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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 11/13/2019  

w/o sales charge 3.51%

30-Day Standardized Yield 2 as of 10/31/2019  

0.48%

Fund Basicsas of 09/30/2019

Total Net Assets
$693.25 M
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Fund Expense Ratio
1.29%
Number of Holdings
84

Fund Expense Ratio :

1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 17.76% 12.97% 11.34% 6.18% 8.48% 6.59%
Lipper Category Avg. Convertible Securities Funds 16.83% 12.34% 10.33% 6.32% 8.83% -
ICE BofAML All Convertible Index 16.49% 12.45% 11.26% 7.31% 10.30% 7.88%

Fund Expense Ratio :

1.29%

Fund Expense Ratio :

1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 15.91% 2.48% 9.89% 6.23% 8.12% 6.52%
Lipper Category Avg. Convertible Securities Funds 15.14% 4.04% 9.04% 6.23% 8.50% -
ICE BofAML All Convertible Index 14.68% 4.00% 10.07% 7.29% 9.94% 7.82%

Fund Expense Ratio :

1.29%

Type Assets
Convertible Bonds
Common Stock
Convertible Preferred 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 09/30/2019 View Portfolio

Rating Assets
A
BBB
BB
B
Not Rated

INVESTMENT TEAM

Alan Kurtz
Alan Kurtz

Portfolio Manager

19 Years of Industry Experience

Supported By 76 Investment Professionals with 16 Years Avg. Industry Experience

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Performance

Performance

12-Month Dividend Yield 1 as of 11/13/2019  

w/o sales charge 3.51%

30-Day Standardized Yield 2 as of 10/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.48% 0.48%

Fund Expense Ratio :

1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 17.76% 12.97% 11.34% 6.18% 8.48% 6.59%
Lipper Category Avg. Convertible Securities Funds 16.83% 12.34% 10.33% 6.32% 8.83% -
ICE BofAML All Convertible Index 16.49% 12.45% 11.26% 7.31% 10.30% 7.88%

Fund Expense Ratio :

1.29%

Fund Expense Ratio :

1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 15.91% 2.48% 9.89% 6.23% 8.12% 6.52%
Lipper Category Avg. Convertible Securities Funds 15.14% 4.04% 9.04% 6.23% 8.50% -
ICE BofAML All Convertible Index 14.68% 4.00% 10.07% 7.29% 9.94% 7.82%

Fund Expense Ratio :

1.29%

Year Fund Returns ICE BofAML All Convertible Index
2018 -3.80% 0.15%
2017 16.30% 13.70%
2016 12.29% 10.43%
2015 -8.14% -2.99%
2014 5.74% 9.44%
2013 25.59% 24.92%
2012 11.88% 14.96%
2011 -9.24% -5.18%
2010 14.51% 16.77%
2009 35.43% 49.12%
2008 -31.74% -
2007 8.98% -
2006 8.89% -
2005 3.65% -
2004 7.25% -
2003 10.82% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2019 11.21% 4.63% -0.39% - 19.53%
2018 1.17% 2.51% 4.91% -11.59% -3.80%
2017 6.38% 2.65% 3.95% 2.45% 16.30%
2016 -1.54% 3.31% 7.87% 2.34% 12.29%
2015 2.45% -0.65% -9.59% -0.17% -8.14%
2014 2.11% 3.74% -1.34% 1.16% 5.74%
2013 6.54% 3.03% 7.76% 6.18% 25.59%
2012 9.32% -4.16% 4.66% 2.03% 11.88%
2011 4.53% -1.40% -14.70% 3.23% -9.24%
2010 3.20% -7.35% 11.06% 7.83% 14.51%
2009 1.85% 11.36% 12.92% 5.74% 35.43%
2008 -7.41% 3.43% -16.34% -14.79% -31.74%
2007 2.26% 3.93% 2.24% 0.29% 8.98%
2006 5.96% -2.19% 0.60% 4.45% 8.89%
2005 -2.24% 0.93% 5.18% -0.12% 3.65%
2004 2.55% -1.34% -1.52% 7.64% 7.25%
2003 - - 1.91% 8.75% 10.82%

NAV Historical Prices

Date Net Asset Value

Portfolio

Portfolio

Rating Assets
Convertible Bonds
Common Stock
Convertible Preferred 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 09/30/2019

Rating Assets
A
BBB
BB
B
Not Rated

Portfolio Positioning as of 09/30/2019

  • Continued employment gains and rising wages paint a healthy backdrop for the American consumer, while lower interest rates have also been an added benefit. As such, we continue to favor exposure to companies levered to consumer markets, specifically those companies capitalizing on the continued growth of e-commerce.
  • During the quarter, the portfolio added to its exposure to China and semiconductor issuers, as we believed much of the escalation in trade tensions between the U.S. and China were priced into the market. Additionally, valuations in those areas of the market are more reasonable, after a period of decline.
  • Traditional energy companies are a small segment of the convertible market; as such, we have found select opportunities within solar energy. We are constructive on solar energy as demand from both commercial and residential buyers exhibit positive trends. Furthermore, we expect the solar market to experience a tailwind from the expected phase out of the federal solar investment tax credit in 2020.
  • The portfolio’s equity sensitivity is in-line with the broader convertible market.

Portfolio Details as of 09/30/2019

Total Net Assets
$693.25 M
Number of Issues
84
Average Coupon
1.70%
Average Maturity
4.76 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 11/13/2019
$0.136
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
09/26/2019 09/27/2019 09/27/2019 $0.03520 $13.71
06/27/2019 06/28/2019 06/28/2019 $0.04590 $13.86
03/28/2019 03/29/2019 03/29/2019 $0.05540 $13.29

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
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 $12.13

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 10/31/2019

1.29%

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 P - Performance is shown at net asset value (NAV). Class P shares are not subject to front-end or back-end sales charges.

Class P shares are only available on a limited basis through certain financial intermediaries and retirement and benefit plans. 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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