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Seeking to generate a high level of current income from diverse 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 3/31/2024.i"


Fund Objective

The iMGP High Income 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 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 allocation, or as part of an alternative strategies allocation.

An Emphasis on Diversification
Three complementary strategies to access traditional and non-traditional income sources.
High Level of Income With Less Risk
Provides a higher level of income with an eye toward capital preservation.
Portfolio Positioning
Can serve as a core fixed income strategy or complement an overall portfolio of bonds, stocks, and alternatives.



As of 07/16/2024



As of 07/16/2024



As of 07/16/2024




Brown Brothers Harriman (BBH)

Strategy: Credit Value

Target Allocation: 40%

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Andrew P. Hofer

Portfolio Manager
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Andrew P. Hofer is a Portfolio Manager for BBH Investment Management and Head of Taxable Portfolio Management. He joined BBH in 1988 and spent his first 10 years as a generalist banker and then a financial institutions specialist. He transferred to BBH Investment Management in 1998 as the Head of Insurance Asset Management and from 2003-2006 was BBH Investment Management’s Chief Operating Officer and Head of Risk Management. Hofer holds an undergraduate degree in East Asian Studies from Yale University and an MIA from Columbia University.

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Neil Hohmann

Head of Structured Products, Portfolio Manager
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Neil Hohmann is the Head of Structured Products and a portfolio manager for BBH Investment Management. Hohmann has supervised security selection in commercial and agency mortgage-backed securities, asset-backed securities, and financial institution credit since 2008. He is also a member of the Firm’s Market Risk Oversight Committee. Prior to joining BBH in 2006, he was Director of Structured Products at Munich Re and Director of Research in Capital Markets at Swiss Re. Hohmann received a bachelor’s degree in Economics with Distinction from Yale University, where he graduated Magna Cum Laude, and a PhD in Economics from the University of Chicago.

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Paul Kunz

Senior Vice President, Credit Analyst
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Paul Kunz, CFA, is a credit analyst covering high yield bonds, leveraged loans, and distressed credit restructurings. Prior to joining BBH Investment Management in 2013, he was a director and senior analyst in the high yield strategies group of Deutsche Asset Management. He also worked in similar capacities for Oppenheimer Funds, Halcyon Management, and SunAmerica Asset Management. Kunz started his professional career as an in-house attorney for financial services institutions. Kunz holds an undergraduate degree in Finance from Villanova University, a JD from St. John’s University School of Law, and an LLM in Corporate Law from New York University School of Law. He is a CFA charterholder.

An absolute-return-oriented strategy that can invest across a wide variety of sectors, but will primarily hold asset-backed and corporate securities. The emphasis is expected to be on A/BBB-rated asset-backed securities, and BBB/BB-rated corporate securities, as these ratings segments have historically offered attractive risk-adjusted returns, along with low default rates, and limited drawdowns. Should opportunities arise in lower-quality segments, the strategy has the flexibility to invest in those securities, though the sub-advisor will rarely own CCC-rated or distressed securities. The portfolio is built from the bottom-up, i.e., value opportunities drive portfolio construction. To qualify for the portfolio, credits need to be able to withstand a wide range of economic conditions, be well-managed, have an appropriate capital structures, have adequate transparency, and be attractively valued. The portfolio is relatively concentrated (approximately 80 holdings) in opportunities believed to offer the best risk-adjusted returns. The sub-advisor may invest in U.S. Treasury futures to manage duration, which allows security selection to be managed independent of portfolio duration.


Guggenheim Partners

Strategy: Multi-Credit

Target Allocation: 40%

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Anne Walsh

CIO – Fixed Income, Senior Managing Director, Portfolio Manager
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Anne Walsh joined Guggenheim Partners (or its affiliate or predecessor) in 2007 and in her role as CIO-Fixed Income, she is head of the Portfolio Construction Group and Portfolio Management. She oversees more than $185 billion in fixed income investments including Agencies, Credit, Municipals, Residential Mortgage Backed Securities, Commercial Mortgage Backed Securities and Asset Backed Securities. In her role, she is responsible for portfolio design and strategy, sector allocation and risk management for client portfolios, and conveying Guggenheim’s macro-economic outlook to Portfolio Managers and fixed income Sector Specialists. Prior to joining Guggenheim, Walsh served as Chief Investment Officer at Reinsurance Group of America (“RGA”), Incorporated, a recognized leader in the global life reinsurance industry. Prior to joining RGA in 2000, Walsh served as Vice President and Senior Investment Consultant for Zurich Scudder Investments. Earlier, she held roles at Lincoln Investment Management and American Bankers Insurance Group. Walsh received her BSBA and MBA from Auburn University and her J.D. from the University of Miami School of Law. She has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute.

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Steven Brown

Managing Director, Portfolio Manager
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Steven Brown, CFA, is Managing Director and Portfolio Manager of Guggenheim Partners. Brown joined Guggenheim Partners (or its affiliate or predecessor) in 2010. Brown is involved in all facets of portfolio management including working with the senior Portfolio Managers and CIOs to develop and apply the macro and sector level views at the individual portfolio level. Additionally, he works closely with the sector teams and portfolio construction to implement trades and optimize portfolios. Prior to joining the portfolio management team in 2012 Brown worked in the non-mortgage asset backed securities group. His responsibilities on that team included trading, sourcing and evaluating investment opportunities and monitoring credits. Prior to joining Guggenheim Partners Brown held roles within treasury services and structured products at ABN AMRO and Bank of America in Chicago and London. Brown earned a BS in Finance from Indiana University’s Kelley School of Business. He has earned the right to use the Chartered Financial Analyst® designation and is a member of the CFA Institute.

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Adam Bloch

Director, Portfolio Manager
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Adam Bloch is Director and Portfolio Manager at Guggenheim Partners. Bloch joined Guggenheim Investments in 2012. He works directly with sector traders, research heads, and risk managers and is responsible for buy and sell recommendations, day-to-day risk monitoring, and various special projects for Guggenheim Investments’ Total Return mandates. In addition to his fixed-income responsibilities, Bloch helps with implementation of various macro overlays on certain portfolios. Prior to joining Guggenheim Investments, he worked in Leveraged Finance at Bank of America Merrill Lynch in New York where he structured high- yield bonds and leveraged loans for leveraged buyouts, restructurings, and corporate refinancing across multiple industries. Bloch graduated from the University of Pennsylvania.

An unconstrained, income-focused strategy that seeks attractive risk-adjusted returns in all market environments. It is not constrained by duration and has the flexibility to invest across the fixed-income market, including, but not limited to, corporate bonds, loans and loan participations, structured finance investments, U.S. government and agency, mezzanine and preferred securities and convertible securities. The strategy has the flexibility to move up and down in credit-quality, and across issuers’ capital structure. The majority of the portfolio will be in securities and sectors not held in traditional core bond indexes. The strategy’s asset allocation is constantly evaluated from a number of levels including a top-down view, bottom-up credit perspectives, and a dedicated portfolio construction group. These groups continually work together to identify the best relative values in the market based on their macroeconomic views and credit market conditions. One of the main dials utilized in managing the portfolio’s risk, is credit exposure. In strong markets, exposure to credit risk will increase, as will exposure to credit sectors with greater beta, and vice versa.

Neuberger Berman

Strategy: Option Income

Target Allocation: 20%

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Derek Devens

Managing Director, Senior Portfolio Manager
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Derek Devens, CFA, is the portfolio manager responsible for the option income strategy (the “Option Income Strategy”), which is the segment of the High Income Alternatives Fund’s assets managed by Neuberger Berman Investment Advisers LLC (“Neuberger Berman”). Devens joined the Neuberger Berman in 2016 and is a Managing Director and Senior Portfolio Manager of the Option Group. Prior to Neuberger Berman, he was responsible for both Research and Portfolio Management at Horizon Kinetics. Devens was a member of the Investment Committee and responsible for co-managing the Kinetics Alternative Income Fund and various separate account strategies. Prior to Horizon Kinetics, he was a Vice President with Goldman Sachs’ Global Manager Strategies Group where he was responsible for conducting investment manager research.

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Rory Ewing

Senior Vice President
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Rory Ewing, Senior Vice President, joined the firm in 2016. Rory is a Portfolio Manager for the Option Group at the firm. In his current capacity, Rory’s primary responsibility is to assist in the implementation of the firm’s investment strategy in client accounts and to ensure proper adherence to account guidelines and client-specific restrictions. Before joining Neuberger Berman, Rory was a Research Analyst at Horizon Kinetics. Before that, Rory led the trading team at Tempus Quo, an investment firm focused on international, commodity-related sectors. He also spent two years as a trader at Pequot Capital and two years as a capital markets consultant at Thomson Financial. Rory received a BA from Colgate University and an MBA from New York University.

The strategy writes out-of-the-money put options on U.S. stock indices, primarily the S&P 500® Index and the Russell 2000® Index, and invests the collateral in a portfolio of short-duration U.S. government securities. Income comes from both the receipt of option premia, as well as from interest earned on the collateral. The team diversifies the option portfolio across multiple dimensions (e.g., strike price, expiration date) to reduce path dependency and manage risk, while also attempting to increase capital efficiency in rising equity markets by buying back low-value options and recycling the proceeds into new higher-premium positions.


The value of a hypothetical $10,000 investment in the iMGP High Income Fund compared with the ICE BofA US High Yield TR USD, Bloomberg US Agg Bond TR USD, and US Fund Nontraditional Bond.

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.

Select the set of performance tables to view.


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.

Fund Data

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

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 (4/30/2024). There are contractual fee waivers in effect through 4/30/2025.


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iMGP Funds emails provide investors a way to stay in touch with us and receive information regarding the funds and investment principles in general. Topics may include updates on the funds and managers, further insights into our investment team’s processes, and commentary on various aspects of investing.


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 12/31/2023: 286 funds in the last 3 years, and 251 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.