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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 08/21/2019  

w/o sales charge 3.73%
w/ sales charge 3.64%

30-Day Standardized Yield 2 as of 07/31/2019  

0.68%

Expense Ratioas of 07/31/2019

Fund Basicsas of 07/31/2019

Total Net Assets
$733.97 M
Inception Date
06/30/2003
Dividend Frequency
Quarterly
Number of Holdings
100
Minimum Initial Investment
$1,500+

Fund Expense Ratio :

1.04%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 18.65% 10.57% 11.89% 7.13% 9.22% 6.90%
Lipper Category Avg. Convertible Securities Funds 17.60% 9.68% 10.39% 6.71% 9.50% -
ICE BofAML All Convertible Index 16.46% 9.06% 11.15% 7.70% 11.01% 8.00%
w/ sales charge 16.00% 8.09% 11.04% 6.65% 8.98% 6.75%

Fund Expense Ratio :

1.04%

Fund Expense Ratio :

1.04%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 16.52% 8.26% 13.12% 6.23% 9.70% 6.82%
Lipper Category Avg. Convertible Securities Funds 15.63% 8.18% 11.24% 5.94% 10.06% -
ICE BofAML All Convertible Index 14.51% 7.93% 12.17% 6.90% 11.60% 7.93%
w/ sales charge 13.91% 5.84% 12.25% 5.75% 9.45% 6.66%

Fund Expense Ratio :

1.04%

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 07/31/2019 View Portfolio

Rating Assets
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 08/21/2019  

w/o sales charge 3.73%
w/ sales charge 3.64%

30-Day Standardized Yield 2 as of 07/31/2019  

  Subsidized5 Un-Subsidized6
w/o sales charge 0.68% 0.68%

Fund Expense Ratio :

1.04%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 18.65% 10.57% 11.89% 7.13% 9.22% 6.90%
Lipper Category Avg. Convertible Securities Funds 17.60% 9.68% 10.39% 6.71% 9.50% -
ICE BofAML All Convertible Index 16.46% 9.06% 11.15% 7.70% 11.01% 8.00%
w/ sales charge 16.00% 8.09% 11.04% 6.65% 8.98% 6.75%

Fund Expense Ratio :

1.04%

Fund Expense Ratio :

1.04%

YTD 1-YR 3-YR 5-YR 10-YR Since Inception 06/30/2003
w/o sales charge 16.52% 8.26% 13.12% 6.23% 9.70% 6.82%
Lipper Category Avg. Convertible Securities Funds 15.63% 8.18% 11.24% 5.94% 10.06% -
ICE BofAML All Convertible Index 14.51% 7.93% 12.17% 6.90% 11.60% 7.93%
w/ sales charge 13.91% 5.84% 12.25% 5.75% 9.45% 6.66%

Fund Expense Ratio :

1.04%

Year Fund Returns ICE BofAML All Convertible Index
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% 49.12%
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
2019 11.29% 4.70% - - 19.85%
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 07/31/2019

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 07/31/2019

Rating Assets
BBB
BB
B
Not Rated

Portfolio Positioning as of 06/30/2019

  • 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 took profits in its exposure to China and semiconductor issuers, as escalating trade tensions between the U.S. and China weighed on those areas of the market. We continue to find opportunities elsewhere as uncertainty increases.
  • 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.
  • We have increased the portfolio’s position in the software industry. We expect software/internet services companies to benefit from strong demand for their software tools as adoption in cloud and cloud-like IT architecture accelerates.
  • The portfolio’s equity sensitivity is slightly above the broader convertible market.

Portfolio Details as of 07/31/2019

Total Net Assets
$733.97 M
Number of Issues
100
Average Coupon
1.77%
Average Maturity
5.09 Years

Dividends & Cap Gains

Dividends & Cap Gains

Dividend Payments

For
YTD Dividends Paidas of 08/21/2019
$0.117
Dividend Frequency
Quarterly
Record Date Ex-Dividend Date Reinvest & Payable Date Dividend Reinvest Price
06/27/2019 06/28/2019 06/28/2019 $0.05420 $13.64
03/28/2019 03/29/2019 03/29/2019 $0.06340 $13.08

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
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 $11.94

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

Sales Charge Schedule as of 08/21/2019

  Sales Charge Dealer's Concession Prices at Breakpoint
Less than $100,000 2.25% 2.00% $14.35
$100,000 to $249,999 1.75% 1.50% $14.28
$250,000 to $499,999 1.25% 1.00% $14.21
$500,000 to $999,999 0.00% 1.00% $14.03
$1,000,000 to $5,000,000 0.00% 1.00% $14.03

Expense Ratioas of 07/31/2019

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
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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.

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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