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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 04/03/2020  

w/o sales charge 2.05%
w/ sales charge 2.01%

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

0.09%

Expense Ratioas of 02/29/2020

Fund Basicsas of 02/28/2020

Total Net Assets
$665.01 M
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Number of Holdings
88
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -7.88% 3.27% 6.68% 5.45% 7.28% 6.41%
Lipper Category Avg. Convertible Securities Funds - - - - - -
ICE BofAML All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% 7.09%
w/ sales charge -9.95% 0.95% 5.87% 4.97% 7.04% 6.27%

Fund Expense Ratio :

1.06%

Fund Expense Ratio :

1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -7.88% 3.27% 6.68% 5.45% 7.28% 6.41%
Lipper Category Avg. Convertible Securities Funds - - - - - -
ICE BofAML All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% 7.09%
w/ sales charge -9.95% 0.95% 5.87% 4.97% 7.04% 6.27%

Fund Expense Ratio :

1.06%

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

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 04/03/2020  

w/o sales charge 2.05%
w/ sales charge 2.01%

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

  Subsidized5 Un-Subsidized6
w/o sales charge 0.09% 0.09%

Fund Expense Ratio :

1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -7.88% 3.27% 6.68% 5.45% 7.28% 6.41%
Lipper Category Avg. Convertible Securities Funds - - - - - -
ICE BofAML All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% 7.09%
w/ sales charge -9.95% 0.95% 5.87% 4.97% 7.04% 6.27%

Fund Expense Ratio :

1.06%

Fund Expense Ratio :

1.06%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge -7.88% 3.27% 6.68% 5.45% 7.28% 6.41%
Lipper Category Avg. Convertible Securities Funds - - - - - -
ICE BofAML All Convertible Index -13.62% -3.52% 4.78% 4.73% 7.89% 7.09%
w/ sales charge -9.95% 0.95% 5.87% 4.97% 7.04% 6.27%

Fund Expense Ratio :

1.06%

Year Fund Returns ICE BofAML All Convertible Index
2019 24.76% 23.15%
2018 -3.54% 0.15%
2017 16.56% 13.70%
2016 12.46% 10.43%
2015 -8.10% -2.99%
2014 5.98% 9.44%
2013 25.91% 24.92%
2012 12.18% 14.96%
2011 -9.00% -5.18%
2010 14.66% 16.77%
2009 35.44% -
2008 -31.62% -
2007 9.08% -
2006 9.03% -
2005 3.79% -
2004 7.24% -
2003 10.76% -
Year Q1 Q2 Q3 Q4 Yearly Returns
2020 -7.88% - - - -11.67%
2019 11.29% 4.70% -0.41% 7.51% 24.76%
2018 1.26% 2.54% 4.98% -11.50% -3.54%
2017 6.45% 2.68% 4.07% 2.46% 16.56%
2016 -1.46% 3.29% 7.85% 2.44% 12.46%
2015 2.45% -0.57% -9.63% -0.17% -8.10%
2014 2.12% 3.86% -1.29% 1.22% 5.98%
2013 6.59% 3.04% 7.83% 6.32% 25.91%
2012 9.39% -4.06% 4.68% 2.11% 12.18%
2011 4.65% -1.35% -14.61% 3.23% -9.00%
2010 3.25% -7.29% 11.08% 7.83% 14.66%
2009 1.88% 11.34% 12.83% 5.82% 35.44%
2008 -7.36% 3.48% -16.39% -14.68% -31.62%
2007 2.31% 3.98% 2.20% 0.32% 9.08%
2006 6.00% -2.19% 0.60% 4.53% 9.03%
2005 -2.15% 0.95% 5.12% -0.05% 3.79%
2004 2.49% -1.23% -1.59% 7.66% 7.24%
2003 - - 1.97% 8.63% 10.76%

Growth of $10,000 as of 02/29/2020

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 04/03/2020
$0.028
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
03/26/2020 03/27/2020 03/27/2020 $0.02890 $12.33

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
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 $13.34

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

Sales Charge Schedule as of 04/03/2020

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $12.14
$100,000 to $249,999 1.75% 1.50% $12.08
$250,000 to $499,999 1.25% 1.00% $12.02
$500,000 to $999,999 0.00% 1.00% $11.87
$1,000,000 to $5,000,000 0.00% 1.00% $11.87

Expense Ratioas of 02/29/2020

Fund Documents

Fund Documents

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Publish Date:11/03/2015
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Publish Date:11/03/2015
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Publish Date:11/03/2015
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Publish Date:11/03/2015
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Class A  Except as noted below, returns with sales charges reflect a maximum sales charge of 5.75% for equity funds, 2.25% for all tax-free income funds, fixed income funds and multi-asset class funds. There are also ongoing 12b-1 service fees (and, in certain cases, distribution fees).

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1% if the shares are redeemed before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

 

Except as noted below, returns with sales charges reflect a maximum sales charge of 2.50%. There are also ongoing 12b-1 service and distribution fees.

Class A Shares purchased subject to a front-end sales charge have no contingent deferred sales charge (CDSC). However, certain purchases of Class A shares made without a front-end sales charge may be subject to a CDSC of 1.50% if the shares are repurchased before the first day of the month in which the one year anniversary of the purchase falls. The CDSC is not reflected in the performance with maximum sales charge.

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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