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Convertible Fund

Summary

Summary

What is the Convertible Fund?

The Fund seeks to deliver current income and the opportunity for capital appreciation by investing primarily in convertible securities.

 

Yield

12-Month Dividend Yield 1 as of 06/04/2020  

w/o sales charge 1.04%

30-Day Standardized Yield 2 as of 04/30/2020  

0.72%

Fund Basicsas of 04/30/2020

Total Net Assets
$702.08 M
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Fund Expense Ratio
1.70%
Number of Holdings
82
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

1.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 10.29% 23.72% 11.94% 8.06% 9.00% 6.81%
Lipper Category Avg. Convertible Securities Funds 4.38% 16.23% 10.30% 7.19% 9.11% -
ICE BofA All Convertible Index 2.44% 15.20% 10.25% 7.71% 10.06% 8.10%
w/ sales charge 9.29% 23.72% 11.94% 8.06% 9.00% 6.81%

Fund Expense Ratio :

1.70%

Fund Expense Ratio :

1.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -7.95% 2.62% 6.02% 4.78% 6.61% 5.73%
Lipper Category Avg. Convertible Securities Funds -11.91% -2.27% 4.74% 4.09% 6.77% -
ICE BofA All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% 7.09%
w/ sales charge -8.87% 2.62% 6.02% 4.78% 6.61% 5.73%

Fund Expense Ratio :

1.70%

RELATED CONTENT

Why Convertibles May Make Sense in Today’s Market
Why Convertibles May Make Sense in Today’s Market
April 27, 2020

An allocation to convertible securities may potentially help mitigate downside risk during volatile times, while allowing investors the opportunity to participate in an equity market recovery.

During Equity Sell-Offs, Historically, Convertibles Have Offered Resilience
During Equity Sell-Offs, Historically, Convertibles Have Offered Resilience
March 16, 2020

Historically, convertible bonds have offered the opportunity to maintain exposure to the long-term potential of equities while better withstanding sharp sell-offs and offering the potential for higher yields.

During Equity Sell-Offs, Historically, Convertibles Have Offered Resilience
During Equity Sell-Offs, Historically, Convertibles Have Offered Resilience
March 16, 2020

Historically, convertible bonds have offered the opportunity to maintain exposure to the long-term potential of equities while better withstanding sharp sell-offs and offering the potential for higher yields.

Type Assets
Convertible Bonds
Convertible Preferred Stock
Common Stock
Other
Cash
Maturity Assets
S.T & N.O.A
1 - 5 YEARS
6 - 10 YEARS
11 - 20 YEARS
21 - 30 YEARS
31 + YEARS
PFD(EQUITY)

Credit Quality Distribution as of 04/30/2020 View Portfolio

Rating Assets
AA
A
BBB
BB
B
Not Rated

INVESTMENT TEAM

Alan R. Kurtz
Alan R. Kurtz

Portfolio Manager

20 Years of Industry Experience

Supported By 73 Investment Professionals with 17 Years Avg. Industry Experience

Contact a Representative

To contact your representative, enter your zip code and select your channel below.

Performance

Performance

12-Month Dividend Yield 1 as of 06/04/2020  

w/o sales charge 1.04%

30-Day Standardized Yield 2 as of 04/30/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.72% 0.72%

Fund Expense Ratio :

1.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 10.29% 23.72% 11.94% 8.06% 9.00% 6.81%
Lipper Category Avg. Convertible Securities Funds 4.38% 16.23% 10.30% 7.19% 9.11% -
ICE BofA All Convertible Index 2.44% 15.20% 10.25% 7.71% 10.06% 8.10%
w/ sales charge 9.29% 23.72% 11.94% 8.06% 9.00% 6.81%

Fund Expense Ratio :

1.70%

Fund Expense Ratio :

1.70%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -7.95% 2.62% 6.02% 4.78% 6.61% 5.73%
Lipper Category Avg. Convertible Securities Funds -11.91% -2.27% 4.74% 4.09% 6.77% -
ICE BofA All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% 7.09%
w/ sales charge -8.87% 2.62% 6.02% 4.78% 6.61% 5.73%

Fund Expense Ratio :

1.70%

Year Fund Returns ICE BofA All Convertible Index
2019 23.95% 23.15%
2018 -4.20% 0.15%
2017 15.84% 13.70%
2016 11.81% 10.43%
2015 -8.76% -2.99%
2014 5.35% 9.44%
2013 25.07% 24.92%
2012 11.51% 14.96%
2011 -9.63% -5.18%
2010 13.98% 16.77%
2009 34.61% -
2008 -32.11% -
2007 8.41% -
2006 8.37% -
2005 3.04% -
2004 6.66% -
2003 10.28% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -7.95% - - - 11.64%
2019 11.18% 4.48% -0.58% 7.32% 23.95%
2018 1.10% 2.35% 4.85% -11.70% -4.20%
2017 6.24% 2.52% 3.94% 2.32% 15.84%
2016 -1.62% 3.14% 7.72% 2.29% 11.81%
2015 2.29% -0.82% -9.76% -0.34% -8.76%
2014 1.98% 3.71% -1.47% 1.09% 5.35%
2013 6.36% 2.98% 7.62% 6.11% 25.07%
2012 9.16% -4.14% 4.53% 1.95% 11.51%
2011 4.42% -1.51% -14.74% 3.07% -9.63%
2010 3.10% -7.48% 10.85% 7.79% 13.98%
2009 1.74% 11.09% 12.83% 5.56% 34.61%
2008 -7.54% 3.32% -16.52% -14.88% -32.11%
2007 2.16% 3.83% 2.04% 0.17% 8.41%
2006 5.86% -2.27% 0.35% 4.38% 8.37%
2005 -2.32% 0.79% 4.96% -0.29% 3.04%
2004 2.45% -1.55% -1.66% 7.53% 6.66%
2003 - - 1.74% 8.39% 10.28%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Convertible Bonds
Convertible Preferred Stock
Common Stock
Other
Cash
Rating Assets
S.T & N.O.A
1 - 5 YEARS
6 - 10 YEARS
11 - 20 YEARS
21 - 30 YEARS
31 + YEARS
PFD(EQUITY)

Credit Quality Distribution as of 04/30/2020

Rating Assets
AA
A
BBB
BB
B
Not Rated

Portfolio Positioning as of 03/31/2020

  • We reduced the more equity-sensitive parts of the portfolio, in some instances locking in gains, in others reducing the portfolio’s exposure to consumer-centric parts of the market where decreases in traffic are going to prove challenging over the immediate term.
  • We also increased some of the portfolio’s more credit-sensitive positions, mostly shorter-dated maturities where we are comfortable with the companies’ liquidity profiles and find the yields attractive.
  • While we expect volatility to persist in the near term, we feel that the sharp move we have witnessed has put some great businesses on sale. As such, we have begun to judiciously and opportunistically add a modest amount of risk into the portfolio. We have added to select companies that have manageable debt levels, more than sufficient liquidity, and where the convertible profiles are balanced.
  • The portfolio’s equity sensitivity (delta) is in-line with the broader convertible market.

Portfolio Details as of 04/30/2020

Total Net Assets
$702.08 M
Number of Issues
82
Average Coupon
1.83%
Average Maturity
4.2 Years
Average Modified Duration
4.1 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 06/04/2020
$0.005
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
03/26/2020 03/27/2020 03/27/2020 $0.00580 $12.25

Upcoming Dividend Payment Dates

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date Reinvest & Payable Date
06/29/2020 06/30/2020 06/30/2020
09/28/2020 09/29/2020 09/29/2020
12/28/2020 12/29/2020 12/29/2020

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2019 12/18/2019 $0.5306 $0.4268 $0.9574 $13.23

Upcoming Capital Gain Distribution

This section lists all anticipated income and Capital Gain distribution dates and any actual distributions are subject to adequacy of earnings and must be approved by the Board of Directors/Trustees. Please note that dates are subject to change.

Record Date Ex-Dividend Date
12/17/2020 12/18/2020

Fees & Expenses

Fees & Expenses

Expense Ratioas of 05/31/2020

1.70%

Fund Documents

Fund Documents

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Summary Prospectus
Publish Date:11/03/2015
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Statutory Prospectus
Publish Date:11/03/2015
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Prospectus (XBRL)
Publish Date:11/03/2015
SAI
Publish Date:11/03/2015
Annual Report
Publish Date:11/03/2015
Semi-Annual Report
Publish Date:11/03/2015
Fact Sheet
Publish Date:11/03/2015
Commentary
Publish Date:11/03/2015

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Class C - Class C shares are subject to ongoing 12b-1 service and distribution fees as well as a maximum CDSC of 1 percent if you redeem your shares before the first anniversary of your original purchase.

Class C shares are only offered to certain eligible investors.  For additional information, see the Fund’s current prospectus.

The ICE BofA Merrill Lynch All Convertibles Index contains issues that have a greater than $50 million aggregate market value. The issues are U.S. dollar-denominated, sold into the U.S. market and publicly traded in the United States.

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