Investment Objective
iMGP APA Enhanced Income Municipal Fund (APAMX) seeks to deliver a higher level of tax exempt income through a diversified exposure to lower investment-grade rated municipal bonds and an intermediate duration structure. The strategy aims to take advantage of investment opportunities using relative-value and fundamental credit analysis to maximize total return. Investment opportunities are pursued through an investment process that has been in place for over 30 years.
Investment Process
- Conducted thorough relative-value and fundamental credit analysis to take advantage of pricing inefficiencies in the market
- Bottom-up fundamental credit research is the cornerstone of our approach to investing in lower-rated, higher-yielding municipals. We combine our credit research with an investment process that emphasizes risk management and relative-value investing to achieve competitive risk-adjusted returns
- Provide ongoing internal analysis of credit quality and underlying fundamentals
Dedicated to Municipal Bond Management
Since its 1989 founding, Asset Preservation Advisors has been solely dedicated to actively managing municipal bond portfolios with all firm resources focused on this capability.
Deep Investment Expertise
There are 26 members of the firm, and the investment team is made up of 18 dedicated portfolio managers, research analysts, and traders. The team utilizes a collaborative security selection and portfolio construction process with a singular focus on maximizing after-tax income in a risk-adjusted manner. This includes maturity and duration decisions and fundamental credit selections across the investment-grade rating spectrum.
Boutique Firm
As a boutique manager with $10.7 billion (as of 9/30/24) in assets, Asset Preservation Advisors maintains the same institutional level broker/dealer relationships as larger firms for access to new deal offerings but chooses to primarily trade in the less efficient secondary market in an effort to capture spread opportunities.
Kevin Woods
Asset Preservation Advisors
Co-CEO, CIO & Partner
Kyle Gerberding
Asset Preservation Advisors
Managing Director
Portfolio Manager & Partner
Patricia Hodgman
Asset Preservation Advisors
President & Partner
12/16/2024
53700T678
APAMX
$10000
None
None
(800) 960-0188
$10.14
As of 11/26/2025
0.00 (0.05%)
As of 11/26/2025
3.23%
As of 11/26/2025
0.98%
0.59%
*The Advisor has contractually agreed to limit the expenses through 4/30/2026.
Asset Class
Fixed Income
Share Class inception Date
12/16/2024
Benchmark
Bloomberg 1-15 Year Municipal Bond Index
CUSIP
53700T678
Registered Locations
US ✔
iMGP APA Enhanced Income Municipal Fund Value of Hypothetical $10,000
The value of a hypothetical $10,000 investment in the iMGP APA Enhanced Income Municipal Fund compared with the
Bloomberg 1-15 Year Municipal Bond Index, Morningstar Muni National Intermediate Category.
- 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 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. 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 0.98%
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:
The Fund’s investment objectives, risks, charges, and expenses must be considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company, and it may be obtained by calling 800-960-0188 or visiting www.imgpfunds.com. Read it carefully before investing.
The Fund is newly formed and has no operating history. Mutual fund investing involves risk. Principal loss is possible. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investments by the Fund in lower-rated securities presents a greater risk of loss of principal and interest than higher-rated securities. Foreign securities are subject to risks relating to political, social, economic developments abroad and differences between U.S. and foreign regulatory requirements and market practices, including fluctuations in foreign currencies. Fund holdings and sector allocations are subject to change and are not recommendations to buy or sell any security. The Fund is subject to municipal market risk. Factors unique to the municipal bond market may negatively affect the value of the Fund’s investment in municipal bonds. These factors include political or legislative changes, and uncertainties related to the tax status of the securities and the rights of investors in the securities. Actual or perceived changes in the financial health of the municipal market as a whole or in part may affect the valuation of debt securities held by the Fund.
iM Global Fund Management is ultimately responsible for the performance of the fund due to its responsibility to oversee the fund’s investment manager and recommend its hiring, termination and replacement.
These funds are new and performance information is not available. Once performance is available, it may be obtained by calling 1-800-960-0188 or by visiting imgpfunds.com
Index Definitions | Industry Terms and Definitions
The iMGP APA Enhanced Income Municipal Fund is distributed by ALPS Distributors, Inc.