iMGP High Income Alternatives Fund

Overview

Seeking to generate a high level of current income from diverse sources, consistent with the goal of capital preservation over time.

MAHIX: Five Star Overall Morningstar Rating™, among 294 Non-traditional Bond funds based on risk-adjusted return for the period ending 12/31/2021.* 

Fund Objective

The iMGP High Income Alternatives Fund, formerly known as Litman Gregory Masters High Income Alternatives Fund, seeks to generate a high level of current income from diverse sources, consistent with the goal of capital preservation over time. Capital appreciation is a secondary objective.

Key Fund Attributes/Characteristics

The fund is sub-advised by skilled, experienced managers executing differentiated income-oriented strategies focused on non-traditional and/or less efficient market areas. The fund seeks to generate high current income relative to the Bloomberg Barclays Aggregate U.S. Bond Index, with volatility that is typically less than high-yield bond indexes.

We have designed the fund to provide each manager with a high degree of flexibility to implement their strategies. The multi-manager structure allows each sub-advisor to take full advantage of compelling opportunities in their pursuit of high income, while achieving broad diversification at the overall fund level.

• Access to alternative sources of income that investors may not otherwise own
• Seeks high level of income without taking unnecessary risk or reaching for yield
• Leverages Litman Gregory’s expertise investing in income-generating strategies beyond traditional core fixed-income
• Leverages Litman Gregory’s access to top-tier investment managers

The fund’s role in a portfolio

The fund is best viewed as a complement to traditional fixed income allocations, seeking a goal of returns significantly higher than core fixed income with low correlation and less interest rate sensitivity, but higher volatility.* The fund can serve as part of an investor’s diversified fixed income allocation, or as part of an alternative strategies allocation.

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iMGP Fundsʼ investment objectives, risks, charges, and expenses must be considered carefully before investing. The prospectus contains this and other important information about the investment company, and it may be viewed here or by calling 1-800-960-0188. Read it carefully before investing.

Diversification does not assure a profit nor protect against loss in a declining market. Mutual fund investing involves risk. Principal loss is possible.

Potential risks include, but are not limited to, market risk, credit risk, liquidity risk, interest rate risk, and management risk. Outcomes depend on the skill of the sub-advisors and advisor and the allocation of assets among them. References to other mutual funds should not be deemed an offer to sell or solicitation of an offer to buy shares of such funds.

* The Morningstar Rating for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed products monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five, and 10-year (if applicable) Morningstar Rating metrics. The weights are 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10 year overall rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods. iMGP High Income Alternatives Fund was rated against the following numbers of Non-traditional Bond funds over the following time periods as of 12/31/2021: 294funds in the last three years, With respect to these Non-traditional Bond funds, iMGP High Income Alternatives (MAHIX) received a Morningstar Rating of 5 stars. Ratings for other share classes may be different.

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