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iMGP High Income Fund

MAHIX

Overview

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

★★★★★ Overall Morningstar Rating™

MAHIX: Five Star Overall Morningstar Rating™, among 278 Non-traditional Bond funds based on risk-adjusted return for the period ending 6/30/2024.*

Fund Objective

The iMGP High Income Fund, formerly known as Litman Gregory Masters High Income 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 US 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 iMGP Fund Management's expertise investing in income-generating strategies beyond traditional core fixed-income
Leverages iMGP Fund Management'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 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.

*Although the managers actively manage risk to reduce portfolio volatility, there is no guarantee that the fund will always maintain its targeted risk level, especially over shorter time periods and loss of principal is possible. The performance goals are not guaranteed, are subject to change and should not be considered a predictor of investment return. All investments involve the risk of loss and no measure of performance is guaranteed. The fund aims to deliver its return over a full market cycle, which is likely to include periods of both up and down markets.

Though not an international fund, the fund may invest in foreign securities. Investing in foreign securities exposes investors to economic, political and market risks, and fluctuations in foreign currencies. 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. 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 fund may invest in master limited partnership units. Investing in MLP units may expose investors to additional liability and tax risks. 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. The fund may make short sales of securities, which involves the risk that losses may exceed the original amount invested. Merger arbitrage investments risk loss if a proposed reorganization in which the fund invests is renegotiated or terminated.

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.

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 Fund was rated against the following numbers of Non-traditional Bond funds over the following time periods as of 6/30/2024: 278 funds in the last 3 years, and 249 funds in the last 5 years. With respect to these Non-traditional Bond funds, iMGP High Income Fund (MAHIX) received a Morningstar Rating of 4 stars and 5 stars for the three- and five-year period. Ratings for other share classes may be different.

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The iMGP Funds are distributed by ALPS Distributors, Inc.