Innovator McKinley Income Fund: IMIFX: Mutual Fund
McKinley Income Fund
 
FUND SUMMARY
McKinley Capital brings a disciplined investment process to the management of the Innovator McKinley Income Fund.
AVERAGE ANNUALIZED TOTAL RETURNS
  Q3 YTD 1 Year Inception†
Innovator McKinley Income Fund, Investor Class 2.01% 8.01% 9.35% 3.97%
S&P 500 Index 4.48% 14.24% 18.61% 13.51%
Data as of 9/30/2017. Performance data quoted represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares may be worth more or less than their original cost when redeemed. Current performance may be lower or higher than the data quoted here. To obtain performance data current to the most recent month-end call 1-877-FUND890. Performance quoted assumes reinvestment of dividends and capital gains, if any. Investment performance reflects fee waivers in effect. In the absence of such waivers total returns would be reduced.
†On February 12, 2016, the Fund acquired the McKinley Diversified Income Fund (the "Predecessor Fund"), a series of Professionally Managed Portfolios, in a reorganization (the "Reorganization"). The Predecessor Fund's performance has been adopted by the Fund following the Reorganization and its since inception performance is as of 3/27/13.
FUND DETAILS
Ticker
IMIFX
CUSIP
004006300
Net Asset Value Per Share†
$15.80
Total Net Assets (millions)†
$30.3
Dividend Schedule
Quarterly
Minimum Initial Investment
$2,000
Inception Date†
1/31/2012
Sub-Advisor
McKinley Capital Management, LLC
Tenure
7/13/2015
Number of Positions
54
% Assets in Top 10 Positions
29%
Gross Expense Ratio
3.32%
Net Expense Ratio
1.21%
Excluding AFFE of 1.52%; Including 12b-1 fee of 0.10%. The Net Expense Ratio shown for the Innovator McKinley Income Fund represents a contractual fee waiver in effect through May 9, 2019.
† As of 9/30/2017.
FUND FEATURES
1. Universe: Investible universe includes, but is not limited to, common stock and a broad range of "pass through securities": real estate investment trusts (REITs), closed-end funds, royalty trusts, master limited partnerships (MLPs) and business development companies (BDCs).
2. Tax treatment: "Pass-Through Securities" benefit from being largely exempt from U.S corporate income tax when they distribute substantially all of their profits to shareholders.
3. Equity income: The Fund provides an alternative approach to the generation of current income, while retaining the chance for equity participation.
4. Eliminated tax drag: The Fund's self-imposed MLP limit mitigates the tax drag associated with pure MLP Funds.
5. Volatility consideration: The manager strives to build a portfolio of covariant, high-income equity asset classes, which may lower volatility over a full market cycle.
6. History: The Portfolio Manager developed the strategy over twenty years ago and has been executing it ever since.
TOP 10 HOLDINGS As of 10/31/2017
Security NameWeight
Apollo Global Management (APO)3.2%
Vanguard High Dividend Yield ETF (VYM)3.1%
Main Street Capital Corp (MAIN)3.0%
Ares Cap Corp (ARCC)2.9%
Kohlberg Kravis Roberts & Co. L.P. (KKR)2.9%
The Blackstone Group L.P. (BX)2.8%
Solar Capital Ltd. (SLRC)2.7%
AllianceBernstein Holding L.P. (AB)2.7%
New Residential Investment Corp (NRZ)2.7%
Cedar Fair, L.P. (FUN)2.6%
» View All Holdings
SECTOR ALLOCATION As of 9/30/2017
 
Fund holdings and sector allocations are subject to change and are not a recommendation to buy or sell any security.
 
Mutual Fund investing involves risk. Principal loss is possible. While the Innovator McKinley Income Fund is classified as diversified, diversification does not ensure a profit, nor does it protect against a loss in a declining market. Additionally, it may invest in securities that have additional risks. Foreign companies can be more volatile, less liquid, and subject to the risk of currency fluctuations. Small and mid-cap companies can have limited liquidity and greater volatility than large-cap companies. Debt securities will typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Lower-rated and non-rated securities present a greater risk of loss to principal and interest than higher-rated securities. Closed-end funds and Business Development Companies (BDCs) are subject to additional risks that do not apply to conventional mutual funds, including the risks that the market price of their shares may trade at a discount to their net asset value, an active secondary trading market may not develop or be maintained, or trading may be halted by the exchange on which they trade, which may impact their ability to sell shares. Additionally, they may employ leverage which can increase volatility. BDCs may invest in smaller companies and may therefore carry risks similar to those of private equity or venture capital funds. Closed-end funds, BDCs, and exchange-traded funds may experience many of the same risks associated with individual securities. Holders of the units of master limited partnerships have more limited control and limited rights to vote on matters affecting the partnership. There are also certain tax risks associated with an investment in units of master limited partnerships. The fund may not receive the same tax treatment as a direct investment in a master limited partnership. The Fund may have concentrations in REITs and real estate securities with additional risks such as declines in the value of real estate and increased susceptibility to adverse economic or regulatory developments. Royalty trusts are subject to additional risks such as: cash-flow fluctuations and revenue decreases due to a sustained decline in demand for crude oil, natural gas and refined petroleum products, risks related to economic conditions, higher taxes or other regulatory actions that increase costs for royalty trusts.
Earnings growth is not a measure of the Fund's future performance.
The Innovator Funds are offered to United States residents, and information on this site is intended only for such persons. Nothing on this website should be considered a solicitation to buy or an offer to sell shares of any Fund in any jurisdiction where the offer or solicitation would be unlawful under the securities laws of such jurisdiction.
Please refer to the prospectus for important information about the investment company including objectives, risks, charges, and expenses. Read it carefully before investing. You may also obtain a hard copy of the prospectus by calling 1-877-FUND890.
All rights reserved. The Innovator McKinley Income Fund is distributed by Quasar Distributors, LLC.
Copyright © 2017 Innovator Capital Management, LLC  |  800.208.5212