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Semi-Annual Report

iMGP Equity Fund

iMGP International Fund

iMGP Oldfield International Value Fund

iMGP SBH Focused Small Value Fund

iMGP Alternative Strategies Fund

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

June 30, 2022

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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 iMGPFunds 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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Must be preceded or accompanied by a prospectus.

Effective December 16, 2021 the name of the PartnerSelect Funds was changed to iMGP Funds.

Effective October 1, 2021 the name of the Advisor to the Funds was changed from Litman Gregory Fund Advisors LLC to iM Global Partner Fund Management LLC.

On September 20, 2021 the iM Dolan McEniry Corporate Bond Fund, iM DBI Managed Future Strategy ETF and iM DBI Hedge Strategy EFT were acquired by the Litman Gregory Funds Trust by merger. Performance reported for each of these funds for periods prior to the merger date represents the performance of the Predecessor Funds.

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.

The iMGP International Fund uses the iShares MSCI AWCI ex U.S. ETF for weightings comparisons because of its readily available information. We believe this particular ETF is the most relevant to our fund and is widely recognized by investors. The iShares MSCI ACWI ex U.S. ETF seeks to track the investment results of an index composed of large- and mid-capitalization non-U.S. equities Its expenses are 0.34% gross and 0.32% net. It may invest up to an aggregate amount of 15% of its assets in illiquid investments. An investment in the ETF is not a bank deposit and it is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency, BFA or any of its affiliates. As with any investment, you could lose all or part of your investment in the ETF and the ETF’s performance could trail that of other investments. The ETF intends to make distributions that may be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement such as a 401(k) plan or an IRA, in which case, your distributions generally will be taxed when withdrawn.

Merger arbitrage investments risk loss if a proposed reorganization in which the fund invests is renegotiated or terminated.

Investments in absolute return strategies are not untended to outperform stocks and bonds during strong market rallies.

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.

Past performance does not guarantee future results.

Mutual fund investing involves risk; loss of principal is possible.

Performance discussion for the Alternative Strategies and Dolan McEniry Corporate Bond Funds is specifically related to the Institutional share class.

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.

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See pages 10, 18, 23, and 29 for each equity fund’s top contributors. See pages 14, 22, 26, and 31 for each equity fund’s portfolio composition. See pages 34 for the Alternative Strategies Fund’s individual strategy portfolio allocations. See pages 91 for the High Income Alternative Fund’s individual strategy portfolio allocations. Fund holdings and/or sector allocations are subject to change at any time and are not recommendations to buy or sell any security.

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

Leverage may cause the effect of an increase or decrease in the value of the portfolio securities to be magnified and the fund to be more volatile than if leverage was not used.

References to other mutual funds should not be interpreted as an offer of these securities.

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

Any tax or legal information provided is merely a summary of our understanding and interpretation of some of the current income tax regulations and it is not exhaustive. Investors must consult their tax advisor or legal counsel for advice and information concerning their particular situation. Neither the Funds nor any of their representatives may give legal or tax advice.

Please see page 187 for index definitions. You cannot invest directly in an index.

Please see page 190 for industry definitions.

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iMGP Funds Performance

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.

The Equity, International and Alternative Strategies Funds all have contractual fee waivers in effect through April 30, 2023. The Advisor has agreed to limit the expenses of the High Income Alternatives, SBH Focused Small Value, Oldfield International Value and Dolan McEniry Corporate Bond Funds through April 30, 2023. See the Prospectus for more information.

Performance does not reflect taxes a shareholder might incur on the sale of shares. Performance does not reflect fees or commissions a shareholder may pay on the purchase or sale of shares.

A commission may apply when buying or selling shares of an ETF.

MSCI index returns source: MSCI. Neither MSCI nor any other party involved in or related to compiling, computing, or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability, or fitness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affiliates, or any third party involved in or related to compiling, computing, or creating the data have any liability for any direct, indirect, special, punitive, consequential, or any other damages (including lost profits) even if notified of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI’s express written consent. Source note: Returns prior to 1999 are the MSCI ACWI ex-US GR index. Returns from 1999 onwards are MSCI ACWI ex-US NR index.

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Dear Fellow Shareholder,

It’s been a rough year, with equity markets down more than 20% and “low-risk” bond markets registering low double-digit losses. The S&P 500 dropped 16.1% for the second quarter and is down 20% for the year, after being down as much as 24% through mid-June. Foreign stocks fared slightly better with Developed international markets (MSCI EAFE Index) down 14.5% for the quarter and 19.6% YTD. Emerging Market stocks (MSCI Emerging Markets Index) held up a bit better, dropping 11.4% for the quarter, and down 17.6% YTD.

Core investment-grade bonds were pummeled again in the second quarter, with the benchmark Bloomberg U.S. Aggregate Bond Index (the “Agg”) dropping 4.7%. This puts the “safe-haven” Agg down an incredible 10.3% for the year to date — its worst first-half ever. In other segments of the fixed-income market, high-yield bonds (ICE BofA Merrill Lynch U.S. High Yield Cash Pay Index) fell 9.9% and floating rate loans (S&P/LSTA Leveraged Loan index) dropped 4.5% for the quarter. For the year to date through the end of June, these indexes are down 14.0% and 4.6%, respectively.

As we have long pointed out, core bonds are not low-risk or defensive assets in an inflationary (rising interest rate) environment. Taken together with the equity bear market, this is by far the worst first-half performance for a traditional “60/40” balanced portfolio (60% S&P 500/40% Aggregate Bond Index) since at least 1950, down 16.1%. The previous worst first half was in 1962, down 12%.

Portfolio diversification into “non-traditional” asset classes, non-core and flexible fixed-income strategies, and alternative strategies can be particularly valuable in an inflationary or stagflationary environment. We saw this in the first half of the year. Trend-following managed futures strategies led the way posting 20%-plus returns, benefiting from short positions in bond and stock markets, and long exposures to commodities and the US dollar. It’s worth noting the benchmark SG Trend Index has now outperformed both global stocks (MSCI ACWI) and core bonds (the Agg) by wide margins over the past three and five years through the end of June.

Given this macro backdrop, the iMGP Funds family offers several strong options that we believe can improve the risk-adjusted performance of a traditional stock/bond balanced portfolio: namely, our DBi Managed Futures Strategy ETF, DBi Hedge Strategy ETF, Alternative Strategies Fund, High Income Alternatives Fund, RBA Responsible Global Allocation ETF and Dolan McEniry Corporate Bond Fund.

For more risk-tolerant investors, our high-conviction, concentrated equity funds seek to generate long-term capital growth exceeding passive indexes. They can serve as core equity holdings, or as satellite positions around core equity-market index allocations.

We believe the iMGP Funds can fill a valuable role within diversified investment portfolios. Each Fund is sub-advised by highly disciplined, deeply experienced, and skilled investors who we believe can outperform their respective benchmarks and peer groups over full market cycles.

We strongly encourage shareholders to read the enclosed individual fund and ETF semi-annual reports for portfolio manager commentary and performance details.

As always, we thank you for your continued trust and confidence. Our commitment and confidence are reflected in the collective personal investments in the funds by iMGP management, employees, and the Funds’ trustees and portfolio managers of over $15 million, as of June 30, 2022.

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Sincerely,

Jeremy DeGroot, President and Portfolio Manager

Jack Chee, Portfolio Manager

Jason Steuerwalt, Portfolio Manager

Kiko Vallarta, Portfolio Manager

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iMGP Equity Fund (MSEFX)

The iMGP Equity Fund lost 27.13% in the first half of 2022, lagging the 21.1% decline for the fund’s Russell 3000 Index benchmark and the 19.26% loss for the Morningstar Large Blend category. Since the fund’s inception on December 31, 1996, the fund’s 7.58% annualized return is slightly behind the benchmark return of 8.59% but ahead of its peer group’s 7.13% return.

Performance of Managers

Of the fund’s six sub-advisors, only one (Nuance Investments) outperformed their respective benchmark in the first half of 2022. Of the remaining managers, one manager (Fiduciary Management) performed in line, while the others underperformed. The fund’s sole growth manager, Sands Capital, suffered one of their worst absolute and relative performances in the six-month period, losing 50.11% and lagging the Russell 1000 Growth benchmark by 22.04% in the period. (Returns are net of sub-advisor management fees.)

Key Performance Drivers

In the first half of 2022, both sector allocation and stock selection had negative impacts on performance. It is important to understand that the portfolio is built stock by stock and that sector weightings are a residual of the bottom-up, fundamental stock-picking process employed by each sub-advisor. That said, we do report on the short-term relative performance of both sector weights and stock selection to help shareholders understand the drivers of recent performance. It is also important to remember that the performance of a stock over a relatively short period tells us nothing about whether it will be a successful position; that is only known at the point when the stock is sold.

At the overall sector level, Consumer Discretionary, Industrials, and Real Estate were the three contributors. The portfolio’s consumer discretionary exposure benefitted from better relative stock performance, but this was partially offset by an overweight (17.08% vs. 11.45%) to an underperforming sector relative to the benchmark. Within the sector, Amazon.com was a meaningful detractor (down 36.3%) in the period. The stock is owned by both Sands Capital and Davis Advisors. Davis says the stock’s performance reflects the near-term uncertainty in e-commerce growth following accelerated adoption of e-commerce during the pandemic. In addition, excess capacity along with wage and fuel inflation are negatively impacting Amazon’s current e-commerce margins, leading some investors to question whether the e-commerce business is structurally less profitable than previously thought. While Amazon’s cloud business continues to perform very well on both the top and bottom-lines, growth could slow over the next few quarters if concerns about the economy materialize.

Sectors that detracted most from performance in the period were communication services, health care, and energy. The negative impact from communication services was primarily due to stock selection. Sea Limited was a leading detractor, falling 70.11%. Sea is an internet business in Southeast Asia that operates leading platforms for video games (Garena), ecommerce (Shopee), and digital financial services (SeaMonkey). Sands Capital says Sea’s core geographic market benefits from several secular trends—including above-average economic growth, young demographics, and low digital adoption levels—that the team believes will underpin strong growth for its core businesses. Sands says Sea’s shares have contended with several headwinds over the past several quarters, including the sell-off in high-growth, high-valuation stocks and company-specific headwinds (e.g., Tencent’s stock sale and voting restructuring, India’s gaming ban and ecommerce exit, and slowing gaming growth). The market’s elevated focus on near-term profitability has also weighed on Sea, but the company’s first-quarter results strengthened Sands’ conviction in the profit potential of what they view as its biggest growth driver: Shopee, its ecommerce segment.

Shopee grew gross merchandise volume and revenue by 39% and 64%year-over-year, respectively, well ahead of consensus expectations. Loss per order improved in both Southeast Asia & Taiwan, and the company committed to the segment breaking even in 2023. Loss per order also improved in Brazil. Shopee remains the crux of the investment case. Sands believes that Shopee can ultimately account for nearly a fifth of total retail sales in Taiwan and Southeast Asia, with profitability driven by take-rate expansion and cost dilution.

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Outside of ecommerce, Sea’s digital financial services business grew revenue 360% year-over-year and losses narrowed to $125 million from $150 million in the prior quarter. Gaming, which Sands doesn’t view as a core growth driver but still attracts investor focus due to its historical importance to the overall business, met expectations. Today, Sands views Sea’s long-term risk/reward profile as among the most attractive in their portfolio. They continue to view the company as the best-positioned business to capture the growth opportunity in Southeast Asia over the next decade as it caters to the population’s underserved retail, financial services, and digital entertainment needs.

Another detractor in communication services was Meta Platforms, which was owned by two managers, Bill Nygren of Harris Associates and Fiduciary Management. FMI’s view is that Meta is the #1 social media company globally, with incredible scale (2.7bn users), network effects, and best-in-class advertising ROI. The company’s ability to evolve its engagement models in a shifting social media landscape highlights its durability. As a result of its leading reach and high engagement, the company has built a dominant position in the secularly growing digital advertising market. There’s opportunity to improve monetization on multiple fronts including the messaging platforms and outside the United States. Meta’s e-commerce and augmented reality/virtual reality efforts also provide optionality. Pricing headwinds from Apple’s iOS changes, a shift of engagement towards Reels which monetizes at a lower rate than Feed and Stories, competition (TikTok), investment spend in the Metaverse, and recession fears have weighed on the stock. The stock has a great balance sheet, better than average long-term growth prospects, and trades at a discount to the market (~12x depressed earnings, before accounting for $44bn of net cash). FMI wants to give management some time to see how they navigate the current fundamental challenges before taking any further action.

While energy exposure was an overall detractor, EOG Resources, owned by Bill Nygren of Harris Associates was a top contributor in the period, gaining 28.83%. In the team’s view, EOG Resources is one of the best positioned U.S. energy companies as its focus on capital productivity made it a true low-cost producer. At a broad level, Nygren believes EOG Resources is a rare exploration and production company that generates unusually high returns on its acreage position while sustaining those returns by reloading the inventory base with additional unusually high-return acres. In his estimation, EOG Resource’s new CEO Ezra Yacob is off to a favorable start, adding on to a management team that strives to optimize operations for value creation and capitalize on positive developments in the external environment.

Specific to the stock’s recent performance, EOG Resources’ share price benefitted from the surge in energy prices in the first quarter due to the crisis in Ukraine. In addition, the company released its fourth-quarter earnings report revealing a 100 basis point increase in oil production year-over-year with capital expenditures flat sequentially and below consensus estimates. Guidance for 2022 remained in-line with estimates, and management plans to increase oil production by 4% year-over-year due to their belief that drilling is the best use of capital with 20 years of premium inventory. Management also believes the company will be able to offset inflation fully with drilling efficiencies. A $1 per share special dividend was awarded to shareholders for the second straight quarter while maintaining the regular $0.75 per share dividend. Despite its strong balance sheet relative to peers, management also said the company intends to build cash in 2022. Later, EOG Resources delivered good first-quarter earnings results, as production grew 2% quarter-over-quarter and finished above consensus expectations. Importantly, Nygren and his team find that the company’s absolute results are solid, and appreciated management’s commitment to returning 60% of its free cash flow to shareholders. They met with EOG’s new CEO Ezra Yacob in the second quarter, who reiterated the company’s goal to reduce finding and development costs every year and organically replenish drilling inventory. EOG also remains ready and willing to buy back stock in a downturn opportunistically.

Within industrials, CK Hutchison Holdings was leading performance contributor in the period. The FMI team says the company is a blue-chip holding conglomerate that owns relatively defensive, quality businesses (telecom, infrastructure, retail, etc.). The company has taken steps to create value over the past couple years (sale-and-leaseback of European tower assets, deconsolidation of Husky Energy, etc.), yet the stock price has barely budged. Despite a strong balance sheet, based on FMI’s estimates the stock trades at around a 50% discount to net asset value. Based on 2022 estimated earnings, the stock trades, at only ~5 times earnings and pays a healthy dividend (5% yield). FMI believes the current stock price undervalues the business. However, sentiment has been weak as the company has been less aggressive with shareholder returns (buying back stock, increasing the dividend) than investors had expected following the tower sale. FMI had written a letter to management and the board to encourage additional activity on this front, but was disappointed with their subsequent conversation with management, and have concerns they may pursue M&A. FMI sold their position in April, and rolled the proceeds into Sodexo, an investment where they have higher conviction: a simple, defensive compounder, which is cheap and out of favor, but one where they have greater confidence in management creating shareholder value.

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Portfolio Mix

The Equity Fund portfolio is the result of six bottom-up stock pickers with diverse investment approaches building concentrated portfolios. Therefore, the portfolio often looks quite different from its benchmark. For example, it is common for the fund to have meaningful sector over- or underweights. As of mid-year, the fund was 9.7% overweight to the consumer discretionary sector (20.3% vs. 10.6%) and underweight to the information technology sectors by an equal amount (15.7% vs. 25.5%). The fund is also overweight to the finance and communication services sectors—8.7% and 4.3% overweight relative to Russell 3000 Index, respectively.

The fund’s position in foreign equities increased slightly from the start of the year (up from 15% to 16.2% through mid-year). The fund’s weighted-average market cap stands at close to $240 billion at the end of June, while its median market cap is $39.4 billion (both figures are lower than where they stood at the start of the year).

We believe the fund comprises an eclectic mix of highly skilled, disciplined, and opportunistic stock pickers who have the potential to add significant additional value through concentrating in only their highest-conviction names.

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By Market Cap		By Region
Small Cap < $6.1 billion Mid Cap >$6.1 Billion<$33.9 billion Large Cap >$33.9 billion

Significant Post June 30 Event

iM Global Partner Fund Management, the Investment Advisor for iMGP Equity Fund, is making significant changes to the fund’s line up of Subadvisors that includes the addition of a dedicated small/mid-cap manager as well as expanding each manager’s ability to own their highest-conviction ideas globally (the fund has always had the flexibility to invest globally but it is now a formal part of its investment objective). These changes were made with an effective date of August 1, 2022.

While these changes are material in scope, we believe them to be consistent with the fund’s original premise when it was launched back in 1996. It is with enthusiasm and confidence that we share details and rationale behind these changes.

Current managers Sands Capital, Fiduciary Management Inc., Harris Associates, and Davis [<<clean up names]—all long-time Subadvisors on the fund—were removed effective close of business on July 29, 2022. Polen Capital and Scharf Investments were being added and will manage sleeves alongside Nuance Investments, who will remain on the fund.

In total the new manager line-up includes four separate strategies as outlined below:

Strategy: Global Large-Cap Growth (20%)

Sub-Advisor: Polen Capital

Managers: Damon Ficklin and Jeff Mueller

Global Large-Cap Value (30%)

Global Small and Midcap (SMID) Growth (20%)

Global Mid-Cap Value (30%)

The changes are the result of an in-depth analysis focused on configuring a combination of managers we believe to be skilled in a way that can deliver the alpha we expected when we originally launched the fund. It reflects what we’ve learned after decades of research on active managers both in terms of the skills and discipline that give a manager an edge and how to craft and oversee mandates that individually and in combination maximize the odds of success—defined as materially beating a passive benchmark after fees.

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We continue to believe, as we did when the fund was launched in 1996, that allowing skilled managers to own only their highest-conviction ideas is better than owning more-diversified portfolios because owning a large number of names leads to more index-like performance. We don’t believe in paying fees that are higher than those charged by index funds to get index-like performance. An additional benefit to these changes is a reduction in the operating expense ratio as IM Global Partner Fund Management has contractually agreed to limit the expenses of the fund to 0.98% through at least April 30, 2023.

We also continue to believe that giving managers latitude in the types of stocks they can own can confer an advantage over managers who are more tightly constrained to a “style box.” Those beliefs underlay the original premise of the fund to seek skilled managers, give them broad flexibility, limit them to their highest-conviction ideas, and create diversification by choosing managers with complementary styles to reduce risk. We believe that the revised configuration of fund preserves, if not enhances, those foundational concepts.

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iMGP Equity Fund Managers

iMGP Equity Fund Value of Hypothetical $10,000

The value of a hypothetical $10,000 investment in the iMGP Equity Fund from December 31, 1996 to June 30, 2022 compared with the Russell 3000 Index and Morningstar Large Blend Category

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 Equity Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2022 (Unaudited)

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

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iMGP Equity Fund

SCHEDULE OF INVESTMENTS IN SECURITIES at June 30, 2022 (Unaudited) (Continued)

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

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iMGP International Fund (MSILX)

The iMGP International Fund lost 22.46% in the first half of 2022, lagging the 19.57% decline for the fund’s MSCI EAFE benchmark and the 19.25% loss for the Morningstar Foreign Large Blend category. Since the fund’s inception on December 1, 1997, the fund’s 5.93% annualized return is ahead of both the benchmark return of 4.35% and its peer group’s 3.63% return. Note that effective October 1, 2021 the fund changed its primary benchmark from the MSCI ACWI Index to the MSCI EAFE Index to reflect the current managers’ emphasis on investing in developed markets.

Performance of Managers

Of the fund’s three sub-advisors, only one (Mark Little, Lazard Asset Management) outperformed their respective benchmark in the first half of 2022. David Herro (Harris Associates) underperformed his value benchmark, while the Polen Capital team trailed their growth benchmark.

Key Performance Drivers

In the first half of 2022, both sector allocation and stock selection had negative impacts on performance. It is important to understand that the portfolio is built stock by stock and that sector weightings are a residual of the bottom-up, fundamental stock-picking process employed by each sub-advisor. That said, we do report on the short-term relative performance of both sector weights and stock selection to help shareholders understand the drivers of recent performance. It is also important to remember that the performance of a stock over a relatively short period tells us nothing about whether it will be a successful position; that is only known at the point when the stock is sold.

Selection within three sectors—industrials, information technology, and materials—contributed to returns in the first half of 2022. The portfolio’s industrial exposure benefited from CAE, a Canadian provider of pilot training services primarily for the civil aviation and defense markets. This holding is owned by Mark Little, who believes the company has exposure to the structural increase in demand for pilots, given the growth in air travel, aging demographics of certified pilots, and the ongoing regulatory requirement to maintain pilot skills. As the pandemic ensued, management has taken costs out of the business and has made accretive acquisitions, positioning the company to be larger and more profitable in the recovery. Now, pilots laid off during the pandemic are starting to work again and have urgent training requirements, leading to significant order intake for CAE’s civil business. On the defense side, the company has won a record number of orders from their pipeline before defense budget increases were announced—putting its book-to-bill ratio above 1x for the first time in four years. Additionally, CAE is the training provider for the German Air Force so should benefit from material defense spending increases in coming years.

Glencore, owned by David Herro, had a strong first half and was a leading contributor within the materials sector.

Herro notes that his team likes that Glencore is run by smart, hyper-competitive and value-focused managers with a focus on improving asset returns. In his estimation, Glencore differentiates itself from other miners with its trading business that provides high returns and cash flow with low cyclicality and significant barriers to entry. They appreciate the company’s leading market positions in attractive commodities and believe existing mining operations will benefit from normalized prices, higher volumes, lower costs, and the move towards a low carbon economy.

In Herro’s view, Glencore delivered a solid fiscal year 2021 earnings report as financial metrics improved materially year-over-year. In the marketing segment, earnings handily bested expectations ($3.7 billion vs. $3.5 billion). In metals, earnings increased to $2.5 billion from $1.7 billion for the year-ago period due to strong demand, supply constraints and inventory drawdowns. Herro’s team met with CEO Gary Nagle and CFO Steve Kalmin and discussed the massive impact the crisis in Ukraine is having on Glencore’s markets. As customers bypass Russian oil, natural gas and coal, the tightened supply translated to large price increases. In particular, European nations are now buying coal at elevated prices as a replacement for Russian natural gas, leading to stronger than expected free cash flow. Management also noted that the company now has 27 assets either in sale processes or under consideration on top of the nine assets already sold as part of the

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portfolio simplification. In April, the company’s first-quarter production report showed strong performance from coal, which Herro found important given the high prices in the first quarter. Later, Glencore reached settlements for the U.S., U.K. and Brazil investigations with figures that look to align with the $1.5 billion provision from fiscal year 2021. Herro appreciates that Glencore is in strong financial shape in terms of its balance sheet and current cash flow generation and believe the company is well positioned to move forward with dividends and share repurchase programs. In June, Glencore provided a positive trading update, as marketing earnings for the first-half are expected to exceeded $3.2 billion, which is the at the top end of the company’s long-term earnings range for a fiscal year.

Despite overall stock selection being negative in the health care sector, the fund’s top contributor in the first half of 2022 was Bayer (owned by Herro). In his determination, Bayer’s merger with Monsanto creates the best agriculture business in the world within its vertical markets in terms of size and quality. Despite some recent glyphosate-related litigation issues, he believes Bayer’s collaboration with Monsanto should deliver benefits to its crop sciences business from increased channel access in the U.S. thanks to Monsanto’s direct dealings with farmers and expanded application of its seed growth solutions on additional quantities of Monsanto seed, which would afford a pathway to near-term revenue synergies. Bayer’s pharmaceutical business developed blood thinning drug XARELTO^®, which is in wide use and has an excellent outlook over the medium-term, in Herro’s view, given that its patent is held until at least 2023 (or beyond depending on the country). In addition to its crop sciences and pharmaceutical businesses, Bayer is a leading global provider of over-the-counter consumer health products and possesses a robust portfolio of brands (including Aleve^™, Alka Seltzer^™, Claritin^™, Afrin^™ and MiraLAX^™, among others), which supports a healthy level of continuing cash flow.

Bayer reported strong earnings results for 2021, in Herro’s view, with growth exceeding expectations across divisions. Notably, the crop science division delivered 11% growth, staging a robust recovery following two years of an agriculture downcycle and competitive challenges. Management’s increased guidance for crop sciences in 2022 calls for 7% organic growth and a 25-26% margin, which Herro believes is a key positive for the segment as it signals a long-awaited favorable transition toward profitable growth. In the pharmaceuticals division, revenue growth of more than 7% also bested expectations, supported by a strong recovery of Eylea, continued growth of Xarelto and the ramp of new products. Moreover, Bayer’s pipeline enjoyed notable successes in the period, including a favorable read-out for cancer drug Nubeqa. The Harris Associate’s team spoke with Bayer CFO Wolfgang Nickl who noted that tailwinds are robust in the business today. Notably, he expressed confidence in both the pricing and competitive backdrop in the crop sciences business as rate increases are layering into sales growth and cost cuts begin to come through. Bayer’s first quarter earnings report showed strength, in Herro’s view, surpassing consensus estimates across the board. In the crop business, growth accelerated 60% from herbicides as industry-wide capacity shortages led to windfall pricing and volume share gains for the company. However, supply and demand for glyphosate is expected to normalize in the second half of 2022. Without the tailwind from herbicides, the crop business still grew over 10% and margins improved ahead of forecasts as well. Strong consumer growth persisted and is now 27% above pre-Covid-19 levels. The pharma segment was the weakest as sales were pressured by volume-based pricing impacts on Xarelto, this is consistent with expectations and management still expects roughly flat product revenue for the year.

Turning to portfolio detractors for the period, ICON was a material drag on performance within the health care sector. The co-portfolio manager team at Polen Capital contends that ICON remains one of the world’s largest contract research organizations, structuring, administering, and delivering successful drug trial outcomes for the global biopharma industry. ICON completed a transformational acquisition in July 2021 when it acquired PRA Health Sciences, a deal that roughly doubled the company’s breadth and reach. The integration is going well with minimal employee and customer attrition. The team believes the company is well positioned to grow sales and profits at a steady clip in the coming five years. Deal synergies are being realized, including the tax benefits accruing from ICON’s Ireland domicile being applied to PRA’s US operations. Shares have underperformed this year as ICON’s valuation multiple compressed. Though some investors harbor cyclical concerns about early-stage funding drying up for venture backed biotech companies, such businesses account for less than 15% of ICON’s revenues. Further, management does not believe this cohort is at risk for funding shortfalls. Polen is looking through investor concerns and believes ICON’s business has superior scale and process management capabilities enabling it to win share within a steadily growing market. These views support Polen’s conviction that ICON can continue growing its earnings at a mid-teens rate for the next five years. Shares trade at ~17x forward 12 months earnings.

Although overall stock selection within the information technology sector was positive for the fund in the first half of 2022, Worldline, owned by Herro, was a large detractor. Herro appreciates Worldline’s position as a leader in European payments, and believes it has a long growth runway ahead due to Europe’s lower cashless penetration and higher levels of bank payment in-sourcing when compared to the U.S. He believes the payments industry is structurally attractive with high recurring revenues, low customer churn and strong free cash flow generation. In Herro’s view, Worldline’s revenue acceleration, which is driven by e-commerce business, travel recovery and synergy opportunities, is underappreciated by the market.

Early in the first quarter, Worldline completed its acquisition of Axepta Italy, a strategic partnership with BNL. It now owns 80% of Axepta Italy, which is a significant bank acquirer in the country. The partnership with BNL is in merchant services and is part of Worldine’s strategy to increase its presence across Europe. Worldline later posted strong fiscal year earnings results as revenue (EUR 3.69 billion vs. EUR 3.66 billion) and free cash flow (EUR 407 million vs. EUR 390 million) exceeded analysts’ estimates. Herro appreciated that fourth-quarter organic growth reached 12% versus the year-ago period and improved about 7% on a two-year basis, driven by merchant services’ 15.1% organic growth year-over-year. Moreover, Worldline’s organic revenues continued to progressively improve each quarter in 2021, leading to 6.8% organic growth for the full year, and margins improved 220 basis points in 2021 to reach 25.3%. The company also entered into an

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agreement with Apollo Funds for the sale of its terminals, solutions & services business for a total consideration of EUR 2.3 billion in February. Management also struck a bullish tone on deal prospects in the coming year and highlighted that its pipeline is as full as it has ever been. Worldline also released an update on its exposure to the situation in Ukraine. It is enforcing all applicable sanctions and confirmed its exposure to business related to Russia was limited, accounting for just 1.5% of estimated 2021 pro forma revenue. Later, the company delivered a strong set of first-quarter earnings results, as exhibited by its 15.3% growth, of which 11.6% was organic growth. The merchant acquiring business drove much of this growth given: (1) the continued double-digit growth of the merchant count, (2) strong recovery in offline retail and travel, (3) ongoing cash to cashless transitions and (4) recent mergers and acquisitions. In addition, Worldline announced that CFO Eric Heurtaux would step down and be replaced by Gregory Lambertie who currently runs strategy, mergers and acquisitions and public/regulatory affairs at Worldline. In Herro’s estimation, the replacement could prove to be a good upgrade. The Harris Associates team met with CEO Gilles Grapinet in June, who expressed that the business is doing well, supported by a healthy European consumer in the second quarter. Overall, the investment thesis for the company remains intact.

Stock selection within the consumer discretionary sector was negative over the first six months. Evolution Gaming, owned by the team at Polen Capital, was a headwind to performance. They own Evolution Gaming because it is the world’s premier digital back-end solutions provider to the gaming industry. The business is poised to enjoy secular growth for a generation as gaming transforms from a destination-based experience to one enjoyed at home. Over the next 10-20 years, they believe gaming will increasingly shift out of the casino and into consumers’ homes via digital connectivity over the internet, cellular devices and connected TVs. This transition is just beginning in some important markets like the US and should largely flow through Evolution Gaming’s solutions. The company white labels live gaming so that casino operators can engage with consumers by offering a full suite of games from slots to game shows, to table games. The front-end experience bears the casino operator’s branding and management, but the games are administered by Evolution. Over the last quarter Evolution shares underperformed as investor sentiment soured on consumer discretionary businesses. This is linked to macro-oriented fears that consumer spending could wane from here. At roughly 20x forward 12-month earnings the team feels the stock is compellingly valued now given a long-term view that the company can compound earnings at greater than 20% per annum.

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Portfolio Mix

The International Fund portfolio is the result of three bottom-up stock pickers with diverse investment approaches building concentrated portfolios. Therefore, the portfolio often looks quite different from its benchmark. For example, it is common for the fund to have meaningful sector over- or underweights. As of mid-year, the fund was 8.3% overweight to the technology sector (16.1% vs. 7.8%) and underweight to the consumer staples and materials sectors by 6.0% and 6.3%, respectively. There were no significant changes in sector weightings over the first half of the year.

The fund’s position across different countries and regions did not materially change since the start of 2022. A significant overweight to Europe (84.4% versus 63.1% in the index) remains in place. The fund also remains without exposure to Japan—which is a 22.3% weighting with the index.

We believe the fund comprises an eclectic mix of highly skilled, disciplined, and opportunistic stock pickers who have the potential to add significant additional value through concentrating in only their highest-conviction names.

Portfolio Breakdown as of 06/30/2022

By Region		By Market Cap

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iMGP International Fund Managers

iMGP International Fund Value of Hypothetical $10,000.

The value of a hypothetical $10,000 investment in the iMGP International Fund from December 1, 1997 to June 30, 2022 compared with the MSCI EAFE Index and Morningstar Foreign Large Blend Category.

The hypothetical $10,000 investment at fund inception includes changes due to share price and reinvestment of dividends and capital gains. The chart does no 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, 2022 (Unaudited)