← iMGP Mutual Funds

A quality approach to value investing

(Formerly the iMGP High Income Fund)
Seeking to achieve long-term returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes.

★ ★ ★ ★ Overall Morningstar Rating™

Fund Objective

The iMGP Low Duration Income Fund seeks to achieve attractive long-term returns with lower risk and lower volatility than the stock market, and with relatively low correlation to stock and bond market indexes. A high level of current income is a secondary objective.

Key Fund Attributes/Characteristics

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

We 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
Employs a disciplined approach to income generation, avoiding unnecessary risks or reaching for yield
Accesses 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 returns 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.

An Emphasis on Diversification

Three complementary strategies to access traditional and non-traditional income sources.

Relatively High Level of Income With Less Risk

Provides a higher level of income than the Agg with lower risk than the high-yield bond index.

Portfolio Positioning

Can serve as a core fixed income strategy or complement an overall portfolio of bonds, stocks, and alternatives.

Due Diligence Kit

Invests in fixed-income securities from a wide variety of sectors, including asset-backed securities (ABS), commercial mortgage-backed securities, corporate bonds, floating-rate loans and municipal bonds. Emphasis is expected to be on A/BBB-rated asset-backed securities in non-traditional segments of the ABS market and BBB/BB-rated corporate securities, as these ratings segments have historically offered attractive risk-adjusted returns, along with low default rates.

Target Manager Allocation: 40.00%

Stock-Picking Style: Credit Value

Invests in a wide range of fixed-income and other debt and senior-equity securities across various segments of the credit markets. This includes corporate bonds, loans and loan participations, structured finance investments, US government and agency, mezzanine, preferred securities and convertible securities. The team seeks to take advantage of downturns/inefficiencies that occur during times of uncertainty, and also focuses on opportunities in non-index-eligible securities. The strategy is flexible and is not constrained by duration, sector, issuer, or credit quality.

Target Manager Allocation: 40.00%

Stock-Picking Style: Multi-Credit

Writes collateralized put options on US stock indices, primarily the S&P 500® Index and the Russell 2000® Index. The manager attempts to generate returns through the receipt of option premiums from selling out-of-the-money puts, collateralized typically by short-duration US government securities.

Target Manager Allocation: 20.00%

Stock-Picking Style: Option Income

Inception Date 09/28/2018

Cusip Number 53700T876

Ticker Symbol MAHIX

Minimum Investment $10000

Sales Loads None

12B-1 Fees None

Phone (800) 960-0188

* While the fund is no-load, management and other expenses still apply.

NET ASSET VALUE

$9.95

As of 11/26/2025

1 DAY NAV CHANGE

0.02 (0.20%)

As of 11/26/2025

YTD RETURN

5.61%

As of 11/26/2025

GROSS EXPENSE RATIO

1.20%

NET EXPENSE RATIO

0.98%

*The Advisor has contractually agreed to limit the expenses through 4/30/2026.

Asset Class

Fixed Income

Share Class inception Date

09/28/2018

Benchmark

Bloomberg US Aggregate 1-3 Year Index

CUSIP

53700T876

Registered Locations

US ✔

iMGP Low Duration Income Fund Value of Hypothetical $10,000
The value of a hypothetical $10,000 investment in the iMGP Low Duration Income Fund compared with the Bloomberg US Aggregate 1-3 Year Index, Bloomberg US Aggregate Bond Index.

Growth of Investment
Annualized
Calendar Year

* 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.

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that 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. Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. Short term performance is not a good indication of the fund’s future performance and should not be the sole basis for investing in the fund. Indexes are unmanaged, do not incur fees, and cannot be invested in directly. Returns less than one year are not annualized.

Gross Expense Ratio 1.20%

Net Expense Ratio 0.98%

* The Net Expense Ratio reflects a contractual fee waiver and/or expense reimbursement which is in place through 4/30/2026. See the Fund"s prospectus for more information.

Adjust Expense Ratio 0.99%

* The Adjusted Expense Ratio is the same as the Net Expense Ratio exclusive of certain investment expenses, such as interest expense from borrowings and repurchase agreements, dividend expense from investments on short sales, and acquired fund fees and expenses.

Investment performance reflects fee waivers in effect. In the absence of such waivers, total return would be reduced. The gross and net expense ratios can be found in the most recent Summary Prospectus (4/30/2025). There are contractual fee waivers in effect through 4/30/2026.
While the fund is no-load, management and other expenses still apply.

Disclosure:

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. 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. Diversification does not assure a profit nor protect against 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. i – 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 9/30/2025: 235 funds in the last 3 years, and 216 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 4 stars for the three- and five-year period. Ratings for other share classes may be different. © 2025 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. Index Definitions | Industry Terms and Definitions The iMGP Funds are distributed by ALPS Distributors, Inc.