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Semiannual Report

iMGP Global Select Fund

iMGP International Fund

iMGP Oldfield International Value Fund

iMGP SBH Focused Small Value Fund

iMGP Alternative Strategies Fund

iMGP High Income Fund (FKA iMGP High Income Alternatives Fund)

iMGP Dolan McEniry Corporate Bond Fund

iMGP DBi Managed Futures Strategy ETF

iMGP DBi Hedge Strategy ETF

iMGP RBA Responsible Global Allocation ETF

iMGP Berkshire Dividend Growth ETF

June 30, 2023

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Contents

This report is intended for shareholders of the funds and may not be used as sales literature unless preceded or accompanied by a current prospectus for the iMGP Funds. Statements and other information in this report are dated and are subject to change.

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

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iM Global Partner Fund Management

Commitment to Shareholders

We are deeply committed to making each iMGP Fund a highly satisfying long-term investment for shareholders. In following through on this commitment we are guided by our core values, which influence four specific areas of service:

First, we are committed to the IMGP concept.

Second, we will do all we can to ensure that the framework within which our stock pickers do their work further increases the odds of success.

Third, is our commitment to do all we can from an operational standpoint to maximize shareholder returns.

Fourth, is our commitment to communicate honestly about all relevant developments and expectations.

Our commitment to iMGP Funds is also evidenced by our own investment. Our retired founders and current employees have, collectively, substantial investments in the funds, as does our company retirement plan. In addition, we use the funds extensively in the client accounts of our investment advisor practice (through our affiliate Litman Gregory Wealth Management, LLC). We have no financial incentive to do so because the fees we receive from iMGP Funds held in client accounts are fully offset against the advisory fees paid by our clients. In fact, we have a disincentive to use the funds in our client accounts because each iMGP Fund is capacity constrained (they may be closed as mentioned above), and by using them in client accounts we are using up capacity for which we may not be paid. But we believe these funds offer value that we can’t get elsewhere and this is why we enthusiastically invest in them ourselves and on behalf of clients.

While we believe highly in the ability of the Funds’ sub-advisors, our commitments are not intended as guarantees of future results.

While the funds are no-load, there are management fees and operating expenses that do apply, as well as a 12b-1 fee that applies to Investor class shares. Please refer to the prospectus for further details.

Diversification does not assure a profit or protect against loss in a declining market.

Must be preceded or accompanied by a prospectus.

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General Disclosures

Past performance does not guarantee future results. Index performance is not illustrative of fund performance. An investment cannot be made directly in an index. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. To obtain the performance of the funds as of the most recently completed calendar month, please visit www.imgpfunds.com. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced.

Diversification does not assure a profit or protect against loss in a declining market.

Must be preceded or accompanied by a prospectus

Multi-investment management styles may lead to higher transaction expenses compared to single investment management styles. Outcomes depend on the skill of the sub-advisors and advisor and the allocation of assets amongst them.

Some of the comments are based on current management expectation and are considered “forward-looking statements”. Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statement by words such as “estimate”, “may”, “expect”, “should”, “could”, “believe”, “plan”, and similar terms. We cannot promise future returns and our opinions are a reflection of our best judgment at the time this report is compiled.

Opinions expressed are subject to change, are not guaranteed and should not be considered recommendations to buy or sell any security.

iM Global Partner Fund Management has ultimate responsibility for the performance of the funds due to its responsibility to oversee the sub-advisors and recommend their hiring, termination and replacement.

Each of the funds may invest in foreign securities. Investing in foreign securities exposes investors to economic, political, and market risks and fluctuations in foreign currencies. Each of the funds may invest in the securities of small companies. Small-company investing subjects investors to additional risks, including security price volatility and less liquidity than investing in larger companies. Debt obligations of distressed companies typically are unrated, lower rated, in default or close to default and may become worthless. The International Fund will invest in emerging markets. Investments in emerging market countries involve additional risks such as 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. Investments in debt securities typically decrease when interest rates rise. This risk is usually greater for longer-term debt securities. Investments in mortgage-backed securities include additional risks that investor should be aware of including credit risk, prepayment risk, possible illiquidity, and default, as well as increased susceptibility to adverse economic developments. Investments in lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. The funds may invest in master limited partnership units. Investing in MLP units may expose investors to additional liability and tax risks. Derivatives may involve certain costs and risks such as liquidity, interest rate, market, credit, management, and the risk that a position could not be closed when most advantageous. Investing in derivatives could lose more than the amount invested. The funds may make short sales of securities, which involves the risk that losses may exceed the original amount invested.

A commission may apply when buying or selling an ETF.

© 2021 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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iMGP Global Select Fund 2023 Semi-Annual Report

The iMGP Global Select Fund returned 11.97% in the first half of 2023, trailing its MSCI World Index gain of 15.09% but ahead of the Morningstar Global Large Blend category’s return of 11.46%.

Since the fund’s mandate was broadened to global equities at the end of July 2022, the Fund is trailing the MSCI World Index and Morningstar Global Large Blend category. The Fund has gained 6.15% compared to 9.79% for the Index and 7.51% for the category over the short 11-month period.

Portfolio Commentary

Nuance Investments

During the first half of 2023, we made several changes to the portfolio, but our overweight and underweight positions were relatively stable as was our geographic exposure. Our largest overweight remains the consumer staples sector where we are continuing to see input cost inflation-related underearning in a number of leaders across the household & personal products industry group. Henkel AG & Co, Kimberly-Clark Corp, and Beiersdorf AG continue to make up a meaningful part of our exposure within the sector. Our view is that earnings in this industry group have been negatively impacted by rising raw material costs. We believe these costs can ultimately be mostly offset by price increases which generally lag the raw material price increases.

While the health care sector remains one of our largest overweight positions, we did lower our exposure within the sector after a period of outperformance during the first half of the year. Despite the outperformance, we continue to own names like Smith & Nephew, Medtronic, and Dentsply Sirona. We believe these companies are manufacturing critical, advanced medical products and display the traits we look for in competitively advantaged businesses. They sell into end markets that have been severely disrupted for more than two years as patient visits and procedures of all kinds have run well below normal due to the impacts of COVID-19, including high cancellation rates, procedure delays, and insufficient care provider staffing to meet demand. We believe the magnitude and duration of this disruption has created a large backlog of procedures that will need to be made up over the next one to two years. More recently, we believe raw material availability and input cost inflation in items including resins and metals have also squeezed margins at these companies. Offsetting price actions can take one to two years to implement in this industry, which is prolonging the period of underearning, in our opinion. Nevertheless, this remains a high conviction, underearning group of excellent businesses, in our view.

We added to our exposure within the Utilities sector, specifically water utilities, during the first half of the year as the prolonged period of historically low interest rates over the last decade has resulted in low allowed returns on equity which we believe can potentially reset higher as utility regulators incorporate a more normal cost of capital environment.

From an exposure standpoint, we remain underweight the U.S. and we would highlight overweight exposure in the United Kingdom and Germany. The primary overweight within the U.K. is in the water utilities industry, and the primary overweight in Germany is due to positions in Knorr-Bremse AG and Henkel AG & Co.

Polen Capital

Global equity markets have been strong year to date, particularly in the large-cap space. A pause in rate hikes, an anticipated recession that has not materialized, and the hype around artificial intelligence (AI) have helped to boost returns. Quality fundamentals have also been rewarded, which has supported our positive relative performance.

We have continued to take advantage of what we believe are attractive opportunities in the market, building positions in businesses with attractive long-term earnings growth potential and/or where we think there have been dislocations in share prices and business performance, and reducing holdings where either valuations and/or fundamentals have changed our risk/rewards projections.

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We continue to stay focused on the long-term value propositions, competitive advantages, growth opportunities, and potential earnings power of our Portfolio companies. We are also still mindful that rising rates could lead to slower economic growth or even a recession but remain confident that our portfolios are well positioned to deliver strong earnings per share growth this year and beyond.

Scharf Investments

Throughout the year, equity market investors have crowded into risky growth, mega cap Information Technology (IT), especially semiconductors, to shrug off rising interest rates, still deteriorating leading economic indicators, an earnings recession, persistent elevated core inflation and the first money supply contraction in seven decades.

We believe investors are too bullish on a long duration trade based on an expected dovish pivot by the Fed in the second half 2023. Core inflation remains elevated as does labor strength. Multiples have risen smartly off fall 2022 bottoms and present downside risk. As value managers based in Silicon Valley, we have seen this AI movie before. In every technology revolution there is a changing of the guard. Investors would be wise to remember that of the six technology and communication companies on the list of the ten largest market caps in 2000, only Microsoft remains.

Price/Equity (P/E) dispersion presents a compelling investment opportunity for value stocks. Meanwhile, quality value (low EPS volatility) should mitigate the risk of traditional value stocks’ (e.g., energy, financials, materials) high operating leverage in a slowing 2023 global economy. The P/E spread between the market-cap and equal-weighted S&P 500 indexes, is now 4x (20x vs. 16x), its highest since the tech bubble in early 2000. The Russell 1000 Growth index has returned 29.0% vs. 5.1% for the Russell 1000 Value year-to-date. The forward P/E spread between the Russell 1000 Growth and Value indexes is now 12.5x turns (27.0x vs. 14.5x, respectively) vs. its long-term average of 6.7x turns (20.8x vs. 14.1x, respectively). Meanwhile, the P/E spread between the S&P 500 and the MSCI ACWI ex-U.S. is currently 6.2x turns, also roughly twice its 20-year average.

Key Performance Drivers

The Fund’s underweight to the largest stocks in the MSCI World Index hurt relative returns over the last six months. The large mega-cap growth names at the top of the index (Apple, Microsoft, Amazon.com, NVIDIA, Tesla, Alphabet, and Meta Platforms) account for 18% of the Index. The Fund has meaningfully less exposure to these names—owning positions in Alphabet, Amazon.com, and Microsoft that account for approximately 6% of fund assets at the end of June.

The fund benefited from stock picking in the health care, financials, and consumer staples sectors during the first half of 2023. Within health care, Align Technology had a strong six months after a difficult 2022 as it lapped extremely high prior year comparables. The position is held by the Polen Global Growth team. The company has delivered over consecutive quarters and as expected. On a three-year basis, Align has grown case shipments by over 15% and net revenues at 16%. The pandemic has given the company a chance to highlight its benefits relative to wires and brackets braces, and doctors seem to be responding. Earlier in the year, Align disclosed that the Invisalign treatment allows patients to go through the orthodontia process five months faster than braces, with roughly 35% fewer visits to a doctor. While Align continues to stay ahead of clear aligner competition through sales, marketing, and R&D, research indicates that the real fight is against braces, and Polen believes it is well positioned to win market share.

The financial sector contributed nicely to relative gains due, in part, to Goosehead Insurance. The position is held in the Polen Global SMID portfolio. The company, a personal line property and casualty insurance brokerage primarily focused on home and auto markets, has risen over 80% so far this year. Goosehead has continued to execute on its plan to clean up the corporate organization, return the company to its pre-COVID productivity metrics and deliver strong results despite weakness in the housing market. In the second quarter the company reported 40% year-on-year growth in total revenues, but also, importantly, core revenue grew 42% and premiums, the best leading indicator of potential future revenue growth, increased 41%. The company continues to show Polen that they are among the top operators in a difficult macro environment, leaning into their value propositions around great customer service and a better agent experience, and executing on thoughtful, value-add strategic growth programs.

The Fund benefited from its exposure to materials stocks, and, more specifically, to Akzo Nobel. The company is owned by Nuance Investments. Akzo Nobel is a global manufacturer of paints and coatings with leading market share positions for paint in Europe, Asia, and Latin America. The company is also a global leader in several functional coating categories such as industrial, coil, wood, aerospace, and marine coatings. Nuance’s research suggests that the company is currently underearning its long-term potential for two transitory reasons. First, Akzo Nobel has faced raw material cost inflation, particularly in resins (40% of raw materials costs), which has depressed margins below normal levels, in Nuance’s opinion. Inflationary pressures have begun to abate over the past few quarters and as raw material prices decline further from still elevated levels, they believe the company will see margin improvement. Second, the company has faced cyclically lower demand for its products due to rising interest rates and slower growth across its geographies. Depressed demand has led to inventory destocking across the channel in Europe and slower growth in China has caused overall volumes to decline mid-single digits over the past year, according to Nuance’s research. They believe that Akzo Nobel’s stable market share position and structurally stable demand for paints and coatings, will position it to potentially benefit from a cyclical demand improvement across both these markets. In Nuance’s opinion, both these factors caused AKZOY to post €2.20 in earnings per share (EPS) relative to their internal estimates of normal EPS closer to €4.50, creating what an attractive risk reward relative to other opportunities.

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Stock selection within the industrials and information technology sectors were a headwind to performance in the first half of the year. Within industrials, 3M Company (Nuance Investments) and MillerKnoll (Scharf Investments) were laggards. 3M Company is a diversified industrial conglomerate with leading market share positions across a variety of businesses including industrial materials and adhesives, healthcare consumables, safety equipment, and consumer products. The company has historically enjoyed stable market share positions across its portfolio and its businesses benefit from structural demand drivers including the shift from traditional fasteners to adhesives, aging populations, and rising safety standards globally. These characteristics have contributed to the company exhibiting high and stable returns on capital over time. Nuance’s view of 3M’s normalized earnings power is near $9.00 per share, and they believe the company is currently underearning relative to Wall Street consensus estimates for 2023. The first source of underearning is related to cyclical weakness in the company’s consumer-facing businesses. Discretionary consumer spending has weakened as inflation has impacted consumer budgets and consumers have worked down pandemic-related savings. According to Nuance’s research, this has led to a cyclical decline in discretionary consumer electronics purchases including smartphones, TVs, tablets, and their related semiconductor content. These are all categories that utilize 3M’s products. On top of this headwind to sales driven by the end consumer, general inventory destocking by retailers has compounded this decrease in sales, in Nuance’s opinion. The second source of underearning is related to cost inflation for 3M’s key inputs including resins, petrochemicals, wood pulp, labor, and transportation. Nuance estimates that 3M’s EBITDAR (earnings before interest, taxes, depreciation, amortization and restructuring or rent) margins are currently more than 200 basis points below levels they would consider normal. Nuance believes additional pricing actions and/or moderating input cost inflation should result in margin normalization over the next few years. 3M is currently facing two legal battles which they believe have led to negative sentiment and helped create a compelling valuation opportunity in the stock. The Nuance Investment Team has thoroughly studied both situations, has examined past analogous corporate litigation, and has stress tested 3M’s earnings power and balance sheet for a variety of scenarios. Importantly, Nuance does not expect these legal issues to impact the competitive position of 3M’s broad line of businesses and have incorporated their own expected litigation and settlement costs into the balance sheet and normalized earnings estimates. It is Nuance’s belief that the company’s strong balance sheet and its normalized annual free cash flow in excess of $5.5 billion should provide an ample cushion from which to service any costs related to these matters. To emphasize, these issues and Nuance’s own internal estimate of their long-term impact to the company are included in their view of normalized earnings, cash flows, and balance sheet strength. In legal matters, there is always uncertainty, but based on their study of these issues, it appears to be a situation where the uncertainty is providing a solid risk reward opportunity.

Scharf continues to believe MillerKnoll’s position as the premium high-quality leader in a fragmented market will allow it to gain share over time. Furthermore, the office furniture market is insulated from technological obsolescence and, despite work from home trends, should continue to grow. In fact, the company believes that a need for a reimagined work environment combined with increased demand for quality home office furniture could expand the market (as opposed to fears that work from home will lead to a contracting market) over the long-term. In addition, post the merger with Knoll, MillerKnoll is now the largest office furnishing company worldwide with what Scharf believes to be strong brand recognition and an established global distribution network. They believe the acquisition of Knoll will help the company fill out product and geography gaps in its portfolio, increasing scale and increase additional wallet share with existing customers. Scharf believes s MillerKnoll has the potential to realize $140 million in cost synergies by 2025. High-level, what’s incremental from their recent management call is improvement in order trends indicating a bottoming in 1Q24 (the current quarter) vs. their expectation for an elongated bottom throughout 2024.

The technology sector was the main detractor during the first half—from both security selection as well as not owning the aforementioned mega-cap tech names. The biggest detractor was Keyword Studios (owned in the Polen Global SMID portfolio). Keyword Studios, an outsourced video game production services company, has seen significant selling pressure due to concerns that AI could disrupt their business model. Many of the outsourced services it offers, such as language translation and video game artwork, could potentially be done in-house using generative AI (artificial intelligence). Management have addressed these concerns, and while there is still some uncertainty, they are embracing AI and believe it could become more of an opportunity than a threat. Ultimately, while there are still some unknowns, Polen has conviction in the management team and risk is skewed to the upside given the large correction in the share price.

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By Region		By Market Cap
Small Cap < $2.028 b Mid Cap >$2.028 B, <$42.290 b Large Cap > $42.290 b

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iMGP Global Select Fund Value of Hypothetical $10,000

The value of a hypothetical $10,000 investment in the iMGP Global Select Fund from December 31, 1996 to June 30, 2023 compared with the Russell 3000 Index, Morningstar Global Large-Stock Blend Category and MSCI World Index.

The hypothetical $10,000 investment at fund inception includes changes due to share price and reinvestment of dividends and capital gains. The chart does not imply future performance. Indexes are unmanaged, do not incur fees, expenses or taxes, and cannot be invested in directly.

Performance quoted does not include a deduction for taxes that a shareholder would pay on the redemption of fund shares.

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iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2023 (Unaudited)

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

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iMGP Global Select Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2023 (Unaudited) (Continued)

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

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iMGP International Fund 2023 Semi-Annual Report

The iMGP International Fund returned 15.83% in the first half of 2023, ahead of the 11.67% gain for the MSCI EAFE Index and the 10.88% return for the Morningstar Foreign Large Blend category.

Since inception, the Fund has gained 6.34% annualized, which compares favorably to annualized returns of 4.88% and 4.08% for MSCI EAFE Index and Morningstar Foreign Large Blend category, respectively.

Portfolio Commentary

Harris Associates

Major global markets generally finished higher for the year-to-date period following a challenging 2022. U.S. and Europe equity markets showed strength on the back of better-than-expected economic data, while Asian markets were mixed with China equities pressured and Japanese equities reaching 30-year highs. While a resilient labor market, cooling housing market and hopes for less-hawkish central banks have given investors reasons for optimism, the ramifications of recent banking stress, elevated inflation and geopolitical uncertainty continue to offer cause for concern.

Markets were shaken in March as worry about the health of the banking system spread, ignited by the collapse of Silicon Valley Bank and Signature Bank, and furthered by UBS’s purchase of Credit Suisse at a discounted valuation. Major banking institutions and government agencies around the globe stepped in to help assure depositors their money was safe, which helped avoid contagion across the system.

In March, the U.S. Federal Reserve and Bank of England increased their respective benchmark interest rates by 25 basis points, while the European Central Bank opted for 50 basis points. The Federal Reserve then increased its benchmark interest rate by 25 basis points in May before pausing at its June meeting. Comments from members of the Federal Open Market Committee pointed to further hikes in the future and interest rates remaining elevated for some time. The European Central Bank and Bank of England both increased their respective interest rates in May and June, reaching 4.00% and 5.00%, respectively, while Japan and China opted for more accommodative monetary policies. In the face of tightening financial conditions, inflation fell during the period throughout most of the world.

Regardless of the economic backdrop and central bank activity, our disciplined investment process continues to revolve around bottom-up, fundamental research. As long-term investors, we value our companies through the economic cycle and focus portfolio construction on optimizing what we believe are our best investment opportunities. We attempt to identify growing businesses that are managed to benefit their shareholders and invest in those businesses only when priced substantially below our estimate of intrinsic value, then patiently wait for the gap between share price and our estimate of intrinsic value to converge. We believe this approach best serves our goal of growing our client’s capital over the long term.

Lazard Asset Management

Overall corporate profits have remained resilient, but under the surface we have seen pressure in areas of discretionary spending—such as marketing or apparel. After 18 months of significant price increases, we see more examples of material impact on consumer demand, and a series of rate rises are putting pressure on the financial system and real estate. There appears to be a fading confidence that companies can maintain prices as raw material prices roll over in a softer demand environment. This dynamic should separate well-run companies with true pricing power and those reliant on benign economic conditions.

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Our experiences with COVID and geopolitical tensions will have lasting implications for us all. The sharp rise in energy prices has made clear the energy transition is not only for the climate, but a geopolitical imperative. A re-evaluation of economics versus certainty of supply is resulting in a shift to more regional supply chains – most notably for the semiconductor industry.

How the relationship between China and the West develops remains as critical as ever now that Xi Jinping has cemented his position of power. Navigating this geopolitical frontier will remain a focus for businesses and investors in the years ahead. The shift in the cost of capital has exposed the fragile foundation for high growth companies with yet to be proven financials and a reliance on cheap funding. Meanwhile, the demand destruction observed in countries with a rapid rise in energy cost illustrates that commodity booms are hard to sustain.

The determination of central banks to reign in inflationary pressures combined with pressure on disposable incomes, and a downward draft in asset prices, continues to create a challenging backdrop for markets. The ability to balance economic growth with efforts to bring inflation back to target levels will determine the direction of markets in the period ahead. While the near-term outlook is uncertain, market volatility provides opportunities for stock pickers to invest in great businesses at more attractive prices. The team is optimistic about the investment opportunity set presented in today’s market.

Stock selection, not sector or regional allocation, has driven the long-term track record of the strategy. At the company level, we seek a balance between financial productivity (i.e., returns on capital), valuation, and sustainability of income generation. At the same time, we look for market inefficiencies—Mispriced Assets, Improvers, and Compounders – that are empirically-validated sources of alpha.

Polen Capital

As we closed the first half of 2023, the portfolio continued to show overweight exposures to European based companies. Significant exposures to information technology, business and information services, health care and consumer facing companies cover the bulk of our positioning.

China provides an interesting counter to many trends seen elsewhere. Markets eagerly anticipated strong post-COVID reopening growth last fall, but China’s reopening has been a dud. Note how COVID responses in China ran counter to supporting consumer spending—a sharp departure from the combined monetary and fiscal largesse many Western countries used during the pandemic. Of course, Western policies played significant roles in stoking inflation. Now, more than six months after reopening, China’s inflation statistics are grinding towards outright deflation each month. A battery of other issues matter in China, so we can’t pin poor growth and inflation solely on COVID responses. However, juxtaposing China’s weak inflation with the West’s persistent inflation does prompt questions about the government’s stance towards consumer spending as an economic driver.

We continue to have limited exposure to China as we felt the reopening from COVID failed to materialize in a significant way. We cover a handful of Chinese businesses and are open to considering investments there, but at present concerns around indebtedness and economic stagnation have us on the sidelines.

Key Performance Drivers

The fund benefited the most relative to its benchmarks in the first half from positioning in consumer discretionary, consumer staples, health care, and information technology sectors. Within the consumer discretionary sector, shares of Spanish company Amadeus—owned by Polen Capital—contributed to portfolio returns throughout 2023 as the continued pandemic recovery in air travel brings more passengers back to the airline industry. Amadeus emerged from the COVID crisis as a leader in the three markets it serves. In its core global distribution systems (GDS), Amadeus enables travel bookings to pair multiple airline carriers together into single tickets for a given passenger. In airline IT and now hospitality IT, Amadeus provides mission critical software to airlines and hotels which makes these businesses run more efficiently. Passengers boarded and air bookings ended 2022 approximately 15% below 2019 levels and continue to steadily recover. While many companies cut to the bone to weather the pandemic, Amadeus prioritized long term growth drivers like a New Distribution Capability for the GDS platform, and upgrades to its hospitality solutions for hoteliers. These moves strengthened legacy air travel business lines while expanding the reach of its hotel software solutions. Competitively, Polen believe Amadeus emerged from the pandemic far stronger than peers. If pandemic travel patterns continue reversing, they see Amadeus growing at elevated rates through 2025. Given these business drivers and strong growth prospects Polen feel shares are attractive at 22x 2024 earnings per share.

Within consumer staples, Coca-Cola Europacific Partners shares performed well in the first half of the year. This position is held by Lazard Asset Management. The company’s management team had upgraded medium term targets at their capital markets day late 2022, which were followed by good FY23 results update in February. In Lazard’s view, the strong performance illustrates the inherent pricing power in the category and continues to validate the strategic shift within the Coca-Cola system away from volume-led growth. Reassuringly, the management team continues to execute well in their markets and are gaining market share.

The shares of Coca-Cola Europacific Partners remain attractively valued considering the good defensive growth profile of the business in their established markets and opportunity to significantly grow the business in Indonesia, which was acquired along with Amatil back in 2021. Lazard believes that the focus on value in the Coca-Cola system should continue to support margins and further improvement in financial productivity.

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ICON, an Ireland-based contract research organization which helps pharmaceutical and biotech companies design and complete trials for new products, was a top contributor during the first half of 2023. Both Lazard Asset Management and Polen Capital own shares in the health care name, making it the fund’s largest position. Polen Capital noted that ICON has consistently taken market share, but the industry remains highly fragmented, providing a good opportunity for it to win even more share as vendor consolidation remains an ongoing trend. Recent results have reinforced their conviction in the business; it continues to produce industry beating revenue growth and margin expansion.

Lazard Asset Management says shares in ICON outperformed on the back of solid first quarter results. The results showed a combination of resilient order intake, and healthy growth in revenues and margins. Concerns around weak biotech funding conditions have been a significant headwind to sentiment around the shares. The +6% growth in gross booking during the quarter and reports of continued healthy levels of RFP activity helped to ease concerns of an imminent deterioration in the market.

The fund’s positioning within financials, industrials, and materials were among the main detractors in the first half of the year. Within financials, Sampo Ojy, which is owned by Lazard Asset Management, underperformed in the first half of 2023. This was perhaps partly explained by a “high water mark” for the company, which had a very strong run in 2022. The defensive growth characteristics of the company were less in favor, as investors grew more confident in the economic outlook towards the end of 2022. The lack of gearing to higher interest rates made it a less attractive financials holding at a time when European banks were experiencing strong net interest margin (NIM) expansion.

The relative attraction of Sampo became further challenged when the company reported weak results in February. The core P&C insurance business delivered results ahead of expectations, but the recently acquired UK business and the Life insurance segments, soon to be demerged, both fell short of expectations. Investors were also disappointed by lower levels of cash returns than expected. Management have since provided clarity on the demerger of Mandatum (life insurance), which should free up capital in the group and support future cash returns to shareholders.

Teleperformance, the world’s leading outsourced customer service provider, was among the main detractors to performance during the first half of 2023. The position is owned by Polen Capital. The company’s stock price has been under pressure the past few months—a weaker IT services backdrop combined with concerns about generative AI disrupting Teleperformance’s business model have negatively impacted short-term returns. Amidst an AI hype cycle markets reflexively assume generative AI will bring about the end of many human capital-intensive businesses. Teleperformance management believes generative AI is another evolutionary development causing changes for the industry as have other technologies in the past. Management projects certain workflows will be negatively impacted by AI, but the business should continue to grow revenue at a high single digit rate over the long-term net of AI headwinds. Further, Teleperformance has long been using AI enhanced workflows to better serve call center customers. Generative AI may well offer useful efficiency gains to the business moving forward. Despite near-term weakness, Polen continues to have conviction in Teleperformance, and views the concerns around generative AI to be overblown. The stock’s current NTM P/E of ~10x is compellingly undervalued.

Glencore, owned by Harris Associates, detracted from fund returns during the first half. According to Harris Associates, Glencore’s full-year 2022 results were strong in an absolute sense with an 84% increase in earnings year-over-year, though they fell short of expectations. This shortfall was driven entirely by the industrial business as marketing significantly exceeded Harris’ expectations. Adjusted earnings of $6.38 billion were nearly double the high end of Glencore’s long-term guidance for the marketing segment due to exceptional profitability from the energy segment. The industrial division fell short of their expectations due to a mix of production issues in coal and at two copper assets, Katanga and Mt. Isa, as well as cost inflation related to labor, diesel and explosives. Glencore also announced an incremental $7.1 billion of distributions to shareholders. While a very high number and implied yield, this was actually somewhat lower than had been expected under Glencore’s capital allocation policy due to weaker free cash generation during 2022 driven by working capital constraints.

First-quarter results were released in April, which is typically a seasonally weak time for production. Copper and zinc production suffered from adverse weather conditions at Antamina and production fell in zinc following the disposal of several smaller assets. Coal production fell due to the community blockade in Cerrejon as well as some temporary geological challenges in South Africa. During a call with management, CEO Gary Nagle revealed Glencore sees significant latent potential to double its copper business organically over the next decade via brownfield expansions and an attractive greenfield project in Argentina. While the company is waiting until the market demands the tons, Glencore is acquiring land, conducting sample testing, and doing permitting work to help ensure these projects can be completed within a timely manner once sanctioned. Further, Nagle remains committed to the rundown of Glencore’s coal assets over time in accordance with the company’s strategy, but Nagle reiterated the belief that it should be very strong profit and cash flow contributors for the company due to an attractive cost position and favorable supply and demand dynamics. Harris Associates continues to believe that Glencore remains an attractive holding and that management is committed to delivering value for shareholders.

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Portfolio Allocations as of June 30, 3023

By Region		By Market Cap
Small Cap < $2.028 b Mid Cap >$2.028 B, <$42.290 b Large Cap > $42.290 b

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iMGP International Fund Value of Hypothetical $10,000

The value of a hypothetical $10,000 investment in the iMGP International Fund from November 30, 1997 to June 30, 2023 compared with the MSCI EAFE Index, Morningstar Foreign Large Blend Category and MSCI ACWI Ex USA Index.

The hypothetical $10,000 investment at fund inception includes changes due to share price and reinvestment of dividends and capital gains. The chart does not imply future performance. Indexes are unmanaged, do not incur fees, expenses or taxes, and cannot be invested in directly.

Performance quoted does not include a deduction for taxes that a shareholder would pay on the redemption of fund shares.

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iMGP International Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2023 (Unaudited)

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

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iMGP Oldfield International Value Fund 2023 Semi-Annual Report

The iMGP Oldfield International Value Fund returned 10.75% in the first half of 2023, finishing the period ahead of the 9.28% return for the MSCI EAFE Value Index and the 10.30% return for the Morningstar Foreign Large Value category. The broader MSCI EAFE Index gained 11.67% over the last six months.

Since inception, the Fund has gained 4.88% annualized, trailing the annualized returns of 7.14% and 6.58% for MSCI EAFE Value Index and Morningstar Foreign Large Value category, respectively. The Fund has outpaced the 4.21% annualized return for the MSCI EAFE Index since inception.

Portfolio Commentary

While the Artificial Intelligence-inspired excitement in May in the U.S. was driven by just the seven largest stocks, the U.S. market breadth improved in June and the U.S. led global markets higher. A ‘Goldilocks’ view on inflation in full retreat and interest rates topping out at current levels is now pervasive despite the commentary from the U.S. Federal Reserve’s June meeting that they were likely to raise rates further in the months ahead. The Fed says they are worried about the tightness of the labor market and resilience of consumer spending.

The U.S. core consumer price index (CPI), that excludes food and energy prices, was 5.3% year-on-year in May, down from its peak in September 2022 at 6.6%. The U.S. unemployment rate of 3.7% is in-line with levels seen at the end of 2019 and lower only in the early 1950’s and briefly in 1969.

That said, the U.S. producer price index (PPI) is surely the leading indicator that is giving U.S. equity investors the confidence to ignore the comments from the Fed. The annual PPI rate is now just 1.1%, below the 1.7% average between 2010 and the end of 2019, and down from its 11.7% peak in March 2022.

The U.S. economy is finely poised. While the equity market is focused on PPI, the U.S. bond market is less certain with the 10-year bond yield back up to 3.8% (from 3.3% in April), against its October 2022 peak of 4.2%. The spread between the three-month treasury note rate and the 10-year bond rate stands at negative 148 basis points, almost its most negative reading ever. The indicator is infamous because when it turns negative it has a 100% record of predicting a U.S. recession within the next eighteen months. The indicator turned negative in late October 2022.

The U.S. equity market is finely poised too. The U.S. market trades at 20.5x expected earnings and 22x historic earnings. If the equity market is right in its outlook on the economy, then the U.S. market looks fully valued. If the bond market is right, then the equity market is riding for a fall. Either way, the outlook for international markets, trading on just 13x earnings looks to have a larger margin of safety built into the valuation than the U.S. market.

Key Performance Drivers

The fund benefited the most from stock selection within the industrials sector. Both easyJet and Embraer have rebounded significantly so far in 2023 following a difficult 2022. EasyJet’s share price jumped in January and finished the first half with a gain of 57% (in U.S. dollar

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terms). EasyJet reported excellent results for their first fiscal quarter ending December—the firm generated revenue of £1.5bn for the period, +83% on a COVID-affected period in 1QFY22 and +19% above market expectations. While profit margins were lower than the market had expected, the guidance for the year was strong with the new packaged holiday business ramping up nicely. Traditionally, January is the busiest month of the year for booking summer holidays, and this year was no exception, with easyJet noting they were selling out five full aircraft every minute during the busiest days of the month. Despite widespread gloom about the outlook for the UK and European economies, initial company guidance for the summer suggests it will be 9% better than 2022.

Within the financials sector, there was dispersion in the returns of names held in the fund. Japanese financial, Mitsubishi UFJ Financial Group gained over 11% (in U.S. dollar terms) and contributed to returns over the last six months. On the other side, Swedish bank, Svenska Handelsbanken fell over 9% in the first half of 2023 (in U.S. dollar terms).

Shares of Mitsubishi UFJ, the largest bank in Japan, enjoyed a strong recovery from the setback in March when bank shares around the world suffered in the wake of the failures of Silicon Valley Bank and Signature Bank. After years of declining net interest income, increasing lending spreads are driving an expectation of a robust recovery in its net interest income particularly amongst domestic and international corporates. The valuation is now at 0.75x book value, and there is an expectation of returns on equity rising to 7.5% from 6.5% last year. The valuation is now approaching our view of fair value.

The largest decliner during the first half of 2023 was LG Household & Health Care. Relatively good performance in the company’s South Korea-focused businesses (which comprised more than half of LG H&H’s 2022 operating profit) continues to be overshadowed by weak performance in the China-focused skin care business. The company is not alone in delivering weak performance in skin care. Key peers, such as Amorepacific and Estee Lauder, are equally challenged by the disappointing recovery of Chinese tourism, challenges in the Korean duty-free channel and changing shopping habits. We continue to believe that the headwinds facing LG H&H are more temporary rather than structural—and therefore remain optimistic that LG H&H’s performance will improve. The shares have fallen to their lowest level since 2014 and now discount little in the way of recovery.

Portfolio Allocations as of June 30, 2023

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By Region		By Market Cap

iMGP Oldfield International Value Fund Value of Hypothetical $10,000

The value of a hypothetical $10,000 investment in the iMGP Oldfield International Value Fund from November 30, 2020 to June 30, 2023 compared with the MSCI EAFE Value Index, Morningstar Foreign Large Value Category and MSCI EAFE Index.

The hypothetical $10,000 investment at fund inception includes changes due to share price and reinvestment of dividends and capital gains. The chart does not imply future performance. Indexes are unmanaged, do not incur fees, expenses or taxes, and cannot be invested in directly.

Performance quoted does not include a deduction for taxes that a shareholder would pay on the redemption of fund shares.

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iMGP Oldfield International Value Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2023 (Unaudited)

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

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iMGP SBH Focused Small Value Fund 2023 Semi-Annual Report

The iMGP SBH Focused Small Value Fund gained 10.80% in the first half of 2023, finishing the period well ahead of the 2.50% gain for the Russell 2000 Value Index benchmark, and the 5.47% gain for the Morningstar Small Value category. Since the fund’s inception in July 2020, the fund has gained 13.83% compared to the 15.11% gain for the benchmark.

Portfolio Commentary from SBH

The second quarter was a bit less volatile than the first quarter as we moved further past the banking failures and investors shifted their focus towards the Federal Reserve’s (Fed) interest-rate decisions related to driving down inflation. Excitement around Artificial Intelligence (AI) and the potential applications and benefits of this technology over the coming years and decades emerged as a theme. This was the primary reason that Information Technology was the best-performing sector during the quarter followed by Industrials. We have maintained an underweight position in regional banks and the Financials sector in the portfolio and currently do not plan to increase those exposures. The portfolio is underweight the Energy sector post the reconstitution of the benchmark in late June. Energy now represents close to 9% of the index. This is an area we are keenly focused on in terms of unearthing solid capital allocators that could benefit the portfolio.

As we stated last quarter and based on historical precedent, we still believe the ingredients are in place for a recession to occur within the next several quarters; however, we believe that if one does occur, it might be quite shallow in terms of economic damage. We also believe the portfolio is in a position of strength due to the focus we have always had on return on invested capital (ROIC) relative to the cost of capital. We have always held the portfolio’s companies to a capital allocation standard where management is focused on ROIC well above recent historical weighted-average cost of capital (WACC) levels once assets are managed for optimal returns.

Key Performance Drivers

The sectors that contributed most to the portfolio’s performance relative to its benchmark in the first six months were Industrials (driven by selection and allocation), Consumer Discretionary (driven by selection), Consumer Staples (driven by selection), and Health Care (driven by selection). Within Industrials, CIRCOR International (CIR) was the top performer in the year-to-date period. The company, under a new leadership team, has taken an aggressive approach to driving margin improvement by capitalizing on its product portfolio pricing structure which was aided by deploying an 80/20 strategy across the organization. The board announced a process in which it was undertaking strategic alternatives to extract maximum value for shareholders. During the second quarter, the board received two offers to buy the company for a significant premium.

Within Consumer Discretionary, Modine Manufacturing (MOD) was the top performer. MOD has seen significant success in deploying an 80/20 culture which has allowed for a less complex, higher margin, and higher growth business, which we believe has significant potential in the next several years. We always seek to identify those stocks that have the leadership and culture in place to drive an inflection point in ROIC and, in our experience, those companies adopting an 80/20 focus throughout the organization can create a pathway for value creation.

In the Health Care sector, ICU Medical was a top performer. The company has positioned the business to regain market share in its core markets. Improved hospital surgery volume and lower inflation should allow the company to regain upward momentum on ROICs.

The three sectors that detracted most from the portfolio’s performance relative to its benchmark in the first half of the year were Financials (driven by selection), Energy (driven by selection), Materials (driven by selection) and Information Technology (driven by selection).

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Information Technology holding, Lumentum Holdings (LITE) was the top detractor within the sector. We underestimated the inventory overhang the business would be facing from its major telecom customers and though LITE has a strong balance sheet and solid prospects going forward, we now realize it will take a couple of quarters for the business to get back on track.

Glacier Bancorp (GBCI) was the top detractor within Financials. After reporting its first quarter earnings, GBCI suffered as its net interest margin (NIM) contracted more than expected. GBCI has one of the most resilient deposit models; however, as a safety measure, it took on higher cost borrowing due to the bank failures and uncertainty on deposit pricing dynamics. Looking ahead, GBCI expects its NIM to bottom sometime in the third quarter as it pays down those higher cost borrowing and loan yields reprice at much higher levels. The area we are watching closely for all the portfolio’s bank exposure is credit issues that might become more prevalent as the year progresses. GBCI has a reputation as one of the most disciplined credit underwriters based on past loss rates. Therefore, in a period of broader credit stress, we believe GBCI will be a positive standout.

Within Health Care, Orthofix was sold during the period. The thesis for owning the stock was focused on the company’s self-help initiatives around sales force optimization and operating leverage developing from a broader distribution which did not fully play out. The board decided the best course of action was to merge with Sea Spine to gain greater scale. Given the merger and risk of integration, we exited the position.

Consumer Discretionary holding, American Eagle Outfitters was another detractor in the period. Originally, we owned the stock because of the company’s sizeable cost reduction strategy on top of it being in a much stronger inventory position than the industry, which we believed would help drive margin improvement. Ultimately, execution and the headwinds from a weaker consumer and additional pressure from the potential student loan repayment plans starting back up in the latter part of 2023, led us to sell the stock.

Market Outlook

What an exciting time to be an active investor! As we continue into the second half of 2023, there are a lot of moving parts including a monetary policy that is trying to slow the broad economy and quell wage inflation and fiscal stimuli (Highway Bill, Inflation Reduction Act, CHIPS and Science Act, etc.) that are continuing to fuel growth in focused areas of our economy. In addition, we have the continued shift toward reshoring, renewed trade restrictions between China and the U.S., potential peace attempts starting with Russia and Ukraine, and an AI-driven productivity boon for machines.

Importantly, rising real interest rates are having an impact on the cost of capital—increasing it—for all companies. In turn, this demands a shift in thinking by company managements regarding how much debt to maintain longer term. In our opinion, we see a challenging market backdrop going forward primarily due to the significant increase in the cost of capital that is not likely to reverse anytime soon; however, the impact of this higher cost will likely be felt over months and years rather than in just a single quarter. Our investment approach has always used a high cost of capital hurdle (10%+), coupled with our work toward keeping our portfolio populated with ROIC change agents. ROIC change agents are management and incentive driven focus on how to optimize capital allocation via asset purchase and sales, facility rationalization, and continuous programs with improving returns as the goal. We remain comfortable with our philosophy and process over cycles regardless of the economic backdrop. We do see volatility increasing as real rates continue to rise, particularly for loss makers and zombie companies. In recent years, due to easy money policies, we have seen many companies misallocating capital (i.e., investing in too many low return businesses), while simultaneously not allowing for creative destruction. Hopefully, we can return to an appropriate balance of appropriate capitalism for the benefit of companies and citizens alike. While we cannot know exactly when a soft landing or hard landing will occur, we think we are nearing that juncture over the next two-three quarters. Our focus is on management teams that cannot just weather a broad variety of storms but can become stronger organizations, financially and culturally, via continuous improvement programs. We are excited to invest in a difficult investment backdrop that even Stanley Druckenmiller calls the most difficult of his career. Thank you for your continued interest and support.

Portfolio Allocations as of June 30, 2023

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iMGP SBH Focused Small Value Fund Value of Hypothetical $10,000

The value of a hypothetical $10,000 investment in the iMGP SBH Focused Small Value Fund from July 31, 2020 to June 30, 2023 compared with the Russell 2000 Value Index, Morningstar Small Value Category and Russell 2000 Index.

The hypothetical $10,000 investment at fund inception includes changes due to share price and reinvestment of dividends and capital gains. The chart does not imply future performance. Indexes are unmanaged, do not incur fees, expenses or taxes, and cannot be invested in directly.

Performance quoted does not include a deduction for taxes that a shareholder would pay on the redemption of fund shares.

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iMGP SBH Focused Small Value Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2023 (Unaudited)

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

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iMGP Alternative Strategies Fund 2023 Semi-Annual Report

The iMGP Alternative Strategies Fund (Institutional Share Class) was up 2.02% in the first half of the year, compared to the Morningstar Multistrategy category’s 3.07% return, a gain of 2.09% for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 2.25% gain for the ICE BofA 3-Month Treasury Bill Index.

Since its inception on September 30, 2011, the fund’s annualized return is 3.48% with a volatility (standard deviation) of 4.76%, and a beta to the U.S. stock market (Russell 1000 Index) of 0.27. This compares to the 3-Month Treasury Bill Index return of 0.85%, the Morningstar Multistrategy category return of 2.85% and the U.S. Aggregate Bond Index return of 1.53%.