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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 03/18/2019  

w/o sales charge 3.85%

30-Day Standardized Yield 2 as of 02/28/2019  

1.68%

Fund Basicsas of 02/28/2019

Total Net Assets
$825.57 M
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Fund Expense Ratio
0.84%
Number of Holdings
112
CUSIP
543916712
Minimum Initial Investment
$1,000,000+

Fund Expense Ratio :

0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 10.86% 5.88% 14.63% 5.65% 10.97% 6.93%
Lipper Category Avg. Convertible Securities Funds 10.42% 6.24% 12.31% 5.43% 11.64% -
ICE BofAML All Convertible Index 10.26% 8.33% 13.80% 6.79% 13.60% 7.85%

Fund Expense Ratio :

0.84%

Fund Expense Ratio :

0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -3.33% -3.33% 8.36% 4.47% 9.67% 6.30%
Lipper Category Avg. Convertible Securities Funds -1.91% -1.91% 6.36% 4.18% 9.95% -
ICE BofAML All Convertible Index 0.15% 0.15% 7.94% 5.95% 12.21% 7.26%

Fund Expense Ratio :

0.84%

RELATED CONTENT

Convertible Bonds Can Play a Valuable Role in a Portfolio
Convertible Bonds Can Play a Valuable Role in a Portfolio
May 30, 2017

Investors looking for income plus equity-like returns, but with lower volatility, may be surprised at the unique return profile and diversification benefits of convertibles.

Type Assets
Convertible Bonds
Common Stock
Convertible Preferred Stock
Corporate Bonds
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 02/28/2019 View Portfolio

Rating Assets
A
BBB
BB
B
CCC
Not Rated

Investment Team

Alan Kurtz
Alan Kurtz

Portfolio Manager

19 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

Robert A. Lee
Robert A. Lee

Partner & Chief Investment Officer

28 Years of Industry Experience

Supported By 67 Investment Professionals with 14 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 03/18/2019  

w/o sales charge 3.85%

30-Day Standardized Yield 2 as of 02/28/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 1.68% 1.68%

Fund Expense Ratio :

0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 10.86% 5.88% 14.63% 5.65% 10.97% 6.93%
Lipper Category Avg. Convertible Securities Funds 10.42% 6.24% 12.31% 5.43% 11.64% -
ICE BofAML All Convertible Index 10.26% 8.33% 13.80% 6.79% 13.60% 7.85%

Fund Expense Ratio :

0.84%

Fund Expense Ratio :

0.84%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -3.33% -3.33% 8.36% 4.47% 9.67% 6.30%
Lipper Category Avg. Convertible Securities Funds -1.91% -1.91% 6.36% 4.18% 9.95% -
ICE BofAML All Convertible Index 0.15% 0.15% 7.94% 5.95% 12.21% 7.26%

Fund Expense Ratio :

0.84%

Year Fund Returns ICE BofAML All Convertible Index
2018 -3.33% 0.15%
2017 16.78% 13.70%
2016 12.72% 10.43%
2015 -7.94% -2.99%
2014 6.24% 9.44%
2013 26.14% 24.92%
2012 12.36% 14.96%
2011 -8.77% -5.18%
2010 15.11% 16.77%
2009 35.95% 49.12%
2008 -31.43% -
2007 9.42% -
2006 9.49% -
2005 4.14% -
2004 7.70% -
2003 11.07% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 - - - - 11.87%
2018 1.30% 2.57% 5.08% -11.46% -3.33%
2017 6.47% 2.71% 4.10% 2.58% 16.78%
2016 -1.40% 3.33% 7.96% 2.48% 12.72%
2015 2.48% -0.60% -9.54% -0.11% -7.94%
2014 2.24% 3.89% -1.23% 1.27% 6.24%
2013 6.61% 3.16% 7.84% 6.34% 26.14%
2012 9.41% -4.00% 4.71% 2.16% 12.36%
2011 4.69% -1.30% -14.59% 3.38% -8.77%
2010 3.43% -7.27% 11.14% 8.00% 15.11%
2009 1.97% 11.41% 13.01% 5.89% 35.95%
2008 -7.26% 3.55% -16.33% -14.67% -31.43%
2007 2.31% 4.06% 2.28% 0.48% 9.42%
2006 6.08% -2.08% 0.69% 4.70% 9.49%
2005 -2.06% 1.04% 5.20% 0.04% 4.14%
2004 2.65% -1.23% -1.41% 7.74% 7.70%
2003 - - 2.19% 8.69% 11.07%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Convertible Bonds
Common Stock
Convertible Preferred Stock
Corporate Bonds
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 02/28/2019

Rating Assets
A
BBB
BB
B
CCC
Not Rated

Portfolio Positioning as of 12/31/2018

  • Continued employment gains and rising wages paint a healthy backdrop for the American consumer. As such, we continue to favor exposure to companies levered to consumer markets. We have added to the portfolio’s retail exposure, as well as direct & indirect housing exposure as mortgage rates have fallen and valuations remain attractive.
  • The portfolio has an overweight position relative to the ICE BofAML U.S. Convertible Index in the health care sector. We reduced the portfolio’s positions in medical technology and medical device companies, while adding to biopharmaceutical issuers with near-term clinical data catalysts and/or commercial prospects.
  • During the quarter, we reduced the portfolio’s exposure to software companies. We have taken some profits in software as we believe that much of the potential growth within the industry is priced in. Conversely, we have added to semiconductor issuers, specifically issuers with auto exposure, as valuations have reached attractive levels and growth of semiconductor content within the auto industry accelerates.
  • The portfolio’s equity sensitivity is below the broader convertible market. We have found opportunities in higher-yielding securities that may offer improved risk-reward profiles.

Portfolio Details as of 02/28/2019

Total Net Assets
$825.57 M
Number of Issues
112
Average Coupon
2.15%
Average Maturity
5.85 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 03/18/2019
$0
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
12/26/2018 12/27/2018 12/27/2018 $0.06530 $11.78
12/17/2018 12/18/2018 12/18/2018 $0.31070 $12.02
09/27/2018 09/28/2018 09/28/2018 $0.04230 $14.28
06/28/2018 06/29/2018 06/29/2018 $0.04290 $13.63
03/28/2018 03/29/2018 03/29/2018 $0.05110 $13.33

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
03/28/2019 03/29/2019 03/29/2019
06/27/2019 06/28/2019 06/28/2019
09/26/2019 09/27/2019 09/27/2019
12/26/2019 12/27/2019 12/27/2019

Capital Gains Distributions

For
Record Date Reinvest & Payable Date Long-term Short-term * Total Reinvest Price
12/17/2018 12/18/2018 $0.3913 - $0.3913 $12.02

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
12/17/2019 12/18/2019

Fees & Expenses

Fees & Expenses

Expense Ratioas of 02/28/2019

0.84%

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 I - SEC Returns reflect performance for Class I shares at Net Asset Value.
 

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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