17,986		14,928		(3,058	)
EyeCare Partners LLC, 0.500%, 02/18/2027		18,919		15,545		(3,374	)
AmeriLife Group LLC, 0.000%, 03/18/2027		10,000		8,350		(1,650	)
TOTAL			$	41,842	$	(8,417	)

The cost basis of investments for federal income tax purposes at March 31, 2020 was as follows*:

Cost of investments	$	88,115,058
Gross unrealized appreciation		1,965,444
Gross unrealized depreciation		(10,138,523	)
Net unrealized depreciation	$	(8,173,079	)

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

Litman Gregory Masters Alternative Strategies Fund

SCHEDULE OF PURCHASED OPTIONS at March 31, 2020 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Market Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
INTEREST RATE SWAPTIONS
Call
Two Year Ten Year USD Constant Maturity Swaption	Bank of America N.A.		0.40		7/29/2022		11,000,000	$	11,000,000	$	21,391	$	25,410	$	(4,019	)
Two Year Ten Year USD Constant Maturity Swaption	Goldman Sachs International		0.40		7/29/2022		2,000,000		2,000,000		3,889		4,540		(651	)
Two Year Ten Year USD Constant Maturity Swaption	Goldman Sachs International		0.61		7/29/2022		7,000,000		7,000,000		7,863		10,150		(2,287	)
Two Year Ten Year USD Constant Maturity Swaption	Morgan Stanley & Co.		0.40		7/29/2022		9,000,000		9,000,000		17,501		21,600		(4,099	)
Total Purchased Options										$	50,644	$	61,700	$	(11,056	)

Litman Gregory Masters High Income Alternatives Fund

REVERSE REPURCHASE AGREEMENTS at March 31, 2020 (Unaudited)

Principal Amount^			Value
	$(418,575)	Royal Bank of Canada 2.750%, 3/23/2020, due 04/06/2020 [collateral: par value $100,000, Textron, Inc., 2.284%, due 11/10/2020, value $100,549; par value $100,000, Sabine Pass Liquefaction LLC, 5.625%, due 02/01/2021, value $100,262; par value $100,000, Reynolds American, Inc., 3.250%, due 06/12/2020, value $100,694; par value $70,000, Quest Diagnostics, Inc., 4.700%, due 04/01/2021, value $70,873; par value $70,000, Ingredion, Inc., 4.625%, due 11/01/2020, value $72,127] (proceeds $(419,023))	$	(418,575	)
	(64,823)	Royal Bank of Canada 2.750%, 3/26/2020, due 04/06/2020 [collateral: par value $67,000, AXIS Specialty Finance LLC, 5.875%, due 06/01/2020, value $68,660] (proceeds $(64,877))		(64,823	)
	TOTAL REVERSE REPURCHASE AGREEMENTS (Proceeds $483,398)			(483,398	)
	Average balance outstanding		$	(461,790	)
	Average interest rate (net)			—	%
	Maximum balance outstanding		$	(483,398	)

Average balance outstanding was calculated based on dailty face value balances outstanding during the period that the Fund had entered into the reverse repurchase agreements. Average interest rate was calculated based on interest received and/or paid during the period that the Fund had entered into the reverse repurchase agreements.

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS AT March 31, 2020 (Unaudited)

At March 31, 2020, the Fund had the following forward foreign currency exchange contracts:

											Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date		Fund Receiving		U.S. $ Value at March 31, 2020		Fund Delivering		U.S. $ Value at March 31, 2020		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.		4/30/2020		USD	$	293		ILS	$	283	$	10	$	—
		6/15/2020		USD		67,489		EUR		64,838		2,651		—
		2/1/2021		USD		4,821		ILS		4,711		110		—
		4/30/2021		USD		29,952		ILS		28,910		1,042		—
		1/31/2022		USD		93,833		ILS		91,318		2,515		—
Barclays Bank Plc		4/8/2020		USD		44,420		MXN		36,635		7,785		—
Citibank N.A.		4/23/2020		USD		43,772		MXN		36,128		7,644		—
		4/30/2020		USD		3,980		ILS		3,849		131		—
		7/1/2020		BRL		191,746		USD		195,065		—		(3,319	)
		7/1/2020		USD		495,761		BRL		383,491		112,270		—
		4/30/2021		USD		406,848		ILS		393,183		13,665		—
		7/1/2021		BRL		37,334		USD		38,193		—		(859	)
		7/1/2021		BRL		37,334		USD		38,664		—		(1,330	)
Goldman Sachs International		4/8/2020		MXN		36,635		USD		44,728		—		(8,093	)
		4/23/2020		MXN		36,128		USD		44,084		—		(7,956	)
		4/30/2020		EUR		286,738		USD		288,248		—		(1,510	)
		4/30/2020		ILS		2,986		USD		2,917		69		—
		4/30/2020		ILS		2,986		USD		2,921		65		—
		4/30/2020		USD		298,168		EUR		286,737		11,431		—
		4/30/2020		USD		926		ILS		906		20		—
		4/30/2020		USD		951		ILS		934		17		—
		6/15/2020		USD		60,290		EUR		57,891		2,399		—
		7/30/2020		USD		1,450		EUR		1,411		39		—
		2/1/2021		ILS		337,129		USD		330,597		6,532		—
		2/1/2021		ILS		337,128		USD		331,515		5,613		—
		2/1/2021		ILS		5,432		USD		5,138		294		—
		2/1/2021		ILS		5,432		USD		5,185		247		—
		2/1/2021		USD		593,208		ILS		573,836		19,372		—
		2/1/2021		USD		102,448		ILS		100,421		2,027		—
		2/1/2021		USD		6,281		ILS		6,140		141		—
		4/30/2021		ILS		305,006		USD		298,557		6,449		—
		4/30/2021		ILS		305,006		USD		298,892		6,114		—
		4/30/2021		USD		94,794		ILS		92,514		2,280		—
		4/30/2021		USD		97,471		ILS		95,405		2,066		—
		7/30/2021		USD		198,957		EUR		191,473		7,484		—
		1/31/2022		ILS		105,016		USD		98,692		6,324		—
		1/31/2022		ILS		105,016		USD		99,610		5,406		—
		1/31/2022		USD		121,979		ILS		118,713		3,266		—
JPMorgan Chase Bank N.A.		6/15/2020		EUR		122,730		USD		125,048		—		(2,318	)
		7/30/2020		EUR		2,904		USD		2,918		—		(14	)
		7/30/2020		USD		1,526		EUR		1,494		32		—
		7/1/2021		USD		95,024		BRL		74,669		20,355		—
		7/30/2021		EUR		394,210		USD		399,948		—		(5,738	)
		7/30/2021		USD		209,308		EUR		202,736		6,572		—
Morgan Stanley & Co.		4/1/2020		BRL		34,703		USD		34,888		—		(185	)
		4/1/2020		BRL		42,415		USD		42,641		—		(226	)
		4/1/2020		BRL		23,135		USD		25,343		—		(2,208	)
		4/1/2020		BRL		21,593		USD		24,016		—		(2,423	)
		4/1/2020		BRL		32,389		USD		36,081		—		(3,692	)
		4/1/2020		USD		53,986		BRL		42,415		11,571		—
		4/1/2020		USD		44,069		BRL		34,703		9,366		—
		4/1/2020		USD		32,562		BRL		32,389		173		—
		4/1/2020		USD		23,258		BRL		23,135		123		—
		4/1/2020		USD		21,708		BRL		21,593		115		—
		7/1/2020		BRL		191,745		USD		199,489		—		(7,744	)
					$	6,252,409			$	6,016,239	$	283,785	$	(47,615	)

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF FINANCIAL FUTURES CONTRACTS at March 31, 2020 (Unaudited)

Description	Number of Contracts			Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts—Long
Ultra 10YR U.S. Treasury Notes		1		$	100,000		$	156,031			6/19/2020	$	8,591
Total Long												$	8,591
Futures Contracts—Short
5YR U.S. Treasury Notes		(10	)	$	(1,000,000	)	$	(1,253,594	)		6/30/2020	$	(1,017	)
10YR U.S. Treasury Notes		(8	)		(800,000	)		(1,109,500	)		6/19/2020		(20,864	)
Total Short												$	(21,881	)
Total Futures Contracts												$	(13,290	)

SCHEDULE OF SWAPS at March 31, 2020 (Unaudited)

CENTRALLY CLEARED INTEREST RATE SWAP CONTRACTS

			Rates Exchanged
Notional Amount	Maturity Date		Payment Received		Payment Made			Periodic Payment Frequency		Fair Value			Upfront Payment Made (Received)		Unrealized Appreciation/ (Depreciation)
$2,600,000		11/06/2021		3 Month LIBOR		3.144	%		Quarterly	$	(109,243	)	$	965	$	(110,208	)
$350,000		11/07/2023		3 Month LIBOR		3.180			Quarterly		(34,155	)		80		(34,235	)
										$	(143,398	)	$	1,045	$	(144,443	)

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

Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2020			Notional Amount		Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation/ (Depreciation)
Sell Protection
CDX North American High Yield Index Series 33 5.000%, 12/20/2024		12/20/2024		5.000	%		6.279	%	$	2,165,800		Quarterly	$	(137,242	)	$	(135,755	)	$	(1,487	)
Total Sell Protection													$	(137,242	)	$	(135,755	)	$	(1,487	)

(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 33.

Litman Gregory Masters High Income Alternatives Fund

SCHEDULE OF WRITTEN OPTIONS at March 31, 2020 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Market Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
INDEX OPTIONS
Put
Russell 2000 Index	UBS Securities LLC	$	980.00		4/3/2020		(1	)	$	(115,310	)	$	(345	)	$	(7,426	)	$	7,081
Russell 2000 Index	UBS Securities LLC		1,030.00		4/3/2020		(1	)		(115,310	)		(619	)		(5,550	)		4,931
Russell 2000 Index	UBS Securities LLC		1,060.00		4/3/2020		(2	)		(230,620	)		(1,440	)		(14,979	)		13,539
Russell 2000 Index	UBS Securities LLC		1,125.00		4/3/2020		(1	)		(115,310	)		(3,300	)		(6,210	)		2,910
Russell 2000 Index	UBS Securities LLC		975.00		4/9/2020		(2	)		(230,620	)		(1,130	)		(10,519	)		9,389
Russell 2000 Index	UBS Securities LLC		980.00		4/9/2020		(3	)		(345,930	)		(1,815	)		(25,208	)		23,393
Russell 2000 Index	UBS Securities LLC		1,030.00		4/9/2020		(1	)		(115,310	)		(1,503	)		(6,360	)		4,857
Russell 2000 Index	UBS Securities LLC		1,060.00		4/9/2020		(2	)		(230,620	)		(4,530	)		(16,099	)		11,569
Russell 2000 Index	UBS Securities LLC		1,125.00		4/9/2020		(1	)		(115,310	)		(4,425	)		(6,760	)		2,335
Russell 2000 Index	UBS Securities LLC		980.00		4/17/2020		(3	)		(345,930	)		(4,230	)		(26,758	)		22,528
Russell 2000 Index	UBS Securities LLC		1,005.00		4/17/2020		(1	)		(115,310	)		(1,746	)		(7,709	)		5,963
Russell 2000 Index	UBS Securities LLC		1,030.00		4/17/2020		(1	)		(115,310	)		(2,275	)		(5,990	)		3,715
Russell 2000 Index	UBS Securities LLC		1,060.00		4/17/2020		(2	)		(230,620	)		(6,708	)		(17,519	)		10,811
Russell 2000 Index	UBS Securities LLC		975.00		4/24/2020		(1	)		(115,310	)		(2,260	)		(6,470	)		4,210
Russell 2000 Index	UBS Securities LLC		1,135.00		5/1/2020		(2	)		(230,620	)		(12,220	)		(12,189	)		(31	)
S&P 500 Index	UBS Securities LLC		2,280.00		4/3/2020		(1	)		(258,459	)		(550	)		(15,872	)		15,322
S&P 500 Index	UBS Securities LLC		2,330.00		4/3/2020		(1	)		(258,459	)		(462	)		(10,471	)		10,009
S&P 500 Index	UBS Securities LLC		2,355.00		4/3/2020		(1	)		(258,459	)		(980	)		(13,269	)		12,289
S&P 500 Index	UBS Securities LLC		2,400.00		4/3/2020		(6	)		(1,550,754	)		(7,920	)		(77,574	)		69,654
S&P 500 Index	UBS Securities LLC		2,430.00		4/3/2020		(1	)		(258,459	)		(1,684	)		(15,719	)		14,035
S&P 500 Index	UBS Securities LLC		2,180.00		4/9/2020		(7	)		(1,809,213	)		(6,160	)		(90,972	)		84,812
S&P 500 Index	UBS Securities LLC		2,280.00		4/9/2020		(5	)		(1,292,295	)		(10,940	)		(88,031	)		77,091
S&P 500 Index	UBS Securities LLC		2,330.00		4/9/2020		(1	)		(258,459	)		(2,670	)		(11,661	)		8,991
S&P 500 Index	UBS Securities LLC		2,355.00		4/9/2020		(2	)		(516,918	)		(6,060	)		(29,679	)		23,619
S&P 500 Index	UBS Securities LLC		2,400.00		4/9/2020		(2	)		(516,918	)		(7,700	)		(29,336	)		21,636
S&P 500 Index	UBS Securities LLC		2,505.00		4/9/2020		(2	)		(516,918	)		(12,470	)		(32,259	)		19,789
S&P 500 Index	UBS Securities LLC		2,180.00		4/17/2020		(6	)		(1,550,754	)		(10,422	)		(72,092	)		61,670
S&P 500 Index	UBS Securities LLC		2,400.00		4/17/2020		(1	)		(258,459	)		(5,380	)		(16,341	)		10,961
S&P 500 Index	UBS Securities LLC		2,430.00		4/17/2020		(2	)		(516,918	)		(11,900	)		(37,285	)		25,385
S&P 500 Index	UBS Securities LLC		2,490.00		4/17/2020		(6	)		(1,550,754	)		(34,962	)		(91,260	)		56,298
S&P 500 Index	UBS Securities LLC		2,280.00		4/24/2020		(3	)		(775,377	)		(14,370	)		(64,624	)		50,254
S&P 500 Index	UBS Securities LLC		2,355.00		4/24/2020		(2	)		(516,918	)		(10,772	)		(36,869	)		26,097
S&P 500 Index	UBS Securities LLC		2,400.00		4/24/2020		(3	)		(775,377	)		(21,171	)		(54,356	)		33,185
S&P 500 Index	UBS Securities LLC		2,430.00		4/24/2020		(1	)		(258,459	)		(7,975	)		(20,355	)		12,380
S&P 500 Index	UBS Securities LLC		2,495.00		4/24/2020		(1	)		(258,459	)		(7,940	)		(13,759	)		5,819
S&P 500 Index	UBS Securities LLC		2,495.00		5/1/2020		(2	)		(516,918	)		(21,460	)		(29,622	)		8,162
S&P 500 Index	UBS Securities LLC		2,530.00		5/1/2020		(1	)		(258,459	)		(12,345	)		(13,329	)		984
S&P 500 Index	UBS Securities LLC		2,575.00		5/1/2020		(3	)		(775,377	)		(43,383	)		(34,564	)		(8,819	)
Total Written Options												$	(308,222	)	$	(1,075,045	)	$	766,823

Litman Gregory Funds Trust

SCHEDULE OF INVESTMENTS (Continued)

March 31, 2020 (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. 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.

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.

Senior Term Loans. The Alternative Strategies Fund and the High Income Alternatives 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 Alternative Strategies Fund’s and the High Income Alternatives 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 Alternative Strategies Fund and the High Income Alternatives 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 Schedule of Investments.

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.

Repurchase Agreements. Each Fund may enter into repurchase agreements through which the Fund acquires a security (the “underlying security”) from a seller, a well-established securities dealer or a bank that is a member of the Federal Reserve System. The bank or securities dealer agrees to repurchase the underlying security at the same price, plus a specified amount of interest, at a later date, generally for a period of less than one week. It is the Trust’s policy that its Custodian takes possession of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities, including recorded interest, is sufficient to cover the value of the repurchase agreements. The Trust’s policy states that the value of the collateral is at least 102% of the value of the repurchase agreement. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by a Fund may be delayed or limited. At March 31, 2020, the Funds’ ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments.

Reverse repurchase agreements. The High Income Alternatives 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.

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 foreign currency transactions. 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 foreign currency transactions. Counterparties to these forward contracts are major U.S. financial institutions.

Futures Contracts. The Alternative Strategies Fund and the High Income Alternatives Fund invest in financial futures contracts primarily for the purpose of hedging their existing portfolio securities, or securities that the Funds intend to purchase, against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a financial futures contract, a Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as variation margin, are made or received by a Fund each day, depending on the daily fluctuations in the fair value of the underlying security. Each Fund recognizes a gain or loss equal to the daily variation margin. If market conditions move unexpectedly, a Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets.

Interest Rate Swaps. During the period ended March 31, 2020, the Alternative Strategies Fund and the High Income Alternatives Fund may entered into 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 OTC market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin.

Credit Default Swaps. During the period ended March 31, 2020, the Alternative Strategies Fund and the High Income Alternatives 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 Statements of Operations. In the case of credit default swaps where a Fund is selling protection, the notional amount approximates the maximum loss. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin.

Total Return Swaps. During the period ended March 31, 2020, the Alternative Strategies Fund and the High Income Alternatives Fund may entered into 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 London Interbank Offered Rate (“LIBOR”) 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 LIBOR, is a spread to reflect the non-Statement of Assets and Liabilities nature of the product. No notional amounts are exchanged with total return swaps. The total return receiver assumes the entire economic exposure - that is, both market and credit exposure - to the reference asset. The total return payer - often the owner of the reference obligation - gives up economic exposure to the performance of the reference asset and in return takes on counterparty credit exposure to the total return receiver in the event of a default or fall in value of the reference asset.

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

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

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

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

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

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

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

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

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

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

Restricted Securities. A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933. If the security is subsequently registered and resold, the issuers would typically bear the expense of all registrations at no cost to the Fund. Restricted securities are valued according to the guidelines and procedures adopted by the Funds’ Board of Trustees. As of March 31, 2020, 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.

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.

Shares of the unregistered Underlying Funds are valued at their closing net asset value (“NAV”) as reported on each business day, as a practical expedient for fair value. Each of the unregistered Underlying Funds is daily valued and offer daily liquidity and hold no unfunded commitments. The shares of the open-end registered Underlying Funds are valued at NAV each business day. If the Underlying Funds’ designated representative to the Trustee determines, based on its own due diligence and investment monitoring procedures, that the reported NAV per share does not represent fair value, Underlying Funds’ designated representative to the Trustee shall estimate the fair value of the Underlying Funds in good faith and in a manner that it reasonably chooses.

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

The following tables provide the fair value measurements of applicable Fund assets and liabilities by level within the fair value hierarchy for each Fund as of March 31, 2020. These assets and liabilities are measured on a recurring basis.

Equity Fund

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity(a)
Common Stocks	$	196,292,753	$	—	$	—	$	196,292,753
Preferred Stocks		2,503,471		—		—		2,503,471
Total Equity		198,796,224		—		—		198,796,224
Short-Term Investments
Repurchase Agreements		—		2,711,000		—		2,711,000
Total Investments in Securities	$	198,796,224	$	2,711,000	$	—	$	201,507,224

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

International Fund

Description	Level 1 - Quoted prices in active markets for identical assets			Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs			Total
Equity
Common Stocks
Australia	$	—		$	4,418,124	$	—		$	4,418,124
Austria		—			4,067,359		—			4,067,359
Belgium		—			5,807,485		—			5,807,485
Bermuda		11,171,885			4,269,828		—			15,441,713
Canada		3,021,276			—		—			3,021,276
Cayman Islands		6,106,286			—		—			6,106,286
Denmark		—			3,083,840		—			3,083,840
Finland		—			5,313,199		—			5,313,199
France		1,084,519			39,067,113		—			40,151,632
Germany		—			11,071,817		—			11,071,817
Ireland		2,609,108			—		—			2,609,108
Israel		—			5,748,178		—			5,748,178
Japan		—			32,255,969		—			32,255,969
Mexico		3,517,387			—		—			3,517,387
Monaco		3,804,791			—		—			3,804,791
Netherlands		—			18,227,937		—			18,227,937
Norway		—			1,500,661		—			1,500,661
Russia		—			4,590,475		—			4,590,475
South Africa		—			2,378,557		—			2,378,557
South Korea		—			1,881,867		—			1,881,867
Spain		—			4,331,205		1,611,995	**		5,943,200
Sweden		—			10,631,757		—			10,631,757
Switzerland		—			16,691,593		—			16,691,593
United Kingdom		—			36,148,882		—			36,148,882
United States		2,139,703			—		—			2,139,703
Total Equity		33,454,955			211,485,846		1,611,995	**		246,552,796
Short-Term Investments
Repurchase Agreements		—			11,763,000		—			11,763,000
Total Short-Term Investments		—			11,763,000		—			11,763,000
Total Investments in Securities	$	33,454,955		$	223,248,846	$	1,611,995	**	$	258,315,796
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	(8,561	)	$	—	$	—		$	(8,561	)

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

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

Smaller Companies Fund

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity(a)
Common Stocks	$	16,257,660	$	—	$	—	$	16,257,660
Total Equity		16,257,660		—		—		16,257,660
Short-Term Investments
Repurchase Agreements		—		805,000		—		805,000
Total Investments in Securities	$	16,257,660	$	805,000	$	—	$	17,062,660

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

Alternative Strategies Fund

Description	Level 1 - Quoted prices in active markets for identical assets			Level 2 - Significant other observable inputs			Level 3 - Significant unobservable inputs			Total
Equity(a)
Common Stocks	$	411,042,575		$	14,117,177		$	2,651,383	**	$	427,811,135
Limited Partnerships		—			—			1,063,211	**		1,063,211
Preferred Stocks		2,074,545			—			1,110,780	**		3,185,325
Total Equity		413,117,120			14,117,177			4,825,374	**		432,059,671
Rights/Warrants		—			5,678			—			5,678
Fixed Income
Asset-Backed Securities		—			140,129,570			1,639,973	**		141,769,543
Bank Loans		—			33,070,290			4,118,451	**		37,188,741
Convertible Bonds		—			16,678,192			—			16,678,192
Corporate Bonds		—			444,429,796			407,149	**		444,836,945
Government Securities & Agency Issue		—			12,805,679			—			12,805,679
Mortgage-Backed Securities		—			260,075,764			1,173,018	(1)		261,248,782
Municipal Bonds		—			3,180,034			—			3,180,034
Total Fixed Income		—			910,369,325			7,338,591	**		917,707,916
Short-Term Investments
Treasury Bills		—			43,213,352			—			43,213,352
Repurchase Agreements		—			164,125,647			—			164,125,647
Total Short-Term Investments		—			207,338,999			—			207,338,999
Purchased Options		88,768			—			—			88,768
Investments Valued at NAV(2)		—			—			—			2,147,442
Total Investments in Securities in Assets	$	413,205,888		$	1,131,831,179		$	12,163,965	**	$	1,559,348,474
Short Sales
Common Stocks		(40,212,356	)		—			—			(40,212,356	)
Exchange-Traded Fund		(1,478,428	)		—			—			(1,478,428	)
Corporate Bonds		—			(2,227,723	)		—			(2,227,723	)
Total Short Sales		(41,690,784	)		(2,227,723	)		—			(43,918,507	)
Total Investments in Securities in Liabilities	$	(41,690,784	)	$	(2,227,723	)	$	—		$	(43,918,507	)
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	798,613		$	—		$	—		$	798,613
Futures		(1,658,116	)		—			—			(1,658,116	)
Swaps - Credit Default		—			12,709,765			—			12,709,765
Swaps - Total Return		—			(9,309,087	)		—			(9,309,087	)
Written Options		(763	)		—			—			(763	)

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

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

^**  Significant unobservable inputs were used in determining the value of portfolio securities for the Alternative Strategies Fund.

⁽¹⁾  These securities were priced by a pricing service; however, the Advisor/Sub-Advisor used their fair value procedures based on other available inputs which more accurately reflected the current fair value of these securities.

⁽²⁾  As of March 31, 2020, certain of the Portfolio’s investments were valued using net asset value per unit as practical expedient (“NAV”) and have been excluded from the fair value hierarchy.

There was $342,037 transferred from Level 2 to Level 3 in Alternative Strategies Fund. Security was moved from Level 2 to Level 3 to reflect liquidity discount applied to vendor provided price due to lot size.

There was $269,820 transferred from Level 3 to Level 2 in Alternative Strategies Fund. Security was valued using approved price sources.

High Income Alternatives Fund

Description	Level 1 - Quoted prices in active markets for identical assets			Level 2 - Significant other observable inputs			Level 3 - Significant unobservable inputs		Total
Equity(a)
Common Stocks	$	6,952,738		$	—		$	—	$	6,952,738
Preferred Stocks		963,500			—			—		963,500
Closed-End Funds		287,809			—			—		287,809
Exchange-Traded Fund		759,910			—			—		759,910
Total Equity		8,963,957			—			—		8,963,957
Fixed Income
Asset-Backed Securities		—			21,075,929			—		21,075,929
Bank Loans		—			12,466,543			—		12,466,543
Corporate Bonds		—			9,871,402			—		9,871,402
Government Securities & Agency Issue		—			16,242,281			—		16,242,281
Mortgage-Backed Securities		—			8,182,443			—		8,182,443
Municipal Bond		—			4,740			—		4,740
Total Fixed Income		—			67,843,338			—		67,843,338
Short-Term Investments
Certificate of Deposits		—			200,000			—		200,000
Commercial Paper		—			599,976			—		599,976
Money Market Fund		1,391,163			—			—		1,391,163
Repurchase Agreements		—			1,581,000			—		1,581,000
Treasury Bills		—			34,988			—		34,988
Total Short-Term Investments		1,391,163			2,415,964			—		3,807,127
Interest Rate Swaptions		—			50,644			—		50,644
Total Investments in Securities	$	10,355,120		$	70,309,946		$	—	$	80,665,066
Fixed Income
Unfunded Loan Commitments		—			41,842			—		41,842
Total Investments in Securities in Assets	$	10,355,120		$	70,351,788		$	—	$	80,706,908
Reverse Repurchase Agreements		—			(483,398	)		—		(483,398	)
Total Investments in Securities in Liabilities	$	—		$	(483,398	)	$	—	$	(483,398	)
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	236,170		$	—		$	—	$	236,170
Futures		(13,290	)		—			—		(13,290	)
Swaps - Interest Rate		—			(144,443	)		—		(144,443	)
Swaps - Credit Default		—			(1,487	)		—		(1,487	)
Written Options		(308,222	)		—			—		(308,222	)

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

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

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

There was $206,510 transferred from Level 3 to Level 2 in High Income Alternatives Fund. Security was valued using approved price sources.

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.

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

• Below Investment-Grade Fixed Income Securities Risk. This is the risk of investing in below investment-grade fixed income securities (also known as “junk bonds”), which may be greater than that of higher rated fixed income securities. These securities are rated Ba1 through C by Moody’s Investors Service (“Moody’s”) or BB+ through D by Standard & Poor’s Rating Group (“S&P”) (or comparably rated by another nationally recognized statistical rating organization), or, if not rated by Moody’s or S&P, are considered by the sub-advisors to be of similar quality. These securities have greater risk of default than higher rated securities. The market value of these securities is more sensitive to corporate developments and economic conditions and can be volatile. Market conditions can diminish liquidity and make accurate valuations difficult to obtain. There is no limit to the Alternative Strategies Fund’s ability to invest in below investment-grade fixed income securities; however, under normal market conditions, it does not expect to invest more than 50% of its total assets in below investment-grade fixed income securities.

• Capital Structure Arbitrage Risk. The perceived mispricing identified by the sub-advisor may not disappear or may even increase, in which case losses may be realized.

• Collateral Risk. If the Alternative Strategies Fund and High Income Alternatives Fund’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 Alternative Strategies Fund and High Income Alternatives 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.

• Communications Services Sector Risk. A Fund may invest a portion of its assets in the communications services sector. Media and communications companies may be significantly affected by product and service obsolescence due to technological advancement or development, competitive pressures, substantial capital requirements, fluctuating demand and changes in regulation.

• Consumer Discretionary Sector Risk. A Fund may invest a portion of its assets in the consumer discretionary sector. The success of consumer product manufacturers and retailers is tied closely to the performance of the overall domestic and international economy, interest rates, competition and consumer confidence. Success depends heavily on disposable household income and consumer spending. Changes in demographics and consumer tastes can also affect the demand for, and success of, consumer products and services in the marketplace.

• 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.

• Credit Risk. This is the risk that a Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty of a derivatives contract or other transaction, is unable or unwilling (or is perceived to be unable or unwilling) to make timely payment of principal and/or interest, or to otherwise honor its obligations.

• 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. The Alternative Strategies Fund may invest in foreign currencies for investment and hedging purposes. 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.

• Debt Securities Risk. This is the risk that the value and liquidity of debt securities may be reduced under certain circumstances. The value of debt securities can fluctuate in response to issuer activity and changes in general economic and credit market conditions, including changes in interest rates. In recent years, dealer capacity in the debt and fixed income markets appears to have undergone fundamental changes, including a reduction in dealer market-making capacity. These changes have the potential to decrease substantially liquidity and increase volatility in the debt and fixed income markets.

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

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

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

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

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

• Distressed Companies Risk. A Fund may invest a portion of its assets in securities of distressed companies. Debt obligations of distressed companies typically are unrated, lower rated, in default or close to default and may be difficult to value accurately or may become worthless.

• 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.

• Event-Driven Risk. Event-driven strategies seek to profit from the market inefficiencies surrounding market events, such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations. Event-driven investing involves attempting to predict the outcome of a particular transaction as well as the optimal time at which to commit capital to it. Event-driven opportunities involve difficult legal as well as financial analysis, as some of the principal impediments to the consummation of major corporate events are often legal or regulatory rather than economic. In addition, certain of the securities issued in the context of major corporate events include complex call, put and other features, and it is difficult to precisely evaluate the terms and embedded option characteristics of these securities. A Fund may take both long and short positions in a wide range of securities, derivatives and other instruments in implementing its event-driven strategies.

• Financial Sector Risk. A Fund may invest a portion of its assets in the financial services sector and, therefore, the performance of the Fund could be negatively impacted by events affecting this sector, including changes in interest rates, government regulation, the rate of defaults on corporate, consumer and government debt and the availability and cost of capital.

• 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. There is no limit to the Alternative Strategies Fund’s ability to invest in emerging market securities; however, under normal market conditions, it does not expect to invest more than 50% of its total assets in emerging market securities; however, some Funds may invest a portion of their assets in stocks of companies based outside of the United States.

• 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.

• 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.

• Interest Rate Risk. This is the risk that debt securities will decline in value because of changes in interest rates. A Fund with a longer average portfolio duration will be more sensitive to changes in interest rates than a Fund with a shorter average portfolio duration.

• 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.

• 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 High Income Alternatives 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.

• 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 High Income Alternatives Fund’s investments in loans can also be difficult to value accurately and may be more susceptible to liquidity risk than fixed-income instruments of similar credit quality and/or maturity. The Fund is also subject to the risk that the value of the collateral for the loan may be insufficient or unavailable to cover the borrower’s obligations should the borrower fail to make payments or become insolvent. Participations in loans may subject the Fund to the credit risk of both the borrower and the issuer of the participation and may make enforcement of loan covenants, if any, more difficult for the Fund as legal action may have to go through the issuer of the participations. Transactions in loans are often subject to long settlement periods, thus potentially limiting the ability of the Fund to invest sale proceeds in other investments and to use proceeds to meet its current redemption obligations. In addition, many banks have been weakened by the recent financial crisis, and it may be difficult for the Fund to obtain an accurate picture of a lending bank’s financial condition.

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

• Leverage Risk. This is the risk that leverage may cause the effect of an increase or decrease in the value of the Alternative Strategies Fund’s portfolio securities to be magnified and the Fund to be more volatile than if leverage was not used. Leverage may result from certain transactions, including the use of derivatives and borrowing. Under normal circumstances, the Alternative Strategies Fund may borrow amounts up to one third of the value of its total assets except that it may exceed this limit to satisfy redemption requests or for other temporary purposes.

• LIBOR Risk. LIBOR is used extensively in the U.S. and globally as a “benchmark” or “reference rate” for various commercial and financial contracts, including corporate and municipal bonds, bank loans, asset-backed and mortgage-related securities, interest rate swaps and other derivatives. For example, debt securities in which a Fund invests may pay interest at floating rates based on LIBOR or may be subject to interest caps or floors based on LIBOR. A Fund’s derivative investments may also reference LIBOR. In addition, issuers of instruments in which a Fund invests may obtain financing at floating rates based on LIBOR, and a Fund may use leverage or borrowings based on LIBOR. In July 2017, the head of the United Kingdom Financial Conduct Authority announced the intention to phase out the use of LIBOR by the end of 2021. There is currently no definitive information regarding the future utilization of LIBOR or of any particular replacement reference rate. Abandonment of or modifications to LIBOR could have adverse impacts on newly issued financial instruments and existing financial instruments that reference LIBOR.

• Market Risk. As with all mutual funds that invest in common stocks, the value of an individual’s investment will fluctuate daily in response to the performance of the individual stocks held in a Fund. The stock market has been subject to significant volatility recently, which has increased the risks associated with an investment in a Fund.

• Market Volatility Associated with COVID-19. The financial markets have recently been impacted by the outbreak of an infectious respiratory illness caused by a novel coronavirus known as COVID-19, which was first detected in China in December 2019 and has spread internationally. This coronavirus has resulted in international border closings, enhanced health screenings, expanded healthcare services and expenses, quarantines and other restrictions on business and personal activities, cancellations, disruptions to supply chains and consumer activity, as well as general public concern and uncertainty. The impact of this outbreak has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. The future impact of COVID-19 is currently unknown and it may exacerbate other risks that apply to the Fund, including political, social and economic risks. Any such impact could adversely affect the Fund’s performance, the performance of the securities in which the Fund invests and may lead to losses on your investment in the Fund.

• Materials Sector Risk. A Fund may invest a portion of its assets in the materials sector. Many companies in this sector are significantly affected by the level and volatility of commodity prices, the exchange value of the U.S. dollar, import controls, worldwide competition, environmental policies and consumer demand. At times, worldwide production of industrial materials has exceeded demand as a result of over-building or economic downturns, leading to poor investment returns or losses. Other risks may include liabilities for environmental damage and general civil liabilities, depletion of resources, and mandated expenditures for safety and pollution control. The materials sector may also be affected by economic cycles, technical progress, labor relations, and government regulations.

• Merger Arbitrage Risk. This is the risk that a proposed reorganization in which the Alternative Strategies Fund invests may be renegotiated or terminated.

• MLP Risk. Investing in MLP units involves some risks that differ from an investment in the equity securities of a company. Holders of MLP units have limited control and voting rights on matters affecting the partnership. Holders of units issued by a MLP are exposed to a remote possibility of liability for all of the obligations of that MLP in the event that a court determines that the rights of the holders of MLP units to vote to remove or replace the general partner of that MLP, to approve amendments to that MLP’s partnership agreement, or to take other action under the partnership agreement of that MLP would constitute “control” of the business of that MLP, or a court or governmental agency determines that the MLP is conducting business in a state without complying with the partnership statute of that state. Holders of MLP units are also exposed to the risk that they will be required to repay amounts to the MLP that are wrongfully distributed to them.

• 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.

• Mortgage REIT Risk. Investing in mREITs involves certain risks related to investing in real property mortgages. In addition, mREITs must satisfy highly technical and complex requirements in order to qualify for the favorable tax treatment accorded to REITs under the Internal Revenue Code of 1986 (the “Code”). No assurances can be given that a mREIT in which the High Income Alternatives Fund invests will be able to continue to qualify as a REIT or that complying with the REIT requirements under the Code will not adversely affect such REIT’s ability to execute its business plan.

• 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.

• Municipal Securities Risk. Municipal securities can be significantly affected by litigation, political or economic events, as well as uncertainties in the municipal market related to taxation, legislative changes or the rights of municipal security holders. Municipal securities backed by current or anticipated revenues from specific projects or assets can be negatively affected by the inability of the issuer to collect revenues for the projects or from the assets.

• 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.

• Short Sale Risk. This is the risk that the value of a security the Alternative Strategies Fund sells short does not go down as expected. The risk of loss is theoretically unlimited if the value of the security sold short continues to increase. In addition, short sales may cause the Alternative Strategies Fund to be compelled, at a time disadvantageous to it, to buy the security previously sold short, thus resulting in a loss. To meet current margin requirements, the Alternative Strategies Fund is required to deposit with the broker additional cash or securities so that the total deposit with the broker is maintained daily at 150% of the current market value of the securities sold short.

• 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.

• 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. This is the risk that a material portion of the Alternative Strategies Fund’s return could 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 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.

• 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.