Fund Evaluator:
iMGP APA Enhanced Inc Muncpl Inst (APAMX)
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Best Performing in Muni National Interm Over the Last Year
| 6.7% | Sit Tax-Free Income (SNTIX) |
| 4.6% | Goldman Sachs Dynamic Municipal Inc Inv (GUIRX) |
| 4.6% | Putnam Strategic Intermediate Muncpl Y (PAMYX) |
| 4.3% | Brown Advisory Tax Exempt Bond Investor (BIAEX) |
| 4.2% | Victory Tax Exempt Intermediate-Term (USATX) |
Fund Details
iMGP APA Enhanced Inc Muncpl Inst Overview
iMGP APA Enhanced Inc Muncpl Inst (APAMX) is an actively managed Municipal Bond Muni National Interm fund. iM Global Partner Fund Management launched the fund in 2024.
The investment seeks to provide investors with a high level of income exempt from federal income tax, with a secondary investment objective of capital appreciation. Under normal market conditions, the fund invests at least 80% of its net assets (plus the amount of any borrowing for investment purposes) in U.S. dollar-denominated municipal bonds of intermediate maturities that are exempt from federal income tax.
About iMGP APA Enhanced Inc Muncpl Inst (APAMX)
There are 3 members of the management team with an average tenure of 1.71 years: Kevin Woods (2024), Kyle Gerberding (2024), Patricia Hodgman (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Municipal 1-15 Yr TR USD index with a weighting of 100% and Morningstar Muni Natnl Intern Cat TR USD index with a weighting of 100%. iMGP APA Enhanced Inc Muncpl Inst has 76 securities in its portfolio. The top 10 holdings constitute 33.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
iMGP APA Enhanced Inc Muncpl Inst is part of the Fixed Income global asset class and is within the Municipal Bond fund group. iMGP APA Enhanced Inc Muncpl Inst has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 101.7% (101.7% domestic bond, 0.0% foreign bond and 0.0% convertible bond). iMGP APA Enhanced Inc Muncpl Inst has -1.7% of the portfolio in cash.
Assets Under Management
The fund has $17 million in total assets, which is below the $1 billion average for the Muni National Interm category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
APAMX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The iMGP APA Enhanced Inc Muncpl Inst expense ratio is average compared to funds in the Muni National Interm category. iMGP APA Enhanced Inc Muncpl Inst has an expense ratio of 0.59%, which is 14% lower than its category average, making the fund expense ratio grade a C. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. iMGP APA Enhanced Inc Muncpl Inst has a portfolio turnover rate of 205%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 38% for the Muni National Interm category.
Recently, in the month of August 2026, iMGP APA Enhanced Inc Muncpl Inst returned -0.0%, which earned it a grade of B, as the Muni National Interm category had an average return of -0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
iMGP APA Enhanced Inc Muncpl Inst has a trailing yield of 3.40%, which is above the 3.27% category average. The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
iMGP APA Enhanced Inc Muncpl Inst Grades
Year to date, the fund has returned 0.3%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 4.3% over the past year (grade of A).
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APAMX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| APAMX Return (NAV) | -0.0% | -1.0% | 4.3% | na | na | na |
| APAMX Grade | B | C | A | na | na | na |
| +/- Category | 0.1% | 0.1% | 0.6% | na | na | na |
| Muni National Interm Avg | -0.1% | -1.0% | 3.7% | 3.5% | 0.6% | 1.7% |
| APAMX Tax Cost Ratio | na | na | 0.2% | na | na | na |
APAMX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| APAMX Return (NAV) | 0.3% | 4.9% | na | na | na | na | na | na | na | na | na |
| APAMX Grade | C | A | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.0% | 0.7% | na | na | na | na | na | na | na | na | na |
| Muni National Interm Avg | 0.3% | 4.2% | 2.0% | 5.7% | -8.2% | 1.7% | 4.3% | 6.7% | 0.8% | 4.7% | -0.2% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 3.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $17 Mil |
| Fund Total Assets: | $ 17 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 205% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 1.7 years | |||
| Average Tenure: 1.7 years | |||
| Managers (Year): Woods Kevin (2024), Gerberding Kyle (2024), Hodgman Patricia (2024) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 76 |
| % in Top 10 Holdings: | 33.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 101.7% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | -1.7% |
Purchase Information
| Fund Family: | iM Global Partner Fund Management |
| Phone Number: | 800-960-0188 |
| Website: | www.mastersfunds.com |
| Status: | Open |
| Inception Date: | December 16, 2024 |
| Min. Initial Purchase: | $10,000 |
| Min. Initial IRA Purchase: | $1,000 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.59% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.69% |
| Share Class: | iMGP APA Enhanced Inc Muncpl Inst |
| Min. Subsequent Purchase: | $ 250 |
| Min. Subsequent IRA Purchase: | $ 100 |
