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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 05/24/2019  

w/o sales charge 3.55%

30-Day Standardized Yield 2 as of 04/30/2019  

0.67%

Fund Basicsas of 04/30/2019

Total Net Assets
$755.40 M
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Fund Expense Ratio
1.29%
Number of Holdings
119

Fund Expense Ratio :

1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 14.39% 9.25% 12.97% 6.68% 9.84% 6.61%
Lipper Category Avg. Convertible Securities Funds 13.95% 9.74% 11.25% 6.49% 10.60% -
ICE BofAML All Convertible Index 13.22% 10.96% 12.54% 7.72% 12.30% 7.94%

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 11.21% 5.74% 12.37% 5.85% 10.17% 6.45%
Lipper Category Avg. Convertible Securities Funds 10.70% 6.34% 10.68% 5.84% 11.13% -
ICE BofAML All Convertible Index 10.26% 7.84% 12.09% 7.13% 13.00% 7.80%

Fund Expense Ratio :

1.29%

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 04/30/2019 View Portfolio

Rating Assets
A
BBB
BB
B
Not Rated

Investment Team

Alan Kurtz
Alan Kurtz

Portfolio Manager

19 Years of Industry Experience

Steven F. Rocco
Steven F. Rocco, CFA

Partner & Director of Taxable Fixed Income

18 Years of Industry Experience

John F. Corr
Darnell Azeez

Portfolio Manger

17 Years of Industry Experience

Supported By 68 Investment Professionals with 15 Years Avg. Industry Experience

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Performance

Performance

12-Month Dividend Yield 1 as of 05/24/2019  

w/o sales charge 3.55%

30-Day Standardized Yield 2 as of 04/30/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.67% 0.67%

Fund Expense Ratio :

1.29%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 14.39% 9.25% 12.97% 6.68% 9.84% 6.61%
Lipper Category Avg. Convertible Securities Funds 13.95% 9.74% 11.25% 6.49% 10.60% -
ICE BofAML All Convertible Index 13.22% 10.96% 12.54% 7.72% 12.30% 7.94%

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 11.21% 5.74% 12.37% 5.85% 10.17% 6.45%
Lipper Category Avg. Convertible Securities Funds 10.70% 6.34% 10.68% 5.84% 11.13% -
ICE BofAML All Convertible Index 10.26% 7.84% 12.09% 7.13% 13.00% 7.80%

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% - - - 11.04%
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
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 04/30/2019

Rating Assets
A
BBB
BB
B
Not Rated

Portfolio Positioning as of 03/31/2019

  • 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. Specifically, those companies capitalizing on the continued growth of e-commerce in the U.S. consumer market.
  • The portfolio increased its exposure to China, as we believe fiscal and monetary stimulus measures enacted by the government will eventually stabilize the economy, benefiting Chinese consumers. We have already begun to see a recovery in Chinese manufacturing data.
  • Consequently, we have continued to add to semiconductor issuers as weak demand trends in China subside and cloud and data center spending reaccelerates. Specifically, we maintain a favorable view of issuers with auto exposure, as growth of semiconductor content within the auto industry continues to accelerate.
  • Despite rising oil prices, energy securities, specifically oil related, have underperformed the underlying commodity as concerns of slowing global growth combined with oversupply concerns have weighed on sentiment. We reduced the portfolio’s exposure to the energy sector during the period, as we believe better opportunities are available elsewhere.
  • The portfolio’s equity sensitivity is slightly above the broader convertible market.

Portfolio Details as of 04/30/2019

Total Net Assets
$755.40 M
Number of Issues
119
Average Coupon
1.97%
Average Maturity
5.82 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 05/24/2019
$0.055
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
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
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 $12.13

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 04/30/2019

1.29%

Fund Documents

Fund Documents

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Summary 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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