iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: 96.2%
	Canada: 2.6%
	54,490	Brookfield Corp.	$	2,896,144
	China: 2.5%
	146,268	Tencent Music Entertainment Group - ADR		1,762,529
	22,779	Yum China Holdings, Inc.		1,025,511
				2,788,040
	France: 1.8%
	1,866	L’Oreal SA		836,051
	9,876	Legrand SA - ADR		227,345
	1,184	LVMH Moet Hennessy Louis Vuitton SE		908,441
				1,971,837
	Germany: 5.3%
	10,480	Beiersdorf AG - ADR		315,553
	111,010	Henkel AG & Co. KGaA - ADR		2,370,063
	8,808	SAP SE		2,006,316
	19,049	Siemens Healthineers AG(a)		1,143,351
				5,835,283
	Ireland: 0.6%
	1,972	Accenture PLC - Class A		697,063
	Japan: 0.5%
	11,872	Daikin Industries Ltd. - ADR		166,445
	4,100	SHIFT, Inc.*		390,967
				557,412
	Luxembourg: 1.2%
	20,317	Eurofins Scientific SE(b)		1,288,288
	Netherlands: 3.5%
	20,400	Heineken NV		1,840,080
	21,114	Topicus.com, Inc.		1,993,835
				3,833,915
	Sweden: 2.2%
	70,935	Assa Abloy AB - Class B		2,392,283
	Switzerland: 2.1%
	20,235	Novartis AG - ADR(b)		2,327,430
	United Kingdom: 9.3%
	75,300	Compass Group PLC		2,415,234
	117,758	Fevertree Drinks PLC		1,301,620
	59,383	Pennon Group PLC - ADR(b)		954,879
	20,366	Severn Trent PLC - ADR		722,586
	76,168	Smith & Nephew PLC - ADR(b)		2,371,871
	6,017	Spirax Group PLC - ADR		303,377
	80,821	United Utilities Group PLC - ADR		2,269,454
				10,339,021
	United States: 64.1%
	5,235	3M Co.		715,625
	9,801	Abbott Laboratories		1,117,412
	2,504	Adobe, Inc.*		1,296,521
	7,375	Air Products & Chemicals, Inc.		2,195,833
	3,060	Align Technology, Inc.*		778,219
	11,813	Alphabet, Inc. - Class A		1,959,186

Shares			Value
	United States (continued)
	13,036	Amazon.com, Inc.*	$	2,428,998
	2,955	Aon PLC - Class A		1,022,400
	2	Berkshire Hathaway, Inc. - Class A*		1,382,360
	3,209	Berkshire Hathaway, Inc. - Class B*		1,476,974
	12,388	Calavo Growers, Inc.		353,430
	5,811	California Water Service Group		315,072
	29,565	Centene Corp.*		2,225,653
	47,129	Clearwater Analytics Holdings, Inc. - Class A*		1,190,007
	5,253	Clorox Co.		855,766
	58,200	Comcast Corp. - Class A		2,431,014
	26,400	CVS Health Corp.		1,660,032
	103,604	DENTSPLY SIRONA, Inc.		2,803,524
	3,763	elf Beauty, Inc.*		410,280
	53,896	Envista Holdings Corp.*		1,064,985
	10,271	Estee Lauder Cos., Inc. - Class A		1,023,916
	14,875	Fiserv, Inc.*		2,672,294
	4,754	Five Below, Inc.*		420,016
	7,259	Generac Holdings, Inc.*		1,153,310
	4,880	Globant SA*		966,923
	9,922	Globe Life, Inc.		1,050,839
	3,467	Graco, Inc.		303,397
	21,880	Henry Schein, Inc.*		1,595,052
	3,705	Hologic, Inc.*		301,809
	8,375	Houlihan Lokey, Inc.		1,323,418
	3,933	ICON PLC*		1,129,990
	4,204	IDACORP, Inc.		433,390
	4,896	Kimberly-Clark Corp.		696,603
	1,261	Kinsale Capital Group, Inc.		587,084
	8,392	Knight-Swift Transportation Holdings, Inc.		452,748
	1,568	Lindsay Corp.		195,436
	1,415	Markel Group, Inc.*		2,219,541
	3,558	MarketAxess Holdings, Inc.		911,560
	25,590	Marten Transport Ltd.		452,943
	4,435	McKesson Corp.		2,192,753
	4,191	Microsoft Corp.		1,803,387
	18,736	Mission Produce, Inc.*		240,196
	13,831	Northern Trust Corp.		1,245,205
	17,590	Oracle Corp.		2,997,336
	5,646	Paycom Software, Inc.		940,454
	30,050	Progyny, Inc.*		503,638
	46,881	Qiagen NV*		2,136,367
	39,900	Realty Income Corp. - REIT		2,530,458
	1,008	Reinsurance Group of America, Inc.		219,613
	48,908	Revolve Group, Inc.*		1,211,940
	5,583	Rogers Corp.*		630,935
	7,149	SJW Group		415,428
	14,277	Solventum Corp.*		995,392
	468	Thermo Fisher Scientific, Inc.		289,491
	1,096	TopBuild Corp.*		445,864
	1,802	Toro Co.		156,287
	14,128	Visa, Inc. - Class A		3,884,495
	683	Waters Corp.*		245,805
	35,104	Werner Enterprises, Inc.		1,354,663
	4,346	Workday, Inc. - Class A*		1,062,206
				71,075,473

iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Shares			Value
	COMMON STOCKS (CONTINUED)
	Uruguay: 0.5%
	76,729	Dlocal Ltd.*(b)	$	613,832
	TOTAL COMMON STOCKS (Cost $88,434,228)			106,616,021
	PREFERRED STOCKS: 2.0%
	South Korea: 2.0%
	57,915	Samsung Electronics Co. Ltd. - (Preference Shares)		2,254,243
	TOTAL PREFERRED STOCKS (Cost $2,436,388)			2,254,243
Principal Amount
	SHORT-TERM INVESTMENTS: 5.5%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 4.0%
	$4,482,446	State Street Navigator Securities Lending Government Money Market Portfolio, 5.02%(c)(d) (Cost $ 4,482,446)	$	4,482,446
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost 4,482,446)			4,482,446
	REPURCHASE AGREEMENTS: 1.5%
	$1,643,005	Fixed Income Clearing Corp. 1.520%, 9/30/2024, due 10/01/2024 [collateral: par value $1,645,700, U.S. Treasury Notes, 4.000%, due 01/15/2027, value $1,676,304] (proceeds $1,643,075)		1,643,005
	TOTAL REPURCHASE AGREEMENTS (Cost $1,643,005)			1,643,005
	TOTAL SHORT-TERM INVESTMENTS (Cost $6,125,451)			6,125,451
	TOTAL INVESTMENTS (Cost: $96,996,067): 103.7%			114,995,715
	Liabilities in Excess of Other Assets: (3.7)%			(4,192,082	)
	NET ASSETS: 100.0%		$	110,803,633

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

* Non-Income Producing Security.

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

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

(c) The rate disclosed is the 7 day net yield as of September 30, 2024.

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

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	96,996,067
Gross unrealized appreciation		23,257,841
Gross unrealized depreciation		(5,258,193	)
Net unrealized appreciation	$	17,999,648

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

  

iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

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

Industry	% of Net Assets
Software		11.2	%
Health Care Equipment & Supplies		9.5	%
Financial Services		8.9	%
Health Care Providers & Services		7.4	%
Capital Markets		5.7	%
Insurance		4.5	%
Life Sciences Tools & Services		4.6	%
Water Utilities		4.2	%
Household Products		3.6	%
Hotels, Restaurants & Leisure		3.1	%
Beverages		2.9	%
Personal Care Products		2.4	%
Building Products		2.3	%
Retail REITs		2.3	%
Media		2.2	%
Broadline Retail		2.2	%
Pharmaceuticals		2.1	%
Ground Transportation		2.0	%
Technology Hardware, Storage & Peripherals		2.0	%
Chemicals		2.0	%
IT Services		1.9	%
Interactive Media & Services		1.8	%
Entertainment		1.6	%
Specialty Retail		1.5	%
Electrical Equipment		1.2	%
Machinery		0.9	%
Professional Services		0.9	%
Textiles, Apparel & Luxury Goods		0.8	%
Industrial Conglomerates		0.6	%
Electronic Equipment, Instruments & Components		0.6	%
Food Products		0.5	%
Household Durables		0.4	%
Electric Utilities		0.4	%
Short-Term Investments		5.5	%
Total Investments		103.7	%
Liabilities in Excess of Other Assets		(3.7	)%
Net Assets		100.0	%

iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: 96.6%
	Australia: 1.3%
	442,100	Glencore PLC*	$	2,533,377
	Brazil: 1.7%
	1,581	MercadoLibre, Inc.*		3,244,149
	Canada: 2.7%
	33,348	Canadian Pacific Kansas City Ltd.		2,854,240
	30,011	Shopify, Inc. - Class A*		2,405,082
				5,259,322
	China: 1.0%
	44,401	Prosus NV		1,942,603
	Denmark: 4.4%
	23,736	Carlsberg AS - Class B		2,830,188
	48,836	Novo Nordisk AS - Class B		5,744,166
				8,574,354
	Finland: 1.9%
	78,366	Sampo OYJ - Class A		3,659,171
	France: 7.6%
	72,955	BNP Paribas SA		5,004,079
	19,700	Kering SA		5,638,802
	17,222	Teleperformance SE		1,784,874
	336,400	Worldline SA*(a)(b)		2,450,992
				14,878,747
	Germany: 22.6%
	10,628	Adidas AG		2,817,650
	6,575	Allianz SE		2,161,518
	166,719	Bayer AG		5,634,131
	28,824	CTS Eventim AG & Co. KGaA		2,998,538
	94,118	Daimler Truck Holding AG		3,527,285
	80,765	Fresenius SE & Co. KGaA*		3,080,854
	24,824	Gerresheimer AG		2,213,109
	54,304	Hensoldt AG		1,782,812
	90,745	Mercedes-Benz Group AG		5,869,366
	37,345	SAP SE		8,506,568
	89,257	Siemens Healthineers AG(a)		5,357,346
				43,949,177
	Israel: 3.2%
	486,459	Israel Discount Bank Ltd. - Class A		2,721,842
	369,699	Tel Aviv Stock Exchange Ltd.		3,492,219
				6,214,061
	Italy: 4.0%
	23,665	Carel Industries SpA(a)		517,424
	202,584	Davide Campari-Milano NV		1,715,773
	121,503	Ryanair Holdings PLC - ADR		5,489,483
				7,722,680
	Japan: 5.7%
	90,600	BayCurrent, Inc.		3,354,572
	94,700	Nippon Sanso Holdings Corp.		3,446,220
	197,200	Renesas Electronics Corp.		2,861,981

Shares			Value
	Japan (continued)
	8,600	Tokyo Electron Ltd.	$	1,518,283
				11,181,056
	Netherlands: 2.6%
	3,787	ASML Holding NV		3,146,605
	18,703	EXOR NV		2,004,018
				5,150,623
	Spain: 2.3%
	63,149	Amadeus IT Group SA		4,568,630
	Sweden: 2.1%
	40,900	Evolution AB(a)		4,023,341
	Switzerland: 4.9%
	5,284	Belimo Holding AG		3,776,297
	61,000	Julius Baer Group Ltd.		3,676,831
	4,128	Ypsomed Holding AG		2,014,016
				9,467,144
	Taiwan: 3.2%
	207,000	Taiwan Semiconductor Manufacturing Co. Ltd.		6,259,744
	United Kingdom: 10.9%
	448,907	Breedon Group PLC		2,574,187
	78,125	Coca-Cola Europacific Partners PLC		6,146,612
	50,400	Diageo PLC		1,757,700
	121,045	Fevertree Drinks PLC		1,337,953
	3,520,050	Lloyds Banking Group PLC		2,773,104
	483,437	Sage Group PLC		6,635,778
				21,225,334
	United States: 14.5%
	15,984	Aon PLC - Class A		5,530,304
	512,643	CNH Industrial NV		5,690,337
	41,653	ICON PLC*		11,967,324
	55,495	Medtronic PLC		4,996,215
				28,184,180
	TOTAL COMMON STOCKS (Cost $162,460,550)			188,037,693
	PREFERRED STOCKS: 1.6%
	South Korea: 1.6%
	81,600	Samsung Electronics Co. Ltd. - (Preference Shares)		3,176,141
	TOTAL PREFERRED STOCKS (Cost $3,760,271)			3,176,141

iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount			Value
	SHORT-TERM INVESTMENTS: 0.6%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.3%
	$594,296	State Street Navigator Securities Lending Government Money Market Portfolio, 5.02%(c)(d) (Cost $ 594,296)	$	594,296
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost 594,296)			594,296
	REPURCHASE AGREEMENTS: 0.3%
	$507,090	Fixed Income Clearing Corp. 1.520%, 9/30/2024, due 10/01/2024 [collateral: par value $508,000, U.S. Treasury Notes, 4.000%, due 01/15/2027, value $517,526] (proceeds $507,112)		507,090
	TOTAL REPURCHASE AGREEMENTS (Cost $507,090)			507,090
	TOTAL SHORT-TERM INVESTMENTS (Cost $1,101,386)			1,101,386
	TOTAL INVESTMENTS  (Cost: $167,322,207): 98.8%			192,315,220
	Other Assets in Excess of Liabilities: 1.2%			2,233,053
	NET ASSETS: 100.0%		$	194,548,273

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

* Non-Income Producing Security.

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

(b) Security or portion there of is out on loan.

(c) The rate disclosed is the 7 day net yield as of September 30, 2024.

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

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	167,322,207
Gross unrealized appreciation		40,716,147
Gross unrealized depreciation		(15,723,134	)
Net unrealized appreciation	$	24,993,013

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

iMGP Small Company Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: 97.1%
	Consumer Discretionary: 12.4%
	8,275	Gentherm, Inc.*	$	385,201
	79,674	Goodyear Tire & Rubber Co.*		705,115
	4,729	Installed Building Products, Inc.		1,164,611
	12,608	Ollie’s Bargain Outlet Holdings, Inc.*		1,225,498
	42,582	Revolve Group, Inc.*		1,055,182
	42,552	VF Corp.		848,912
	57,243	Warby Parker, Inc. - Class A*		934,778
				6,319,297
	Consumer Staples: 2.3%
	10,900	elf Beauty, Inc.*		1,188,427
	Energy: 2.5%
	23,702	Crescent Energy Co. - Class A		259,537
	9,253	Matador Resources Co.		457,283
	15,955	Murphy Oil Corp.		538,322
				1,255,142
	Financials: 15.3%
	19,254	Cadence Bank		613,240
	27,156	Columbia Banking System, Inc.		709,043
	14,450	Glacier Bancorp, Inc.		660,365
	14,990	Goosehead Insurance, Inc. - Class A*		1,338,607
	6,588	Hamilton Lane, Inc. - Class A		1,109,353
	4,017	Houlihan Lokey, Inc.		634,766
	17,784	National Bank Holdings Corp. - Class A		748,706
	23,393	Seacoast Banking Corp. of Florida		623,424
	7,949	SouthState Corp.		772,484
	8,930	Texas Capital Bancshares, Inc.*		638,138
				7,848,126
	Health Care: 10.4%
	41,912	AdaptHealth Corp.*		470,672
	3,465	ICU Medical, Inc.*		631,392
	3,042	Medpace Holdings, Inc.*		1,015,420
	18,298	NeoGenomics, Inc.*		269,895
	32,002	Option Care Health, Inc.*		1,001,663
	53,708	Progyny, Inc.*		900,146
	6,734	Repligen Corp.*		1,002,154
				5,291,342
	Industrials: 29.1% (a)
	12,135	Apogee Enterprises, Inc.		849,632
	4,668	ArcBest Corp.		506,245
	11,434	AZZ, Inc.		944,563
	30,992	Core & Main, Inc. - Class A*		1,376,045
	5,064	EnerSys		516,781
	47,489	ExlService Holdings, Inc.*		1,811,705
	7,214	Generac Holdings, Inc.*		1,146,160
	7,427	KBR, Inc.		483,721
	16,333	Mercury Systems, Inc.*		604,321
	13,570	NV5 Global, Inc.*		1,268,524
	9,350	Paylocity Holding Corp.*		1,542,469

Shares			Value
	Industrials (continued)
	18,624	Quanex Building Products Corp.	$	516,816
	4,363	Regal Rexnord Corp.		723,734
	41,333	REV Group, Inc.		1,159,804
	2,509	SPX Technologies, Inc.*		400,085
	3,639	Valmont Industries, Inc.		1,055,128
				14,905,733
	Information Technology: 14.9%
	20,908	Alarm.com Holdings, Inc.*		1,143,040
	6,619	Belden, Inc.		775,283
	132,644	CCC Intelligent Solutions Holdings, Inc.*		1,465,716
	8,469	Globant SA*		1,678,048
	16,395	Ichor Holdings Ltd.*		521,525
	4,300	Insight Enterprises, Inc.*		926,177
	1,872	Littelfuse, Inc.		496,548
	4,398	Plexus Corp.*		601,251
				7,607,588
	Materials: 7.8%
	17,486	Element Solutions, Inc.		474,920
	18,385	Ingevity Corp.*		717,015
	3,185	Louisiana-Pacific Corp.		342,260
	57,707	O-I Glass, Inc.*		757,116
	13,248	Radius Recycling, Inc.		245,618
	15,119	Silgan Holdings, Inc.		793,748
	17,376	Summit Materials, Inc. - Class A*		678,185
				4,008,862
	Real Estate: 2.4%
	17,896	STAG Industrial, Inc. - REIT		699,555
	8,116	Terreno Realty Corp. - REIT		542,392
				1,241,947
	TOTAL COMMON STOCKS (Cost $42,173,848)			49,666,464
	TOTAL INVESTMENTS (Cost: $42,173,848): 97.1%			49,666,464
	Other Assets in Excess of Liabilities: 2.9%			1,475,203
	NET ASSETS: 100.0%		$	51,141,667

Percentages are stated as a percent of net assets.

REIT Real Estate Investment Trust

* Non-Income Producing Security.

(a) For additional information on portfolio concentration, see Notes to the Schedule of Investments.

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	42,173,848
Gross unrealized appreciation		9,429,442
Gross unrealized depreciation		(1,936,826	)
Net unrealized appreciation	$	7,492,616

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

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: 19.2%
	Communication Services: 2.2%
	5,544	Alphabet, Inc. - Class A	$	919,472
	3,604	Alphabet, Inc. - Class C		602,553
	114,390	Altegrity, Inc.*(a)		140,700
	18,747	Altice USA, Inc. - Class A*		46,117
	120,875	Bollore SE		806,198
	1,262	Charter Communications, Inc. - Class A*		408,989
	15,391	Cineplex, Inc.*		123,110
	25,210	Comcast Corp. - Class A(b)		1,053,022
	1,190	EchoStar Corp. - Class A*		29,536
	97,508	Endeavor Group Holdings, Inc. - Class A(b)		2,784,828
	10,075	iHeartMedia, Inc. - Class A*		18,639
	1,923	Meta Platforms, Inc. - Class A		1,100,802
	93	Netflix, Inc.*		65,962
	8,448	Nexon Co. Ltd.		166,866
	6,168	Nintendo Co. Ltd.		328,788
	82,645	Paramount Global - Class B(b)		877,690
				9,473,272
	Consumer Discretionary: 1.4%
	3,390	Amazon.com, Inc.*(b)		631,659
	4,880	CarMax, Inc.*		377,614
	1,940	Cie Financiere Richemont SA - Class A		307,386
	1,770	Delivery Hero SE*(c)		71,444
	76,013	Everi Holdings, Inc.*		998,811
	214	Home Depot, Inc.		86,713
	2,070	Just Eat Takeaway.com NV*(c)		31,107
	1,290	Marriott International, Inc. - Class A		320,694
	9,240	Prosus NV		404,262
	354	Starbucks Corp.		34,512
	990	Vail Resorts, Inc.		172,547
	232,502	Vizio Holding Corp. - Class A*(r)		2,597,047
				6,033,796
	Consumer Staples: 1.8%
	102,535	Albertsons Cos., Inc. - Class A		1,894,847
	638	Coca-Cola Co.		45,847
	48	Costco Wholesale Corp.		42,553
	7,750	Heineken Holding NV		585,561
	2,070	Herbalife Ltd.*		14,883
	17,371	JDE Peet’s NV		363,161
	38,123	Kellanova(b)		3,076,907
	610	Orion Corp.		45,481
	1,270	Pernod Ricard SA		191,913
	357	Procter & Gamble Co.		61,832
	1,300	Shiseido Co. Ltd.		35,166
	115,871	Vector Group Ltd.		1,728,795
	530	Walmart, Inc.		42,798
				8,129,744
	Energy: 2.6%
	9,917	Battalion Oil Corp.*(r)		66,146
	103,263	ChampionX Corp.(b)		3,113,379
	645	Exxon Mobil Corp.		75,607
	450	Gulfport Energy Corp.*		68,108
	31,213	Hess Corp.		4,238,725
	16,880	Kinder Morgan, Inc.		372,879

Shares			Value
	Energy (continued)
	133,227	Marathon Oil Corp.(b)	$	3,547,835
	838	Williams Cos., Inc.		38,255
				11,520,934
	Financials: 0.8%
	1,732	Aon PLC - Class A		599,255
	27	BlackRock, Inc.		25,637
	14,280	Citigroup, Inc.		893,928
	2,642	Enstar Group Ltd.*		849,641
	4,689	Jefferies Financial Group, Inc.		288,608
	293	JPMorgan Chase & Co.		61,782
	519	LPL Financial Holdings, Inc.		120,735
	139	MasterCard, Inc. - Class A		68,638
	331	Morgan Stanley		34,503
	2,340	NCR Atleos Corp.*		66,760
	11,210	Wells Fargo & Co.		633,253
				3,642,740
	Health Care: 3.5%
	625	Abbott Laboratories		71,256
	456	AbbVie, Inc.		90,051
	44,901	Amedisys, Inc.*		4,333,396
	55,817	Axonics, Inc.*		3,884,863
	15,111	Bayer AG		510,664
	193	Bio-Rad Laboratories, Inc. - Class A*		64,574
	1,442	BioMarin Pharmaceutical, Inc.*		101,358
	1,703	Bristol-Myers Squibb Co.		88,113
	42,577	Catalent, Inc.*(b)		2,578,889
	319	Elevance Health, Inc.		165,880
	8,428	Envision Healthcare Corp.*		84,280
	1,530	Eurofins Scientific SE		97,016
	750	ICON PLC*		215,483
	581	Johnson & Johnson		94,157
	698	Merck & Co., Inc.		79,265
	38,464	PetIQ, Inc.*(b)		1,183,537
	55,602	R1 RCM, Inc.*(b)		787,880
	181,663	Revance Therapeutics, Inc.*(b)		942,831
	86	Thermo Fisher Scientific, Inc.		53,197
	113	UnitedHealth Group, Inc.		66,069
				15,492,759
	Industrials: 1.7%
	125	Deere & Co.		52,166
	573	Emerson Electric Co.		62,669
	647	Fastenal Co.		46,209
	2,242	Ferguson Enterprises, Inc.		445,194
	520	Fortune Brands Innovations, Inc.		46,556
	327	Hoshizaki Corp.		11,377
	2,135	Howmet Aerospace, Inc.		214,034
	4,670	LG Corp.		282,478
	98	Lockheed Martin Corp.		57,287
	499,243	McDermott International Ltd.*		99,848
	645,855	McDermott International, Inc.*		129,171
	16,208	McGrath RentCorp		1,706,378
	24,848	Rush Enterprises, Inc. - Class A		1,312,720
	2,324	Safran SA		546,720
	2,220	Samsung C&T Corp.		233,934
	17,500	Sound Holdings FP*(a)		360,524
	18,866	Stericycle, Inc.*		1,150,826
	6,870	Swire Pacific Ltd. - Class A		58,714
	3,050	Uber Technologies, Inc.*		229,238

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Shares			Value
	COMMON STOCKS (CONTINUED)
	Industrials (continued)
	187	Union Pacific Corp.	$	46,092
	591	United Parcel Service, Inc. - Class B		80,577
	1,260	Westinghouse Air Brake Technologies Corp.		229,030
				7,401,742
	Information Technology: 3.7%
	4,486	Analog Devices, Inc.		1,032,543
	6,320	ANSYS, Inc.*		2,013,742
	382	Apple, Inc.		89,006
	1,697	Broadcom, Inc.		292,732
	98,921	HashiCorp, Inc. - Class A*(b)		3,349,465
	75,813	Juniper Networks, Inc.(b)		2,955,191
	506	Microchip Technology, Inc.		40,627
	169	Microsoft Corp.		72,721
	3,500	NCR Voyix Corp.*		47,495
	1,594	NXP Semiconductors NV		382,576
	28,097	Perficient, Inc.*		2,120,761
	461	QUALCOMM, Inc.		78,393
	6,102	Riverbed Technology, Inc.*		793
	132	Salesforce, Inc.		36,130
	20,794	Smartsheet, Inc. - Class A*		1,151,156
	351,077	Spirent Communications PLC*		802,456
	23,574	Squarespace, Inc. - Class A*		1,094,541
	5,790	TE Connectivity PLC		874,232
				16,434,560
	Materials: 1.2%
	69,374	Cemex SAB de CV - ADR		423,181
	80,200	Glencore PLC*		459,572
	10,322	Holcim AG		1,009,159
	8,330	International Flavors & Fragrances, Inc.		874,067
	68	Linde PLC		32,426
	762	Metals Acquisition Ltd. - Class A*		10,554
	113	Packaging Corp. of America		24,340
	65,411	U.S. Steel Corp.(b)		2,310,971
				5,144,270
	Real Estate: 0.1%
	275	American Tower Corp. - REIT		63,954
	12,176	China Aoyuan Group Ltd.*		486
	5,240	Douglas Emmett, Inc. - REIT		92,067
	2,120	Vornado Realty Trust - REIT		83,528
				240,035
	Special Purpose Acquisition Companies: 0.0%
	3,818	Bright Bidco BV*		382
	6,266	Pershing Square Tontine Holdings Ltd.*		0
				382
	Utilities: 0.2%
	35,112	Atlantica Sustainable Infrastructure PLC		771,762
	385	Duke Energy Corp.		44,391

Shares			Value
	Utilities (continued)
	2,320	PG&E Corp.	$	45,866
				862,019
	TOTAL COMMON STOCKS (Cost $78,348,444)			84,376,253
	RIGHTS/WARRANTS: 0.2%
	22,138	ABIOMED, Inc., CVR*		38,741
	47,716	Albireo Pharma, Inc., CVR*		119,238
	54,961	CinCor Pharma, Inc., CVR*		195,936
	213,778	Concert Pharmaceuticals, Inc., CVR*(r)		91,860
	5,576	Electriq Power Holdings, Inc. (Expiration date 07/31/28)*		0
	11	Hornbeck Offshore Services, Inc. (Expiration date 04/09/30)*		550
	389	Hornbeck Offshore Services, Inc. (Expiration date 04/09/30)*		11,670
	4,247	MariaDB PLC (Expiration date 12/16/27)*		0
	956	Northern Star Investment Corp. IV (Expiration date 12/31/27)*		1
	1,566	Pershing Square Holdings Ltd. (Expiration date 09/23/33)*		0
	124,401	Resolute Forest Products, Inc., CVR*		195,807
	1,039	Ross Acquisition Corp. II (Expiration date 02/12/26)*		94
	TOTAL RIGHTS/WARRANTS (Cost $722,801)			653,897
	PREFERRED STOCKS: 0.0%
	Financials: 0.0%
		Apollo Global Management, Inc.
	310	6.750%, 07/31/2026		21,077
	Industrials: 0.0%
		Element Commercial Aviation
	170	0.000%, (a)		0
		McDermott International, Inc. - (Preference Shares)
	349	0.000%, *(a)		67,759
				67,759
	TOTAL PREFERRED STOCKS (Cost $1,725,784)			88,836
Principal Amount^
	ASSET-BACKED SECURITIES: 13.4%
	Automobile ABS: 0.5%
		Carvana Auto Receivables Trust
	$3,000	Series 2021-N1-R 0.000%, 01/10/2028(c)(d)		322,107

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Automobile ABS (continued)
		Exeter Automobile Receivables Trust
	$100,000	Series 2023-2A-D 6.320%, 08/15/2029	$	103,101
		GLS Auto Receivables Issuer Trust
	1,000,000	Series 2021-4A-E 4.430%, 10/16/2028(c)		971,140
	100,000	Series 2023-2A-D 6.310%, 03/15/2029(c)		102,668
		Hertz Vehicle Financing III LLC
	357,000	Series 2022-1A-D 4.850%, 06/25/2026(c)		350,437
		Hertz Vehicle Financing LLC
	270,000	Series 2022-4A-D 6.560%, 09/25/2026(c)		266,514
				2,115,967
	Home Equity ABS: 0.1%
		CSAB Mortgage-Backed Trust
	1,857,684	Series 2006-2-A6B 6.200%, 09/25/2036(e)		125,843
		GSAA Home Equity Trust
	523,204	Series 2006-10-AF5 6.948%, 06/25/2036(e)		130,675
				256,518
	Other ABS: 12.1%
		720 East CLO V Ltd.
	250,000	Series 2024-2A-C 7.533%, 07/20/2037(c)(f) 3 mo. USD Term SOFR + 2.200%		250,161
		Aaset Trust
	263,688	Series 2021-1A-A 2.950%, 11/16/2041(c)		245,711
		Accelerated Assets LLC
	52,620	Series 2018-1-B 4.510%, 12/02/2033(c)		51,550
		Affirm Asset Securitization Trust
	850,000	Series 2023-A-D 9.090%, 01/18/2028(c)		857,269
		AIM Aviation Finance Ltd.
	637,452	Series 2015-1A-B1 5.072%, 02/15/2040(c)(e)		239,051
		AMSR Trust
	1,800,000	Series 2020-SFR5-G 4.112%, 11/17/2037(c)		1,766,037
	2,500,000	Series 2021-SFR1-G 4.612%, 06/17/2038(c)		2,305,208
		Apidos CLO XX Ltd.
	265,000	Series 2015-20A-BRR 7.498%, 07/16/2031(c)(f) 3 mo. USD Term SOFR + 2.212%		265,806
		Apidos CLO XXIV Ltd.
	1,000,000	Series 2016-24A-DR 11.344%, 10/20/2030(c)(f) 3 mo. USD Term SOFR + 6.062%		1,004,890

Principal Amount^			Value
	Other ABS (continued)
		Bain Capital Credit CLO Ltd.
	$180,000	Series 2020-1A-C1R 7.629%, 04/18/2033(c)(f) 3 mo. USD Term SOFR + 2.350%	$	180,601
		BHG Securitization Trust
	545,000	Series 2022-A-B 2.700%, 02/20/2035(c)		532,932
		Blue Stream Issuer LLC
	1,000,000	Series 2023-1A-C 8.898%, 05/20/2053(c)		956,352
		Bristol Park CLO Ltd.
	260,000	Series 2016-1A-CR 7.513%, 04/15/2029(c)(f) 3 mo. USD Term SOFR + 2.212%		260,366
		Buttermilk Park CLO Ltd.
	750,000	Series 2018-1A-E 11.313%, 10/15/2031(c)(f) 3 mo. USD Term SOFR + 6.012%		747,096
		Canyon Capital CLO Ltd.
	1,000,000	Series 2016-1A-ER 11.313%, 07/15/2031(c)(f) 3 mo. USD Term SOFR + 6.012%		962,504
	500,000	Series 2018-1A-E 11.313%, 07/15/2031(c)(f) 3 mo. USD Term SOFR + 6.012%		484,037
	1,000,000	Series 2021-4A-E 11.863%, 10/15/2034(c)(f) 3 mo. USD Term SOFR + 6.562%		1,005,897
		Carlyle Global Market Strategies CLO Ltd.
	500,000	Series 2014-2RA-D 10.730%, 05/15/2031(c)(f) 3 mo. USD Term SOFR + 5.612%		497,384
	405,000	Series 2015-5A-A2R3 6.932%, 01/20/2032(c)(f) 3 mo. USD Term SOFR + 1.650%		405,316
		Carval CLO X-C Ltd.
	285,000	Series 2024-2A-B 7.088%, 07/20/2037(c)(f) 3 mo. USD Term SOFR + 1.800%		285,952
		Castlelake Aircraft Securitization Trust
	4,345,205	Series 2018-1-C 6.625%, 06/15/2043(c)		1,368,977
		Castlelake Aircraft Structured Trust
	3,000,000	Series 2019-1A-E 0.000%, 04/15/2039(c)(g)		124,500
		Chenango Park CLO Ltd.
	500,000	Series 2018-1A-D 11.363%, 04/15/2030(c)(f) 3 mo. USD Term SOFR + 6.062%		494,061

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		CIFC Funding CLO Ltd.
	$205,000	Series 2013-2A-A3LR 7.491%, 10/18/2030(c)(f) 3 mo. USD Term SOFR + 2.212%	$	205,206
	500,000	Series 2019-3A-DR 12.348%, 10/16/2034(c)(f) 3 mo. USD Term SOFR + 7.062%		502,881
		CIM Trust
	214,336	Series 2021-NR2-A1 5.568%, 07/25/2059(c)(e)		213,746
		Cologix Data Centers U.S. Issuer LLC
	1,500,000	Series 2021-1A-C 5.990%, 12/26/2051(c)		1,408,211
		Cook Park CLO Ltd.
	1,000,000	Series 2018-1A-E 10.947%, 04/17/2030(c)(f) 3 mo. USD Term SOFR + 5.662%		997,500
		CoreVest American Finance Ltd.
	305,000	Series 2020-4-C 2.250%, 12/15/2052(c)		269,037
		Dryden 40 Senior Loan Fund CLO
	1,000,000	Series 2015-40A-ER 11.130%, 08/15/2031(c)(f) 3 mo. USD Term SOFR + 6.012%		907,500
		Dryden 55 CLO Ltd.
	516,165	Series 2018-55A-F 12.763%, 04/15/2031(c)(f) 3 mo. USD Term SOFR + 7.462%		415,866
		Fillmore Park CLO Ltd.
	500,000	Series 2018-1A-E 10.963%, 07/15/2030(c)(f) 3 mo. USD Term SOFR + 5.662%		501,882
		FMC GMSR Issuer Trust
	1,900,000	Series 2021-GT1-B 4.360%, 07/25/2026(c)(g)		1,746,444
	2,500,000	Series 2021-GT2-B 4.440%, 10/25/2026(c)(g)		2,289,206
		Galaxy XIX CLO Ltd.
	1,000,000	Series 2015-19A-D1R 12.075%, 07/24/2030(c)(f) 3 mo. USD Term SOFR + 6.792%		989,427
		Galaxy XXVI CLO Ltd.
	250,000	Series 2018-26A-BR 6.721%, 11/22/2031(c)(f) 3 mo. USD Term SOFR + 1.600%		250,205
		Golub Capital Partners CLO 74 B Ltd.
	250,000	Series 2024-74A-B 7.165%, 07/25/2037(c)(f) 3 mo. USD Term SOFR + 1.850%		250,545

Principal Amount^			Value
	Other ABS (continued)
		Highbridge Loan Management CLO Ltd.
	$500,000	Series 2013-2A-DR 12.144%, 10/20/2029(c)(f) 3 mo. USD Term SOFR + 6.862%	$	498,105
		Hilton Grand Vacations Trust
	28,147	Series 2018-AA-C 4.000%, 02/25/2032(c)		27,833
		Jamestown CLO XVIII Ltd.
	500,000	Series 2022-18A-DR 8.813%, 07/25/2035(c)(f) 3 mo. USD Term SOFR + 3.750%		501,036
		Kestrel Aircraft Funding Ltd.
	269,248	Series 2018-1A-A 4.250%, 12/15/2038(c)		253,351
		Labrador Aviation Finance Ltd.
	215,632	Series 2016-1A-A1 4.300%, 01/15/2042(c)		199,476
		LCM CLO 26 Ltd.
	500,000	Series 26A-E 10.844%, 01/20/2031(c)(f) 3 mo. USD Term SOFR + 5.562%		379,640
		LCM CLO XVII LP
	1,000,000	Series 17A-ER 11.563%, 10/15/2031(c)(f) 3 mo. USD Term SOFR + 6.262%		786,519
		LCM Loan Income Fund I Income Note Issuer CLO Ltd.
	500,000	Series 27A-E 11.148%, 07/16/2031(c)(f) 3 mo. USD Term SOFR + 5.862%		391,040
		Madison Park Funding CLO XXXVIII Ltd.
	500,000	Series 2021-38A-E 11.547%, 07/17/2034(c)(f) 3 mo. USD Term SOFR + 6.262%		501,335
		Madison Park Funding LIX Ltd.
	305,000	Series 2021-59A-CR 7.529%, 04/18/2037(c)(f) 3 mo. USD Term SOFR + 2.250%		307,617
		MAPS Ltd.
	107,057	Series 2018-1A-A 4.212%, 05/15/2043(c)		105,756
	78,094	Series 2019-1A-A 4.458%, 03/15/2044(c)		71,702
		Marble Point CLO XII Ltd.
	500,000	Series 2018-1A-D 8.548%, 07/16/2031(c)(f) 3 mo. USD Term SOFR + 3.262%		500,524
		MetroNet Infrastructure Issuer LLC
	887,000	Series 2023-1A-B 8.010%, 04/20/2053(c)		928,925

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		Milos CLO Ltd.
	$500,000	Series 2017-1A-ER 11.694%, 10/20/2030(c)(f) 3 mo. USD Term SOFR + 6.412%	$	501,449
		Mosaic Solar Loans LLC
	693,532	Series 2017-2A-B 4.770%, 06/22/2043(c)		624,349
		MVW LLC
	20,608	Series 2020-1A-C 4.210%, 10/20/2037(c)		20,173
	144,767	Series 2021-1WA-D 3.170%, 01/22/2041(c)		135,772
		MVW Owner Trust
	20,729	Series 2019-1A-C 3.330%, 11/20/2036(c)		20,361
		Neuberger Berman CLO XVI-S Ltd.
	500,000	Series 2017-16SA-ER 11.813%, 04/15/2034(c)(f) 3 mo. USD Term SOFR + 6.512%		501,916
		Neuberger Berman Loan Advisers CLO 26 Ltd.
	1,000,000	Series 2017-26A-INC 0.392%, 10/18/2038(c)(g)(h)		394,068
		Neuberger Berman Loan Advisers CLO 37 Ltd.
	500,000	Series 2020-37A-ER 11.294%, 07/20/2031(c)(f) 3 mo. USD Term SOFR + 6.012%		502,017
		Ocean Trails CLO V
	700,000	Series 2014-5A-DRR 9.013%, 10/13/2031(c)(f) 3 mo. USD Term SOFR + 3.712%		700,893
		Octagon Investment Partners CLO 26 Ltd.
	1,000,000	Series 2016-1A-FR 13.653%, 07/15/2030(c)(f) 3 mo. USD Term SOFR + 8.352%		659,191
		Octagon Investment Partners CLO 40 Ltd.
	500,000	Series 2019-1A-ER 12.544%, 01/20/2035(c)(f) 3 mo. USD Term SOFR + 7.262%		473,767
		Octagon Investment Partners CLO XVI Ltd.
	1,000,000	Series 2013-1A-ER 11.297%, 07/17/2030(c)(f) 3 mo. USD Term SOFR + 6.012%		926,991
	1,500,000	Series 2013-1A-SUB 10.352%, 07/17/2030(c)(g)(h)		47,556
		Octagon Investment Partners CLO XXI Ltd.
	500,000	Series 2014-1A-DRR 12.378%, 02/14/2031(c)(f) 3 mo. USD Term SOFR + 7.262%		492,556

Principal Amount^			Value
	Other ABS (continued)
		OHA Credit Funding CLO 5 Ltd.
	$475,000	Series 2020-5A-C 7.541%, 04/18/2033(c)(f) 3 mo. USD Term SOFR + 2.262%	$	476,663
		OHA Credit Partners XI Ltd.
	250,000	Series 2015-11A-CR2 7.482%, 04/20/2037(c)(f) 3 mo. USD Term SOFR + 2.200%		253,431
		Pagaya AI Debt Selection Trust
	800,000	Series 2021-5-CERT 0.000%, 08/15/2029(c)(i)		38,022
		Pagaya AI Debt Trust
	245,084	Series 2022-2-AB 6.098%, 01/15/2030(c)(g)		245,692
		Palmer Square BDC CLO 1 Ltd.
	310,000	Series 1A-B1 7.475%, 07/15/2037(c)(f) 3 mo. USD Term SOFR + 2.150%		308,974
		Post CLO Ltd.
	370,000	Series 2023-1A-A 7.232%, 04/20/2036(c)(f) 3 mo. USD Term SOFR + 1.950%		371,841
		Progress Residential Trust
	2,432,000	Series 2021-SFR2-D 2.197%, 04/19/2038(c)		2,339,157
	170,000	Series 2021-SFR2-E2 2.647%, 04/19/2038(c)		163,666
	125,000	Series 2021-SFR6-E2 2.525%, 07/17/2038(c)		118,780
		RCO VII Mortgage LLC
	75,311	Series 2024-1-A1 7.021%, 01/25/2029(c)(e)		76,393
		RR 1 LLC
	500,000	Series 2017-1A-D1B 11.913%, 07/15/2035(c)(f) 3 mo. USD Term SOFR + 6.612%		491,358
		RR CLO 2 Ltd.
	500,000	Series 2017-2A-DR 11.363%, 04/15/2036(c)(f) 3 mo. USD Term SOFR + 6.062%		495,677
		RR CLO 6 Ltd.
	500,000	Series 2019-6A-DR 11.413%, 04/15/2036(c)(f) 3 mo. USD Term SOFR + 6.112%		484,083
		SCF Equipment Leasing LLC
	295,000	Series 2021-1A-E 3.560%, 08/20/2032(c)		289,353
		Sierra Timeshare Receivables Funding LLC
	75,605	Series 2020-2A-C 3.510%, 07/20/2037(c)		74,524
		Slam Ltd.
	203,210	Series 2021-1A-B 3.422%, 06/15/2046(c)		184,082

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		Sound Point CLO XXXII Ltd.
	$500,000	Series 2021-4A-E 12.246%, 10/25/2034(c)(f) 3 mo. USD Term SOFR + 6.962%	$	461,753
		SpringCastle America Funding LLC
	263,493	Series 2020-AA-A 1.970%, 09/25/2037(c)		244,552
		Stewart Park CLO Ltd.
	500,000	Series 2015-1A-ER 10.843%, 01/15/2030(c)(f) 3 mo. USD Term SOFR + 5.542%		498,834
		Textainer Marine Containers VII Ltd.
	160,200	Series 2021-1A-B 2.520%, 02/20/2046(c)		147,012
		THL Credit Wind River CLO Ltd.
	2,000,000	Series 2014-2A-INC 5.569%, 01/15/2031(c)(h)		41,798
	500,000	Series 2017-3A-ER 12.613%, 04/15/2035(c)(f) 3 mo. USD Term SOFR + 7.312%		478,107
	500,000	Series 2018-2A-E 11.313%, 07/15/2030(c)(f) 3 mo. USD Term SOFR + 6.012%		471,072
		TICP CLO VII Ltd.
	280,000	Series 2017-7A-CR 7.713%, 04/15/2033(c)(f) 3 mo. USD Term SOFR + 2.412%		281,176
		TICP CLO XV Ltd.
	250,000	Series 2020-15A-C 7.694%, 04/20/2033(c)(f) 3 mo. USD Term SOFR + 2.412%		251,188
		Upstart Pass-Through Trust
	1,000,000	Series 2021-ST8-CERT 0.000%, 10/20/2029(c)(i)		366,726
	929,000	Series 2021-ST9-CERT 0.000%, 11/20/2029(c)(i)		315,362
		Upstart Securitization Trust
	1,000	Series 2021-2-CERT 0.000%, 06/20/2031(d)		84,327
		VOLT XCIV LLC
	31,443	Series 2021-NPL3-A1 5.240%, 02/27/2051(c)(e)		31,484
	700,470	Series 2021-NPL3-A2 4.949%, 02/27/2051(c)(e)		685,516
		Voya CLO Ltd.
	500,000	Series 2018-2A-E 10.813%, 07/15/2031(c)(f) 3 mo. USD Term SOFR + 5.512%		470,484
	500,000	Series 2019-1A-ER 11.683%, 04/15/2031(c)(f) 3 mo. USD Term SOFR + 6.382%		500,025

Principal Amount^			Value
	Other ABS (continued)
		WAVE Trust
	$294,098	Series 2017-1A-A 3.844%, 11/15/2042(c)	$	270,652
		Wellfleet CLO Ltd.
	1,000,000	Series 2017-3A-C 8.297%, 01/17/2031(c)(f) 3 mo. USD Term SOFR + 3.012%		1,002,099
	250,000	Series 2024-1A-B 7.372%, 07/18/2037(c)(f) 3 mo. USD Term SOFR + 2.050%		252,154
		Willis Engine Structured Trust V
	190,111	Series 2020-A-A 3.228%, 03/15/2045(c)		178,741
		Willis Engine Structured Trust VI
	1,140,974	Series 2021-A-C 7.385%, 05/15/2046(c)		1,122,176
		Wind River CLO Ltd.
	500,000	Series 2021-2A-E 11.974%, 07/20/2034(c)(f) 3 mo. USD Term SOFR + 6.692%		462,703
		Wise CLO Ltd.
	250,000	Series 2024-2A-C 7.500%, 07/15/2037(c)(f) 3 mo. USD Term SOFR + 2.200%		250,600
				52,973,469
	Student Loan ABS: 0.7%
		College Ave Student Loans LLC
	63,191	Series 2021-A-D 4.120%, 07/25/2051(c)		58,598
		Education Funding Trust
	188,722	Series 2020-A-A 2.790%, 07/25/2041(c)		176,176
		Navient Private Education Refi Loan Trust
	179,220	Series 2018-A-B 3.680%, 02/18/2042(c)		176,146
	855,000	Series 2019-FA-B 3.120%, 08/15/2068(c)		758,090
	180,000	Series 2019-GA-B 3.080%, 10/15/2068(c)		160,882
	320,000	Series 2020-FA-B 2.690%, 07/15/2069(c)		273,885
		SLM Private Credit Student Loan Trust
	87,000	Series 2003-A-A3 8.297%, 06/15/2032(f)		86,913
	272,000	Series 2003-B-A3 7.920%, 03/15/2033(f)		271,723
	50,000	Series 2003-B-A4 7.890%, 03/15/2033(f)		49,949
		SoFi Professional Loan Program LLC
	133,000	Series 2017-F-R1 0.000%, 01/25/2041(c)(d)		1,056,887

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Student Loan ABS (continued)
	$360,000	Series 2020-A-BFX 3.120%, 05/15/2046(c)	$	324,287
				3,393,536
	TOTAL ASSET-BACKED SECURITIES (Cost $81,844,395)			58,739,490
	BANK LOANS: 1.0%
	Communications: 0.0%
		Cyxtera DC Holdings, Inc.
	159,518	10.500%, 01/16/2025(j)		877
		MH Sub I LLC
	90,703	9.095%, 05/03/2028(f) 1 mo. USD Term SOFR + 4.250%		90,236
				91,113
	Consumer, Cyclical: 0.2%
		Carnival Corp.
	413,281	7.595%, 10/18/2028(f) 1 mo. USD Term SOFR + 2.750%		414,616
	68,774	7.595%, 08/08/2027(f) 1 mo. USD Term SOFR + 2.750%		69,053
		Foundation Building Materials Holding Co. LLC
	49,358	9.252%, 01/29/2031(f) 3 mo. USD Term SOFR + 4.000%		48,171
		Hilton Grand Vacations Borrower LLC
	124,375	7.095%, 01/17/2031(f) 1 mo. USD Term SOFR + 2.250%		123,676
		Light and Wonder International, Inc.
	18,662	7.333%, 04/14/2029(f) 1 mo. USD Term SOFR + 2.250%		18,681
				674,197
	Consumer, Non-cyclical: 0.3%
		Aveanna Healthcare LLC
	284,530	12.207%, 12/10/2029(f) 3 mo. USD Term SOFR + 7.000%		269,326
		Bausch & Lomb Corp.
	294,030	8.845%, 09/29/2028(f) 1 mo. USD Term SOFR + 4.000%		294,215
		Boost Newco Borrower LLC
	308,403	7.104%, 01/31/2031(f) 3 mo. USD Term SOFR + 2.500%		308,917
		Star Parent, Inc.
	225,304	8.354%, 09/27/2030(f) 3 mo. USD Term SOFR + 3.750%		219,546
				1,092,004

Principal Amount^			Value
	Energy: 0.2%
		Lealand Finance Co. BV
	$457,460	9.593%, 06/28/2024(f) 3 mo. USD Term SOFR + 4.000%	$	237,879
	51,245	7.960%, 06/30/2027(f) 1 mo. USD Term SOFR + 3.000%		27,544
	1,542,676	8.969%, 12/31/2027(f)(k) 1 mo. USD Term SOFR + 1.000% Cash, 3.000% PIK		590,845
	95,837	12.365%, 06/30/2027(f) 3 mo. USD Term SOFR + 7.500%		62,294
				918,562
	Financial: 0.1%
		AmWINS Group, Inc.
	22,882	7.210%, 02/19/2028(f) 1 mo. USD Term SOFR + 2.250%		22,871
		Astra Acquisition Corp.
	839,743	13.740%, 10/25/2029(f) 3 mo. USD Term SOFR + 8.875%		97,885
		CBI STS de LLC
	105,551	10.314%, 12/31/2026(f) 3 mo. USD Term SOFR + 4.750%		68,608
	239,614	12.700%, 12/31/2026(f) 3 mo. USD Term SOFR + 7.500%		242,010
		HUB International Ltd.
	65,540	8.225%, 06/20/2030(f) 3 mo. USD Term SOFR + 3.000%		65,518
		Ryan Specialty Group LLC
	26,906	7.095%, 09/15/2031(f) 1 mo. USD Term SOFR + 2.250%		26,940
		Truist Insurance Holdings LLC
	123,000	7.854%, 05/06/2031(f) 3 mo. USD Term SOFR + 3.250%		123,013
				646,845
	Industrial: 0.0%
		Summit Materials LLC
	190,842	7.054%, 01/12/2029(f) 3 mo. USD Term SOFR + 1.750%		191,855
	Technology: 0.2%
		Byju’s Alpha, Inc.
	46	12.845%, 04/24/2026(f) 3 mo. USD Term SOFR + 8.000%		46
	158	12.845%, 04/24/2026(f) 3 mo. USD Term SOFR + 8.000%		158
		Constant Contact, Inc.
	875,000	13.066%, 02/12/2029(f) 3 mo. USD Term SOFR + 7.500%		809,375

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Technology (continued)
		Cornerstone OnDemand, Inc.
	$23,578	8.710%, 10/16/2028(f) 1 mo. USD Term SOFR + 3.750%	$	22,149
		Vision Solutions, Inc.
	23,576	9.514%, 04/24/2028(f) 3 mo. USD Term SOFR + 4.000%		23,016
				854,744
	TOTAL BANK LOANS (Cost $7,426,202)			4,469,320
	CONVERTIBLE BONDS: 2.0%
	Communications: 1.8%
		Booking Holdings, Inc.
	11,000	0.750%, 05/01/2025		24,651
		Delivery Hero SE
	1,400,000 (EUR)	1.000%, 01/23/2027		1,416,477
	100,000 (EUR)	1.500%, 01/15/2028		94,935
	200,000 (EUR)	3.250%, 02/21/2030		233,681
		DISH Network Corp.
	2,190,000	3.375%, 08/15/2026		1,773,584
		Liberty Media Corp.-Liberty Formula One
	18,000	2.250%, 08/15/2027		19,870
		Palo Alto Networks, Inc.
	10,000	0.375%, 06/01/2025		34,410
		Spotify USA, Inc.
	85,000	0.000%, 03/15/2026(i)		84,677
		TechTarget, Inc.
	2,398,000	0.000%, 12/15/2026(i)		2,353,133
		Uber Technologies, Inc.
	45,000	Series 2028 0.875%, 12/01/2028(c)		56,452
		Wayfair, Inc.
	1,362,000	0.625%, 10/01/2025		1,299,068
	42,000	1.000%, 08/15/2026		39,305
		Zillow Group, Inc.
	27,000	2.750%, 05/15/2025		30,202
	224,000	1.375%, 09/01/2026		331,744
				7,792,189
	Consumer, Cyclical: 0.1%
		Carnival Corp.
	99,000	5.750%, 12/01/2027		159,625
		Royal Caribbean Cruises Ltd.
	15,000	6.000%, 08/15/2025		53,683
				213,308
	Consumer, Non-cyclical: 0.1%
		BioMarin Pharmaceutical, Inc.
	350,000	1.250%, 05/15/2027(r)		333,987
		Shift4 Payments, Inc.
	35,000	0.500%, 08/01/2027		36,155
				370,142
	Financial: 0.0%
		China Aoyuan Group Ltd.
	4,352	Series IAI 0.000%, 09/30/2028(i)		92

Principal Amount^			Value
	Financial (continued)
		Sunac China Holdings Ltd.
	$153,914	1.000%, 09/30/2032(c)(k)	$	15,648
				15,740
	Technology: 0.0%
		Datadog, Inc.
	15,000	0.125%, 06/15/2025		19,500
		Nutanix, Inc.
	17,000	0.250%, 10/01/2027		20,358
		ON Semiconductor Corp.
	70,000	0.500%, 03/01/2029		71,032
		Wolfspeed, Inc.
	35,000	0.250%, 02/15/2028		13,930
	95,000	1.875%, 12/01/2029		35,815
		Zscaler, Inc.
	25,000	0.125%, 07/01/2025		30,625
				191,260
	Utilities: 0.0%
		Evergy, Inc.
	30,000	4.500%, 12/15/2027(c)		33,068
		NRG Energy, Inc.
	25,000	2.750%, 06/01/2048		55,475
				88,543
	TOTAL CONVERTIBLE BONDS (Cost $8,777,225)			8,671,182
	CORPORATE BONDS: 18.1%
	Basic Materials: 0.6%
		AngloGold Ashanti Holdings PLC
	240,000	3.375%, 11/01/2028		226,076
		ArcelorMittal SA
	155,000	6.800%, 11/29/2032		172,876
		Ashland, Inc.
	60,000	3.375%, 09/01/2031(c)		53,322
		Celanese U.S. Holdings LLC
	160,000	6.700%, 11/15/2033		174,986
		Eldorado Gold Corp.
	452,000	6.250%, 09/01/2029(c)		451,572
		First Quantum Minerals Ltd.
	260,000	9.375%, 03/01/2029(c)		275,926
		Glencore Funding LLC
	625,000	6.500%, 10/06/2033(c)		689,268
		RPM International, Inc.
	300,000	2.950%, 01/15/2032		266,076
		Southern Copper Corp.
	220,000	7.500%, 07/27/2035		261,910
		Unigel Luxembourg SA
	450,000	8.750%, 10/01/2026(j)		113,130
				2,685,142
	Communications: 2.8%
		CCO Holdings LLC/CCO Holdings Capital Corp.
	490,000	5.125%, 05/01/2027(c)		482,617
	255,000	5.375%, 06/01/2029(c)		245,855
	240,000	4.750%, 02/01/2032(c)		211,755

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Communications (continued)
		Charter Communications Operating LLC/Charter Communications Operating Capital
	$65,000	2.800%, 04/01/2031	$	55,572
	55,000	2.300%, 02/01/2032		44,279
	25,000	4.400%, 04/01/2033		22,865
	370,000	4.400%, 12/01/2061		251,425
		CommScope Technologies LLC
	260,000	5.000%, 03/15/2027(c)		218,124
		CSC Holdings LLC
	200,000	4.125%, 12/01/2030(c)		145,915
	2,075,000	4.625%, 12/01/2030(c)		1,055,047
	215,000	3.375%, 02/15/2031(c)		152,811
	400,000	4.500%, 11/15/2031(c)		291,527
		DISH DBS Corp.
	1,755,000	5.250%, 12/01/2026(c)		1,625,127
	270,000	5.750%, 12/01/2028(c)		236,411
	220,000	5.125%, 06/01/2029		147,872
		FactSet Research Systems, Inc.
	172,000	3.450%, 03/01/2032		156,480
		Frontier Communications Holdings LLC
	1,214,000	8.750%, 05/15/2030(c)		1,294,770
		Go Daddy Operating Co. LLC/GD Finance Co., Inc.
	678,000	3.500%, 03/01/2029(c)		636,756
		iHeartCommunications, Inc.
	130,000	5.250%, 08/15/2027(c)		88,980
	20,000	4.750%, 01/15/2028(c)		13,014
		Juniper Networks, Inc.
	320,000	2.000%, 12/10/2030		274,279
		Koninklijke KPN NV
	100,000	8.375%, 10/01/2030		119,831
		Motorola Solutions, Inc.
	320,000	2.750%, 05/24/2031		286,219
	467,000	5.600%, 06/01/2032		493,595
	290,000	5.400%, 04/15/2034		302,528
		Netflix, Inc.
	30,000	4.900%, 08/15/2034		31,012
		Oi SA
	135	12.500%, 12/15/2024(c)(k)		135
	36,549	12.500%, 12/15/2024(c) Cash 7.000% + PIK Rate 5.500%		36,549
	137,010	10.000%, 06/30/2027(c)(k) Cash 7.500% + PIK Rate 6.000%		119,199
	303,798	8.500%, 12/31/2028(c)(k) PIK Rate 8.000%		30,380
	72,015	Series *144 12.500%, 12/15/2024(c)(k)		72,015
		Paramount Global
	290,000	6.875%, 04/30/2036		293,901
	345,000	4.375%, 03/15/2043		255,137
	90,000	5.850%, 09/01/2043		78,298
		Rakuten Group, Inc.
	362,000	11.250%, 02/15/2027(c)		396,586
	477,000	9.750%, 04/15/2029(c)		521,495
		Telefonica Emisiones SA
	300,000	7.045%, 06/20/2036		345,435
		Uber Technologies, Inc.
	940,000	4.500%, 08/15/2029(c)		933,399
	30,000	4.800%, 09/15/2034		29,973
		VeriSign, Inc.
	232,000	2.700%, 06/15/2031		202,544

Principal Amount^			Value
	Communications (continued)
		Wayfair LLC
	$46,000	7.250%, 10/31/2029(c)(l)	$	47,258
				12,246,970
	Consumer, Cyclical: 3.8%
		Allison Transmission, Inc.
	1,024,000	3.750%, 01/30/2031(c)		932,756
		Brinker International, Inc.
	1,001,000	5.000%, 10/01/2024(c)		1,001,000
		Carnival Corp.
	295,000	5.750%, 03/01/2027(c)		299,060
	55,000	6.000%, 05/01/2029(c)(r)		55,749
		Choice Hotels International, Inc.
	35,000	5.850%, 08/01/2034		36,066
		Cinemark USA, Inc.
	474,000	7.000%, 08/01/2032(c)		495,242
		Cineplex, Inc.
	991,000 (CAD)	7.625%, 03/31/2029(c)		769,034
		Everi Holdings, Inc.
	2,279,000	5.000%, 07/15/2029(c)		2,270,498
		Hilton Domestic Operating Co., Inc.
	1,033,000	3.625%, 02/15/2032(c)		934,377
		Landsea Homes Corp.
	270,000	8.875%, 04/01/2029(c)		285,070
		M/I Homes, Inc.
	660,000	3.950%, 02/15/2030		620,003
		Murphy Oil USA, Inc.
	815,000	3.750%, 02/15/2031(c)		735,107
		NCL Corp. Ltd.
	325,000	5.875%, 03/15/2026(c)		325,540
		NCL Finance Ltd.
	115,000	6.125%, 03/15/2028(c)		117,381
		NVR, Inc.
	152,000	3.000%, 05/15/2030		140,805
		Patrick Industries, Inc.
	610,000	4.750%, 05/01/2029(c)(r)		580,841
		Phinia, Inc.
	86,000	6.625%, 10/15/2032(c)		86,888
		Premier Entertainment Sub LLC/Premier Entertainment Finance Corp.
	440,000	5.875%, 09/01/2031(c)		300,637
		PulteGroup, Inc.
	50,000	6.375%, 05/15/2033		54,998
	175,000	6.000%, 02/15/2035		188,295
		Royal Caribbean Cruises Ltd.
	195,000	5.500%, 04/01/2028(c)		197,650
	85,000	5.625%, 09/30/2031(c)		86,298
	70,000	6.250%, 03/15/2032(c)		72,654
	235,000	6.000%, 02/01/2033(c)		241,023
		Steelcase, Inc.
	190,000	5.125%, 01/18/2029		186,615
		Suburban Propane Partners LP/Suburban Energy Finance Corp.
	120,000	5.000%, 06/01/2031(c)		111,924
		Tapestry, Inc.
	400,000	7.850%, 11/27/2033		433,668
		Taylor Morrison Communities, Inc.
	500,000	5.125%, 08/01/2030(c)		497,136
		Tempur Sealy International, Inc.
	820,000	3.875%, 10/15/2031(c)		731,760
		Tri Pointe Homes, Inc.
	580,000	5.700%, 06/15/2028		590,965

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Cyclical (continued)
		United Airlines Pass Through Trust
	$232,545	Series 2019-2-B 3.500%, 11/01/2029	$	221,742
		Vista Outdoor, Inc.
	1,979,000	4.500%, 03/15/2029(c)		1,966,107
		Yum! Brands, Inc.
	749,000	4.750%, 01/15/2030(c)		740,128
	192,000	4.625%, 01/31/2032		184,020
		ZF North America Capital, Inc.
	150,000	6.750%, 04/23/2030(c)		151,423
				16,642,460
	Consumer, Non-cyclical: 3.1%
		Bausch & Lomb Corp.
	860,000	8.375%, 10/01/2028(c)		910,525
		Bausch Health Cos., Inc.
	605,000	4.875%, 06/01/2028(c)		474,015
		Block Financial LLC
	200,000	3.875%, 08/15/2030		191,307
		Centene Corp.
	190,000	4.625%, 12/15/2029		186,039
	160,000	3.375%, 02/15/2030		147,523
		DaVita, Inc.
	410,000	3.750%, 02/15/2031(c)		370,344
		Deluxe Corp.
	305,000	8.000%, 06/01/2029(c)		289,546
		Encompass Health Corp.
	340,000	4.750%, 02/01/2030		332,473
	500,000	4.625%, 04/01/2031		480,229
		HCA, Inc.
	305,000	5.600%, 04/01/2034		317,649
		Hologic, Inc.
	620,000	3.250%, 02/15/2029(c)		577,859
		Philip Morris International, Inc.
	166,000	1.750%, 11/01/2030		143,332
		Pilgrim’s Pride Corp.
	550,000	6.875%, 05/15/2034		611,316
		Post Holdings, Inc.
	957,000	4.500%, 09/15/2031(c)		894,954
		Primo Water Holdings, Inc.
	500,000	4.375%, 04/30/2029(c)		480,270
		RELX Capital, Inc.
	130,000	4.750%, 05/20/2032		131,411
		Select Medical Corp.
	1,000,000	6.250%, 08/15/2026(c)		1,006,890
		Service Corp. International
	834,000	4.000%, 05/15/2031		772,398
	157,000	5.750%, 10/15/2032		158,245
		Teva Pharmaceutical Finance Netherlands II BV
	115,000 (EUR)	7.375%, 09/15/2029		144,156
	1,090,000 (EUR)	4.375%, 05/09/2030		1,212,506
	181,000 (EUR)	7.875%, 09/15/2031		239,415
		Teva Pharmaceutical Finance Netherlands III BV
	1,520,000	4.100%, 10/01/2046		1,130,859
		United Rentals North America, Inc.
	160,000	6.125%, 03/15/2034(c)		165,551
		Valvoline, Inc.
	490,000	3.625%, 06/15/2031(c)		438,997

Principal Amount^			Value
	Consumer, Non-cyclical (continued)
		Vector Group Ltd.
	$1,863,000	5.750%, 02/01/2029(c)	$	1,889,986
				13,697,795
	Energy: 1.3%
		Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.
	370,000	8.625%, 06/15/2029(c)		393,581
		Calumet Specialty Products Partners LP/Calumet Finance Corp.
	359,000	9.750%, 07/15/2028(c)(r)		353,296
		Canacol Energy Ltd.
	200,000	5.750%, 11/24/2028		105,957
		Cheniere Energy Partners LP
	60,000	5.950%, 06/30/2033		63,539
		CNX Resources Corp.
	213,000	7.250%, 03/01/2032(c)		223,861
		Continental Resources, Inc.
	665,000	5.750%, 01/15/2031(c)		679,374
		Delek Logistics Partners LP/Delek Logistics Finance Corp.
	237,000	8.625%, 03/15/2029(c)		249,120
		DT Midstream, Inc.
	568,000	4.125%, 06/15/2029(c)		543,735
		Ecopetrol SA
	125,000	8.375%, 01/19/2036		127,922
		Energean Israel Finance Ltd.
	185,000	5.375%, 03/30/2028(c)		166,839
		EnQuest PLC
	290,000	11.625%, 11/01/2027(c)		294,450
		Gulfport Energy Corp.
	18	10.000%, 10/31/2024*(a)(k)(m) Cash 10.000% + PIK Rate 15.000%		15,920
		Helmerich & Payne, Inc.
	270,000	5.500%, 12/01/2034(c)		262,874
		Hess Midstream Operations LP
	880,000	4.250%, 02/15/2030(c)		840,003
		MPLX LP
	350,000	5.000%, 03/01/2033		350,151
		Ovintiv, Inc.
	70,000	6.500%, 08/15/2034		75,555
	115,000	6.625%, 08/15/2037		123,576
	30,000	6.500%, 02/01/2038		32,169
		Permian Resources Operating LLC
	175,000	6.250%, 02/01/2033(c)		177,661
		Targa Resources Corp.
	310,000	6.500%, 03/30/2034		342,423
	5,000	5.500%, 02/15/2035		5,150
		Venture Global Calcasieu Pass LLC
	75,000	4.125%, 08/15/2031(c)		69,786
	120,000	3.875%, 11/01/2033(c)		107,680
		Viper Energy, Inc.
	35,000	7.375%, 11/01/2031(c)		37,051
		Whistler Pipeline LLC
	45,000	5.950%, 09/30/2034(c)		46,576
				5,688,249

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial: 2.8%
		Add Hero Holdings Ltd.
	$31,943	Series IAI 8.500%, 09/30/2029(k) Cash 7.500% + PIK Rate 8.500%	$	2,715
	24,631	Series IAI 9.000%, 09/30/2030(k) Cash 8.000% + PIK Rate 9.000%		677
	32,142	Series IAI 9.800%, 09/30/2031(k) Cash 8.800% + PIK Rate 9.800%		849
		AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	150,000	3.400%, 10/29/2033		132,633
		Agile Group Holdings Ltd.
	200,000	5.500%, 04/21/2025(j)		12,268
	400,000	6.050%, 10/13/2025(j)		27,716
		Aircastle Ltd.
	120,000	6.500%, 07/18/2028(c)		125,886
	65,000	5.950%, 02/15/2029(c)		67,335
		Alpha Holding SA de CV
	565,639	9.000%, 02/10/2025(c)(j)		3,094
		Antares Holdings LP
	430,000	3.750%, 07/15/2027(c)		407,901
		Ares Capital Corp.
	1,014,000	2.875%, 06/15/2028		935,204
		Bank of America Corp.
	10,000	3.846%, 03/08/2037(g) 5 yr. CMT + 2.000%		9,239
		Barings BDC, Inc.
	100,000	7.000%, 02/15/2029		104,454
		Blue Owl Finance LLC
	180,000	6.250%, 04/18/2034(c)		188,402
		Central China Real Estate Ltd.
	205,000	7.750%, 05/24/2024(j)		5,517
	400,000	7.250%, 08/13/2024(j)		12,000
	205,000	7.500%, 07/14/2025(j)		6,150
	230,000	7.650%, 08/27/2025(j)		6,325
		CFLD Cayman Investment Ltd.
	43,250	0.000%, 01/31/2031(c)(i)		1,297
	426,400	2.500%, 01/31/2031(c)		14,370
	351,200	2.500%, 01/31/2031(c)		13,785
		Charles Schwab Corp.
	19,000	Series F 5.000%, 12/01/2027(g)(m) 3 mo. USD LIBOR + 2.575%		18,221
	136,000	Series I 4.000%, 06/01/2026(g)(m) 5 yr. CMT + 3.168%		130,556
		China Aoyuan Group Ltd.
	18,351	Series IAI 5.500%, 09/30/2031(k)		209
	48,702	Series IAI 0.000%, 12/31/2099(e)(i)(m)		561
		China Evergrande Group
	200,000	9.500%, 04/11/2022(j)		4,142
	200,000	8.750%, 06/28/2025(j)		4,112
		CIFI Holdings Group Co. Ltd.
	200,000	4.450%, 08/17/2026(j)		20,750

Principal Amount^			Value
	Financial (continued)
		Credit Agricole SA
	$255,000	6.251%, 01/10/2035(c)(g) 1 day USD SOFR + 2.670%	$	272,037
		Easy Tactic Ltd.
	460,267	6.500%, 07/11/2027(j)(k) Cash 6.500% + PIK Rate 7.500%		17,260
		Enstar Group Ltd.
	214,000	3.100%, 09/01/2031		184,874
		Fantasia Holdings Group Co. Ltd.
	200,000	11.875%, 06/01/2023(j)		3,454
		FS KKR Capital Corp.
	510,000	3.125%, 10/12/2028		463,158
	120,000	7.875%, 01/15/2029		129,048
		Global Atlantic Fin Co.
	135,000	3.125%, 06/15/2031(c)		118,594
		GLP Capital LP/GLP Financing II, Inc.
	195,000	3.250%, 01/15/2032		172,714
		Golub Capital BDC, Inc.
	140,000	7.050%, 12/05/2028		147,659
	160,000	6.000%, 07/15/2029		162,533
		Icahn Enterprises LP/Icahn Enterprises Finance Corp.
	125,000	5.250%, 05/15/2027		119,891
		Intesa Sanpaolo SpA
	200,000	7.200%, 11/28/2033(c)		228,020
		Iron Mountain Information Management Services, Inc.
	582,000	5.000%, 07/15/2032(c)		561,717
		Iron Mountain, Inc.
	378,000	4.500%, 02/15/2031(c)		358,878
		Jefferies Financial Group, Inc.
	265,000	6.200%, 04/14/2034		283,538
		Kaisa Group Holdings Ltd.
	1,005,000	9.375%, 06/30/2024(j)		48,491
	200,000	10.500%, 01/15/2025(j)		6,504
	1,000,000	11.250%, 04/16/2025(j)		31,630
	200,000	9.950%, 07/23/2025(j)		6,228
	600,000	11.700%, 11/11/2025(j)		19,416
	400,000	11.650%, 06/01/2026(j)		12,392
		KWG Group Holdings Ltd.
	210,000	6.300%, 02/13/2026(j)		13,037
		Logan Group Co. Ltd.
	200,000	4.250%, 07/12/2025(j)		19,500
		Macquarie Airfinance Holdings Ltd.
	30,000	5.150%, 03/17/2030(c)		30,098
		Main Street Capital Corp.
	180,000	6.950%, 03/01/2029		187,810
		Mexarrend SAPI de CV
	300,000	10.250%, 07/24/2024(c)(j)		15,300
		National Health Investors, Inc.
	70,000	3.000%, 02/01/2031		61,058
		Nationstar Mortgage Holdings, Inc.
	446,000	5.750%, 11/15/2031(c)		437,385
		Navient Corp.
	350,000	5.500%, 03/15/2029		340,477
	145,000	9.375%, 07/25/2030		160,992
		Oaktree Specialty Lending Corp.
	90,000	7.100%, 02/15/2029		93,608
		Operadora de Servicios Mega SA de CV Sofom ER
	400,000	8.250%, 02/11/2025(c)		140,000
		Owl Rock Capital Corp.
	200,000	2.875%, 06/11/2028		183,250

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		Pebblebrook Hotel LP/PEB Finance Corp.
	$125,000	6.375%, 10/15/2029(c)(l)	$	125,925
		PennyMac Financial Services, Inc.
	49,000	7.875%, 12/15/2029(c)		52,292
		Prospect Capital Corp.
	172,000	3.437%, 10/15/2028		150,068
		Rithm Capital Corp.
	382,000	8.000%, 04/01/2029(c)		386,068
		Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
	465,000	3.625%, 03/01/2029(c)		437,786
	25,000	3.875%, 03/01/2031(c)		22,993
	545,000	4.000%, 10/15/2033(c)		487,523
		Sabra Health Care LP
	100,000	3.200%, 12/01/2031		87,990
		Shimao Group Holdings Ltd.
	340,000	4.750%, 07/03/2022(j)		18,200
		Shimao Group Holdings Ltd.
	200,000	5.200%, 01/16/2027(j)		11,060
	400,000	3.450%, 01/11/2031(j)		21,400
		SiriusPoint Ltd.
	70,000	7.000%, 04/05/2029		73,460
		Societe Generale SA
	200,000	6.066%, 01/19/2035(c)(g) 1 yr. CMT + 2.100%		208,509
	535,000	3.653%, 07/08/2035(c)(g) 5 yr. CMT + 3.000%		479,269
		Standard Chartered PLC
	260,000	3.265%, 02/18/2036(c)(g) 5 yr. CMT + 2.300%		232,909
		Starwood Property Trust, Inc.
	309,000	3.625%, 07/15/2026(c)		298,674
	540,000	4.375%, 01/15/2027(c)		525,311
	100,000	7.250%, 04/01/2029(c)		104,987
		Sunac China Holdings Ltd.
	127,609	6.000%, 09/30/2026(c)(k) Cash 5.000% + PIK Rate 6.000%		15,860
	127,764	6.250%, 09/30/2027(c)(k) Cash 5.250% + PIK Rate 6.250%		14,011
	255,840	6.500%, 09/30/2027(c)(k) Cash 5.500% + PIK Rate 6.500%		25,520
	384,225	6.750%, 09/30/2028(c)(k) Cash 5.750% + PIK Rate 6.750%		35,099
	384,690	7.000%, 09/30/2029(c)(k) Cash 6.000% + PIK Rate 7.000%		31,275
	187,490	7.250%, 09/30/2030(c)(k) Cash 6.250% + PIK Rate 7.250%		13,865
		Synchrony Financial
	105,000	5.935%, 08/02/2030(g) 1 day USD SOFR Index + 2.130%		107,871
		Times China Holdings Ltd.
	400,000	6.200%, 03/22/2026(j)		10,372
	200,000	5.750%, 01/14/2027(j)		5,124

Principal Amount^			Value
	Financial (continued)
		UBS Group AG
	$250,000	9.016%, 11/15/2033(c)(g) 1 day USD SOFR + 5.020%	$	315,839
	225,000	5.699%, 02/08/2035(c)(g) 1 yr. CMT + 1.770%		237,365
		Vornado Realty LP
	70,000	3.500%, 01/15/2025		69,484
	63,000	2.150%, 06/01/2026		60,014
		Yuzhou Group Holdings Co. Ltd.
	540,000	7.700%, 02/20/2025(j)		35,257
	200,000	8.300%, 05/27/2025(j)		14,500
	710,000	7.850%, 08/12/2026(j)		47,818
	1,940,000	6.350%, 01/13/2027(j)		127,361
		Zhenro Properties Group Ltd.
	400,000	6.630%, 01/07/2026(j)		3,748
				12,181,726
	Industrial: 1.9%
		AptarGroup, Inc.
	70,000	3.600%, 03/15/2032		63,832
		Boeing Co.
	205,000	5.150%, 05/01/2030		205,433
	262,000	3.625%, 02/01/2031		239,927
	50,000	6.388%, 05/01/2031(c)		53,152
	50,000	6.528%, 05/01/2034(c)		53,690
	183,000	5.705%, 05/01/2040		178,464
	480,000	5.805%, 05/01/2050		463,843
	135,000	6.858%, 05/01/2054(c)		148,200
	10,000	5.930%, 05/01/2060		9,607
	80,000	7.008%, 05/01/2064(c)		88,097
		BWX Technologies, Inc.
	361,000	4.125%, 04/15/2029(c)		347,224
		Cemex SAB de CV
	355,000	5.125%, 06/08/2026(c)(g)(m) 5 yr. CMT + 4.534%		349,930
	310,000	3.875%, 07/11/2031(c)		285,562
		Embraer Netherlands Finance BV
	260,000	7.000%, 07/28/2030(c)		283,265
		Great Lakes Dredge & Dock Corp.
	85,000	5.250%, 06/01/2029(c)		79,184
		IDEX Corp.
	72,000	2.625%, 06/15/2031		63,743
		Louisiana-Pacific Corp.
	320,000	3.625%, 03/15/2029(c)		304,466
		nVent Finance SARL
	300,000	5.650%, 05/15/2033		312,313
		Park-Ohio Industries, Inc.
	320,000	6.625%, 04/15/2027		314,243
		Pentair Finance SARL
	260,000	5.900%, 07/15/2032		278,424
		Spirit AeroSystems, Inc.
	899,000	9.750%, 11/15/2030(c)		1,003,479
		TD SYNNEX Corp.
	115,000	6.100%, 04/12/2034		121,634
		Teledyne Technologies, Inc.
	400,000	2.750%, 04/01/2031		359,119
		Terex Corp.
	144,000	6.250%, 10/15/2032(c)(l)		144,000
		TopBuild Corp.
	56,000	4.125%, 02/15/2032(c)		51,661
		TransDigm, Inc.
	320,000	4.625%, 01/15/2029		309,267
	635,000	4.875%, 05/01/2029		617,668

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Industrial (continued)
		Tutor Perini Corp.
	$365,000	11.875%, 04/30/2029(c)	$	407,340
		Waste Connections, Inc.
	725,000	2.200%, 01/15/2032		622,803
		Westinghouse Air Brake Technologies Corp.
	400,000	5.611%, 03/11/2034		422,634
				8,182,204
	Technology: 1.8%
		Alteryx, Inc.
	2,798,000	8.750%, 03/15/2028(c)		2,877,164
		Amdocs Ltd.
	104,000	2.538%, 06/15/2030		92,822
		Booz Allen Hamilton, Inc.
	110,000	5.950%, 08/04/2033		117,526
		Broadcom, Inc.
	245,000	3.469%, 04/15/2034(c)		220,503
	350,000	3.137%, 11/15/2035(c)		299,099
		Broadridge Financial Solutions, Inc.
	350,000	2.600%, 05/01/2031		308,543
		CDW LLC/CDW Finance Corp.
	370,000	3.569%, 12/01/2031		338,853
		CGI, Inc.
	180,000	2.300%, 09/14/2031		154,249
		Fair Isaac Corp.
	964,000	4.000%, 06/15/2028(c)		933,578
		KBR, Inc.
	225,000	4.750%, 09/30/2028(c)		215,335
		Micron Technology, Inc.
	245,000	5.875%, 09/15/2033		261,967
		NCR Voyix Corp.
	385,000	5.000%, 10/01/2028(c)		378,682
		Pitney Bowes, Inc.
	635,000	7.250%, 03/15/2029(c)		624,404
		PTC, Inc.
	250,000	4.000%, 02/15/2028(c)		242,713
		Roper Technologies, Inc.
	600,000	1.750%, 02/15/2031		507,616
		Western Digital Corp.
	135,000	2.850%, 02/01/2029		123,194
				7,696,248
	Utilities: 0.0%
		Pacific Gas & Electric Co.
	95,000	6.400%, 06/15/2033		103,741
	TOTAL CORPORATE BONDS (Cost $89,199,347)			79,124,535
	GOVERNMENT SECURITIES & AGENCY ISSUE: 2.4%
		Chile Government International Bonds
	240,000 (EUR)	3.875%, 07/09/2031		275,734
	270,000	3.500%, 01/31/2034		248,899
	205,000	3.500%, 01/25/2050		158,174
		Colombia Government International Bonds
	245,000	8.000%, 11/14/2035		261,756
		Dominican Republic International Bonds
	150,000	4.875%, 09/23/2032		143,022

Principal Amount^			Value
	$150,000	Series 144A 6.600%, 06/01/2036(c)	$	159,485
		Indonesia Treasury Bonds
	5,985,000,000 (IDR)	6.875%, 04/15/2029		406,569
	1,054,000,000 (IDR)	6.750%, 07/15/2035		70,994
		Norway Government Bonds
	3,715,000 (NOK)	1.750%, 03/13/2025(c)		348,521
		Philippines Government International Bonds
	200,000	2.950%, 05/05/2045		148,005
	200,000	2.650%, 12/10/2045		140,942
		Republic of Poland Government International Bonds
	330,000	5.500%, 03/18/2054		337,105
		Republic of South Africa Government Bonds
	7,945,000 (ZAR)	8.875%, 02/28/2035		426,165
	2,180,000 (ZAR)	9.000%, 01/31/2040		110,533
		Republic of South Africa Government International Bonds
	200,000	5.875%, 04/20/2032		199,739
		Republic of Uzbekistan International Bonds
	150,000 (EUR)	Series 144A 5.375%, 05/29/2027(c)		168,591
	200,000	Series 144A 6.900%, 02/28/2032(c)		202,078
		Romania Government International Bonds
	198,000	Series 144A 5.750%, 03/24/2035(c)		196,918
		Turkiye Government International Bonds
	225,000 (EUR)	5.875%, 05/21/2030		262,335
	310,000	7.125%, 07/17/2032		320,313
	400,000	6.500%, 01/03/2035(l)		392,506
		U.K. Gilts
	375,000 (GBP)	0.250%, 01/31/2025		496,009
		U.S. Treasury Bonds
	1,400,000	1.750%, 08/15/2041		992,059
		U.S. Treasury Notes
	2,475,000	4.500%, 11/30/2024(b)		2,474,135
	1,600,000	0.875%, 11/15/2030		1,360,937
	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $9,919,836)			10,301,524
	LIMITED PARTNERSHIPS: 0.0%
	35,594	GACP II LP(a)*		65,696
	1,300,000	U.S. Farming Realty Trust(a)*		53,551
	TOTAL LIMITED PARTNERSHIPS (Cost $0)			119,247
	MORTGAGE-BACKED SECURITIES: 17.5%
		Alternative Loan Trust
	57,909	Series 2003-22CB-1A1 5.750%, 12/25/2033		58,778
	214,043	Series 2004-13CB-A4 0.000%, 07/25/2034(n)		158,799
	32,405	Series 2004-16CB-1A1 5.500%, 07/25/2034		32,551
	28,429	Series 2004-16CB-3A1 5.500%, 08/25/2034		28,474

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
	$27,773	Series 2004-J10-2CB1 6.000%, 09/25/2034	$	27,626
	293,472	Series 2006-31CB-A7 6.000%, 11/25/2036		172,793
	167,870	Series 2007-16CB-2A1 5.419%, 08/25/2037(f) 1 mo. USD Term SOFR + 0.564%		55,931
	48,611	Series 2007-16CB-2A2 13.173%, 08/25/2037(f) -8.333*1 mo. USD Term SOFR + 53.629%		76,059
	353,122	Series 2007-16CB-4A2 9.784%, 08/25/2037(f) -6*1 mo. USD Term SOFR + 38.913%		492,623
	319,932	Series 2007-19-1A34 6.000%, 08/25/2037		156,873
	882,838	Series 2007-20-A12 6.250%, 08/25/2047		467,117
		American Home Mortgage Investment Trust
	162,190	Series 2006-1-11A1 5.249%, 03/25/2046(f) 1 mo. USD Term SOFR + 0.394%		142,411
		Arbor Realty Commercial Real Estate Notes Ltd.
	420,000	Series 2022-FL1-C 7.642%, 01/15/2037(c)(f) 30 day USD SOFR Average + 2.300%		408,906
		Banc of America Alternative Loan Trust
	24,238	Series 2003-8-1CB1 5.500%, 10/25/2033		24,167
		Banc of America Funding Trust
	17,008	Series 2005-7-3A1 5.750%, 11/25/2035		17,168
	170,012	Series 2006-B-7A1 4.304%, 03/20/2036(g)		145,617
	14,613	Series 2007-4-5A1 5.500%, 11/25/2034		12,673
		Banc of America Mortgage Trust
	5,837	Series 2005-A-2A1 4.940%, 02/25/2035(g)		5,414
		BBCMS Mortgage Trust
	2,125,000	Series 2024-5C27-XD 2.968%, 07/15/2057(c)(g)(o)		240,239
		BBCMS Trust
	750,000	Series 2018-CBM-E 8.944%, 07/15/2037(c)(f) 1 mo. USD Term SOFR + 3.847%		679,537
		BCAP LLC Trust
	117,490	Series 2010-RR6-6A2 9.300%, 07/26/2037(c)(g)		57,225
	1,679,386	Series 2011-R11-2A4 5.500%, 12/26/2035(c)		1,028,856
		Bear Stearns Asset-Backed Securities I Trust
	276,104	Series 2006-AC1-1A1 6.250%, 02/25/2036(e)		130,025

Principal Amount^			Value
		Benchmark Mortgage Trust
	$300,000	Series 2019-B9-C 4.971%, 03/15/2052(g)	$	257,971
	547,000	Series 2020-B18-AGNF 4.139%, 07/15/2053(c)		518,748
	1,637,000	Series 2021-B31-E 2.250%, 12/15/2054(c)		888,465
		BF Mortgage Trust
	666,000	Series 2019-NYT-F 8.394%, 12/15/2035(c)(f) 1 mo. USD Term SOFR + 3.297%		462,018
		BINOM Securitization Trust
	530,000	Series 2022-RPL1-M1 3.000%, 02/25/2061(c)(g)		432,084
		BMO Mortgage Trust
	2,406,000	Series 2024-C9-XD 2.101%, 07/15/2057(c)(g)(o)		336,005
		BX Commercial Mortgage Trust
	272,455	Series 2020-VKNG-A 6.141%, 10/15/2037(c)(f) 1 mo. USD Term SOFR + 1.044%		271,861
		Carbon Capital VI Commercial Mortgage Trust
	343,565	Series 2019-FL2-B 8.061%, 10/15/2035(c)(f) 1 mo. USD Term SOFR + 2.964%		178,055
		CFCRE Commercial Mortgage Trust
	16,323,000	Series 2016-C7-XE 1.054%, 12/10/2054(c)(g)(o)		313,439
	7,346,000	Series 2016-C7-XF 1.054%, 12/10/2054(c)(g)(o)		142,671
		CG-CCRE Commercial Mortgage Trust
	97,106	Series 2014-FL2-COL1 8.711%, 11/15/2031(c)(f) 1 mo. USD Term SOFR + 3.614%		53,404
	189,587	Series 2014-FL2-COL2 9.711%, 11/15/2031(c)(f) 1 mo. USD Term SOFR + 4.614%		70,998
		Chase Mortgage Finance Trust
	1,256,709	Series 2007-S3-1A15 6.000%, 05/25/2037		552,446
		CitiMortgage Alternative Loan Trust
	126,470	Series 2006-A5-1A13 5.419%, 10/25/2036(f) 1 mo. USD Term SOFR + 0.564%		93,268
	1,139,177	Series 2007-A6-1A5 6.000%, 06/25/2037		989,704
		COMM Mortgage Trust
	442,327	Series 2012-CR3-B 3.922%, 10/15/2045(c)		391,910
	40,000	Series 2012-LC4-C 5.479%, 12/10/2044(g)		34,635
	1,868,035	Series 2014-UBS4-F 3.750%, 08/10/2047(c)		249,436
	2,302,865	Series 2014-UBS4-G 3.750%, 08/10/2047(c)		156,083

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
	$7,000	Series 2014-UBS4-V 0.000%, 08/10/2047(c)(g)(i)	$	1
	1,989,000	Series 2018-HCLV-D 7.570%, 09/15/2033(c)(f) 1 mo. USD Term SOFR + 2.473%		909,824
		Countrywide Home Loan Mortgage Pass-Through Trust
	3,268	Series 2004-HYB4-2A1 5.926%, 09/20/2034(g)		2,865
	115,015	Series 2007-10-A5 6.000%, 07/25/2037		52,667
		Credit Suisse First Boston Mortgage Securities Corp.
	893,829	Series 2005-11-7A1 6.000%, 12/25/2035		468,120
		Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
	25,919	Series 2003-27-4A4 5.750%, 11/25/2033		26,346
	2,258,948	Series 2005-10-10A3 6.000%, 11/25/2035		556,602
		Credit Suisse Mortgage-Backed Trust
	600,268	Series 2006-6-1A10 6.000%, 07/25/2036		297,763
	650,041	Series 2007-1-4A1 6.500%, 02/25/2022		83,664
	24,885	Series 2007-2-2A5 5.000%, 03/25/2037		18,787
	1,475,000	Series 2014-USA-E 4.373%, 09/15/2037(c)		757,412
	1,100,000	Series 2021-NQM1-B2 3.831%, 05/25/2065(c)(g)		755,915
		CSAIL Commercial Mortgage Trust
	1,130,000	Series 2016-C6-C 5.082%, 01/15/2049(g)		1,042,899
	300,000	Series 2019-C16-C 4.237%, 06/15/2052(g)		265,946
	1,400,000	Series 2020-C19-D 2.500%, 03/15/2053(c)		909,422
		DBUBS Mortgage Trust
	310,000	Series 2017-BRBK-D 3.648%, 10/10/2034(c)(g)		305,097
		Deutsche Mortgage & Asset Receiving Corp.
	1,555,381	Series 2014-RS1-1A2 6.500%, 07/27/2037(c)(g)		1,256,748
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	63,017	Series 2006-PR1-3A1 4.829%, 04/15/2036(c)(f) -1.4*1 mo. USD Term SOFR + 11.964%		58,504
		DOLP Trust
	500,000	Series 2021-NYC-F 3.704%, 05/10/2041(c)(g)		336,475
		DSLA Mortgage Loan Trust
	85,568	Series 2005-AR5-2A1A 5.739%, 09/19/2045(f) 1 mo. USD Term SOFR + 0.774%		45,996

Principal Amount^			Value
		Eleven Madison Trust Mortgage Trust
	$100,000	Series 2015-11MD-A 3.673%, 09/10/2035(c)(g)	$	97,374
		Federal Home Loan Mortgage Corp. REMICS
	236,322	Series 3118-SD 1.243%, 02/15/2036(f)(o) -1*30 day USD SOFR Average + 6.586%		20,590
	96,908	Series 3301-MS 0.643%, 04/15/2037(f)(o) -1*30 day USD SOFR Average + 5.986%		8,967
	123,343	Series 3303-SE 0.623%, 04/15/2037(f)(o) -1*30 day USD SOFR Average + 5.966%		11,873
	80,173	Series 3303-SG 0.643%, 04/15/2037(f)(o) -1*30 day USD SOFR Average + 5.986%		8,125
	18,982	Series 3382-SB 0.543%, 11/15/2037(f)(o) -1*30 day USD SOFR Average + 5.886%		1,485
	115,973	Series 3382-SW 0.843%, 11/15/2037(f)(o) -1*30 day USD SOFR Average + 6.186%		11,669
	28,567	Series 3384-S 0.933%, 11/15/2037(f)(o) -1*30 day USD SOFR Average + 6.276%		2,017
	75,995	Series 3384-SG 0.853%, 08/15/2036(f)(o) -1*30 day USD SOFR Average + 6.196%		7,366
	896,383	Series 3404-SA 0.543%, 01/15/2038(f)(o) -1*30 day USD SOFR Average + 5.886%		98,542
	10,863	Series 3417-SX 0.723%, 02/15/2038(f)(o) -1*30 day USD SOFR Average + 6.066%		941
	20,714	Series 3423-GS 0.193%, 03/15/2038(f)(o) -1*30 day USD SOFR Average + 5.536%		1,563
	130,510	Series 3423-TG 0.350%, 03/15/2038(f)(o) -1*30 day USD SOFR Average + 5.886%		352
	1,135,087	Series 3435-S 0.523%, 04/15/2038(f)(o) -1*30 day USD SOFR Average + 5.866%		119,906
	36,378	Series 3445-ES 0.543%, 05/15/2038(f)(o) -1*30 day USD SOFR Average + 5.886%		2,527
	170,761	Series 3523-SM 0.543%, 04/15/2039(f)(o) -1*30 day USD SOFR Average + 5.886%		15,083

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
	$71,940	Series 3560-KS 0.943%, 11/15/2036(f)(o) -1*30 day USD SOFR Average + 6.286%	$	4,299
	36,195	Series 3598-SA 0.893%, 11/15/2039(f)(o) -1*30 day USD SOFR Average + 6.236%		3,014
	54,844	Series 3641-TB 4.500%, 03/15/2040		55,557
	140,440	Series 3728-SV 0.000%, 09/15/2040(f)(o) -1*30 day USD SOFR Average + 4.336%		4,781
	91,912	Series 3758-S 0.573%, 11/15/2040(f)(o) -1*30 day USD SOFR Average + 5.916%		9,339
	64,502	Series 3770-SP 1.043%, 11/15/2040(f)(o) -1*30 day USD SOFR Average + 6.386%		1,176
	130,987	Series 3815-ST 0.393%, 02/15/2041(f)(o) -1*30 day USD SOFR Average + 5.736%		12,078
	71,392	Series 3872-SL 0.493%, 06/15/2041(f)(o) -1*30 day USD SOFR Average + 5.836%		6,322
	61,966	Series 3900-SB 0.513%, 07/15/2041(f)(o) -1*30 day USD SOFR Average + 5.856%		5,779
	14,996	Series 3946-SM 0.000%, 10/15/2041(f) -3*30 day USD SOFR Average + 14.357%		13,897
	211,064	Series 3972-AZ 3.500%, 12/15/2041		200,673
	1,023,392	Series 3984-DS 0.493%, 01/15/2042(f)(o) -1*30 day USD SOFR Average + 5.836%		109,928
	1,884,868	Series 4080-DS 1.243%, 03/15/2041(f)(o) -1*30 day USD SOFR Average + 6.586%		119,269
	1,358,240	Series 4239-OU 0.000%, 07/15/2043(n)		824,022
	1,257,255	Series 4291-MS 0.443%, 01/15/2054(f)(o) -1*30 day USD SOFR Average + 5.786%		128,176
	242,572	Series 4314-MS 0.643%, 07/15/2043(f)(o) -1*30 day USD SOFR Average + 5.986%		7,590
	6,193,140	Series 5057-TI 3.000%, 11/25/2050(o)		951,910
	5,034,119	Series 5070-MI 3.500%, 02/25/2051(o)		866,046

Principal Amount^			Value
		Federal National Mortgage Association
	$21,767,584	Series 2019-M25-X 0.208%, 11/25/2029(g)(o)	$	105,790
	23,706,144	Series 2019-M5-X 0.609%, 02/25/2029(g)(o)		327,223
	24,294,111	Series 2021-M23-X1 0.661%, 11/01/2031(g)(o)		434,199
		Federal National Mortgage Association REMICS
	111,718	Series 2003-84-PZ 5.000%, 09/25/2033		114,478
	57,254	Series 2005-42-SA 1.405%, 05/25/2035(f)(o) -1*30 day USD SOFR Average + 6.686%		879
	802,886	Series 2006-92-LI 1.185%, 10/25/2036(f)(o) -1*30 day USD SOFR Average + 6.466%		75,966
	244,080	Series 2007-39-AI 0.725%, 05/25/2037(f)(o) -1*30 day USD SOFR Average + 6.006%		24,396
	68,278	Series 2007-57-SX 1.225%, 10/25/2036(f)(o) -1*30 day USD SOFR Average + 6.506%		7,579
	12,984	Series 2007-68-SA 1.255%, 07/25/2037(f)(o) -1*30 day USD SOFR Average + 6.536%		1,251
	16,711	Series 2008-1-CI 0.905%, 02/25/2038(f)(o) -1*30 day USD SOFR Average + 6.186%		1,743
	698,227	Series 2008-33-SA 0.605%, 04/25/2038(f)(o) -1*30 day USD SOFR Average + 5.886%		74,206
	10,087	Series 2008-56-SB 0.665%, 07/25/2038(f)(o) -1*30 day USD SOFR Average + 5.946%		540
	1,192,575	Series 2009-110-SD 0.855%, 01/25/2040(f)(o) -1*30 day USD SOFR Average + 6.136%		78,146
	13,689	Series 2009-111-SE 0.855%, 01/25/2040(f)(o) -1*30 day USD SOFR Average + 6.136%		1,620
	116,751	Series 2009-86-CI 0.405%, 09/25/2036(f)(o) -1*30 day USD SOFR Average + 5.686%		7,420
	61,311	Series 2009-87-SA 0.605%, 11/25/2049(f)(o) -1*30 day USD SOFR Average + 5.886%		6,879
	23,403	Series 2009-90-IB 0.325%, 04/25/2037(f)(o) -1*30 day USD SOFR Average + 5.606%		1,663

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
	$19,045	Series 2010-11-SC 0.000%, 02/25/2040(f)(o) -1*30 day USD SOFR Average + 4.686%	$	1,421
	18,453	Series 2010-115-SD 1.205%, 11/25/2039(f)(o) -1*30 day USD SOFR Average + 6.486%		1,894
	1,462,560	Series 2010-123-SK 0.655%, 11/25/2040(f)(o) -1*30 day USD SOFR Average + 5.936%		154,003
	94,107	Series 2010-15-SL 0.000%, 03/25/2040(f)(o) -1*30 day USD SOFR Average + 4.836%		4,507
	25,110	Series 2010-9-GS 0.000%, 02/25/2040(f)(o) -1*30 day USD SOFR Average + 4.636%		1,297
	6,420	Series 2011-110-LS 0.000%, 11/25/2041(f) -2*30 day USD SOFR Average + 9.871%		5,488
	59,028	Series 2011-111-VZ 4.000%, 11/25/2041		57,449
	245,929	Series 2011-141-PZ 4.000%, 01/25/2042		239,499
	917,883	Series 2011-93-ES 1.105%, 09/25/2041(f)(o) -1*30 day USD SOFR Average + 6.386%		100,730
	584,516	Series 2012-106-SA 0.765%, 10/25/2042(f)(o) -1*30 day USD SOFR Average + 6.046%		68,034
	1,189,665	Series 2014-50-WS 0.805%, 08/25/2044(f)(o) -1*30 day USD SOFR Average + 6.086%		75,619
	5,482,364	Series 2019-31-S 0.655%, 07/25/2049(f)(o) -1*30 day USD SOFR Average + 5.936%		641,409
	17,231,261	Series 2019-M12-X 0.675%, 06/25/2029(g)(o)		263,836
	7,841,220	Series 2019-M24-2XA 1.270%, 03/25/2031(g)(o)		407,655
	19,709,932	Series 2019-M7-X 0.443%, 04/25/2029(g)(o)		248,176
	26,792,715	Series 2020-M10-X4 0.986%, 07/25/2032(g)(o)		1,105,170
	15,982,363	Series 2020-M10-X9 0.861%, 12/25/2027(g)(o)		186,140
	6,932,221	Series 2020-M13-X2 1.333%, 09/25/2030(g)(o)		287,054
	215,581	Series 2020-M6-X 1.331%, 10/25/2024(g)(o)		7
	67,855,000	Series 2022-M4-X2 0.267%, 05/25/2030(g)(o)		600,819
		Federal National Mortgage Association-Aces
	124,903,375	Series 2021-M17-X 0.156%, 07/25/2031(g)(o)		486,873

Principal Amount^			Value
		First Horizon Alternative Mortgage Securities Trust
	$209,329	Series 2007-FA4-1A7 6.000%, 08/25/2037	$	79,374
		GCAT Trust
	30,422	Series 2019-RPL1-A1 2.650%, 10/25/2068(c)(g)		29,310
		Government National Mortgage Association
	293,348	Series 2007-21-S 0.989%, 04/16/2037(f)(o) -1*1 mo. USD Term SOFR + 6.086%		14,116
	96,975	Series 2008-69-SB 2.555%, 08/20/2038(f)(o) -1*1 mo. USD Term SOFR + 7.516%		6,238
	110,334	Series 2009-104-SD 1.139%, 11/16/2039(f)(o) -1*1 mo. USD Term SOFR + 6.236%		11,644
	9,256	Series 2010-98-IA 5.376%, 03/20/2039(g)(o)		285
	179,085	Series 2011-45-GZ 4.500%, 03/20/2041		180,352
	57,486	Series 2011-69-OC 0.000%, 05/20/2041(n)		45,963
	1,166,771	Series 2011-69-SC 0.305%, 05/20/2041(f)(o) -1*1 mo. USD Term SOFR + 5.266%		98,433
	197,235	Series 2011-89-SA 0.375%, 06/20/2041(f)(o) -1*1 mo. USD Term SOFR + 5.336%		18,642
	599,832	Series 2013-102-BS 1.075%, 03/20/2043(f)(o) -1*1 mo. USD Term SOFR + 6.036%		47,117
	1,401,845	Series 2014-145-CS 0.389%, 05/16/2044(f)(o) -1*1 mo. USD Term SOFR + 5.486%		118,218
	922,983	Series 2014-156-PS 1.175%, 10/20/2044(f)(o) -1*1 mo. USD Term SOFR + 6.136%		117,470
	2,218,734	Series 2014-4-SA 0.889%, 01/16/2044(f)(o) -1*1 mo. USD Term SOFR + 5.986%		265,598
	3,923,655	Series 2014-41-SA 1.025%, 03/20/2044(f)(o) -1*1 mo. USD Term SOFR + 5.986%		504,403
	1,578,784	Series 2014-5-SA 0.475%, 01/20/2044(f)(o) -1*1 mo. USD Term SOFR + 5.436%		148,863
	1,900,914	Series 2014-58-SG 0.389%, 04/16/2044(f)(o) -1*1 mo. USD Term SOFR + 5.486%		137,586

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
	$1,570,425	Series 2014-76-SA 0.525%, 01/20/2040(f)(o) -1*1 mo. USD Term SOFR + 5.486%	$	150,037
	2,114,687	Series 2014-95-CS 1.039%, 06/16/2044(f)(o) -1*1 mo. USD Term SOFR + 6.136%		208,943
	5,361,654	Series 2016-162-IO 0.792%, 09/16/2058(g)(o)		202,447
	1,650,928	Series 2018-105-SH 1.175%, 08/20/2048(f)(o) -1*1 mo. USD Term SOFR + 6.136%		184,398
	16,738,249	Series 2018-111-SA 0.000%, 08/20/2048(f)(o) -1*1 mo. USD Term SOFR + 4.436%		1,037,380
	6,678,648	Series 2018-134-CS 1.125%, 10/20/2048(f)(o) -1*1 mo. USD Term SOFR + 6.086%		753,056
	5,432,040	Series 2019-22-SA 0.525%, 02/20/2045(f)(o) -1*1 mo. USD Term SOFR + 5.486%		583,744
	5,555,575	Series 2019-H10-BI 0.678%, 06/20/2069(g)(o)		308,729
	5,707,097	Series 2020-112-BS 1.175%, 08/20/2050(f)(o) -1*1 mo. USD Term SOFR + 6.136%		748,622
	9,735,564	Series 2020-115-SC 0.000%, 08/20/2050(f)(o) -1*1 mo. USD Term SOFR + 4.086%		529,924
	5,083,132	Series 2020-142-SD 1.225%, 09/20/2050(f)(o) -1*1 mo. USD Term SOFR + 6.186%		774,259
	9,438,170	Series 2020-168-IA 0.979%, 12/16/2062(g)(o)		687,620
	9,215,327	Series 2020-173-MI 2.500%, 11/20/2050(o)		1,319,220
	4,584,347	Series 2020-188-LS 1.225%, 11/20/2050(f)(o) -1*1 mo. USD Term SOFR + 6.186%		684,805
	4,295,624	Series 2020-47-SL 0.295%, 07/20/2044(f)(o) -1*1 mo. USD Term SOFR + 5.256%		350,854
	9,731,775	Series 2020-H11-HI 1.383%, 06/20/2070(g)(o)		671,648
	9,869,359	Series 2020-H18-AI 1.364%, 09/20/2070(g)(o)		659,874
	6,980,886	Series 2020-H19-BI 0.352%, 11/20/2070(g)(o)		507,046
	4,948,228	Series 2021-1-QS 1.225%, 01/20/2051(f)(o) -1*1 mo. USD Term SOFR + 6.186%		807,890

Principal Amount^			Value
	$7,239,797	Series 2021-107-SA 0.000%, 06/20/2051(f)(o) -1*1 mo. USD Term SOFR + 3.636%	$	372,531
	6,100,959	Series 2021-15-PI 3.000%, 01/20/2051(o)		932,489
	15,443,258	Series 2021-213-SN 0.000%, 12/20/2051(f)(o) -1*30 day USD SOFR Average + 3.200%		338,689
	9,140,073	Series 2021-52-IO 0.721%, 04/16/2063(g)(o)		497,326
	4,131,662	Series 2021-59-S 0.000%, 04/20/2051(f)(o) -1*30 day USD SOFR Average + 2.600%		54,883
	8,504,310	Series 2021-77-IH 2.500%, 05/20/2051(o)		949,936
	10,510,729	Series 2021-89-SA 0.000%, 05/20/2051(f)(o) -1*1 mo. USD Term SOFR + 3.636%		421,255
	18,965,880	Series 2021-97-SA 0.000%, 06/20/2051(f)(o) -1*30 day USD SOFR Average + 2.600%		179,379
	7,229,123	Series 2021-97-SB 0.000%, 06/20/2051(f)(o) -1*1 mo. USD Term SOFR + 3.636%		253,723
	40,134,879	Series 2021-H08-QI 0.131%, 05/20/2071(g)(o)		1,237,109
	14,441,001	Series 2021-H19-AI 0.962%, 11/20/2071(g)(o)		880,192
	9,502,899	Series 2022-83-IO 2.500%, 11/20/2051(o)		1,344,241
	5,947,327	Series 2023-79-JI 2.500%, 02/20/2051(o)		748,805
		GS Mortgage Securities Corp. Trust
	129,514	Series 2012-BWTR-A 2.954%, 11/05/2034(c)		108,206
	1,125,000	Series 2013-PEMB-C 3.668%, 03/05/2033(c)(g)		809,534
	1,503,000	Series 2018-TWR-G 9.319%, 07/15/2031(c)(f) 1 mo. USD Term SOFR + 4.222%		31,247
	600,000	Series 2021-ARDN-H 11.144%, 11/15/2026(c)(f) 1 mo. USD Term SOFR + 6.048%		593,856
		GS Mortgage Securities Trust
	130,000	Series 2011-GC5-C 5.297%, 08/10/2044(c)(g)		101,820
	1,010,000	Series 2011-GC5-D 5.297%, 08/10/2044(c)(g)		537,742
	1,344,000	Series 2014-GC26-D 4.619%, 11/10/2047(c)(g)		827,502
	5,673,000	Series 2021-GSA3-XF 1.534%, 12/15/2054(c)(g)(o)		428,450

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		GSCG Trust
	$710,000	Series 2019-600C-H 4.118%, 09/06/2034(c)(g)	$	3,528
		GSR Mortgage Loan Trust
	28,004	Series 2005-4F-6A1 6.500%, 02/25/2035		26,803
	497,227	Series 2005-9F-2A1 6.000%, 01/25/2036		229,053
	55,886	Series 2005-AR6-4A5 6.132%, 09/25/2035(g)		49,926
		HarborView Mortgage Loan Trust
	159,835	Series 2004-11-2A2A 5.719%, 01/19/2035(f) 1 mo. USD Term SOFR + 0.754%		129,501
		HGI CRE CLO Ltd.
	350,000	Series 2021-FL1-D 7.561%, 06/16/2036(c)(f) 1 mo. USD Term SOFR + 2.464%		347,724
		Hilton USA Trust
	500,000	Series 2016-SFP-A 2.828%, 11/05/2035(c)		430,290
		Imperial Fund Mortgage Trust
	2,000,000	Series 2021-NQM3-B2 4.137%, 11/25/2056(c)(g)		1,516,455
		IndyMac INDX Mortgage Loan Trust
	106,130	Series 2004-AR7-A5 6.189%, 09/25/2034(f) 1 mo. USD Term SOFR + 1.334%		84,577
	171,426	Series 2005-AR11-A3 3.953%, 08/25/2035(g)		126,066
	825,070	Series 2007-AR5-2A1 3.439%, 05/25/2037(g)		658,797
		JP Morgan Chase Commercial Mortgage Securities Trust
	164,842	Series 2012-LC9-C 3.686%, 12/15/2047(c)(g)		152,399
	683,000	Series 2019-MFP-XG 0.500%, 07/15/2036(c)(g)(o)		2,357
	219,000	Series 2019-UES-C 4.343%, 05/05/2032(c)		208,093
	224,000	Series 2019-UES-D 4.601%, 05/05/2032(c)(g)		211,443
	261,000	Series 2019-UES-E 4.601%, 05/05/2032(c)(g)		244,803
	274,000	Series 2019-UES-F 4.601%, 05/05/2032(c)(g)		248,232
	299,000	Series 2019-UES-G 4.601%, 05/05/2032(c)(g)		270,739
		JP Morgan Mortgage Trust
	157,908	Series 2004-S1-2A1 6.000%, 09/25/2034		160,873
	4,845	Series 2007-A1-4A2 7.205%, 07/25/2035(a)(g)		4,621
	534,764	Series 2007-S3-1A97 6.000%, 08/25/2037		251,393
		JPMBB Commercial Mortgage Securities Trust
	4,749,500	Series 2015-C27-XFG 1.420%, 02/15/2048(c)(g)(o)		9,677

Principal Amount^			Value
		Lehman Mortgage Trust
	$505,734	Series 2006-2-2A3 5.750%, 04/25/2036	$	508,770
	742,793	Series 2007-1-1A2 5.750%, 02/25/2037		745,595
		Lehman XS Trust
	68,844	Series 2006-2N-1A1 5.489%, 02/25/2046(f) 1 mo. USD Term SOFR + 0.634%		54,740
		Master Alternative Loan Trust
	13,392	Series 2003-9-4A1 5.250%, 11/25/2033		13,199
	8,645	Series 2004-5-1A1 5.500%, 06/25/2034		8,566
	12,056	Series 2004-5-2A1 6.000%, 06/25/2034		12,148
	53,817	Series 2004-8-2A1 6.000%, 09/25/2034		53,701
		Merrill Lynch Mortgage Investors Trust
	1,903	Series 2006-2-2A 6.425%, 05/25/2036(g)		1,782
		MF1 LLC
	400,000	Series 2023-FL12-C 8.742%, 10/19/2038(c)(f) 1 mo. USD Term SOFR + 3.777%		402,600
	350,000	Series 2023-FL12-D 10.237%, 10/19/2038(c)(f) 1 mo. USD Term SOFR + 5.272%		354,810
	300,000	Series 2024-FL14-E 11.253%, 03/19/2039(c)(f) 1 mo. USD Term SOFR + 6.288%		304,177
		MF1 Trust
	400,000	Series 2024-FL15-D 9.052%, 08/18/2041(c)(f) 1 mo. USD Term SOFR + 4.038%		400,571
		Mill City Mortgage Loan Trust
	305,000	Series 2021-NMR1-M3 2.500%, 11/25/2060(c)(g)		257,719
		Morgan Stanley Bank of America Merrill Lynch Trust
	858,000	Series 2015-C21-C 4.258%, 03/15/2048(g)		768,898
		Morgan Stanley Bank of America Merrill Lynch Trust
	560,000	Series 2013-C11-B 4.213%, 08/15/2046(g)		371,141
		Morgan Stanley Capital I Trust
	126,418	Series 2011-C2-D 5.385%, 06/15/2044(c)(g)		121,189
	540,000	Series 2011-C2-E 5.385%, 06/15/2044(c)(g)		430,326
	1,508,000	Series 2019-PLND-F 8.011%, 05/15/2036(c)(f) 1 mo. USD Term SOFR + 2.914%		142,612
		Morgan Stanley Mortgage Loan Trust
	218,983	Series 2006-7-3A 5.103%, 06/25/2036(g)		120,498
	222,161	Series 2007-13-6A1 6.000%, 10/25/2037		119,537

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		New Residential Mortgage Loan Trust
	$2,250,000	Series 2021-NQ1R-M1 2.273%, 07/25/2055(c)(g)	$	1,891,305
		PFP CLO Ltd.
	1,000,000	Series 2021-8-C 7.011%, 08/09/2037(c)(f) 1 mo. USD Term SOFR + 1.914%		1,002,018
		Prime Mortgage Trust
	635,980	Series 2006-DR1-2A1 5.500%, 05/25/2035(c)		571,666
		Residential Accredit Loans, Inc.
	212,097	Series 2006-QS17-A5 6.000%, 12/25/2036		175,912
		Residential Accredit Loans, Inc. Trust
	245,277	Series 2006-QS7-A3 6.000%, 06/25/2036		193,163
	293,894	Series 2007-QS1-2A10 6.000%, 01/25/2037		229,802
	264,035	Series 2007-QS8-A8 6.000%, 06/25/2037		210,187
		Residential Asset Securitization Trust
	226,884	Series 2007-A1-A8 6.000%, 03/25/2037		70,649
		Residential Funding Mtg Sec I Trust
	252,896	Series 2006-S4-A5 6.000%, 04/25/2036		203,496
		Starwood Ltd.
	400,000	Series 2019-FL1-D 7.561%, 07/15/2038(c)(f) 1 mo. USD Term SOFR + 2.464%		393,495
	200,000	Series 2021-FL2-C 7.229%, 04/18/2038(c)(f) 1 mo. USD Term SOFR + 2.214%		196,123
		Starwood Retail Property Trust
	235,000	Series 2014-STAR-C 8.500%, 11/15/2027(a)(c)(f)		74,190
	980,000	Series 2014-STAR-D 8.500%, 11/15/2027(a)(c)(f)		74,676
	950,000	Series 2014-STAR-E 8.500%, 11/15/2027(a)(c)(f)		38,000
		Structured Adjustable Rate Mortgage Loan Trust
	433,929	Series 2005-14-A1 5.279%, 07/25/2035(f) 1 mo. USD Term SOFR + 0.424%		261,409
	405,548	Series 2008-1-A2 5.115%, 10/25/2037(g)		320,186
		Structured Asset Securities Corp.
	4,633,836	Series 2007-4-1A3 1.281%, 03/28/2045(c)(f)(o) -1*1 mo. USD Term SOFR + 6.136%		324,584

Principal Amount^			Value
		TRTX Issuer Ltd.
	$320,000	Series 2021-FL4-C 7.597%, 03/15/2038(c)(f) 1 mo. USD Term SOFR + 2.514%	$	315,244
		UBS Commercial Mortgage Trust
	324,000	Series 2018-C13-C 5.129%, 10/15/2051(g)		296,853
		UBS-Barclays Commercial Mortgage Trust
	1,000,000	Series 2013-C5-C 3.844%, 03/10/2046(c)(g)		843,135
		Verus Securitization Trust
	2,000,000	Series 2021-7-B2 4.192%, 10/25/2066(c)(g)		1,534,160
		Washington Mutual Mortgage Pass-Through Certificates Trust
	326,769	Series 2006-5-1A5 6.000%, 07/25/2036		256,360
	363,256	Series 2006-8-A6 4.126%, 10/25/2036(e)		126,506
		Wells Fargo Alternative Loan Trust
	70,125	Series 2007-PA2-3A1 5.319%, 06/25/2037(f) 1 mo. USD Term SOFR + 0.464%		47,170
		Wells Fargo Commercial Mortgage Trust
	433,183	Series 2013-LC12-B 4.082%, 07/15/2046(g)		400,486
	19,971,000	Series 2015-C28-XE 1.206%, 05/15/2048(c)(g)(o)		109,605
	600,000	Series 2016-C34-C 5.224%, 06/15/2049(g)		559,883
	135,000	Series 2016-C36-B 3.671%, 11/15/2059(g)		120,569
	130,000	Series 2016-C36-C 4.253%, 11/15/2059(g)		107,069
	6,406,000	Series 2017-C42-XE 1.300%, 12/15/2050(c)(g)(o)		217,535
		Wells Fargo Mortgage-Backed Securities Trust
	40,649	Series 2006-AR19-A1 6.473%, 12/25/2036(g)		39,478
		WFRBS Commercial Mortgage Trust
	214,000	Series 2011-C3-D 6.050%, 03/15/2044(c)(g)		66,720
	395,000	Series 2011-C4-E 5.149%, 06/15/2044(c)(g)		342,938
	1,020,000	Series 2012-C10-C 4.457%, 12/15/2045(g)		840,754
	TOTAL MORTGAGE-BACKED SECURITIES (Cost $102,921,395)			76,755,688

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	SHORT-TERM INVESTMENTS: 34.2%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 11.5%
	$50,611,318	State Street Navigator Securities Lending Government Money Market Portfolio, 5.02%(s)(t) (Cost $ 50,611,318)	$	50,611,318
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $ 50,611,318)			50,611,318
	REPURCHASE AGREEMENTS: 5.1%
	$22,258,666	Fixed Income Clearing Corp. 1.520%, 9/30/2024, due 10/01/2024 [collateral: par value $21,877,700, U.S. Treasury Notes, 3.625% - 4.875%, due 04/30/2026 - 05/15/2026, value $22,707,711] (proceeds $22,259,606) (p)		22,258,666
	TOTAL REPURCHASE AGREEMENTS (Cost $22,258,666)			22,258,666
	TREASURY BILLS: 17.6%
		U.S. Treasury Bills
	1,140,000	3.413%, 10/03/2024(h)(q)		1,139,706
	69,500,000	4.914%, 12/10/2024(h)(p)(q)		68,896,041
	1,000,000	4.704%, 01/16/2025(b)(h)(q)		986,790
	1,380,000	4.799%, 02/20/2025(b)(h)(q)		1,356,426
	1,800,000	4.893%, 03/20/2025(b)(h)(q)		1,763,682
	1,400,000	4.883%, 04/17/2025(b)(h)(q)(r)		1,369,716
	1,000,000	4.185%, 08/07/2025(b)(h)(q)		966,706
	800,000	3.775%, 09/04/2025(b)(h)(q)		771,148
	TOTAL TREASURY BILLS (Cost $77,161,463)			77,250,215
	TOTAL SHORT-TERM INVESTMENTS (Cost $150,031,447)			150,120,199
	TOTAL PURCHASED OPTIONS (Cost $186,909): 0.0%			105,522
	TOTAL INVESTMENTS (Cost: $531,103,785): 108.0%			473,525,693
	Other Assets in Excess of Liabilities: (8.0)%			(35,167,845	)
	NET ASSETS: 100.0%		$	438,357,848

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury Index
CVR	Contingent Value Rights
ETF	Exchange-Traded Fund
LIBOR	London Interbank Offered Rate
LP	Limited Partnership
PIK	Payment-in-kind

 

REIT	Real Estate Investment Trust
REMICS	Real Estate Mortgage Investment Conduit
SOFR	Secured Overnight Financing Rate
*	Non-Income Producing Security.
^	The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)	Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.
(b)	Securities with an aggregate fair value of $24,403,895 have been pledged as collateral for options, total return swaps, credit default swaps, securities sold short and futures positions.
(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)	This security is a residual or equity position that does not have a stated interest rate. This residual or equity position is entitled to recurring distributions which are generally equal to the remaining cash flow of payments made by underlying securities less contractual payments to debtholders and fund expenses.
(e)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2024.
(f)	Floating Interest Rate at September 30, 2024.
(g)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2024.
(h)	The rate shown represents yield-to-maturity.
(i)	Security is not accruing interest.
(j)	Security is currently in default and/or non-income producing.
(k)	Pay-in-kind security.
(l)	When issued security.
(m)	Perpetual Call.
(n)	Principal Only security.
(o)	Interest Only security. Security with a notional or nominal principal amount.
(p)	All or a portion of this security is held by the iMGP Alternative Strategies Subsidiary.
(q)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(r)	Security or portion there of is out on loan.
(s)	The rate disclosed is the 7 day net yield as of September 30, 2024.
(t)	Represents security purchased with cash collateral received for securities on loan.
CURRENCY ABBREVIATIONS:
CAD	Canadian dollar
EUR	Euro
GBP	British pound
IDR	Indonesian rupiah
NOK	Norwegian krone
ZAR	South African rand

UNFUNDED LOAN COMMITMENTS — At September 30, 2024, 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)
Lealand Finance Co. BV, 0.500%, 06/30/2027	$	953,779	$	495,965	$	(457,814	)

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	517,761,549
Gross unrealized appreciation		26,922,359
Gross unrealized depreciation		(83,877,601	)
Net unrealized depreciation	$	(56,955,242	)

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

 

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN PURCHASED OPTIONS at September 30, 2024 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Fair Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
COMMON STOCKS
Call
Willscot Holdings Corp.	Morgan Stanley & Co.	$	40.00		10/18/2024		25	$	94,000	$	1,000	$	3,340	$	(2,340	)
Willscot Holdings Corp.	Morgan Stanley & Co.		42.50		10/18/2024		30		112,800		300		3,225		(2,925	)
Put
United States Steel Corp.	Morgan Stanley & Co.		35.00		12/20/2024		108		381,564		48,600		46,294		2,306
Total											49,900		52,859		(2,959	)
EXCHANGE TRADED
Call
U.S. Treasury 5-Year Future Option	Morgan Stanley & Co.		110.25		10/25/2024		169		169,000		55,453		131,712		(76,259	)
U.S. Treasury 5-Year Future Option	Morgan Stanley & Co.		116.00		10/25/2024		169		169,000		169		2,338		(2,169	)
Total											55,622		134,050		(78,428	)
Total Purchased Options										$	105,522	$	186,909	$	(81,387	)

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES SOLD SHORT at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: (3.0)%
	(31,994)	Chevron Corp.	$	(4,711,756	)
	(33,972)	ConocoPhillips		(3,576,572	)
	(15)	Costco Wholesale Corp.		(13,298	)
	(75,968)	Schlumberger NV		(3,186,858	)
	(2,183)	Synopsys, Inc.*		(1,105,449	)
	(9,195)	WillScot Holdings Corp.*		(345,732	)
	TOTAL COMMON STOCKS (Proceeds $13,136,985)			(12,939,665	)
	EXCHANGE-TRADED FUNDS: (0.0)%
	(26)	SPDR S&P 500 ETF Trust		(14,918	)
	TOTAL EXCHANGE-TRADED FUNDS (Proceeds $14,809)			(14,918	)
	TOTAL SECURITIES SOLD SHORT (Proceeds $13,151,794)		$	(12,954,583	)

 

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at September 30, 2024 (Unaudited)

At September 30, 2024, the Fund had the following forward foreign currency exchange contracts:

								Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at September 30, 2024		Fund Delivering	U.S. $ Value at September 30, 2024		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	10/31/2024	USD	$	1,487,905	EUR	$	1,529,682	$	—	$	(41,777	)
JPMorgan Chase Bank N.A.	10/10/2024	EUR		668,041	USD		660,214		7,827		—
	10/10/2024	EUR		573,412	USD		567,612		5,800		—
	10/10/2024	EUR		562,178	USD		557,023		5,155		—
	10/10/2024	EUR		145,731	USD		145,991		—		(260	)
	10/10/2024	USD		59,472	EUR		59,331		141		—
	10/10/2024	USD		3,863	EUR		3,882		—		(19	)
	10/10/2024	USD		426,821	EUR		427,035		—		(214	)
	10/10/2024	USD		435,131	EUR		435,918		—		(787	)
	10/10/2024	USD		240,985	EUR		243,331		—		(2,346	)
	10/10/2024	USD		664,359	EUR		667,006		—		(2,647	)
Morgan Stanley & Co.	12/16/2024	CAD		1,215,287	USD		1,208,953		6,334		—
	12/16/2024	EUR		7,042	USD		7,035		7		—
	12/16/2024	USD		2,090,068	CAD		2,101,639		—		(11,571	)
	12/16/2024	USD		24,841	EUR		24,814		27		—
	12/16/2024	USD		18,686	EUR		18,667		19		—
	12/16/2024	USD		5,803	EUR		5,812		—		(9	)
	12/16/2024	USD		14,501	EUR		14,531		—		(30	)
	12/16/2024	USD		452,299	EUR		456,383		—		(4,084	)
	12/16/2024	USD		573,309	GBP		586,594		—		(13,285	)
	12/16/2024	USD		1,306,483	GBP		1,338,356		—		(31,873	)
			$	10,976,217		$	11,059,809	$	25,310	$	(108,902	)

CONSOLIDATED SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at September 30, 2024 (Unaudited) (a)

Description	Number of Contracts			Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
Gold 100 Oz Futures (b)		13		$	3,329,148		$	3,457,220			12/27/2024	$	128,072
MSCI EAFE Index Futures		87			10,597,384			10,821,930			12/20/2024		224,546
MSCI Emerging Market Index		80			4,471,924			4,690,800			12/20/2024		218,876
Nasdaq 100 E-mini Futures		6			2,340,677			2,431,350			12/20/2024		90,673
Russell 2000 E-mini Futures		11			1,169,605			1,237,060			12/20/2024		67,455
S&P 500 E-Mini Index Futures		36			10,191,098			10,465,650			12/20/2024		274,552
S&P Mid Cap 400 E-mini Futures		6			1,794,390			1,889,160			12/20/2024		94,770
U.S. Dollar Index Futures		35			3,543,899			3,518,235			12/16/2024		(25,664	)
U.S. Treasury 10-Year Note Futures		225			25,776,162			25,713,281			12/19/2024		(62,881	)
U.S. Treasury 2-Year Note Futures		741			154,082,507			154,307,461			12/31/2024		224,954
U.S. Treasury Long Bond Futures		108			13,461,633			13,412,250			12/19/2024		(49,383	)
U.S. Treasury Ultra-Long Bond Futures		12			1,602,745			1,597,125			12/19/2024		(5,620	)
Total Long												$	1,180,350
Futures Contracts - Short
Euro FX Currency Futures		(8	)	$	(1,115,167	)	$	(1,116,650	)		12/16/2024	$	(1,483	)
Japanese Yen Currency Futures		(141	)		(12,572,886	)		(12,391,256	)		12/16/2024		181,630
MSCI Emerging Market Index		(7	)		(382,207	)		(410,445	)		12/20/2024		(28,238	)
U.S. Treasury 10-Year Note Futures		(59	)		(6,740,651	)		(6,742,594	)		12/19/2024		(1,943	)
U.S. Treasury 10-Year Ultra Note Futures		(192	)		(22,689,064	)		(22,713,000	)		12/19/2024		(23,936	)
U.S. Treasury 2-Year Note Futures		(19	)		(3,966,804	)		(3,956,602	)		12/31/2024		10,202
U.S. Treasury 5-Year Note Futures		(606	)		(66,501,289	)		(66,588,985	)		12/31/2024		(87,696	)
U.S. Treasury Long Bond Futures		(35	)		(4,392,040	)		(4,346,563	)		12/19/2024		45,477
U.S. Treasury Ultra-Long Bond Futures		(9	)		(1,206,082	)		(1,197,844	)		12/19/2024		8,238
WTI Crude Futures (b)		(16	)		(1,086,277	)		(1,084,320	)		11/20/2024		1,957
Total Short												$	104,208
Total Futures Contracts												$	1,284,558

(a) Citigroup Global Markets, Inc., JPMorgan Chase Bank N.A., and StoneX Financial, Inc. are the counterparites for Open Futures Contracts held by the Fund and the iMGP Alternative Strategies Subsidiary at September 30, 2024.

(b) Contract held by the iMGP Alternative Strategies Subsidiary.

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SWAPS at September 30, 2024 (Unaudited)

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

Description	Maturity Date	Fixed Deal (Pay) Rate			Implied Credit Spread at September 30, 2024		Notional Amount(4)				Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection
Adecco Group AG 0.875%, 11/27/2025	12/20/2029		(1.000%	)		0.869%		EUR	(1,800,000	)		Quarterly	$	(13,185	)	$	(13,490	)	$	305
ADT Security Corp. 4.125%, 06/15/2023	12/20/2029		(5.000%	)		1.220%		$	(1,700,000	)		Quarterly		(295,349	)		(285,668	)		(9,681	)
AES Corp. 1.375%, 01/15/2026	12/20/2029		(5.000%	)		0.990%			(1,800,000	)		Quarterly		(335,010	)		(321,609	)		(13,401	)
Akzo Nobel NV 1.125%, 04/08/2026	12/20/2029		(1.000%	)		0.575%		EUR	(1,000,000	)		Quarterly		(23,126	)		(21,241	)		(1,885	)
American Express Co. 4.050%, 05/03/2029	12/20/2029		(1.000%	)		0.350%		$	(2,000,000	)		Quarterly		(62,488	)		(58,941	)		(3,547	)
Anglo American Capital PLC 1.625%, 03/11/2026	12/20/2029		(5.000%	)		1.014%		EUR	(1,600,000	)		Quarterly		(340,605	)		(314,672	)		(25,933	)
Apache Corp. 4.375%, 10/15/2028	12/20/2029		(1.000%	)		1.350%		$	(2,100,000	)		Quarterly		33,990			55,790			(21,800	)
Arrow Electronics, Inc. 7.500%, 01/15/2027	12/20/2029		(1.000%	)		0.717%			(2,100,000	)		Quarterly		(27,844	)		(17,874	)		(9,970	)
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 4.750%, 04/01/2028	12/20/2029		(5.000%	)		4.783%			(2,100,000	)		Quarterly		(17,772	)		35,661			(53,433	)
Bath & Body Works, Inc. 5.250%, 02/01/2028	12/20/2029		(1.000%	)		2.202%			(2,200,000	)		Quarterly		117,207			144,172			(26,965	)
Baxter International, Inc. 2.600%, 08/15/2026	12/20/2028		(1.000%	)		0.423%			(4,400,000	)		Quarterly		(99,374	)		(35,891	)		(63,483	)
Best Buy Co., Inc. 4.450%, 10/01/2028	12/20/2029		(5.000%	)		0.446%			(1,800,000	)		Quarterly		(390,586	)		(387,652	)		(2,934	)
BMW Finance NV 0.750%, 07/13/2026	12/20/2029		(1.000%	)		0.623%		EUR	(1,800,000	)		Quarterly		(36,848	)		(35,197	)		(1,651	)
BNP Paribas SA 2.250%, 01/11/2027	12/20/2029		(1.000%	)		0.717%			(1,800,000	)		Quarterly		9,100			(31,920	)		41,020
BorgWarner, Inc. 2.650%, 07/01/2027	12/20/2029		(1.000%	)		0.712%		$	(2,000,000	)		Quarterly		(27,070	)		(18,154	)		(8,916	)
Bouygues SA 1.375%, 06/07/2027	12/20/2029		(1.000%	)		0.357%		EUR	(1,800,000	)		Quarterly		(63,485	)		(62,330	)		(1,155	)
Bristol-Myers Squibb Co. 6.800%, 11/15/2026	12/20/2029		(1.000%	)		0.394%		$	(2,000,000	)		Quarterly		(57,796	)		(55,244	)		(2,552	)
Cardinal Health, Inc. 3.410%, 06/15/2027	12/20/2029		(1.000%	)		0.374%			(2,000,000	)		Quarterly		(59,932	)		(57,313	)		(2,619	)
Carlsberg Breweries AS 3.250%, 10/12/2025	12/20/2029		(1.000%	)		0.326%		EUR	(1,800,000	)		Quarterly		(66,468	)		(66,367	)		(101	)
Carrefour SA 1.250%, 06/03/2025	12/20/2029		(1.000%	)		0.596%			(1,800,000	)		Quarterly		(39,584	)		(38,828	)		(756	)
CDX North America High Yield Index Series 42 5.000%, 06/20/2029	6/20/2029		(5.000%	)		3.053%		$	(9,000,000	)		Quarterly		(699,543	)		(627,300	)		(72,243	)
Centrica PLC 4.375%, 03/13/2029	12/20/2029		(1.000%	)		0.582%		EUR	(1,800,000	)		Quarterly		(40,702	)		(34,525	)		(6,177	)
Cleveland-Cliffs, Inc. 5.875%, 06/01/2027	12/20/2029		(5.000%	)		2.736%		$	(1,900,000	)		Quarterly		(185,558	)		(136,564	)		(48,994	)

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SWAPS at September 30, 2024 (Unaudited)(Continued)

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

Description	Maturity Date	Fixed Deal (Pay) Rate			Implied Credit Spread at September 30, 2024		Notional Amount(4)				Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
CNH Industrial NV 3.850%, 11/15/2027	12/20/2029		(5.000%	)		1.043%		EUR	(1,500,000	)		Quarterly	$	(316,765	)	$	(307,422	)	$	(9,343	)
Continental AG 0.375%, 06/27/2025	12/20/2029		(1.000%	)		1.125%			(1,900,000	)		Quarterly		12,573			(4,046	)		16,619
CVS Health Corp. 5.250%, 01/30/2031	12/20/2029		(1.000%	)		0.594%		$	(2,000,000	)		Quarterly		(38,824	)		(34,512	)		(4,312	)
Dell, Inc. 7.100%, 04/15/2028	12/20/2029		(1.000%	)		0.639%			(2,000,000	)		Quarterly		(34,144	)		(26,851	)		(7,293	)
EDP Finance BV 2.000%, 04/22/2025	12/20/2029		(1.000%	)		0.452%		EUR	(1,800,000	)		Quarterly		(53,909	)		(47,334	)		(6,575	)
Electrolux AB 2.500%, 05/18/2030	12/20/2029		(1.000%	)		1.254%			(1,900,000	)		Quarterly		25,478			27,047			(1,569	)
Exelon Corp. 3.400%, 04/15/2026	12/20/2029		(1.000%	)		0.343%		$	(2,000,000	)		Quarterly		(62,680	)		(57,484	)		(5,196	)
Expedia Group, Inc. 6.250%, 05/01/2025	12/20/2029		(1.000%	)		0.731%			(2,000,000	)		Quarterly		(24,874	)		(12,491	)		(12,383	)
Ford Motor Co. 4.346%, 12/08/2026	12/20/2029		(5.000%	)		1.753%			(1,900,000	)		Quarterly		(276,391	)		(270,132	)		(6,259	)
Gap, Inc. 3.625%, 10/01/2029	12/20/2029		(1.000%	)		2.173%			(2,300,000	)		Quarterly		118,068			140,757			(22,689	)
Halliburton Co. 2.920%, 03/01/2030	12/20/2029		(1.000%	)		0.626%			(2,000,000	)		Quarterly		(35,332	)		(34,238	)		(1,094	)
HP, Inc. 3.000%, 06/17/2027	12/20/2029		(1.000%	)		0.588%			(2,000,000	)		Quarterly		(38,756	)		(32,097	)		(6,659	)
ING Groep NV 2.125%, 05/23/2026	12/20/2029		(1.000%	)		0.508%		EUR	(1,800,000	)		Quarterly		(48,292	)		(45,227	)		(3,065	)
International Game Technology PLC 3.500%, 06/15/2026	12/20/2029		(5.000%	)		1.209%			(1,600,000	)		Quarterly		(322,177	)		(317,267	)		(4,910	)
Kering SA 1.250%, 05/10/2026	12/20/2029		(1.000%	)		0.495%			(1,800,000	)		Quarterly		(49,633	)		(50,186	)		553
Kroger Co. 4.500%, 01/15/2029	12/20/2029		(1.000%	)		0.377%		$	(2,000,000	)		Quarterly		(59,612	)		(49,646	)		(9,966	)
Lamb Weston Holdings, Inc. 4.875%, 05/15/2028	12/20/2029		(1.000%	)		1.286%			(2,200,000	)		Quarterly		28,795			30,522			(1,727	)
Leonardo SpA 2.375%, 01/08/2026	12/20/2029		(5.000%	)		0.661%		EUR	(1,500,000	)		Quarterly		(352,903	)		(344,456	)		(8,447	)
McKesson Corp. 7.650%, 03/01/2027	12/20/2029		(1.000%	)		0.429%		$	(2,000,000	)		Quarterly		(54,416	)		(47,884	)		(6,532	)
MGM Resorts International 5.750%, 06/15/2025	12/20/2029		(5.000%	)		1.975%			(1,800,000	)		Quarterly		(242,454	)		(226,217	)		(16,237	)
NatWest Group PLC 4.067%, 09/06/2028	12/20/2029		(1.000%	)		0.601%		EUR	(1,900,000	)		Quarterly		(41,192	)		(39,372	)		(1,820	)
Olin Corp. 5.125%, 09/15/2027	12/20/2029		(1.000%	)		1.220%		$	(2,200,000	)		Quarterly		22,289			44,998			(22,709	)
Omnicom Group, Inc. 2.450%, 04/30/2030	12/20/2029		(1.000%	)		0.335%			(2,000,000	)		Quarterly		(63,996	)		(55,490	)		(8,506	)
PostNL NV 0.625%, 09/23/2026	12/20/2029		(1.000%	)		1.318%		EUR	(1,900,000	)		Quarterly		31,735			36,229			(4,494	)
Prudential Funding Asia PLC 5.875%, 05/11/2029	12/20/2029		(1.000%	)		0.616%			(1,800,000	)		Quarterly		(37,375	)		(36,403	)		(972	)
Repsol International Finance BV 2.250%, 12/10/2026	12/20/2029		(1.000%	)		0.689%			(1,800,000	)		Quarterly		(30,049	)		(20,246	)		(9,803	)
Rexel SA 2.125%, 12/15/2028	12/20/2029		(5.000%	)		1.134%			(1,600,000	)		Quarterly		(328,639	)		(327,796	)		(843	)
Sirius XM Radio, Inc. 5.500%, 07/01/2029	12/20/2029		(5.000%	)		2.158%		$	(2,000,000	)		Quarterly		(251,378	)		(225,720	)		(25,658	)

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SWAPS at September 30, 2024 (Unaudited)(Continued)

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

Description	Maturity Date	Fixed Deal (Pay) Rate			Implied Credit Spread at September 30, 2024		Notional Amount(4)				Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Southwest Airlines Co. 5.125%, 06/15/2027	12/20/2029		(1.000%	)		0.929%		$	(2,000,000	)		Quarterly	$	(6,000	)	$	1,406		$	(7,406	)
Standard Chartered PLC 4.050%, 04/12/2026	12/20/2029		(1.000%	)		0.655%		EUR	(1,800,000	)		Quarterly		(33,796	)		(31,074	)		(2,722	)
Stellantis NV 3.875%, 01/05/2026	12/20/2029		(5.000%	)		1.645%			(1,700,000	)		Quarterly		(296,562	)		(320,421	)		23,859
Target Corp. 2.500%, 04/15/2026	12/20/2029		(1.000%	)		0.358%		$	(1,500,000	)		Quarterly		(46,086	)		(44,038	)		(2,048	)
Teck Resources Ltd. 6.125%, 10/01/2035	12/20/2029		(5.000%	)		0.777%			(1,800,000)			Quarterly		(357,057	)		(342,668	)		(14,389	)
Telenor ASA 0.750%, 05/31/2026	12/20/2029		(1.000%	)		0.213%		EUR	(1,700,000)			Quarterly		(73,961	)		(67,103	)		(6,858	)
thyssenkrupp AG 4.125%, 01/26/2026	12/20/2029		(1.000%	)		1.945%			(2,000,000)			Quarterly		96,841			121,507			(24,666	)
TransCanada PipeLines Ltd. 4.875%, 01/15/2026	6/20/2029		(1.000%	)		0.522%		$	(400,000)			Quarterly		(8,268	)		(7,325	)		(943	)
United Rentals North America, Inc. 3.875%, 02/15/2031	12/20/2029		(5.000%	)		0.853%			(1,800,000	)		Quarterly		(349,004	)		(334,768	)		(14,236	)
Universal Health Services, Inc. 2.650%, 01/15/2032	12/20/2029		(1.000%	)		0.553%			(2,100,000)			Quarterly		(44,507	)		(38,727	)		(5,780	)
Valero Energy Corp. 8.750%, 06/15/2030	12/20/2029		(1.000%	)		0.714%			(2,100,000)			Quarterly		(27,953	)		(22,862	)		(5,091	)
Vodafone Group PLC 1.875%, 09/11/2025	12/20/2029		(1.000%	)		0.569%		EUR	(1,800,000	)		Quarterly		(42,219	)		(32,749	)		(9,470	)
Whirlpool Corp. 4.750%, 02/26/2029	12/20/2029		(1.000%	)		1.263%		$	(1,800,000	)		Quarterly		22,102			44,930			(22,828	)
WPP Finance SA 2.250%, 09/22/2026	12/20/2029		(1.000%	)		0.600%		EUR	(1,800,000	)		Quarterly		(39,113	)		(30,385	)		(8,728	)
Total Buy Protection													$	(6,452,464	)	$	(5,822,398	)	$	(630,066	)
Sell Protection
Allianz Finance II BV 0.875%, 01/15/2026	12/20/2029		1.000%			0.338%		EUR	1,800,000			Quarterly	$	65,487		$	65,348		$	139
Ally Financial, Inc. 5.800%, 05/01/2025	12/20/2029		5.000%			1.771%		$	1,000,000			Quarterly		145,360			147,705			(2,345	)
Altria Group, Inc. 2.625%, 09/16/2026	12/20/2029		1.000%			0.449%			2,000,000			Quarterly		52,478			55,401			(2,923	)
American Airlines Group, Inc. 6.500%, 07/01/2025	12/20/2029		5.000%			6.351%			2,200,000			Quarterly		(112,807	)		(134,750	)		21,943
Anglo American Capital PLC 1.625%, 03/11/2026	12/20/2029		5.000%			1.014%		EUR	1,600,000			Quarterly		340,605			338,396			2,209
ArcelorMittal SA 1.750%, 11/19/2025	12/20/2029		5.000%			1.319%			1,500,000			Quarterly		290,886			289,491			1,395
AT&T, Inc. 3.800%, 02/15/2027	12/20/2029		1.000%			0.616%		$	2,000,000			Quarterly		36,426			31,181			5,245
Avis Budget Car Rental LLC / Avis Budget Finance, Inc. 4.750%, 04/01/2028	12/20/2029		5.000%			4.783%			2,100,000			Quarterly		17,772			25,242			(7,470	)
AXA SA 1.125%, 05/15/2028	12/20/2029		1.000%			0.457%		EUR	1,800,000			Quarterly		53,481			54,216			(735	)
BAT International Finance PLC 2.750%, 03/25/2025	12/20/2029		1.000%			0.562%			2,000,000			Quarterly		47,901			42,374			5,527

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SWAPS at September 30, 2024 (Unaudited)(Continued)

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

Description	Maturity Date	Fixed Deal (Pay) Rate		Implied Credit Spread at September 30, 2024		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Baxter International, Inc. 2.600%, 08/15/2026	12/20/2028		1.000%		0.423%		$	700,000		Quarterly	$	15,810		$	3,411		$	12,399
Bombardier, Inc. 7.450%, 05/01/2034	12/20/2029		5.000%		1.808%			1,900,000		Quarterly		272,059			240,679			31,380
Boston Scientific Corp. 2.650%, 06/01/2030	12/20/2029		1.000%		0.252%			2,000,000		Quarterly		71,952			68,539			3,413
Carnival Corp. 6.650%, 01/15/2028	12/20/2029		1.000%		2.119%			2,300,000		Quarterly		(113,303	)		(150,294	)		36,991
CCO Holdings LLC / CCO Holdings Capital Corp. 5.000%, 02/01/2028	12/20/2029		5.000%		2.547%			1,900,000		Quarterly		203,448			194,224			9,224
CDX North America High Yield Index Series 42 5.000%, 06/20/2029	6/20/2029		5.000%		3.056%			2,315,000		Quarterly		179,939			109,954			69,985
Cleveland-Cliffs, Inc. 5.875%, 06/01/2027	12/20/2029		5.000%		2.736%			1,900,000		Quarterly		185,558			167,502			18,056
DaVita, Inc. 4.625%, 06/01/2030	12/20/2029		5.000%		1.067%			1,800,000		Quarterly		328,560			326,429			2,131
Deutsche Bank AG 5.000%, 09/05/2030	12/20/2029		1.000%		1.048%		EUR	1,800,000		Quarterly		(4,578	)		(8,850	)		4,272
Deutsche Lufthansa AG 3.000%, 05/29/2026	12/20/2029		1.000%		1.288%			1,900,000		Quarterly		(35,269	)		(30,002	)		(5,267	)
DR Horton, Inc. 1.400%, 10/15/2027	12/20/2029		1.000%		0.479%		$	2,000,000		Quarterly		49,536			51,492			(1,956	)
Eastman Chemical Co. 7.600%, 02/01/2027	12/20/2029		1.000%		0.606%			2,000,000		Quarterly		37,264			28,485			8,779
Enbridge, Inc. 6.200%, 11/15/2030	12/20/2029		1.000%		0.720%			2,000,000		Quarterly		26,816			26,083			733
Enel SpA 5.625%, 06/21/2027	12/20/2029		1.000%		0.540%		EUR	1,800,000		Quarterly		45,000			37,372			7,628
FirstEnergy Corp. 2.650%, 03/01/2030	12/20/2029		1.000%		0.468%		$	2,000,000		Quarterly		50,490			47,830			2,660
General Motors Co. 4.200%, 10/01/2027	12/20/2029		5.000%		1.301%			1,800,000		Quarterly		305,300			318,008			(12,708	)
Generali 3.212%, 01/15/2029	12/20/2029		1.000%		0.630%		EUR	1,800,000		Quarterly		36,138			36,699			(561	)
Goldman Sachs Group, Inc. 6.484%, 10/24/2029	12/20/2029		1.000%		0.612%		$	2,000,000		Quarterly		36,750			33,666			3,084
Heidelberg Materials AG 3.750%, 05/31/2032	12/20/2029		5.000%		0.848%		EUR	1,600,000		Quarterly		357,726			347,429			10,297
Holcim Finance Luxembourg SA 2.375%, 04/09/2025	12/20/2029		1.000%		0.701%			1,800,000		Quarterly		29,095			21,750			7,345
Host Hotels & Resorts LP 3.375%, 12/15/2029	12/20/2029		1.000%		0.876%		$	2,000,000		Quarterly		9,805			14,076			(4,271	)
Howmet Aerospace, Inc. 3.000%, 01/15/2029	12/20/2029		1.000%		0.507%			2,000,000		Quarterly		46,713			44,202			2,511
Iberdrola International BV 1.125%, 04/21/2026	12/20/2029		1.000%		0.416%		EUR	1,800,000		Quarterly		57,668			55,225			2,443
Imperial Brands Finance PLC 3.375%, 02/26/2026	12/20/2029		1.000%		0.616%			1,900,000		Quarterly		39,677			34,525			5,152

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SWAPS at September 30, 2024 (Unaudited)(Continued)

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

Description	Maturity Date	Fixed Deal (Pay) Rate		Implied Credit Spread at September 30, 2024		Notional Amount(4)			Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
International Business Machines Corp. 3.500%, 05/15/2029	12/20/2029		1.000%		0.380%		$	1,900,000		Quarterly	$	56,267		$	58,224		$	(1,957	)
ITV PLC 1.375%, 09/26/2026	12/20/2029		5.000%		0.848%		EUR	1,700,000		Quarterly		379,638			379,751			(113	)
KB Home 6.875%, 06/15/2027	12/20/2029		5.000%		1.191%		$	1,800,000		Quarterly		315,571			306,071			9,500
Koninklijke KPN NV 0.625%, 04/09/2025	12/20/2029		1.000%		0.399%		EUR	1,800,000		Quarterly		59,302			55,651			3,651
LANXESS AG 1.000%, 10/07/2026	12/20/2029		1.000%		1.524%			1,800,000		Quarterly		(49,297	)		(48,808	)		(489	)
Lennar Corp. 4.750%, 11/29/2027	12/20/2029		5.000%		0.658%		$	1,700,000		Quarterly		347,495			346,319			1,176
Lincoln National Corp. 3.400%, 01/15/2031	12/20/2029		1.000%		1.482%			2,200,000		Quarterly		(47,971	)		(44,532	)		(3,439	)
Marks & Spencer PLC 6.000%, 06/12/2025	12/20/2029		1.000%		0.946%		EUR	1,900,000		Quarterly		5,636			2,034			3,602
Marriott International, Inc. 3.125%, 06/15/2026	12/20/2029		1.000%		0.534%		$	2,000,000		Quarterly		44,066			44,092			(26	)
Mediobanca Banca di Credito Finanziario SpA 1.125%, 04/23/2025	12/20/2029		1.000%		0.619%		EUR	1,800,000		Quarterly		7,618			34,722			(27,104	)
MetLife, Inc. 3.600%, 11/13/2025	12/20/2029		1.000%		0.640%		$	2,000,000		Quarterly		33,752			28,389			5,363
MGIC Investment Corp. 5.250%, 08/15/2028	12/20/2029		5.000%		0.914%			1,800,000		Quarterly		342,396			335,007			7,389
Motorola Solutions, Inc. 7.500%, 05/15/2025	12/20/2029		1.000%		0.350%			2,000,000		Quarterly		62,304			59,169			3,135
Next Group PLC 3.625%, 05/18/2028	12/20/2029		1.000%		0.513%		EUR	2,000,000		Quarterly		53,364			47,220			6,144
Pearson Funding PLC 1.375%, 05/06/2025	12/20/2029		1.000%		0.500%			1,900,000		Quarterly		51,909			47,693			4,216
Premier Foods Finance PLC 3.500%, 10/15/2026	12/20/2029		5.000%		1.890%			1,000,000		Quarterly		160,042			169,471			(9,429	)
Prudential Financial, Inc. 3.878%, 03/27/2028	12/20/2029		1.000%		0.661%		$	2,000,000		Quarterly		32,492			27,908			4,584
PulteGroup, Inc. 7.875%, 06/15/2032	12/20/2029		5.000%		0.671%			1,700,000		Quarterly		346,921			350,990			(4,069	)
Radian Group, Inc. 4.875%, 03/15/2027	12/20/2029		5.000%		0.946%			1,800,000		Quarterly		339,279			337,337			1,942
Rolls-Royce PLC 3.375%, 06/18/2026	12/20/2029		1.000%		0.720%		EUR	1,800,000		Quarterly		27,096			3,838			23,258
Royal Caribbean Cruises Ltd. 3.700%, 03/15/2028	12/20/2029		5.000%		1.101%		$	1,800,000		Quarterly		324,720			307,032			17,688
Ryder System, Inc. 5.250%, 06/01/2028	12/20/2029		1.000%		0.609%			2,000,000		Quarterly		36,902			31,277			5,625
SES SA 0.875%, 11/04/2027	12/20/2029		1.000%		1.927%		EUR	2,000,000		Quarterly		(94,783	)		(101,972	)		7,189
Sherwin-Williams Co. 2.950%, 08/15/2029	12/20/2029		1.000%		0.423%		$	2,000,000		Quarterly		54,872			48,862			6,010
Simon Property Group LP 2.650%, 07/15/2030	12/20/2029		1.000%		0.607%			2,000,000		Quarterly		37,571			33,111			4,460

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SWAPS at September 30, 2024 (Unaudited)(Continued)

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

Description	Maturity Date	Fixed Deal (Pay) Rate		Implied Credit Spread at September 30, 2024		Notional Amount(4)			Periodic Payment Frequency		Fair Value		Upfront Premiums Paid / (Received)		Unrealized Appreciation / (Depreciation)
Swiss Reinsurance Co. Ltd. 0.750%, 01/21/2027	12/20/2029		1.000%		0.493%		EUR	1,600,000		Quarterly	$	44,382	$	43,441	$	941
T-Mobile USA, Inc. 4.750%, 02/01/2028	12/20/2029		5.000%		0.448%		$	1,700,000		Quarterly		368,615		371,225		(2,610	)
Telefonaktiebolaget LM Ericsson 1.125%, 02/08/2027	12/20/2029		1.000%		0.817%		EUR	1,800,000		Quarterly		17,486		9,571		7,915
Telefonica Emisiones SA 1.495%, 09/11/2025	12/20/2029		1.000%		0.577%			1,800,000		Quarterly		41,376		36,131		5,245
Tenet Healthcare Corp. 6.875%, 11/15/2031	12/20/2029		5.000%		0.968%		$	1,900,000		Quarterly		357,777		346,629		11,148
TransCanada PipeLines Ltd. 4.875%, 01/15/2026	6/20/2029		1.000%		0.522%			3,500,000		Quarterly		72,345		70,949		1,396
UniCredit SpA 2.125%, 10/24/2026	12/20/2029		1.000%		0.629%		EUR	1,700,000		Quarterly		34,210		33,737		473
Verizon Communications, Inc. 4.125%, 03/16/2027	12/20/2029		1.000%		0.566%		$	2,000,000		Quarterly		41,196		36,011		5,185
Walmart, Inc. 5.875%, 04/05/2027	12/20/2029		1.000%		0.304%			2,100,000		Quarterly		69,720		70,342		(622	)
Wendel SE 1.375%, 04/26/2026	12/20/2029		5.000%		0.719%		EUR	1,600,000		Quarterly		370,404		360,906		9,498
Williams Cos., Inc. 3.500%, 11/15/2030	12/20/2029		1.000%		0.707%		$	2,000,000		Quarterly		27,184		23,705		3,479
Yum! Brands, Inc. 3.625%, 03/15/2031	12/20/2029		1.000%		0.857%			2,000,000		Quarterly		13,540		8,699		4,841
Zuerich Versicherungs-Gesellschaft AG 1.125%, 07/04/2029	12/20/2029		1.000%		0.494%		EUR	1,800,000		Quarterly		49,775		47,934		1,841
Total Sell Protection											$	7,604,915	$	7,251,174	$	353,741
Total											$	1,152,451	$	1,428,776	$	(276,325	)

(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 42.

(4) Notional amounts are denominated in foreign currency where indicated and the lines below until currency changes..

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

Markit iBoxx USD Liquid High Yield Index USD USD

12/20/2024

JPMorgan Chase Bank N.A.

Receives

SOFR

$

20,000,000

Quarterly

$

(162,898

)

$

—

$

(162,898

)

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS at September 30, 2024 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
COMMON STOCKS
Call
Abbott Laboratories	Morgan Stanley & Co.	$	120.00		10/18/2024		(2	)	$	(22,802	)	$	(120	)	$	(190	)	$	70
American Tower Corp.	Morgan Stanley & Co.		230.00		10/18/2024		(1	)		(23,256	)		(560	)		(327	)		(233	)
Apple, Inc.	Morgan Stanley & Co.		240.00		10/18/2024		(1	)		(23,300	)		(173	)		(257	)		84
Broadcom, Inc.	Morgan Stanley & Co.		190.00		10/18/2024		(3	)		(51,750	)		(267	)		(1,062	)		795
Comcast Corp.	Morgan Stanley & Co.		42.50		10/18/2024		(13	)		(54,301	)		(572	)		(666	)		94
Emerson Electric Co.	Morgan Stanley & Co.		110.00		10/18/2024		(3	)		(32,811	)		(510	)		(353	)		(157	)
Exxon Mobil Corp.	Morgan Stanley & Co.		125.00		10/18/2024		(2	)		(23,444	)		(50	)		(321	)		271
Fastenal Co.	Morgan Stanley & Co.		72.50		10/18/2024		(3	)		(21,426	)		(489	)		(230	)		(259	)
JPMorgan Chase & Co.	Morgan Stanley & Co.		230.00		10/18/2024		(1	)		(21,086	)		(24	)		(188	)		164
Morgan Stanley	Morgan Stanley & Co.		110.00		10/18/2024		(1	)		(10,424	)		(80	)		(101	)		21
Procter & Gamble Co.	Morgan Stanley & Co.		175.00		10/18/2024		(1	)		(17,320	)		(223	)		(165	)		(58	)
Starbucks Corp.	Morgan Stanley & Co.		100.00		10/18/2024		(1	)		(9,749	)		(114	)		(131	)		17
United States Steel Corp.	Morgan Stanley & Co.		37.00		11/15/2024		(38	)		(134,254	)		(8,246	)		(14,152	)		5,906
United States Steel Corp.	Morgan Stanley & Co.		38.00		11/15/2024		(38	)		(134,254	)		(9,576	)		(12,222	)		2,646
United States Steel Corp.	Morgan Stanley & Co.		39.00		11/15/2024		(38	)		(134,254	)		(6,555	)		(10,543	)		3,988
United States Steel Corp.	Morgan Stanley & Co.		40.00		11/15/2024		(38	)		(134,254	)		(5,586	)		(9,347	)		3,761
Williams Cos., Inc.	Morgan Stanley & Co.		47.00		10/18/2024		(6	)		(27,390	)		(150	)		(235	)		85
Put
Willscot Holdings Corp.	Morgan Stanley & Co.		37.50		10/18/2024		(30	)		(112,800	)		(3,750	)		(2,026	)		(1,724	)
Total													(37,045	)		(52,516	)		15,471
EXCHANGE TRADED
Call
U.S. Treasury 5-Year Future Option	Morgan Stanley & Co.		111.25		10/25/2024		(338	)		(338,000	)		(31,687	)		(137,926	)		106,239
Total Written Options												$	(68,732	)	$	(190,442	)	$	121,710

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: 0.1%
	Consumer Staples: 0.0%
	1,043	Endo, Inc.*	$	26,857
	648	Moran Foods LLC*		122
				26,979
	Materials: 0.1%
	563	Yak Blocker 2 LLC*		1,131
	609	Yak Blocker 2 LLC*		1,224
	2,411	Yak Blocker 2 LLC*		2,409
	8,444	Yak Blocker 2 LLC*		8,436
	22,605	Yak Blocker 2 LLC*		22,585
				35,785
	TOTAL COMMON STOCKS (Cost $91,879)			62,764
	PREFERRED STOCKS: 2.3%
	Financials: 2.3%
		American National Group, Inc. - Series A
	100	5.950%, 12/01/2024(a)(b)		2,473
		CION Investment Corp.
	20,000	7.500%, 12/30/2029(c)*		498,400
		CNO Financial Group, Inc.
	2,000	5.125%, 11/25/2060		43,080
		Crescent Capital BDC, Inc.
	8,900	5.000%, 05/25/2026		216,715
		Eagle Point Credit Co., Inc.
	32,000	5.375%, 01/31/2029		736,934
		Oxford Lane Capital Corp.
	23,400	5.000%, 01/31/2027		552,240
		Selective Insurance Group, Inc. - Series B
	2,000	4.600%, 12/15/2025(b)(q)		39,520
		Trinity Capital, Inc.
	25,000	7.875%, 03/30/2029		633,250
	TOTAL PREFERRED STOCKS (Cost $2,838,602)			2,722,612
Principal Amount^
	ASSET-BACKED SECURITIES: 18.7%
	Home Equity ABS: 1.0%
		FIGRE Trust
	$88,968	Series 2024-HE1-B 6.506%, 03/25/2054(a)(d)		90,747
	137,954	Series 2024-HE2-C 6.720%, 05/25/2054(a)(d)		140,744
	142,865	Series 2024-HE3-C 6.229%, 07/25/2054(a)(d)		145,033
		Finance of America HECM Buyout
	100,000	Series 2022-HB2-M2 6.000%, 08/01/2032(a)(d)		99,551
		Morgan Stanley ABS Capital I, Inc. Trust
	257,437	Series 2006-HE8-A2D 5.189%, 10/25/2036(e) 1 mo. USD Term SOFR + 0.334%		114,532

Principal Amount^			Value
	Home Equity ABS (continued)
	$338,065	Series 2007-HE4-A2C 5.199%, 02/25/2037(e) 1 mo. USD Term SOFR + 0.344%	$	111,085
		Morgan Stanley IXIS Real Estate Capital Trust
	521,796	Series 2006-2-A3 5.119%, 11/25/2036(e) 1 mo. USD Term SOFR + 0.264%		171,070
	339,167	Series 2006-2-A4 5.189%, 11/25/2036(e) 1 mo. USD Term SOFR + 0.334%		111,195
		Saluda Grade Alternative Mortgage Trust
	86,190	Series 2023-FIG4-B 7.115%, 11/25/2053(a)(d)		88,471
		Vista Point Securitization Trust
	136,678	Series 2024-CES1-A1 6.676%, 05/25/2054(d)(f)		139,127
				1,211,555
	Other ABS: 17.7%
		AASET
	245,857	Series 2024-1A-A1 6.261%, 05/16/2049(d)		255,336
		AASET Trust
	128,693	Series 2019-1-A 3.844%, 05/15/2039(d)		124,279
	220,258	Series 2019-2-B 4.458%, 10/16/2039(d)		133,272
	138,939	Series 2020-1A-B 4.335%, 01/16/2040(d)		115,323
		AASET U.S. Ltd.
	66,125	Series 2018-2A-A 4.454%, 11/18/2038(d)		63,685
		ABPCI Direct Lending Fund ABS I Ltd.
	98,239	Series 2020-1A-B 4.935%, 12/29/2030(d)		94,925
		ABPCI Direct Lending Fund ABS IV LP
	250,000	Series 2024-1A-B 9.639%, 05/01/2034(d)		252,214
		ABPCI Direct Lending Fund CLO XV Ltd.
	250,000	Series 2023-15A-C 9.455%, 10/30/2035(d)(e) 3 mo. USD Term SOFR + 4.200%		254,779
		Adams Outdoor Advertising LP
	280,000	Series 2023-1-A2 6.967%, 07/15/2053(d)		297,862
		Aligned Data Centers Issuer LLC
	150,000	Series 2021-1A-B 2.482%, 08/15/2046(d)		140,516
		ALLO Issuer LLC
	100,000	Series 2024-1A-B 7.150%, 07/20/2054(d)		102,373
		Anchorage Credit Funding 4 Ltd.
	250,000	Series 2016-4A-CR 3.523%, 04/27/2039(d)		223,592

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		Applebee’s Funding LLC/IHOP Funding LLC
	$297,000	Series 2019-1A-A2II 4.723%, 06/05/2049(d)	$	292,391
		Aquila Funding
	250,000	7.400%, 09/30/2045		262,932
		ARES Direct Lending CLO 2 LLC
	100,000	Series 2024-2A-D 1.000%, 10/20/2036(c)(d)(e) 3 mo. USD Term SOFR + 3.900%		100,394
		Ares Finance Co. LLC
	500,000	0.000%, 10/15/2036(a)		667,300
		Blue Stream Issuer LLC
	100,000	Series 2023-1A-B 6.898%, 05/20/2053(d)		101,550
		Business Jet Securities LLC
	222,870	Series 2022-1A-B 5.192%, 06/15/2037(d)		219,044
	492,258	Series 2024-1A-B 6.924%, 05/15/2039(d)		507,872
		CARS-DB4 LP
	200,000	Series 2020-1A-B3 4.950%, 02/15/2050(d)		179,628
		CARS-DB7 LP
	98,750	Series 2023-1A-A2 6.500%, 09/15/2053(d)		101,248
	320,000	Series 2023-1A-B 7.750%, 09/15/2053(d)		328,727
		Castlelake Aircraft Securitization Trust
	36,274	Series 2018-1-A 4.125%, 06/15/2043(d)		33,855
		Castlelake Aircraft Structured Trust
	63,538	Series 2021-1A-B 6.656%, 01/15/2046(d)		61,472
		Cerberus Loan Funding XLII LLC
	250,000	Series 2023-3A-C 9.436%, 09/13/2035(d)(e) 3 mo. USD Term SOFR + 4.150%		255,119
		Cerberus Loan Funding XLIV LLC
	250,000	Series 2023-5A-C 9.501%, 01/15/2036(d)(e) 3 mo. USD Term SOFR + 4.200%		256,517
		Cerberus Loan Funding XLV LLC
	250,000	Series 2024-1A-C 8.451%, 04/15/2036(d)(e) 3 mo. USD Term SOFR + 3.150%		252,529
		Cerberus Loan Funding XLVI LP
	250,000	Series 2024-2A-C 8.356%, 07/15/2036(d)(e) 3 mo. USD Term SOFR + 3.050%		252,352
		Cerberus Loan Funding XLVII LLC
	250,000	Series 2024-3A-D 9.682%, 07/15/2036(d)(e) 3 mo. USD Term SOFR + 4.350%		251,544

Principal Amount^			Value
	Other ABS (continued)
		CFMT LLC
	$100,000	Series 2022-HB9 M1 3.250%, 09/25/2037(a)(d)	$	92,483
		CIFC Funding II Ltd.
	250,000	Series 2017-2A-DR 8.644%, 04/20/2030(d)(e) 3 mo. USD Term SOFR + 3.362%		250,521
		DigitalBridge Issuer LLC
	350,000	Series 2021-1A-A2 3.933%, 09/25/2051(d)		322,373
		Dryden 87 CLO Ltd.
	300,000	Series 2021-87A-SUB 0.000%, 05/20/2034(a)(d)		155,924
		Elm Trust
	45,336	Series 2020-4A-B 3.866%, 10/20/2029(d)		43,710
		Falcon Aerospace Ltd.
	79,196	Series 2017-1-B 6.300%, 02/15/2042(d)		76,029
		First Franklin Mortgage Loan Trust
	413,601	Series 2006-FF16-2A4 5.389%, 12/25/2036(e) 1 mo. USD Term SOFR + 0.534%		172,304
		FirstKey Homes Trust
	150,000	Series 2020-SFR2-G1 4.000%, 10/19/2037(d)		146,024
	100,000	Series 2020-SFR2-G2 4.500%, 10/19/2037(d)		97,514
		Fortress Credit BSL XV Ltd.
	250,000	Series 2022-2A-CR 7.879%, 10/18/2033(d)(e) 3 mo. USD Term SOFR + 2.600%		252,339
		Fortress Credit Opportunities IX CLO Ltd.
	250,000	Series 2017-9A-A2TR 7.363%, 10/15/2033(d)(e) 3 mo. USD Term SOFR + 2.062%		250,215
		GAIA Aviation Ltd.
	173,883	Series 2019-1-A 3.967%, 12/15/2044(d)(f)		163,271
	144,422	Series 2019-1-B 5.193%, 12/15/2044(d)(f)		130,231
		GoldenTree Loan Management U.S. CLO 9 Ltd.
	250,000	Series 2021-9A-CR 7.682%, 04/20/2037(d)(e) 3 mo. USD Term SOFR + 2.400%		254,155
	250,000	Series 2021-9A-DR 8.632%, 04/20/2037(d)(e) 3 mo. USD Term SOFR + 3.350%		252,708
		Golub Capital Partners ABS Funding Ltd.
	70,280	Series 2020-1A-B 4.496%, 01/22/2029(d)		68,523

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		Golub Capital Partners CLO 46M Ltd.
	$250,000	Series 2019-46A-CR 8.332%, 04/20/2037(d)(e) 3 mo. USD Term SOFR + 3.050%	$	252,226
		Hotwire Funding LLC
	750,000	Series 2021-1-C 4.459%, 11/20/2051(d)		703,047
		IP Lending X Ltd.
	320,000	Series 2023-10A-SNR 7.750%, 07/02/2029(d)		320,800
		Jersey Mike’s Funding
	99,500	Series 2021-1A-A2I 2.891%, 02/15/2052(d)		94,504
		JOL Air Ltd.
	150,968	Series 2019-1-A 3.967%, 04/15/2044(d)		145,817
		KDAC Aviation Finance Ltd.
	132,347	Series 2017-1A-A 4.212%, 12/15/2042(d)		122,240
		LCM 35 Ltd.
	520,000	Series 35A-SUB 0.000%, 10/15/2034(a)(d)		255,441
		LCM 37 Ltd.
	300,000	Series 37A-SUB 0.000%, 04/15/2034(a)(d)		144,000
		LCM 39 Ltd.
	250,000	Series 39A-E 14.131%, 10/15/2034(e)(d) 3 mo. USD Term SOFR + 8.830%		250,197
		Madison Park Funding LVIII Ltd.
	250,000	Series 2024-58A-D 8.973%, 04/25/2037(d)(e) 3 mo. USD Term SOFR + 3.650%		253,773
		Madison Park Funding XLVIII Ltd.
	250,000	Series 2021-48A-D 8.541%, 04/19/2033(d)(e) 3 mo. USD Term SOFR + 3.262%		250,655
		MAPS Trust
	62,943	Series 2021-1A-A 2.521%, 06/15/2046(d)		58,728
		MCA Fund Holding LLC
	105,006	Series 2020-1-B 4.247%, 11/15/2035(d)		99,594
		MidOcean Credit CLO VII
	500,000	Series 2017-7A-CR 7.763%, 07/15/2029(d)(e) 3 mo. USD Term SOFR + 2.462%		501,552
		Monroe Capital ABS Funding Ltd.
	136,827	Series 2021-1A-A2 2.815%, 04/22/2031(d)		132,447
		Monroe Capital Income Plus ABS Funding LLC
	140,000	Series 2022-1A-B 5.150%, 04/30/2032(d)		128,140
		Nassau CFO LLC
	107,744	Series 2019-1-A 3.980%, 08/15/2034(d)		99,171

Principal Amount^			Value
	Other ABS (continued)
		Navigator Aircraft ABS Ltd.
	$402,167	Series 2021-1-B 3.571%, 11/15/2046(d)(f)	$	368,868
		Neuberger Berman Loan Advisers CLO 44 Ltd.
	250,000	Series 2021-44A-SUB 0.000%, 10/16/2034(a)(d)		166,390
		Newtek Small Business Loan Trust
	25,019	Series 2018-1-A 7.450%, 02/25/2044(d)(e) U.S. (Fed) Prime Rate - 0.550%		24,888
	11,372	Series 2018-1-B 8.750%, 02/25/2044(d)(e) U.S. (Fed) Prime Rate + 0.750%		11,328
		Northwoods Capital 20 Ltd.
	250,000	Series 2019-20A-DR 9.816%, 01/25/2032(d)(e) 3 mo. USD Term SOFR + 4.532%		250,336
		OnDeck Asset Securitization Trust IV LLC
	340,000	Series 2023-1A-B 8.250%, 08/19/2030(d)		353,841
		Oportun Issuance Trust
	350,000	Series 2022-A-B 5.250%, 06/09/2031(d)		347,898
		Owl Rock CLO I LLC
	250,000	Series 2019-1A-C 9.378%, 02/20/2036(d)(e) 3 mo. USD Term SOFR + 4.250%		256,142
		Owl Rock CLO III Ltd.
	250,000	Series 2020-3A-BR 7.649%, 04/20/2036(d)(e) 3 mo. USD Term SOFR + 2.350%		252,129
		Owl Rock CLO XIII LLC
	250,000	Series 2023-13A-B 8.164%, 09/20/2035(d)(e) 3 mo. USD Term SOFR + 3.350%		253,628
		Owl Rock CLO XVI LLC
	250,000	Series 2024-16A-C 8.582%, 04/20/2036(d)(e) 3 mo. USD Term SOFR + 3.300%		252,995
		Oxford Finance Credit Fund III LP
	400,000	Series 2024-A-B 7.548%, 01/14/2032(d)		406,943
		Oxford Finance Funding LLC
	83,519	Series 2020-1A-B 4.037%, 02/15/2028(d)		82,782
		Oxford Finance Funding Trust
	200,000	Series 2023-1A-B 7.879%, 02/15/2031(d)		198,026
		Palmer Square Loan Funding Ltd.
	200,000	Series 2021-2A-SUB 0.000%, 05/20/2029(a)(d)		123,025
	250,000	Series 2021-3A-C 8.044%, 07/20/2029(d)(e) 3 mo. USD Term SOFR + 2.762%		250,739

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
	$200,000	Series 2021-3A-SUB 0.000%, 07/20/2029(a)(d)	$	115,342
	250,000	Series 2023-2A-B 7.985%, 01/25/2032(d)(e) 3 mo. USD Term SOFR + 2.700%		250,477
	575,000	Series 2024-3A-SUB 0.000%, 08/08/2032(d)(a)		572,596
		Preston Ridge Partners Mortgage LLC
	63,410	Series 2021-5-A1 4.793%, 06/25/2026(d)(f)		63,176
		ReadyCap Lending Small Business Loan Trust
	37,800	Series 2019-2-A 7.500%, 12/27/2044(d)(e) U.S. (Fed) Prime Rate - 0.500%		37,724
		Republic Finance Issuance Trust
	240,000	Series 2020-A-B 3.540%, 11/20/2030(d)		238,674
		Sapphire Aviation Finance I Ltd.
	87,576	Series 2018-1A-A 4.250%, 03/15/2040(d)		83,605
		Sapphire Aviation Finance II Ltd.
	197,108	Series 2020-1A-B 4.335%, 03/15/2040(d)		156,765
		SERVPRO Master Issuer LLC
	190,500	Series 2019-1A-A2 3.882%, 10/25/2049(d)		186,036
		Sonic Capital LLC
	191,833	Series 2020-1A-A2I 3.845%, 01/20/2050(d)		186,403
	47,958	Series 2020-1A-A2II 4.336%, 01/20/2050(d)		45,970
		Sprite Ltd.
	152,617	Series 2021-1-A 3.750%, 11/15/2046(d)		146,267
		Stack Infrastructure Issuer LLC
	250,000	Series 2020-1A-A2 1.893%, 08/25/2045(d)		242,718
		Start Ltd.
	103,121	Series 2018-1-A 4.089%, 05/15/2043(d)		97,613
		Stream Innovations Issuer Trust
	88,260	Series 2024-1A-A 6.270%, 07/15/2044(d)		90,672
		Subway Funding LLC
	150,000	Series 2024-1A-A23 6.505%, 07/30/2054(d)		155,821
	50,000	Series 2024-3A-A23 5.914%, 07/30/2054(d)		50,199
		Sunbird Engine Finance LLC
	145,464	Series 2020-1A-B 4.703%, 02/15/2045(d)		136,782
		Switch ABS Issuer LLC
	100,000	Series 2024-1A-A2 6.280%, 03/25/2054(d)		103,300
	50,000	Series 2024-2A-A2 5.436%, 06/25/2054(d)		50,635

Principal Amount^			Value
	Other ABS (continued)
		Symphony CLO 41 Ltd.
	$360,000	Series 2024-41A-SUB 0.000%, 07/20/2037(a)(d)	$	298,264
		Symphony CLO XXXI Ltd.
	650,000	Series 2022-31A-SUB 0.000%, 04/22/2035(a)(d)		435,694
		Taco Bell Funding LLC
	187,500	Series 2016-1A-A23 4.970%, 05/25/2046(d)		187,929
		Thrust Engine Leasing DAC
	382,511	Series 2021-1A-B 6.121%, 07/15/2040(d)		356,289
		Vault DI Issuer LLC
	250,000	Series 2021-1A-A2 2.804%, 07/15/2046(d)		229,676
		VB-S1 Issuer LLC
	250,000	Series 2022-1A-F 5.268%, 02/15/2052(d)		234,990
	100,000	Series 2024-1A-F 8.871%, 05/15/2054(d)		103,804
		VCP RRL ABS I Ltd.
	52,272	Series 2021-1A-C 5.425%, 10/20/2031(d)		48,464
		Venture XIII CLO Ltd.
	250,000	Series 2013-13A-SUB 0.000%, 09/10/2029(a)(d)		263
		Willis Engine Structured Trust VII
	220,275	Series 2023-A-A 8.000%, 10/15/2048(d)		234,789
				21,464,181
	TOTAL ASSET-BACKED SECURITIES (Cost $23,596,288)			22,675,736
	BANK LOANS: 18.9%
	Basic Materials: 0.3%
		GEON Performance Solutions LLC
	349,333	9.115%, 08/18/2028(e) 3 mo. USD Term SOFR + 4.250%		350,643
		Power Services Holding Co.
	28,540	9.460%, 11/22/2028(e) 1 mo. USD Term SOFR + 4.500%		28,455
				379,098
	Communications: 1.3%
		Cengage Learning, Inc.
	99,500	9.538%, 03/22/2031(e) 6 mo. USD Term SOFR + 4.250%		99,836
		Connect Finco SARL
	503,028	9.345%, 09/27/2029(e) 1 mo. USD Term SOFR + 4.500%		473,223
		Firstdigital Communications LLC
	49,625	11.250%, 12/17/2026(e) U.S. (Fed) Prime Rate + 3.250%		48,505
		Midcontinent Communications
	860,000	7.597%, 08/16/2031(e) 1 mo. USD Term SOFR + 2.500%		865,375

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Communications (continued)
		Syndigo LLC
	$120,008	9.460%, 12/15/2027(e) 1 mo. USD Term SOFR + 4.500%	$	119,857
		Xplornet Communications, Inc.
	59,365	0.000%, 10/02/2028(g)		10,686
				1,617,482
	Consumer, Cyclical: 2.4%
		ABG Intermediate Holdings 2 LLC
	150,000	0.000%, 12/21/2028(h)		150,328
		Accuride Corp.
	38,342	11.927%, 05/18/2026(e)(i) 1 mo. USD Term SOFR + 1.000% Cash, 5.870% PIK		25,953
	8,154	14.845%, 10/07/2024(e)		7,766
		Allen Media LLC
	506,067	10.254%, 02/10/2027(e) 3 mo. USD Term SOFR + 5.500%		331,633
		Alterra Mountain Co.
	99,750	8.345%, 05/31/2030(e) 1 mo. USD Term SOFR + 3.500%		100,207
		American Airlines, Inc.
	525,000	10.294%, 04/20/2028(e) 3 mo. USD Term SOFR + 4.750%		540,529
		Caesars Entertainment, Inc.
	49,750	7.595%, 02/06/2031(e) 1 mo. USD Term SOFR + 2.750%		49,824
		Fertitta Entertainment LLC
	99,237	8.847%, 01/27/2029(e) 1 mo. USD Term SOFR + 3.750%		99,075
		First Brands Group LLC
	93,382	9.865%, 03/30/2027(e) 3 mo. USD Term SOFR + 5.000%		92,551
		Foundation Building Materials Holding Co. LLC
	99,500	9.252%, 01/29/2031(e) 3 mo. USD Term SOFR + 4.000%		97,109
		FR Refuel LLC
	87,705	9.710%, 11/08/2028(e) 1 mo. USD Term SOFR + 4.750%		86,389
		Gibson Brands, Inc.
	97,250	10.579%, 08/11/2028(e) 6 mo. USD Term SOFR + 5.000%		93,036
		Laseraway Intermediate Holdings II LLC
	90,969	11.297%, 10/14/2027(e) 3 mo. USD Term SOFR + 5.750%		90,685
		Pacific Bells LLC
	59,563	9.365%, 11/10/2028(e) 3 mo. USD Term SOFR + 4.500%		59,694

Principal Amount^			Value
	Consumer, Cyclical (continued)
		PCI Gaming Authority
	$99,750	6.845%, 07/18/2031(e) 1 mo. USD Term SOFR + 2.000%	$	99,296
		Peer Holding III BV
	100,000	7.604%, 07/01/2031(e) 3 mo. USD Term SOFR + 3.000%		100,437
		Recess Holdings, Inc.
	99,251	9.752%, 02/20/2030(e) 3 mo. USD Term SOFR + 4.500%		99,772
		Tacala LLC
	49,750	8.845%, 01/31/2031(e) 1 mo. USD Term SOFR + 4.000%		49,887
		United Airlines, Inc.
	671,625	8.033%, 02/22/2031(e) 3 mo. USD Term SOFR + 2.750%		673,724
		Weber-Stephen Products LLC
	97,500	9.195%, 10/30/2027(e) 1 mo. USD Term SOFR + 4.250%		92,198
				2,940,093
	Consumer, Non-cyclical: 4.9%
		Albion Financing 3 SARL
	99,750	0.000%, 08/17/2029(h)		100,498
		American Residential Services LLC
	149,611	8.365%, 10/15/2027(e) 3 mo. USD Term SOFR + 3.500%		150,080
		Bausch Health Cos., Inc.
	93,188	10.195%, 02/01/2027(e) 1 mo. USD Term SOFR + 5.250%		89,658
		Blue Ribbon LLC
	215,769	11.580%, 05/08/2028(e) 3 mo. USD Term SOFR + 6.000%		152,387
		Cardenas Markets, Inc.
	98,741	11.454%, 08/01/2029(e) 3 mo. USD Term SOFR + 6.750%		97,671
		Chef’s Warehouse Leasing Co. LLC
	87,333	8.845%, 08/23/2029(e) 1 mo. USD Term SOFR + 4.000%		87,688
		CHG PPC Parent LLC
	69,638	7.710%, 12/08/2028(e) 1 mo. USD Term SOFR + 2.750%		69,551
		Congruex Group LLC
	44,530	11.152%, 05/03/2029(e) 3 mo. USD Term SOFR + 5.750%		34,940
		Crash Champions LLC
	129,677	9.852%, 02/23/2029(e) 3 mo. USD Term SOFR + 4.750%		125,193

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Consumer, Non-cyclical (continued)
		Dermatology Intermediate Holdings III, Inc.
	$98,738	9.095%, 03/30/2029(e) 1 mo. USD Term SOFR + 4.250%	$	94,347
		EyeCare Partners LLC
	83,939	9.990%, 11/30/2028(e) 3 mo. USD Term SOFR + 4.610%		60,961
	20,039	11.030%, 08/31/2028(e) 3 mo. USD Term SOFR + 5.750%		20,238
		Florida Food Products LLC
	66,907	9.960%, 10/18/2028(e) 1 mo. USD Term SOFR + 5.000%		59,077
		Fugue Finance BV
	99,750	8.807%, 02/26/2031(e) 3 mo. USD Term SOFR + 3.750%		100,486
		Global Medical Response, Inc.
	255,235	10.461%, 10/31/2028(e) 1 mo. USD Term SOFR + 5.500%		254,179
		Help At Home, Inc.
	1,353	9.857%, 10/29/2027(e) 1 mo. USD Term SOFR + 5.000%		1,357
	21,194	9.857%, 10/29/2027(e) 1 mo. USD Term SOFR + 5.000%		21,247
	146,771	9.857%, 10/29/2027(e) 1 mo. USD Term SOFR + 5.000%		147,138
		Holding Socotec
	97,000	9.342%, 06/30/2028(e) 3 mo. USD Term SOFR + 4.250%		97,061
		Imagefirst Holdings LLC
	37,599	8.854%, 04/27/2028(e) 3 mo. USD Term SOFR + 4.250%		37,505
		Inception Holdco SARL
	99,750	9.104%, 04/09/2031(e) 3 mo. USD Term SOFR + 4.500%		100,560
		MB2 Dental Solutions LLC
	6,000	10.845%-10.931%, 02/13/2031(e) 1 mo. USD Term SOFR + 6.000%		5,250
	96,041	10.845%, 02/13/2031(e) 1 mo. USD Term SOFR + 6.000%		95,846
	5,294	10.845%, 02/13/2031(e) 1 mo. USD Term SOFR + 6.000%		5,294
		Medline Borrower LP
	364,162	7.595%, 10/23/2028(e) 1 mo. USD Term SOFR + 2.750%		364,721

Principal Amount^			Value
	Consumer, Non-cyclical (continued)
		Midwest Veterinary Partners LLC
	$97,256	8.868%, 04/27/2028(e) 1 mo. USD Term SOFR + 3.750%	$	97,388
		Moran Foods LLC
	12,145	11.954%, 06/30/2026(e) 3 mo. USD Term SOFR + 7.250%		4,116
	5,688	11.954%, 06/30/2026(e)(i) 3 mo. USD Term SOFR + 7.250%, PIK		1,928
	11,623	17.353%, 06/30/2026(e)(i) 3 mo. USD Term SOFR + 2.000% Cash, 10.685% PIK		3,939
		MPH Acquisition Holdings LLC
	737,200	9.569%, 09/01/2028(e) 3 mo. USD Term SOFR + 4.250%		559,166
		NFM & J LP
	49,131	10.591%-11.102%, 11/30/2027(e) 3 mo. USD Term SOFR + 5.750%		48,314
	48,346	11.102%, 11/30/2027(e) 3 mo. USD Term SOFR + 5.750%		47,541
		Priority Holdings LLC
	324,188	0.000%, 05/16/2031(h)		324,238
	538,650	9.807%, 05/16/2031(e) 3 mo. USD Term SOFR + 4.750%		538,733
		Resonetics LLC
	100,000	8.715%, 06/18/2031(e) 1 mo. USD Term SOFR + 3.750%		100,250
		ScribeAmerica Intermediate Holdco LLC
	45,607	9.669%, 04/03/2025(e) 3 mo. USD Term SOFR + 4.500%		31,165
		Sotera Health Holdings LLC
	620,000	8.095%, 05/30/2031(e) 1 mo. USD Term SOFR + 3.250%		618,838
		Southern Veterinary Partners LLC
	119,690	7.995%, 10/05/2027(e) 6 mo. USD Term SOFR + 3.750%		120,064
		System One Holdings LLC
	884,529	8.504%, 03/02/2028(e) 3 mo. USD Term SOFR + 3.750%		886,740
		Women’s Care Enterprises LLC
	190,361	9.852%, 01/15/2028(e) 3 mo. USD Term SOFR + 4.500%		184,491
		WW International, Inc.
	9,000	8.460%, 04/13/2028(e) 1 mo. USD Term SOFR + 3.500%		2,482
				5,942,326

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Energy: 1.5%
		AL GCX Holdings LLC
	$150,000	7.868%, 05/17/2029(e) 1 mo. USD Term SOFR + 2.750%	$	150,500
		AL NGPL Holdings LLC
	288,604	7.814%, 04/17/2028(e) 3 mo. USD Term SOFR + 2.500%		289,417
		BANGL LLC
	99,001	9.825%, 02/01/2029(e) 3 mo. USD Term SOFR + 4.500%		99,248
		GIP II Blue Holding LP
	30	8.595%, 09/29/2028(e) 1 mo. USD Term SOFR + 3.750%		30
		Medallion Midland Acquisition LLC
	352,338	8.314%, 10/18/2028(e) 3 mo. USD Term SOFR + 3.500%		353,174
		Rockpoint Gas Storage Partners LP
	900,000	0.000%, 09/18/2031(h)		897,377
		Venture Global Calcasieu Pass LLC
	19,031	7.820%, 08/19/2026(e) 1 mo. USD Term SOFR + 2.875%		19,078
				1,808,824
	Financial: 3.1%
		Advisor Group, Inc.
	99,501	8.845%, 08/17/2028(e) 1 mo. USD Term SOFR + 4.000%		98,552
		AllSpring Buyer LLC
	151,900	8.625%, 11/01/2028(e) 3 mo. USD Term SOFR + 4.000%		151,995
	194,005	8.137%, 11/01/2028(e) 3 mo. USD Term SOFR + 3.250%		193,641
		AqGen Island Holdings, Inc.
	99,215	8.460%, 08/02/2028(e) 1 mo. USD Term SOFR + 3.500%		99,340
		Ardonagh Midco 3 PLC
	50,000	8.535%, 02/15/2031(e) 3 mo. USD Term SOFR + 3.750%		50,180
		Aretec Group, Inc.
	99,001	8.845%, 08/09/2030(e) 1 mo. USD Term SOFR + 4.000%		97,117
		Asurion LLC
	98,747	9.195%, 08/19/2028(e) 1 mo. USD Term SOFR + 4.250%		97,442
		Blackhawk Network Holdings, Inc.
	29,925	9.845%, 03/12/2029(e) 1 mo. USD Term SOFR + 5.000%		30,093

Principal Amount^			Value
	Financial (continued)
		Capstone Acquisition Holdings, Inc.
	$137,924	9.445%, 11/12/2029(e) 1 mo. USD Term SOFR + 4.500%	$	137,141
		Chrysaor Bidco SARL
	6,886	0.000%, 05/14/2031(h)		6,922
	93,114	0.000%, 07/14/2031(h)		93,603
		Citadel Securities LP
	98,760	7.095%, 07/29/2030(e) 1 mo. USD Term SOFR + 2.250%		98,810
		Eisner Advisory Group LLC
	99,251	8.845%, 02/28/2031(e) 1 mo. USD Term SOFR + 4.000%		99,713
		Fiserv Investment Solutions, Inc.
	99,223	9.128%, 02/18/2027(e) 3 mo. USD Term SOFR + 4.000%		95,626
		Higginbotham Insurance Agency, Inc.
	142,926	9.350%, 11/24/2028(e) 1 mo. USD Term SOFR + 4.500%		141,801
		HighTower Holdings LLC
	135,407	8.764%, 04/21/2028(e) 3 mo. USD Term SOFR + 3.500%		135,640
		HUB International Ltd.
	99,501	8.225%, 06/20/2030(e) 3 mo. USD Term SOFR + 3.000%		99,468
		HV Eight LLC
	424,946 (EUR)	6.845%, 11/22/2027(e) 3 mo. EURIBOR + 3.500%		473,735
		Jones Deslauriers Insurance Management, Inc.
	99,500	8.353%, 03/15/2030(e) 3 mo. USD Term SOFR + 3.250%		99,599
		LendingTree, Inc.
	547,400	8.960%, 09/15/2028(e) 1 mo. USD Term SOFR + 4.000%		544,937
		Midcap Financial Holdings Trust
	435,000	8.557%, 04/15/2027(e) 3 mo. USD Term SOFR + 3.500%		435,000
		PMH Newco LP
	263,198	7.818%, 10/02/2030(e) 3 mo. USD Term SOFR + 3.150%		262,582
		PMH SPV C LLC
	75,159	7.818%, 10/02/2030(e) 3 mo. USD Term SOFR + 3.150%		74,637
		Saphilux SARL
	99,500	8.561%, 07/18/2028(e) 3 mo. USD Term SOFR + 3.500%		99,811
				3,717,385

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Industrial: 2.3%
		Anchor Packaging, Inc.
	$98,971	8.595%, 07/18/2029(e) 1 mo. USD Term SOFR + 3.750%	$	99,443
		API Holdings III LLC
	7,802	11.604%, 03/25/2027(e)(i) 3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK		7,631
	103,603	11.604%, 05/10/2027(e)(i) 3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK		76,505
		Arcline FM Holdings LLC
	99,744	9.567%, 06/23/2028(e) 6 mo. USD Term SOFR + 4.500%		100,065
		Azuria Water Solutions, Inc.
	99,251	8.595%, 05/17/2028(e) 1 mo. USD Term SOFR + 3.750%		99,779
		Bettcher Industries, Inc.
	99,490	8.604%, 12/14/2028(e) 3 mo. USD Term SOFR + 4.000%		99,158
		Bleriot U.S. Bidco, Inc.
	98,753	7.854%, 10/31/2030(e) 3 mo. USD Term SOFR + 3.250%		98,999
		CP Atlas Buyer, Inc.
	98,755	8.695%, 11/23/2027(e) 1 mo. USD Term SOFR + 3.750%		97,634
		Dispatch Acquisition Holdings LLC
	59,917	9.004%, 03/27/2028(e) 3 mo. USD Term SOFR + 4.250%		54,797
		EMRLD Borrower LP
	410,000	7.557%, 08/04/2031(e) 3 mo. USD Term SOFR + 2.500%		409,670
	85,111	7.557%, 05/31/2030(e) 3 mo. USD Term SOFR + 2.500%		85,048
		Ilpea Parent, Inc.
	473,305	8.845%, 06/22/2028(e) 1 mo. USD Term SOFR + 4.500%		474,488
		Michael Baker International LLC
	49,875	9.595%, 12/01/2028(e) 1 mo. USD Term SOFR + 4.750%		50,187
		Orion Group Holdco LLC
	52,831	10.865%, 03/19/2027(e) 3 mo. USD Term SOFR + 6.000%		52,429
	1,304	13.500%, 03/19/2027(e) 3 mo. USD Term SOFR + 6.000%		1,174
	34,417	10.865%, 03/19/2027(e) 3 mo. USD Term SOFR + 6.250%		33,723

Principal Amount^			Value
	Industrial (continued)
		Pelican Products, Inc.
	$98,731	9.115%, 12/29/2028(e) 3 mo. USD Term SOFR + 4.250%	$	91,379
		Propulsion BC Finco SARL
	655,663	8.354%, 09/14/2029(e) 3 mo. USD Term SOFR + 3.750%		658,535
		Quikrete Holdings, Inc.
	99,500	7.345%, 04/14/2031(e) 1 mo. USD Term SOFR + 2.500%		99,647
		Service Logic Acquisition, Inc.
	98,730	8.314%, 10/29/2027(e) 3 mo. USD Term SOFR + 3.500%		99,131
				2,789,422
	Technology: 2.1%
		Apttus Corp.
	128,728	8.557%, 05/08/2028(e) 3 mo. USD Term SOFR + 3.500%		129,355
		Aston FinCo SARL
	95,500	9.210%, 10/09/2026(e) 1 mo. USD Term SOFR + 4.250%		91,023
		Athenahealth Group, Inc.
	569,847	8.095%, 02/15/2029(e) 1 mo. USD Term SOFR + 3.250%		567,237
		Atlas CC Acquisition Corp.
	15,746	9.569%, 05/25/2028(e) 3 mo. USD Term SOFR + 4.250%		12,238
	3,203	9.569%, 05/25/2028(e) 3 mo. USD Term SOFR + 4.250%		2,489
		Avalara, Inc.
	136,364	10.854%, 10/19/2028(e) 3 mo. USD Term SOFR + 6.250%		135,046
		Banff Merger Sub, Inc.
	100,000	9.005%, 07/30/2031(e) 3 mo. USD Term SOFR + 3.750%		99,921
		Central Parent, Inc.
	615,350	7.854%, 07/06/2029(e) 3 mo. USD Term SOFR + 3.250%		609,710
		Darktrace PLC
	80,000	0.000%, 07/02/2031(h)		78,866
		Drake Software LLC
	150,000	9.095%, 06/26/2031(e) 3 mo. USD Term SOFR + 4.250%		144,750
		Finastra USA, Inc.
	4,632	12.181%, 09/13/2029(e) 3 mo. USD Term SOFR + 7.250%		4,607

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Technology (continued)
	$90,545	12.181%, 09/13/2029(e) 3 mo. USD Term SOFR + 7.250%	$	89,873
		Modena Buyer LLC
	100,000	9.104%, 07/01/2031(e) 3 mo. USD Term SOFR + 4.500%		95,969
		Pegasus Bidco Ltd.
	50,000	9.104%, 08/16/2031(e) 3 mo. USD Term SOFR + 4.500%		50,063
		Press Ganey Holdings, Inc.
	100,000	8.345%, 04/30/2031(e) 1 mo. USD Term SOFR + 3.500%		99,902
		Project Ruby Ultimate Parent Corp.
	99,500	8.460%, 03/10/2028(e) 1 mo. USD Term SOFR + 3.500%		99,612
		Sitecore Holding III AS
	128,788	13.296%, 03/12/2029(e) 6 mo. USD Term SOFR + 7.750%		128,285
		World Wide Technology Holding Co. LLC
	88,803	7.815%, 03/01/2030(e) 1 mo. USD Term SOFR + 2.750%		89,136
				2,528,082
	Utilities: 1.0%
		Calpine Construction Finance Co. LP
	99,500	6.845%, 07/31/2030(e) 1 mo. USD Term SOFR + 2.000%		98,961
		Eastern Power LLC
	1,101,582	10.095%, 04/03/2028(e) 1 mo. USD Term SOFR + 5.250%		1,104,270
				1,203,231
	TOTAL BANK LOANS (Cost $23,423,356)			22,925,943
	CONVERTIBLE BONDS: 0.2%
	Communications: 0.0%
		Cable One, Inc.
	50,000	0.000%, 03/15/2026(j)		46,000
	Energy: 0.2%
		NextEra Energy Partners LP
	240,000	2.500%, 06/15/2026(d)		226,490
	TOTAL CONVERTIBLE BONDS (Cost $262,942)			272,490
	CORPORATE BONDS: 42.1%
	Basic Materials: 0.9%
		Alcoa Nederland Holding BV
	200,000	5.500%, 12/15/2027(d)		200,925
		Arsenal AIC Parent LLC
	100,000	8.000%, 10/01/2030(d)		107,434

Principal Amount^			Value
	Basic Materials (continued)
		International Flavors & Fragrances, Inc.
	$90,000	1.230%, 10/01/2025(d)	$	86,897
		Mativ Holdings, Inc.
	346,000	6.875%, 10/01/2026(d)		346,007
		Minerals Technologies, Inc.
	65,000	5.000%, 07/01/2028(d)		63,209
		Novelis Corp.
	100,000	3.250%, 11/15/2026(d)		96,584
		SCIL IV LLC/SCIL USA Holdings LLC
	100,000 (EUR)	9.500%, 07/15/2028(d)		120,593
		SK Invictus Intermediate II SARL
	100,000	5.000%, 10/30/2029(d)		96,096
				1,117,745
	Communications: 3.3%
		Altice France SA
	200,000	5.500%, 10/15/2029(d)		140,308
		AMC Networks, Inc.
	50,000	10.250%, 01/15/2029(d)		51,427
	150,000	4.250%, 02/15/2029		108,636
		British Telecommunications PLC
	200,000	4.875%, 11/23/2081(a)(d) 5 yr. CMT + 3.493%		185,050
		CCO Holdings LLC/CCO Holdings Capital Corp.
	1,105,000	7.375%, 03/01/2031(d)		1,132,509
		Cogent Communications Group LLC
	100,000	3.500%, 05/01/2026(d)		97,568
		Cogent Communications Group, Inc./Cogent Communications Finance, Inc.
	100,000	7.000%, 06/15/2027(d)		101,799
		Connect Finco SARL/Connect U.S. Finco LLC
	330,000	6.750%, 10/01/2026(d)		330,000
	290,000	9.000%, 09/15/2029(d)		281,121
		LCPR Senior Secured Financing DAC
	200,000	5.125%, 07/15/2029(d)(q)		163,740
		Level 3 Financing, Inc.
	38,188	11.000%, 11/15/2029(d)		42,359
	231,000	4.500%, 04/01/2030(d)		180,003
		Match Group Holdings II LLC
	50,000	5.000%, 12/15/2027(d)		49,583
	50,000	4.625%, 06/01/2028(d)		48,663
		McGraw-Hill Education, Inc.
	100,000	5.750%, 08/01/2028(d)		98,901
	40,000	8.000%, 08/01/2029(d)		40,184
		Paramount Global
	16,000	5.900%, 10/15/2040		14,199
	10,000	4.850%, 07/01/2042		7,974
	8,000	5.250%, 04/01/2044		6,391
	28,000	4.900%, 08/15/2044		21,510
	5,000	4.600%, 01/15/2045		3,695
		Sirius XM Radio, Inc.
	100,000	3.125%, 09/01/2026(d)		96,643
		TEGNA, Inc.
	615,000	4.625%, 03/15/2028		589,152
		Virgin Media Finance PLC
	100,000	5.000%, 07/15/2030(d)		87,995

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Communications (continued)
		Vodafone Group PLC
	$100,000	5.125%, 06/04/2081(a) 5 yr. CMT + 3.073%	$	82,578
				3,961,988
	Consumer, Cyclical: 3.9%
		Advance Auto Parts, Inc.
	100,000	5.900%, 03/09/2026		101,069
		Air Canada
	100,000 (CAD)	4.625%, 08/15/2029(d)		72,885
		Air Canada Pass Through Trust
	14,315	Series 2020-2-A 5.250%, 10/01/2030(d)		14,350
		Allwyn Entertainment Financing U.K. PLC
	120,000 (EUR)	7.250%, 04/30/2030		142,482
		Asbury Automotive Group, Inc.
	44,000	4.625%, 11/15/2029(d)		42,000
		Beacon Roofing Supply, Inc.
	100,000	6.500%, 08/01/2030(d)		103,599
		CD&R Smokey Buyer, Inc.
	100,000	6.750%, 07/15/2025(d)		100,058
		Clarios Global LP/Clarios U.S. Finance Co.
	100,000	6.250%, 05/15/2026(d)		100,050
		Deuce Finco PLC
	100,000 (GBP)	5.500%, 06/15/2027(d)		131,727
		Ferrellgas LP/Ferrellgas Finance Corp.
	140,000	5.375%, 04/01/2026(d)		139,787
		Flutter Treasury DAC
	200,000	6.375%, 04/29/2029(d)		207,291
		Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd.
	791,000	11.000%, 04/15/2029(d)		796,600
		International Game Technology PLC
	200,000	4.125%, 04/15/2026(d)		197,544
		JB Poindexter & Co., Inc.
	30,000	8.750%, 12/15/2031(d)		31,784
		Lightning eMotors, Inc.
	65,000	7.500%, 03/01/2037		60,992
	130,000	Series 2022-1-A 5.500%, 03/01/2037		121,940
		Macy’s Retail Holdings LLC
	577,000	5.875%, 03/15/2030(d)		566,597
		Motel One GmbH/Muenchen
	100,000 (EUR)	7.750%, 04/02/2031(d)		117,708
		Murphy Oil USA, Inc.
	125,000	3.750%, 02/15/2031(d)		112,747
		Nordstrom, Inc.
	485,000	4.375%, 04/01/2030		443,343
		Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.
	100,000	8.000%, 08/01/2030(d)		104,095
		Penn Entertainment, Inc.
	100,000	4.125%, 07/01/2029(d)		91,123
		Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.
	100,000	6.625%, 03/01/2030(d)		99,341

Principal Amount^			Value
	Consumer, Cyclical (continued)
		Six Flags Entertainment Corp./Six Flags Theme Parks, Inc.
	$125,000	6.625%, 05/01/2032(d)	$	129,557
		Superior Plus LP/Superior General Partner, Inc.
	100,000	4.500%, 03/15/2029(d)		95,247
		Thunderbird Entertainment Group, Inc.
	65,000	7.500%, 03/01/2037		60,992
	130,000	Series 2022-1-A 5.500%, 03/01/2037		121,940
		United Airlines, Inc.
	100,000	4.375%, 04/15/2026(d)		98,556
		Velocity Vehicle Group LLC
	100,000	8.000%, 06/01/2029(d)		104,151
		Versuni Group BV
	100,000 (EUR)	3.125%, 06/15/2028		105,980
		Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
	100,000	6.250%, 03/15/2033(d)(q)		101,470
				4,717,005
	Consumer, Non-cyclical: 3.3%
		ADT Security Corp.
	100,000	4.875%, 07/15/2032(d)		95,606
		Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
	100,000	3.250%, 03/15/2026(d)		96,787
		Altria Group, Inc.
	10,000	4.450%, 05/06/2050		8,382
		Ashtead Capital, Inc.
	420,000	5.500%, 08/11/2032(d)		430,107
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
	510,000	8.250%, 01/15/2030(d)(q)		522,510
		Bausch Health Cos., Inc.
	725,000	4.875%, 06/01/2028(d)		568,034
		BCP V Modular Services Finance II PLC
	100,000 (EUR)	4.750%, 11/30/2028(d)		108,648
		Block, Inc.
	100,000	6.500%, 05/15/2032(d)		104,258
		Boost Newco Borrower LLC
	200,000	7.500%, 01/15/2031(d)		214,788
		Carriage Services, Inc.
	100,000	4.250%, 05/15/2029(d)		92,744
		Catalent Pharma Solutions, Inc.
	72,000	3.125%, 02/15/2029(d)		71,000
		CPI CG, Inc.
	30,000	10.000%, 07/15/2029(d)		31,603
		Endo Luxembourg Finance SARL
	100,000	0.000%, 04/01/2029(d)		0
		GXO Logistics, Inc.
	100,000	6.250%, 05/06/2029		105,243
		IQVIA, Inc.
	200,000	5.000%, 10/15/2026(d)		199,640
		JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL
	50,000	3.750%, 12/01/2031		46,019
	100,000	4.375%, 02/02/2052		79,456

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Non-cyclical (continued)
		JDR Owner LLC
	$250,000	1.000%, 01/31/2026(a)	$	250,000
		Medline Borrower LP
	100,000	3.875%, 04/01/2029(d)		94,755
		Medline Borrower LP/Medline Co.-Issuer, Inc.
	100,000	6.250%, 04/01/2029(d)		103,182
		Perrigo Finance Unlimited Co.
	100,000 (EUR)	5.375%, 09/30/2032		113,563
		Prime Security Services Borrower LLC/Prime Finance, Inc.
	100,000	5.750%, 04/15/2026(d)		100,548
		Smithfield Foods, Inc.
	150,000	2.625%, 09/13/2031(d)		127,067
		Sotheby’s/Bidfair Holdings, Inc.
	200,000	5.875%, 06/01/2029(d)		176,291
		TriNet Group, Inc.
	100,000	7.125%, 08/15/2031(d)		104,269
		Valvoline, Inc.
	66,000	3.625%, 06/15/2031(d)		59,130
		Verisure Holding AB
	100,000 (EUR)	5.500%, 05/15/2030(d)		114,996
		WW International, Inc.
	91,000	4.500%, 04/15/2029(d)		20,849
				4,039,475
	Energy: 2.8%
		BP Capital Markets PLC
	250,000	4.875%, 03/22/2030(a)(b) 5 yr. CMT + 4.398%		248,069
		Buckeye Partners LP
	100,000	3.950%, 12/01/2026		97,164
		Cheniere Energy Partners LP
	100,000	5.750%, 08/15/2034(d)		104,292
		CTL AZ Battery Property
	100,000	6.730%, 02/20/2046		104,937
		CVR Energy, Inc.
	100,000	8.500%, 01/15/2029(d)		101,313
		DT Midstream, Inc.
	100,000	4.125%, 06/15/2029(d)		95,728
		Energy Transfer LP
	510,000	7.375%, 02/01/2031(d)		542,927
		Global Partners LP/GLP Finance Corp.
	100,000	7.000%, 08/01/2027		100,825
	25,000	6.875%, 01/15/2029		25,146
		Hess Midstream Operations LP
	100,000	5.625%, 02/15/2026(d)		100,130
		HF Sinclair Corp.
	100,000	6.375%, 04/15/2027		101,394
		ITT Holdings LLC
	125,000	6.500%, 08/01/2029(d)		118,595
		Kinetik Holdings LP
	100,000	5.875%, 06/15/2030(d)		100,758
		Midwest Connector Capital Co. LLC
	99,000	4.625%, 04/01/2029(d)		98,472
		NuStar Logistics LP
	100,000	6.375%, 10/01/2030		104,054
		Occidental Petroleum Corp.
	100,000	7.875%, 09/15/2031		115,939
		Parkland Corp.
	100,000	4.625%, 05/01/2030(d)		94,398

Principal Amount^			Value
	Energy (continued)
		Sunoco LP
	$460,000	7.000%, 05/01/2029(d)	$	481,013
	50,000	7.250%, 05/01/2032(d)		53,043
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	150,000	5.500%, 03/01/2030		152,843
		TransMontaigne Partners LP/TLP Finance Corp.
	100,000	6.125%, 02/15/2026		98,358
		Venture Global Calcasieu Pass LLC
	100,000	3.875%, 08/15/2029(d)		94,682
		Venture Global LNG, Inc.
	50,000	9.500%, 02/01/2029(d)		56,206
	50,000	9.000%, 09/30/2029(a)(b)(d) 5 yr. CMT + 5.440%		50,730
	50,000	9.875%, 02/01/2032(d)		55,606
		Viper Energy, Inc.
	150,000	5.375%, 11/01/2027(d)		149,655
				3,446,277
	Financial: 21.1%
		AccorInvest Group SA
	100,000 (EUR)	6.375%, 10/15/2029(d)(c)		115,571
		Aegon Ltd.
	300,000	5.500%, 04/11/2048(a) 6 mo. USD LIBOR + 3.540%		300,471
		Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
	100,000	7.000%, 01/15/2031(d)		102,858
		American Coastal Insurance Corp.
	255,000	7.250%, 12/15/2027		241,324
		AP Grange Holdings
	400,000	6.500%, 03/20/2045		403,316
		Apollo Management Holdings LP
	700,000	4.950%, 01/14/2050(a)(d) 5 yr. CMT + 3.266%		698,250
		Arbor Realty SR, Inc.
	685,000	Series QIB 8.500%, 10/15/2027(d)		650,470
		AXIS Specialty Finance LLC
	400,000	4.900%, 01/15/2040(a) 5 yr. CMT + 3.186%		383,801
		Bank of America Corp.
	950,000	Series RR 4.375%, 01/27/2027(a)(b) 5 yr. CMT + 2.760%		921,785
		BlackRock TCP Capital Corp.
	395,000	6.950%, 05/30/2029		402,707
		Blackstone Mortgage Trust, Inc.
	197,000	3.750%, 01/15/2027(d)		183,293
		Blue Owl Technology Finance Corp. II
	495,000	6.750%, 04/04/2029(d)		497,202
		Brazilian Merchant Voucher Receivables Ltd.
	121,926	4.180%, 04/07/2028(a)(k)		120,258
		Bread Financial Holdings, Inc.
	745,000	9.750%, 03/15/2029(d)		788,498
		Brightsphere Investment Group, Inc.
	235,000	4.800%, 07/27/2026		230,405
		Ceamer Finance II LLC
	231,717	6.920%, 11/15/2037		233,240

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		Charles Schwab Corp.
	$100,000	Series H 4.000%, 12/01/2030(a)(b) 10 yr. CMT + 3.079%	$	89,519
		CION Investment Corp.
	230,000	4.500%, 02/11/2026		224,391
		Citigroup, Inc.
	100,000	Series W 4.000%, 12/10/2025(a)(b) 5 yr. CMT + 3.597%		98,222
	150,000	Series X 3.875%, 02/18/2026(a)(b) 5 yr. CMT + 3.417%		144,714
		CNO Financial Group, Inc.
	50,000	6.450%, 06/15/2034(q)		52,723
		Comerica Bank
	645,000	4.000%, 07/27/2025		639,711
		Corebridge Financial, Inc.
	660,000	6.875%, 12/15/2052(a) 5 yr. CMT + 3.846%		682,702
		Cushman & Wakefield U.S. Borrower LLC
	71,000	6.750%, 05/15/2028(d)		72,008
		Doctors Co. An Interinsurance Exchange
	350,000	4.500%, 01/18/2032(d)		296,421
		Dyal Capital Partners III
	132,000	Series B 6.550%, 06/15/2044		136,221
		Dyal Capital Partners LP
	168,000	6.550%, 06/15/2044		173,373
		Encore Capital Group, Inc.
	200,000	8.500%, 05/15/2030(d)		210,971
		Enstar Finance LLC
	230,000	5.750%, 09/01/2040(a) 5 yr. CMT + 5.468%		227,571
	950,000	5.500%, 01/15/2042(a) 5 yr. CMT + 4.006%		887,180
		Equitable Holdings, Inc.
	146,000	Series B 4.950%, 09/15/2025(a)(b)(q) 5 yr. CMT + 4.736%		144,978
		F&G Annuities & Life, Inc.
	400,000	7.400%, 01/13/2028		422,797
		Fairfax India Holdings Corp.
	320,000	5.000%, 02/26/2028(d)		295,600
		Fidelis Insurance Holdings Ltd.
	630,000	6.625%, 04/01/2041(a)(d) 5 yr. CMT + 6.323%		626,592
		Fifth Third Bancorp
	400,000	6.361%, 10/27/2028(a) 1 day USD SOFR Index + 2.192%		421,303
		Focus Financial Partners LLC
	100,000	6.750%, 09/15/2031(d)		100,876
		FS KKR Capital Corp.
	100,000	3.250%, 07/15/2027		94,732
		Global Atlantic Fin Co.
	516,000	7.950%, 06/15/2033(d)		588,566
	50,000	4.700%, 10/15/2051(a)(d) 5 yr. CMT + 3.796%		47,876

Principal Amount^			Value
	Financial (continued)
	$24,000	6.750%, 03/15/2054(d)	$	25,524
	210,000	7.950%, 10/15/2054(a)(d) 5 yr. CMT + 3.608%		219,729
		Globe Life, Inc.
	30,000	5.850%, 09/15/2034		30,986
		GLP Capital LP/GLP Financing II, Inc.
	50,000	5.300%, 01/15/2029		50,917
	140,000	4.000%, 01/15/2031		131,788
		Goldman Sachs Group, Inc.
	100,000	Series U 3.650%, 08/10/2026(a)(b) 5 yr. CMT + 2.915%		95,030
	150,000	Series X 7.500%, 05/10/2029(a)(b) 5 yr. CMT + 2.809%		159,299
		HA Sustainable Infrastructure Capital, Inc.
	575,000	6.375%, 07/01/2034(d)		588,277
		HAT Holdings I LLC/HAT Holdings II LLC
	450,000	3.375%, 06/15/2026(d)		436,073
		Horace Mann Educators Corp.
	54,000	7.250%, 09/15/2028		58,702
		Host Hotels & Resorts LP
	150,000	Series I 3.500%, 09/15/2030		139,128
		Hunt Cos., Inc.
	100,000	5.250%, 04/15/2029(d)		96,828
		Iron Mountain, Inc.
	150,000	5.625%, 07/15/2032(d)(q)		149,498
		Jane Street Group/JSG Finance, Inc.
	100,000	4.500%, 11/15/2029(d)		96,253
	170,000	7.125%, 04/30/2031(d)		180,255
		Jefferies Finance LLC/JFIN Co.-Issuer Corp.
	200,000	5.000%, 08/15/2028(d)		190,353
		Kennedy-Wilson, Inc.
	100,000	4.750%, 03/01/2029		92,662
	100,000	4.750%, 02/01/2030		90,779
	56,000	5.000%, 03/01/2031		50,250
		KKR Core Holding Co. LLC
	89,531	4.000%, 08/12/2031		83,509
		Kuvare U.S. Holdings, Inc.
	90,000	Series A 7.000%, 02/17/2051(a)(d) 5 yr. CMT + 6.541%		90,675
		Liberty Mutual Group, Inc.
	220,000	4.300%, 02/01/2061(d)		147,989
		LPL Holdings, Inc.
	150,000	4.000%, 03/15/2029(d)		143,562
		Lvnv Funding LLC
	100,000	7.800%, 11/05/2028		106,687
		Main Street Capital Corp.
	245,000	6.950%, 03/01/2029		255,630
		Markel Group, Inc.
	170,000	6.000%, 06/01/2025(a)(b) 5 yr. CMT + 5.662%		170,029
		Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
	1,000,000	5.875%, 05/23/2042(a)(d) 5 yr. CMT + 3.982%		1,048,790

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		Nationstar Mortgage Holdings, Inc.
	$70,000	5.000%, 02/01/2026(d)(q)	$	69,719
		Obra Longevity Fund LP
	250,000	Class A 8.478%, 06/30/2039		254,425
		OFS Capital Corp.
	620,000	4.750%, 02/10/2026		590,895
		OneAmerica Financial Partners, Inc.
	70,000	4.250%, 10/15/2050(d)		51,972
		OneMain Finance Corp.
	100,000	9.000%, 01/15/2029		106,053
		Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc.
	535,000	6.375%, 02/01/2027(d)		531,952
		PartnerRe Finance B LLC
	290,000	4.500%, 10/01/2050(a) 5 yr. CMT + 3.815%		269,683
		PennyMac Financial Services, Inc.
	20,000	7.875%, 12/15/2029(d)		21,344
	100,000	7.125%, 11/15/2030(d)		103,611
		RenaissanceRe Holdings Ltd.
	425,000	5.750%, 06/05/2033		445,815
		Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
	150,000	3.875%, 03/01/2031(d)		137,957
		Safehold GL Holdings LLC
	100,000	6.100%, 04/01/2034		105,595
		Scentre Group Trust 2
	410,000	5.125%, 09/24/2080(a)(d) 5 yr. CMT + 4.685%		404,598
		Sculptor Alternative Solutions LLC
	500,000	6.000%, 05/15/2037(d)		431,600
		Sherwood Financing PLC
	130,000 (EUR)	8.167%, 11/15/2027(e) 3 mo. EURIBOR + 4.625%		137,909
		SiriusPoint Ltd.
	200,000	7.000%, 04/05/2029		209,886
		SLM Corp.
	100,000	4.200%, 10/29/2025		98,953
		Starwood Property Trust, Inc.
	560,000	4.375%, 01/15/2027(d)		544,767
		State Street Corp.
	100,000	Series J 6.700%, 09/15/2029(a)(b) 5 yr. CMT + 2.628%		103,743
		Stewart Information Services Corp.
	625,000	3.600%, 11/15/2031		549,856
		Strategic Credit Opportunities Partners LLC
	345,000	Series A 4.250%, 04/01/2026		334,109
		Toronto-Dominion Bank
	50,000	8.125%, 10/31/2082(a) 5 yr. CMT + 4.075%		53,765
		Trinity Capital, Inc.
	320,000	4.375%, 08/24/2026		304,246
		U.S. Bancorp
	925,000	Series N 3.700%, 01/15/2027(a)(b) 5 yr. CMT + 2.541%		854,195
		United Wholesale Mortgage LLC
	100,000	5.500%, 04/15/2029(d)		97,475

Principal Amount^			Value
	Financial (continued)
		Universal Insurance Holdings, Inc.
	$345,000	5.625%, 11/30/2026	$	338,406
		VFH Parent LLC/Valor Co.-Issuer, Inc.
	100,000	7.500%, 06/15/2031(d)		104,815
		Wells Fargo & Co.
	100,000	7.625%, 09/15/2028(a)(b) 5 yr. CMT + 3.606%		109,148
	100,000	6.850%, 09/15/2029(a)(b) 5 yr. CMT + 2.767%		104,526
	100,000	Series BB 3.900%, 03/15/2026(a)(b) 5 yr. CMT + 3.453%		97,238
		Wilton RE Ltd.
	190,000	6.000%, 10/22/2030(a)(b)(d) 5 yr. CMT + 5.266%		175,542
				25,625,496
	Industrial: 3.2%
		Arcosa, Inc.
	100,000	4.375%, 04/15/2029(d)		96,191
		Artera Services LLC
	50,000	8.500%, 02/15/2031(d)		49,546
		Ball Corp.
	100,000	6.875%, 03/15/2028		103,643
		Boeing Co.
	100,000	6.528%, 05/01/2034(d)		107,379
		Brundage-Bone Concrete Pumping Holdings, Inc.
	150,000	6.000%, 02/01/2026(d)		149,632
		Crown Americas LLC/Crown Americas Capital Corp. VI
	100,000	4.750%, 02/01/2026		99,753
		EnerSys
	100,000	6.625%, 01/15/2032(d)		103,553
		Enpro, Inc.
	100,000	5.750%, 10/15/2026		99,348
		Enviri Corp.
	175,000	5.750%, 07/31/2027(d)		171,934
		Flowserve Corp.
	60,000	3.500%, 10/01/2030		55,859
		Fontainebleau Vegas
	236,713	10.211%, 01/31/2026(e) 1 day USD Term SOFR + 5.650%		236,713
		GrafTech Finance, Inc.
	105,000	4.625%, 12/15/2028(d)		70,169
		GrafTech Global Enterprises, Inc.
	30,000	9.875%, 12/15/2028(d)		24,067
		Graphic Packaging International LLC
	100,000	6.375%, 07/15/2032(d)		103,356
		Great Lakes Dredge & Dock Corp.
	200,000	5.250%, 06/01/2029(d)		186,316
		Hillenbrand, Inc.
	250,000	6.250%, 02/15/2029		254,707
		James Hardie International Finance DAC
	250,000	5.000%, 01/15/2028(d)		247,711
		Masterbrand, Inc.
	310,000	7.000%, 07/15/2032(d)		325,374
		Mauser Packaging Solutions Holding Co.
	100,000	7.875%, 04/15/2027(d)		103,323

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Industrial (continued)
		Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC
	$100,000	6.750%, 04/01/2032(d)	$	103,746
		Sealed Air Corp.
	535,000	6.500%, 07/15/2032(d)		552,720
		Sealed Air Corp./Sealed Air Corp. U.S.
	100,000	6.125%, 02/01/2028(d)		101,736
		Summit Materials LLC/Summit Materials Finance Corp.
	100,000	7.250%, 01/15/2031(d)		105,917
		TD SYNNEX Corp.
	100,000	6.100%, 04/12/2034		105,769
		TopBuild Corp.
	50,000	3.625%, 03/15/2029(d)		46,663
		TransDigm, Inc.
	100,000	6.875%, 12/15/2030(d)		104,798
		Wrangler Holdco Corp.
	100,000	6.625%, 04/01/2032(d)		104,041
		XPO, Inc.
	85,000	6.250%, 06/01/2028(d)		87,021
				3,900,985
	Technology: 1.8%
		ACI Worldwide, Inc.
	100,000	5.750%, 08/15/2026(d)		100,098
		Amentum Escrow Corp.
	50,000	7.250%, 08/01/2032(d)		52,219
		ams-OSRAM AG
	770,000	12.250%, 03/30/2029(d)		818,089
		Capstone Borrower, Inc.
	100,000	8.000%, 06/15/2030(d)		106,081
		Central Parent, Inc./CDK Global, Inc.
	100,000	7.250%, 06/15/2029(d)		102,341
		Cloud Software Group, Inc.
	100,000	6.500%, 03/31/2029(d)		99,424
		Dye & Durham Ltd.
	40,000	8.625%, 04/15/2029(d)		42,352
		Fair Isaac Corp.
	100,000	5.250%, 05/15/2026(d)		100,188
		Foundry JV Holdco LLC
	200,000	6.150%, 01/25/2032(d)		208,017
		Playtika Holding Corp.
	100,000	4.250%, 03/15/2029(d)		91,865
		TeamSystem SpA
	100,000 (EUR)	7.127%, 07/31/2031(d)(e) 3 mo. EURIBOR + 3.500%		112,100
		Twilio, Inc.
	100,000	3.875%, 03/15/2031		92,487
		VC3, Inc.
	209,229	3.500%, 10/15/2041		190,210
				2,115,471
	Utilities: 1.8%
		Alexander Funding Trust II
	605,000	7.467%, 07/31/2028(d)		653,644
		AmeriGas Partners LP/AmeriGas Finance Corp.
	25,000	5.500%, 05/20/2025		24,932
	50,000	5.875%, 08/20/2026		49,615

Principal Amount^			Value
	Utilities (continued)
		Edison International
	$300,000	7.875%, 06/15/2054(a) 5 yr. CMT + 3.658%	$	315,868
	445,000	Series A 5.375%, 03/15/2026(a)(b) 5 yr. CMT + 4.698%		441,783
		NextEra Energy Capital Holdings, Inc.
	230,000	6.750%, 06/15/2054(a)(q) 5 yr. CMT + 2.457%		248,775
		Vistra Operations Co. LLC
	385,000	6.950%, 10/15/2033(d)		434,463
				2,169,080
	TOTAL CORPORATE BONDS (Cost $50,723,508)			51,093,522
	GOVERNMENT SECURITIES & AGENCY ISSUE: 5.3%
		U.S. Treasury Notes
	1,900,000	1.000%, 12/15/2024(l)		1,886,143
	900,000	1.750%, 03/15/2025(l)		889,728
	700,000	2.875%, 06/15/2025(l)		693,710
	800,000	3.500%, 09/15/2025(l)		796,399
	800,000	4.000%, 12/15/2025		801,437
	800,000	4.625%, 03/15/2026		809,656
	600,000	4.125%, 06/15/2026		604,102
	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $6,471,442)			6,481,175
	MORTGAGE-BACKED SECURITIES: 9.0%
		ACRE Commercial Mortgage Ltd.
	250,000	Series 2021-FL4-D 7.729%, 12/18/2037(d)(e) 1 mo. USD Term SOFR + 2.714%		238,760
		ACRES Commercial Realty Ltd.
	250,000	Series 2021-FL1-AS 6.797%, 06/15/2036(d)(e) 1 mo. USD Term SOFR + 1.714%		245,753
		Alternative Loan Trust
	101,827	Series 2007-OA4-A1 5.309%, 05/25/2047(e) 1 mo. USD Term SOFR + 0.454%		88,920
	104,472	Series 2007-OA7-A1A 5.329%, 05/25/2047(e) 1 mo. USD Term SOFR + 0.474%		98,871
		BCAP LLC Trust
	277,400	Series 2006-AA2-A1 5.309%, 01/25/2037(e) 1 mo. USD Term SOFR + 0.454%		254,424
		BPR Trust
	230,000	Series 2022-OANA-C 7.794%, 04/15/2037(d)(e) 1 mo. USD Term SOFR + 2.697%		231,185

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		BRAVO Residential Funding Trust
	$93,241	Series 2022-R1-A 3.125%, 01/29/2070(d)(f)	$	92,570
		BSPRT Issuer LLC
	100,000	Series 2024-FL11-C 7.806%, 07/15/2039(d)(e) 1 mo. USD Term SOFR + 2.644%		100,213
		BX Commercial Mortgage Trust
	150,000	Series 2021-VOLT-E 7.211%, 09/15/2036(d)(e) 1 mo. USD Term SOFR + 2.114%		149,044
	100,000	Series 2024-AIRC-C 7.686%, 08/15/2039(d)(e) 1 mo. USD Term SOFR + 2.589%		100,513
		BX Trust
	100,000	Series 2023-DELC-B 8.436%, 05/15/2038(d)(e) 1 mo. USD Term SOFR + 3.339%		101,121
	150,000	Series 2024-VLT4-D 7.537%, 07/15/2029(d)(e) 1 mo. USD Term SOFR + 2.440%		149,625
		BXHPP Trust
	200,000	Series 2021-FILM-C 6.311%, 08/15/2036(d)(e) 1 mo. USD Term SOFR + 1.214%		187,985
		BXMT Ltd.
	250,000	Series 2020-FL2-D 7.147%, 02/15/2038(d)(e) 1 mo. USD Term SOFR + 2.064%		183,223
	100,000	Series 2020-FL3-D 7.997%, 11/15/2037(d)(e) 1 mo. USD Term SOFR + 2.914%		78,629
		Capmark Military Housing Trust
	90,062	Series 2007-AET2-A 6.063%, 10/10/2052(d)		87,251
		CD Mortgage Trust
	793,267	Series 2017-CD4-XA 1.375%, 05/10/2050(a)(m)		19,392
		Citigroup Mortgage Loan Trust, Inc.
	82,868	Series 2022-A-A1 6.170%, 09/25/2062(d)(f)		82,926
		CSMC Trust
	98,263	Series 2021-RPL4-A1 4.074%, 12/27/2060(a)(d)		97,990
		Federal Home Loan Mortgage Corp.
	98,041	5.000%, 03/01/2053		98,119
		Federal National Mortgage Association
	177,218	5.000%, 05/01/2053		177,318
	2,420,155	5.500%, 05/01/2053		2,453,309
	48,071	5.000%, 06/01/2053		48,076
	141,153	5.000%, 08/01/2053		141,232
		Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
	2,674,517	Series 2015-R1-XA1 0.700%, 11/25/2055(a)(d)(m)		178,912

Principal Amount^			Value
	$1,375,638	Series 2015-R1-XA2 0.700%, 10/25/2052(a)(d)(m)	$	93,558
	4,141,350	Series 2015-R1-XA3 0.700%, 11/25/2052(a)(d)(m)		214,093
		FS Rialto Issuer LLC
	100,000	Series 2022-FL5-C 8.887%, 06/19/2037(d)(e) 1 mo. USD Term SOFR + 3.922%		99,729
	100,000	Series 2022-FL6-C 9.195%, 08/17/2037(d)(e) 1 mo. USD Term SOFR + 4.230%		100,130
		GCAT Trust
	83,555	Series 2022-NQM5-A3 5.710%, 08/25/2067(d)(f)		83,327
	132,252	Series 2023-NQM2-A3 6.598%, 11/25/2067(d)(f)		133,030
	89,056	Series 2024-NQM2-A3 6.541%, 06/25/2059(d)(f)		90,464
		GS Mortgage Securities Corp. Trust
	250,000	Series 2020-DUNE-E 7.864%, 12/15/2036(d)(e) 1 mo. USD Term SOFR + 2.764%		246,601
	250,000	Series 2020-UPTN-E 3.354%, 02/10/2037(a)(d)		238,061
		HarborView Mortgage Loan Trust
	170,784	Series 2006-12-2A2A 5.459%, 01/19/2038(e) 1 mo. USD Term SOFR + 0.494%		151,440
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,420,144	Series 2016-JP2-XA 1.939%, 08/15/2049(a)(m)		29,644
		JPMDB Commercial Mortgage Securities Trust
	179,106	Series 2017-C5-XA 1.019%, 03/15/2050(a)(m)		2,559
		KREF Ltd.
	100,000	Series 2021-FL2-AS 6.497%, 02/15/2039(d)(e) 1 mo. USD Term SOFR + 1.414%		98,143
		LCCM Trust
	150,000	Series 2021-FL3-C 7.811%, 11/15/2038(d)(e) 1 mo. USD Term SOFR + 2.714%		145,562
		LoanCore Issuer Ltd.
	200,000	Series 2022-CRE7-D 8.442%, 01/17/2037(d)(e) 30 day USD SOFR Average + 3.100%		196,154
		LoanCore Issuer Ltd.
	100,000	Series 2021-CRE5-D 8.211%, 07/15/2036(d)(e) 1 mo. USD Term SOFR + 3.114%		99,018
	100,000	Series 2021-CRE6-D 8.061%, 11/15/2038(d)(e) 1 mo. USD Term SOFR + 2.964%		97,130

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		LSTAR Securities Investment Ltd.
	$197,103	Series 2024-1-A 8.313%, 01/01/2029(d)(e) 30 day USD SOFR Average + 3.100%	$	201,230
		Mill City Securities Ltd.
	150,000	Series 2024-RS1-A2 4.000%, 11/01/2069(d)(f)		134,448
		NYMT Loan Trust
	373,196	Series 2022-SP1-A1 5.250%, 07/25/2062(d)(f)		370,208
		OBX Trust
	79,644	Series 2022-NQM8-A3 6.100%, 09/25/2062(d)(f)		79,745
	82,478	Series 2022-NQM9-A3 6.450%, 09/25/2062(d)(f)		82,877
	100,000	Series 2024-NQM3-M1 6.845%, 12/25/2063(a)(d)		102,672
	150,000	Series 2024-NQM4-M1 6.622%, 01/25/2064(a)(d)		153,260
	100,000	Series 2024-NQM5-M1 6.513%, 01/25/2064(d)		101,935
	150,000	Series 2024-NQM6-M1 6.924%, 02/25/2064(a)(d)		155,048
	140,937	Series 2024-NQM7-A3 6.598%, 03/25/2064(d)(f)		143,590
		PFP Ltd.
	100,000	Series 2024-11-B 7.573%, 09/17/2039(d)(e) 1 mo. USD Term SOFR + 2.490%		100,213
		PRPM LLC
	98,087	Series 2024-4-A1 6.414%, 08/25/2029(d)(f)		98,740
	500,000	Series 2024-RPL2-A2 3.500%, 05/25/2054(d)(f)		467,775
		Residential Accredit Loans, Inc. Trust
	371,361	Series 2006-QO6-A1 5.329%, 06/25/2046(e) 1 mo. USD Term SOFR + 0.474%		87,505
		STWD Ltd.
	100,000	Series 2022-FL3-D 8.092%, 11/15/2038(d)(e) 30 day USD SOFR Average + 2.750%		93,100
		Taubman Centers Commercial Mortgage Trust
	230,000	Series 2022-DPM-C 8.874%, 05/15/2037(d)(e) 1 mo. USD Term SOFR + 3.777%		231,058
		Towd Point Revolving Trust
	349,474	1.000%, 11/01/2069(a)		352,619
		Uniform Mortgage-Backed Security, TBA
	193,000	5.000%(n)		192,849

Principal Amount^			Value
		Wells Fargo Commercial Mortgage Trust
	$878,211	Series 2016-BNK1-XA 1.849%, 08/15/2049(a)(m)	$	18,548
	TOTAL MORTGAGE-BACKED SECURITIES (Cost $11,048,465)			10,971,424
	MUNICIPAL BONDS: 0.0%
	Indiana: 0.0%
		Knox County Industry Economic Development Revenue
	5,000	Series B 5.900%, 04/01/2034		5,037
	TOTAL MUNICIPAL BONDS (Cost $4,749)			5,037
	SHORT-TERM INVESTMENTS: 5.5%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.9%
	1,141,525	State Street Navigator Securities Lending Government Money Market Portfolio, 5.02%(r)(s) (Cost $1,141,525)		1,141,525
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $1,141,525)			1,141,525
	REPURCHASE AGREEMENTS: 4.5%
	$5,496,665	Fixed Income Clearing Corp. 1.520%, 9/30/2024, due 10/01/2024 [collateral: par value $5,397,600, U.S. Treasury Notes, 4.875%, due 04/30/2026, value $5,607,579] (proceeds $5,496,897)		5,496,665
	TOTAL REPURCHASE AGREEMENTS (Cost $5,496,665)			5,496,665
	TREASURY BILLS: 0.1%
		U.S. Treasury Bills
	100,000	4.618%, 10/10/2024(l)(o)(p)		99,884
	TOTAL TREASURY BILLS (Cost $99,872)			99,884
	TOTAL SHORT-TERM INVESTMENTS (Cost $6,738,062)			6,738,074
	TOTAL PURCHASED OPTIONS (Cost $74,912): 0.0%			22,011
	TOTAL INVESTMENTS (Cost: $125,274,205): 102.1%			123,970,788
	Liabilities in Excess of Other Assets: (2.1)%			(2,540,506	)
	NET ASSETS: 100.0%		$	121,430,282

Percentages are stated as a percent of net assets.

CLO	Collateralized Loan Obligation
CMT	Constant Maturity Treasury Index
CVR	Contingent Value Rights
ETF	Exchange-Traded Fund
EURIBOR	Euro Interbank Offered Rate
LIBOR	London Interbank Offered Rate
LP	Limited Partnership
PIK	Payment-in-kind
SOFR	Secured Overnight Financing Rate
*	Non-Income Producing Security.
^	The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)	Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at September 30, 2024.
(b)	Perpetual Call.

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

(c)	When issued security.
(d)	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(e)	Floating Interest Rate at September 30, 2024.
(f)	Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at September 30, 2024.
(g)	Security is currently in default and/or non-income producing.
(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 security.
(j)	Security is not accruing interest.
(k)	Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.

(l)	Securities with an aggregate fair value of $4,067,214 have been pledged as collateral for options, credit default swaps, interest rate swaps, and futures positions.
(m)	Interest Only security. Security with a notional or nominal principal amount.
(n)	TBA (To Be Announced) Securities are purchased on a forward commitment basis with an approximate principal amount and no defined maturity date. The actual principal and maturity date will be determined upon settlement date.
(o)	The rate shown represents yield-to-maturity.
(p)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(q)	Security or portion there of is out on loan.
(r)	The rate disclosed is the 7 day net yield as of September 30, 2024.
(s)	Represents security purchased with cash collateral received for securities on loan.

CURRENCY ABBREVIATIONS:

CAD	Canadian dollar
EUR	Euro
GBP	British pound

UNFUNDED LOAN COMMITMENTS — At September 30, 2024, 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)
Orion Group Holdco LLC, 0.500%, 03/19/2027	$	17,391	$	16,777	$	(614	)
Avalara, Inc., 0.375%, 10/19/2028		13,636		12,049		(1,587	)
Power Services Holding Company, 0.500%, 11/22/2028		71,340		71,162		(178	)
Finastra USA, Inc., 0.500%, 09/13/2029		5,368		5,339		(29	)
Capstone Acquisition Holdings, Inc., 1.000%, 11/12/2029		12,076		—		(12,076	)
MB2 Dental Solutions LLC, 0.500%, 02/13/2031		52,182		51,682		(500	)
TOTAL			$	157,009	$	(14,984	)

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	125,129,789
Gross unrealized appreciation		2,700,514
Gross unrealized depreciation		(3,923,976	)
Net unrealized depreciation	$	(1,223,462	)

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

 

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN PURCHASED OPTIONS AT September 30, 2024 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Fair Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
EXCHANGE TRADED FUNDS
Put
SPDR S&P Regional Banking ETF	Morgan Stanley & Co.	$	42.00		12/20/2024		71	$	401,860	$	8,201	$	21,142	$	(12,941	)
SPDR S&P Regional Banking ETF	Goldman Sachs & Co.		42.00		12/20/2024		24		135,840		576		7,205		(6,629	)
SPDR S&P Regional Banking ETF	Morgan Stanley & Co.		43.00		1/17/2025		59		333,940		2,360		18,686		(16,326	)
Total											11,137		47,033		(35,896	)
INDEX OPTIONS
Put
Goldman Sachs Middle Income Consumer Index	Goldman Sachs & Co.		110.00		1/17/2025		6,167		678,370		10,874		27,879		(17,005	)
Total Purchased Options										$	22,011	$	74,912	$	(52,901	)

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at September 30, 2024 (Unaudited)

At September 30, 2024, the Fund had the following forward foreign currency exchange contracts:

								Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at September 30, 2024		Fund Delivering	U.S. $ Value at September 30, 2024		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	10/18/2024	EUR	$	5,576	USD	$	5,564	$	12	$	—
	10/18/2024	USD		110,991	EUR		111,513		—		(522	)
	10/18/2024	USD		1,115,465	EUR		1,122,934		—		(7,469	)
	10/18/2024	USD		131,113	GBP		133,979		—		(2,866	)
Barclays Bank Plc	10/18/2024	USD		72,202	CAD		72,543		—		(341	)
	10/18/2024	USD		111,275	EUR		111,513		—		(238	)
Morgan Stanley & Co.	10/18/2024	USD		283,953	EUR		284,358		—		(405	)
			$	1,830,575		$	1,842,404	$	12	$	(11,841	)

SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS AT September 30, 2024 (Unaudited)^(a)

Description	Number of Contracts		Notional Amount		Notional Value		Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
3 Months SOFR Futures		5	$	1,198,195	$	1,211,687		12/16/2025	$	13,492
3 Months SOFR Futures		5		1,196,321		1,209,875		9/16/2025		13,554
3 Months SOFR Futures		5		1,199,508		1,212,500		3/17/2026		12,992
U.S. Treasury 2-Year Note Futures		20		4,161,072		4,164,844		12/31/2024		3,772
Total Long									$	43,810
Total Futures Contracts									$	43,810

(a) Bank of America N.A., and Goldman Sachs & Co. are the counterparties for Open Futures Contracts held by the Fund at September 30, 2024.

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SWAPS AT September 30, 2024 (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)
$30,000	3/14/2054		1 Day SOFR + 0.000	%		3.553	%		Annually	$	(1,332	)	$	301	$	(1,633	)

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

Description	Maturity Date	Fixed Deal (Pay) Rate			Implied Credit Spread at September 30, 2024			Notional Amount (4)				Periodic Payment Frequency		Fair Value			Upfront Premiums Received			Unrealized Depreciation
Buy Protection
CDX.NA.IG.43.V1 1.000%, 12/20/2029	12/20/2029		(1.000	%)		0.523	%		$	(1,387,290	)		Quarterly	$	(31,064	)	$	(30,842	)	$	(222	)
ITRAXX.EUR.42.V1 1.000%, 12/20/2029	12/20/2029		(1.000	%)		0.567	%		EUR	(450,000	)		Quarterly		(10,054	)		(9,733	)		(321	)
Total Buy Protection														$	(41,118	)	$	(40,575	)	$	(543	)
Total														$	(41,118	)	$	(40,575	)	$	(543	)

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

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

(3) For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract, for each security included in the CDX North America Investment Grade (CDX.NA.IG) Series 43 and ITRAXX Series 42.

(4) Notional amounts are denominated in currency where indicated and the lines below until currency changes.

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS AT September 30, 2024 (Unaudited)

Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts			Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
INDEX OPTIONS
Put
S&P 500 Index	UBS Securities LLC	$	5,525.00		10/4/2024		(1	)	$	(576,248	)	$	(145	)	$	(1,476	)	$	1,331
S&P 500 Index	UBS Securities LLC		5,575.00		10/4/2024		(3	)		(1,728,744	)		(870	)		(5,864	)		4,994
S&P 500 Index	UBS Securities LLC		5,445.00		10/11/2024		(4	)		(2,304,992	)		(2,520	)		(15,639	)		13,119
S&P 500 Index	UBS Securities LLC		5,470.00		10/11/2024		(4	)		(2,304,992	)		(2,960	)		(14,988	)		12,028
S&P 500 Index	UBS Securities LLC		5,560.00		10/11/2024		(1	)		(576,248	)		(1,050	)		(1,649	)		599
S&P 500 Index	UBS Securities LLC		5,575.00		10/11/2024		(1	)		(576,248	)		(1,526	)		(1,439	)		(87	)
S&P 500 Index	UBS Securities LLC		5,465.00		10/18/2024		(2	)		(1,152,496	)		(2,730	)		(8,090	)		5,360
S&P 500 Index	UBS Securities LLC		5,470.00		10/18/2024		(3	)		(1,728,744	)		(4,281	)		(13,187	)		8,906
S&P 500 Index	UBS Securities LLC		5,480.00		10/18/2024		(1	)		(576,248	)		(1,585	)		(4,139	)		2,554
S&P 500 Index	UBS Securities LLC		5,525.00		10/18/2024		(2	)		(1,152,496	)		(3,490	)		(6,227	)		2,737
S&P 500 Index	UBS Securities LLC		5,575.00		10/18/2024		(2	)		(1,152,496	)		(3,800	)		(6,869	)		3,069
S&P 500 Index	UBS Securities LLC		5,525.00		10/25/2024		(5	)		(2,881,240	)		(12,675	)		(19,432	)		6,757
S&P 500 Index	UBS Securities LLC		5,560.00		10/25/2024		(5	)		(2,881,240	)		(15,335	)		(17,545	)		2,210
S&P 500 Index	UBS Securities LLC		5,560.00		11/1/2024		(3	)		(1,728,744	)		(11,799	)		(11,778	)		(21	)
S&P 500 Index	UBS Securities LLC		5,570.00		11/1/2024		(2	)		(1,152,496	)		(7,300	)		(8,366	)		1,066
S&P 500 Index	UBS Securities LLC		5,575.00		11/1/2024		(2	)		(1,152,496	)		(7,216	)		(7,728	)		512
Total Written Options												$	(79,282	)	$	(144,416	)	$	65,134

iMGP Dolan McEniry Corporate Bond Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Principal Amount^			Value
	CORPORATE BONDS: 98.1%
	Basic Materials: 4.1%
		Olin Corp.
	$1,198,000	5.125%, 09/15/2027	$	1,192,395
	4,572,000	5.625%, 08/01/2029		4,587,783
		Steel Dynamics, Inc.
	5,775,000	5.000%, 12/15/2026		5,774,207
				11,554,385
	Communications: 8.4%
		Expedia Group, Inc.
	6,407,000	2.950%, 03/15/2031		5,830,436
		Motorola Solutions, Inc.
	5,510,000	5.600%, 06/01/2032		5,823,791
		Sirius XM Radio, Inc.
	6,321,000	5.500%, 07/01/2029(a)		6,182,406
		Verizon Communications, Inc.
	5,834,000	3.376%, 02/15/2025		5,799,645
				23,636,278
	Consumer, Cyclical: 20.2%
		Bath & Body Works, Inc.
	5,964,000	6.625%, 10/01/2030(a)		6,084,562
		Bloomin’ Brands, Inc./OSI Restaurant Partners LLC
	6,696,000	5.125%, 04/15/2029(a)		6,276,366
		Dick’s Sporting Goods, Inc.
	6,483,000	3.150%, 01/15/2032(c)		5,837,803
		Dollar Tree, Inc.
	6,684,000	2.650%, 12/01/2031		5,742,559
		Genuine Parts Co.
	5,324,000	6.500%, 11/01/2028		5,739,314
		LKQ Corp.
	5,452,000	6.250%, 06/15/2033		5,772,010
		Marriott International, Inc.
	5,733,000	4.625%, 06/15/2030		5,784,626
		QVC, Inc.
	4,085,000	4.450%, 02/15/2025		4,064,701
		Tempur Sealy International, Inc.
	6,591,000	4.000%, 04/15/2029(a)		6,153,781
		Warnermedia Holdings, Inc.
	6,550,000	4.279%, 03/15/2032		5,841,656
				57,297,378
	Consumer, Non-cyclical: 25.4%(b)
		Altria Group, Inc.
	5,104,000	6.875%, 11/01/2033		5,762,524
		BAT Capital Corp.
	5,287,000	6.421%, 08/02/2033		5,806,879
		Block Financial LLC
	6,300,000	2.500%, 07/15/2028		5,852,494
		Conagra Brands, Inc.
	5,690,000	4.850%, 11/01/2028		5,776,317
		DaVita, Inc.
	6,531,000	4.625%, 06/01/2030(a)		6,232,212
		Encompass Health Corp.
	2,723,000	4.500%, 02/01/2028		2,674,658
	3,740,000	4.750%, 02/01/2030		3,657,197
		Global Payments, Inc.
	5,850,000	2.650%, 02/15/2025		5,795,756
		HCA, Inc.
	5,721,000	5.375%, 09/01/2026		5,784,832

Principal Amount^			Value
	Consumer, Non-cyclical (continued)
		IQVIA, Inc.
	$5,463,000	6.250%, 02/01/2029	$	5,813,932
		Philip Morris International, Inc.
	3,858,000	5.375%, 02/15/2033		4,032,844
		Quanta Services, Inc.
	6,255,000	2.900%, 10/01/2030		5,754,902
		Tenet Healthcare Corp.
	3,305,000	6.125%, 10/01/2028		3,330,101
		Zimmer Biomet Holdings, Inc.
	5,783,000	3.550%, 04/01/2025		5,741,796
				72,016,444
	Financial: 6.1%
		American Tower Corp.
	5,908,000	3.375%, 10/15/2026		5,806,489
		Crown Castle, Inc.
	1,789,000	5.800%, 03/01/2034		1,897,107
	3,744,000	5.200%, 09/01/2034		3,792,261
		Willis North America, Inc.
	5,726,000	5.350%, 05/15/2033		5,892,677
				17,388,534
	Industrial: 20.6%
		Allegion U.S. Holding Co., Inc.
	5,570,000	5.411%, 07/01/2032		5,809,009
		Berry Global, Inc.
	5,837,000	4.875%, 07/15/2026(a)		5,837,034
		Carlisle Cos., Inc.
	6,876,000	2.200%, 03/01/2032		5,817,835
		Eagle Materials, Inc.
	6,604,000	2.500%, 07/01/2031		5,837,042
		Flex Ltd.
	5,762,000	4.875%, 05/12/2030		5,770,735
		Fortune Brands Innovations, Inc.
	5,448,000	5.875%, 06/01/2033		5,837,969
		Teledyne Technologies, Inc.
	6,443,000	2.750%, 04/01/2031		5,784,516
		TransDigm, Inc.
	6,159,000	5.500%, 11/15/2027		6,142,754
		Trimble, Inc.
	5,806,000	4.750%, 12/01/2024		5,790,764
		Westinghouse Air Brake Technologies Corp.
	5,928,000	3.450%, 11/15/2026		5,824,854
				58,452,512
	Technology: 13.3%
		Broadcom, Inc.
	2,808,000	3.459%, 09/15/2026		2,771,212
		CA, Inc.
	231,000	4.700%, 03/15/2027		229,472
		CDW LLC/CDW Finance Corp.
	5,829,000	4.250%, 04/01/2028		5,766,224
		Fiserv, Inc.
	5,497,000	5.625%, 08/21/2033		5,819,706
		HP, Inc.
	6,001,000	4.200%, 04/15/2032		5,814,612
		Microchip Technology, Inc.
	2,823,000	4.250%, 09/01/2025		2,810,996
	2,808,000	5.050%, 03/15/2029		2,883,430
		Oracle Corp.
	6,233,000	2.950%, 04/01/2030		5,793,842

iMGP Dolan McEniry Corporate Bond Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)(Continued)

Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Technology (continued)
		Qorvo, Inc.
	$5,902,000	4.375%, 10/15/2029	$	5,716,028
				37,605,522
	TOTAL CORPORATE BONDS (Cost $273,605,678)			277,951,053
	SHORT-TERM INVESTMENTS: 0.2%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 0.2%
	483,600	State Street Navigator Securities Lending Government Money Market Portfolio, 5.02%(d)(e) (Cost $483,600)		483,600
	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $483,600)			483,600
	TOTAL SHORT-TERM INVESTMENTS (Cost $483,600)			483,600
	TOTAL INVESTMENTS (Cost: $274,089,278): 98.3%			278,434,653
	Other Assets in Excess of Liabilities: 1.7%			4,945,399
	NET ASSETS: 100.0%		$	283,380,052

Percentages are stated as a percent of net assets.

^	The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)	Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(b)	For additional information on portfolio concentration, see Notes to the Schedule of Investments.
(c)	Security or portion there of is out on loan.
(d)	The rate disclosed is the 7 day net yield as of September 30, 2024.
(e)	Represents security purchased with cash collateral received for securities on loan.

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	274,089,278
Gross unrealized appreciation		4,703,367
Gross unrealized depreciation		(357,992	)
Net unrealized appreciation	$	4,345,375

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

  

iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Principal Amount^			Value
	SHORT-TERM INVESTMENTS: 77.1%
	REPURCHASE AGREEMENTS: 1.8%
	$17,343,612	Fixed Income Clearing Corp. 1.520%, 9/30/2024, due 10/01/2024 [collateral: par value $17,030,700, U.S. Treasury Note, 4.875%, due 04/30/2026, value $17,692,889] (proceeds $17,344,345)	$	17,343,612
	TOTAL REPURCHASE AGREEMENTS (Cost $17,343,612)			17,343,612
	TREASURY BILLS: 75.3%
		U.S. Treasury Bills
	742,000,000	4.523%, 10/08/2024(a)(b)(c)		741,325,322
	TOTAL TREASURY BILLS (Cost $741,254,183)			741,325,322
	TOTAL SHORT-TERM INVESTMENTS (Cost $758,597,795)			758,668,934
	TOTAL INVESTMENTS (Cost: $758,597,795): 77.1%			758,668,934
	Other Assets in Excess of Liabilities: 22.9%			225,565,007
	NET ASSETS: 100.0%		$	984,233,941

Percentages are stated as a percent of net assets.

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

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	758,597,795
Gross unrealized appreciation		24,507,153
Gross unrealized depreciation		(5,310,543	)
Net unrealized appreciation	$	19,196,610

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

  

iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS AT September 30, 2024 (Unaudited)^(a)

Description	Number of Contracts			Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
Gold 100 Oz Futures (b)		596		$	149,002,659		$	158,500,240			12/27/2024	$	9,497,581
Japanese Yen Currency Futures		996			87,662,709			87,529,725			12/16/2024		(132,984	)
MSCI EAFE Index Futures		1,418			173,521,916			176,385,020			12/20/2024		2,863,104
MSCI Emerging Market Index		2,195			125,940,725			128,703,825			12/20/2024		2,763,100
S&P 500 E-Mini Index Futures		843			238,595,755			245,070,638			12/20/2024		6,474,883
U.S. Treasury 10-Year Note Futures		4,969			571,358,573			567,863,531			12/19/2024		(3,495,042	)
U.S. Treasury 2-Year Note Futures		4,566			952,338,078			950,833,830			12/31/2024		(1,504,248	)
U.S. Treasury Long Bond Futures		1,427			177,155,954			177,215,563			12/19/2024		59,609
Total Long												$	16,526,003
Futures Contracts - Short
Euro FX Currency Futures		(788	)	$	(109,862,533	)	$	(109,990,025	)		12/16/2024	$	(127,492	)
Gold 100 Oz Futures (b)		(72	)		(19,096,903	)		(19,147,680	)		12/27/2024		(50,777	)
Japanese Yen Currency Futures		(2,397	)		(213,409,435	)		(210,651,356	)		12/16/2024		2,758,079
S&P 500 E-Mini Index Futures		(40	)		(11,633,762	)		(11,628,500	)		12/20/2024		5,262
WTI Crude Futures (b)		(473	)		(32,069,606	)		(32,055,210	)		11/20/2024		14,396
Total Short												$	2,599,468
Total Futures Contracts												$	19,125,471

(a) Societe Generale is the counterparty for all Open Futures Contracts held by the Fund and the iMGP DBi Cayman Managed Futures Subsidiary at September 30, 2024.

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

iMGP Berkshire Dividend Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: 97.3%
	Consumer Discretionary: 5.6%
	840	Lowe’s Cos., Inc.	$	227,514
	756	McDonald’s Corp.		230,209
				457,723
	Consumer Staples: 14.2%
	1,540	General Mills, Inc.		113,729
	358	Hershey Co.		68,657
	2,660	Mondelez International, Inc. - Class A		195,962
	1,786	Nestle SA - ADR		179,797
	896	PepsiCo, Inc.		152,365
	924	Procter & Gamble Co.		160,037
	3,612	Walmart, Inc.		291,669
				1,162,216
	Energy: 7.6%
	2,296	Chevron Corp.		338,132
	952	EOG Resources, Inc.		117,029
	7,616	Kinder Morgan, Inc.		168,238
				623,399
	Financials: 15.5%
	6,288	Bank of America Corp.		249,508
	2,186	Charles Schwab Corp.		141,675
	700	Chubb Ltd.		201,873
	1,654	JPMorgan Chase & Co.		348,762
	784	M&T Bank Corp.		139,646
	1,008	PNC Financial Services Group, Inc.		186,329
				1,267,793
	Health Care: 13.4%
	1,344	Abbott Laboratories		153,230
	1,736	AbbVie, Inc.		342,825
	2,968	Bristol-Myers Squibb Co.		153,564
	980	Johnson & Johnson		158,819
	1,736	Merck & Co., Inc.		197,140
	2,996	Pfizer, Inc.		86,704
				1,092,282
	Industrials: 16.2%
	364	Deere & Co.		151,908
	1,820	Emerson Electric Co.		199,053
	784	Honeywell International, Inc.		162,061
	532	Lockheed Martin Corp.		310,986
	1,008	Norfolk Southern Corp.		250,488
	1,204	Waste Management, Inc.		249,950
				1,324,446
	Information Technology: 16.6%
	1,484	Apple, Inc.		345,772
	4,256	Cisco Systems, Inc.		226,505
	791	Microsoft Corp.		340,367
	1,624	QUALCOMM, Inc.		276,161
	1,092	TE Connectivity PLC		164,881
				1,353,686
	Materials: 3.8%
	2,100	Nucor Corp.		315,714

Shares			Value
	Real Estate: 1.4%
	1,792	WP Carey, Inc. - REIT	$	111,642
	Utilities: 3.0%
	7,364	PPL Corp.		243,601
	TOTAL COMMON STOCKS (Cost $7,382,294)			7,952,502
Principal Amount
	SHORT-TERM INVESTMENTS: 2.6%
	REPURCHASE AGREEMENTS: 2.6%
	$211,418	Fixed Income Clearing Corp. 1.520%, 9/30/2024, due 10/01/2024 [collateral: par value $207,700, U.S. Treasury Note, 4.875%, due 04/30/2026, value $215,876] (proceeds $211,427)		211,418
	TOTAL SHORT-TERM INVESTMENTS (Cost $211,418)			211,418
	TOTAL INVESTMENTS (Cost: $7,593,712): 99.9%			8,163,920
	Other Assets in Excess of Liabilities: 0.1%			7,033
	NET ASSETS: 100.0%		$	8,170,953

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt
REIT	Real Estate Investment Trust

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	7,593,712
Gross unrealized appreciation		686,190
Gross unrealized depreciation		(115,982	)
Net unrealized appreciation	$	570,208

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

Polen Capital China Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: 98.6%
	Communication Services: 24.5%
	8,800	Kingsoft Corp. Ltd.	$	33,470
	2,900	NetEase, Inc.		56,176
	2,900	Tencent Holdings Ltd.		165,952
	3,840	Tencent Music Entertainment Group - ADR		46,272
				301,870
	Consumer Discretionary: 31.9% (a)
	2,800	ANTA Sports Products Ltd.		34,039
	2,000	BYD Co. Ltd. - Class H		73,056
	21,600	Haier Smart Home Co. Ltd. - Class H		86,741
	4,800	Meituan - Class B*(b)		106,264
	1,250	Trip.com Group Ltd.*		78,996
	1,700	Zhejiang Supor Co. Ltd. - Class A		14,180
				393,276
	Consumer Staples: 2.6%
	7,800	By-health Co. Ltd. - Class A		16,565
	3,800	Inner Mongolia Yili Industrial Group Co. Ltd. - Class A		15,744
				32,309
	Financials: 22.3%
	13,800	AIA Group Ltd.		123,713
	2,600	Hong Kong Exchanges & Clearing Ltd.		109,162
	6,500	Ping An Insurance Group Co. of China Ltd. - Class H		41,957
				274,832
	Health Care: 4.1%
	22,000	AK Medical Holdings Ltd.(b)		14,866
	6,800	Hygeia Healthcare Holdings Co. Ltd.*(b)		20,743
	5,600	Sinopharm Group Co. Ltd. - Class H		14,992
				50,601
	Industrials: 3.8%
	6,600	Hefei Meiya Optoelectronic Technology, Inc. - Class A		15,023
	2,000	Shenzhen Inovance Technology Co. Ltd. - Class A		17,802
	5,000	SITC International Holdings Co. Ltd.		13,514
				46,339
	Information Technology: 1.3%
	4,800	Sino Wealth Electronic Ltd. - Class A		16,153
	Materials: 4.1%
	17,600	Shandong Sinocera Functional Material Co. Ltd. - Class A		50,421
	Real Estate: 2.9%
	7,100	Link REIT		35,869

Shares			Value
	Utilities: 1.1%
	3,200	China Resources Gas Group Ltd.	$	12,912
	TOTAL COMMON STOCKS (Cost $952,255)			1,214,582
	TOTAL INVESTMENTS (Cost: $952,255): 98.6%			1,214,582
	Other Assets in Excess of Liabilities: 1.4%			17,555
	NET ASSETS: 100.0%		$	1,232,137

Percentages are stated as a percent of net assets.

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

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	952,255
Gross unrealized appreciation		280,365
Gross unrealized depreciation		(18,038	)
Net unrealized appreciation	$	262,327

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

Polen Capital Emerging Markets Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: 94.3%
	Brazil: 13.4%
	50	MercadoLibre, Inc.*	$	102,598
	12,500	Raia Drogasil SA		58,442
	16,900	TOTVS SA		88,531
	10,260	WEG SA		102,356
				351,927
	Cambodia: 3.5%
	192,600	NagaCorp Ltd.*		92,466
	India: 14.1%
	622	Bajaj Auto Ltd.		91,703
	8,556	HDFC Bank Ltd.		176,835
	4,523	Infosys Ltd.		101,339
				369,877
	Indonesia: 5.3%
	113,600	Bank Central Asia Tbk. PT		77,472
	132,400	Bank Mandiri Persero Tbk. PT		60,559
				138,031
	Italy: 3.3%
	4,467	Wizz Air Holdings PLC*(a)		86,781
	Japan: 3.5%
	4,630	Nexon Co. Ltd.		91,452
	Mexico: 4.1%
	5,527	Fomento Economico Mexicano SAB de CV - UNIT		54,479
	17,897	Wal-Mart de Mexico SAB de CV		53,987
				108,466
	Poland: 6.7%
	931	Dino Polska SA*(a)		84,944
	4,872	InPost SA*		91,973
				176,917
	Singapore: 3.6%
	138,600	Genting Singapore Ltd.		94,510
	South Africa: 12.3%
	8,933	Discovery Ltd.		88,884
	3,984	Karooooo Ltd.		157,886
	4,822	Mr. Price Group Ltd.		75,465
				322,235
	Taiwan: 12.1%
	13,000	E Ink Holdings, Inc.		120,361
	6,500	Taiwan Semiconductor Manufacturing Co. Ltd.		196,562
				316,923
	United States: 2.9%
	384	Globant SA*		76,086
	Uruguay: 2.7%
	8,738	Dlocal Ltd.*		69,904
	Vietnam: 6.8%
	18,400	FPT Corp.		100,745

Shares			Value
	Vietnam (continued)
	27,900	Mobile World Investment Corp.	$	77,345
				178,090
	TOTAL COMMON STOCKS (Cost $2,466,107)			2,473,665
Principal Amount
	SHORT-TERM INVESTMENTS: 48.8%
	REPURCHASE AGREEMENTS: 48.8%
	$1,278,988	Fixed Income Clearing Corp. 1.520%, 9/30/2024, due 10/01/2024 [collateral: par value $1,256,000, U.S. Treasury Note, 4.875%, due 04/30/2026, value $1,304,927] (proceeds $1,279,042)		1,278,988
	TOTAL SHORT-TERM INVESTMENTS (Cost $1,278,988)			1,278,988
	TOTAL INVESTMENTS (Cost: $3,745,095): 143.1%			3,752,653
	Liabilities in Excess of Other Assets: (43.1)%			(1,129,811	)
	NET ASSETS: 100.0%		$	2,622,842

Percentages are stated as a percent of net assets.

* Non-Income Producing Security.

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

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	3,745,095
Gross unrealized appreciation		20,358
Gross unrealized depreciation		(12,800	)
Net unrealized appreciation	$	7,558

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

Polen Capital Global Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: 98.5%
	Canada: 3.9%
	67,554	Shopify, Inc. - Class A*	$	5,413,778
	Denmark: 2.6%
	30,561	Novo Nordisk AS - Class B		3,594,632
	France: 3.6%
	8,526	L’Oreal SA		3,820,027
	1,608	LVMH Moet Hennessy Louis Vuitton SE		1,233,761
				5,053,788
	Germany: 8.6%
	35,386	SAP SE		8,060,341
	64,822	Siemens Healthineers AG(a)		3,890,718
				11,951,059
	Ireland: 2.7%
	10,776	Accenture PLC - Class A		3,809,100
	United Kingdom: 1.7%
	178,056	Sage Group PLC		2,444,042
	United States: 75.4%
	55,813	Abbott Laboratories		6,363,240
	11,421	Adobe, Inc.*		5,913,565
	17,854	Airbnb, Inc. - Class A*		2,264,066
	64,339	Alphabet, Inc. - Class C		10,756,837
	69,002	Amazon.com, Inc.*		12,857,143
	16,244	Aon PLC - Class A		5,620,261
	7,408	Automatic Data Processing, Inc.		2,050,016
	13,352	CSL Ltd.		2,649,886
	17,049	Globant SA*		3,378,089
	16,244	ICON PLC*		4,667,064
	13,029	MasterCard, Inc. - Class A		6,433,720
	19,302	Microsoft Corp.		8,305,651
	9,811	MSCI, Inc.		5,719,126
	12,546	Oracle Corp.		2,137,838
	25,575	Paycom Software, Inc.		4,260,028
	3,538	ServiceNow, Inc.*		3,164,352
	6,433	Thermo Fisher Scientific, Inc.		3,979,261
	21,232	Visa, Inc. - Class A		5,837,738
	23,482	Workday, Inc. - Class A*		5,739,236
	15,282	Zoetis, Inc.		2,985,797
				105,082,914
	TOTAL COMMON STOCKS (Cost $131,180,218)			137,349,313

Principal Amount			Value
	SHORT-TERM INVESTMENTS: 1.5%
	REPURCHASE AGREEMENTS: 1.5%
	$2,050,434	Fixed Income Clearing Corp. 1.520%, 9/30/2024, due 10/01/2024 [collateral: par value $2,013,500, U.S. Treasury Note, 4.875%, due 04/30/2026, value $2,091,852] (proceeds $2,050,520)	$	2,050,434
	TOTAL SHORT-TERM INVESTMENTS (Cost $2,050,434)			2,050,434
	TOTAL INVESTMENTS (Cost: $133,230,652): 100.0%			139,399,747
	Liabilities in Excess of Other Assets: (0.0)%			(27,026	)
	NET ASSETS: 100.0%		$	139,372,721

Percentages are stated as a percent of net assets.

* Non-Income Producing Security.

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

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	133,230,652
Gross unrealized appreciation		9,029,665
Gross unrealized depreciation		(2,860,570	)
Net unrealized appreciation	$	6,169,095

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

Polen Capital Global Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

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

Industry	% of Net Assets
Software		25.6	%
Broadline Retail		9.2	%
IT Services		9.0	%
Financial Services		8.8	%
Interactive Media & Services		7.7	%
Health Care Equipment & Supplies		7.4	%
Life Sciences Tools & Services		6.3	%
Pharmaceuticals		4.7	%
Professional Services		4.6	%
Capital Markets		4.1	%
Insurance		4.0	%
Personal Care Products		2.7	%
Biotechnology		1.9	%
Hotels, Restaurants & Leisure		1.6	%
Textiles, Apparel & Luxury Goods		0.9	%
Short-Term Investments		1.5	%
Total Investments		100.0	%
Liabilities in Excess of Other Assets		0.0	%
Net Assets		100.0	%

 

Polen Capital International Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at September 30, 2024 (Unaudited)

Shares			Value
	COMMON STOCKS: 97.6%
	Brazil: 4.4%
	593	MercadoLibre, Inc.*	$	1,216,812
	Canada: 3.8%
	13,413	Shopify, Inc. - Class A*		1,074,918
	Denmark: 3.0%
	7,233	Novo Nordisk AS - Class B		850,757
	France: 6.7%
	18,100	Dassault Systemes SE		718,680
	544	Kering SA		155,711
	236	LVMH Moet Hennessy Louis Vuitton SE		181,074
	7,833	Teleperformance SE		811,806
				1,867,271
	Germany: 19.5%
	4,331	Adidas AG		1,148,216
	11,276	SAP SE		2,568,485
	28,960	Siemens Healthineers AG(a)		1,738,225
				5,454,926
	India: 4.1%
	18,255	HDFC Bank Ltd. - ADR		1,142,033
	Ireland: 0.8%
	652	Accenture PLC - Class A		230,469
	Japan: 2.3%
	3,600	Tokyo Electron Ltd.		635,560
	Netherlands: 4.3%
	1,462	ASML Holding NV		1,214,770
	Spain: 2.8%
	10,623	Amadeus IT Group SA		768,540
	Sweden: 4.2%
	11,988	Evolution AB(a)		1,179,262
	Switzerland: 1.9%
	4,967	On Holding AG - Class A*		249,095
	3,938	Temenos AG		276,073
				525,168
	United Kingdom: 11.8%
	13,589	Bunzl PLC		643,419
	168,483	Sage Group PLC		2,312,640
	5,521	Unilever PLC		357,943
				3,314,002
	United States: 28.0%
	5,340	Aon PLC - Class A		1,847,587
	2,076	CSL Ltd.		412,010
	14,541	Experian PLC		765,839
	2,313	Globant SA*		458,298
	9,969	ICON PLC*		2,864,193
	16,498	Medtronic PLC		1,485,315
				7,833,242
	TOTAL COMMON STOCKS (Cost $27,180,153)			27,307,730

Principal Amount			Value
	SHORT-TERM INVESTMENTS: 2.3%
	REPURCHASE AGREEMENTS: 2.3%
	$651,200	Fixed Income Clearing Corp. 1.520%, 9/30/2024, due 10/01/2024 [collateral: par value $639,500, U.S. Treasury Note, 4.875%, due 04/30/2026, value $664,416] (proceeds $651,227)	$	651,200
	TOTAL SHORT-TERM INVESTMENTS (Cost $651,200)			651,200
	TOTAL INVESTMENTS (Cost: $27,831,353): 99.9%			27,958,930
	Other Assets in Excess of Liabilities: 0.1%			17,312
	NET ASSETS: 100.0%		$	27,976,242

Percentages are stated as a percent of net assets.

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

The cost basis of investments for federal income tax purposes at September 30, 2024 was as follows*:

Cost of investments	$	27,831,353
Gross unrealized appreciation		1,811,021
Gross unrealized depreciation		(1,683,444	)
Net unrealized appreciation	$	127,577

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

Litman Gregory Funds Trust

NOTES TO THE SCHEDULE OF INVESTMENTS September 30, 2024 (Unaudited)

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

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

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

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

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

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

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

Consolidation of Subsidiary. The DBi Managed Futures Strategy ETF may invest up to 20% of its total assets in the iMGP DBi Cayman Managed Futures Subsidiary (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly- owned and controlled by the DBi Managed Futures Strategy ETF. The financial statements of the DBi Managed Futures Strategy ETF include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies. The DBi Managed Futures Strategy ETF had 17.3% of its total net assets invested in the Subsidiary as of September 30, 2024.

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

Consolidation of Subsidiary. The Alternative Strategies Fund may invest a portion of its assets from the enhanced trend strategy in the Alternative Strategy Subsidiary (the “Alternative Subsidiary”), which is organized under the laws of the Cayman Islands, is wholly-owned and controlled by the Alternative Strategies Fund and is advised by the Manager that manages the enhanced trend strategy. The financial statements of the Alternative Strategies Fund include the operations of the Alternative Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Alternative Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies. The Alternative Strategies Fund had 1.4% of its total net assets invested in the Alternative Subsidiary as of September 30, 2024.

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

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

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

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

Repurchase Agreements. Each Fund may enter into repurchase agreements through which the Fund acquires a security (the “underlying security”) from a seller, a well-established securities dealer or a bank that is a member of the Federal Reserve System. The bank or securities dealer agrees to repurchase the underlying security at the same price, plus a specified amount of interest, at a later date, generally for a period of less than one week. It is the Trust’s policy that its Custodian takes possession of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities, including recorded interest, is sufficient to cover the value of the repurchase agreements. The Trust’s policy states that the value of the collateral is at least 102% of the value of the repurchase agreement. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by a Fund may be delayed or limited. At September 30, 2024, the Funds’ ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments in Securities.

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

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

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

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

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

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

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

Interest Rate Swaps. During the period ended September 30, 2024, the High Income Fund invested in interest rate swaps. An interest rate swap is an agreement that obligates two parties to exchange a series of cash flows at specified intervals, based upon or calculated by reference to changes in interest rates on a specified notional principal amount. The payment flows are usually netted against each other, with the difference being paid by one party to the other. Bilateral swap contracts are agreements in which a Fund and a counterparty agree to exchange periodic payments on a specified notional amount or make a net payment upon termination. Bilateral swap transactions are privately negotiated in the Over the counter (“OTC”) market and payments are settled through direct payments between a Fund and the counterparty. By contrast, certain swap transactions are subject to mandatory central clearing. These swaps are executed through a derivatives clearing member (“DCM”), acting in an agency capacity, and submitted to a central counterparty (“CCP”) (“centrally cleared swaps”), in which case all payments are settled with the CCP through the DCM. Swaps are marked-to-market daily using pricing vendor quotations, counterparty or clearinghouse prices or model prices, and the change in value, if any, is recorded as an unrealized gain or loss. Upon entering into a swap contract, a Fund is required to satisfy an initial margin requirement by delivering cash or securities to the counterparty (or in some cases, segregated in a triparty account on behalf of the counterparty), which can be adjusted by any mark-to-market gains or losses pursuant to bilateral or centrally cleared arrangements. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin.

Credit Default Swaps. During the period ended September 30, 2024, the Alternative Strategies Fund and the High Income Fund entered into credit default swaps to manage their exposure to the market or certain sectors of the market, to reduce their risk exposure to defaults of corporate issuers or indexes or to create exposure to corporate issuers or indexes to which they are not otherwise exposed. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain (for protection written) or loss (for protection sold). In the case of credit default swaps where a Fund is selling protection, the notional amount approximates the maximum loss. For centrally cleared swaps the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin.

Total Return Swaps. During the period ended September 30, 2024, the Alternative Strategies Fund invested in total return swaps. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the “total return” of a defined underlying asset, usually in return for receiving a stream of Secured Overnight Financing Rate (“SOFR”) and Federal Fund Rate (“FEDL01”) based cash flows. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. Total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the Statement of Assets and Liabilities. The other leg of the swap, usually SOFR or FEDL01, is a spread to reflect the non-Statement of Assets and Liabilities nature of the product. No notional amounts are exchanged with total return swaps. The total return receiver assumes the entire economic exposure—that is, both market and credit exposure—to the reference asset. The total return payer—often the owner of the reference obligation—gives up economic exposure to the performance of the reference asset and in return takes on counterparty credit exposure to the total return receiver in the event of a default or fall in value of the reference asset.

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

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

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

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

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

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

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

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

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

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

Restricted Securities. A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933. If the security is subsequently registered and resold, the issuers would typically bear the expense of all registrations at no cost to the Fund. Restricted securities are valued according to the guidelines and procedures adopted by the Funds’ Board of Trustees. As of September 30, 2024, there were no restricted securities held in the Funds.

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

Fair Value of Financial Investments

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

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

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

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

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

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

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

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

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

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

Financial derivative instruments, such as forward foreign currency contracts, options contracts, futures, or swap agreements, derive their value from underlying asset prices, indices, reference rates, and other inputs or a combination of these factors. These contracts are normally valued on the basis of broker dealer

quotations or pricing service providers at the settlement price determined by the relevant exchange. Depending on the product and the terms of the transaction, the value of the derivative contracts can be estimated by a pricing service provider using a series of techniques, including simulation pricing models. The pricing models use inputs that are observed from actively quoted markets such as issuer details, indices, spreads, interest rates, curves, dividends and exchange rates. Derivatives that use similar valuation techniques and inputs as described above are categorized as Level 1 or Level 2 of the fair value hierarchy.

The following tables provide the fair value measurements of applicable Fund assets and liabilities by level within the fair value hierarchy for each Fund as of September 30, 2024. These assets and liabilities are measured on a recurring basis.

Global Select Fund

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity
Common Stocks
Canada	$	2,896,144	$	—	$	—	$	2,896,144
China		2,788,040		—		—		2,788,040
France		1,971,837		—		—		1,971,837
Germany		5,835,283		—		—		5,835,283
Ireland		697,063		—		—		697,063
Japan		557,412		—		—		557,412
Luxembourg		1,288,288		—		—		1,288,288
Netherlands		3,833,915		—		—		3,833,915
Sweden		2,392,283		—		—		2,392,283
Switzerland		2,327,430		—		—		2,327,430
United Kingdom		10,339,021		—		—		10,339,021
United States		71,075,473		—		—		71,075,473
Uruguay		613,832		—		—		613,832
Preferred Stocks
South Korea		2,254,243		—		—		2,254,243
Total Equity		108,870,264		—		—		108,870,264
Short-Term Investments
Investment of Cash Collateral for Securities Loaned		—		4,482,446		—		4,482,446
Repurchase Agreements		—		1,643,005		—		1,643,005
Total Short-Term Investments		—		6,125,451		—		6,125,451
Total Investments in Securities	$	108,870,264	$	6,125,451	$	—	$	114,995,715

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	$	2,533,377	$	—	$	—	$	2,533,377
Brazil		3,244,149		—		—		3,244,149
Canada		5,259,322		—		—		5,259,322
China		1,942,603		—		—		1,942,603
Denmark		8,574,354		—		—		8,574,354
Finland		3,659,171		—		—		3,659,171
France		14,878,747		—		—		14,878,747
Germany		43,949,177		—		—		43,949,177
Israel		6,214,061		—		—		6,214,061
Italy		7,722,680		—		—		7,722,680
Japan		11,181,056		—		—		11,181,056
Netherlands		5,150,623		—		—		5,150,623
Spain		4,568,630		—		—		4,568,630
Sweden		4,023,341		—		—		4,023,341
Switzerland		9,467,144		—		—		9,467,144
Taiwan		6,259,744		—		—		6,259,744
United Kingdom		21,225,334		—		—		21,225,334
United States		28,184,180		—		—		28,184,180
Preferred Stocks
South Korea		3,176,141		—		—		3,176,141
Total Equity		191,213,834		—		—		191,213,834
Short-Term Investments
Investment of Cash Collateral for Securities Loaned		—		594,296		—		594,296
Repurchase Agreements		—		507,090		—		507,090
Total Short-Term Investments		—		1,101,386		—		1,101,386
Total Investments in Securities	$	191,213,834	$	1,101,386	$	—	$	192,315,220

Small Company Fund

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity(a)
Common Stocks	$	49,666,464	$	—	$	—	$	49,666,464
Total Equity		49,666,464		—		—		49,666,464
Total Investments in Securities	$	49,666,464	$	—	$	—	$	49,666,464

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

Alternative Strategies Fund (Consolidated)

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	$	83,875,029		$	—		$	501,224	**	$	84,376,253
Preferred Stocks		21,077			—			67,759	**		88,836
Limited Partnerships		—			—			119,247	**		119,247
Total Equity		83,896,106			—			688,230	**		84,584,336
Rights/Warrants		641,677			12,220			—			653,897
Fixed Income
Asset-Backed Securities		—			58,739,490			—			58,739,490
Bank Loans		—			4,469,320			—			4,469,320
Convertible Bonds		—			8,671,182			—			8,671,182
Corporate Bonds		—			79,108,615			15,920	**		79,124,535
Government Securities & Agency Issue		—			10,301,524			—			10,301,524
Mortgage-Backed Securities		—			76,564,201			191,487	(1)		76,755,688
Total Fixed Income		—			237,854,332			207,407	**		238,061,739
Short-Term Investments
Investment of Cash Collateral for Securities Loaned		—			50,611,318			—			50,611,318
Repurchase Agreements		—			22,258,666			—			22,258,666
Treasury Bills		—			77,250,215			—			77,250,215
Total Short-Term Investments		—			150,120,199			—			150,120,199
Purchased Options		105,522			—			—			105,522
Total Investments in Securities in Assets	$	84,643,305		$	387,986,751		$	895,637	**	$	473,525,693
Unfunded Loan Commitments***		—			(457,814	)		—			(457,814	)
Short Sales
Common Stocks		(12,939,665	)		—			—			(12,939,665	)
Exchange-Traded Funds		(14,918	)		—			—			(14,918	)
Total Short Sales		(12,954,583	)		—			—			(12,954,583	)
Total Investments in Securities in Liabilities	$	(12,954,583	)	$	—		$	—		$	(12,954,583	)
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	(83,592	)	$	—		$	—		$	(83,592	)
Futures		1,284,558			—			—			1,284,558
Swaps - Credit Default		—			(276,325	)		—			(276,325	)
Swaps - Total Return		—			(162,898	)		—			(162,898	)
Written Options		(68,732	)		—			—			(68,732	)

^(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 .

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

⁽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.

High Income Fund

Description	Level 1 - Quoted prices in active markets for identical assets			Level 2 - Significant other observable inputs			Level 3 - Significant unobservable inputs			Total
Equity(a)
Common Stocks	$	—		$	62,764		$	—		$	62,764
Preferred Stocks		2,722,612			—			—			2,722,612
Total Equity		2,722,612			62,764			—			2,785,376
Fixed Income
Asset-Backed Securities		—			22,675,736			—			22,675,736
Bank Loans		—			22,925,943			—			22,925,943
Convertible Bonds		—			272,490			—			272,490
Corporate Bonds		—			50,973,264			120,258	**		51,093,522
Government Securities & Agency Issue		—			6,481,175			—			6,481,175
Mortgage-Backed Securities		—			10,971,424			—			10,971,424
Municipal Bond		—			5,037			—			5,037
Total Fixed Income		—			114,305,069			120,258	**		114,425,327
Short-Term Investments
Investment of Cash Collateral for Securities Loaned		—			1,141,525			—			1,141,525
Repurchase Agreements		—			5,496,665			—			5,496,665
Treasury Bills		—			99,884			—			99,884
Total Short-Term Investments		—			6,738,074			—			6,738,074
Purchased Options		22,011			—			—			22,011
Total Investments in Securities	$	2,744,623		$	121,105,907		$	120,258	**	$	123,970,788
Unfunded Loan Commitments***		—			(14,984	)		—			(14,984	)
Other Financial Instruments*
Forward Foreign Currency Exchange Contracts	$	(11,829	)	$	—		$	—		$	(11,829	)
Futures		43,810			—			—			43,810
Swaps - Interest Rate		—			(1,633	)		—			(1,633	)
Swaps - Credit Default		—			(543	)		—			(543	)
Written Options		(79,282	)		—			—			(79,282	)

^(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 Fund .

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

Dolan McEniry Corporate Bond Fund

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Fixed Income
Corporate Bonds	$	—	$	277,951,053	$	—	$	277,951,053
Total Fixed Income		—		277,951,053		—		277,951,053
Short-Term Investments
Investment of Cash Collateral for Securities Loaned		—		483,600		—		483,600
Total Short-Term Investments		—		483,600		—		483,600
Total Investments in Securities	$	—	$	278,434,653	$	—	$	278,434,653

DBi Managed Futures Strategy ETF (Consolidated)

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Short-Term Investments
Repurchase Agreements	$	—	$	17,343,612	$	—	$	17,343,612
Treasury Bills		—		741,325,322		—		741,325,322
Total Short-Term Investments		—		758,668,934		—		758,668,934
Total Investments in Securities	$	—	$	758,668,934	$	—	$	758,668,934
Other Financial Instruments*
Futures	$	19,125,471	$	—	$	—	$	19,125,471

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

Berkshire Dividend Growth ETF

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity(a)
Common Stocks	$	7,952,502	$	—	$	—	$	7,952,502
Total Equity		7,952,502		—		—		7,952,502
Short-Term Investments
Repurchase Agreements		—		211,418		—		211,418
Total Investments in Securities	$	7,952,502	$	211,418	$	—	$	8,163,920

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

Polen Capital China Growth ETF

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity(a)
Common Stocks	$	1,214,582	$	—	$	—	$	1,214,582
Total Equity		1,214,582		—		—		1,214,582
Total Investments in Securities	$	1,214,582	$	—	$	—	$	1,214,582

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

Polen Capital Emerging Markets Growth ETF

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity
Common Stocks
Brazil	$	351,927	$	—	$	—	$	351,927
Cambodia		92,466		—		—		92,466
India		369,877		—		—		369,877
Indonesia		138,031		—		—		138,031
Italy		86,781		—		—		86,781
Japan		91,452		—		—		91,452
Mexico		108,466		—		—		108,466
Poland		176,917		—		—		176,917
Singapore		94,510		—		—		94,510
South Africa		322,235		—		—		322,235
Taiwan		316,923		—		—		316,923
United States		76,086		—		—		76,086
Uruguay		69,904		—		—		69,904
Vietnam		178,090		—		—		178,090
Total Equity		2,473,665		—		—		2,473,665
Short-Term Investments
Repurchase Agreements		—		1,278,988		—		1,278,988
Total Short-Term Investments		—		1,278,988		—		1,278,988
Total Investments in Securities	$	2,473,665	$	1,278,988	$	—	$	3,752,653

Polen Capital Global Growth ETF

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity
Common Stocks
Canada	$	5,413,778	$	—	$	—	$	5,413,778
Denmark		3,594,632		—		—		3,594,632
France		5,053,788		—		—		5,053,788
Germany		11,951,059		—		—		11,951,059
Ireland		3,809,100		—		—		3,809,100
United Kingdom		2,444,042		—		—		2,444,042
United States		105,082,914		—		—		105,082,914
Total Equity		137,349,313		—		—		137,349,313
Short-Term Investments
Repurchase Agreements		—		2,050,434		—		2,050,434
Total Short-Term Investments		—		2,050,434		—		2,050,434
Total Investments in Securities	$	137,349,313	$	2,050,434	$	—	$	139,399,747

Polen Capital International Growth ETF

Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity
Common Stocks
Brazil	$	1,216,812	$	—	$	—	$	1,216,812
Canada		1,074,918		—		—		1,074,918
Denmark		850,757		—		—		850,757
France		1,867,271		—		—		1,867,271
Germany		5,454,926		—		—		5,454,926
India		1,142,033		—		—		1,142,033
Ireland		230,469		—		—		230,469
Japan		635,560		—		—		635,560
Netherlands		1,214,770		—		—		1,214,770
Spain		768,540		—		—		768,540
Sweden		1,179,262		—		—		1,179,262
Switzerland		525,168		—		—		525,168
United Kingdom		3,314,002		—		—		3,314,002
United States		7,833,242		—		—		7,833,242
Total Equity		27,307,730		—		—		27,307,730
Short-Term Investments
Repurchase Agreements		—		651,200		—		651,200
Total Short-Term Investments		—		651,200		—		651,200
Total Investments in Securities	$	27,307,730	$	651,200	$	—	$	27,958,930

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 Alternative Strategies Fund and the High Income Fund invest, such as the non-payment of loans, will result in a reduction in the value of the security. The value of these securities may also fluctuate in response to the market’s perception of the value of issuers or collateral.

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

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

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

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

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

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

• Communications 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.

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

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

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

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

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

• Currency Risk. This is the risk that investing in foreign currencies may expose the Fund to fluctuations in currency exchange rates and that such fluctuations in the exchange rates may negatively affect an investment related to a currency or denominated in a foreign currency. 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.

• 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.

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

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

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

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

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

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

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

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

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

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

• 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.

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

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

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

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

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

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

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

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

• Geopolitical Events Risk. The interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in a Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, climate change and climate-related events, pandemics, epidemics, terrorism, international conflicts, regulatory events and governmental or quasigovernmental actions. The occurrence of global events similar to those in recent years may result in market volatility and may have long term effects on both the U.S. and global financial markets.

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

• 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.

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

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

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

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

• Japanese Investment Risk. Japan may be subject to political, economic, nuclear and labor risks, among others. Any of these risks, individually or in the aggregate, can impact an investment made in Japan. The growth of Japan’s economy has recently lagged that of its Asian neighbors and other major developed economies. Since 2000, Japan’s economic growth rate has generally remained low relative to other advanced economies, and it may remain low in the future. The Japanese economy faces several concerns, including a financial system with large levels of nonperforming loans, overleveraged corporate balance sheets, extensive cross-ownership by major corporations, a changing corporate governance structure, large government deficits, heavy dependence on international trade and oil and other commodity imports, an aging workforce and significant population decline, sometimes unpredictable national politics, political tensions with China, and natural disasters, such as earthquakes, volcanic eruptions, typhoons and tsunamis. Any of these concerns could negatively affect the value of Japanese investments.

• Large Shareholder Purchase and Redemption Risk. This is the risk that a Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it

would not otherwise do so, which may negatively impact the Fund’s net asset value and liquidity. Similarly, large share purchases may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund’s current expenses being allocated over a smaller asset base, leading to an increase in the Fund’s expense ratio.

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

• 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.

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

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

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

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

• Models and Data Risk. The Alternative Strategies Fund uses proprietary systematic and quantitative models as part of its investment strategies. These models may fail to identify profitable opportunities at any time. Furthermore, the models may incorrectly identify opportunities and these misidentified opportunities may lead to substantial losses for the Fund. Models may be predictive in nature and such models may result in an incorrect assessment of future events. Data used in the construction of models may prove to be inaccurate or stale, which may result in losses for the Fund.

• 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.

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

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

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

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

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

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

• Public Health Emergency Risk. This is the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and

materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. Containment efforts and related restrictive actions by governments and businesses have significantly diminished and disrupted global economic activity across many industries. Less developed countries and their health systems may be more vulnerable to these impacts. The ultimate impact of COVID-19 or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in a Fund could be significant and prolonged.

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

• Sector Concentration Risk. The Small Company Fund, the Dolan McEniry Corporate Bond Fund, and the Polen Capital China Growth ETF concentrate their investments in a narrow segment of the total market. At September 30, 2024, the Small Company Fund has 29.1% of its net assets invested in the Industrials sector of the stock market. The Dolan McEniry Corporate Bond Fund has 25.4% of its net assets invested in the Consumer, Non-cyclical sector of the bond market. The Polen Capital China Growth ETF has 31.9% of its net assets invested in the Consumer Discretionary sector of the stock market. Because of these, the Funds are subject to certain additional risks as compared to investing in a more diversified portfolio of investments.

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

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

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

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

• 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.

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

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

Changes in the laws of the United States and/or the Cayman Islands could result in the inability of a Fund and/or the Subsidiary or the Alternative Subsidiary to operate as described in the Prospectus and the Statement of Additional Information (“SAI”) and could adversely affect each Fund. For example, the Cayman Islands does not currently impose any income, corporate or capital gains tax or withholding tax on the Subsidiary or the Alternative Subsidiary. If Cayman Islands law changes such that the Subsidiary or the Alternative Subsidiary must pay Cayman Islands taxes, Fund shareholders would likely suffer decreased investment returns.

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

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

• Unfavorable Tax Treatment Risk. 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.

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

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

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