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iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Shares			Value
	COMMON STOCKS: 95.1%
	Canada: 5.7%
	43,740	Brookfield Corp.^(a)	$	2,292,413
	5,932	Colliers International Group, Inc.		719,553
	8,314	Descartes Systems Group, Inc.^*		837,674
	4,749	FirstService Corp.		788,097
	7,523	Shopify, Inc. - Class A^*		717,581

				5,355,318

	Denmark: 0.6%
	7,518	Novo Nordisk AS - ADR		522,050

	Germany: 3.2%
	9,646	Beiersdorf AG - ADR		249,253
	99,958	Henkel AG & Co. KGaA - ADR		1,806,241
	3,607	SAP SE		951,634

				3,007,128

	Italy: 1.0%
	22,836	SOL SpA		920,732

	Japan: 2.2%
	8,849	Daikin Industries Ltd. - ADR^(a)		96,454
	43,200	NSD Co. Ltd.		963,586
	23,100	Sanrio Co. Ltd.		1,058,544

				2,118,584

	Netherlands: 0.2%
	18,421	JDE Peet’s NV - ADR		202,493

	Sweden: 4.1%
	70,935	Assa Abloy AB - Class B		2,115,636
	27,895	Hemnet Group AB		923,282
	31,274	Indutrade AB		861,564

				3,900,482

	United Kingdom: 9.0%
	75,300	Compass Group PLC		2,478,273
	15,881	Diploma PLC		787,391
	43,317	Pennon Group PLC - ADR^(a)		499,012
	13,385	Severn Trent PLC - ADR		441,839
	76,168	Smith & Nephew PLC - ADR		2,160,886
	9,832	Spirax Group PLC - ADR		399,376
	27,364	United Utilities Group PLC - ADR		712,285
	139,360	Volution Group PLC		966,549

				8,445,611

	United States: 69.1%
	7,845	Abbott Laboratories		1,040,639
	2,003	Adobe, Inc.^*		768,211
	7,375	Air Products & Chemicals, Inc.		2,175,035
	5,340	Alphabet, Inc. - Class A		825,778
	8,491	Amazon.com, Inc.^*		1,615,498
	3,031	Aon PLC - Class A		1,209,642
	2	Berkshire Hathaway, Inc. - Class A^*		1,596,883
	2,319	Berkshire Hathaway, Inc. - Class B^*		1,235,053
	20,738	Calavo Growers, Inc.		497,505
	21,281	California Water Service Group		1,031,277
	29,565	Centene Corp.^*		1,794,891


Shares			Value
	United States (continued)
	3,732	Clorox Co.	$	549,537
	9,860	CME Group, Inc.		2,615,759
	55,225	Comcast Corp. - Class A		2,037,802
	10,759	CoStar Group, Inc.^*		852,435
	135,331	DENTSPLY SIRONA, Inc.		2,021,845
	10,421	elf Beauty, Inc.^*(a)		654,335
	12,000	Envista Holdings Corp.^*		207,120
	36,433	Estee Lauder Cos., Inc. - Class A		2,404,578
	22,414	ExlService Holdings, Inc.^*		1,058,165
	11,890	Fiserv, Inc.^*		2,625,669
	3,730	Globant SA^*		439,096
	5,510	Globe Life, Inc.		725,777
	4,937	Hamilton Lane, Inc. - Class A		733,984
	10,285	Henry Schein, Inc.^*		704,420
	11,758	Hologic, Inc.^*		726,292
	1,765	Kimberly-Clark Corp.		251,018
	1,915	Kinsale Capital Group, Inc.		932,050
	4,581	Knight-Swift Transportation Holdings, Inc.		199,228
	1,315	Markel Group, Inc.^*		2,458,537
	54,849	Marten Transport Ltd.		752,528
	3,950	McKesson Corp.		2,658,310
	2,666	Medpace Holdings, Inc.^*		812,303
	2,266	Microsoft Corp.		850,634
	14,930	Mission Produce, Inc.^*		156,466
	4,673	Northern Trust Corp.		460,991
	20,235	Novartis AG - ADR		2,255,798
	43,800	Occidental Petroleum Corp.		2,161,968
	13,470	Oracle Corp.		1,883,241
	8,371	Paycom Software, Inc.		1,828,896
	2,478	Pool Corp.		788,871
	33,339	Qiagen NV^*		1,338,561
	10,900	Rambus, Inc.^*		564,347
	6,307	Repligen Corp.^*		802,503
	4,236	Rogers Corp.^*		286,057
	11,891	SJW Group		650,319
	8,082	Solventum Corp.^*		614,555
	416	Thermo Fisher Scientific, Inc.		207,002
	2,328	TopBuild Corp.^*		709,924
	1,564	Toro Co.		113,781
	9,200	Union Pacific Corp.		2,173,408
	12,812	Visa, Inc. - Class A		4,490,093
	25,700	Werner Enterprises, Inc.		753,010
	3,478	Workday, Inc. - Class A^*		812,217
	5,624	Zoetis, Inc.		925,992

				65,039,834

	TOTAL COMMON STOCKS (Cost $77,643,878)			89,512,232

	PREFERRED STOCKS: 2.0%
	South Korea: 2.0%
	57,915	Samsung Electronics Co. Ltd. - (Preference Shares)		1,856,426

	TOTAL PREFERRED STOCKS (Cost $2,436,388)			1,856,426

iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Shares			Value
	SHORT-TERM INVESTMENTS: 5.2%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 3.0%
	2,788,042	State Street Navigator Securities Lending Government Money Market Portfolio, 4.360%^(b)(c)	$	2,788,042

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $2,788,042)			2,788,042


Principal Amount
	REPURCHASE AGREEMENTS: 2.2%
	$2,041,801	Fixed Income Clearing Corp. 1.360%, 3/31/2025, due 04/01/2025 [collateral: par value $2,259,500, U.S. Treasury Bonds, 3.875%, due 05/15/2043, value $2,083,147] (proceeds $2,041,879)		2,041,801

	TOTAL REPURCHASE AGREEMENTS (Cost $2,041,801)			2,041,801

	TOTAL SHORT-TERM INVESTMENTS (Cost $4,829,843)			4,829,843

	TOTAL INVESTMENTS (Cost: $84,910,109): 102.3%			96,198,501

	Liabilities in Excess of Other Assets: (2.3)%			(2,119,324	)

	NET ASSETS: 100.0%		$	94,079,177

Percentages are stated as a percent of net assets.


ADR		American Depositary Receipt
*		Non-Income Producing Security.
(a)		Security, or portion thereof, is out on loan.
(b)		The rate disclosed is the 7 day net yield as of March 31, 2025.
(c)		Represents security purchased with cash collateral received for securities on loan.

The cost basis of investments for federal income tax purposes at March 31, 2025 was as follows*:


Cost of investments	$	84,910,109

Gross unrealized appreciation		16,798,759
Gross unrealized depreciation		(5,510,367	)

Net unrealized appreciation	$	11,288,392

*	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 March 31, 2025 (Unaudited)

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


Industry	% of Net Assets
Financial Services		10.6	%
Health Care Equipment & Supplies		7.1	%
Software		6.5	%
Capital Markets		6.5	%
Insurance		5.7	%
Health Care Providers & Services		5.4	%
Ground Transportation		4.1	%
Pharmaceuticals		4.0	%
Water Utilities		3.6	%
Personal Care Products		3.6	%
Building Products		3.3	%
Life Sciences Tools & Services		3.3	%
Chemicals		3.3	%
Professional Services		3.0	%
Household Products		2.8	%
Hotels, Restaurants & Leisure		2.6	%
Real Estate Management & Development		2.5	%
Oil, Gas & Consumable Fuels		2.3	%
IT Services		2.3	%
Media		2.2	%
Technology Hardware, Storage & Peripherals		2.0	%
Interactive Media & Services		1.9	%
Broadline Retail		1.7	%
Machinery		1.4	%
Specialty Retail		1.1	%
Food Products		0.9	%
Trading Companies & Distributors		0.9	%
Distributors		0.8	%
Household Durables		0.8	%
Semiconductors & Semiconductor Equipment		0.6	%
Electronic Equipment, Instruments & Components		0.3	%
Short-Term Investments		5.2	%

Total Investments		102.3	%
Liabilities in Excess of Other Assets		(2.3	)%

Net Assets		100.0	%

iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Shares			Value
	COMMON STOCKS: 96.2%
	Australia: 3.9%
	932,586	Austal Ltd.^*(a)	$	2,448,732
	1,001,200	Glencore PLC^*		3,675,635

				6,124,367

	Brazil: 4.2%
	2,080	MercadoLibre, Inc.^*		4,057,810
	242,129	NU Holdings Ltd. - Class A^*		2,479,401

				6,537,211

	Canada: 3.6%
	33,348	Canadian Pacific Kansas City Ltd.^(a)		2,342,257
	33,379	Shopify, Inc. - Class A^*		3,183,856

				5,526,113

	China: 0.9%
	28,501	Prosus NV		1,327,386

	Cyprus: 2.3%
	138,700	Theon International PLC		3,564,524

	Denmark: 5.3%
	150,000	ISS AS		3,441,134
	70,537	Novo Nordisk AS - Class B		4,880,880

				8,322,014

	Finland: 2.1%
	340,737	Sampo OYJ - Class A		3,257,945

	France: 7.3%
	37,302	BNP Paribas SA		3,101,439
	13,940	Capgemini SE		2,081,051
	16,944	Kering SA		3,513,163
	441,600	Worldline SA^*(a)(b)		2,731,113

				11,426,766

	Germany: 14.8%
	7,834	Adidas AG		1,831,432
	3,610	Allianz SE		1,374,061
	172,671	Bayer AG		4,114,917
	57,318	Daimler Truck Holding AG		2,300,326
	55,765	Fresenius SE & Co. KGaA^*		2,373,344
	63,580	Mercedes-Benz Group AG		3,722,329
	27,526	SAP SE		7,295,743

				23,012,152

	Israel: 3.9%
	173,914	Phoenix Financial Ltd.		3,232,436
	244,872	Tel Aviv Stock Exchange Ltd.		2,885,322

				6,117,758

	Italy: 5.2%
	100,228	Carel Industries SpA^(a)(b)		1,827,687
	256,284	Davide Campari-Milano NV^(a)		1,502,177
	111,184	Ryanair Holdings PLC - ADR		4,710,866

				8,040,730

	Japan: 9.2%
	114,900	Asahi Group Holdings Ltd.		1,469,913
	117,600	BayCurrent, Inc.		5,106,541


Shares			Value
	Japan (continued)
	122,300	Nippon Sanso Holdings Corp.	$	3,697,410
	186,400	Renesas Electronics Corp.		2,533,141
	10,600	Tokyo Electron Ltd.		1,446,098

				14,253,103

	Netherlands: 4.2%
	9,919	ASML Holding NV		6,552,448

	Spain: 1.4%
	27,657	Amadeus IT Group SA		2,115,915

	Sweden: 0.7%
	14,439	Evolution AB^(a)(b)		1,076,766

	Switzerland: 4.5%
	54,687	Bachem Holding AG^(a)		3,229,547
	2,023	Belimo Holding AG		1,242,256
	37,435	Julius Baer Group Ltd.		2,586,514

				7,058,317

	Taiwan: 3.7%
	207,000	Taiwan Semiconductor Manufacturing Co. Ltd.		5,770,706

	United Kingdom: 7.8%
	448,907	Breedon Group PLC		2,609,504
	77,200	Diageo PLC		2,009,846
	1,547,250	Lloyds Banking Group PLC		1,444,650
	391,909	Sage Group PLC		6,109,864

				12,173,864

	United States: 11.2%
	11,778	Aon PLC - Class A		4,700,482
	256,143	CNH Industrial NV		3,145,436
	12,745	ICON PLC^*		2,230,248
	5,632	Spotify Technology SA^*		3,097,769
	49,546	Titan Cement International SA		2,273,708
	5,715	Willis Towers Watson PLC		1,931,384

				17,379,027

	TOTAL COMMON STOCKS (Cost $139,814,392)			149,637,112

	SHORT-TERM INVESTMENTS: 6.3%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 4.2%
	6,549,902	State Street Navigator Securities Lending Government Money Market Portfolio, 4.360%^(c)(d)		6,549,902

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $6,549,902)			6,549,902

iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount			Value
	REPURCHASE AGREEMENTS: 2.1%
	$3,344,899	Fixed Income Clearing Corp. 1.360%, 3/31/2025, due 04/01/2025 [collateral: par value $3,701,400, U.S. Treasury Bonds, 3.875%, due 05/15/2043, value $3,412,382] (proceeds $3,345,026)	$	3,344,899

	TOTAL REPURCHASE AGREEMENTS (Cost $3,344,899)			3,344,899

	TOTAL SHORT-TERM INVESTMENTS (Cost $9,894,801)			9,894,801

	TOTAL INVESTMENTS (Cost: $149,709,193): 102.5%			159,531,913

	Liabilities in Excess of Other Assets: (2.5)%			(3,941,110	)

	NET ASSETS: 100.0%		$	155,590,803

Percentages are stated as a percent of net assets.


ADR		American Depositary Receipt
*		Non-Income Producing Security.
(a)		Security, or portion thereof, is out on loan.
(b)		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(c)		Represents security purchased with cash collateral received for securities on loan.
(d)		The rate disclosed is the 7 day net yield as of March 31, 2025.

The cost basis of investments for federal income tax purposes at March 31, 2025 was as follows*:


Cost of investments	$	149,709,193

Gross unrealized appreciation		28,907,405
Gross unrealized depreciation		(19,084,685	)

Net unrealized appreciation	$	9,822,720

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

iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)

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


Industry	% of Net Assets
Semiconductors & Semiconductor Equipment		10.4	%
Insurance		9.4	%
Software		8.6	%
Pharmaceuticals		5.7	%
Banks		4.5	%
Aerospace & Defense		3.9	%
Life Sciences Tools & Services		3.5	%
Machinery		3.5	%
Broadline Retail		3.5	%
Textiles, Apparel & Luxury Goods		3.5	%
Capital Markets		3.4	%
IT Services		3.4	%
Professional Services		3.3	%
Beverages		3.3	%
Construction Materials		3.2	%
Passenger Airlines		3.0	%
Automobiles		2.4	%
Chemicals		2.4	%
Metals & Mining		2.3	%
Commercial Services & Supplies		2.2	%
Hotels, Restaurants & Leisure		2.1	%
Entertainment		2.0	%
Building Products		2.0	%
Financial Services		1.7	%
Health Care Providers & Services		1.5	%
Ground Transportation		1.5	%
Short-Term Investments		6.3	%

Total Investments		102.5	%
Liabilities in Excess of Other Assets		(2.5	)%

Net Assets		100.0	%

iMGP Small Company Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Shares			Value
	COMMON STOCKS: 98.1%
	Consumer Discretionary: 15.9%
	14,104	Advance Auto Parts, Inc.	$	553,018
	17,408	Capri Holdings Ltd.^*		343,460
	12,631	Dutch Bros, Inc. - Class A^*		779,838
	17,629	Foot Locker, Inc.^*		248,569
	7,479	Gentherm, Inc.^*		199,988
	75,376	Goodyear Tire & Rubber Co.^*		696,474
	5,034	Installed Building Products, Inc.		863,130
	8,998	Ollie’s Bargain Outlet Holdings, Inc.^*		1,047,007
	7,735	Papa John’s International, Inc.		317,754
	32,212	Revolve Group, Inc.^*		692,236
	31,328	VF Corp.		486,211
	30,606	Warby Parker, Inc. - Class A^*		557,947

				6,785,632

	Consumer Staples: 1.6%
	10,834	elf Beauty, Inc.^*		680,267

	Energy: 0.9%
	33,335	Crescent Energy Co. - Class A		374,685

	Financials: 17.1%
	18,215	Cadence Bank		553,007
	25,691	Columbia Banking System, Inc.		640,734
	13,670	Glacier Bancorp, Inc.		604,487
	14,992	Goosehead Insurance, Inc. - Class A		1,769,956
	7,826	Hamilton Lane, Inc. - Class A		1,163,491
	16,824	National Bank Holdings Corp. - Class A		643,854
	22,131	Seacoast Banking Corp. of Florida		569,431
	7,521	SouthState Corp.		698,099
	8,448	Texas Capital Bancshares, Inc.^*		631,066

				7,274,125

	Health Care: 9.4%
	52,143	AdaptHealth Corp.^*		565,230
	3,278	ICU Medical, Inc.^*		455,183
	3,723	Medpace Holdings, Inc.^*		1,134,361
	28,395	NeoGenomics, Inc.^*		269,469
	56,689	Progyny, Inc.^*		1,266,432
	9,065	QuidelOrtho Corp.^*		317,003

				4,007,678

	Industrials: 26.2% ^(a)
	12,075	Apogee Enterprises, Inc.		559,435
	6,517	AZZ, Inc.		544,886
	31,525	Core & Main, Inc. - Class A^*		1,522,973
	6,599	EnerSys		604,336
	31,462	ExlService Holdings, Inc.^*		1,485,321
	14,419	Mercury Systems, Inc.^*		621,315
	8,661	Paylocity Holding Corp.^*		1,622,552
	24,932	Quanex Building Products Corp.		463,486
	34,526	REV Group, Inc.		1,091,021
	13,673	Trex Co., Inc.^*		794,401
	3,443	Valmont Industries, Inc.		982,529


Shares			Value
	Industrials (continued)
	32,390	WillScot Holdings Corp.	$	900,442

				11,192,697

	Information Technology: 18.9%
	19,018	Allegro MicroSystems, Inc.^*		477,922
	4,197	Ambarella, Inc.^*		211,235
	15,665	Belden, Inc.		1,570,416
	3,847	Fabrinet^*		759,821
	11,143	Five9, Inc.^*		302,533
	8,539	Globant SA^*		1,005,211
	8,872	Ichor Holdings Ltd.^*		200,596
	8,774	Insight Enterprises, Inc.^*		1,316,012
	2,289	Littelfuse, Inc.		450,338
	24,402	Rambus, Inc.^*		1,263,414
	7,635	Synaptics, Inc.^*		486,502

				8,044,000

	Materials: 6.7%
	21,020	Element Solutions, Inc.		475,262
	18,895	Ingevity Corp.^*		748,053
	80,589	O-I Glass, Inc.^*		924,356
	14,304	Silgan Holdings, Inc.		731,221

				2,878,892

	Real Estate: 1.4%
	16,931	STAG Industrial, Inc. - REIT		611,548

	TOTAL COMMON STOCKS (Cost $40,864,877)			41,849,524

	TOTAL INVESTMENTS (Cost: $40,864,877): 98.1%			41,849,524

	Other Assets in Excess of Liabilities: 1.9%			790,233

	NET ASSETS: 100.0%		$	42,639,757

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 March 31, 2025 was as follows*:


Cost of investments	$	40,864,877

Gross unrealized appreciation		5,636,585
Gross unrealized depreciation		(4,651,938	)

Net unrealized appreciation	$	984,647

*	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 March 31, 2025 (Unaudited)


Shares			Value
	COMMON STOCKS: 2.0%
	Communication Services: 0.5%
	1,180	Alphabet, Inc. - Class A	$	182,475
	834	Alphabet, Inc. - Class C		130,296
	114,390	Altegrity, Inc.^*(a)		140,700
	18,747	Altice USA, Inc. - Class A^*		49,867
	98,124	Bollore SE		571,994
	344	Charter Communications, Inc. - Class A^*		126,774
	6,200	Comcast Corp. - Class A^(b)		228,780
	220	EchoStar Corp. - Class A^*(c)		5,628
	417	Meta Platforms, Inc. - Class A		240,342
	3,386	Nexon Co. Ltd.		46,074
	1,168	Nintendo Co. Ltd.		78,765
	12,251	Oi SA - ADR^*		6,126

				1,807,821

	Consumer Discretionary: 0.2%
	807	Amazon.com, Inc.^*(b)		153,540
	1,330	CarMax, Inc.^*(b)		103,634
	466	Cie Financiere Richemont SA - Class A		80,587
	480	Delivery Hero SE^*(d)		11,384
	252	Marriott International, Inc. - Class A		60,026
	2,520	Prosus NV		115,818
	507	Vail Resorts, Inc.		81,130

				606,119

	Consumer Staples: 0.1%
	2,460	Heineken Holding NV		177,658
	5,150	JDE Peet’s NV		112,411
	120	Orion Corp.		9,608
	689	Pernod Ricard SA		67,877
	100	Rohto Pharmaceutical Co. Ltd.		1,492
	700	Shiseido Co. Ltd.		13,167

				382,213

	Energy: 0.1%
	64	Gulfport Energy Corp.^*		11,785
	2,460	Kinder Morgan, Inc.		70,184
	5,167	McDermott International, Inc.^*		67,169
	2,005	NOV, Inc.		30,516
	294	Stichting Administratiekantoor^*		0
	800	Stichting Administratiekantoor^*		0

				179,654

	Financials: 0.1%
	425	Aon PLC - Class A		169,613
	3,067	Citigroup, Inc.^(b)		217,726
	540	Jefferies Financial Group, Inc.		28,928
	98	LPL Financial Holdings, Inc.		32,060
	440	NCR Atleos Corp.^*		11,607
	1,420	Wells Fargo & Co.		101,942

				561,876

	Health Care: 0.1%
	209	Bio-Rad Laboratories, Inc. - Class A^*		50,904
	1,430	Eurofins Scientific SE^(c)		75,980


Shares			Value
	Health Care (continued)
	296	ICON PLC^*	$	51,797

				178,681

	Industrials: 0.6%
	452	Azelis Group NV		7,919
	710	Ferguson Enterprises, Inc.		113,763
	451	Fortune Brands Innovations, Inc.		27,457
	1	Hornbeck Offshore Services, Inc.^*		55
	127	Hoshizaki Corp.		4,890
	341	Howmet Aerospace, Inc.		44,238
	1,280	LG Corp.		56,155
	36,647	Mcdermott International Ltd.^*		476,406
	13,543	Rush Enterprises, Inc. - Class A		723,332
	563	Safran SA		147,077
	610	Samsung C&T Corp.		48,427
	17,500	Sound Holdings FP^*(a)		349,233
	1,734	Swire Pacific Ltd. - Class A		15,290
	690	Uber Technologies, Inc.^*		50,273
	234	Westinghouse Air Brake Technologies Corp.		42,436

				2,106,951

	Information Technology: 0.2%
	1,138	Analog Devices, Inc.^(b)		229,501
	109	Broadcom, Inc.		18,250
	100	Hirose Electric Co. Ltd.		11,506
	660	NCR Voyix Corp.^*		6,435
	421	NXP Semiconductors NV		80,015
	6,102	Riverbed Technology, Inc.^*		793
	1,530	TE Connectivity PLC		216,220

				562,720

	Materials: 0.1%
	21,870	Glencore PLC^*		79,027
	4,249	Grupo Mexico SAB de CV		21,233
	2,161	Holcim AG		230,894
	2,270	International Flavors & Fragrances, Inc.		176,175

				507,329

	Real Estate: 0.0%
	990	Douglas Emmett, Inc. - REIT		15,840
	345	Vornado Realty Trust - REIT		12,762

				28,602

	Special Purpose Acquisition Company: 0.0%
	6,266	Pershing Square Tontine Holdings Ltd.^*		0

	Utilities: 0.0%
	630	PG&E Corp.		10,823

	TOTAL COMMON STOCKS (Cost $5,858,744)			6,932,789

	RIGHTS/WARRANTS: 0.2%
	22,138	ABIOMED, Inc., CVR (Expiration date 12/31/99)^*		35,421
	47,716	Albireo Pharma, Inc., CVR (Expiration date 12/31/99)^*		125,054

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Shares			Value
	RIGHTS/WARRANTS (CONTINUED)
	54,961	CinCor Pharma, Inc., CVR (Expiration date 12/31/99)^*	$	205,505
	213,778	Concert Pharmaceuticals, Inc., CVR (Expiration date 12/31/99)^*(c)		96,350
	5,576	Electriq Power Holdings, Inc. (Expiration date 07/31/28)^*		0
	11	Hornbeck Offshore Services, Inc. (Expiration date 04/09/30)^*		605
	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. III (Expiration date 12/31/27)^*		0
	1,566	Pershing Square Holdings Ltd. (Expiration date 09/23/33)^*		0
	124,401	Resolute Forest Products, Inc., CVR (Expiration date 12/31/99)^*		191,204
	1,039	Ross Acquisition Corp. II (Expiration date 02/12/26)^*		0

	TOTAL RIGHTS/WARRANTS (Cost $722,801)			665,809

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

	TOTAL PREFERRED STOCKS (Cost $1,700,000)			0


Principal Amount^
	ASSET-BACKED SECURITIES: 13.8%
	Automobile ABS: 0.1%
		Carvana Auto Receivables Trust
	$3,000	Series 2021-N1-R 0.000%, 01/10/2028^(d)(e)	294,243

	Home Equity ABS: 0.1%
		CSAB Mortgage-Backed Trust
	1,857,684	Series 2006-2-A6B 6.200%, 09/25/2036^(f)	112,629
		GSAA Home Equity Trust
	516,115	Series 2006-10-AF5 6.948%, 06/25/2036^(f)	117,121

			229,750

	Other ABS: 13.2%
		720 East CLO V Ltd.
	250,000	Series 2024-2A-C 6.493%, 07/20/2037^(d)(g) 3 mo. USD Term SOFR + 2.200%	250,301
		Aaset Trust
	198,011	Series 2021-1A-A 2.950%, 11/16/2041^(d)	187,117


Principal Amount^			Value
	Other ABS (continued)
		AIM Aviation Finance Ltd.
	$637,452	Series 2015-1A-B1 5.072%, 02/15/2040^(d)(f)	$	433,435
		AMSR Trust
	1,800,000	Series 2020-SFR5-G 4.112%, 11/17/2037^(d)		1,779,877
	2,500,000	Series 2021-SFR1-G 4.612%, 06/17/2038^(d)		2,295,614
		Apidos CLO XX Ltd.
	265,000	Series 2015-20A-BRR 6.519%, 07/16/2031^(d)(g) 3 mo. USD Term SOFR + 2.212%		265,773
		Apidos CLO XXIV Ltd.
	1,000,000	Series 2016-24A-DR 10.355%, 10/20/2030^(d)(g) 3 mo. USD Term SOFR + 6.062%		1,002,751
		Bain Capital Credit CLO Ltd.
	180,000	Series 2020-1A-C1R 6.643%, 04/18/2033^(d)(g) 3 mo. USD Term SOFR + 2.350%		180,248
		Blue Stream Issuer LLC
	1,000,000	Series 2023-1A-C 8.898%, 05/20/2053^(d)		1,030,778
		Buttermilk Park CLO Ltd.
	750,000	Series 2018-1A-E 10.314%, 10/15/2031^(d)(g) 3 mo. USD Term SOFR + 6.012%		733,317
		Canyon Capital CLO Ltd.
	1,000,000	Series 2016-1A-ER 10.314%, 07/15/2031^(d)(g) 3 mo. USD Term SOFR + 6.012%		985,784
	500,000	Series 2018-1A-E 10.314%, 07/15/2031^(d)(g) 3 mo. USD Term SOFR + 6.012%		497,348
	1,000,000	Series 2021-4A-E 10.864%, 10/15/2034^(d)(g) 3 mo. USD Term SOFR + 6.562%		1,002,032
		Carlyle C17 CLO Ltd.
	500,000	Series C17A-DR 10.549%, 04/30/2031^(d)(g) 3 mo. USD Term SOFR + 6.262%		482,607
		Carlyle Global Market Strategies CLO Ltd.
	500,000	Series 2014-2RA-D 9.935%, 05/15/2031^(d)(g) 3 mo. USD Term SOFR + 5.612%		497,777
	405,000	Series 2015-5A-A2R3 5.943%, 01/20/2032^(d)(g) 3 mo. USD Term SOFR + 1.650%		405,434

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		Carval CLO X-C Ltd.
	$285,000	Series 2024-2A-B 6.093%, 07/20/2037^(d)(g) 3 mo. USD Term SOFR + 1.800%	$	285,558
		Castlelake Aircraft Securitization Trust
	4,491,141	Series 2018-1-C 6.625%, 06/15/2043^(d)		2,357,915
		Castlelake Aircraft Structured Trust
	3,000,000	Series 2019-1A-E 0.000%, 04/15/2039^(d)(h)		187,500
		Chenango Park CLO Ltd.
	500,000	Series 2018-1A-D 10.364%, 04/15/2030^(d)(g) 3 mo. USD Term SOFR + 6.062%		495,220
		CIFC Funding CLO Ltd.
	205,000	Series 2013-2A-A3LR 6.505%, 10/18/2030^(d)(g) 3 mo. USD Term SOFR + 2.212%		205,206
		Cologix Data Centers U.S. Issuer LLC
	1,500,000	Series 2021-1A-C 5.990%, 12/26/2051^(d)		1,422,691
		Cook Park CLO Ltd.
	1,000,000	Series 2018-1A-E 9.965%, 04/17/2030^(d)(g) 3 mo. USD Term SOFR + 5.662%		985,124
		CoreVest American Finance Ltd.
	305,000	Series 2020-4-C 2.250%, 12/15/2052^(d)		274,853
		Dryden 40 Senior Loan Fund CLO
	1,000,000	Series 2015-40A-ER 10.335%, 08/15/2031^(d)(g) 3 mo. USD Term SOFR + 6.012%		940,209
		Dryden 55 CLO Ltd.
	500,000	Series 2018-55A-F 11.764%, 04/15/2031^(d)(g) 3 mo. USD Term SOFR + 7.462%		428,218
		Fillmore Park CLO Ltd.
	500,000	Series 2018-1A-E 9.964%, 07/15/2030^(d)(g) 3 mo. USD Term SOFR + 5.662%		502,435
		FMC GMSR Issuer Trust
	1,900,000	Series 2021-GT1-B 4.360%, 07/25/2026^(d)(i)		1,774,808
	2,500,000	Series 2021-GT2-B 4.440%, 10/25/2026^(d)(i)		2,333,395
		Galaxy XXVI CLO Ltd.
	250,000	Series 2018-26A-BR 5.929%, 11/22/2031^(d)(g) 3 mo. USD Term SOFR + 1.600%		249,875


Principal Amount^			Value
	Other ABS (continued)
		Golub Capital Partners CLO 74 B Ltd.
	$250,000	Series 2024-74A-B 6.150%, 07/25/2037^(d)(g) 3 mo. USD Term SOFR + 1.850%	$	250,424
		Highbridge Loan Management CLO Ltd.
	500,000	Series 2013-2A-DR 11.155%, 10/20/2029^(d)(g) 3 mo. USD Term SOFR + 6.862%		500,062
		Jamestown CLO XVIII Ltd.
	500,000	Series 2022-18A-DR 8.050%, 07/25/2035^(d)(g) 3 mo. USD Term SOFR + 3.750%		504,884
		Kestrel Aircraft Funding Ltd.
	212,925	Series 2018-1A-A 4.250%, 12/15/2038^(d)		209,921
		Labrador Aviation Finance Ltd.
	204,828	Series 2016-1A-A1 4.300%, 01/15/2042^(d)		199,204
		LCM CLO 26 Ltd.
	500,000	Series 26A-E 9.855%, 01/20/2031^(d)(g) 3 mo. USD Term SOFR + 5.562%		393,234
		LCM CLO XVII LP
	1,000,000	Series 17A-ER 10.564%, 10/15/2031^(d)(g) 3 mo. USD Term SOFR + 6.262%		777,941
		LCM Loan Income Fund I Income Note Issuer CLO Ltd.
	500,000	Series 27A-E 10.169%, 07/16/2031^(d)(g) 3 mo. USD Term SOFR + 5.862%		408,832
		Madison Park Funding CLO XXXVIII Ltd.
	500,000	Series 2021-38A-E 10.565%, 07/17/2034^(d)(g) 3 mo. USD Term SOFR + 6.262%		492,254
		Madison Park Funding LIX Ltd.
	305,000	Series 2021-59A-CR 6.543%, 04/18/2037^(d)(g) 3 mo. USD Term SOFR + 2.250%		305,383
		MAPS Ltd.
	95,412	Series 2018-1A-A 4.212%, 05/15/2043^(d)		94,946
	70,079	Series 2019-1A-A 4.458%, 03/15/2044^(d)		67,843
		Marble Point CLO XII Ltd.
	500,000	Series 2018-1A-D 7.569%, 07/16/2031^(d)(g) 3 mo. USD Term SOFR + 3.262%		500,988
		MetroNet Infrastructure Issuer LLC
	887,000	Series 2023-1A-B 8.010%, 04/20/2053^(d)		923,412

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		Milos CLO Ltd.
	$500,000	Series 2017-1A-ER 10.705%, 10/20/2030^(d)(g) 3 mo. USD Term SOFR + 6.412%	$	485,033
		Neuberger Berman Loan Advisers CLO 26 Ltd.
	1,000,000	Series 2017-26A-INC 0.372%, 10/18/2038^(d)(j)		439,330
		Ocean Trails CLO V
	700,000	Series 2014-5A-DRR 8.001%, 10/13/2031^(d)(g) 3 mo. USD Term SOFR + 3.712%		701,352
		Octagon Investment Partners CLO 26 Ltd.
	1,000,000	Series 2016-1A-FR 12.654%, 07/15/2030^(d)(g) 3 mo. USD Term SOFR + 8.352%		510,814
		Octagon Investment Partners CLO 40 Ltd.
	500,000	Series 2019-1A-ER 11.555%, 01/20/2035^(d)(g) 3 mo. USD Term SOFR + 7.262%		481,181
		Octagon Investment Partners CLO XVI Ltd.
	1,000,000	Series 2013-1A-ER 10.315%, 07/17/2030^(d)(g) 3 mo. USD Term SOFR + 6.012%		957,239
	1,500,000	Series 2013-1A-SUB 10.317%, 07/17/2030^(d)(j)		25,916
		OHA Credit Partners XI Ltd.
	250,000	Series 2015-11A-CR2 6.493%, 04/20/2037^(d)(g) 3 mo. USD Term SOFR + 2.200%		251,014
		Pagaya AI Debt Selection Trust
	800,000	Series 2021-5-CERT 0.000%, 08/15/2029^(d)(h)		28,302
		Palmer Square BDC CLO 1 Ltd.
	310,000	Series 1A-B1 6.452%, 07/15/2037^(d)(g) 3 mo. USD Term SOFR + 2.150%		311,734
		Post CLO Ltd.
	370,000	Series 2023-1A-A 6.243%, 04/20/2036^(d)(g) 3 mo. USD Term SOFR + 1.950%		370,110
		Progress Residential Trust
	2,432,000	Series 2021-SFR2-D 2.197%, 04/19/2038^(d)		2,420,212
	170,000	Series 2021-SFR2-E2 2.647%, 04/19/2038^(d)		169,113
	125,000	Series 2021-SFR6-E2 2.525%, 07/17/2038^(d)		120,647
		RCO VII Mortgage LLC
	64,615	Series 2024-1-A1 7.021%, 01/25/2029^(d)(f)		65,560


Principal Amount^			Value
	Other ABS (continued)
		RR CLO 2 Ltd.
	$500,000	Series 2017-2A-DR 10.364%, 04/15/2036^(d)(g) 3 mo. USD Term SOFR + 6.062%	$	489,401
		RR CLO 6 Ltd.
	500,000	Series 2019-6A-DR 10.414%, 04/15/2036^(d)(g) 3 mo. USD Term SOFR + 6.112%		485,396
		SCF Equipment Leasing LLC
	295,000	Series 2021-1A-E 3.560%, 08/20/2032^(d)		294,580
		Slam Ltd.
	195,228	Series 2021-1A-B 3.422%, 06/15/2046^(d)		181,333
		Sound Point CLO XXXII Ltd.
	500,000	Series 2021-4A-E 11.262%, 10/25/2034^(d)(g) 3 mo. USD Term SOFR + 6.962%		436,789
		Stewart Park CLO Ltd.
	500,000	Series 2015-1A-ER 9.844%, 01/15/2030^(d)(g) 3 mo. USD Term SOFR + 5.542%		495,515
		Textainer Marine Containers VII Ltd.
	151,217	Series 2021-1A-B 2.520%, 02/20/2046^(d)		138,699
		THL Credit Wind River CLO Ltd.
	2,000,000	Series 2014-2A-INC 5.550%, 01/15/2031^(d)(j)		300
	500,000	Series 2018-2A-E 10.314%, 07/15/2030^(d)(g) 3 mo. USD Term SOFR + 6.012%		461,210
		TICP CLO VII Ltd.
	280,000	Series 2017-7A-CR 6.714%, 04/15/2033^(d)(g) 3 mo. USD Term SOFR + 2.412%		280,249
		Upstart Pass-Through Trust
	1,000,000	Series 2021-ST8-CERT 0.000%, 10/20/2029^(d)(h)		266,370
	929,000	Series 2021-ST9-CERT 0.000%, 11/20/2029^(d)(h)		320,914
		Upstart Securitization Trust
	1,000	Series 2021-2-CERT 0.000%, 06/20/2031^(e)		89,528
		VOLT XCIV LLC
	16,116	Series 2021-NPL3-A1 6.240%, 02/27/2051^(d)(f)		16,136
	722,757	Series 2021-NPL3-A2 8.949%, 02/27/2051^(d)(f)		724,540
		Voya CLO Ltd.
	500,000	Series 2018-2A-E 9.814%, 07/15/2031^(d)(g) 3 mo. USD Term SOFR + 5.512%		473,392
		WAVE Trust
	252,174	Series 2017-1A-A 3.844%, 11/15/2042^(d)		235,801

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		Wellfleet CLO Ltd.
	$250,000	Series 2024-1A-B 6.343%, 07/18/2037^(d)(g) 3 mo. USD Term SOFR + 2.050%	$	250,676
		Willis Engine Structured Trust V
	184,761	Series 2020-A-A 3.228%, 03/15/2045^(d)		176,661
		Willis Engine Structured Trust VI
	1,016,833	Series 2021-A-C 7.385%, 05/15/2046^(d)		1,016,309
		Wind River CLO Ltd.
	500,000	Series 2021-2A-E 10.985%, 07/20/2034^(d)(g) 3 mo. USD Term SOFR + 6.692%		449,206
		Wise CLO Ltd.
	250,000	Series 2024-2A-C 6.502%, 07/15/2037^(d)(g) 3 mo. USD Term SOFR + 2.200%		250,512

				44,973,602

	Student Loan ABS: 0.4%
		Education Funding Trust
	3,138	Series 2020-A-A 2.790%, 07/25/2041^(d)		2,954
		SLM Private Credit Student Loan Trust
	69,000	Series 2003-A-A3 8.297%, 06/15/2032^(g)		68,972
	250,000	Series 2003-B-A3 7.928%, 03/15/2033⁽ⁱ⁾		250,107
	50,000	Series 2003-B-A4 7.922%, 03/15/2033⁽ⁱ⁾		50,022
		SoFi Professional Loan Program LLC
	133,000	Series 2017-F-R1 0.000%, 01/25/2041^(d)(e)		1,003,126

				1,375,181

	TOTAL ASSET-BACKED SECURITIES (Cost $68,821,399)			46,872,776

	BANK LOANS: 0.6%
	Communications: 0.0%
		Cyxtera DC Holdings, Inc.
	132,288	10.500%, 01/16/2026^(k)		727

	Consumer, Cyclical: 0.1%
		Epic Creations, Inc.
	218	14.325%, 04/30/2025^(g) 1 mo. USD Term SOFR + 10.000%		219
		Flutter Financing B.V.
	7,980	6.049%, 11/30/2030^(g) 3 mo. USD Term SOFR + 1.750%		7,982
	101,763	0.000%, 11/30/2030^(l)		101,795


Principal Amount^			Value
	Consumer, Cyclical (continued)
		Hilton Grand Vacations Borrower LLC
	$124,063	0.000%, 01/17/2031^(l)	$	123,465

				233,461

	Energy: 0.3%
		Lealand Finance Co. BV
	19,301	11.839%, 06/30/2027^(g) 1 mo. USD Term SOFR + 7.500%		14,476
	45,798	7.439%, 06/30/2027^(g) 1 mo. USD Term SOFR + 3.000%		24,273
	457,460	8.572%, 06/28/2024^(g) 3 mo. USD Term SOFR + 4.000%		237,879
	1,484,728	8.439%, 12/31/2027^(g)(m) 1 mo. USD Term SOFR + 1.000% Cash, 3.000% PIK		645,857

				922,485

	Financial: 0.0%
		Astra Acquisition Corp.
	839,743	0.000%, 10/25/2029^(k)		18,894

	Technology: 0.2%
		Byju’s Alpha, Inc.
	1	12.325%, 04/09/2026^(g) 1 mo. USD Term SOFR + 8.000%		1
	3	12.325%, 04/09/2026^(g) 3 mo. USD Term SOFR + 8.000%		3
		Constant Contact, Inc.
	875,000	12.064%, 02/12/2029^(g) 3 mo. USD Term SOFR + 7.500%		730,625
		Cornerstone OnDemand, Inc.
	3,448	8.189%, 10/16/2028^(g) 1 mo. USD Term SOFR + 3.750%		3,004
		Vision Solutions, Inc.
	3,446	8.552%, 04/24/2028^(g) 3 mo. USD Term SOFR + 4.000%		3,332

				736,965

	TOTAL BANK LOANS (Cost $4,743,886)			1,912,532

	CONVERTIBLE BONDS: 0.2%
	Communications: 0.1%
		Booking Holdings, Inc.
	4,000	0.750%, 05/01/2025		9,847
		Delivery Hero SE
	100,000 (EUR)	1.000%, 01/23/2027		101,530
	100,000 (EUR)	1.500%, 01/15/2028		96,965
	100,000 (EUR)	3.250%, 02/21/2030		104,486
		InterDigital, Inc.
	5,000	3.500%, 06/01/2027		13,440
		Palo Alto Networks, Inc.
	2,000	0.375%, 06/01/2025		6,863
		Spotify USA, Inc.
	2,000	0.000%, 03/15/2026^(h)		2,389

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CONVERTIBLE BONDS (CONTINUED)
	Communications (continued)
		Wayfair, Inc.
	$63,000	0.625%, 10/01/2025	$	61,425
	8,000	1.000%, 08/15/2026		7,510

				404,455

	Consumer, Cyclical: 0.0%
		Freshpet, Inc.
	3,000	3.000%, 04/01/2028		4,248

	Consumer, Non-cyclical: 0.0%
		Merit Medical Systems, Inc.
	8,000	3.000%, 02/01/2029^(d)		10,900

	Energy: 0.0%
		Permian Resources Operating LLC
	5,000	3.250%, 04/01/2028		12,172

	Financial: 0.0%
		Coinbase Global, Inc.
	20,000	0.250%, 04/01/2030^(d)		18,590

	Industrial: 0.0%
		Fluor Corp.
	9,000	1.125%, 08/15/2029		9,574
		Itron, Inc.
	12,000	1.375%, 07/15/2030^(d)		12,562

				22,136

	Technology: 0.1%
		Datadog, Inc.
	35,000	0.673%, 12/01/2029^(d)(j)		30,572
		Nutanix, Inc.
	11,000	0.250%, 10/01/2027		14,690
		ON Semiconductor Corp.
	12,000	0.500%, 03/01/2029		10,381
		Tyler Technologies, Inc.
	4,000	0.250%, 03/15/2026		4,894
		Workiva, Inc.
	16,000	1.250%, 08/15/2028		14,924

				75,461

	TOTAL CONVERTIBLE BONDS (Cost $508,462)			547,962

	CORPORATE BONDS: 15.4%
	Basic Materials: 0.5%
		AngloGold Ashanti Holdings PLC
	240,000	3.375%, 11/01/2028		226,716
		ArcelorMittal SA
	55,000	6.800%, 11/29/2032		59,111
		Glencore Funding LLC
	455,000	6.500%, 10/06/2033^(d)		486,374
		RPM International, Inc.
	300,000	2.950%, 01/15/2032		262,058
		Southern Copper Corp.
	220,000	7.500%, 07/27/2035		250,278
		Steel Dynamics, Inc.
	80,000	5.250%, 05/15/2035		79,045
		Unigel Luxembourg SA
	47,959	13.500%, 12/31/2027^(d)(m) Cash 13.500% + PIK Rate 15.000%		44,736


Principal Amount^			Value
	Basic Materials (continued)
	$67,354	13.500%, 12/31/2027^(m) Cash 13.500% + PIK Rate 15.000%	$	62,827
	54,810	11.000%, 12/31/2028^(d)(m) Cash 11.000% + PIK Rate 12.000%		22,746
	235,683	11.000%, 12/31/2028^(m) Cash 11.000% + PIK Rate 12.000%		97,808

				1,591,699

	Communications: 2.8%
		CCO Holdings LLC/CCO Holdings Capital Corp.
	325,000	5.125%, 05/01/2027^(d)		320,272
		Charter Communications Operating LLC/Charter Communications Operating Capital
	15,000	4.800%, 03/01/2050		11,277
	60,000	3.700%, 04/01/2051		37,715
	10,000	3.900%, 06/01/2052		6,455
	40,000	5.250%, 04/01/2053		32,200
	70,000	6.834%, 10/23/2055		67,882
	370,000	4.400%, 12/01/2061		245,430
		CSC Holdings LLC
	325,000	11.250%, 05/15/2028^(d)		314,469
	100,000	11.750%, 01/31/2029^(d)		97,060
	200,000	4.125%, 12/01/2030^(d)		145,066
	1,485,000	4.625%, 12/01/2030^(d)		724,803
	215,000	3.375%, 02/15/2031^(d)		153,887
	400,000	4.500%, 11/15/2031^(d)		290,448
		Directv Financing LLC/Directv Financing Co-Obligor, Inc.
	350,000	10.000%, 02/15/2031^(d)		335,107
		DISH DBS Corp.
	880,000	5.250%, 12/01/2026^(d)		808,618
		EchoStar Corp.
	580,194	10.750%, 11/30/2029		609,002
		EchoStar Corp.
	510,321	6.750%, 11/30/2030^(m) PIK Rate 6.750%		463,918
		FactSet Research Systems, Inc.
	172,000	3.450%, 03/01/2032		154,673
		Fox Corp.
	300,000	6.500%, 10/13/2033		320,720
		Go Daddy Operating Co. LLC/GD Finance Co., Inc.
	678,000	3.500%, 03/01/2029^(d)		627,635
		iHeartCommunications, Inc.
	115,700	7.750%, 08/15/2030^(d)		86,081
	16,000	7.000%, 01/15/2031^(d)		11,292
		Juniper Networks, Inc.
	320,000	2.000%, 12/10/2030		272,670
		Koninklijke KPN NV
	100,000	8.375%, 10/01/2030		115,891
		Motorola Solutions, Inc.
	320,000	2.750%, 05/24/2031		283,255
	467,000	5.600%, 06/01/2032		481,915
	290,000	5.400%, 04/15/2034		292,862
		Oi SA
	319,004	8.500%, 12/31/2028^(d)(m) PIK Rate 8.500%		33,495

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Communications (continued)
		Paramount Global
	$260,000	6.875%, 04/30/2036	$	265,986
	345,000	4.375%, 03/15/2043		254,706
	90,000	5.850%, 09/01/2043		78,605
		Rakuten Group, Inc.
	477,000	9.750%, 04/15/2029^(d)		518,556
		Telefonica Emisiones SA
	300,000	7.045%, 06/20/2036		331,842
		Time Warner Cable LLC
	20,000	6.550%, 05/01/2037		19,802
		Uber Technologies, Inc.
	630,000	4.500%, 08/15/2029^(d)		619,176
	30,000	4.800%, 09/15/2034		29,189
		VeriSign, Inc.
	232,000	2.700%, 06/15/2031		203,946

				9,665,906

	Consumer, Cyclical: 2.2%
		Allison Transmission, Inc.
	1,024,000	3.750%, 01/30/2031^(d)		911,474
		Carnival Corp.
	295,000	5.750%, 03/01/2027^(d)		295,556
	130,000	6.125%, 02/15/2033^(d)		128,454
		Choice Hotels International, Inc.
	35,000	5.850%, 08/01/2034		35,006
		Hilton Domestic Operating Co., Inc.
	1,033,000	3.625%, 02/15/2032^(c)(d)		906,224
		Landsea Homes Corp.
	270,000	8.875%, 04/01/2029^(d)		257,577
		M/I Homes, Inc.
	310,000	3.950%, 02/15/2030		283,732
		Marriott International, Inc.
	180,000	5.500%, 04/15/2037		177,551
		Meritage Homes Corp.
	195,000	5.650%, 03/15/2035		192,105
		Murphy Oil USA, Inc.
	815,000	3.750%, 02/15/2031^(d)		724,555
		NCL Corp. Ltd.
	135,000	6.750%, 02/01/2032^(d)		133,754
		NCL Finance Ltd.
	115,000	6.125%, 03/15/2028^(d)		114,732
		NVR, Inc.
	152,000	3.000%, 05/15/2030		139,202
		Patrick Industries, Inc.
	430,000	4.750%, 05/01/2029^(d)		403,755
		Phinia, Inc.
	86,000	6.625%, 10/15/2032^(d)		84,388
		PulteGroup, Inc.
	50,000	6.375%, 05/15/2033		52,853
	175,000	6.000%, 02/15/2035		179,571
		Somnigroup International, Inc.
	620,000	3.875%, 10/15/2031^(d)		545,119
		Suburban Propane Partners LP/Suburban Energy Finance Corp.
	41,000	5.000%, 06/01/2031^(d)		37,011
		Taylor Morrison Communities, Inc.
	500,000	5.125%, 08/01/2030^(d)		480,818
		United Airlines Pass Through Trust
	156,548	Series 2019-2-B 3.500%, 11/01/2029		150,623
		Wyndham Hotels & Resorts, Inc.
	200,000	4.375%, 08/15/2028^(d)		191,145


Principal Amount^			Value
	Consumer, Cyclical (continued)
		Yum! Brands, Inc.
	$749,000	4.750%, 01/15/2030^(d)	$	724,520
	192,000	4.625%, 01/31/2032		179,277
		ZF North America Capital, Inc.
	150,000	6.750%, 04/23/2030^(d)		142,643

				7,471,645

	Consumer, Non-cyclical: 2.2%
		Bausch Health Cos., Inc.
	160,000	4.875%, 06/01/2028^(d)		129,214
		Block Financial LLC
	200,000	3.875%, 08/15/2030		187,547
		Centene Corp.
	190,000	4.625%, 12/15/2029		182,111
	160,000	3.375%, 02/15/2030		144,822
		DaVita, Inc.
	410,000	3.750%, 02/15/2031^(d)		357,194
		Encompass Health Corp.
	340,000	4.750%, 02/01/2030^(c)		327,305
	500,000	4.625%, 04/01/2031		468,652
		HCA, Inc.
	295,000	5.600%, 04/01/2034		296,114
		Hertz Corp.
	20,000	12.625%, 07/15/2029^(d)		18,056
		Hologic, Inc.
	620,000	3.250%, 02/15/2029^(d)		572,378
		JBS USA LUX SARL/JBS USA Food Co./JBS USA Foods Group
	65,000	5.950%, 04/20/2035^(d)		66,872
		Mars, Inc.
	65,000	5.200%, 03/01/2035^(d)		65,158
		Pediatrix Medical Group, Inc.
	200,000	5.375%, 02/15/2030^(d)		192,345
		Philip Morris International, Inc.
	166,000	1.750%, 11/01/2030		142,524
		Pilgrim’s Pride Corp.
	550,000	6.875%, 05/15/2034		592,376
		Post Holdings, Inc.
	957,000	4.500%, 09/15/2031^(d)		867,674
		Primo Water Holdings, Inc./Triton Water Holdings, Inc.
	200,000	4.375%, 04/30/2029^(d)		191,024
		RELX Capital, Inc.
	130,000	4.750%, 05/20/2032		128,140
		Service Corp. International
	834,000	4.000%, 05/15/2031		756,195
	157,000	5.750%, 10/15/2032		154,511
		Teva Pharmaceutical Finance Netherlands III BV
	875,000	4.100%, 10/01/2046		633,595
		United Rentals North America, Inc.
	160,000	6.125%, 03/15/2034^(d)		160,175
		Valvoline, Inc.
	490,000	3.625%, 06/15/2031^(d)		426,205
		Verisk Analytics, Inc.
	270,000	5.250%, 06/05/2034		271,722

				7,331,909

	Energy: 1.7%
		Alliance Resource Operating Partners LP/Alliance Resource Finance Corp.
	370,000	8.625%, 06/15/2029^(d)		387,170

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Energy (continued)
		California Resources Corp.
	$330,000	8.250%, 06/15/2029^(d)	$	335,619
		Calumet Specialty Products Partners LP/Calumet Finance Corp.
	359,000	9.750%, 07/15/2028^(d)		327,036
		Continental Resources, Inc.
	630,000	5.750%, 01/15/2031^(d)		634,393
		Delek Logistics Partners LP/Delek Logistics Finance Corp.
	237,000	8.625%, 03/15/2029^(d)		245,607
		DT Midstream, Inc.
	568,000	4.125%, 06/15/2029^(d)		535,505
		Energean Israel Finance Ltd.
	185,000	5.375%, 03/30/2028^(d)		176,906
		EnQuest PLC
	290,000	11.625%, 11/01/2027^(d)		298,585
		Gulfport Energy Corp.
	18	10.000%, 05/01/2025^(a)(m)(n) Cash 10.000% + PIK Rate 15.000%		20,030
		Helmerich & Payne, Inc.
	275,000	5.500%, 12/01/2034^(c)(d)		259,757
		Hess Midstream Operations LP
	880,000	4.250%, 02/15/2030^(d)		828,397
		Magnolia Oil & Gas Operating LLC/Magnolia Oil & Gas Finance Corp.
	111,000	6.875%, 12/01/2032^(d)		111,156
		MPLX LP
	550,000	5.000%, 03/01/2033		536,069
	300,000	5.500%, 06/01/2034		298,517
		Ovintiv, Inc.
	10,000	6.500%, 08/15/2034		10,405
		Permian Resources Operating LLC
	145,000	6.250%, 02/01/2033^(d)		144,504
		Summit Midstream Holdings LLC
	70,000	8.625%, 10/31/2029^(d)		71,404
		Targa Resources Corp.
	310,000	6.500%, 03/30/2034		330,413
	5,000	5.500%, 02/15/2035		4,960
	105,000	5.550%, 08/15/2035		104,606
		Venture Global Calcasieu Pass LLC
	75,000	4.125%, 08/15/2031^(d)		68,174
	120,000	3.875%, 11/01/2033^(d)		103,369
		Viper Energy, Inc.
	35,000	7.375%, 11/01/2031^(d)		36,585

				5,869,167

	Financial: 2.9%
		AerCap Ireland Capital DAC/AerCap Global Aviation Trust
	150,000	5.375%, 12/15/2031		151,020
	150,000	3.400%, 10/29/2033		129,206
		Aircastle Ltd.
	120,000	6.500%, 07/18/2028^(d)		124,949
	65,000	5.950%, 02/15/2029^(d)		66,810
		Alpha Holding SA de CV
	565,639	9.000%, 02/10/2025^(d)(k)		4,242


Principal Amount^			Value
	Financial (continued)
		Antares Holdings LP
	$430,000	3.750%, 07/15/2027^(d)	$	410,980
		Ares Capital Corp.
	1,014,000	2.875%, 06/15/2028		943,361
		Avolon Holdings Funding Ltd.
	45,000	5.375%, 05/30/2030^(c)(d)		45,021
		Bank of America Corp.
	10,000	3.846%, 03/08/2037⁽ⁱ⁾ 5 yr. CMT + 2.000%		8,963
		Barings BDC, Inc.
	100,000	7.000%, 02/15/2029		103,128
		Blue Owl Finance LLC
	180,000	6.250%, 04/18/2034		184,250
		Charles Schwab Corp.
	3,000	Series F 5.000%, 12/01/2027⁽ⁱ⁾⁽ⁿ⁾ 3 mo. USD LIBOR + 2.575%		2,896
	29,000	Series I 4.000%, 06/01/2026⁽ⁱ⁾⁽ⁿ⁾ 5 yr. CMT + 3.168%		28,302
		Citadel LP
	30,000	6.000%, 01/23/2030^(d)		30,472
	25,000	6.375%, 01/23/2032^(d)		25,629
		Credit Agricole SA
	255,000	6.251%, 01/10/2035^(d)(i) 1 day USD SOFR + 2.670%		260,229
		Enstar Group Ltd.
	214,000	3.100%, 09/01/2031		184,363
		FS KKR Capital Corp.
	510,000	3.125%, 10/12/2028		463,846
	120,000	7.875%, 01/15/2029^(c)		127,087
		Global Atlantic Fin Co.
	135,000	3.125%, 06/15/2031^(d)		118,964
		GLP Capital LP/GLP Financing II, Inc.
	195,000	3.250%, 01/15/2032		168,990
		Golub Capital BDC, Inc.
	140,000	7.050%, 12/05/2028		146,197
	160,000	6.000%, 07/15/2029		160,592
		Iron Mountain, Inc.
	378,000	4.500%, 02/15/2031^(d)		346,283
		Jefferies Financial Group, Inc.
	265,000	6.200%, 04/14/2034		269,701
		JPMorgan Chase & Co.
	235,000	Series OO 6.500%, 04/01/2030⁽ⁱ⁾⁽ⁿ⁾ 5 yr. CMT + 2.152%		240,981
		Kaisa Group Holdings Ltd.
	1,005,000	9.375%, 06/30/2024^(k)		47,939
	200,000	10.500%, 01/15/2025^(k)		9,284
	1,000,000	11.250%, 04/16/2025^(k)		47,430
	200,000	9.950%, 07/23/2025^(k)		9,356
	600,000	11.700%, 11/11/2025^(k)		27,846
	400,000	11.650%, 06/01/2026^(k)		18,896
		Macquarie Airfinance Holdings Ltd.
	80,000	5.200%, 03/27/2028^(d)		80,081
	30,000	5.150%, 03/17/2030^(d)		29,588
		Main Street Capital Corp.
	180,000	6.950%, 03/01/2029		185,086
		Mexarrend SAPI de CV
	300,000	10.250%, 07/24/2024^(d)(k)		5,850

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		National Health Investors, Inc.
	$70,000	3.000%, 02/01/2031	$	60,611
		Nationstar Mortgage Holdings, Inc.
	446,000	5.750%, 11/15/2031^(d)		447,257
		Navient Corp.
	350,000	5.500%, 03/15/2029		331,544
	145,000	9.375%, 07/25/2030		154,570
		Oaktree Specialty Lending Corp.
	90,000	7.100%, 02/15/2029		92,743
		OneMain Finance Corp.
	48,000	6.625%, 05/15/2029		48,150
		Operadora de Servicios Mega SA de CV Sofom ER
	400,000	8.250%, 02/11/2025^(d)(k)		186,000
		PennyMac Financial Services, Inc.
	49,000	7.875%, 12/15/2029^(d)		51,019
		Prospect Capital Corp.
	172,000	3.437%, 10/15/2028^(c)		148,432
		Rithm Capital Corp.
	382,000	8.000%, 04/01/2029^(d)		380,160
		Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
	25,000	3.875%, 03/01/2031^(d)		22,381
	545,000	4.000%, 10/15/2033^(d)		466,903
		Sabra Health Care LP
	100,000	3.200%, 12/01/2031		86,779
		Shimao Group Holdings Ltd.
	340,000	4.750%, 07/03/2022^(k)		19,550
		Shimao Group Holdings Ltd.
	200,000	5.200%, 01/16/2027^(k)		11,000
	400,000	3.450%, 01/11/2031^(k)		22,392
		SiriusPoint Ltd.
	70,000	7.000%, 04/05/2029		73,065
		Standard Chartered PLC
	260,000	3.265%, 02/18/2036^(d)(i) 5 yr. CMT + 2.300%		229,723
		Starwood Property Trust, Inc.
	209,000	3.625%, 07/15/2026^(d)		202,645
	560,000	4.375%, 01/15/2027^(d)		544,551
	100,000	7.250%, 04/01/2029^(d)		102,646
		Synchrony Financial
	105,000	5.935%, 08/02/2030⁽ⁱ⁾ 1 day USD SOFR Index + 2.130%		106,441
	35,000	5.450%, 03/06/2031^(c)(i) 1 day USD SOFR + 1.680%		34,729
		UBS Group AG
	250,000	9.016%, 11/15/2033^(d)(i) 1 day USD SOFR + 5.020%		304,998
	225,000	5.699%, 02/08/2035^(d)(i) 1 yr. CMT + 1.770%		230,322
		Unigel Netherlands Holding Corp. BV
	295,656	15.000%, 12/31/2044^(m) Cash 15.000% + PIK Rate 15.000%		13,305
		Vornado Realty LP
	13,000	2.150%, 06/01/2026		12,538
		Yuzhou Group Holdings Co. Ltd.
	540,000	7.700%, 02/20/2025^(k)		41,850
	200,000	8.300%, 05/27/2025^(k)		15,000
	710,000	7.850%, 08/12/2026^(k)		54,003


Principal Amount^			Value
	Financial (continued)
	$1,940,000	6.350%, 01/13/2027^(k)	$	147,692

				9,850,817

	Industrial: 1.8%
		AptarGroup, Inc.
	70,000	3.600%, 03/15/2032		63,716
		Axon Enterprise, Inc.
	50,000	6.125%, 03/15/2030^(d)		50,533
	25,000	6.250%, 03/15/2033^(d)		25,274
		Boeing Co.
	262,000	3.625%, 02/01/2031		242,714
	50,000	6.388%, 05/01/2031		53,246
	50,000	6.528%, 05/01/2034		53,479
	183,000	5.705%, 05/01/2040		177,549
	305,000	5.805%, 05/01/2050		289,342
	135,000	6.858%, 05/01/2054		146,336
	10,000	5.930%, 05/01/2060		9,375
	80,000	7.008%, 05/01/2064		86,528
		BWX Technologies, Inc.
	361,000	4.125%, 04/15/2029^(d)		337,322
		Cemex SAB de CV
	355,000	5.125%, 06/08/2026^(d)(i)(n) 5 yr. CMT + 4.534%		348,945
	310,000	3.875%, 07/11/2031^(d)		277,643
		IDEX Corp.
	72,000	2.625%, 06/15/2031		62,712
		Moog, Inc.
	50,000	4.250%, 12/15/2027^(d)		48,079
		Mueller Water Products, Inc.
	250,000	4.000%, 06/15/2029^(d)		233,570
		nVent Finance SARL
	300,000	5.650%, 05/15/2033		299,379
		Park-Ohio Industries, Inc.
	320,000	6.625%, 04/15/2027		309,932
		Pentair Finance SARL
	260,000	5.900%, 07/15/2032		267,236
		Quikrete Holdings, Inc.
	305,000	6.375%, 03/01/2032^(d)		307,039
	90,000	6.750%, 03/01/2033^(d)		89,806
		TD SYNNEX Corp.
	95,000	6.100%, 04/12/2034		97,564
		Teledyne Technologies, Inc.
	400,000	2.750%, 04/01/2031		356,188
		Textron Financial Corp.
	185,000	6.320%, 02/15/2067^(d)(i) 3 mo. USD Term SOFR + 1.997%		168,335
		TransDigm, Inc.
	196,000	4.875%, 05/01/2029		185,928
		Tutor Perini Corp.
	365,000	11.875%, 04/30/2029^(d)		402,199
		Waste Connections, Inc.
	725,000	2.200%, 01/15/2032		613,306
		Westinghouse Air Brake Technologies Corp.
	400,000	5.611%, 03/11/2034		409,725

				6,013,000

	Technology: 1.3%
		Accenture Capital, Inc.
	300,000	4.500%, 10/04/2034		289,280
		Amdocs Ltd.
	104,000	2.538%, 06/15/2030		92,447

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Technology (continued)
		AppLovin Corp.
	$70,000	5.125%, 12/01/2029	$	70,200
	170,000	5.500%, 12/01/2034		169,609
		Booz Allen Hamilton, Inc.
	110,000	5.950%, 08/04/2033		109,942
		Broadcom, Inc.
	190,000	3.469%, 04/15/2034^(d)		166,886
	350,000	3.137%, 11/15/2035^(d)		290,124
		Broadridge Financial Solutions, Inc.
	350,000	2.600%, 05/01/2031		306,478
		CGI, Inc.
	180,000	2.300%, 09/14/2031		153,120
		Fair Isaac Corp.
	974,000	4.000%, 06/15/2028^(d)		927,819
		KBR, Inc.
	225,000	4.750%, 09/30/2028^(d)		214,146
		Micron Technology, Inc.
	220,000	5.875%, 09/15/2033		228,468
		NetApp, Inc.
	60,000	5.500%, 03/17/2032		60,423
	50,000	5.700%, 03/17/2035		49,839
		Pitney Bowes, Inc.
	635,000	7.250%, 03/15/2029^(d)		634,301
		PTC, Inc.
	250,000	4.000%, 02/15/2028^(d)		240,658
		Synopsys, Inc.
	75,000	5.150%, 04/01/2035		75,193
	85,000	5.700%, 04/01/2055		84,112
		Twilio, Inc.
	300,000	3.875%, 03/15/2031		270,498

				4,433,543

	Utilities: 0.0%
		Pacific Gas & Electric Co.
	95,000	6.400%, 06/15/2033		99,161

	TOTAL CORPORATE BONDS (Cost $59,012,058)			52,326,847

	GOVERNMENT SECURITIES & AGENCY ISSUE: 0.3%
		U.S. Treasury Bonds
	1,400,000	1.750%, 08/15/2041		945,765

	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $955,039)			945,765

	LIMITED PARTNERSHIPS: 0.0%
	1,300,000	U.S. Farming Realty Trust LP^*(a)		48,847

	TOTAL LIMITED PARTNERSHIPS (Cost $0)			48,847

	MORTGAGE-BACKED SECURITIES: 19.7%
		Alternative Loan Trust
	51,569	Series 2003-22CB-1A1 5.750%, 12/25/2033		52,298
	201,397	Series 2004-13CB-A4 2.250%, 07/25/2034^(j)(o)		148,919
	30,857	Series 2004-16CB-1A1 5.500%, 07/25/2034		30,997


Principal Amount^			Value
	$25,246	Series 2004-16CB-3A1 5.500%, 08/25/2034	$	25,075
	25,662	Series 2004-J10-2CB1 6.000%, 09/25/2034		25,552
	288,533	Series 2006-31CB-A7 6.000%, 11/25/2036		164,070
	167,436	Series 2007-16CB-2A1 4.885%, 08/25/2037^(g) 1 mo. USD Term SOFR + 0.564%		55,729
	48,485	Series 2007-16CB-2A2 17.628%, 08/25/2037^(g) -8.333*1 mo. USD Term SOFR + 53.629%		61,705
	347,527	Series 2007-16CB-4A2 12.993%, 08/25/2037^(g) -6*1 mo. USD Term SOFR + 38.913%		414,102
	316,293	Series 2007-19-1A34 6.000%, 08/25/2037		150,698
	877,106	Series 2007-20-A12 6.250%, 08/25/2047		480,340
		American Home Mortgage Investment Trust
	156,146	Series 2006-1-11A1 4.715%, 03/25/2046^(g) 1 mo. USD Term SOFR + 0.394%		138,846
		Arbor Realty Commercial Real Estate Notes Ltd.
	420,000	Series 2022-FL1-C 6.649%, 01/15/2037^(d)(g) 30 day USD SOFR Average + 2.300%		420,531
		Banc of America Alternative Loan Trust
	22,518	Series 2003-8-1CB1 5.500%, 10/25/2033		22,458
		Banc of America Funding Trust
	16,557	Series 2005-7-3A1 5.750%, 11/25/2035		16,635
	166,699	Series 2006-B-7A1 4.485%, 03/20/2036⁽ⁱ⁾		145,410
	13,831	Series 2007-4-5A1 5.500%, 11/25/2034		12,002
		Banc of America Mortgage Trust
	5,283	Series 2005-A-2A1 5.125%, 02/25/2035⁽ⁱ⁾		4,868
		BBCMS Trust
	750,000	Series 2018-CBM-E 8.167%, 07/15/2037^(d)(g) 1 mo. USD Term SOFR + 3.847%		631,395
		BCAP LLC Trust
	117,538	Series 2010-RR6-6A2 9.300%, 07/26/2037^(d)(i)		54,675
	1,639,824	Series 2011-R11-2A4 5.500%, 12/26/2035^(d)		962,636
		Bear Stearns Asset-Backed Securities I Trust
	271,596	Series 2006-AC1-1A1 6.250%, 02/25/2036^(f)		125,079
		Benchmark Mortgage Trust
	547,000	Series 2020-B18-AGNF 4.139%, 07/15/2053^(d)		530,014

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		BF Mortgage Trust
	$666,000	Series 2019-NYT-F 7.617%, 12/15/2035^(d)(g) 1 mo. USD Term SOFR + 3.297%	$	582,547
		BINOM Securitization Trust
	530,000	Series 2022-RPL1-M1 3.000%, 02/25/2061^(d)(i)		428,480
		BX Trust
	84,000	Series 2021-MFM1-D 5.934%, 01/15/2034^(d)(g) 1 mo. USD Term SOFR + 1.614%		83,467
		CG-CCRE Commercial Mortgage Trust
	96,080	Series 2014-FL2-COL1 7.934%, 11/15/2031^(d)(g) 1 mo. USD Term SOFR + 3.614%		44,046
	187,584	Series 2014-FL2-COL2 8.934%, 11/15/2031^(d)(g) 1 mo. USD Term SOFR + 4.614%		17,672
		Chase Mortgage Finance Trust
	1,255,286	Series 2007-S3-1A15 6.000%, 05/25/2037		546,412
		CitiMortgage Alternative Loan Trust
	121,600	Series 2006-A5-1A13 4.885%, 10/25/2036^(g) 1 mo. USD Term SOFR + 0.564%		92,018
	1,085,993	Series 2007-A6-1A5 6.000%, 06/25/2037		941,722
		COMM Mortgage Trust
	437,753	Series 2012-CR3-B 3.922%, 10/15/2045^(d)		411,113
	1,989,000	Series 2018-HCLV-D 6.792%, 09/15/2033^(d)(g) 1 mo. USD Term SOFR + 2.473%		418,425
		Countrywide Home Loan Mortgage Pass-Through Trust
	2,840	Series 2004-HYB4-2A1 5.855%, 09/20/2034⁽ⁱ⁾		2,597
	115,015	Series 2007-10-A5 6.000%, 07/25/2037		51,522
		Credit Suisse First Boston Mortgage Securities Corp.
	886,737	Series 2005-11-7A1 6.000%, 12/25/2035		458,230
		Credit Suisse First Boston Mortgage-Backed Pass-Through Certificates
	25,128	Series 2003-27-4A4 5.750%, 11/25/2033		25,518
	2,259,260	Series 2005-10-10A3 6.000%, 11/25/2035		522,129
		Credit Suisse Mortgage-Backed Trust
	600,287	Series 2006-6-1A10 6.000%, 07/25/2036		288,237
	587,821	Series 2007-1-4A1 6.500%, 02/25/2022		34,297
	24,231	Series 2007-2-2A5 5.000%, 03/25/2037		17,867


Principal Amount^			Value
	$1,475,000	Series 2014-USA-E 4.373%, 09/15/2037^(d)	$	836,602
	1,100,000	Series 2021-NQM1-B2 3.831%, 05/25/2065^(d)(i)		739,912
		CSAIL Commercial Mortgage Trust
	1,400,000	Series 2020-C19-D 2.500%, 03/15/2053^(d)		838,044
		Deutsche Mortgage & Asset Receiving Corp.
	1,448,237	Series 2014-RS1-1A2 6.487%, 07/27/2037^(d)(i)		1,171,549
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	59,676	Series 2006-PR1-3A1 5.917%, 04/15/2036^(d)(g) -1.4*1 mo. USD Term SOFR + 11.964%		54,480
		DOLP Trust
	500,000	Series 2021-NYC-F 3.704%, 05/10/2041^(d)(i)		349,231
		DSLA Mortgage Loan Trust
	84,181	Series 2005-AR5-2A1A 5.091%, 09/19/2045^(g) 1 mo. USD Term SOFR + 0.774%		43,954
		Eleven Madison Trust Mortgage Trust
	100,000	Series 2015-11MD-A 3.555%, 09/10/2035^(d)(i)		98,694
		Federal Home Loan Mortgage Corp. REMICS
	213,294	Series 3118-SD 2.237%, 02/15/2036^(g)(p) -1*30 day USD SOFR Average + 6.586%		16,103
	90,367	Series 3301-MS 1.637%, 04/15/2037^(g)(p) -1*30 day USD SOFR Average + 5.986%		7,354
	114,428	Series 3303-SE 1.617%, 04/15/2037^(g)(p) -1*30 day USD SOFR Average + 5.966%		9,900
	74,378	Series 3303-SG 1.637%, 04/15/2037^(g)(p) -1*30 day USD SOFR Average + 5.986%		6,741
	18,330	Series 3382-SB 1.537%, 11/15/2037^(g)(p) -1*30 day USD SOFR Average + 5.886%		1,244
	106,569	Series 3382-SW 1.837%, 11/15/2037^(g)(p) -1*30 day USD SOFR Average + 6.186%		9,601
	25,601	Series 3384-S 1.927%, 11/15/2037^(g)(p) -1*30 day USD SOFR Average + 6.276%		1,714
	70,428	Series 3384-SG 1.847%, 08/15/2036^(g)(p) -1*30 day USD SOFR Average + 6.196%		6,054

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Federal Home Loan Mortgage Corp. REMICS (continued)
	$838,205	Series 3404-SA 1.537%, 01/15/2038^(g)(p) -1*30 day USD SOFR Average + 5.886%	$	79,119
	8,564	Series 3417-SX 1.717%, 02/15/2038^(g)(p) -1*30 day USD SOFR Average + 6.066%		643
	18,550	Series 3423-GS 1.187%, 03/15/2038^(g)(p) -1*30 day USD SOFR Average + 5.536%		1,232
	108,468	Series 3423-TG 0.350%, 03/15/2038^(g)(p) -1*30 day USD SOFR Average + 5.886%		262
	1,054,892	Series 3435-S 1.517%, 04/15/2038^(g)(p) -1*30 day USD SOFR Average + 5.866%		97,688
	35,434	Series 3445-ES 1.537%, 05/15/2038^(g)(p) -1*30 day USD SOFR Average + 5.886%		2,140
	154,885	Series 3523-SM 1.537%, 04/15/2039^(g)(p) -1*30 day USD SOFR Average + 5.886%		11,908
	62,264	Series 3560-KS 1.937%, 11/15/2036^(g)(p) -1*30 day USD SOFR Average + 6.286%		3,368
	34,277	Series 3598-SA 1.887%, 11/15/2039^(g)(p) -1*30 day USD SOFR Average + 6.236%		2,579
	51,409	Series 3641-TB 4.500%, 03/15/2040		51,299
	130,061	Series 3728-SV 0.000%, 09/15/2040^(g)(p) -1*30 day USD SOFR Average + 4.336%		3,751
	86,049	Series 3758-S 1.567%, 11/15/2040^(g)(p) -1*30 day USD SOFR Average + 5.916%		7,601
	33,424	Series 3770-SP 2.037%, 11/15/2040^(g)(p) -1*30 day USD SOFR Average + 6.386%		223
	122,628	Series 3815-ST 1.387%, 02/15/2041^(g)(p) -1*30 day USD SOFR Average + 5.736%		9,779
	65,963	Series 3872-SL 1.487%, 06/15/2041^(g)(p) -1*30 day USD SOFR Average + 5.836%		5,188
	56,961	Series 3900-SB 1.507%, 07/15/2041^(g)(p) -1*30 day USD SOFR Average + 5.856%		4,666


Principal Amount^			Value
	$14,996	Series 3946-SM 1.311%, 10/15/2041^(g) -3*30 day USD SOFR Average + 14.357%	$	12,047
	205,739	Series 3972-AZ 3.500%, 12/15/2041		192,642
	946,086	Series 3984-DS 1.487%, 01/15/2042^(g)(p) -1*30 day USD SOFR Average + 5.836%		91,736
	1,708,682	Series 4080-DS 2.237%, 03/15/2041^(g)(p) -1*30 day USD SOFR Average + 6.586%		98,710
	1,358,240	Series 4239-OU 2.158%, 07/15/2043^(j)(o)		794,155
	1,222,121	Series 4291-MS 1.437%, 01/15/2054^(g)(p) -1*30 day USD SOFR Average + 5.786%		128,603
	172,056	Series 4314-MS 1.637%, 07/15/2043^(g)(p) -1*30 day USD SOFR Average + 5.986%		3,812
	5,901,690	Series 5057-TI 3.000%, 11/25/2050^(p)		889,696
	4,764,417	Series 5070-MI 3.500%, 02/25/2051^(p)		797,890
	4,664,384	Series 5175-DI 2.500%, 12/25/2051^(p)		557,867
	3,294,877	Series 5180-IN 3.000%, 07/25/2051^(p)		678,503
		Federal National Mortgage Association
	21,574,947	Series 2019-M25-X 0.126%, 11/25/2029^(i)(p)		111,366
	23,158,547	Series 2019-M5-X 0.486%, 02/25/2029^(i)(p)		274,105
	23,164,633	Series 2021-M23-X1 0.534%, 11/01/2031^(i)(p)		341,000
		Federal National Mortgage Association REMICS
	101,596	Series 2003-84-PZ 5.000%, 09/25/2033		102,955
	30,574	Series 2005-42-SA 2.346%, 05/25/2035^(g)(p) -1*30 day USD SOFR Average + 6.686%		319
	703,513	Series 2006-92-LI 2.126%, 10/25/2036^(g)(p) -1*30 day USD SOFR Average + 6.466%		60,461
	232,867	Series 2007-39-AI 1.666%, 05/25/2037^(g)(p) -1*30 day USD SOFR Average + 6.006%		20,608
	62,014	Series 2007-57-SX 2.166%, 10/25/2036^(g)(p) -1*30 day USD SOFR Average + 6.506%		6,356
	11,738	Series 2007-68-SA 2.196%, 07/25/2037^(g)(p) -1*30 day USD SOFR Average + 6.536%		1,045

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Federal National Mortgage Association REMICS (continued)
	$16,200	Series 2008-1-CI 1.846%, 02/25/2038^(g)(p) -1*30 day USD SOFR Average + 6.186%	$	1,467
	638,386	Series 2008-33-SA 1.546%, 04/25/2038^(g)(p) -1*30 day USD SOFR Average + 5.886%		61,652
	9,795	Series 2008-56-SB 1.606%, 07/25/2038^(g)(p) -1*30 day USD SOFR Average + 5.946%		476
	1,060,348	Series 2009-110-SD 1.796%, 01/25/2040^(g)(p) -1*30 day USD SOFR Average + 6.136%		66,280
	12,976	Series 2009-111-SE 1.796%, 01/25/2040^(g)(p) -1*30 day USD SOFR Average + 6.136%		1,361
	93,892	Series 2009-86-CI 1.346%, 09/25/2036^(g)(p) -1*30 day USD SOFR Average + 5.686%		5,671
	60,657	Series 2009-87-SA 1.546%, 11/25/2049^(g)(p) -1*30 day USD SOFR Average + 5.886%		5,734
	22,522	Series 2009-90-IB 1.266%, 04/25/2037^(g)(p) -1*30 day USD SOFR Average + 5.606%		1,386
	16,311	Series 2010-11-SC 0.346%, 02/25/2040^(g)(p) -1*30 day USD SOFR Average + 4.686%		1,072
	16,635	Series 2010-115-SD 2.146%, 11/25/2039^(g)(p) -1*30 day USD SOFR Average + 6.486%		1,597
	1,361,707	Series 2010-123-SK 1.596%, 11/25/2040^(g)(p) -1*30 day USD SOFR Average + 5.936%		127,170
	79,650	Series 2010-15-SL 0.496%, 03/25/2040^(g)(p) -1*30 day USD SOFR Average + 4.836%		3,298
	23,948	Series 2010-9-GS 0.296%, 02/25/2040^(g)(p) -1*30 day USD SOFR Average + 4.636%		956
	6,420	Series 2011-110-LS 1.166%, 11/25/2041^(g) -2*30 day USD SOFR Average + 9.871%		5,097
	57,790	Series 2011-111-VZ 4.000%, 11/25/2041		55,226
	239,762	Series 2011-141-PZ 4.000%, 01/25/2042		229,398
	863,022	Series 2011-93-ES 2.046%, 09/25/2041^(g)(p) -1*30 day USD SOFR Average + 6.386%		86,009


Principal Amount^			Value
	$538,057	Series 2012-106-SA 1.706%, 10/25/2042^(g)(p) -1*30 day USD SOFR Average + 6.046%	$	56,692
	1,042,470	Series 2014-50-WS 1.746%, 08/25/2044^(g)(p) -1*30 day USD SOFR Average + 6.086%		65,144
	5,243,563	Series 2019-31-S 1.596%, 07/25/2049^(g)(p) -1*30 day USD SOFR Average + 5.936%		628,684
	17,031,927	Series 2019-M12-X 0.561%, 06/25/2029^(i)(p)		233,828
	7,256,826	Series 2019-M24-2XA 1.150%, 03/25/2031^(i)(p)		346,198
	19,620,689	Series 2019-M7-X 0.328%, 04/25/2029^(i)(p)		219,638
	26,663,806	Series 2020-M10-X4 0.885%, 07/25/2032^(i)(p)		1,028,631
	15,867,686	Series 2020-M10-X9 0.764%, 12/25/2027^(i)(p)		137,486
	6,886,212	Series 2020-M13-X2 1.228%, 09/25/2030^(i)(p)		267,395
	2,865,067	Series 2021-74-MI 2.500%, 11/25/2051^(p)		327,684
	67,855,000	Series 2022-M4-X2 0.178%, 05/25/2030^(i)(p)		528,824
		Federal National Mortgage Association-Aces
	122,393,276	Series 2021-M17-X 0.080%, 07/25/2031^(i)(p)		433,297
		Federal National Mortgage Association-ACES
	16,907,485	Series 2021-M21-X 0.750%, 03/25/2028^(i)(p)		209,617
		First Horizon Alternative Mortgage Securities Trust
	208,176	Series 2007-FA4-1A7 6.000%, 08/25/2037		74,792
		FS Rialto Issuer LLC
	275,000	Series 2021-FL3-D 6.934%, 11/16/2036^(d)(g) 1 mo. USD Term SOFR + 2.614%		276,019
		GCAT Trust
	26,532	Series 2019-RPL1-A1 2.650%, 10/25/2068^(d)(i)		25,641
		Government National Mortgage Association
	261,243	Series 2007-21-S 1.766%, 04/16/2037^(g)(p) -1*1 mo. USD Term SOFR + 6.086%		10,414
	91,131	Series 2008-69-SB 3.196%, 08/20/2038^(g)(p) -1*1 mo. USD Term SOFR + 7.516%		5,193
	104,122	Series 2009-104-SD 1.916%, 11/16/2039^(g)(p) -1*1 mo. USD Term SOFR + 6.236%		9,780
	7,753	Series 2010-98-IA 5.294%, 03/20/2039^(i)(p)		193

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Government National Mortgage Association (continued)
	$175,102	Series 2011-45-GZ 4.500%, 03/20/2041	$	174,345
	53,769	Series 2011-69-OC 0.613%, 05/20/2041^(j)(o)		42,491
	1,091,318	Series 2011-69-SC 0.946%, 05/20/2041^(g)(p) -1*1 mo. USD Term SOFR + 5.266%		86,500
	187,487	Series 2011-89-SA 1.016%, 06/20/2041^(g)(p) -1*1 mo. USD Term SOFR + 5.336%		16,255
	547,092	Series 2013-102-BS 1.716%, 03/20/2043^(g)(p) -1*1 mo. USD Term SOFR + 6.036%		40,190
	1,290,337	Series 2014-145-CS 1.166%, 05/16/2044^(g)(p) -1*1 mo. USD Term SOFR + 5.486%		104,894
	876,336	Series 2014-156-PS 1.816%, 10/20/2044^(g)(p) -1*1 mo. USD Term SOFR + 6.136%		96,650
	2,107,922	Series 2014-4-SA 1.666%, 01/16/2044^(g)(p) -1*1 mo. USD Term SOFR + 5.986%		224,985
	3,731,564	Series 2014-41-SA 1.666%, 03/20/2044^(g)(p) -1*1 mo. USD Term SOFR + 5.986%		439,675
	1,496,965	Series 2014-5-SA 1.116%, 01/20/2044^(g)(p) -1*1 mo. USD Term SOFR + 5.436%		128,719
	1,741,773	Series 2014-58-SG 1.166%, 04/16/2044^(g)(p) -1*1 mo. USD Term SOFR + 5.486%		105,068
	1,490,428	Series 2014-76-SA 1.166%, 01/20/2040^(g)(p) -1*1 mo. USD Term SOFR + 5.486%		121,357
	1,944,310	Series 2014-95-CS 1.816%, 06/16/2044^(g)(p) -1*1 mo. USD Term SOFR + 6.136%		140,478
	1,578,254	Series 2018-105-SH 1.816%, 08/20/2048^(g)(p) -1*1 mo. USD Term SOFR + 6.136%		161,581
	16,028,747	Series 2018-111-SA 0.116%, 08/20/2048^(g)(p) -1*1 mo. USD Term SOFR + 4.436%		839,073
	6,230,771	Series 2018-134-CS 1.766%, 10/20/2048^(g)(p) -1*1 mo. USD Term SOFR + 6.086%		659,938


Principal Amount^			Value
	$5,156,759	Series 2019-22-SA 1.166%, 02/20/2045^(g)(p) -1*1 mo. USD Term SOFR + 5.486%	$	494,556
	5,521,570	Series 2019-H10-BI 1.759%, 06/20/2069^(i)(p)		303,708
	5,380,549	Series 2020-112-BS 1.816%, 08/20/2050^(g)(p) -1*1 mo. USD Term SOFR + 6.136%		658,338
	9,254,471	Series 2020-115-SC 8.456%, 08/20/2050^(j)(p) -1*1 mo. USD Term SOFR + 4.086%		364,906
	4,877,577	Series 2020-142-SD 1.866%, 09/20/2050^(g)(p) -1*1 mo. USD Term SOFR + 6.186%		673,040
	8,810,446	Series 2020-173-MI 2.500%, 11/20/2050^(p)		1,308,910
	4,357,844	Series 2020-188-LS 1.866%, 11/20/2050^(g)(p) -1*1 mo. USD Term SOFR + 6.186%		591,841
	4,074,583	Series 2020-47-SL 0.936%, 07/20/2044^(g)(p) -1*1 mo. USD Term SOFR + 5.256%		308,171
	9,610,011	Series 2020-H11-HI 2.396%, 06/20/2070^(i)(p)		702,404
	9,685,387	Series 2020-H18-AI 2.511%, 09/20/2070^(i)(p)		648,498
	7,114,687	Series 2020-H19-BI 1.778%, 11/20/2070^(i)(p)		559,791
	4,733,438	Series 2021-1-QS 1.866%, 01/20/2051^(g)(p) -1*1 mo. USD Term SOFR + 6.186%		695,256
	6,927,949	Series 2021-107-SA 7.325%, 06/20/2051^(j)(p) -1*1 mo. USD Term SOFR + 3.636%		220,191
	5,800,131	Series 2021-15-PI 3.000%, 01/20/2051^(p)		890,743
	14,965,031	Series 2021-213-SN 6.879%, 12/20/2051^(j)(p) -1*30 day USD SOFR Average + 3.200%		275,719
	9,041,419	Series 2021-52-IO 0.721%, 04/16/2063^(i)(p)		473,594
	3,949,392	Series 2021-59-S 10.601%, 04/20/2051^(j)(p) -1*30 day USD SOFR Average + 2.600%		36,883
	8,163,454	Series 2021-77-IH 2.500%, 05/20/2051^(p)		884,911
	10,204,107	Series 2021-89-SA 7.027%, 05/20/2051^(j)(p) -1*1 mo. USD Term SOFR + 3.636%		319,825
	6,551,646	Series 2021-94-IO 0.833%, 02/16/2063^(i)(p)		413,671

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		Government National Mortgage Association (continued)
	$18,168,992	Series 2021-97-SA 9.063%, 06/20/2051^(j)(p) -1*30 day USD SOFR Average + 2.600%	$	187,740
	6,925,059	Series 2021-97-SB 6.892%, 06/20/2051^(j)(p) -1*1 mo. USD Term SOFR + 3.636%		161,581
	40,188,242	Series 2021-H08-QI 0.263%, 05/20/2071^(i)(p)		1,145,558
	14,680,551	Series 2021-H19-AI 1.122%, 11/20/2071^(i)(p)		1,009,514
	9,123,405	Series 2022-83-IO 2.500%, 11/20/2051^(p)		1,350,433
	5,682,991	Series 2023-79-JI 2.500%, 02/20/2051^(p)		700,517
		Government National Mortgage Association REMICS
	3,462,414	Series 2020-154-MI 3.000%, 10/20/2050^(p)		555,117
	3,595,104	Series 2021-149-BI 3.000%, 08/20/2051^(p)		570,611
	3,617,856	Series 2021-159-IA 3.000%, 09/20/2051^(p)		573,821
	3,738,651	Series 2023-19-GI 3.000%, 11/20/2051^(p)		538,361
		GS Mortgage Securities Corp. Trust
	126,507	Series 2012-BWTR-A 2.954%, 11/05/2034^(d)		109,330
	1,125,000	Series 2013-PEMB-C 3.550%, 03/05/2033^(d)(i)		483,750
	600,000	Series 2021-ARDN-H 10.367%, 11/15/2026^(d)(g) 1 mo. USD Term SOFR + 6.048%		594,314
		GS Mortgage Securities Trust
	130,000	Series 2011-GC5-C 5.198%, 08/10/2044^(d)(i)		113,241
		GSR Mortgage Loan Trust
	26,774	Series 2005-4F-6A1 6.500%, 02/25/2035		25,643
	495,026	Series 2005-9F-2A1 6.000%, 01/25/2036		226,816
	48,160	Series 2005-AR6-4A5 6.120%, 09/25/2035⁽ⁱ⁾		43,024
		HarborView Mortgage Loan Trust
	151,050	Series 2004-11-2A2A 5.071%, 01/19/2035^(g) 1 mo. USD Term SOFR + 0.754%		121,186
		HGI CRE CLO Ltd.
	350,000	Series 2021-FL1-D 6.784%, 06/16/2036^(d)(g) 1 mo. USD Term SOFR + 2.464%		348,243
		Hilton USA Trust
	500,000	Series 2016-SFP-A 2.828%, 11/05/2035^(d)		414,629
		Imperial Fund Mortgage Trust
	2,000,000	Series 2021-NQM3-B2 4.128%, 11/25/2056^(d)(i)		1,481,993


Principal Amount^			Value
		IndyMac INDX Mortgage Loan Trust
	$99,970	Series 2004-AR7-A5 5.655%, 09/25/2034^(g) 1 mo. USD Term SOFR + 1.334%	$	79,455
	161,887	Series 2005-AR11-A3 3.834%, 08/25/2035⁽ⁱ⁾		117,501
	785,616	Series 2007-AR5-2A1 3.360%, 05/25/2037⁽ⁱ⁾		628,359
		JP Morgan Chase Commercial Mortgage Securities Trust
	122,946	Series 2012-LC9-C 3.578%, 12/15/2047^(d)(i)		119,660
	683,000	Series 2019-MFP-XG 0.500%, 07/15/2036^(d)(i)(p)		3,680
	219,000	Series 2019-UES-C 4.343%, 05/05/2032^(d)		211,548
	224,000	Series 2019-UES-D 4.457%, 05/05/2032^(d)(i)		214,964
	261,000	Series 2019-UES-E 4.457%, 05/05/2032^(d)(i)		249,803
	274,000	Series 2019-UES-F 4.457%, 05/05/2032^(d)(i)		257,178
	299,000	Series 2019-UES-G 4.457%, 05/05/2032^(d)(i)		270,020
		JP Morgan Mortgage Trust
	150,532	Series 2004-S1-2A1 6.000%, 09/25/2034		155,451
	4,641	Series 2007-A1-4A2 7.191%, 07/25/2035^(a)(i)		4,427
	525,639	Series 2007-S3-1A97 6.000%, 08/25/2037		232,097
		Lehman Mortgage Trust
	481,852	Series 2006-2-2A3 5.750%, 04/25/2036		478,424
	711,042	Series 2007-1-1A2 5.750%, 02/25/2037		709,561
		Lehman XS Trust
	65,781	Series 2006-2N-1A1 4.955%, 02/25/2046^(g) 1 mo. USD Term SOFR + 0.634%		56,859
		Master Alternative Loan Trust
	11,595	Series 2003-9-4A1 5.250%, 11/25/2033		11,412
	8,011	Series 2004-5-1A1 5.500%, 06/25/2034		7,926
	11,361	Series 2004-5-2A1 6.000%, 06/25/2034		11,423
	47,914	Series 2004-8-2A1 6.000%, 09/25/2034		47,614
		Merrill Lynch Mortgage Investors Trust
	1,029	Series 2006-2-2A 6.275%, 05/25/2036⁽ⁱ⁾		953
		MF1 LLC
	400,000	Series 2023-FL12-C 8.094%, 10/19/2038^(d)(g) 1 mo. USD Term SOFR + 3.777%		402,270
	350,000	Series 2023-FL12-D 9.589%, 10/19/2038^(d)(g) 1 mo. USD Term SOFR + 5.272%		354,602

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		MF1 LLC (continued)
	$300,000	Series 2024-FL14-E 10.605%, 03/19/2039^(d)(g) 1 mo. USD Term SOFR + 6.288%	$	302,133
		MF1 Trust
	400,000	Series 2024-FL15-D 8.354%, 08/18/2041^(d)(g) 1 mo. USD Term SOFR + 4.038%		401,259
		Mill City Mortgage Loan Trust
	305,000	Series 2021-NMR1-M3 2.500%, 11/25/2060^(d)(i)		252,428
		Morgan Stanley Bank of America Merrill Lynch Trust
	560,000	Series 2013-C11-B 4.077%, 08/15/2046⁽ⁱ⁾		381,953
		Morgan Stanley Capital I Trust
	109,120	Series 2011-C2-D 5.213%, 06/15/2044^(d)(i)		108,118
	540,000	Series 2011-C2-E 5.213%, 06/15/2044^(d)(i)		511,024
	1,508,000	Series 2019-PLND-F 7.235%, 05/15/2036^(d)(g) 1 mo. USD Term SOFR + 2.914%		10,652
		Morgan Stanley Mortgage Loan Trust
	213,210	Series 2006-7-3A 5.062%, 06/25/2036⁽ⁱ⁾		114,047
	222,161	Series 2007-13-6A1 6.000%, 10/25/2037		117,175
		New Residential Mortgage Loan Trust
	2,250,000	Series 2021-NQ1R-M1 2.273%, 07/25/2055^(d)(i)		1,866,378
		Prime Mortgage Trust
	590,476	Series 2006-DR1-2A1 5.500%, 05/25/2035^(d)		547,742
		Residential Accredit Loans, Inc.
	203,963	Series 2006-QS17-A5 6.000%, 12/25/2036		168,455
		Residential Accredit Loans, Inc. Trust
	231,990	Series 2006-QS7-A3 6.000%, 06/25/2036		183,028
	282,235	Series 2007-QS1-2A10 6.000%, 01/25/2037		213,669
	247,815	Series 2007-QS8-A8 6.000%, 06/25/2037		197,390
		Residential Asset Securitization Trust
	227,880	Series 2007-A1-A8 6.000%, 03/25/2037		68,670
		Residential Funding Mtg Sec I Trust
	246,990	Series 2006-S4-A5 6.000%, 04/25/2036		197,671
		Starwood Ltd.
	400,000	Series 2019-FL1-D 6.784%, 07/15/2038^(d)(g) 1 mo. USD Term SOFR + 2.464%		395,490


Principal Amount^			Value
	$200,000	Series 2021-FL2-C 6.531%, 04/18/2038^(d)(g) 1 mo. USD Term SOFR + 2.214%	$	197,586
		Starwood Retail Property Trust
	235,000	Series 2014-STAR-C 7.500%, 11/15/2027^(a)(d)(g)		56,682
	980,000	Series 2014-STAR-D 7.500%, 11/15/2027^(a)(d)(g)		43,708
	950,000	Series 2014-STAR-E 7.500%, 11/15/2027^(a)(d)(g)		19,000
		Structured Adjustable Rate Mortgage Loan Trust
	425,160	Series 2005-14-A1 4.745%, 07/25/2035^(g) 1 mo. USD Term SOFR + 0.424%		253,887
	375,178	Series 2008-1-A2 4.680%, 10/25/2037⁽ⁱ⁾		286,278
		Structured Asset Securities Corp.
	4,358,776	Series 2007-4-1A3 1.815%, 03/28/2045^(d)(g)(p) -1*1 mo. USD Term SOFR + 6.136%		253,752
		TRTX Issuer Ltd.
	320,000	Series 2021-FL4-C 6.834%, 03/15/2038^(d)(g) 1 mo. USD Term SOFR + 2.514%		317,038
		UBS Commercial Mortgage Trust
	324,000	Series 2018-C13-C 4.975%, 10/15/2051⁽ⁱ⁾		294,311
		UBS-Barclays Commercial Mortgage Trust
	275,000	Series 2013-C5-C 3.649%, 03/10/2046^(d)(i)		247,511
		Verus Securitization Trust
	2,000,000	Series 2021-7-B2 4.192%, 10/25/2066^(d)(i)		1,480,866
		Washington Mutual Mortgage Pass-Through Certificates Trust
	313,030	Series 2006-5-1A5 6.000%, 07/25/2036		251,210
	359,249	Series 2006-8-A6 4.108%, 10/25/2036^(f)		122,641
		Wells Fargo Alternative Loan Trust
	68,488	Series 2007-PA2-3A1 4.785%, 06/25/2037^(g) 1 mo. USD Term SOFR + 0.464%		48,734
		Wells Fargo Commercial Mortgage Trust
	220,560	Series 2013-LC12-B 3.822%, 07/15/2046⁽ⁱ⁾		212,512
	600,000	Series 2016-C34-C 5.051%, 06/15/2049⁽ⁱ⁾		572,621
	135,000	Series 2016-C36-B 3.671%, 11/15/2059⁽ⁱ⁾		121,274
	180,000	Series 2019-JWDR-E 3.860%, 09/15/2031^(d)(i)		174,959
		Wells Fargo Mortgage-Backed Securities Trust
	35,325	Series 2006-AR19-A1 6.931%, 12/25/2036⁽ⁱ⁾		34,481

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		WFRBS Commercial Mortgage Trust
	$214,000	Series 2011-C3-D 5.464%, 03/15/2044^(d)(i)	$	84,259
	395,000	Series 2011-C4-E 4.960%, 06/15/2044^(d)(i)		360,387
	1,020,000	Series 2012-C10-C 4.311%, 12/15/2045⁽ⁱ⁾		857,751

	TOTAL MORTGAGE-BACKED SECURITIES (Cost $90,648,661)			66,732,326


Shares
	SHORT-TERM INVESTMENTS: 43.3%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 1.9%
	6,442,601	State Street Navigator Securities Lending Government Money Market Portfolio, 4.360%^(q)(r)		6,442,601

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $6,442,601)			6,442,601


Principal Amount^
	REPURCHASE AGREEMENTS: 21.3%
	$72,352,336	Fixed Income Clearing Corp. 1.360%, 3/31/2025, due 04/01/2025 [collateral: par value $72,861,800, U.S. Treasury Notes, 4.000% - 4.125%, due 06/15/2026 - 02/29/2028, value $73,808,405] (proceeds $72,355,070)^(s)	$	72,352,336

	TOTAL REPURCHASE AGREEMENTS (Cost $72,352,336)			72,352,336

	TREASURY BILLS: 20.1%
		U.S. Treasury Bills
	580,000	2.804%, 04/03/2025^(j)(t)		579,865
	600,000	3.785%, 04/10/2025^(j)(t)		599,369
	35,000,000	3.911%, 04/15/2025^(c)(j)(t)		34,942,962
	22,500,000	10.399%, 04/15/2025^(j)(s)(t)		22,462,878
	3,010,000	3.953%, 04/17/2025^(b)(j)(t)		3,004,381
	1,400,000	4.619%, 04/17/2025^(j)(t)		1,397,359
	1,500,000	4.151%, 07/31/2025^(b)(j)(t)		1,478,964
	1,000,000	4.166%, 08/07/2025^(b)(j)(t)		985,245
	2,800,000	3.982%, 09/04/2025^(b)(j)(t)		2,750,435

	TOTAL TREASURY BILLS (Cost $68,141,380)			68,201,458

	TOTAL SHORT-TERM INVESTMENTS (Cost $146,936,317)			146,996,395

	TOTAL PURCHASED OPTIONS (Cost $19,935): 0.0%			530

	TOTAL INVESTMENTS (Cost: $379,927,302): 95.5%			323,982,578

	Other Assets in Excess of Liabilities: 4.5%			15,335,992

	NET ASSETS: 100.0%		$	339,318,570

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 $3,126,835 have been pledged as collateral for options, credit default swaps, securities sold short and futures positions.
(c)		Security, or portion thereof, is out on loan.
(d)		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(e)		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.
(f)		Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2025.
(g)		Floating Interest Rate at March 31, 2025.
(h)		Security is not accruing interest.
(i)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at March 31, 2025.
(j)		The rate shown represents yield-to-maturity.
(k)		Security is currently in default and/or non-income producing.
(l)		This position represents an unsettled loan commitment at period end. Certain details associated with this purchase are not known prior to the settlement date, including coupon rate, which will be adjusted on settlement date.
(m)		Pay-in-kind security.
(n)		Perpetual Call.
(o)		Principal Only security.
(p)		Interest Only security. Security with a notional or nominal principal amount.
(q)		The rate disclosed is the 7 day net yield as of March 31, 2025.
(r)		Represents security purchased with cash collateral received for securities on loan.
(s)		All or a portion of this security is held by the iMGP Alternative Strategies Subsidiary.
(t)		Issued with a zero coupon. Income is recognized through the accretion of discount.


CURRENCY ABBREVIATIONS:

EUR		Euro

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2025 (Unaudited)

At March 31, 2025, the Fund had the following forward foreign currency exchange contracts:


										Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date	Fund Receiving		U.S. $ Value at March 31, 2025		Fund Delivering		U.S. $ Value at March 31, 2025		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	4/30/2025		EUR	$	374,071		USD	$	374,140	$	—	$	(69	)
	4/30/2025		USD		361,130		EUR		374,071		—		(12,941	)

				$	735,201			$	748,211	$	—	$	(13,010	)

CONSOLIDATED SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at March 31, 2025 (Unaudited) (a)


Description	Number of Contracts			Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
Gold 100 Oz Futures^(b)		35		$	10,686,807		$	11,026,050			6/26/2025	$	339,243
MSCI EAFE Index Futures		143			17,729,259			17,276,545			6/20/2025		(452,714	)
MSCI Emerging Market Index		65			3,684,870			3,610,100			6/20/2025		(74,770	)
Nasdaq 100 E-mini Futures		4			1,556,416			1,555,160			6/20/2025		(1,256	)
Russell 2000 E-mini Futures		7			704,514			709,485			6/20/2025		4,971
S&P Mid Cap 400 E-mini Futures		4			1,153,054			1,175,440			6/20/2025		22,386
U.S. Dollar Index Futures		117			12,068,509			12,154,311			6/16/2025		85,802
U.S. Treasury 10-Year Note Futures		55			6,126,359			6,117,031			6/18/2025		(9,328	)
U.S. Treasury 2-Year Note Futures		203			41,933,169			42,055,891			6/30/2025		122,722
U.S. Treasury 5-Year Note Futures		90			9,696,869			9,734,063			6/30/2025		37,194
U.S. Treasury Long Bond Futures		18			2,079,180			2,111,062			6/18/2025		31,882
U.S. Treasury Ultra-Long Bond Futures		11			1,328,274			1,344,750			6/18/2025		16,476

Total Long												$	122,608

Futures Contracts - Short
Euro FX Currency Futures		(201	)	$	(27,521,664	)	$	(27,290,775	)		6/16/2025	$	230,889
Japanese Yen Currency Futures		(70	)		(5,926,848	)		(5,879,125	)		6/16/2025		47,723
S&P 500 E-Mini Index Futures		(12	)		(3,491,145	)		(3,391,950	)		6/20/2025		99,195
U.S. Treasury 10-Year Note Futures		(247	)		(27,272,402	)		(27,471,031	)		6/18/2025		(198,629	)
U.S. Treasury 10-Year Ultra Note Futures		(202	)		(22,766,804	)		(23,053,250	)		6/18/2025		(286,446	)
U.S. Treasury 2-Year Note Futures		(140	)		(28,917,482	)		(29,004,063	)		6/30/2025		(86,581	)
U.S. Treasury 5-Year Note Futures		(453	)		(48,405,840	)		(48,994,781	)		6/30/2025		(588,941	)
U.S. Treasury Long Bond Futures		(43	)		(5,049,891	)		(5,043,094	)		6/18/2025		6,797
U.S. Treasury Ultra-Long Bond Futures		(6	)		(740,246	)		(733,500	)		6/18/2025		6,746
WTI Crude Futures^(b)		(98	)		(6,712,686	)		(6,953,100	)		5/20/2025		(240,414	)

Total Short												$	(1,009,661	)

Total Futures Contracts												$	(887,053	)

(a)	Citigroup Global Markets, Inc., Goldman Sachs & Co., and JPMorgan Chase Bank N.A. are the counterparties for Open Futures Contracts held by the Fund and the iMGP Alternative Strategies Subsidiary at March 31, 2025.

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

iMGP Alternative Strategies Fund

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SWAPS AT March 31, 2025 (Unaudited)

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


Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2025			Notional Amount		Periodic Payment Frequency		Fair Value			Upfront Premiums Received			Unrealized Appreciation
Buy Protection
CDX North America High Yield Index Series 43 5.000%, 12/20/2029		12/20/2029		(5.000	%)		3.623	%		$ (18,000,000)		Quarterly	$	(962,874	)	$	(1,452,044	)	$	489,170

Total Buy Protection													$	(962,874	)	$	(1,452,044	)	$	489,170

Total													$	(962,874	)	$	(1,452,044	)	$	489,170

(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 43.

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Shares			Value
	COMMON STOCKS: 0.0%
	Communication Services: 0.0%
	801	Xplornet Communications, Inc.^*	$	3,555

	Consumer Staples: 0.0%
	1,043	Endo, Inc.^*		25,032
	30,089	Moran Foods LLC^*		2,242

				27,274

	Materials: 0.0%
	563	Yak Blocker 2 LLC^*(a)		952
	609	Yak Blocker 2 LLC^*(a)		1,029

				1,981

	TOTAL COMMON STOCKS (Cost $25,294)			32,810

	PREFERRED STOCKS: 1.8%
	Financials: 1.8%
		American National Group, Inc.
	3,000	7.375%, 01/15/2030^(b)(c)		77,160
		CION Investment Corp.
	20,000	7.500%, 12/30/2029		498,800
		CNO Financial Group, Inc.
	2,000	5.125%, 11/25/2060		37,800
		Crescent Capital BDC, Inc.
	8,900	5.000%, 05/25/2026^(c)		219,830
		Eagle Point Credit Co., Inc.
	32,000	5.375%, 01/31/2029		736,000
		Oxford Lane Capital Corp.
	23,400	5.000%, 01/31/2027		557,856
		Selective Insurance Group, Inc. - Series B
	2,000	4.600%, 12/15/2025^(b)		36,260
		Trinity Capital, Inc.
	25,000	7.875%, 03/30/2029		628,250

	TOTAL PREFERRED STOCKS (Cost $2,911,149)			2,791,956


Principal Amount^
	ASSET-BACKED SECURITIES: 15.8%
	Home Equity ABS: 0.7%
		FIGRE Trust
	$79,295	Series 2024-HE1-B 6.506%, 03/25/2054^(d)(e)		80,354
	123,687	Series 2024-HE2-C 6.720%, 05/25/2054^(d)(e)		125,517
	128,594	Series 2024-HE3-C 6.229%, 07/25/2054^(d)(e)		129,763
	144,844	Series 2025-HE1-C 6.029%, 01/25/2055^(d)(e)		145,109
		Morgan Stanley ABS Capital I, Inc. Trust
	252,101	Series 2006-HE8-A2D 4.655%, 10/25/2036^(f) 1 mo. USD Term SOFR + 0.334%		110,265
	333,940	Series 2007-HE4-A2C 4.665%, 02/25/2037^(f) 1 mo. USD Term SOFR + 0.344%		106,497


Principal Amount^			Value
	Home Equity ABS (continued)
		Morgan Stanley IXIS Real Estate Capital Trust
	$511,183	Series 2006-2-A3 4.585%, 11/25/2036^(f) 1 mo. USD Term SOFR + 0.264%	$	164,074
	332,269	Series 2006-2-A4 4.655%, 11/25/2036^(f) 1 mo. USD Term SOFR + 0.334%		106,646
		Saluda Grade Alternative Mortgage Trust
	78,079	Series 2023-FIG4-B 7.115%, 11/25/2053^(d)(e)		80,858
		Vista Point Securitization Trust
	115,964	Series 2024-CES1-A1 6.676%, 05/25/2054^(d)(g)		117,313

				1,166,396

	Other ABS: 15.0%
		AASET
	239,012	Series 2024-1A-A1 6.261%, 05/16/2049^(d)		244,533
		AASET Ltd.
	241,370	Series 2024-2A-A 5.930%, 09/16/2049^(d)		243,947
		AASET Trust
	41,157	Series 2019-1-A 3.844%, 05/15/2039^(d)		39,940
	220,258	Series 2019-2-B 4.458%, 10/16/2039^(d)		134,416
	80,397	Series 2020-1A-B 4.335%, 01/16/2040^(d)		72,159
	346,469	Series 2021-2A-B 3.538%, 01/15/2047^(d)		321,054
	248,450	Series 2025-1A-A 5.943%, 02/16/2050^(d)		250,866
		AASET U.S. Ltd.
	22,815	Series 2018-2A-A 4.454%, 11/18/2038^(d)		22,478
		ABPCI Direct Lending Fund ABS I Ltd.
	88,907	Series 2020-1A-B 4.935%, 12/29/2030^(d)		86,545
		ABPCI Direct Lending Fund ABS IV LP
	250,000	Series 2024-1A-B 9.639%, 05/01/2034^(d)		250,970
		ABPCI Direct Lending Fund CLO XV Ltd.
	250,000	Series 2023-15A-C 8.487%, 10/30/2035^(d)(f) 3 mo. USD Term SOFR + 4.200%		252,501
		Adams Outdoor Advertising LP
	280,000	Series 2023-1-A2 6.967%, 07/15/2053^(d)		288,281
		Aligned Data Centers Issuer LLC
	150,000	Series 2021-1A-B 2.482%, 08/15/2046^(d)		143,625
		ALLO Issuer LLC
	100,000	Series 2024-1A-B 7.150%, 07/20/2054^(d)		101,940

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		Anchorage Credit Funding 4 Ltd.
	$250,000	Series 2016-4A-CR 3.523%, 04/27/2039^(d)	$	215,720
		Applebee’s Funding LLC/IHOP Funding LLC
	297,000	Series 2019-1A-A2II 4.723%, 06/05/2049^(d)		291,594
		Aquila Funding
	250,000	7.400%, 09/30/2045		255,394
		ARES Direct Lending CLO 2 LLC
	100,000	Series 2024-2A-D 8.193%, 10/20/2036^(d)(f) 3 mo. USD Term SOFR + 3.900%		100,233
		Ares Finance Co. LLC
	500,000	0.000%, 10/15/2036^(e)		710,000
		Ballyrock CLO 14 Ltd.
	250,000	Series 2020-14A-SUB 0.404%, 07/20/2037^(d)(h)		187,642
		BCRED CLO LLC
	250,000	Series 2025-1A-C 6.283%, 04/20/2037^(d)(f) 3 mo. USD Term SOFR + 2.000%		250,119
		Blue Stream Issuer LLC
	100,000	Series 2023-1A-B 6.898%, 05/20/2053^(d)		101,896
	50,000	Series 2024-1A-B 6.043%, 11/20/2054^(d)		50,502
		Business Jet Securities LLC
	203,510	Series 2022-1A-B 5.192%, 06/15/2037^(d)		199,686
	454,408	Series 2024-1A-B 6.924%, 05/15/2039^(d)		466,226
		CARS-DB4 LP
	200,000	Series 2020-1A-B3 4.950%, 02/15/2050^(d)		180,865
		CARS-DB7 LP
	98,125	Series 2023-1A-A2 6.500%, 09/15/2053^(d)		99,530
	320,000	Series 2023-1A-B 7.750%, 09/15/2053^(d)		324,180
		Castlelake Aircraft Securitization Trust
	31,621	Series 2018-1-A 4.125%, 06/15/2043^(d)		30,683
		Castlelake Aircraft Structured Trust
	143,197	Series 2021-1A-A 3.474%, 01/15/2046^(d)		138,440
	38,941	Series 2021-1A-B 6.656%, 01/15/2046^(d)		38,934
	248,363	Series 2025-1A-A 5.783%, 02/15/2050^(d)		250,124
		Cerberus Loan Funding XLII LLC
	250,000	Series 2023-3A-C 8.458%, 09/13/2035^(d)(f) 3 mo. USD Term SOFR + 4.150%		252,619


Principal Amount^			Value
	Other ABS (continued)
		Cerberus Loan Funding XLIV LLC
	$250,000	Series 2023-5A-C 8.502%, 01/15/2036^(d)(f) 3 mo. USD Term SOFR + 4.200%	$	254,703
		Cerberus Loan Funding XLV LLC
	250,000	Series 2024-1A-C 7.452%, 04/15/2036^(d)(f) 3 mo. USD Term SOFR + 3.150%		252,288
		Cerberus Loan Funding XLVI LP
	250,000	Series 2024-2A-C 7.352%, 07/15/2036^(d)(f) 3 mo. USD Term SOFR + 3.050%		253,035
		Cerberus Loan Funding XLVII LLC
	250,000	Series 2024-3A-D 8.652%, 07/15/2036^(d)(f) 3 mo. USD Term SOFR + 4.350%		251,689
		CIFC Funding II Ltd.
	250,000	Series 2017-2A-DR 7.655%, 04/20/2030^(d)(f) 3 mo. USD Term SOFR + 3.362%		250,462
		DigitalBridge Issuer LLC
	350,000	Series 2021-1A-A2 3.933%, 09/25/2051^(d)		337,112
		Dryden 87 CLO Ltd.
	300,000	Series 2021-87A-SUB 0.823%, 05/20/2034^(d)(h)		117,596
		Elm Trust
	38,157	Series 2020-4A-B 3.866%, 10/20/2029^(d)		37,336
		Falcon Aerospace Ltd.
	67,922	Series 2017-1-B 6.300%, 02/15/2042^(d)		66,569
		First Franklin Mortgage Loan Trust
	403,091	Series 2006-FF16-2A4 4.855%, 12/25/2036^(f) 1 mo. USD Term SOFR + 0.534%		164,067
		FirstKey Homes Trust
	150,000	Series 2020-SFR2-G1 4.000%, 10/19/2037^(d)		147,842
	100,000	Series 2020-SFR2-G2 4.500%, 10/19/2037^(d)		98,776
		Fortress Credit BSL XV Ltd.
	250,000	Series 2022-2A-CR 6.893%, 10/18/2033^(d)(f) 3 mo. USD Term SOFR + 2.600%		249,106
		Fortress Credit Opportunities IX CLO Ltd.
	250,000	Series 2017-9A-A2TR 6.364%, 10/15/2033^(d)(f) 3 mo. USD Term SOFR + 2.062%		250,122
		GAIA Aviation Ltd.
	169,097	Series 2019-1-A 3.967%, 12/15/2044^(d)(g)		161,255
	144,422	Series 2019-1-B 5.193%, 12/15/2044^(d)(g)		131,003

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		GoldenTree Loan Management U.S. CLO 9 Ltd.
	$250,000	Series 2021-9A-CR 6.693%, 04/20/2037^(d)(f) 3 mo. USD Term SOFR + 2.400%	$	250,458
	250,000	Series 2021-9A-DR 7.643%, 04/20/2037^(d)(f) 3 mo. USD Term SOFR + 3.350%		251,360
		Golub Capital Partners ABS Funding Ltd.
	51,681	Series 2020-1A-B 4.496%, 01/22/2029^(d)		51,386
		Golub Capital Partners CLO 46M Ltd.
	250,000	Series 2019-46A-CR 7.343%, 04/20/2037^(d)(f) 3 mo. USD Term SOFR + 3.050%		252,328
		Hotwire Funding LLC
	750,000	Series 2021-1-C 4.459%, 11/20/2051^(d)		724,007
		IP Lending X Ltd.
	320,000	Series 2023-10A-SNR 7.750%, 07/02/2029^(d)		320,000
		JOL Air Ltd.
	142,043	Series 2019-1-A 3.967%, 04/15/2044^(d)		139,276
		KDAC Aviation Finance Ltd.
	94,197	Series 2017-1A-A 4.212%, 12/15/2042^(d)		91,734
		LCM 35 Ltd.
	520,000	Series 35A-SUB 1.749%, 10/15/2034^(d)(h)		126,448
		LCM 37 Ltd.
	300,000	Series 37A-SUB 1.999%, 04/15/2034^(d)(h)		117,000
		Lunar Structured Aircraft Portfolio Notes
	184,320	Series 2021-1-B 3.432%, 10/15/2046^(d)		170,582
		MACH 1 Cayman Ltd.
	87,978	Series 2019-1-A 3.474%, 10/15/2039^(d)		84,743
		Madison Park Funding LVIII Ltd.
	250,000	Series 2024-58A-D 7.950%, 04/25/2037^(d)(f) 3 mo. USD Term SOFR + 3.650%		251,755
		Madison Park Funding XLVIII Ltd.
	250,000	Series 2021-48A-D 7.555%, 04/19/2033^(d)(f) 3 mo. USD Term SOFR + 3.262%		250,461
		MAPS Trust
	189,419	Series 2021-1A-A 2.521%, 06/15/2046^(d)		176,705
		MCA Fund Holding LLC
	105,006	Series 2020-1-B 4.247%, 11/15/2035^(d)		102,735


Principal Amount^			Value
	Other ABS (continued)
		MidOcean Credit CLO VII
	$500,000	Series 2017-7A-CR 6.764%, 07/15/2029^(d)(f) 3 mo. USD Term SOFR + 2.462%	$	500,794
		Monroe Capital ABS Funding Ltd.
	122,300	Series 2021-1A-A2 2.815%, 04/22/2031^(d)		120,632
		Monroe Capital Income Plus ABS Funding LLC
	129,600	Series 2022-1A-B 5.150%, 04/30/2032^(d)		124,397
		Nassau CFO LLC
	87,700	Series 2019-1-A 3.980%, 08/15/2034^(d)		80,336
		Navigator Aircraft ABS Ltd.
	384,310	Series 2021-1-B 3.571%, 11/15/2046^(d)(g)		358,166
		Neuberger Berman Loan Advisers CLO 44 Ltd.
	250,000	Series 2021-44A-SUB 0.970%, 10/16/2034^(d)(h)		168,684
		Northwoods Capital 20 Ltd.
	250,000	Series 2019-20A-DR 8.832%, 01/25/2032^(d)(f) 3 mo. USD Term SOFR + 4.532%		250,346
		Octagon 74 Ltd.
	250,000	Series 2025-2A-SUB 1.342%, 04/22/2038^(d)(h)		216,236
		OHA Credit Partners VII Ltd.
	250,000	Series 2012-7A-ER4 8.822%, 02/20/2038^(d)(f) 3 mo. USD Term SOFR + 4.500%		247,228
		OnDeck Asset Securitization IV LLC
	540,000	Series 2025-1A-C 6.640%, 04/19/2032^(d)		541,736
		OnDeck Asset Securitization Trust IV LLC
	340,000	Series 2023-1A-B 8.250%, 08/19/2030^(d)		350,015
		Oportun Issuance Trust
	350,000	Series 2022-A-B 5.250%, 06/09/2031^(d)		349,855
		Owl Rock CLO I LLC
	250,000	Series 2019-1A-C 8.572%, 02/20/2036^(d)(f) 3 mo. USD Term SOFR + 4.250%		253,552
		Owl Rock CLO III Ltd.
	250,000	Series 2020-3A-BR 6.643%, 04/20/2036^(d)(f) 3 mo. USD Term SOFR + 2.350%		250,868
		Owl Rock CLO IX LLC
	250,000	Series 2022-9A-CR 6.819%, 11/22/2037^(d)(f) 3 mo. USD Term SOFR + 2.300%		248,086
		Owl Rock CLO VIII LLC
	250,000	Series 2022-8A-CR 0.000%, 04/24/2037^(d)(f)(i) -1*3 mo. USD Term SOFR + 2.400%		250,625

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	Other ABS (continued)
		Owl Rock CLO XIII LLC
	$250,000	Series 2023-13A-B 7.655%, 09/20/2035^(d)(f) 3 mo. USD Term SOFR + 3.350%	$	251,825
		Owl Rock CLO XVI LLC
	250,000	Series 2024-16A-C 7.593%, 04/20/2036^(d)(f) 3 mo. USD Term SOFR + 3.300%		251,383
		Oxford Finance Credit Fund III LP
	400,000	Series 2024-A-B 7.548%, 01/14/2032^(d)		403,547
		Oxford Finance Funding Trust
	197,406	Series 2023-1A-B 7.879%, 02/15/2031^(d)		199,724
		Palmer Square Loan Funding Ltd.
	250,000	Series 2021-3A-C 7.055%, 07/20/2029^(d)(f) 3 mo. USD Term SOFR + 2.762%		250,264
	200,000	Series 2021-3A-SUB 0.000%, 07/20/2029^(d)(e)		104,979
	250,000	Series 2023-2A-B 7.000%, 01/25/2032^(d)(f) 3 mo. USD Term SOFR + 2.700%		250,347
	575,000	Series 2024-3A-SUB 0.000%, 08/08/2032^(d)(e)		516,018
		Preston Ridge Partners Mortgage LLC
	58,673	Series 2021-5-A1 4.793%, 06/25/2026^(d)(g)		58,602
		ReadyCap Lending Small Business Loan Trust
	23,157	Series 2019-2-A 7.000%, 12/27/2044^(d)(f) U.S. (Fed) Prime Rate - 0.500%		23,113
		Regional Management Issuance Trust
	150,000	Series 2025-1-C 5.730%, 04/17/2034^(d)		150,510
		RR 39 Ltd.
	250,000	Series 2025-39A-SUB 0.811%, 04/15/2038^(d)(h)(i)		226,614
		Sapphire Aviation Finance I Ltd.
	27,527	Series 2018-1A-A 4.250%, 03/15/2040^(d)		27,116
		Sapphire Aviation Finance II Ltd.
	136,226	Series 2020-1A-B 4.335%, 03/15/2040^(d)		124,144
		SERVPRO Master Issuer LLC
	189,500	Series 2019-1A-A2 3.882%, 10/25/2049^(d)		185,818
		Sonic Capital LLC
	190,833	Series 2020-1A-A2I 3.845%, 01/20/2050^(d)		185,890
	47,708	Series 2020-1A-A2II 4.336%, 01/20/2050^(d)		45,404


Principal Amount^			Value
	Other ABS (continued)
		Sprite Ltd.
	$135,143	Series 2021-1-A 3.750%, 11/15/2046^(d)	$	129,821
		Stack Infrastructure Issuer LLC
	250,000	Series 2020-1A-A2 1.893%, 08/25/2045^(d)		246,818
		Start Ltd.
	80,138	Series 2018-1-A 4.089%, 05/15/2043^(d)		78,957
		Stream Innovations Issuer Trust
	75,490	Series 2024-1A-A 6.270%, 07/15/2044^(d)		78,789
		Subway Funding LLC
	149,625	Series 2024-1A-A23 6.505%, 07/30/2054^(d)		152,202
	49,875	Series 2024-3A-A23 5.914%, 07/30/2054^(d)		49,262
		Sunbird Engine Finance LLC
	141,792	Series 2020-1A-B 4.703%, 02/15/2045^(d)		137,735
		Switch ABS Issuer LLC
	100,000	Series 2024-1A-A2 6.280%, 03/25/2054^(d)		101,503
	50,000	Series 2024-2A-A2 5.436%, 06/25/2054^(d)		49,957
	100,000	Series 2025-1A-A2 5.036%, 03/25/2055^(d)		96,561
		Symphony CLO 41 Ltd.
	360,000	Series 2024-41A-SUB 1.323%, 07/20/2037^(d)(h)		309,738
		Symphony CLO XXXI Ltd.
	650,000	Series 2022-31A-SUB 0.324%, 04/22/2050^(d)(h)		370,476
		Taco Bell Funding LLC
	187,500	Series 2016-1A-A23 4.970%, 05/25/2046^(d)		187,359
		Thrust Engine Leasing DAC
	376,229	Series 2021-1A-B 6.121%, 07/15/2040^(d)		369,305
		Vault DI Issuer LLC
	250,000	Series 2021-1A-A2 2.804%, 07/15/2046^(d)		240,440
		VB-S1 Issuer LLC
	250,000	Series 2022-1A-F 5.268%, 02/15/2052^(d)		241,540
	100,000	Series 2024-1A-F 8.871%, 05/15/2054^(d)		104,006
		VCP RRL ABS I Ltd.
	37,122	Series 2021-1A-C 5.425%, 10/20/2031^(d)		34,293
		Venture XIII CLO Ltd.
	250,000	Series 2013-13A-SUB 4.546%, 09/10/2029^(d)(h)		263
		Willis Engine Structured Trust VII
	209,926	Series 2023-A-A 8.000%, 10/15/2048^(d)		217,868

				23,745,328

	WL Collateral CMO: 0.1%
		FIGRE Trust
	143,189	Series 2024-HE6-C 5.974%, 12/25/2054^(d)(e)		143,655

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	ASSET-BACKED SECURITIES (CONTINUED)
	TOTAL ASSET-BACKED SECURITIES (Cost $26,183,579)			25,055,379

	BANK LOANS: 23.2%
	Basic Materials: 1.1%
		AAP Buyer, Inc.
	$89,775	7.075%, 09/09/2031^(f) 1 mo. USD Term SOFR + 2.750%	$	89,551
		Arsenal AIC Parent LLC
	99,750	7.075%, 08/19/2030^(f) 1 mo. USD Term SOFR + 2.750%		99,201
		Discovery Purchaser Corp.
	150,000	8.040%, 10/04/2029^(f) 3 mo. USD Term SOFR + 3.750%		148,781
		GEON Performance Solutions LLC
	1,130,788	8.811%, 08/18/2028^(f) 3 mo. USD Term SOFR + 4.250%		1,116,178
		Illuminate Buyer LLC
	99,500	7.325%, 12/31/2029^(f) 1 mo. USD Term SOFR + 3.000%		99,376
		Power Services Holding Co.
	55,445	8.939%, 11/22/2028^(f) 1 mo. USD Term SOFR + 4.500%		55,300
		SCIH Salt Holdings, Inc.
	159,600	7.291%, 01/31/2029^(f) 3 mo. USD Term SOFR + 3.000%		158,503

				1,766,890

	Communications: 2.4%
		Cengage Learning, Inc.
	110,523	7.822%-7.829%, 03/24/2031^(f) 1 mo. USD Term SOFR + 3.500%, 3 mo. USD Term SOFR + 3.500%		109,779
		Charter Communications Operating LLC
	219,444	6.310%, 12/07/2030^(f) 3 mo. USD Term SOFR + 2.000%		218,552
		CNT Holdings I Corp.
	70,000	6.802%, 11/08/2032^(f) 3 mo. USD Term SOFR + 2.500%		69,655
		Connect Finco SARL
	500,500	8.825%, 09/27/2029^(f) 1 mo. USD Term SOFR + 4.500%		442,394
		Eagle Broadband Investments LLC
	940,868	7.561%, 11/12/2027^(f) 3 mo. USD Term SOFR + 3.000%		938,615
		Firstdigital Communications LLC
	49,250	8.689%, 12/17/2026^(f) 1 mo. USD Term SOFR + 4.250%		48,138


Principal Amount^			Value
	Communications (continued)
		LendingTree, Inc.
	$544,600	8.440%, 09/15/2028^(f) 1 mo. USD Term SOFR + 4.000%	$	542,830
		Level 3 Financing, Inc.
	20,000	0.000%, 03/22/2032^(j)		19,791
		Midcontinent Communications
	855,700	6.819%, 08/16/2031^(f) 1 mo. USD Term SOFR + 2.500%		856,415
		Speedster Bidco GmbH
	150,000	7.549%, 12/10/2031^(f) 3 mo. USD Term SOFR + 3.250%		149,977
		Sunrise Financing Partnership
	150,000	6.793%, 02/15/2032^(f) 3 mo. USD Term SOFR + 2.500%		148,754
		Syndigo LLC
	119,386	9.075%, 12/15/2027^(f) 3 mo. USD Term SOFR + 4.500%		119,237
		TripAdvisor, Inc.
	99,749	7.049%, 07/08/2031^(f) 3 mo. USD Term SOFR + 2.750%		98,434
		Xplornet Communications, Inc.
	3,986	9.552%, 10/24/2029^(f) 3 mo. USD Term SOFR + 5.000%		3,901
	14,239	6.052%, 10/24/2031^(f) 3 mo. USD Term SOFR + 1.500%		11,266

				3,777,738

	Consumer, Cyclical: 3.3%
		ABG Intermediate Holdings 2 LLC
	136,813	6.575%, 12/21/2028^(f) 1 mo. USD Term SOFR + 2.250%		135,555
		Accuride Corp.
	3,577	14.325%, 01/17/2026^(f) 1 mo. USD Term SOFR + 10.000%		0
	6,716	14.312%, 01/17/2026^(f) 1 mo. USD Term SOFR + 10.000%		0
	9,591	14.965%, 01/17/2026^(f) 3 mo. USD Term SOFR + 10.000%		0
	38,342	0.000%, 05/18/2026^(k)		0
	3,552	16.500%, 10/11/2031^(f) U.S. (Fed) Prime Rate - 9.000%		6,870
		Accuride Intermediate Co., Inc.
	11,788	8.786%, 03/07/2030^(f) 3 mo. USD Term SOFR + 4.500%		11,793
		Air Canada
	59,548	6.319%, 03/21/2031^(f) 1 mo. USD Term SOFR + 2.000%		58,971

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Consumer, Cyclical (continued)
		Allen Media LLC
	$503,417	9.949%, 02/10/2027^(f) 3 mo. USD Term SOFR + 5.500%	$	293,995
		Alterra Mountain Co.
	149,376	7.325%, 05/31/2030^(f) 1 mo. USD Term SOFR + 3.000%		149,749
		American Airlines, Inc.
	455,000	9.315%, 04/20/2028^(f) 3 mo. USD Term SOFR + 4.750%		464,812
		Caesars Entertainment, Inc.
	98,204	6.563%, 02/06/2030^(f) 3 mo. USD Term SOFR + 2.250%		97,795
	99,249	6.563%, 02/06/2031^(f) 3 mo. USD Term SOFR + 2.250%		98,753
		EG Group Ltd.
	99,500	8.563%, 02/07/2028^(f) 3 mo. USD Term SOFR + 4.250%		99,669
		Fertitta Entertainment LLC
	98,728	7.825%, 01/27/2029^(f) 1 mo. USD Term SOFR + 3.500%		97,350
		First Brands Group LLC
	67,299	9.552%, 03/30/2027^(f) 3 mo. USD Term SOFR + 5.000%		62,693
		Foundation Building Materials Holding Co. LLC
	99,000	8.552%, 01/29/2031^(f) 3 mo. USD Term SOFR + 4.000%		90,606
		FR Refuel LLC
	87,200	9.189%, 11/08/2028^(f) 1 mo. USD Term SOFR + 4.750%		85,892
		Gibson Brands, Inc.
	96,750	9.565%, 08/11/2028^(f) 3 mo. USD Term SOFR + 5.000%		95,500
		Gloves Buyer, Inc.
	345,000	0.000%, 01/17/2032^(j)		332,637
		Great Outdoors Group LLC
	384,037	7.575%, 01/23/2032^(f) 1 mo. USD Term SOFR + 3.250%		383,701
	743,138	0.000%, 01/23/2032^(j)		742,487
		Hunter Douglas, Inc.
	149,625	7.549%, 01/20/2032^(f) 3 mo. USD Term SOFR + 3.250%		143,416
		Laseraway Intermediate Holdings II LLC
	90,501	10.315%, 10/14/2027^(f) 3 mo. USD Term SOFR + 5.750%		87,334


Principal Amount^			Value
	Consumer, Cyclical (continued)
		Oil Changer Holding Corp.
	$88,561	11.041%-11.230%, 02/08/2027^(f) 1 mo. USD Term SOFR + 6.750%, 3 mo. USD Term SOFR + 6.750%	$	87,896
		Pacific Bells LLC
	158,743	8.561%, 11/13/2028^(f) 3 mo. USD Term SOFR + 4.000%		158,710
		PCI Gaming Authority
	148,999	6.325%, 07/18/2031^(f) 1 mo. USD Term SOFR + 2.000%		147,768
		Peer Holding III BV
	99,750	6.799%, 07/01/2031^(f) 3 mo. USD Term SOFR + 2.500%		99,700
		Recess Holdings, Inc.
	99,002	8.047%, 02/20/2030^(f) 3 mo. USD Term SOFR + 3.750%		99,188
		Tacala LLC
	49,501	7.825%, 01/31/2031^(f) 1 mo. USD Term SOFR + 3.500%		49,551
		UFC Holdings LLC
	149,625	6.580%, 11/21/2031^(f) 3 mo. USD Term SOFR + 2.250%		149,416
		United Airlines, Inc.
	560,793	6.297%, 02/22/2031^(f) 3 mo. USD Term SOFR + 2.000%		560,291
		Vista Management Holding, Inc.
	100,000	0.000%, 03/26/2031^(j)		99,438
		Weber-Stephen Products LLC
	97,000	8.675%, 10/30/2027^(f) 1 mo. USD Term SOFR + 4.250%		94,769
		White Cap Buyer LLC
	149,625	7.575%, 10/19/2029^(f) 1 mo. USD Term SOFR + 3.250%		145,430

				5,231,735

	Consumer, Non-cyclical: 5.3%
		A-AG U.S. GSI Bidco, Inc.
	145,000	0.000%, 10/31/2031^(j)		143,550
	435,000	9.299%, 10/31/2031^(f) 3 mo. USD Term SOFR + 5.000%		430,650
		Albion Financing 3 SARL
	99,251	7.302%, 08/16/2029^(f) 3 mo. USD Term SOFR + 3.000%		99,468
		American Residential Services LLC
	149,223	7.541%, 02/02/2032^(f) 3 mo. USD Term SOFR + 3.250%		148,850

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Consumer, Non-cyclical (continued)
		Amspec Parent LLC
	$86,667	8.549%, 12/22/2031^(f) 3 mo. USD Term SOFR + 4.250%	$	86,721
		Bausch Health Cos., Inc.
	90,563	9.675%, 02/01/2027^(f) 1 mo. USD Term SOFR + 5.250%		90,549
		BIFM U.S. Finance LLC
	149,625	8.075%, 05/31/2028^(f) 1 mo. USD Term SOFR + 3.750%		149,875
		CCRR Parent, Inc.
	99,482	8.825%, 03/06/2028^(f) 3 mo. USD Term SOFR + 4.250%		44,353
		Chef’s Warehouse Leasing Co. LLC
	86,167	7.825%, 08/23/2029^(f) 1 mo. USD Term SOFR + 3.500%		86,849
		CHG PPC Parent LLC
	69,456	7.439%, 12/08/2028^(f) 1 mo. USD Term SOFR + 3.000%		69,456
		Citrin Cooperman Advisors LLC
	9,091	0.000%, 03/06/2032^(j)		9,037
	140,909	0.000%, 03/06/2032^(j)		140,073
		Congruex Group LLC
	45,902	5.941%, 05/03/2029^(f) 3 mo. USD Term SOFR + 1.500%		39,543
		Dermatology Intermediate Holdings III, Inc.
	98,233	8.541%, 03/30/2029^(f) 3 mo. USD Term SOFR + 4.250%		92,514
		EyeCare Partners LLC
	20,039	10.043%, 08/31/2028^(f) 3 mo. USD Term SOFR + 5.750%		20,238
	85,512	9.003%, 11/30/2028^(f)(l) 3 mo. USD Term SOFR + 1.000% Cash, 3.610% PIK		67,373
		Florida Food Products LLC
	66,564	9.561%, 10/18/2028^(f) 3 mo. USD Term SOFR + 5.000%		56,517
		Fugue Finance BV
	149,500	7.496%, 01/09/2032^(f) 6 mo. USD Term SOFR + 3.250%		149,558
		Global Medical Response, Inc.
	254,491	9.790%, 10/31/2028^(f) 3 mo. USD Term SOFR + 5.500%		254,774
		Help At Home, Inc.
	168,896	9.325%, 09/24/2031^(f) 1 mo. USD Term SOFR + 5.000%		160,873
		Holding Socotec
	50,000	0.000%, 06/30/2028^(j)		50,094


Principal Amount^			Value
	Consumer, Non-cyclical (continued)
		Imagefirst Holdings LLC
	$150,000	7.549%, 03/12/2032^(f) 3 mo. USD Term SOFR + 3.250%	$	149,812
		Inception Holdco SARL
	99,250	8.049%, 04/18/2031^(f) 3 mo. USD Term SOFR + 3.750%		99,545
		Lernen Bidco Ltd.
	149,625	8.522%, 10/27/2031^(f) 3 mo. USD Term SOFR + 4.000%		149,719
		MB2 Dental Solutions LLC
	10,816	9.825%-9.827%, 02/13/2031^(f) 1 mo. USD Tem SOFR +5.500%, 3 mo. USD Term SOFR + 5.500		10,816
	13,837	9.825%, 02/13/2031^(f) 1 mo. USD Term SOFR + 5.500%		13,837
	95,559	9.825%, 02/13/2031^(f) 1 mo. USD Term SOFR + 5.500%		95,364
		Medline Borrower LP
	362,341	6.575%, 10/23/2028^(f) 1 mo. USD Term SOFR + 2.250%		362,064
		Moran Foods LLC
	5,688	11.649%, 06/30/2026^(f) 3 mo. USD Term SOFR + 7.250%		484
	12,145	11.649%, 06/30/2026^(f) 3 mo. USD Term SOFR + 7.250%		1,034
	12,207	11.649%, 06/30/2026^(f) 3 mo. USD Term SOFR + 2.000%		12,207
		MPH Acquisition Holdings LLC
	79,155	8.037%, 12/31/2030^(f) 3 mo. USD Term SOFR + 3.750%		78,576
	656,145	9.149%, 12/31/2030^(f) 3 mo. USD Term SOFR + 4.600%		541,592
		NFM & J LP
	48,097	10.087%, 11/30/2027^(f) 6 mo. USD Term SOFR + 5.750%		47,391
	48,891	10.087%-10.163%, 11/30/2027^(f) 3 mo. USD Term SOFR + 5.750%, 6 mo. USD Term SOFR + 5.750%		48,174
		PABST Financing Newco LLC
	76,304	12.288%, 05/08/2028^(f) 3 mo. USD Term SOFR + 8.000%		75,541
		Pacific Dental Services LLC
	199,496	0.000%, 03/15/2031^(j)		198,717
		Parexel International Corp.
	375,000	0.000%, 11/15/2028^(j)		374,602

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Consumer, Non-cyclical (continued)
		Priority Holdings LLC
	$1,256,220	9.075%, 05/16/2031^(f) 1 mo. USD Term SOFR + 4.750%	$	1,257,595
		Resonetics LLC
	88,228	7.545%, 06/18/2031^(f) 3 mo. USD Term SOFR + 3.250%		87,830
		ScribeAmerica Intermediate Holdco LLC
	45,299	8.939%, 04/03/2025^(f) 1 mo. USD Term SOFR + 4.500%		35,503
		Secretariat Advisors LLC
	89,247	8.313%, 02/24/2032^(f) 3 mo. USD Term SOFR + 4.000%		89,024
		Sotera Health Holdings LLC
	616,900	7.549%, 05/30/2031^(f) 3 mo. USD Term SOFR + 3.250%		616,514
		Southern Veterinary Partners LLC
	208,213	7.575%, 12/04/2031^(f) 1 mo. USD Term SOFR + 3.250%		207,879
		System One Holdings LLC
	1,129,310	8.049%, 03/02/2028^(f) 3 mo. USD Term SOFR + 3.750%		1,130,722
		TMF Group Holding BV
	169,575	7.066%, 05/03/2028^(f) 1 mo. USD Term SOFR + 2.750%		168,798
		Women’s Care Enterprises LLC
	189,377	8.891%, 01/15/2028^(f) 3 mo. USD Term SOFR + 4.500%		175,885
		WW International, Inc.
	9,000	8.052%, 04/13/2028^(f) 3 mo. USD Term SOFR + 3.500%		2,331

				8,422,471

	Energy: 1.2%
		AL GCX Holdings LLC
	149,401	6.314%, 05/17/2029^(f) 1 mo. USD Term SOFR + 2.000%		149,080
		AL NGPL Holdings LLC
	280,053	6.788%, 04/13/2028^(f) 3 mo. USD Term SOFR + 2.500%		280,543
		BANGL LLC
	98,502	8.810%, 02/01/2029^(f) 3 mo. USD Term SOFR + 4.500%		98,871
		GIP Pilot Acquisition Partners LP
	50,000	6.302%, 10/04/2030^(f) 3 mo. USD Term SOFR + 2.000%		49,867


Principal Amount^			Value
	Energy (continued)
		Hilcorp Energy I LP
	$255,000	6.322%, 02/11/2030^(f) 1 mo. USD Term SOFR + 2.000%	$	254,961
		Par Petroleum LLC
	159,341	8.038%, 02/28/2030^(f) 3 mo. USD Term SOFR + 3.750%		156,852
		Rockpoint Gas Storage Partners LP
	897,750	7.299%, 09/18/2031^(f) 3 mo. USD Term SOFR + 3.000%		896,628
		Venture Global Calcasieu Pass LLC
	17,347	7.300%, 08/19/2026^(f) 1 mo. USD Term SOFR + 2.875%		17,379

				1,904,181

	Financial: 3.1%
		AllSpring Buyer LLC
	100,000	0.000%, 11/01/2030^(j)		100,026
	274,005	7.313%, 11/01/2030^(f) 3 mo. USD Term SOFR + 3.000%		274,075
		AmWINS Group, Inc.
	149,625	6.575%, 01/30/2032^(f) 1 mo. USD Term SOFR + 2.250%		148,608
		Apex Group Treasury LLC
	180,000	7.819%, 02/27/2032^(f) 3 mo. USD Term SOFR + 3.500%		179,663
		AqGen Island Holdings, Inc.
	98,692	7.325%, 08/02/2028^(f) 1 mo. USD Term SOFR + 3.000%		98,229
		Ardonagh Midco 3 PLC
	50,000	7.030%-7.049%, 02/15/2031^(f) 3 mo. USD Term SOFR + 2.750%, 6 mo. USD Term SOFR + 2.750%		49,437
	100,000	0.000%, 02/15/2031^(j)		98,875
		Aretec Group, Inc.
	148,629	7.825%, 08/09/2030^(f) 1 mo. USD Term SOFR + 3.500%		147,600
		Asurion LLC
	49,750	8.575%, 09/19/2030^(f) 1 mo. USD Term SOFR + 4.250%		49,187
	98,246	8.675%, 08/19/2028^(f) 1 mo. USD Term SOFR + 4.250%		97,491
		Blackhawk Network Holdings, Inc.
	159,450	8.325%, 03/12/2029^(f) 1 mo. USD Term SOFR + 4.000%		159,023
		Capstone Acquisition Holdings, Inc.
	137,235	8.925%, 11/13/2029^(f) 1 mo. USD Term SOFR + 4.500%		136,533

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Financial (continued)
		Chrysaor Bidco SARL
	$92,881	7.789%, 10/30/2031^(f) 3 mo. USD Term SOFR + 3.500%	$	93,180
		Citadel Securities LP
	148,388	6.325%, 10/31/2031^(f) 1 mo. USD Term SOFR + 2.000%		148,407
		Cliffwater LLC
	150,000	0.000%, 10/07/2030^(j)		150,000
		Cross Financial Corp.
	99,750	7.575%, 10/31/2031^(f) 1 mo. USD Term SOFR + 3.250%		99,875
		Deerfield Dakota Holding LLC
	99,478	8.049%, 04/09/2027^(f) 3 mo. USD Term SOFR + 3.750%		94,639
		Eisner Advisory Group LLC
	98,754	8.325%, 02/28/2031^(f) 1 mo. USD Term SOFR + 4.000%		98,793
		Fiserv Investment Solutions, Inc.
	98,705	8.322%, 02/18/2027^(f) 3 mo. USD Term SOFR + 4.000%		98,335
		Focus Financial Partners LLC
	11,610	0.000%, 09/15/2031^(j)		11,512
	38,294	7.075%, 09/15/2031^(f) 1 mo. USD Term SOFR + 2.750%		37,970
		Higginbotham Insurance Agency, Inc.
	142,210	8.825%, 11/24/2028^(f) 1 mo. USD Term SOFR + 4.500%		141,224
		HighTower Holdings LLC
	135,406	7.291%, 02/03/2032^(f) 3 mo. USD Term SOFR + 3.000%		134,645
		Howden Group Holdings Ltd.
	149,250	7.325%, 02/15/2031^(f) 1 mo. USD Term SOFR + 3.000%		148,393
		HV Eight LLC
	401,192 (EUR)	5.828%, 11/22/2027^(f) 3 mo. EURIBOR + 3.500%		431,610
		KREF Holdings X LLC
	744,907	0.000%, 02/26/2032^(j)		742,118
		Midcap Financial Holdings Trust
	435,000	7.814%, 04/15/2027^(f) 1 mo. USD Term SOFR + 3.500%		435,000
		PABST Financing Newco LLC
	209,423	10.555%, 05/08/2028^(f) 3 mo. USD Term SOFR + 6.000%		206,091
		PMH Newco LP
	233,705	7.422%, 10/02/2030^(f) 3 mo. USD Term SOFR + 3.150%		233,415


Principal Amount^			Value
	Financial (continued)
		PMH SPV C LLC
	$64,062	7.476%, 10/02/2030^(f) 3 mo. USD Term SOFR + 3.150%	$	63,859
		Saphilux SARL
	99,251	7.933%, 07/18/2028^(f) 6 mo. USD Term SOFR + 3.500%		99,499

				5,007,312

	Industrial: 3.4%
		Anchor Packaging, Inc.
	98,475	7.575%, 07/18/2029^(f) 1 mo. USD Term SOFR + 3.250%		98,536
		API Holdings III LLC
	8,041	11.299%, 03/25/2027^(f)(l) 3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK		8,081
	106,770	11.299%, 05/10/2027^(f)(l) 3 mo. USD Term SOFR + 1.000% Cash, 6.000% PIK		86,751
		Arcline FM Holdings LLC
	99,246	8.803%, 06/23/2028^(f) 3 mo. USD Term SOFR + 4.500%		98,948
		Azuria Water Solutions, Inc.
	98,755	7.325%, 05/17/2028^(f) 1 mo. USD Term SOFR + 3.000%		98,287
		Bettcher Industries, Inc.
	49,871	0.000%, 12/14/2028^(j)		49,435
	98,980	8.299%, 12/14/2028^(f) 3 mo. USD Term SOFR + 4.000%		98,114
		CP Atlas Buyer, Inc.
	50,877	8.175%, 11/23/2027^(f) 1 mo. USD Term SOFR + 3.750%		47,246
		Cube Industrials Buyer, Inc.
	150,000	0.000%, 10/17/2031^(j)		149,188
		Dispatch Acquisition Holdings LLC
	59,608	8.699%, 03/27/2028^(f) 3 mo. USD Term SOFR + 4.250%		56,329
		EMRLD Borrower LP
	84,683	6.933%, 05/31/2030^(f) 6 mo. USD Term SOFR + 2.500%		84,019
	507,450	6.799%, 08/04/2031^(f) 3 mo. USD Term SOFR + 2.500%		503,418
		Genesee & Wyoming, Inc.
	149,250	6.049%, 04/10/2031^(f) 3 mo. USD Term SOFR + 1.750%		148,037
		GrafTech Finance, Inc.
	42,667	10.303%, 12/21/2029^(f) 3 mo. USD Term SOFR + 6.000%		43,774
		Ilpea Parent, Inc.
	468,863	8.325%, 06/22/2028^(f) 1 mo. USD Term SOFR + 4.000%		468,279

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Industrial (continued)
		KKR Apple Bidco LLC
	$149,625	6.825%, 09/23/2031^(f) 1 mo. USD Term SOFR + 2.500%	$	148,713
		Knife River Holdco
	200,000	6.292%, 03/08/2032^(f) 3 mo. USD Term SOFR + 2.000%		199,750
		Mannington Mills, Inc.
	100,000	9.049%, 03/25/2032^(f) 3 mo. USD Term SOFR + 4.750%		99,438
		Michael Baker International LLC
	149,124	8.325%, 12/01/2028^(f) 1 mo. USD Term SOFR + 4.000%		149,000
		Minimax Viking GmbH
	180,000	0.000%, 02/20/2032^(j)		179,662
		NA Rail Hold Co. LLC
	150,000	7.286%, 03/08/2032^(f) U.S. (Fed) Prime Rate - 3.000%		150,375
		Newly Weds Foods, Inc.
	100,000	6.575%, 03/15/2032^(f) 1 mo. USD Term SOFR + 2.250%		99,500
		Pelican Products, Inc.
	98,223	8.811%, 12/29/2028^(f) 3 mo. USD Term SOFR + 4.250%		90,565
		Propulsion BC Finco SARL
	652,385	7.549%, 09/14/2029^(f) 3 mo. USD Term SOFR + 3.250%		653,318
		Quikrete Holdings, Inc.
	70,000	0.000%, 02/10/2032^(j)		69,302
	97,130	6.575%, 04/14/2031^(f) 1 mo. USD Term SOFR + 2.250%		96,186
		Service Logic Acquisition, Inc.
	99,750	7.319%, 10/29/2027^(f) 1 mo. USD Term SOFR + 3.000%		99,625
		Stonepeak Nile Parent LLC
	760,000	0.000%, 02/04/2032^(j)		757,982
		Tidal Waste & Recycling Holdings LLC
	520,000	7.799%, 10/24/2031^(f) 3 mo. USD Term SOFR + 3.500%		521,056

				5,352,914

	Technology: 2.6%
		Apttus Corp.
	128,084	7.791%, 05/08/2028^(f) 3 mo. USD Term SOFR + 3.500%		128,388
		Aston FinCo SARL
	95,000	8.689%, 10/09/2026^(f) 1 mo. USD Term SOFR + 4.250%		90,854


Principal Amount^			Value
	Technology (continued)
		Athenahealth Group, Inc.
	$340,000	7.325%, 02/15/2029^(f) 1 mo. USD Term SOFR + 3.000%	$	336,600
	568,389	7.325%, 02/15/2029^(f) 1 mo. USD Term SOFR + 3.000%		562,705
		Boxer Parent Co., Inc.
	100,000	7.291%, 07/30/2031^(f) 3 mo. USD Term SOFR + 3.000%		98,401
		Central Parent, Inc.
	612,273	7.549%, 07/06/2029^(f) 3 mo. USD Term SOFR + 3.250%		527,320
		Clearwater Analytics LLC
	775,000	0.000%, 02/07/2032^(j)		773,063
		Cvent, Inc.
	99,750	7.049%, 06/17/2030^(f) 3 mo. USD Term SOFR + 2.750%		99,426
		Darktrace PLC
	80,000	7.535%, 10/09/2031^(f) 3 mo. USD Term SOFR + 3.250%		79,312
		Drake Software LLC
	149,245	8.549%, 06/26/2031^(f) 3 mo. USD Term SOFR + 4.250%		144,208
		Finastra USA, Inc.
	2,514	11.428%, 09/13/2029^(f) 6 mo. USD Term SOFR +7.250%		2,504
	90,090	11.428%, 09/13/2029^(f) 6 mo. USD Term SOFR + 7.250%		90,540
		Kaseya, Inc.
	100,000	7.575%, 03/22/2032^(f) 1 mo. USD Term SOFR + 3.250%		99,813
		Modena Buyer LLC
	99,750	8.791%, 07/01/2031^(f) 3 mo. USD Term SOFR + 4.500%		96,809
		Planview Parent, Inc.
	149,553	7.799%, 12/17/2027^(f) 3 mo. USD Term SOFR + 3.500%		148,244
		Press Ganey Holdings, Inc.
	99,500	7.575%, 04/30/2031^(f) 1 mo. USD Term SOFR + 3.250%		99,075
		Project Ruby Ultimate Parent Corp.
	149,126	7.439%, 03/10/2028^(f) 1 mo. USD Term SOFR + 3.000%		148,847
		PushPay USA, Inc.
	99,750	8.299%, 08/16/2031^(f) 3 mo. USD Term SOFR + 4.000%		99,999

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	BANK LOANS (CONTINUED)
	Technology (continued)
		Sitecore Holding III AS
	$135,675	12.223%, 03/12/2029^(f) 3 mo. USD Term SOFR + 7.750%	$	135,190
		World Wide Technology Holding Co. LLC
	188,108	6.575%, 03/01/2030^(f) 1 mo. USD Term SOFR + 2.250%		188,108
		Zuora, Inc.
	150,000	7.825%, 02/14/2032^(f) 1 mo. USD Term SOFR + 3.500%		148,313

				4,097,719

	Utilities: 0.8%
		Calpine Construction Finance Co. LP
	99,500	6.325%, 07/31/2030^(f) 1 mo. USD Term SOFR + 2.000%		99,334
		Eastern Power LLC
	135,000	0.000%, 04/03/2028^(j)		132,541
	1,076,929	9.575%, 04/03/2028^(f) 1 mo. USD Term SOFR + 5.250%		1,057,313

				1,289,188

	TOTAL BANK LOANS (Cost $37,534,595)			36,850,148

	CONVERTIBLE BONDS: 0.7%
	Communications: 0.0%
		Cable One, Inc.
	50,000	5.115%, 03/15/2026^(h)		47,500

	Energy: 0.7%
		XPLR Infrastructure LP
	745,000	6.218%, 11/15/2025^(d)(h)		721,719
	420,000	2.500%, 06/15/2026^(d)		401,520

				1,123,239

	TOTAL CONVERTIBLE BONDS (Cost $1,159,968)			1,170,739

	CORPORATE BONDS: 39.1%
	Basic Materials: 1.4%
		Alumina Pty. Ltd.
	200,000	6.375%, 09/15/2032^(d)		196,909
		Arsenal AIC Parent LLC
	100,000	8.000%, 10/01/2030^(d)		102,112
		International Flavors & Fragrances, Inc.
	90,000	1.230%, 10/01/2025^(d)		88,354
		Minerals Technologies, Inc.
	165,000	5.000%, 07/01/2028^(d)		159,081
		Novelis Corp.
	100,000	3.250%, 11/15/2026^(d)		96,777
		Olin Corp.
	1,260,000	6.625%, 04/01/2033^(d)		1,226,325
		SCIL IV LLC/SCIL USA Holdings LLC
	100,000 (EUR)	9.500%, 07/15/2028^(d)		113,514


Principal Amount^			Value
	Basic Materials (continued)
		SK Invictus Intermediate II SARL
	$100,000	5.000%, 10/30/2029^(d)	$	93,862
		SNF Group SACA
	100,000 (EUR)	4.500%, 03/15/2032^(d)		107,815

				2,184,749

	Communications: 3.2%
		Altice France SA
	200,000	5.500%, 10/15/2029^(d)		158,748
		AMC Networks, Inc.
	50,000	10.250%, 01/15/2029^(d)		51,822
	150,000	4.250%, 02/15/2029^(c)		112,731
		Bell Telephone Co. of Canada or Bell Canada
	200,000	6.875%, 09/15/2055^(e) 5 yr. CMT + 2.390%		201,233
		British Telecommunications PLC
	200,000	4.875%, 11/23/2081^(d)(e) 5 yr. CMT + 3.493%		183,159
		CCO Holdings LLC/CCO Holdings Capital Corp.
	1,255,000	7.375%, 03/01/2031^(d)		1,274,972
		Cogent Communications Group LLC
	100,000	3.500%, 05/01/2026^(d)		97,559
		Cogent Communications Group, Inc./Cogent Communications Finance, Inc.
	100,000	7.000%, 06/15/2027^(d)		100,599
		Connect Finco SARL/Connect U.S. Finco LLC
	290,000	9.000%, 09/15/2029^(d)		264,568
		Gen Digital, Inc.
	100,000	6.250%, 04/01/2033^(d)		99,415
		Level 3 Financing, Inc.
	38,188	11.000%, 11/15/2029^(d)		42,626
	206,000	4.500%, 04/01/2030^(d)		166,485
		Match Group Holdings II LLC
	50,000	5.000%, 12/15/2027^(d)		49,012
	50,000	4.625%, 06/01/2028^(d)		48,013
		McGraw-Hill Education, Inc.
	100,000	5.750%, 08/01/2028^(d)		97,594
	40,000	8.000%, 08/01/2029^(d)		39,388
		Paramount Global
	16,000	5.900%, 10/15/2040		14,243
	23,000	5.250%, 04/01/2044		18,459
	28,000	4.900%, 08/15/2044		21,625
		QTS Good News Facility Revr
	601,255	7.800%, 10/09/2028		601,255
		QTS Good News Facility TL
	500,000	0.010%, 10/09/2028		499,446
		Rogers Communications, Inc.
	150,000	7.000%, 04/15/2055^(e) 5 yr. CMT + 2.653%		150,529
		Sirius XM Radio LLC
	100,000	3.125%, 09/01/2026^(d)		96,954
		TEGNA, Inc.
	615,000	4.625%, 03/15/2028		583,125
		Virgin Media Finance PLC
	100,000	5.000%, 07/15/2030^(c)(d)		85,789

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Communications (continued)
		Vodafone Group PLC
	$100,000	5.125%, 06/04/2081^(e) 5 yr. CMT + 3.073%	$	75,960

				5,135,309

	Consumer, Cyclical: 2.9%
		AccorInvest Group SA
	100,000 (EUR)	6.375%, 10/15/2029^(d)		111,442
		Advance Auto Parts, Inc.
	100,000	5.900%, 03/09/2026		99,961
		Air Canada
	100,000 (CAD)	4.625%, 08/15/2029^(d)		68,788
		Air Canada Pass Through Trust
	13,058	Series 2020-2-A 5.250%, 10/01/2030^(d)		13,123
		Allwyn Entertainment Financing U.K. PLC
	120,000 (EUR)	7.250%, 04/30/2030		136,578
		Asbury Automotive Group, Inc.
	44,000	4.625%, 11/15/2029^(d)		41,261
		Beacon Roofing Supply, Inc.
	100,000	6.500%, 08/01/2030^(d)		105,272
		Clarios Global LP/Clarios U.S. Finance Co.
	44,000	6.250%, 05/15/2026^(d)		44,050
	100,000	6.750%, 02/15/2030^(d)		101,040
		Deuce Finco PLC
	100,000 (GBP)	5.500%, 06/15/2027^(d)		126,819
		Ferrellgas LP/Ferrellgas Finance Corp.
	140,000	5.375%, 04/01/2026^(d)		138,649
		Flutter Treasury DAC
	200,000	6.375%, 04/29/2029^(d)		203,775
		International Game Technology PLC
	200,000	4.125%, 04/15/2026^(d)		197,748
		JB Poindexter & Co., Inc.
	30,000	8.750%, 12/15/2031^(d)		30,868
		Lightning eMotors, Inc.
	100,000	7.500%, 03/01/2037		94,288
	200,000	Series 2022-1-A 5.500%, 03/01/2037		186,791
		Macy’s Retail Holdings LLC
	877,000	5.875%, 03/15/2030^(d)		835,489
		Motel One GmbH/Muenchen
	100,000 (EUR)	7.750%, 04/02/2031^(d)		115,673
		Murphy Oil USA, Inc.
	125,000	3.750%, 02/15/2031^(d)		111,128
		Nordstrom, Inc.
	485,000	4.375%, 04/01/2030		434,371
		Ontario Gaming GTA LP/OTG Co.-Issuer, Inc.
	97,000	8.000%, 08/01/2030^(d)		96,538
		Penn Entertainment, Inc.
	100,000	4.125%, 07/01/2029^(c)(d)		88,931
		Quicktop Holdco AB
	100,000 (EUR)	6.911%, 03/21/2030^(d)(f) 3 mo. EURIBOR + 4.500%		109,443
		Scientific Games Holdings LP/Scientific Games U.S. FinCo, Inc.
	100,000	6.625%, 03/01/2030^(d)		94,356


Principal Amount^			Value
	Consumer, Cyclical (continued)
		Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc./Canada’s Wonderland Co.
	$125,000	6.625%, 05/01/2032^(d)	$	126,116
		Superior Plus LP/Superior General Partner, Inc.
	100,000	4.500%, 03/15/2029^(d)		92,375
		Thunderbird Entertainment Group, Inc.
	100,000	7.500%, 03/01/2037		94,288
	200,000	Series 2022-1-A 5.500%, 03/01/2037		186,791
		TVL Finance PLC
	100,000 (EUR)	6.105%, 06/30/2030^(f) 3 mo. EURIBOR + 3.750%		106,783
		United Airlines, Inc.
	100,000	4.375%, 04/15/2026^(d)		98,565
		Velocity Vehicle Group LLC
	100,000	8.000%, 06/01/2029^(d)		102,706
		Versuni Group BV
	100,000 (EUR)	3.125%, 06/15/2028		102,861
		Wabash National Corp.
	100,000	4.500%, 10/15/2028^(d)		89,909
		Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.
	94,000	6.250%, 03/15/2033^(d)		91,601

				4,678,377

	Consumer, Non-cyclical: 2.8%
		Acadia Healthcare Co., Inc.
	200,000	7.375%, 03/15/2033^(d)		200,150
		ADT Security Corp.
	100,000	4.875%, 07/15/2032^(d)		93,465
		Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC
	100,000	3.250%, 03/15/2026^(d)		97,849
		Altria Group, Inc.
	10,000	4.450%, 05/06/2050		7,852
		Ashtead Capital, Inc.
	420,000	5.500%, 08/11/2032^(d)		417,815
		Avis Budget Car Rental LLC/Avis Budget Finance, Inc.
	510,000	8.250%, 01/15/2030^(c)(d)		497,774
		Bausch Health Cos., Inc.
	725,000	4.875%, 06/01/2028^(d)		585,503
		BCP V Modular Services Finance II PLC
	100,000 (EUR)	4.750%, 11/30/2028^(d)		104,849
		Becle SAB de CV
	200,000	2.500%, 10/14/2031^(d)		161,466
		Block, Inc.
	100,000	6.500%, 05/15/2032^(d)		101,134
		Boost Newco Borrower LLC
	200,000	7.500%, 01/15/2031^(d)		208,270
		Brink’s Co.
	150,000	6.750%, 06/15/2032^(d)		152,181
		Carriage Services, Inc.
	100,000	4.250%, 05/15/2029^(d)		91,149
		CPI CG, Inc.
	30,000	10.000%, 07/15/2029^(d)		32,094

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Consumer, Non-cyclical (continued)
		CVS Health Corp.
	$50,000	7.000%, 03/10/2055^(e) 5 yr. CMT + 2.886%	$	50,552
		Endo Luxembourg Finance SARL
	100,000	6.125%, 04/01/2029^(d)		0
		GXO Logistics, Inc.
	100,000	6.250%, 05/06/2029		103,140
		Ingles Markets, Inc.
	125,000	4.000%, 06/15/2031^(d)		113,549
		IQVIA, Inc.
	200,000	5.000%, 10/15/2026^(d)		198,685
		JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL
	50,000	3.750%, 12/01/2031		45,782
	100,000	4.375%, 02/02/2052		77,613
		Medline Borrower LP
	210,000	3.875%, 04/01/2029^(d)		196,349
		Perrigo Finance Unlimited Co.
	100,000 (EUR)	5.375%, 09/30/2032		109,555
		Prime Security Services Borrower LLC/Prime Finance, Inc.
	63,000	5.750%, 04/15/2026^(d)		62,978
		Sammontana Italia SpA
	100,000 (EUR)	6.535%, 10/15/2031^(d)(f) 3 mo. EURIBOR + 3.750%		108,422
		Smithfield Foods, Inc.
	150,000	2.625%, 09/13/2031^(d)		127,468
		Sotheby’s/Bidfair Holdings, Inc.
	200,000	5.875%, 06/01/2029^(d)		176,595
		TriNet Group, Inc.
	100,000	7.125%, 08/15/2031^(d)		101,584
		Valvoline, Inc.
	66,000	3.625%, 06/15/2031^(d)		57,407
		Verisure Holding AB
	100,000 (EUR)	5.500%, 05/15/2030^(d)		110,648
		WW International, Inc.
	91,000	4.500%, 04/15/2029^(d)		23,282

				4,415,160

	Energy: 2.3%
		BP Capital Markets PLC
	250,000	4.875%, 03/22/2030^(b)(e) 5 yr. CMT + 4.398%		239,887
	50,000	6.125%, 03/18/2035^(b)(c)(e) 5 yr. CMT + 1.924%		49,330
		Buckeye Partners LP
	150,000	3.950%, 12/01/2026		146,299
		Cheniere Energy Partners LP
	100,000	5.750%, 08/15/2034		101,228
		CTL AZ Battery Property
	100,000	6.730%, 02/20/2046		102,705
		CVR Energy, Inc.
	100,000	8.500%, 01/15/2029^(d)		96,106
		Energy Transfer LP
	510,000	7.375%, 02/01/2031^(d)		535,492
		Global Partners LP/GLP Finance Corp.
	100,000	7.000%, 08/01/2027		99,799
	25,000	6.875%, 01/15/2029		24,961
		Hess Midstream Operations LP
	290,000	5.875%, 03/01/2028^(d)		291,534


Principal Amount^			Value
	Energy (continued)
		HF Sinclair Corp.
	$59,000	6.375%, 04/15/2027	$	59,772
	60,000	6.250%, 01/15/2035		60,155
		ITT Holdings LLC
	125,000	6.500%, 08/01/2029^(d)		115,423
		Kinetik Holdings LP
	100,000	6.625%, 12/15/2028^(d)		101,755
	100,000	5.875%, 06/15/2030^(d)		98,951
		Midwest Connector Capital Co. LLC
	99,000	4.625%, 04/01/2029^(d)		98,213
		NuStar Logistics LP
	100,000	6.375%, 10/01/2030		101,138
		Occidental Petroleum Corp.
	100,000	7.875%, 09/15/2031		112,363
		Parkland Corp.
	100,000	4.625%, 05/01/2030^(d)		93,909
		Sunoco LP
	460,000	7.000%, 05/01/2029^(d)		470,617
	50,000	7.250%, 05/01/2032^(d)		51,655
		Targa Resources Partners LP/Targa Resources Partners Finance Corp.
	150,000	5.500%, 03/01/2030		151,291
		TransMontaigne Partners LLC
	25,000	8.500%, 06/15/2030^(d)		25,162
		Venture Global Calcasieu Pass LLC
	100,000	3.875%, 08/15/2029^(d)		92,641
		Venture Global LNG, Inc.
	50,000	9.500%, 02/01/2029^(d)		53,658
	50,000	9.000%, 09/30/2029^(b)(d)(e) 5 yr. CMT + 5.440%		47,354
	50,000	9.875%, 02/01/2032^(d)		53,035
		Viper Energy, Inc.
	150,000	5.375%, 11/01/2027^(d)		148,650

				3,623,083

	Financial: 19.2%
		Acadian Asset Management, Inc.
	235,000	4.800%, 07/27/2026		231,895
		Aegon Ltd.
	565,000	5.500%, 04/11/2048^(e) 6 mo. USD LIBOR + 3.540%		562,792
		Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer
	100,000	7.000%, 01/15/2031^(d)		100,478
		American Coastal Insurance Corp.
	255,000	7.250%, 12/15/2027		248,625
		Americo Life, Inc.
	350,000	3.450%, 04/15/2031^(d)		303,230
		AmFam Holdings, Inc.
	160,000	2.805%, 03/11/2031^(d)		132,611
		AP Grange Holdings
	397,895	6.500%, 03/20/2045		399,884
		Arbor Realty SR, Inc.
	685,000	Series QIB 8.500%, 10/15/2027^(d)		666,101
		AXIS Specialty Finance LLC
	400,000	4.900%, 01/15/2040^(e) 5 yr. CMT + 3.186%		376,936
		Bank of America Corp.
	1,300,000	Series RR 4.375%, 01/27/2027^(b)(e) 5 yr. CMT + 2.760%		1,269,206

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		BlackRock TCP Capital Corp.
	$395,000	6.950%, 05/30/2029^(c)	$	395,247
		Blue Owl Capital Corp.
	500,000	3.750%, 07/22/2025		498,483
		Blue Owl Technology Finance Corp.
	495,000	6.750%, 04/04/2029		501,485
		Brazilian Merchant Voucher Receivables Ltd.
	114,376	4.180%, 04/07/2028^(a)(e)		113,048
		Bread Financial Holdings, Inc.
	745,000	9.750%, 03/15/2029^(d)		786,850
		Ceamer Finance II LLC
	216,147	6.920%, 11/15/2037		220,233
		Ceamer Finance III LLC
	100,000	6.790%, 11/15/2039		101,236
		Charles Schwab Corp.
	100,000	Series G 5.375%, 06/01/2025^(b)(e) 5 yr. CMT + 4.971%		99,846
	100,000	Series H 4.000%, 12/01/2030^(b)(e) 10 yr. CMT + 3.079%		88,785
		CION Investment Corp.
	230,000	4.500%, 02/11/2026		225,180
		Citigroup, Inc.
	100,000	Series FF 6.950%, 02/15/2030^(b)(e) 5 yr. CMT + 2.726%		99,979
	100,000	Series W 4.000%, 12/10/2025^(b)(e) 5 yr. CMT + 3.597%		98,691
	150,000	Series X 3.875%, 02/18/2026^(b)(e) 5 yr. CMT + 3.417%		146,885
		CNO Financial Group, Inc.
	50,000	6.450%, 06/15/2034		52,108
		Comerica Bank
	645,000	4.000%, 07/27/2025		642,417
		Corebridge Financial, Inc.
	660,000	6.875%, 12/15/2052^(c)(e) 5 yr. CMT + 3.846%		674,418
		Cushman & Wakefield U.S. Borrower LLC
	71,000	6.750%, 05/15/2028^(d)		71,096
		Dai-ichi Life Insurance Co. Ltd.
	200,000	6.200%, 01/16/2035^(b)(d)(e) 5 yr. CMT + 2.515%		201,129
		DaVinciRe Holdings Ltd.
	800,000	5.950%, 04/15/2035^(d)		800,417
		Doctors Co. An Interinsurance Exchange
	350,000	4.500%, 01/18/2032^(d)		303,888
		Dyal Capital Partners III
	132,000	Series B 6.550%, 06/15/2044		132,570
		Dyal Capital Partners LP
	168,000	6.550%, 06/15/2044		168,737
		Encore Capital Group, Inc.
	200,000	8.500%, 05/15/2030^(d)		206,096
		Enstar Finance LLC
	950,000	5.500%, 01/15/2042^(e) 5 yr. CMT + 4.006%		928,281


Principal Amount^			Value
	Financial (continued)
		Enstar Group Ltd.
	$540,000	7.500%, 04/01/2045^(d)(e) 5 yr. CMT + 3.186%	$	547,356
		Equitable Holdings, Inc.
	200,000	6.700%, 03/28/2055^(e) 5 yr. CMT + 2.390%		199,230
	146,000	Series B 4.950%, 09/15/2025^(b)(e) 5 yr. CMT + 4.736%		145,800
		F&G Annuities & Life, Inc.
	400,000	7.400%, 01/13/2028		417,121
		Fairfax India Holdings Corp.
	320,000	5.000%, 02/26/2028^(d)		298,421
		Farmers Insurance Exchange
	60,000	7.000%, 10/15/2064^(d)(e) 10 yr. CMT + 3.864%		61,399
		Fidelis Insurance Holdings Ltd.
	630,000	6.625%, 04/01/2041^(d)(e) 5 yr. CMT + 6.323%		630,044
		Fifth Third Bancorp
	400,000	6.361%, 10/27/2028^(e) 1 day USD SOFR Index + 2.192%		415,508
		Focus Financial Partners LLC
	100,000	6.750%, 09/15/2031^(d)		98,573
		Fortitude Group Holdings LLC
	50,000	6.250%, 04/01/2030^(d)		50,442
		FS KKR Capital Corp.
	100,000	3.250%, 07/15/2027		95,695
		Galaxy Bidco Ltd.
	150,000 (GBP)	8.125%, 12/19/2029^(d)		199,261
		Global Atlantic Fin Co.
	516,000	7.950%, 06/15/2033^(d)		580,782
	50,000	4.700%, 10/15/2051^(d)(e) 5 yr. CMT + 3.796%		48,183
	24,000	6.750%, 03/15/2054^(d)		24,298
	460,000	7.950%, 10/15/2054^(d)(e) 5 yr. CMT + 3.608%		478,520
		Globe Life, Inc.
	10,000	2.150%, 08/15/2030		8,668
	20,000	5.850%, 09/15/2034		20,445
		GLP Capital LP/GLP Financing II, Inc.
	50,000	5.300%, 01/15/2029		50,089
	140,000	4.000%, 01/15/2031		130,560
		Goldman Sachs Group, Inc.
	100,000	6.850%, 02/10/2030^(b)(e) 5 yr. CMT + 2.461%		101,428
	100,000	Series U 3.650%, 08/10/2026^(b)(e) 5 yr. CMT + 2.915%		97,187
	150,000	Series X 7.500%, 05/10/2029^(b)(c)(e) 5 yr. CMT + 2.809%		157,659
		HA Sustainable Infrastructure Capital, Inc.
	875,000	6.375%, 07/01/2034^(d)		863,781
		HAT Holdings I LLC/HAT Holdings II LLC
	450,000	3.375%, 06/15/2026^(d)		436,795
		Host Hotels & Resorts LP
	150,000	Series I 3.500%, 09/15/2030		137,350

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
		Hunt Cos., Inc.
	$100,000	5.250%, 04/15/2029^(d)	$	95,378
		Iron Mountain, Inc.
	110,000	5.625%, 07/15/2032^(d)		105,208
		Jane Street Group/JSG Finance, Inc.
	270,000	7.125%, 04/30/2031^(d)		277,609
		Jefferies Finance LLC/JFIN Co.-Issuer Corp.
	200,000	5.000%, 08/15/2028^(d)		188,191
		JPMorgan Chase & Co.
	150,000	Series OO 6.500%, 04/01/2030^(b)(e) 5 yr. CMT + 2.152%		153,817
		Kennedy-Wilson, Inc.
	100,000	4.750%, 03/01/2029		91,576
	100,000	4.750%, 02/01/2030		89,541
	56,000	5.000%, 03/01/2031		49,280
		KKR Core Holding Co. LLC
	89,370	4.000%, 08/12/2031		81,465
		Kuvare U.S. Holdings, Inc.
	60,000	Series A 7.000%, 02/17/2051^(d)(e) 5 yr. CMT + 6.541%		60,038
		Liberty Mutual Group, Inc.
	220,000	4.300%, 02/01/2061^(d)		137,530
		LPL Holdings, Inc.
	150,000	4.000%, 03/15/2029^(d)		143,605
		Lvnv Funding LLC
	100,000	7.800%, 11/05/2028		104,859
		Main Street Capital Corp.
	245,000	6.950%, 03/01/2029		251,922
		Markel Group, Inc.
	170,000	6.000%, 06/01/2025^(b)(e) 5 yr. CMT + 5.662%		169,233
		Meiji Yasuda Life Insurance Co.
	200,000	6.100%, 06/11/2055^(d)(e) 5 yr. CMT + 2.911%		199,742
		Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen
	1,000,000	5.875%, 05/23/2042^(d)(e) 5 yr. CMT + 3.982%		1,021,137
		Nationstar Mortgage Holdings, Inc.
	70,000	5.000%, 02/01/2026^(d)		69,760
		Obra Longevity Fund LP
	250,000	Class A 8.478%, 06/30/2039		261,281
		OFS Capital Corp.
	620,000	4.750%, 02/10/2026		608,512
		OneAmerica Financial Partners, Inc.
	39,000	4.250%, 10/15/2050^(d)		29,482
		OneMain Finance Corp.
	100,000	9.000%, 01/15/2029		105,032
		Oxford Finance LLC/Oxford Finance Co.-Issuer II, Inc.
	535,000	6.375%, 02/01/2027^(d)		530,400
		PartnerRe Finance B LLC
	290,000	4.500%, 10/01/2050^(e) 5 yr. CMT + 3.815%		270,807
		PennyMac Financial Services, Inc.
	20,000	7.875%, 12/15/2029^(d)		20,824
	100,000	7.125%, 11/15/2030^(d)		101,597
	100,000	6.875%, 02/15/2033^(d)		99,500


Principal Amount^			Value
	Financial (continued)
		PNC Financial Services Group, Inc.
	$285,000	Series T 3.400%, 09/15/2026^(b)(e) 5 yr. CMT + 2.595%	$	272,719
		Reinsurance Group of America, Inc.
	25,000	6.650%, 09/15/2055^(e) 5 yr. CMT + 2.392%		24,610
		RenaissanceRe Holdings Ltd.
	425,000	5.750%, 06/05/2033		431,876
		Rocket Mortgage LLC/Rocket Mortgage Co-Issuer, Inc.
	100,000	2.875%, 10/15/2026^(d)		95,911
		Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc.
	150,000	3.875%, 03/01/2031^(d)		134,287
		Ryan Specialty LLC
	50,000	5.875%, 08/01/2032^(d)		49,389
		Safehold GL Holdings LLC
	100,000	6.100%, 04/01/2034		102,742
		Scentre Group Trust 2
	910,000	5.125%, 09/24/2080^(d)(e) 5 yr. CMT + 4.685%		892,816
		Sculptor Alternative Solutions LLC
	500,000	6.000%, 05/15/2037^(d)		444,000
		Sherwood Financing PLC
	130,000 (EUR)	8.001%, 12/15/2029^(f) 3 mo. EURIBOR + 5.500%		140,642
		SiriusPoint Ltd.
	200,000	7.000%, 04/05/2029		208,756
		Starwood Property Trust, Inc.
	1,060,000	4.375%, 01/15/2027^(d)		1,030,758
	50,000	6.500%, 07/01/2030^(d)		49,872
		State Street Corp.
	50,000	Series K 6.450%, 09/15/2030^(b)(e) 5 yr. CMT + 2.135%		50,059
		Stewart Information Services Corp.
	420,000	3.600%, 11/15/2031		374,568
		Strategic Credit Opportunities Partners LLC
	345,000	Series A 4.250%, 04/01/2026		338,882
		Toronto-Dominion Bank
	50,000	8.125%, 10/31/2082^(e) 5 yr. CMT + 4.075%		51,842
		Trinity Capital, Inc.
	320,000	4.375%, 08/24/2026		311,226
		U.S. Bancorp
	925,000	Series N 3.700%, 01/15/2027^(b)(e) 5 yr. CMT + 2.541%		879,985
		United Wholesale Mortgage LLC
	150,000	5.500%, 04/15/2029^(d)		144,715
		Universal Insurance Holdings, Inc.
	345,000	5.625%, 11/30/2026		338,635
		VFH Parent LLC/Valor Co.-Issuer, Inc.
	100,000	7.500%, 06/15/2031^(d)		102,806
		Walker & Dunlop, Inc.
	100,000	6.625%, 04/01/2033^(d)		99,630
		Wells Fargo & Co.
	100,000	7.625%, 09/15/2028^(b)(e) 5 yr. CMT + 3.606%		107,178

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Financial (continued)
	$100,000	6.850%, 09/15/2029^(b)(c)(e) 5 yr. CMT + 2.767%	$	104,038
	100,000	Series BB 3.900%, 03/15/2026^(b)(e) 5 yr. CMT + 3.453%		98,071
		Wilton RE Ltd.
	166,000	6.000%, 10/22/2030^(b)(d)(e) 5 yr. CMT + 5.266%		164,689

				30,505,486

	Industrial: 3.6%
		Amsted Industries, Inc.
	200,000	6.375%, 03/15/2033^(d)		199,208
		Arcosa, Inc.
	100,000	4.375%, 04/15/2029^(d)		94,176
		Artera Services LLC
	50,000	8.500%, 02/15/2031^(d)		46,701
		Axon Enterprise, Inc.
	250,000	6.125%, 03/15/2030^(d)		252,666
		Ball Corp.
	63,000	6.875%, 03/15/2028		64,455
		Boeing Co.
	100,000	6.528%, 05/01/2034		106,957
		CML Fontainebleau Vegas
	250,000	0.600%, 01/31/2026^(h)		250,000
		Crown Americas LLC/Crown Americas Capital Corp. VI
	100,000	4.750%, 02/01/2026		99,321
		EnerSys
	100,000	6.625%, 01/15/2032^(d)		101,553
		Enpro, Inc.
	100,000	5.750%, 10/15/2026		99,795
		Enviri Corp.
	175,000	5.750%, 07/31/2027^(d)		167,327
		Flowserve Corp.
	60,000	3.500%, 10/01/2030		55,262
		GrafTech Finance, Inc.
	105,000	4.625%, 12/23/2029^(c)(d)		72,581
		GrafTech Global Enterprises, Inc.
	30,000	9.875%, 12/23/2029^(d)		23,700
		Graphic Packaging International LLC
	100,000	6.375%, 07/15/2032^(d)		100,268
		Great Lakes Dredge & Dock Corp.
	200,000	5.250%, 06/01/2029^(d)		181,140
		Hillenbrand, Inc.
	250,000	6.250%, 02/15/2029		250,819
		James Hardie International Finance DAC
	1,210,000	5.000%, 01/15/2028^(d)		1,176,493
		Masterbrand, Inc.
	810,000	7.000%, 07/15/2032^(d)		809,653
		Mauser Packaging Solutions Holding Co.
	100,000	7.875%, 04/15/2027^(d)		98,125
		Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC
	100,000	6.750%, 04/01/2032^(d)		99,142
		Sealed Air Corp.
	535,000	6.500%, 07/15/2032^(c)(d)		541,031


Principal Amount^			Value
	Industrial (continued)
		Sealed Air Corp./Sealed Air Corp. U.S.
	$100,000	6.125%, 02/01/2028^(d)	$	100,173
		Standard Building Solutions, Inc.
	150,000	6.500%, 08/15/2032^(d)		150,151
		TD SYNNEX Corp.
	100,000	6.100%, 04/12/2034		102,699
		TopBuild Corp.
	50,000	3.625%, 03/15/2029^(d)		46,278
		TransDigm, Inc.
	100,000	6.875%, 12/15/2030^(d)		102,347
		Waste Pro USA, Inc.
	150,000	7.000%, 02/01/2033^(d)		150,777
		Wrangler Holdco Corp.
	100,000	6.625%, 04/01/2032^(d)		101,910
		XPO, Inc.
	85,000	6.250%, 06/01/2028^(d)		86,086

				5,730,794

	Technology: 1.3%
		ACI Worldwide, Inc.
	100,000	5.750%, 08/15/2026^(d)		100,349
		Amentum Holdings, Inc.
	117,000	7.250%, 08/01/2032^(d)		115,226
		ams-OSRAM AG
	770,000	12.250%, 03/30/2029^(c)(d)		791,842
		Capstone Borrower, Inc.
	100,000	8.000%, 06/15/2030^(d)		102,809
		Central Parent, Inc./CDK Global, Inc.
	100,000	7.250%, 06/15/2029^(d)		86,580
		Cloud Software Group, Inc.
	100,000	6.500%, 03/31/2029^(d)		97,199
		Dye & Durham Ltd.
	40,000	8.625%, 04/15/2029^(d)		41,257
		Fair Isaac Corp.
	100,000	5.250%, 05/15/2026^(d)		100,076
		Foundry JV Holdco LLC
	200,000	6.150%, 01/25/2032^(d)		207,771
		Playtika Holding Corp.
	100,000	4.250%, 03/15/2029^(d)		88,147
		TeamSystem SpA
	100,000 (EUR)	6.285%, 07/31/2031^(d)(f) 3 mo. EURIBOR + 3.500%		108,260
		Twilio, Inc.
	100,000	3.875%, 03/15/2031		90,166
		VC3, Inc.
	155,543	3.500%, 10/15/2041		143,364

				2,073,046

	Utilities: 2.4%
		Alexander Funding Trust II
	605,000	7.467%, 07/31/2028^(d)		643,662
		AmeriGas Partners LP/AmeriGas Finance Corp.
	50,000	5.875%, 08/20/2026		49,655
		Atlantica Sustainable Infrastructure PLC
	430,000	4.125%, 06/15/2028^(d)		404,636
		CMS Energy Corp.
	60,000	6.500%, 06/01/2055^(e) 5 yr. CMT + 1.961%		58,668

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Utilities (continued)
		ContourGlobal Power Holdings SA
	100,000 (EUR)	5.000%, 02/28/2030^(d)	$	107,175
		Edison International
	300,000	7.875%, 06/15/2054^(e) 5 yr. CMT + 3.658%		287,299
	445,000	Series A 5.375%, 03/09/2026^(b)(e) 5 yr. CMT + 4.698%		424,467
		Exelon Corp.
	50,000	6.500%, 03/15/2055^(e) 5 yr. CMT + 1.975%		49,854
		NextEra Energy Capital Holdings, Inc.
	230,000	6.750%, 06/15/2054^(e) 5 yr. CMT + 2.457%		235,468
	60,000	6.375%, 08/15/2055^(e) 5 yr. CMT + 2.053%		60,207
		PacifiCorp
	150,000	7.375%, 09/15/2055^(e) 5 yr. CMT + 3.319%		151,890
		Southern Co.
	50,000	Series 21-A 3.750%, 09/15/2051^(e) 5 yr. CMT + 2.915%		48,622
		Terraform Global Operating LP
	129,000	6.125%, 03/01/2026^(d)		128,766
		Vistra Operations Co. LLC
	385,000	6.950%, 10/15/2033^(d)		414,130
		XPLR Infrastructure Operating Partners LP
	750,000	8.375%, 01/15/2031^(c)(d)		737,584

				3,802,083

	TOTAL CORPORATE BONDS (Cost $62,443,824)			62,148,087

	GOVERNMENT SECURITIES & AGENCY ISSUE: 5.2%
		U.S. Treasury Notes
	700,000	2.875%, 06/15/2025^(m)		697,909
	800,000	3.500%, 09/15/2025^(m)		797,601
	800,000	4.000%, 12/15/2025^(m)		799,424
	1,200,000	4.625%, 03/15/2026^(m)		1,206,112
	1,200,000	4.125%, 06/15/2026^(m)		1,201,664
	1,200,000	4.625%, 09/15/2026^(m)		1,211,086
	1,200,000	4.375%, 12/15/2026^(m)		1,208,226
	1,200,000	4.250%, 03/15/2027		1,207,242

	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $8,320,626)			8,329,264

	MORTGAGE-BACKED SECURITIES: 10.9%
		ACHM Trust
	100,000	Series 2025-HE1-A 5.920%, 03/25/2055^(d)(e)		100,113
		ACRE Commercial Mortgage Ltd.
	250,000	Series 2021-FL4-D 7.031%, 12/18/2037^(d)(f) 1 mo. USD Term SOFR + 2.714%		242,099


Principal Amount^			Value
		ACREC LLC
	$150,000	Series 2025-FL3-C 6.603%, 08/18/2042^(d)(f) 1 mo. USD Term SOFR + 2.291%	$	150,132
		Alternative Loan Trust
	95,174	Series 2007-OA4-A1 4.775%, 05/25/2047^(f) 1 mo. USD Term SOFR + 0.454%		85,032
	100,249	Series 2007-OA7-A1A 4.795%, 05/25/2047^(f) 1 mo. USD Term SOFR + 0.474%		91,860
		BAHA Trust
	870,000	Series 2024-MAR-C 7.015%, 12/10/2041^(d)(e)		900,393
		BCAP LLC Trust
	268,160	Series 2006-AA2-A1 4.775%, 01/25/2037^(f) 1 mo. USD Term SOFR + 0.454%		246,450
		BDS LLC
	150,000	Series 2025-FL14-C 6.193%, 10/21/2042^(d)(f) 1 mo. USD Term SOFR + 1.893%		150,288
		BPR Trust
	230,000	Series 2022-OANA-C 7.016%, 04/15/2037^(d)(f) 1 mo. USD Term SOFR + 2.697%		230,345
		BSPRT Issuer LLC
	100,000	Series 2024-FL11-C 6.963%, 07/15/2039^(d)(f) 1 mo. USD Term SOFR + 2.644%		100,244
		BX Commercial Mortgage Trust
	150,000	Series 2021-VOLT-E 6.434%, 09/15/2036^(d)(f) 1 mo. USD Term SOFR + 2.114%		148,100
	100,000	Series 2024-AIRC-C 6.909%, 08/15/2039^(d)(f) 1 mo. USD Term SOFR + 2.590%		100,180
		BX Trust
	100,000	Series 2023-DELC-B 7.658%, 05/15/2038^(d)(f) 1 mo. USD Term SOFR + 3.339%		100,413
	150,000	Series 2024-VLT4-D 6.759%, 07/15/2029^(d)(f) 1 mo. USD Term SOFR + 2.440%		148,862
		BXHPP Trust
	200,000	Series 2021-FILM-C 5.533%, 08/15/2036^(d)(f) 1 mo. USD Term SOFR + 1.214%		184,658
		BXMT Ltd.
	250,000	Series 2020-FL2-D 6.384%, 02/15/2038^(d)(f) 1 mo. USD Term SOFR + 2.064%		232,510

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		BXMT Ltd. (continued)
	$100,000	Series 2020-FL3-D 7.234%, 11/15/2037^(d)(f) 1 mo. USD Term SOFR + 2.914%	$	95,248
		Capmark Military Housing Trust
	89,462	Series 2007-AET2-A 6.063%, 10/10/2052^(d)		83,035
		CD Mortgage Trust
	784,333	Series 2017-CD4-XA 1.218%, 05/10/2050^(e)(n)		14,819
		CFMT LLC
	100,000	Series 2022-HB9-M1 3.250%, 09/25/2037^(d)(e)		93,854
		CIM Trust
	100,000	Series 2025-R1-A1 5.000%, 02/25/2099^(d)(g)		98,464
		Citigroup Mortgage Loan Trust, Inc.
	78,639	Series 2022-A-A1 6.170%, 09/25/2062^(d)(g)		78,710
		COLT Mortgage Loan Trust
	149,046	Series 2025-3-A3 5.707%, 03/25/2070^(d)(g)		148,477
		CSMC Trust
	93,744	Series 2021-RPL4-A1 4.102%, 12/27/2060^(d)(e)		93,494
		Federal Home Loan Mortgage Corp.
	94,040	5.000%, 03/01/2053		92,357
		Federal Home Loan Mortgage Corp. Military Housing Bonds Resecuritization Trust Certificates
	1,365,557	Series 2015-R1-XA2 0.700%, 10/25/2052^(d)(e)(n)		92,829
		Federal National Mortgage Association
	172,739	5.000%, 05/01/2053		169,391
	2,341,858	5.500%, 05/01/2053		2,345,396
	47,191	5.000%, 06/01/2053		46,347
	136,027	5.000%, 08/01/2053		133,593
	646,062	7.000%, 03/01/2055		675,993
		Freddie Mac Military Housing Bonds Resecuritization Trust Certificates
	2,650,545	Series 2015-R1-XA1 0.700%, 11/25/2055^(d)(e)(n)		162,607
	4,076,946	Series 2015-R1-XA3 0.700%, 11/25/2052^(d)(e)(n)		202,243
		FS Rialto Issuer LLC
	100,000	Series 2025-FL10-C 6.446%, 08/19/2042^(d)(f) 1 mo. USD Term SOFR + 2.146%		100,057
		GCAT Trust
	79,826	Series 2022-NQM5-A3 5.710%, 08/25/2067^(d)(g)		79,509
	121,287	Series 2023-NQM2-A3 6.598%, 11/25/2067^(d)(g)		121,491
	74,808	Series 2024-NQM2-A3 6.541%, 06/25/2059^(d)(g)		75,579
		GS Mortgage Securities Corp. Trust
	230,907	Series 2020-DUNE-E 7.090%, 12/15/2036^(d)(f) 1 mo. USD Term SOFR + 2.764%		222,588


Principal Amount^			Value
		HarborView Mortgage Loan Trust
	$163,198	Series 2006-12-2A2A 4.811%, 01/19/2038^(f) 1 mo. USD Term SOFR + 0.494%	$	145,938
		HOMES Trust
	142,283	Series 2024-AFC2-A3 5.982%, 10/25/2059^(d)(e)		142,839
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,405,290	Series 2016-JP2-XA 1.785%, 08/15/2049^(e)(n)		17,309
		JPMDB Commercial Mortgage Securities Trust
	177,517	Series 2017-C5-XA 0.841%, 03/15/2050^(e)(n)		1,824
		KREF Ltd.
	100,000	Series 2021-FL2-AS 5.734%, 02/15/2039^(d)(f) 1 mo. USD Term SOFR + 1.414%		98,053
		LCCM Trust
	150,000	Series 2021-FL3-C 7.034%, 11/15/2038^(d)(f) 1 mo. USD Term SOFR + 2.714%		148,104
		Legacy Mortgage Asset Trust
	589,794	Series 2021-GS2-A1 4.750%, 04/25/2061^(d)(g)		589,574
		LoanCore Issuer LLC
	100,000	Series 2025-CRE8-C 6.461%, 08/17/2042^(d)(f) 1 mo. USD Term SOFR + 2.141%		100,150
		LoanCore Issuer Ltd.
	200,000	Series 2022-CRE7-D 7.449%, 01/17/2037^(d)(f) 30 day USD SOFR Average + 3.100%		199,941
		LoanCore Issuer Ltd.
	250,000	Series 2021-CRE5-C 6.784%, 07/15/2036^(d)(f) 1 mo. USD Term SOFR + 2.464%		249,045
	100,000	Series 2021-CRE5-D 7.434%, 07/15/2036^(d)(f) 1 mo. USD Term SOFR + 3.114%		99,617
	100,000	Series 2021-CRE6-D 7.284%, 11/15/2038^(d)(f) 1 mo. USD Term SOFR + 2.964%		99,407
		LSTAR Securities Investment Ltd.
	191,029	Series 2024-1-A 7.436%, 01/01/2029^(d)(f) 30 day USD SOFR Average + 3.100%		194,420
		Mill City Securities Ltd.
	213,839	Series 2024-RS1-A1 3.000%, 11/01/2069^(d)(g)		199,624
	150,000	Series 2024-RS1-A2 4.000%, 11/01/2069^(d)(g)		137,857
	98,191	Series 2024-RS2-A1 3.000%, 08/01/2069^(d)(g)		91,238

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MORTGAGE-BACKED SECURITIES (CONTINUED)
		NYMT Loan Trust
	$358,052	Series 2022-SP1-A1 5.250%, 07/25/2062^(d)(g)	$	356,445
		OBX Trust
	74,242	Series 2022-NQM8-A3 6.100%, 09/25/2062^(d)(g)		74,128
	75,148	Series 2022-NQM9-A3 6.450%, 09/25/2062^(d)(g)		75,237
	100,000	Series 2024-NQM3-M1 6.845%, 12/25/2063^(d)(e)		101,030
	150,000	Series 2024-NQM4-M1 6.622%, 01/25/2064^(d)(e)		150,969
	100,000	Series 2024-NQM5-M1 6.513%, 01/25/2064^(d)		100,512
	150,000	Series 2024-NQM6-M1 6.924%, 02/25/2064^(d)(e)		151,952
	119,223	Series 2024-NQM7-A3 6.598%, 03/25/2064^(d)(g)		120,509
		PFP Ltd.
	99,553	Series 2024-11-B 6.812%, 09/17/2039^(d)(f) 1 mo. USD Term SOFR + 2.490%		99,765
		PRPM LLC
	91,870	Series 2024-4-A1 6.414%, 08/25/2029^(d)(g)		92,098
	500,000	Series 2024-RPL2-A2 3.500%, 05/25/2054^(d)(g)		463,876
		Residential Accredit Loans, Inc. Trust
	371,361	Series 2006-QO6-A1 4.795%, 06/25/2046^(f) 1 mo. USD Term SOFR + 0.474%		82,468
		STWD Ltd.
	100,000	Series 2022-FL3-D 7.099%, 11/15/2038^(d)(f) 30 day USD SOFR Average + 2.750%		95,150
		Towd Point Revolving Trust
	344,366	1.000%, 11/01/2069^(e)		346,604
		TRTX Issuer Ltd.
	150,000	Series 2025-FL6-B 6.376%, 09/18/2042^(d)(f) 1 mo. USD Term SOFR + 2.046%		150,272
		Uniform Mortgage-Backed Security, TBA
	1,290,000	5.000%^(o)		1,294,062
	550,000	2.500%^(o)		456,482
	1,293,000	5.000%^(o)		1,264,619
	610,000	5.500%^(o)		608,194
		Verus Securitization Trust
	150,000	Series 2025-2-A3 5.662%, 03/25/2070^(d)(g)		150,367
		Vista Point Securitization Trust
	100,000	Series 2025-CES1-A1 5.812%, 04/25/2055^(d)(g)		100,258


Principal Amount^			Value
		Wells Fargo Commercial Mortgage Trust
	$868,030	Series 2016-BNK1-XA 1.705%, 08/15/2049^(e)(n)	$	14,752

	TOTAL MORTGAGE-BACKED SECURITIES (Cost $17,337,794)			17,302,449

	MUNICIPAL BONDS: 0.0%
	Indiana: 0.0%
		Knox County Industry Economic Development Revenue
	5,000	Series B 5.900%, 04/01/2034		4,936

	TOTAL MUNICIPAL BONDS (Cost $4,759)			4,936

Shares
	SHORT-TERM INVESTMENTS: 10.0%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 1.6%
	2,603,975	State Street Navigator Securities Lending Government Money Market Portfolio, 4.360%^(p)(q)		2,603,975

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $2,603,975)			2,603,975

	MONEY MARKET FUNDS: 0.9%
	1,442,088	State Street Institutional Treasury Money Market Fund - Premier Class, 4.244%^(q)		1,442,088

	TOTAL MONEY MARKET FUNDS (Cost $1,442,088)			1,442,088

Principal Amount^
	REPURCHASE AGREEMENTS: 7.4%
	$11,775,426	Fixed Income Clearing Corp. 1.360%, 3/31/2025, due 04/01/2025 [collateral: par value $11,853,900, U.S. Treasury Notes, 4.125%, due 06/15/2026, value $12.012,627] (proceeds $11,775,871)		11,775,426

	TOTAL REPURCHASE AGREEMENTS (Cost $11,775,426)			11,775,426

	TREASURY BILLS: 0.1%
		U.S. Treasury Bills
	175,000	3.844%, 04/10/2025^(h)(m)(r)		174,814

	TOTAL TREASURY BILLS (Cost $174,813)			174,814

	TOTAL SHORT-TERM INVESTMENTS (Cost $15,996,302)			15,996,303

	TOTAL PURCHASED OPTIONS (Cost $89,090): 0.1%			86,405

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


TOTAL INVESTMENTS (Cost: $172,006,980): 106.8%		169,768,476

Liabilities in Excess of Other Assets: (6.8)%		(10,787,110)

NET ASSETS: 100.0%	$	158,981,366

Percentages are stated as a percent of net assets.


CLO		Collateralized Loan Obligation
CMT		Constant Maturity Treasury Index
CVR		Contingent Value Rights
EURIBOR		Euro Interbank Offered Rate
LIBOR		London Interbank Offered Rate
LP		Limited Partnership
PIK		Payment-in-kind
SOFR		Secured Overnight Financing Rate
SONIA		Sterling Over Night Index Average
*		Non-Income Producing Security.
^		The principal amount is stated in U.S. Dollars unless otherwise indicated.
(a)		Security is valued using significant unobservable inputs in good faith in accordance with procedures approved by the Board of Trustees.
(b)		Perpetual Call.
(c)		Security, or portion thereof, is out on loan.
(d)		Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may be sold in transactions exempt from registration only to qualified institutional buyers or in a public offering registered under Securities Act of 1933.
(e)		Variable rate security. Interest rate or distribution rate disclosed is that which is in effect at March 31, 2025.


(f)		Floating Interest Rate at March 31, 2025.
(g)		Coupon increases periodically based upon a predetermined schedule. Stated interest rate in effect at March 31, 2025.
(h)		The rate shown represents yield-to-maturity.
(i)		When issued security.
(j)		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.
(k)		Security is currently in default and/or non-income producing.
(l)		Pay-in-kind security.
(m)		Securities with an aggregate fair value of $5,790,964 have been pledged as collateral for options, total return swaps, credit default swaps, interest rate swaps, and futures positions.
(n)		Interest Only security. Security with a notional or nominal principal amount.
(o)		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.
(p)		Represents security purchased with cash collateral received for securities on loan.
(q)		The rate disclosed is the 7 day net yield as of March 31, 2025.
(r)		Issued with a zero coupon. Income is recognized through the accretion of discount.

CURRENCY ABBREVIATIONS:


CAD		Canadian dollar
EUR		Euro
GBP		British pound

UNFUNDED LOAN COMMITMENTS — At March 31, 2025, 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)
Oil Changer Holding Corp., 1.000%, 02/8/2027	$	11,284	$	11,199	$	(85	)
Power Services Holding Co., 0.500%, 11/22/2028		44,170		44,060		(110	)
Finastra USA, Inc., 0.500%, 09/13/2029		7,486		7,455		(31	)
Capstone Acquisition Holdings, Inc., 1.000%, 11/13/2029		12,075		—		(12,075	)
GrafTech Finance, Inc., 3.750%, 12/21/2029		24,381		25,014		633
MB2 Dental Solutions LLC, 1.000%, 02/13/2031		22,594		22,594		—
MB2 Dental Solutions LLC, 0.500%, 02/13/2031		5,000		4,375		(625	)
Chrysaor Bidco SARL, 3.500%, 10/30/2031		6,886		6,908		22
Amspec Parent LLC, 1.000%, 12/22/2031		13,333		13,342		9
Secretariat Advisors LLC, 0.000%, 02/24/2032		10,753		10,726		(27	)

TOTAL			$	145,673	$	(12,289	)

The cost basis of investments for federal income tax purposes at March 31, 2025 was as follows*:


Cost of investments	$	171,598,413

Gross unrealized appreciation		2,183,142
Gross unrealized depreciation		(4,268,229	)

Net unrealized depreciation	$	(2,085,087	)

*	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 March 31, 2025 (Unaudited)


Description	Counterparty	Exercise Price		Expiration Date		Number of Contracts		Notional Amount		Fair Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
CURRENCY OPTIONS
Put
EUR Put USD Call	Bank of America N.A.	$	1.01		11/24/2025		641,000	$	641,000	$	2,665	$	9,457	$	(6,792	)
EUR Put USD Call	Bank of America N.A.		1.01		11/24/2025		641,000		641,000		2,665		9,133		(6,468	)
EUR Put USD Call	Bank of America N.A.		1.01		11/26/2025		192,000		192,000		802		2,465		(1,663	)
EUR Put USD Call	Bank of America N.A.		1.01		11/26/2025		449,000		449,000		1,875		5,626		(3,751	)
EUR Put USD Call	Bank of America N.A.		1.01		11/26/2025		232,000		232,000		969		2,954		(1,985	)
EUR Put USD Call	BNP Paribas S.A.		1.01		11/26/2025		38,000		38,000		159		500		(341	)

Total											9,135		30,135		(21,000	)

INTEREST RATE SWAPTIONS


Description	Counterparty	Pay/ Receive Floating rate		Expiration Date		Number of Contracts		Notional Amount		Fair Value		Premiums Paid		Unrealized Appreciation/ (Depreciation)
Call
GBP - 1 D Sterling Overnight Index Average (SONIA) strike @3.50%, terminating 8/19/26	Morgan Stanley & Co.		Pay		8/19/2026		1,200,000	$	1,200,000		6,502		7,995		(1,493	)
GBP - 1 D Sterling Overnight Index Average (SONIA) strike @3.795%, terminating 10/31/25	Morgan Stanley & Co.		Pay		10/31/2025		1,100,000		1,100,000		4,013		5,738		(1,725	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.80%, terminating 11/19/25	BNP Paribas SA		Receive		11/19/2025		2,000,000		2,000,000		29,720		19,400		10,320
USD - Secured Overnight Financing Rate (SOFR) strike @3.82%, terminating 11/18/25	BNP Paribas SA		Pay		11/18/2025		1,070,000		1,070,000		16,328		10,700		5,628
USD - Secured Overnight Financing Rate (SOFR) strike @3.82%, terminating 11/18/25	Morgan Stanley & Co.		Pay		11/18/2025		1,070,000		1,070,000		16,328		10,700		5,628
Put
GBP - 1 D Sterling Overnight Index Average (SONIA) strike @4.845%, terminating 10/31/25	Morgan Stanley & Co.		Receive		10/31/2025		1,100,000	$	1,100,000		1,743		1,797		(54	)
GBP - 1 D Sterling Overnight Index Average (SONIA) strike @5.50%, terminating 8/19/26	Morgan Stanley & Co.		Receive		8/19/2026		1,200,000		1,200,000		2,636		2,625		11

Total											77,270		58,955		18,315

Total Purchased Options										$	86,405	$	89,090	$	(2,685	)

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS at March 31, 2025 (Unaudited)

At March 31, 2025, the Fund had the following forward foreign currency exchange contracts:


										Asset Derivatives		Liability Derivatives
Counterparty	Settlement Date	Fund Receiving		U.S. $ Value at March 31, 2025		Fund Delivering		U.S. $ Value at March 31, 2025		Unrealized Appreciation		Unrealized Depreciation
Bank of America N.A.	5/27/2025		USD	$	20,073		EUR	$	20,573	$	—	$	(500	)
Barclays Bank Plc	4/15/2025		USD		1,923,726		EUR		1,895,835		27,891		—
	4/15/2025		USD		331,751		GBP		330,012		1,739		—
Morgan Stanley & Co.	4/15/2025		USD		69,523		CAD		69,596		—		(73	)
	4/15/2025		USD		104,138		EUR		102,623		1,515		—
	4/15/2025		USD		108,996		EUR		108,025		971		—

				$	2,558,207			$	2,526,664	$	32,116	$	(573	)

SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at March 31, 2025 (Unaudited)(a)


Description	Number of Contracts		Notional Amount		Notional Value		Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
3 Month SOFR Futures		3	$	720,330	$	724,237		3/16/2027	$	3,907
U.S. Treasury 10-Year Note Futures		5		548,490		556,094		6/18/2025		7,604
U.S. Treasury 2-Year Note Futures		36		7,411,587		7,458,188		6/30/2025		46,601
U.S. Treasury 5-Year Note Futures		27		2,874,798		2,920,219		6/30/2025		45,421

Total Long									$	103,533

Total Futures Contracts									$	103,533

(a)	Bank of America N.A. and Goldman Sachs & Co. are the counterparties for Open Futures Contracts held by the Fund at March 31, 2025.

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN SWAPS AT March 31, 2025 (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)*
$ 820,000	1/31/2030		1 Day SOFR + 0.000	%		4.049	%		Annually	$	(14,310	)	$	304	$	(14,614	)

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


Description	Maturity Date		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2025				Notional Amount		Periodic Payment Frequency		Fair Value		Upfront Premiums Paid / (Received)		Unrealized Appreciation / (Depreciation)
Sell Protection
CDX North America High Yield Index Series 43 V1 5.000%, 12/20/2029		12/20/2029		5.000	%		3.640	%	$		61,000		Quarterly	$	3,263	$	4,003	$	(740	)
CDX North America High Yield Index Series 44 V1 5.000%, 6/20/2030		6/20/2030		5.000	%		3.779	%			300,000		Quarterly		15,295		14,717		578

Total Sell Protection														$	18,558	$	18,720	$	(162	)

Total														$	18,558	$	18,720	$	(162	)

(1)

(2)

(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 43 and CDX North America High Yield Index Series 44.

OVER THE COUNTER CREDIT DEFAULT SWAP CONTRACTS


Description	Maturity Date		Counterparty		Fixed Deal (Pay) Rate			Implied Credit Spread at March 31, 2025			Notional Amount		Periodic Payment Frequency		Fair Value			Upfront Premiums Paid / (Received)			Unrealized Appreciation / (Depreciation)
Buy Protection
CDX North America High Yield Index Series 43 V1 5.000%, 12/20/2029		12/20/2029		Morgan Stanley & Co.		(5.000	%)		2.104%	$		(230,000)		Quarterly	$	(28,564	)	$	(34,690	)	$	6,126
CDX North America High Yield Index Series 43 V2 5.000%, 12/20/2029		12/20/2029		Morgan Stanley & Co.		(5.000	%)		4.814%			(230,000)		Quarterly		(1,405	)		(14,589	)		13,184

Total Buy Protection															$	(29,969	)	$	(49,279	)	$	19,310

Total															$	(29,969	)	$	(49,279	)	$	19,310

iMGP High Income Fund

SCHEDULE OF INVESTMENTS IN WRITTEN OPTIONS AT March 31, 2025 (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	$	5,560.00		4/4/2025		(12	)	$	(6,734,220	)	$	(54,696	)	$	(86,057	)	$	31,361
S&P 500 Index	UBS Securities LLC		5,615.00		4/4/2025		(1	)		(561,185	)		(6,215	)		(7,159	)		944
S&P 500 Index	UBS Securities LLC		5,450.00		4/11/2025		(5	)		(2,805,925	)		(17,675	)		(47,005	)		29,330
S&P 500 Index	UBS Securities LLC		5,475.00		4/11/2025		(1	)		(561,185	)		(4,204	)		(9,489	)		5,285
S&P 500 Index	UBS Securities LLC		5,610.00		4/11/2025		(7	)		(3,928,295	)		(57,610	)		(56,393	)		(1,217	)
S&P 500 Index	UBS Securities LLC		5,460.00		4/17/2025		(1	)		(561,185	)		(4,578	)		(6,699	)		2,121
S&P 500 Index	UBS Securities LLC		5,465.00		4/17/2025		(3	)		(1,683,555	)		(14,778	)		(25,697	)		10,919
S&P 500 Index	UBS Securities LLC		5,475.00		4/17/2025		(1	)		(561,185	)		(5,270	)		(10,019	)		4,749
S&P 500 Index	UBS Securities LLC		5,490.00		4/17/2025		(8	)		(4,489,480	)		(41,120	)		(41,492	)		372
S&P 500 Index	UBS Securities LLC		5,545.00		4/17/2025		(1	)		(561,185	)		(6,684	)		(6,339	)		(345	)
S&P 500 Index	UBS Securities LLC		5,425.00		4/25/2025		(7	)		(3,928,295	)		(44,891	)		(41,563	)		(3,328	)
S&P 500 Index	UBS Securities LLC		5,540.00		4/25/2025		(1	)		(561,185	)		(9,420	)		(4,909	)		(4,511	)
S&P 500 Index	UBS Securities LLC		5,550.00		4/25/2025		(1	)		(561,185	)		(8,288	)		(5,339	)		(2,949	)
S&P 500 Index	UBS Securities LLC		5,590.00		4/25/2025		(3	)		(1,683,555	)		(31,155	)		(15,177	)		(15,978	)
S&P 500 Index	UBS Securities LLC		5,610.00		4/25/2025		(2	)		(1,122,370	)		(26,894	)		(9,198	)		(17,696	)

Total													(333,478	)		(372,535	)		39,057

INTEREST RATE SWAPTIONS


Description	Counterparty	Pay/ Receive Floating rate		Expiration Date		Number of Contracts			Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
Call
GBP - 1 D Sterling Overnight Index Average (SONIA) strike @3.00%, terminating 8/19/26	Morgan Stanley & Co.		Receive		8/19/2026		(1,200,000	)		(1,200,000	)		(3,609	)		(4,525	)		916
GBP - 1 D Sterling Overnight Index Average (SONIA) strike @3.295%, terminating 10/31/25	Morgan Stanley & Co.		Receive		10/31/2025		(1,100,000	)		(1,100,000	)		(1,558	)		(2,351	)		793
USD - Secured Overnight Financing Rate (SOFR) strike @3.30%, terminating 11/19/25	BNP Paribas SABNP Paribas Suisse SA		Receive		11/19/2025		(2,000,000	)		(2,000,000	)		(13,924	)		(8,200	)		(5,724	)
USD - Secured Overnight Financing Rate (SOFR) strike @3.32%, terminating 11/18/25	BNP Paribas SABNP Paribas SA		Receive		11/18/2025		(1,070,000	)		(1,070,000	)		(7,667	)		(4,467	)		(3,200	)

iMGP Dolan McEniry Corporate Bond Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Principal Amount^			Value
	CORPORATE BONDS: 93.4%
	Basic Materials: 3.7%
		Olin Corp.
	$8,188,000	5.625%, 08/01/2029	$	7,984,039
		Steel Dynamics, Inc.
	6,743,000	5.000%, 12/15/2026		6,736,303

				14,720,342

	Communications: 9.2%
		AT&T, Inc.
	8,731,000	2.550%, 12/01/2033		7,148,081
		Expedia Group, Inc.
	7,223,000	4.625%, 08/01/2027		7,218,203
		Motorola Solutions, Inc.
	6,809,000	5.600%, 06/01/2032		7,026,459
		Sirius XM Radio LLC
	7,767,000	5.500%, 07/01/2029^(a)		7,503,478
		Verizon Communications, Inc.
	7,564,000	4.329%, 09/21/2028		7,521,264

				36,417,485

	Consumer, Cyclical: 19.3%
		Bath & Body Works, Inc.
	7,364,000	6.625%, 10/01/2030^(a)		7,474,431
		Bloomin’ Brands, Inc./OSI Restaurant Partners LLC
	9,103,000	5.125%, 04/15/2029^(a)(b)		7,865,267
		Dick’s Sporting Goods, Inc.
	8,113,000	3.150%, 01/15/2032^(b)		7,166,245
		Dollar Tree, Inc.
	8,470,000	2.650%, 12/01/2031^(b)		7,291,450
		Genuine Parts Co.
	6,789,000	6.500%, 11/01/2028		7,166,354
		LKQ Corp.
	7,810,000	6.250%, 06/15/2033		8,101,500
		Lowe’s Cos., Inc.
	8,000,000	3.650%, 04/05/2029		7,711,870
		Marriott International, Inc.
	8,110,000	4.625%, 06/15/2030		8,040,346
		Somnigroup International, Inc.
	8,491,000	4.000%, 04/15/2029^(a)		7,895,338
		Yum! Brands, Inc.
	7,936,000	5.375%, 04/01/2032		7,749,606

				76,462,407

	Consumer, Non-cyclical: 20.6%
		Altria Group, Inc.
	6,533,000	6.875%, 11/01/2033		7,191,996
		BAT Capital Corp.
	7,422,000	6.421%, 08/02/2033		7,909,909
		Block Financial LLC
	7,843,000	2.500%, 07/15/2028		7,264,425
		Conagra Brands, Inc.
	7,192,000	4.850%, 11/01/2028		7,206,248
		DaVita, Inc.
	8,153,000	4.625%, 06/01/2030^(a)		7,499,261
		HCA, Inc.
	7,091,000	5.375%, 09/01/2026		7,130,050
		IQVIA, Inc.
	7,831,000	6.250%, 02/01/2029		8,157,819
		Molson Coors Beverage Co.
	7,435,000	3.000%, 07/15/2026		7,293,284


Principal Amount^			Value
	Consumer, Non-cyclical (continued)
		Philip Morris International, Inc.
	$7,024,000	5.375%, 02/15/2033	$	7,149,769
		Quanta Services, Inc.
	7,968,000	2.900%, 10/01/2030		7,167,552
		Tenet Healthcare Corp.
	7,638,000	6.125%, 10/01/2028		7,598,189

				81,568,502

	Financial: 5.7%
		American Tower Corp.
	7,356,000	3.375%, 10/15/2026		7,223,795
		Crown Castle, Inc.
	6,986,000	5.800%, 03/01/2034		7,108,640
	1,216,000	5.200%, 09/01/2034		1,187,588
		Willis North America, Inc.
	7,153,000	5.350%, 05/15/2033		7,198,616

				22,718,639

	Industrial: 20.5%
		Allegion U.S. Holding Co., Inc.
	8,038,000	5.411%, 07/01/2032		8,143,146
		Berry Global, Inc.
	7,115,000	4.875%, 07/15/2026^(a)		7,114,675
		Carlisle Cos., Inc.
	7,392,000	3.750%, 12/01/2027		7,227,994
		Eagle Materials, Inc.
	8,271,000	2.500%, 07/01/2031		7,216,309
		Flex Ltd.
	7,333,000	4.875%, 05/12/2030		7,268,085
		Fortune Brands Innovations, Inc.
	5,173,000	5.875%, 06/01/2033		5,365,390
		Sealed Air Corp.
	8,623,000	6.500%, 07/15/2032^(a)(b)		8,720,198
		Teledyne Technologies, Inc.
	8,143,000	2.750%, 04/01/2031		7,251,093
		TransDigm, Inc.
	7,482,000	6.875%, 12/15/2030^(a)		7,657,633
		Trimble, Inc.
	7,881,000	6.100%, 03/15/2033		8,241,484
		Westinghouse Air Brake Technologies Corp.
	7,282,000	4.700%, 09/15/2028		7,289,943

				81,495,950

	Technology: 14.4%
		Broadcom, Inc.
	2,808,000	3.459%, 09/15/2026		2,768,604
	3,617,000	4.150%, 11/15/2030		3,497,164
	1,617,000	4.300%, 11/15/2032		1,540,796
		CA, Inc.
	231,000	4.700%, 03/15/2027		229,359
		CDW LLC/CDW Finance Corp.
	8,024,000	3.569%, 12/01/2031		7,257,231
		Fiserv, Inc.
	4,328,000	3.500%, 07/01/2029		4,113,917
		HP, Inc.
	7,613,000	5.500%, 01/15/2033		7,710,392
		Microchip Technology, Inc.
	7,211,000	4.250%, 09/01/2025		7,202,473
		NetApp, Inc.
	8,322,000	5.700%, 03/17/2035		8,295,209
		Oracle Corp.
	7,893,000	2.950%, 04/01/2030		7,244,313

iMGP Dolan McEniry Corporate Bond Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	CORPORATE BONDS (CONTINUED)
	Technology (continued)
		Qorvo, Inc.
	$7,618,000	4.375%, 10/15/2029	$	7,272,176

				57,131,634

	TOTAL CORPORATE BONDS (Cost $370,781,462)			370,514,959

	GOVERNMENT SECURITIES & AGENCY ISSUE: 1.9%
		U.S. Treasury Notes
	7,514,000	4.125%, 01/31/2027		7,537,628

	TOTAL GOVERNMENT SECURITIES & AGENCY ISSUE (Cost $7,508,135)			7,537,628


Shares
	SHORT-TERM INVESTMENTS: 2.9%
	INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED: 2.9%
	11,612,405	State Street Navigator Securities Lending Government Money Market Portfolio, 4.360%^(c)(d)		11,612,405

	TOTAL INVESTMENT OF CASH COLLATERAL FOR SECURITIES LOANED (Cost $11,612,405)			11,612,405

	TOTAL SHORT-TERM INVESTMENTS (Cost $11,612,405)			11,612,405

	TOTAL INVESTMENTS (Cost: $389,902,002): 98.2%			389,664,992

	Other Assets in Excess of Liabilities: 1.8%			6,980,489

	NET ASSETS: 100.0%		$	396,645,481

Percentages are stated as a percent of net assets.

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

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

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

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

(d)	The rate disclosed is the 7 day net yield as of March 31, 2025.

The cost basis of investments for federal income tax purposes at March 31, 2025 was as follows*:


Cost of investments	$	389,902,002

Gross unrealized appreciation		1,843,418
Gross unrealized depreciation		(2,080,428	)

Net unrealized depreciation	$	(237,010	)

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

iMGP APA Enhanced Income Municipal Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Principal Amount^			Value
	MUNICIPAL BONDS: 101.7%
	Alabama: 3.1%
		Auburn University
	$50,000	Series A 4.000%, 06/01/2035	$	49,737
		Black Belt Energy Gas District
	200,000	4.000%, 06/01/2025		200,164
		Health Care Authority of the City of Huntsville
	10,000	Series B1 5.000%, 06/01/2035		10,535
		Lower Alabama Gas District
	250,000	Series A 5.000%, 09/01/2029		261,876

				522,312

	California: 4.9%
		Los Angeles Department of Water & Power
	50,000	Series D 5.000%, 07/01/2039		51,367
	150,000	Series D 5.000%, 07/01/2043		157,402
		Los Angeles Department of Water & Power Water System Revenue
	470,000	Series A 5.000%, 07/01/2026		480,985
	115,000	Series B 5.000%, 07/01/2035		115,712
	15,000	Series D 5.000%, 07/01/2043		15,682

				821,148

	Colorado: 1.2%
		Colorado Health Facilities Authority
	200,000	Series A-2 5.000%, 08/01/2044		201,958

	Connecticut: 0.7%
		Connecticut State Health & Educational Facilities Authority
	75,000	Series K 5.000%, 07/01/2030		80,846
		South Central Connecticut Regional Water Authority
	45,000	Series B-1 3.000%, 08/01/2034		41,759

				122,605

	Florida: 20.3%
		Alachua County Health Facilities Authority
	50,000	Series A 5.000%, 12/01/2044		49,908
		County of Broward Airport System Revenue
	500,000	Series A 5.000%, 10/01/2049		501,440
		County of Lee Airport Revenue
	500,000	Series A 5.000%, 10/01/2028		522,631
		Florida Municipal Loan Council
	200,000	(AGC), Series D 5.000%, 10/01/2049		211,178


Principal Amount^			Value
	Florida (continued)
		Miami-Dade County Educational Facilities Authority
	$200,000	Series B 5.250%, 04/01/2043	$	214,758
		North Broward Hospital District
	125,000	Series B 5.000%, 01/01/2048		125,792
		Orange County Health Facilities Authority
	215,000	Series A 5.000%, 10/01/2039		217,698
		Palm Beach County Health Facilities Authority
	200,000	5.000%, 11/15/2032		203,521
	500,000	Series 2025B 5.000%, 11/15/2042		516,984
		St. Johns County School Board
	100,000	(AGM), Series A 5.500%, 07/01/2049		108,011
		UCF Stadium Corp.
	200,000	Series A 5.000%, 03/01/2041		210,436
		Volusia County Educational Facility Authority
	395,000	5.250%, 06/01/2054		400,838
	100,000	Series A 5.000%, 10/15/2049		101,928

				3,385,123

	Georgia: 4.0%
		Dalton Whitfield County Joint Development Authority
	100,000	4.000%, 08/15/2048		90,318
		Main Street Natural Gas, Inc.
	200,000	Series E 5.000%, 12/01/2032		211,136
		Municipal Electric Authority of Georgia
	350,000	Series A 5.000%, 01/01/2037		364,793

				666,247

	Illinois: 3.1%
		Chicago Transit Authority Sales Tax Receipts Fund
	200,000	Series A 5.000%, 12/01/2045		202,223
		Illinois Finance Authority
	110,000	Series B 5.000%, 08/15/2036		112,125
		State of Illinois
	200,000	4.000%, 06/01/2033		196,375

				510,723

	Indiana: 4.0%
		Concord Community Schools Building Corp.
	250,000	(ST INTERCEPT) 5.000%, 01/15/2044		265,167
		Town of Upland
	200,000	4.000%, 09/01/2037		195,584

iMGP APA Enhanced Income Municipal Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MUNICIPAL BONDS (CONTINUED)
	Indiana (continued)
		Westfield-Washington Multi-School Building Corp.
	$200,000	(BAM), Series A 5.250%, 07/15/2043	$	212,478

				673,229

	Kansas: 1.3%
		Sedgwick County Unified School District No. 262 Valley Center
	200,000	(AGM) 5.000%, 09/01/2042		208,914

	Louisiana: 4.2%
		Louisiana Public Facilities Authority
	200,000	Series A 5.000%, 04/01/2045		206,062
	500,000	Series A 5.000%, 07/01/2047		500,075

				706,137

	Massachusetts: 5.9%
		Massachusetts Development Finance Agency
	250,000	5.000%, 01/01/2027		257,088
	250,000	5.250%, 01/01/2038		270,369
	55,000	Series A 5.000%, 01/01/2040		55,504
	50,000	Series F 4.000%, 07/01/2043		44,262
	195,000	Series I 5.000%, 07/01/2025		195,819
		Massachusetts Housing Finance Agency
	175,000	(GNMA/FNMA/FHLMC), Series 224 4.350%, 12/01/2042		165,138

				988,180

	Michigan: 4.2%
		Michigan Finance Authority
	200,000	5.000%, 11/15/2041		202,125
	500,000	Series 2016-MI 5.000%, 12/01/2045		500,358

				702,483

	New Hampshire: 1.1%
		New Hampshire Health & Education Facilities Authority Act
	190,000	5.000%, 10/01/2040		191,506

	New Jersey: 2.2%
		Tobacco Settlement Financing Corp.
	160,000	Series A 5.000%, 06/01/2035		163,893
	200,000	Series A 5.000%, 06/01/2046		199,986

				363,879


Principal Amount^			Value
	New York: 7.9%
		Metropolitan Transportation Authority
	$250,000	Series 2025A 5.000%, 11/15/2044	$	258,549
	300,000	Series 2025A 5.250%, 11/15/2045		315,391
		New York City Transitional Finance Authority
	500,000	Series H 5.250%, 11/01/2045^(a)		538,118
		Westchester County Local Development Corp.
	200,000	5.000%, 07/01/2042		201,476

				1,313,534

	Ohio: 4.6%
		Buckeye Tobacco Settlement Financing Authority
	135,000	Series A-2-CLASS 1 5.000%, 06/01/2035		140,470
		Columbus Metropolitan Housing Authority
	300,000	4.000%, 12/01/2034		293,596
		Columbus Regional Airport Authority
	180,000	Series B 5.000%, 01/01/2043		191,076
		Ohio Housing Finance Agency
	140,000	(GNMA/FNMA/FHLMC), Series C 4.100%, 09/01/2039		137,447

				762,589

	Pennsylvania: 4.1%
		Allegheny County Higher Education Building Authority
	200,000	5.000%, 03/01/2042		209,958
		Allentown City School District
	250,000	(AGC ST AID WITHHLDG) 5.000%, 06/01/2038		267,803
		City of Lancaster
	100,000	(BAM) 4.000%, 11/01/2038		98,825
		Montgomery County Higher Education & Health Authority
	100,000	Series A 5.000%, 09/01/2043		101,651

				678,237

	South Carolina: 2.4%
		South Carolina Jobs-Economic Development Authority
	200,000	Series A 5.000%, 05/01/2043		203,079
		South Carolina Public Service Authority
	195,000	Series A 5.000%, 12/01/2037		196,828

				399,907

iMGP APA Enhanced Income Municipal Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)(Continued)


Principal Amount^			Value
	MUNICIPAL BONDS (CONTINUED)
	Texas: 17.6%
		Arlington Higher Education Finance Corp.
	$200,000	Series A, (PSF-GTD) 4.250%, 12/01/2048	$	194,322
		Brownsboro Independent School District
	200,000	(AGM) 5.000%, 08/15/2041		207,323
		City of Bryan Waterworks & Sewer Revenue
	250,000	4.000%, 07/01/2041		242,504
		City of Odessa
	500,000	4.000%, 03/01/2033		484,081
		Harmony Independent School District
	330,000	(PSF-GTD) 7.125%, 02/15/2038		420,137
		Harris County Hospital District
	325,000	4.000%, 02/15/2042		293,683
		Huffman Independent School District
	30,000	(PSF-GTD) 5.250%, 02/15/2049		32,024
		Midland County Hospital District
	415,000	(BAM), Series A 4.125%, 05/15/2049		388,838
		Northwest Williamson County Municipal Utility District No. 2
	340,000	(AGC) 4.000%, 08/15/2044		311,199
		Texas Department of Housing & Community Affairs
	135,000	(GNMA), Series B 4.400%, 07/01/2038		134,785
		Town of Horizon City
	250,000	(AGM) 4.000%, 08/15/2043		229,854

				2,938,750

	Vermont: 2.1%
		Vermont Educational & Health Buildings Financing Agency
	350,000	Seies B 5.000%, 12/01/2039		352,122

	Virginia: 1.0%
		Virginia College Building Authority
	165,000	5.000%, 06/01/2031		172,277

	Washington: 1.2%
		Pend Oreille County Public Utility District No. 1 Box Canyon
	100,000	5.000%, 01/01/2039		101,797
		Washington Health Care Facilities Authority
	100,000	Seies B 5.000%, 10/01/2038		100,113

				201,910

	Wisconsin: 0.6%
		Sun Prairie Area School District
	95,000	4.000%, 03/01/2035		95,016


Principal Amount^	Value
TOTAL MUNICIPAL BONDS (Cost $17,154,102)		16,978,786

TOTAL INVESTMENTS (Cost: $17,154,102): 101.7%		16,978,786

Liabilities in Excess of Other Assets: (1.7)%		(282,822	)

NET ASSETS: 100.0%	$	16,695,964

Percentages are stated as a percent of net assets.

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

(a)	When issued security.

The cost basis of investments for federal income tax purposes at March 31, 2025 was as follows*:


Cost of investments	$	17,154,102

Gross unrealized appreciation		11,336
Gross unrealized depreciation		(186,652	)

Net unrealized depreciation	$	(175,316	)

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

iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Principal Amount^			Value
	SHORT-TERM INVESTMENTS: 77.7%
	REPURCHASE AGREEMENTS: 2.0%
	$24,241,712	Fixed Income Clearing Corp. 1.360%, 3/31/2025, due 04/01/2025 [collateral: par value $24,403,000, U.S. Treasury Note, 4.125%, due 06/15/2026, value $24,729,494] (proceeds $24,242,628)	$	24,241,712

	TOTAL REPURCHASE AGREEMENTS (Cost $24,241,712)			24,241,712

	TREASURY BILLS: 75.7%
		U.S. Treasury Bills
	918,000,000	3.911%, 04/15/2025^(a)(b)(c)		916,500,599

	TOTAL TREASURY BILLS (Cost $916,504,173)			916,500,599

	TOTAL SHORT-TERM INVESTMENTS (Cost $940,745,885)			940,742,311

	TOTAL INVESTMENTS (Cost: $940,745,885): 77.7%			940,742,311

	Other Assets in Excess of Liabilities: 22.3%			270,132,510

	NET ASSETS: 100.0%		$	1,210,874,821

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

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

The cost basis of investments for federal income tax purposes at March 31, 2025 was as follows*:


Cost of investments	$	940,745,885

Gross unrealized appreciation		12,510,801
Gross unrealized depreciation		(12,389,259	)

Net unrealized appreciation	$	121,542

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

iMGP DBi Managed Futures Strategy ETF

CONSOLIDATED SCHEDULE OF INVESTMENTS IN FUTURES CONTRACTS at March 31, 2025 (Unaudited) (a)


Description	Number of Contracts	Notional Amount			Notional Value			Expiration Date		Unrealized Appreciation/ (Depreciation)
Futures Contracts - Long
Gold 100 Oz Futures^(b)	779	$	238,078,884		$	245,408,370			6/26/2025	$	7,329,486
MSCI EAFE Index Futures	2,272		281,646,304			274,491,680			6/20/2025		(7,154,624	)
MSCI Emerging Market Index	699		39,764,624			38,822,460			6/20/2025		(942,164	)

Total Long										$	(767,302	)

Futures Contracts - Short
Euro FX Currency Futures	(2,672)	$	(365,517,197	)	$	(362,790,800	)		6/16/2025	$	2,726,397
Japanese Yen Currency Futures	(1,461)		(123,373,008	)		(122,705,737	)		6/16/2025		667,271
S&P 500 E-Mini Index Futures	(428)		(122,767,197	)		(120,979,550	)		6/20/2025		1,787,647
U.S. Treasury 10-Year Note Futures	(2,668)		(294,859,937	)		(296,731,625	)		6/18/2025		(1,871,688	)
U.S. Treasury 2-Year Note Futures	(977)		(201,834,717	)		(202,406,923	)		6/30/2025		(572,206	)
U.S. Treasury Long Bond Futures	(269)		(31,537,958	)		(31,548,656	)		6/18/2025		(10,698	)
WTI Crude Futures^(b)	(761)		(52,158,645	)		(53,992,950	)		5/20/2025		(1,834,305	)

Total Short										$	892,418

Total Futures Contracts										$	125,116

(a)	Goldman Sachs & Co. and Societe Generale are the counterparties for all Open Futures Contracts held by the Fund and the iMGP DBi Cayman Managed Futures Subsidiary at March 31, 2025.

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

iMGP Berkshire Dividend Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Shares			Value
	COMMON STOCKS: 99.7%
	Consumer Discretionary: 5.3%
	930	Lowe’s Cos., Inc.	$	216,904
	837	McDonald’s Corp.		261,454

				478,358

	Consumer Staples: 12.8%
	1,705	General Mills, Inc.		101,942
	834	Hershey Co.		142,639
	2,945	Mondelez International, Inc. - Class A		199,818
	1,978	Nestle SA - ADR		200,114
	992	PepsiCo, Inc.		148,741
	1,023	Procter & Gamble Co.		174,340
	2,208	Walmart, Inc.		193,840

				1,161,434

	Energy: 8.8%
	2,542	Chevron Corp.		425,251
	1,054	EOG Resources, Inc.		135,165
	8,432	Kinder Morgan, Inc.		240,565

				800,981

	Financials: 16.5%
	6,963	Bank of America Corp.		290,566
	2,420	Charles Schwab Corp.		189,438
	775	Chubb Ltd.		234,042
	1,477	JPMorgan Chase & Co.		362,308
	1,255	M&T Bank Corp.		224,331
	1,116	PNC Financial Services Group, Inc.		196,159

				1,496,844

	Health Care: 12.7%
	1,488	Abbott Laboratories		197,383
	1,922	AbbVie, Inc.		402,698
	3,286	Bristol-Myers Squibb Co.		200,413
	1,085	Johnson & Johnson		179,936
	1,922	Merck & Co., Inc.		172,519

				1,152,949

	Industrials: 18.4%
	2,681	A.O. Smith Corp.		175,230
	403	Deere & Co.		189,148
	2,015	Emerson Electric Co.		220,925
	1,206	Honeywell International, Inc.		255,370
	589	Lockheed Martin Corp.		263,112
	1,116	Norfolk Southern Corp.		264,325
	1,333	Waste Management, Inc.		308,603

				1,676,713

	Information Technology: 17.5%
	1,643	Apple, Inc.		364,960
	4,712	Cisco Systems, Inc.		290,777
	1,777	Dell Technologies, Inc. - Class C		161,974
	875	Microsoft Corp.		328,466
	1,798	QUALCOMM, Inc.		276,191
	1,209	TE Connectivity PLC		170,856

				1,593,224


Shares			Value
	Materials: 3.1%
	2,325	Nucor Corp.	$	279,790

	Real Estate: 1.4%
	1,984	WP Carey, Inc. - REIT		125,210

	Utilities: 3.2%
	8,153	PPL Corp.		294,405

	TOTAL COMMON STOCKS (Cost $8,566,990)			9,059,908

	TOTAL INVESTMENTS (Cost: $8,566,990): 99.7%			9,059,908

	Other Assets in Excess of Liabilities: 0.3%			24,473

	NET ASSETS: 100.0%		$	9,084,381

Percentages are stated as a percent of net assets.


ADR		American Depositary Receipt
REIT		Real Estate Investment Trust

The cost basis of investments for federal income tax purposes at March 31, 2025 was as follows*:


Cost of investments	$	8,566,990

Gross unrealized appreciation		813,427
Gross unrealized depreciation		(320,509	)

Net unrealized appreciation	$	492,918

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

Polen Capital China Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Shares			Value
	COMMON STOCKS: 94.7%
	Communication Services: 22.0%
	11,000	Kingsoft Corp. Ltd.	$	53,234
	2,900	NetEase, Inc.		58,896
	2,700	Tencent Holdings Ltd.		172,484
	3,199	Tencent Music Entertainment Group - ADR		46,097

				330,711

	Consumer Discretionary: 25.6% ^(a)
	4,200	ANTA Sports Products Ltd.		46,104
	2,000	BYD Co. Ltd. - Class H		100,979
	19,000	Haier Smart Home Co. Ltd. - Class H		61,055
	3,700	Meituan - Class B^*(b)		74,097
	1,350	Trip.com Group Ltd.		85,756
	2,100	Zhejiang Supor Co. Ltd. - Class A		16,906

				384,897

	Consumer Staples: 2.3%
	9,800	By-health Co. Ltd. - Class A		15,717
	4,800	Inner Mongolia Yili Industrial Group Co. Ltd. - Class A		18,586

				34,303

	Financials: 18.0%
	11,400	AIA Group Ltd.		85,868
	3,100	Hong Kong Exchanges & Clearing Ltd.		137,391
	8,000	Ping An Insurance Group Co. of China Ltd. - Class H		47,610

				270,869

	Health Care: 4.7%
	58,000	AK Medical Holdings Ltd.^(b)		44,358
	8,600	Hygeia Healthcare Holdings Co. Ltd.^*(b)		14,857
	5,200	Sinopharm Group Co. Ltd. - Class H		12,058

				71,273

	Industrials: 4.4%
	8,300	Hefei Meiya Optoelectronic Technology, Inc. - Class A		19,927
	3,300	Shenzhen Inovance Technology Co. Ltd. - Class A		31,022
	6,000	SITC International Holdings Co. Ltd.		16,311

				67,260

	Information Technology: 4.7%
	6,000	Sino Wealth Electronic Ltd. - Class A		19,717
	8,000	Xiaomi Corp. - Class B^*(b)		50,592

				70,309

	Materials: 2.7%
	16,000	Shandong Sinocera Functional Material Co. Ltd. - Class A		41,083


Shares			Value
	Real Estate: 9.5%
	10,600	China Resources Mixc Lifestyle Services Ltd.^(b)	$	46,801
	8,000	KE Holdings, Inc. - Class A		54,500
	8,900	Link REIT - REIT		41,641

				142,942

	Utilities: 0.8%
	4,000	China Resources Gas Group Ltd.		11,928

	TOTAL COMMON STOCKS (Cost $1,171,187)			1,425,575

	TOTAL INVESTMENTS^(c) (Cost: $1,171,187): 94.7%			1,425,575

	Other Assets in Excess of Liabilities: 5.3%			79,616

	NET ASSETS: 100.0%		$	1,505,191

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.
(c)		For additional information on China risk, see Notes to the Schedule of Investments.

The cost basis of investments for federal income tax purposes at March 31, 2025 was as follows*:


Cost of investments	$	1,171,187

Gross unrealized appreciation		292,709
Gross unrealized depreciation		(38,321	)

Net unrealized appreciation	$	254,388

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

Polen Capital Emerging Markets ex-China Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Shares			Value
	COMMON STOCKS: 96.7%
	Brazil: 13.5%
	50	MercadoLibre, Inc.^*	$	97,543
	6,045	NU Holdings Ltd. - Class A^*		61,901
	16,900	TOTVS SA		98,243
	8,060	WEG SA		63,577

				321,264

	Cambodia: 3.6%
	192,600	NagaCorp Ltd.^*		84,419

	India: 13.3%
	622	Bajaj Auto Ltd.		57,198
	8,197	HDFC Bank Ltd.		175,070
	4,523	Infosys Ltd.		83,028

				315,296

	Indonesia: 5.3%
	113,600	Bank Central Asia Tbk. PT		58,309
	213,800	Bank Mandiri Persero Tbk. PT^*		67,135

				125,444

	Italy: 3.6%
	4,467	Wizz Air Holdings PLC^*(a)		85,343

	Japan: 2.6%
	4,630	Nexon Co. Ltd.		63,002

	Mexico: 4.4%
	5,527	Fomento Economico Mexicano SAB de CV - UNIT		53,805
	17,897	Wal-Mart de Mexico SAB de CV		49,485

				103,290

	Poland: 8.2%
	931	Dino Polska SA^*(a)		108,293
	5,960	InPost SA^*		86,857

				195,150

	Singapore: 3.3%
	138,600	Genting Singapore Ltd.		77,301

	South Africa: 10.6%
	5,912	Discovery Ltd.		64,144
	3,044	Karooooo Ltd.		129,492
	4,822	Mr. Price Group Ltd.		58,110

				251,746

	Taiwan: 11.9%
	13,000	E Ink Holdings, Inc.		103,757
	6,500	Taiwan Semiconductor Manufacturing Co. Ltd.		178,149

				281,906

	United Arab Emirates: 3.1%
	54,300	Salik Co. PJSC		74,360

	United States: 1.4%
	280	Globant SA^*		32,962

	Uruguay: 3.1%
	8,738	Dlocal Ltd.^*		72,875


Shares			Value
	Vietnam: 8.8%
	18,400	FPT Corp.	$	87,142
	27,900	Mobile World Investment Corp.		64,429
	17,300	Phu Nhuan Jewelry JSC		56,405

				207,976

	TOTAL COMMON STOCKS (Cost $2,525,864)			2,292,334

	TOTAL INVESTMENTS (Cost: $2,525,864): 96.7%			2,292,334

	Other Assets in Excess of Liabilities: 3.3%			77,158

	NET ASSETS: 100.0%		$	2,369,492

Percentages are stated as a percent of net assets.


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

The cost basis of investments for federal income tax purposes at March 31, 2025 was as follows*:


Cost of investments	$	2,525,864

Gross unrealized appreciation		66,124
Gross unrealized depreciation		(299,654	)

Net unrealized depreciation	$	(233,530	)

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

Polen Capital Global Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Shares			Value
	COMMON STOCKS: 98.8%
	Brazil: 2.1%
	1,703	MercadoLibre, Inc.^*	$	3,322,332

	Canada: 3.4%
	56,945	Shopify, Inc. - Class A^*		5,431,699

	Denmark: 2.8%
	65,644	Novo Nordisk AS - Class B		4,462,225

	France: 1.0%
	4,433	L’Oreal SA		1,640,682

	Germany: 6.5%
	24,026	SAP SE		6,338,773
	76,224	Siemens Healthineers AG^(a)		4,082,099

				10,420,872

	Ireland: 1.9%
	9,835	Accenture PLC - Class A		3,068,913

	Netherlands: 1.8%
	1,891	Adyen NV^*(a)		2,870,116

	United Kingdom: 1.6%
	159,634	Sage Group PLC		2,483,911

	United States: 77.7%
	52,778	Abbott Laboratories		7,001,002
	13,432	Adobe, Inc.^*		5,151,575
	24,209	Airbnb, Inc. - Class A^*		2,892,007
	44,075	Alphabet, Inc. - Class C		6,885,837
	62,596	Amazon.com, Inc.^*		11,909,515
	22,697	Aon PLC - Class A		9,058,146
	8,701	Automatic Data Processing, Inc.		2,658,417
	57,830	CoStar Group, Inc.^*		4,581,871
	29,087	Globant SA^*		3,424,122
	19,104	ICON PLC^*		3,343,009
	15,321	MasterCard, Inc. - Class A		8,397,746
	22,694	Microsoft Corp.		8,519,101
	11,535	MSCI, Inc.		6,523,042
	45,888	Oracle Corp.		6,415,601
	35,944	Paycom Software, Inc.		7,853,045
	2,459	ServiceNow, Inc.^*		1,957,708
	7,566	Thermo Fisher Scientific, Inc.		3,764,842
	24,960	Visa, Inc. - Class A		8,747,482
	10,400	Willis Towers Watson PLC		3,514,680
	27,616	Workday, Inc. - Class A^*		6,449,164
	30,451	Zoetis, Inc.		5,013,757

				124,061,669

	TOTAL COMMON STOCKS (Cost $171,906,405)			157,762,419


Principal Amount			Value
	SHORT-TERM INVESTMENTS: 0.5%
	REPURCHASE AGREEMENTS: 0.5%
	$799,670	Fixed Income Clearing Corp. 1.360%, 3/31/2025, due 04/01/2025 [collateral: par value $805,000, U.S. Treasury Note, 4.125%, due 06/15/2026, value $815,780] (proceeds $799,701)	$	799,670

	TOTAL SHORT-TERM INVESTMENTS (Cost $799,670)			799,670

	TOTAL INVESTMENTS (Cost: $172,706,075): 99.3%			158,562,089

	Other Assets in Excess of Liabilities: 0.7%			1,118,561

	NET ASSETS: 100.0%		$	159,680,650

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 March 31, 2025 was as follows*:


Cost of investments	$	172,706,075

Gross unrealized appreciation		3,625,958
Gross unrealized depreciation		(17,769,944	)

Net unrealized depreciation	$	(14,143,986	)

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

Polen Capital International Growth ETF

SCHEDULE OF INVESTMENTS IN SECURITIES at March 31, 2025 (Unaudited)


Shares			Value
	COMMON STOCKS: 97.0%
	Brazil: 6.9%
	664	MercadoLibre, Inc.^*	$	1,295,378
	52,974	NU Holdings Ltd. - Class A^*		542,454

				1,837,832

	Canada: 3.7%
	10,230	Shopify, Inc. - Class A^*		975,789

	China: 1.1%
	20,820	Tencent Music Entertainment Group - ADR		300,016

	Denmark: 2.8%
	10,771	Novo Nordisk AS - Class B		732,171

	France: 5.6%
	18,220	Dassault Systemes SE		687,217
	7,884	Teleperformance SE		787,077

				1,474,294

	Germany: 16.3%
	4,388	Adidas AG		1,026,474
	7,450	SAP SE		1,965,532
	24,716	Siemens Healthineers AG^(a)		1,323,640

				4,315,646

	India: 4.6%
	18,551	HDFC Bank Ltd. - ADR		1,232,528

	Japan: 1.9%
	3,830	Tokyo Electron Ltd.		513,749

	Netherlands: 4.7%
	180	Adyen NV^*(a)		273,200
	1,503	ASML Holding NV		983,228

				1,256,428

	Spain: 3.1%
	10,755	Amadeus IT Group SA		818,506

	Sweden: 2.5%
	8,781	Evolution AB^(a)		651,489

	Switzerland: 1.9%
	444	Lonza Group AG		272,188
	5,227	On Holding AG - Class A^*		229,570

				501,758

	United Kingdom: 9.4%
	13,752	Bunzl PLC		525,824
	126,868	Sage Group PLC		1,974,071

				2,499,895

	United States: 32.5%
	5,418	Aon PLC - Class A		2,162,270
	14,720	Experian PLC		677,074
	5,273	Globant SA^*		620,738
	5,711	ICON PLC^*		999,368
	13,829	Medtronic PLC		1,242,674
	1,559	Monday.com Ltd.^*		379,086
	3,826	Schneider Electric SE		870,432
	660	Spotify Technology SA^*		363,020


Shares			Value
	United States (continued)
	3,793	Willis Towers Watson PLC	$	1,281,844

				8,596,506

	TOTAL COMMON STOCKS (Cost $28,673,110)			25,706,607


Principal Amount
	SHORT-TERM INVESTMENTS: 2.8%
	REPURCHASE AGREEMENTS: 2.8%
	$735,453	Fixed Income Clearing Corp. 1.360%, 3/31/2025, due 04/01/2025 [collateral: par value $740,400, U.S. Treasury Note, 4.125%, due 06/15/2026, value $750,360] (proceeds $735,481)		735,453

	TOTAL SHORT-TERM INVESTMENTS (Cost $735,453)			735,453

	TOTAL INVESTMENTS (Cost: $29,408,563): 99.8%			26,442,060

	Other Assets in Excess of Liabilities: 0.2%			43,350

	NET ASSETS: 100.0%		$	26,485,410

Percentages are stated as a percent of net assets.

ADR	American Depositary Receipt

*	Non-Income Producing Security.

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

The cost basis of investments for federal income tax purposes at March 31, 2025 was as follows*:


Cost of investments	$	29,408,563

Gross unrealized appreciation		976,635
Gross unrealized depreciation		(3,943,138	)

Net unrealized depreciation	$	(2,966,503	)

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

Litman Gregory Funds Trust

March 31, 2025 (Unaudited)

NOTES TO THE SCHEDULE OF INVESTMENTS

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

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

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

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

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

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

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

Consolidation of Subsidiary. The DBi Managed Futures Strategy ETF may invest up to 20% of its total assets in the iMGP DBi Cayman Managed Futures Subsidiary (the “Subsidiary”). The Subsidiary, which is organized under the laws of the Cayman Islands, is wholly- owned and controlled by the DBi Managed Futures Strategy ETF. The financial statements of the DBi Managed Futures Strategy ETF include the operations of the Subsidiary. All intercompany accounts and transactions have been eliminated in consolidation. The Subsidiary acts as an investment vehicle in order to invest in commodity-linked derivative instruments consistent with the Fund’s investment objectives and policies. The DBi Managed Futures Strategy ETF had 15.1% of its total net assets invested in the Subsidiary as of March 31, 2025.

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

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 3.4% of its total net assets invested in the Alternative Subsidiary as of March 31, 2025.

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 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 Funds are obligated to fund these commitments at the borrower’s discretion. These commitments, if any, are disclosed in the Schedules of Investments in Securities.

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

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

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

At March 31, 2025, securities on loan at value and collateral from securities on loan are listed below:


Fund	Value of securities on loan		Cash collateral		Non-cash collateral		Total collateral
Global Select Fund	$	3,218,474	$	2,788,042	$	508,506	$	3,296,548
International Fund		11,393,951		6,549,902		5,753,789		12,303,691
Alternative Strategies Fund		11,446,554		6,442,601		5,248,498		11,691,099
High Income Fund		2,916,699		2,603,975		421,073		3,025,048
Dollan McEniry Corporate Bond Fund		12,367,797		11,612,405		1,040,663		12,653,068

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

Repurchase Agreements. Each Fund may enter into repurchase agreements through which the Fund acquires a security (the “underlying security”) from a seller, a well-established securities dealer or a bank that is a member of the Federal Reserve System. The bank or securities dealer agrees to repurchase the underlying security at the same price, plus a specified amount of interest, at a later date, generally for a period of less than one week. It is the Trust’s policy that its Custodian takes possession of securities as collateral under repurchase agreements and to determine on a daily basis that the value of such securities, including recorded interest, is sufficient to cover the value of the repurchase agreements. The Trust’s policy states that the value of the collateral is at least 102% of the value of the repurchase agreement. If the counterparty defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the counterparty of the security, realization of the collateral by a Fund may be delayed or limited. At March 31, 2025, the Funds’ ongoing exposure to the economic return on repurchase agreements is shown on the Schedules of Investments in Securities.

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

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

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

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

Commodity Futures Trading Commission (“CFTC”) Regulation. Because of the nature of 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 March 31, 2025, 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 March 31, 2025, 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 March 31, 2025, the High Income Fund invested in total return swaps. Total return swap is the generic name for any non-traditional swap where one party agrees to pay the other the “total return” of a defined underlying asset, usually in return for receiving a stream of Secured Overnight Financing Rate (“SOFR”) and Federal Fund Rate (“FEDL01”) based cash flows. A total return swap may be applied to any underlying asset but is most commonly used with equity indices, single stocks, bonds and defined portfolios of loans and mortgages. Total return swap is a mechanism for the user to accept the economic benefits of asset ownership without utilizing the Statement of Assets and Liabilities. The other leg of the swap, usually SOFR or FEDL01, is a spread to reflect the non-Statement of Assets and Liabilities nature of the product. No notional amounts are exchanged with total return swaps. The total return receiver assumes the entire economic exposure - that is, both market and credit exposure - to the reference asset. The total return payer - often the owner of the reference obligation - gives up economic exposure to the performance of the reference asset and in return takes on counterparty credit exposure to the total return receiver in the event of a default or fall in value of the reference asset.

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

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

If a Fund purchases a call option, it acquires the right to purchase the underlying security at a specified price at any time during the term of the option. The purchase of a call option is a type of insurance policy to hedge against losses that could occur if a Fund has a short position in the underlying security and the security thereafter increases in price. Each Fund will exercise a call option only if the price of the underlying security is above the strike price at the time of exercise. If during the option period the market price for the underlying security remains at or below the strike price of the call option, the option will expire

worthless, representing a loss of the price paid for the option, plus transaction costs. If the call option has been purchased to hedge a short position of a Fund in the underlying security and the price of the underlying security thereafter falls, the profit a Fund realizes on the cover of the short position in the security will be reduced by the premium paid for the call option less any amount for which such option may be sold.

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

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

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

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

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

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

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

Restricted Securities. A restricted security cannot be resold to the general public without prior registration under the Securities Act of 1933. If the security is subsequently registered and resold, the issuers would typically bear the expense of all registrations at no cost to the Fund. Restricted securities are valued according to the guidelines and procedures adopted by the Funds’ Board of Trustees. As of March 31, 2025, there were no restricted securities held in the Funds.

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

Fair Value of Financial Investments

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

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

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

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

Fixed income securities including corporate, convertible and municipal bonds and notes, U.S. government agencies, U.S. Treasury obligations, U.S. Treasury inflation protected securities, sovereign issues, bank loans, convertible preferred securities and non-U.S. bonds are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services or sources. Independent pricing services typically use information provided by market makers

or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. The service providers’ internal models use inputs that are observable such as, among other things, issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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

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

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

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

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

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

The following tables provide the fair value measurements of applicable Fund assets and liabilities by level within the fair value hierarchy for each Fund as of March 31, 2025. 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	$	5,355,318	$	—	$	—	$	5,355,318
Denmark		522,050		—		—		522,050
Germany		3,007,128		—		—		3,007,128
Italy		920,732		—		—		920,732
Japan		2,118,584		—		—		2,118,584
Netherlands		202,493		—		—		202,493
Sweden		3,900,482		—		—		3,900,482
United Kingdom		8,445,611		—		—		8,445,611
United States		65,039,834		—		—		65,039,834
Preferred Stocks
South Korea		1,856,426		—		—		1,856,426

Total Equity		91,368,658		—		—		91,368,658

Short-Term Investments
Investment of Cash Collateral for Securities Loaned		2,788,042		—		—		2,788,042
Repurchase Agreements		—		2,041,801		—		2,041,801

Total Short-Term Investments		2,788,042		2,041,801		—		4,829,843

Total Investments in Securities	$	94,156,700	$	2,041,801	$	—	$	96,198,501

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	$	6,124,367	$	—	$	—	$	6,124,367
Brazil		6,537,211		—		—		6,537,211
Canada		5,526,113		—		—		5,526,113
China		1,327,386		—		—		1,327,386
Cyprus		3,564,524		—		—		3,564,524


Denmark	8,322,014		—		—		8,322,014
Finland	3,257,945		—		—		3,257,945
France	11,426,766		—		—		11,426,766
Germany	23,012,152		—		—		23,012,152
Israel	6,117,758		—		—		6,117,758
Italy	8,040,730		—		—		8,040,730
Japan	14,253,103		—		—		14,253,103
Netherlands	6,552,448		—		—		6,552,448
Spain	2,115,915		—		—		2,115,915
Sweden	1,076,766		—		—		1,076,766
Switzerland	7,058,317		—		—		7,058,317
Taiwan	5,770,706		—		—		5,770,706
United Kingdom	12,173,864		—		—		12,173,864
United States	17,379,027		—		—		17,379,027

Total Equity	149,637,112		—		—		149,637,112

Short-Term Investments
Investment of Cash Collateral for Securities Loaned	6,549,902		—		—		6,549,902
Repurchase Agreements	—		3,344,899		—		3,344,899

Total Short-Term Investments	6,549,902		3,344,899		—		9,894,801

Total Investments in Securities	$156,187,014	$	3,344,899	$	—	$	159,531,913

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	$	41,849,524	$	—	$	—	$	41,849,524

Total Equity		41,849,524		—		—		41,849,524

Total Investments in Securities	$	41,849,524	$	—	$	—	$	41,849,524

^(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	$	6,435,882		$	6,974		$	489,933	**	$	6,932,789
Preferred Stocks		—			—			0	**		0
Limited Partnerships		—			—			48,847	**		48,847

Total Equity		6,435,882			6,974			538,780	**		6,981,636

Rights/Warrants		—			665,809			—			665,809
Fixed Income
Asset-Backed Securities		—			46,872,776			—			46,872,776
Bank Loans		—			1,912,532			—			1,912,532
Convertible Bonds		—			547,962			—			547,962
Corporate Bonds		—			52,306,817			20,030	**		52,326,847
Government Securities & Agency Issue		—			945,765			—			945,765
Mortgage-Backed Securities		—			66,608,509			123,817	⁽¹⁾		66,732,326

Total Fixed Income		—			169,194,361			143,847	**		169,338,208

Short-Term Investments
Investment of Cash Collateral for Securities Loaned		6,442,601			—			—			6,442,601
Repurchase Agreements		—			72,352,336			—			72,352,336
Treasury Bills		—			68,201,458			—			68,201,458

Total Short-Term Investments		6,442,601			140,553,794			—			146,996,395

Purchased Options		530			—			—			530

Total Investments in Securities in Assets	$	12,879,013		$	310,420,938		$	682,627	**	$	323,982,578

Unfunded Loan Commitments***		—			(457,814	)		—			(457,814	)
Short Sales
Exchange-Traded Funds		(2,660	)		—			—			(2,660	)

Total Short Sales		(2,660	)		—			—			(2,660	)

Total Investments in Securities in Liabilities	$	(2,660	)	$	—		$	—		$	(2,660	)


Other Financial Instruments^*
Forward Foreign Currency Exchange Contracts	$	(13,010	)	$	—	$	—	$	(13,010	)
Futures		(887,053	)		—		—		(887,053	)
Swaps - Credit Default		—			489,170		—		489,170

^(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 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	$	—		$	30,829		$	1,981	**	$	32,810
Preferred Stocks		2,791,956			—			—			2,791,956

Total Equity		2,791,956			30,829			1,981	**		2,824,766

Fixed Income
Asset-Backed Securities		—			25,055,379			—			25,055,379
Bank Loans		—			36,850,148			—			36,850,148
Convertible Bonds		—			1,170,739			—			1,170,739
Corporate Bonds		—			62,035,039			113,048	**		62,148,087
Government Securities & Agency Issue		—			8,329,264			—			8,329,264
Mortgage-Backed Securities		—			17,302,449			—			17,302,449
Municipal Bonds		—			4,936			—			4,936

Total Fixed Income		—			150,747,954			113,048	**		150,861,002

Short-Term Investments
Investment of Cash Collateral for Securities Loaned		2,603,975			—			—			2,603,975
Money Market Funds		1,442,088			—			—			1,442,088
Repurchase Agreements		—			11,775,426			—			11,775,426
Treasury Bills		—			174,814			—			174,814

Total Short-Term Investments		4,046,063			11,950,240			—			15,996,303

Purchased Options		86,405			—			—			86,405

Total Investments in Securities	$	6,924,424		$	162,729,023		$	115,029	**	$	169,768,476

Unfunded Loan Commitments***		—			(12,289	)		—			(12,289	)
Other Financial Instruments^*
Forward Foreign Currency Exchange Contracts	$	31,543		$	—		$	—		$	31,543
Futures		103,533			—			—			103,533
Swaps - Interest Rate		—			(14,614	)		—			(14,614	)
Swaps - Credit Default		—			19,148			—			19,148
Swaps - Total Return		—			0			—			—
Written Options		(382,471	)		—			—			(382,471	)

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

^**	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	$	—	$	370,514,959	$	—	$	370,514,959
Government Securities & Agency Issue		—		7,537,628		—		7,537,628


Total Fixed Income	—		378,052,587		—		378,052,587

Short-Term Investments
Investment of Cash Collateral for Securities Loaned	11,612,405		—		—		11,612,405

Total Investments in Securities	$11,612,405	$	378,052,587	$	—	$	389,664,992

APA Enhanced Income Municipal Fund


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Fixed Income
Municipal Bonds	$	—	$	16,978,786	$	—	$	16,978,786

Total Fixed Income		—		16,978,786		—		16,978,786

Total Investments in Securities	$	—	$	16,978,786	$	—	$	16,978,786

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	$	—	$	24,241,712	$	—	$	24,241,712
Treasury Bills		—		916,500,599		—		916,500,599

Total Short-Term Investments		—		940,742,311		—		940,742,311

Total Investments in Securities	$	—	$	940,742,311	$	—	$	940,742,311

Other Financial Instruments^*
Futures	$	125,116	$	—	$	—	$	125,116

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	$	9,059,908	$	—	$	—	$	9,059,908

Total Equity		9,059,908		—		—		9,059,908

Total Investments in Securities	$	9,059,908	$	—	$	—	$	9,059,908

^(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	$	1,425,575	$	—	$	—	$	1,425,575

Total Equity		1,425,575		—		—		1,425,575

Total Investments in Securities	$	1,425,575	$	—	$	—	$	1,425,575

^(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	$	321,264	$	—	$	—	$	321,264
Cambodia		84,419		—		—		84,419
India		315,296		—		—		315,296
Indonesia		125,444		—		—		125,444
Italy		85,343		—		—		85,343
Japan		63,002		—		—		63,002
Mexico		103,290		—		—		103,290
Poland		195,150		—		—		195,150
Singapore		77,301		—		—		77,301
South Africa		251,746		—		—		251,746
Taiwan		281,906		—		—		281,906
United Arab Emirates		74,360		—		—		74,360
United States		32,962		—		—		32,962
Uruguay		72,875		—		—		72,875
Vietnam		207,976		—		—		207,976

Total Equity		2,292,334		—		—		2,292,334

Total Investments in Securities	$	2,292,334	$	—	$	—	$	2,292,334

Polen Capital Global Growth ETF


Description	Level 1 - Quoted prices in active markets for identical assets		Level 2 - Significant other observable inputs		Level 3 - Significant unobservable inputs		Total
Equity
Common Stocks
Brazil	$	3,322,332	$	—	$	—	$	3,322,332
Canada		5,431,699		—		—		5,431,699
Denmark		4,462,225		—		—		4,462,225
France		1,640,682		—		—		1,640,682
Germany		10,420,872		—		—		10,420,872
Ireland		3,068,913		—		—		3,068,913
Netherlands		2,870,116		—		—		2,870,116
United Kingdom		2,483,911		—		—		2,483,911
United States		124,061,669		—		—		124,061,669

Total Equity		157,762,419		—		—		157,762,419

Short-Term Investments
Repurchase Agreements		—		799,670		—		799,670

Total Short-Term Investments		—		799,670		—		799,670

Total Investments in Securities	$	157,762,419	$	799,670	$	—	$	158,562,089

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	$	1,837,832	$	—	$	—	$	1,837,832
Canada		975,789		—		—		975,789
China		300,016		—		—		300,016
Denmark		732,171		—		—		732,171
France		1,474,294		—		—		1,474,294
Germany		4,315,646		—		—		4,315,646
India		1,232,528		—		—		1,232,528
Japan		513,749		—		—		513,749
Netherlands		1,256,428		—		—		1,256,428
Spain		818,506		—		—		818,506


Sweden		651,489		—		—		651,489
Switzerland		501,758		—		—		501,758
United Kingdom		2,499,895		—		—		2,499,895
United States		8,596,506		—		—		8,596,506

Total Equity		25,706,607		—		—		25,706,607

Short-Term Investments
Repurchase Agreements		—		735,453		—		735,453

Total Short-Term Investments		—		735,453		—		735,453

Total Investments in Securities	$	25,706,607	$	735,453	$	—	$	26,442,060

Principal Risks

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

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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.

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

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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.

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

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Collateral Risk. If the 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.

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Collateralized Loan Obligations and Collateralized Debt Obligations Risk. Collateralized loan obligations (“CLOs”) bear many of the same risks as other forms of asset-backed securities, including interest rate risk, credit risk and default risk. As they are backed by pools of loans, CLOs also bear similar risks to investing in loans directly. CLOs issue classes or “tranches” that vary in risk and yield. CLOs may experience substantial losses attributable to loan defaults. Losses caused by defaults on underlying assets are borne first by the holders of subordinate tranches. The 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.

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Commodity Risk. Exposure to the commodities markets (including financial futures markets) may subject the DBi Managed Futures Strategy ETF, through its investment in a wholly-owned subsidiary (the “Subsidiary”), 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.

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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.

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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.

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

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Convertible 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.

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

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Corporate Debt Obligations Risk. Corporate debt obligations are subject to the risk of an issuer’s inability to meet principal and interest payments on the obligations. Therefore, the 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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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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.

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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.

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

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

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

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

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

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

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

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

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Geopolitical Events Risk. The 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.

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

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

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

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

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

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Investment in Investment Companies Risk. This is the risk that investing in other investment companies, including ETFs, CEFs, BDCs, unit investment trusts and open-end funds, subjects the Fund to those risks affecting the investment vehicle, including the possibility that the value of the underlying securities held by the investment vehicle could decrease or the portfolio becomes illiquid. Moreover, the 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.

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

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Investments in Loan Risk. Investments in loans, including loan syndicates and other direct lending opportunities, involve special types of risks, including credit risk, interest rate risk, counterparty risk and prepayment risk. Loans may offer a fixed or floating interest rate. Loans are often generally below investment grade and may be unrated. The Alternative Strategies Fund and 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.

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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.

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

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

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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.

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

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

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

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

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

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

•

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.

•

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

•

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

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

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

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

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

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

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Public Health Emergency Risk. This is the risk that pandemics and other public health emergencies, including outbreaks of infectious diseases such as the current outbreak of the novel coronavirus (“COVID-19”), can result, and in the case of COVID-19 is resulting, in market volatility and disruption, and materially and adversely impact economic conditions in ways that cannot be predicted, all of which could result in substantial investment losses. Containment efforts and related restrictive actions by governments and businesses have significantly diminished and disrupted global economic activity across many industries. Less developed countries and their health systems may be more vulnerable to these impacts. The ultimate impact of COVID-19 or other health emergencies on global economic conditions and businesses is impossible to predict accurately. Ongoing and potential additional material adverse economic effects of indeterminate duration and severity are possible. The resulting adverse impact on the value of an investment in a Fund could be significant and prolonged.

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

•

Sector Concentration Risk. A Fund may concentrate its investments in a narrow segment of the total market. At March 31, 2025, the Small Company Fund has 26.2% of its net assets invested in the Industrials sector of the stock market. The Polen Capital China Growth ETF has 25.6% of its net assets invested in the Consumer Discretionary of the stock market. Because of this, these 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.

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

•

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

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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.

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

•

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.

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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.


Cost of investments	$	379,924,250

Gross unrealized appreciation		12,332,663
Gross unrealized depreciation		(69,145,702	)

Net unrealized depreciation	$	(56,813,039	)


Shares			Value
	EXCHANGE-TRADED FUNDS: (0.0)%
	(20)	iShares S&P 500 Growth ETF	$	(1,856	)
	(10)	SPDR Portfolio S&P 500 Growth ETF		(804	)

	TOTAL EXCHANGE-TRADED FUNDS (Proceeds $3,052)		$	(2,660	)

	TOTAL SECURITIES SOLD SHORT (Proceeds $3,052)		$	(2,660	)


Description	Counterparty	Pay/Receive Floating rate		Expiration Date		Number of Contracts			Notional Amount			Fair Value			Premiums Received			Unrealized Appreciation/ (Depreciation)
USD - Secured Overnight Financing Rate (SOFR) strike @3.32%, terminating 11/18/25	Morgan Stanley & Co.		Receive		11/18/2025		(1,070,000	)	$	(1,070,000	)	$	(7,667	)	$	(4,440	)	$	(3,227	)
Put
GBP - 1 D Sterling Overnight Index Average (SONIA) strike @4.345%, terminating 10/31/25	Morgan Stanley & Co.		Pay		10/31/2025		(1,100,000	)		(1,100,000	)		(5,491	)		(4,356	)		(1,135	)
GBP - 1 D Sterling Overnight Index Average (SONIA) strike @4.50%, terminating 8/19/26	Morgan Stanley & Co.		Pay		8/19/2026		(1,200,000	)		(1,200,000	)		(9,077	)		(7,693	)		(1,384	)

Total													(48,993	)		(36,032	)		(12,961	)

Total Written Options												$	(382,471	)	$	(408,567	)	$	26,096