iMGP Dolan McEniry Corporate Bond Fund

Overview

Dolan McEniry follows its strategy and process with great patience and deliberation.

★★★★  Overall Morningstar Rating™

IDMIX: Four-star Overall Morningstar Rating™ among 187 Corporate Bond funds based on risk-adjusted return for the period ending 12/31/2023.*

Investment Objective

The fund seeks to provide investors with total return, with a secondary investment objective of preserving capital. The fund will invest in a diversified portfolio of U.S. corporate investment grade* bonds, high yield bonds, and U.S. Government and Treasury securities.

Value starts with free cash flow

They do all their own homework in the hunt for undervalued corporate bonds—those with low credit risk and wide spreads. Key to their credit analysis is an evaluation of free cash flow because companies who generate it well and allocate it wisely make the strongest case for enduring value.

Research supports decisive investing

At Dolan McEniry, they do their own research—no relying on Wall Street reports or ratings agencies. Their discovery and analysis process is clear, focused and efficient, carried out day after day in pursuit of exceptional returns year after year.

Contrarian mindset provides clarity

Their strategy keeps a clear eye on conservative investment fundamentals rather than following a herd mentality or chasing trends. They love a beaten down and out of favor company, as long as there is safety in its cash flows. They believe that over time, long-term lending is better than short-term trading.

Long-term focus wins client trust

Their singular focus has led a range of clients to trust them in managing their assets, from foundations and endowments to pension funds and wealthy families. Some of these relationships have lasted for years, even decades. Their clients have confidence that their strategic approach will balance risk and reward by focusing on value and investing intelligently.

LEARN MORE ABOUT THE STRATEGY >

The Fund’s investment objectives, risks charges and expenses must be considered carefully before investing. The statutory and summary prospectuses contains this and other important information about the investment company, and it may be obtained by calling 800-960-0188. Read it carefully before investing.

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.

Credit Ratings are grades given to bonds that indicate their credit quality as determined by a Nationally Recognized Statistical Rating Organization (“NRSRO”) such as Standard and Poor’s, Moody’s, and Fitch. The firm evaluates a bond issuer’s financial strength, or its ability to pay a bond’s principal and interest in a timely fashion. Ratings are expressed as letters ranging from ‘AAA’, which is the highest grade, to ‘D’, which is the lowest grade. If NRSRO ratings differ, the security will be considered to have received the highest of those ratings. For securities rated by an NRSRO other than S&P, the Adviser converts that rating to the equivalent S&P rating. Securities not rated by an NRSRO appear in the “Not Rated/Unavailable” category. Ratings are subject to change.”

Diversification does not guarantee a profit or protect from loss in a declining market.

*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 product’s 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 Dolan McEniry Bond Fund was rated against the following numbers of US Corporate Bond funds over the following time periods as of 9/30/2023: 189 funds in the last three years. With respect to these Corporate Bond funds, iMGP Dolan McEniry Bond Fund (IDMIX) received a Morningstar Rating of 5 stars the three-year period.

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The iMGP Dolan McEniry Corporate Bond Fund is distributed by ALPS Distributors, Inc.