General iM Global Partner Fund Management, LLC (“iMGPFM,” “we,” “us,” or “our”) provides investment management services to its clients, which consist of (i) exchange-traded funds (“ETFs”) and mutual funds that are registered as open-end investment companies with the Securities and Exchange Commission pursuant to the Investment Company Act of 1940 (each, a “Fund” and collectively, the “Funds”), (ii) third-party distributors through our Portfolio Strategies services (as described below) and, (iii) financial professionals through their subscription to our AdvisorIntelligence website platform (as described below) (“AdvisorIntelligence”). We have been in business since 1996. We are wholly-owned by iM Global Partner SAS (France), which is beneficially owned by iM Square SAS, a Paris-based investment and development platform dedicated to the asset management business. Fund Management Each of the Funds is sub-advised by investment managers, which means that we hire a number of investment management firms to provide stock selection and investment management services to allocated portions of the Funds, subject to our oversight. As the investment advisor to the Funds, we have overall responsibility for the assets of the Funds, including recommending the selection and removal of investment managers to the Board of Trustees of the Funds, evaluating the performance of the investment managers, monitoring changes at the investment managers’ respective organizations that may impact their abilities to deliver future superior performance, determining when to rebalance the investment managers’ assets, determining the amount of cash equivalents (if any) that may be held in addition to cash held in each of the investment managers’ portfolios, coordinating with managers with respect to diversification, compliance with applicable federal securities laws and federal income tax regulations, overseeing the distribution of Fund shares and managing the operational aspects of the Funds. We seek to add value to the Funds we manage through our in-depth investment manager research, which we use to find investment managers who we believe can outperform their appropriate benchmarks and peer groups over the long term. Our underlying investment philosophy demands that our manager selections be based on a very high level of conviction, so our focus on investment research is a fundamental aspect of our investment services. Our research process takes into account quantitative and qualitative factors such as:
• Intermediate and long-term performance relative to an appropriate benchmark and peer group
• A manager’s disciplined adherence to a well-defined investment process
• The depth and experience of the investment management and research team
• A business structure that allows the investment manager and research team to focus on the job of investment research, stock selection and portfolio management We generally have discretionary authority in managing the Funds, which means that we are able to make decisions with respect to the following without obtaining the consent of the Funds. Our discretionary authority includes:
• Establishing target allocations of portfolio assets among the investment managers of each Fund
• Periodically re-balancing the allocation of assets among the investment managers
• Selecting new investment managers or terminating the contracts of existing investment managers with approval of the Board of Trustees and without obtaining shareholder approval
• Changing the terms of agreements with investment managers after an event that would otherwise cause the automatic termination of services
• Adding investment managers to a Fund to expand capacity in order to avoid closing a Fund, with the approval of the Board of Trustees
• Temporarily closing a Fund to new investors or to additional investment by existing shareholders, with the approval of the Board of Trustees Discretionary authority also means making decisions with respect to the following, which is delegated to the investment managers with respect to the portion of the Funds they each manage pursuant to their respective Investment Sub-Advisory Agreements:
• The securities bought or sold
• The brokers used to buy and sell securities, and the rates paid for securities transactions
• Voting the proxies on securities held in the portfolio The investment strategies for each of the Funds we manage are set forth in the Fund’s offering documents (the Fund’s Prospectus and Statement of Additional Information). We work with each investment manager to develop investment guidelines with respect to the portion of a Fund’s assets that they manage.

The guidelines are intended to identify the types of investment decisions the investment managers are authorized to make without our prior approval as well as those decisions that require prior approval. The guidelines may also include restrictions on “alternative” asset classes, which generally include any asset class other than cash equivalents, equities (stocks) and fixed income (bonds). Some examples of alternative asset classes include illiquid investments, debt or equity of distressed companies, commodities, and derivatives. As described above, although we delegate certain investment decisions to the investment managers, we retain the authority to make investment decisions on a Fund’s behalf. Therefore, as a whole, we classify our investment advisory services as “discretionary.” IMGPFM does not tailor its advisory services to the individual needs of investors in the Funds. Investors in the Funds may not impose restrictions on investing in securities or types of securities. Portfolio Strategies We provide third-party investment advisors and broker-dealers (collectively, “Distributors”) (who have no affiliation with iMGPFM) with investment strategies (“iM Global Partner Portfolio Strategies”) by which they manage their client accounts. These strategies consist of portfolios of mainly a mix of Funds alongside third-party mutual funds and ETFs designed for specified investment objectives and risk tolerances. These strategies are delivered through what are commonly referred to as turn-key asset management platforms (TAMPs). TAMPs are generally offered through established asset management companies and enable Distributors to outsource the management of their clients’ assets. iMGPFM does not provide advisory services to the clients of the Distributors that access the iM Global Partner Portfolio Strategies through TAMP programs. While we manage models for other Distributors that access us through the TAMP program, we do not directly manage order execution on behalf of those end clients. iMGPFM provides recommendations and investment advice regarding model portfolios which are delivered and administered by a platform to other investment professionals that have either “wrap” fee or non-wrap managed account programs. A wrap fee program is considered any arrangement under which clients receive investment advisory and securities brokerage services for a specified fee or fees not based upon transactions in their accounts. iMGPFM does not, however, serve as the sponsor of any wrap fee programs. AdvisorIntelligence AdvisorIntelligence is a digital investment, globally researched communication engagement platform designed for financial professionals. AdvisorIntelligence leverages the global asset management network of iM Global Partner and select research alliance partners. Financial professionals subscribe to AdvisorIntelligence to leverage our research and communications in a flexible way that meets the unique aspects of their practice. Through AdvisorIntelligence we offer financial professionals content which includes: both qualitative and quantitative research views on asset classes and investment managers/funds, model portfolio allocations, client communications such as quarterly and annual commentaries and letters, marketing review such as performance data and access to research webinars and third party sponsored content. In addition, upon the reasonable request of a subscriber, we may, in our discretion, provide the subscriber with non-discretionary consulting services related to the implementation of the content provided that we may require an additional fee for such consulting services. Through AdvisorIntelligence, we share the investment strategy on which we have built our affiliated wealth management business. We share in-depth proprietary investment research and model portfolios, along with the high-quality client materials necessary to deliver advice with confidence. The content on AdvisorIntelligence including the investment recommendations, model portfolios or model allocations are not tailored to the specific needs and investment objectives of any AdvisorIntelligence subscribers or their clients. iMGPFM does not provide advisory services to the clients of AdvisorIntelligence subscribers that access the model portfolio allocations. We do not manage the model portfolio allocations and AdvisorIntelligence subscribers may deviate from the model portfolios allocations provided. Total Assets Under Management As of December 31, 2023, we managed $2.883 billion of regulatory assets under management, of which $2.174 billion was managed on a discretionary basis and $709 million was managed on a non-discretionary basis.