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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 04/07/2020  

w/o sales charge 2.19%

30-Day Standardized Yield 2 as of 02/29/2020  

0.33%

Fund Basicsas of 02/28/2020

Total Net Assets
$665.01 M
Inception Date
06/30/2015
Dividend Frequency
Quarterly
Fund Expense Ratio
0.83%
Number of Holdings
88

Fund Expense Ratio :

0.83%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -7.76% 3.55% 6.93% 5.70% 7.55% -
Lipper Category Avg. Convertible Securities Funds -11.91% -2.27% 4.74% 4.09% 6.77% -
ICE BofAML All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% -

Fund Expense Ratio :

0.83%

Fund Expense Ratio :

0.83%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -7.76% 3.55% 6.93% 5.70% 7.55% -
Lipper Category Avg. Convertible Securities Funds -11.91% -2.27% 4.74% 4.09% 6.77% -
ICE BofAML All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% -

Fund Expense Ratio :

0.83%

RELATED CONTENT

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.

Convertibles: A Lower Volatility Approach to Equity Investing
Convertibles: A Lower Volatility Approach to Equity Investing
December 5, 2019

Convertible securities historically have delivered an attractive return profile and lower volatility compared with traditional equities.

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 02/28/2020 View Portfolio

Rating Assets
AA
BBB
BB
B
Not Rated

INVESTMENT TEAM

Alan R. Kurtz
Alan R. Kurtz

Portfolio Manager

19 Years of Industry Experience

Supported By 76 Investment Professionals with 17 Years Avg. Industry Experience

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Performance

Performance

12-Month Dividend Yield 1 as of 04/07/2020  

w/o sales charge 2.19%

30-Day Standardized Yield 2 as of 02/29/2020  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.33% 0.33%

Fund Expense Ratio :

0.83%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -7.76% 3.55% 6.93% 5.70% 7.55% -
Lipper Category Avg. Convertible Securities Funds -11.91% -2.27% 4.74% 4.09% 6.77% -
ICE BofAML All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% -

Fund Expense Ratio :

0.83%

Fund Expense Ratio :

0.83%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception
w/o sales charge -7.76% 3.55% 6.93% 5.70% 7.55% -
Lipper Category Avg. Convertible Securities Funds -11.91% -2.27% 4.74% 4.09% 6.77% -
ICE BofAML All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% -

Fund Expense Ratio :

0.83%

Year Fund Returns ICE BofAML All Convertible Index
2019 25.01% 23.15%
2018 -3.33% 0.15%
2017 16.87% 13.70%
2016 12.73% 10.43%
2015 -7.92% -2.99%
2014 6.28% 9.44%
2013 26.19% 24.92%
2012 12.41% 14.96%
2011 -8.73% -5.18%
2010 15.16% 16.77%
2009 36.00% -
2008 -31.40% -
2007 9.46% -
2006 9.54% -
2005 4.19% -
2004 7.74% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -7.76% - - - -8.21%
2019 11.35% 4.72% -0.28% 7.51% 25.01%
2018 1.30% 2.57% 5.08% -11.45% -3.33%
2017 6.56% 2.71% 4.10% 2.58% 16.87%
2016 -1.49% 3.43% 7.97% 2.48% 12.73%
2015 2.49% -0.59% -9.54% -0.11% -7.92%
2014 2.25% 3.90% -1.22% 1.28% 6.28%
2013 6.63% 3.18% 7.85% 6.35% 26.19%
2012 9.42% -3.99% 4.72% 2.17% 12.41%
2011 4.70% -1.29% -14.59% 3.39% -8.73%
2010 3.44% -7.26% 11.15% 8.01% 15.16%
2009 1.98% 11.42% 13.02% 5.90% 36.00%
2008 -7.25% 3.56% -16.32% -14.66% -31.40%
2007 2.32% 4.07% 2.29% 0.49% 9.46%
2006 6.09% -2.08% 0.70% 4.71% 9.54%
2005 -2.05% 1.05% 5.21% 0.05% 4.19%
2004 - - - 7.76% 7.74%

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 02/28/2020

Rating Assets
AA
BBB
BB
B
Not Rated

Portfolio Positioning as of 12/31/2019

  • We continue to find attractive opportunities within the information technology sector. We believe that spending, ahead of the rollout of 5G networks, remains underappreciated by the market.  We have found select stocks of semiconductor equipment manufacturers and optical networking suppliers particularly attractive.
  • The U.S. consumer was resilient over the past year, amid volatile trade tensions between the U.S. and China.  As such, we continue to favor exposure to companies levered to consumer markets.
  • We have taken profits within the portfolio’s software exposure during the fourth quarter of 2019. While fundamental operating momentum remains intact within the industry, we believe it is reflected in the valuations of many of these companies.
  • The portfolio’s equity sensitivity is in-line with the broader convertible market.

Portfolio Details as of 02/28/2020

Total Net Assets
$665.01 M
Number of Issues
88
Average Coupon
1.53%
Average Maturity
4.28 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 04/07/2020
$0.036
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
03/26/2020 03/27/2020 03/27/2020 $0.03640 $12.42

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 $13.44

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 03/31/2020

0.83%

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 R6 - The inception date for Class R6 shares is June 30, 2015. The performance quotations for Class R6 are based on the following methods of calculation: (a) for periods prior to June 30, 2015, a restated figure is used based on the historical performance of the Fund’s portfolio since inception to reflect all charges and fees applicable to Class R6 shares; and (b) for periods after June 30, 2015, actual Class R6 performance is used, which reflects all charges and fees applicable to Class R6 shares.

Class R6 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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