Active Income
Convertible Securities Fund (Class A) (PCONX)
Offering investors the diverse benefits of convertible securities since 1972
Highlights
Objective
The fund seeks, with equal emphasis, current income and capital appreciation. Its secondary objective is conservation of capital.
Strategy and process
- Balanced profile: The fund seeks to achieve an equilibrium balancing much of the upside potential of equities, the lower downside risk of bonds, and an attractive current yield.
- Effective diversification: The fund can provide effective diversification for investor portfolios; convertible securities are not highly correlated with stocks and correlation is near zero versus aggregate bond strategies.
- Joint venture: Uniquely combining both dedicated fixed income and equity expertise to enhance the ability to fully exploit these hybrid securities.
Fund price |
Yesterday’s close | 52-week high | 52-week low |
|---|---|---|---|
| Net asset value |
$26.10
0.15% | $0.04 |
$26.19
11/27/19 |
$21.30
01/03/19 |
Fund facts as of 11/30/19
$755.33M
68%
Quarterly
115
October
746476100 / 0007
06/29/72
Taxable Income
PCONX
Manager commentary | Q3 2019
What’s good about a pure-play on convertibles?
Portfolio Manager Rob Salvin defines a pure-play portfolio and how his strategy differentiates from its peers.
Literature
Fund documents |
| Prospectuses/SAI |
| Holding the middle ground with convertible securities (PDF) |
| Fact Sheet (R6 share) (PDF) |
| Fact Sheet (Y share) (PDF) |
| Annual Fund Report (PDF) |
| Semiannual Fund Report (PDF) |
| Quarterly commentary (PDF) |
Performance
Consistency of positive performance over five years
Performance shown above does not reflect the effects of any sales charges. Click on the dots to see specific returns in each five-year period as of the date revealed. Note that returns of 0.00% are counted as positive periods. For complete fund performance, please see below.
23.04%
Best 5-year annualized return
(for period ending 03/31/83)
-3.55%
Worst 5-year annualized return
(for period ending 12/31/08)
10.37%
Average 5-year annualized return
Total return (%) as of 09/30/19
Annual performance as of 09/30/19
Annualized Total return (%) as of 09/30/19
| Annualized performance | 1 yr. | 3 yrs. | 5 yrs. | 10 yrs. |
|---|---|---|---|---|
| Before sales charge | 5.15% | 9.39% | 6.06% | 8.94% |
| After sales charge | -0.89% | 7.26% | 4.82% | 8.30% |
| ICE BofAML U.S. Convertible Index | 4.01% | 10.06% | 7.29% | 9.94% |
Current performance may be lower or higher than the quoted past performance, which cannot guarantee future results. Share price, principal value, and return will vary, and you may have a gain or loss when you sell your shares. Performance assumes reinvestment of distributions and does not account for taxes. Returns before sales charge do not reflect the current maximum sales charges as indicated below. Had the sales charge been reflected, returns would be lower. Returns at public offering price (after sales charge) for class A and class M shares reflect the current maximum initial sales charges of 5.75% and 3.50% for equity funds and 4.00% and 3.25% for income funds (2.25% for class A of Putnam Floating Rate Income Fund, Short-Term Municipal Income, Short Duration Bond Fund, and Fixed Income Absolute Return Fund), respectively. Class B share returns reflect the applicable contingent deferred sales charge (CDSC), which is 5% in the first year, declining to 1% in the sixth year, and is eliminated thereafter (except for Putnam Floating Rate Income Fund, Putnam Short Duration Bond Fund, Putnam Fixed Income Absolute Return Fund, and Putnam Short-Term Municipal Income Fund, which is 1% in the first year, declining to 0.5% in the second year, and is eliminated thereafter). Class C shares reflect a 1% CDSC the first year that is eliminated thereafter. Performance for class B, C, M, N, R, and Y shares prior to their inception is derived from the historical performance of class A shares, adjusted for the applicable sales charge (or CDSC) and, except for class Y shares, the higher operating expenses for such shares (with the exception of Putnam Tax-Free High Yield Fund and Putnam AMT-Free Municipal Fund, which are based on the historical performance of class B shares). Performance for class A, C, and Y shares of Putnam Mortgage Opportunities Fund before their inception is derived from the historical performance of class I shares, which have been adjusted for the applicable sales charge (or CDSC) and the higher operating expenses for such shares. Returns at public offering price (after sales charge) for class N shares reflect the current maximum initial sales charge of 1.50%. Class R5/R6 shares, available to qualified employee-benefit plans only, are sold without an initial sales charge and have no CDSC. Class Y shares are generally only available for corporate and institutional clients and have no initial sales charge. Performance for class R5/R6 shares before their inception are derived from the historical performance of class Y shares, which have not been adjusted for the lower expenses; had they, returns would have been higher. Class A shares of Putnam money market funds have no initial sales charge. For a portion of the period, some funds had expenses limitations or had been sold on a limited basis with limited assets and expenses, without which returns would be lower.
Performance snapshot
| Before sales charge | After sales charge | ||
|---|---|---|---|
| 1 mt. as of 11/30/19 | 3.36% | -2.58% | |
| YTD as of 12/13/19 | 22.26% | 15.23% | |
Yield
| Distribution rate before sales charge as of 12/13/19 |
1.43% |
|---|---|
| Distribution rate after sales charge as of 12/13/19 |
1.34% |
| 30-day SEC yield as of 11/29/19 (after sales charge) |
0.48% |
Risk-adjusted performance as of 10/31/19
| Alpha (3 yrs.) | -1.01 |
|---|---|
| Sharpe ratio (3 yrs.) | 1.05 |
| Treynor ratio (3 yrs.) | 8.76 |
| Information ratio (3 yrs.) | -0.41 |
Volatility as of 10/31/19
| Standard deviation (3 yrs.) | 8.62% |
|---|---|
| Beta | 1.04 |
| R-squared | 0.97 |
Capture ratio as of 10/31/19
| Up-market (3 yrs.) | 100.00 |
|---|---|
| Down-market (3 yrs.) | 111.28 |
Lipper rankings as of 10/31/19
| Time period | Rank/Funds in category | Percentile ranking |
|---|---|---|
| 1 yr. | 22/79 | 28% |
| 3 yrs. | 36/75 | 48% |
| 5 yrs. | 32/61 | 52% |
| 10 yrs. | 14/45 | 31% |
Morningstar Ratings™ as of 10/31/19
| Time period | Funds in category | Morningstar Rating™ |
|---|---|---|
| Overall | 75 | |
| 3 yrs. | 75 | |
| 5 yrs. | 61 | |
| 10 yrs. | 45 |
Distributions
| Record/Ex dividend date | 09/26/19 |
|---|---|
| Payable date | 09/30/19 |
| Income | $0.093 |
| Extra income | -- |
| Short-term cap. gain | -- |
| Long-term cap. gain | -- |
Lipper rankings are based on total return without sales charge relative to all share classes of funds with similar objectives as determined by Lipper. Past performance is not indicative of future results.
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
The up-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has risen. The ratio is calculated by dividing the manager’s returns by the returns of the index during the up-market, and multiplying that factor by 100. The down-market capture ratio is used to evaluate how well an investment manager performed relative to an index during periods when that index has dropped. The ratio is calculated by dividing the manager’s returns by the returns of the index during the down-market and multiplying that factor by 100.
Holdings
| Microchip Technology | 3.72% |
|---|---|
| Bank of America | 2.88% |
| BD Medical | 2.03% |
| Crown Castle International Corp | 1.91% |
| Sempra Energy | 1.84% |
| Danaher Corp | 1.82% |
| Booking Holdings | 1.80% |
| Wells Fargo | 1.61% |
| Broadcom | 1.61% |
| Akamai Technologies | 1.57% |
| Top 10 holdings, percent of portfolio | 20.79% |
| Top 10 holdings as of 10/31/19 | |
|---|---|
| Microchip Technology | |
| Bank of America | |
| BD Medical | |
| Crown Castle International Corp | |
| Sempra Energy | |
| Danaher Corp | |
| Booking Holdings | |
| Wells Fargo | |
| Broadcom | |
| Akamai Technologies | |
| Holdings represent 20.79% of portfolio | |
| Top 10 holdings as of 09/30/19 | |
|---|---|
| Microchip Technology | |
| Bank of America | |
| BD Medical | |
| Akamai Technologies | |
| Danaher Corp | |
| Sempra Energy | |
| Booking Holdings | |
| Crown Castle International Corp | |
| Fortive Corp | |
| Wells Fargo | |
| Holdings represent 20.83% of portfolio | |
| Top 10 holdings as of 08/31/19 | |
|---|---|
| Microchip Technology | |
| Bank of America | |
| BD Medical | |
| Fortive Corp | |
| Akamai Technologies | |
| Danaher Corp | |
| Alteryx | |
| Sempra Energy | |
| Booking Holdings | |
| Crown Castle International Corp | |
| Holdings represent 20.97% of portfolio | |
| Top 10 holdings as of 07/31/19 | |
|---|---|
| Microchip Technology | |
| Bank of America | |
| Fortive Corp | |
| BD Medical | |
| Danaher Corp | |
| Sempra Energy | |
| Coupa Software | |
| Booking Holdings | |
| Servicenow | |
| Palo Alto Networks | |
| Holdings represent 20.71% of portfolio | |
| MICROCHIP TEC CV 01.6250 02/15/2027 | 3.62% |
|---|---|
| BANK OF AMERICA CORP 07.2500 CV PFD | 2.74% |
| BROADCOM INC 08.0000 CV PFD | 2.13% |
| BECTON DICKINSON AND CO 06.1250 CUM CV PFD | 1.99% |
| WELLS FARGO & COMPANY 07.5000 CV PFD | 1.90% |
| DEXCOM INC CV 00.7500 12/01/2023 | 1.90% |
| DANAHER CORP 04.7500 CUM CV PFD | 1.84% |
| SEMPRA ENERGY 06.0000 CUM CV PFD | 1.80% |
| CROWN CASTLE INTL CORP 06.8750 CUM CV PFD | 1.80% |
| SPLUNK INC CV 01.1250 09/15/2025 | 1.56% |
| PRICELINE.COM CV 00.3500 06/15/2020 | 1.51% |
| OKTA INC P/P 144A CV 00.1250 09/01/2025 | 1.47% |
| DISH NETWORK CV 03.3750 08/15/2026 | 1.37% |
| SERVICENOW IN CV 00.0000 06/01/2022 | 1.37% |
| NRG ENERGY CV 02.7500 06/01/2048 | 1.37% |
| INSULET CORP P/P 144A CV 00.3750 09/01/2026 | 1.36% |
| DOCUSIGN INC CV 00.5000 09/15/2023 | 1.36% |
| ON SEMICONDUC CV 01.6250 10/15/2023 | 1.35% |
| LIVE NATION CV 02.5000 03/15/2023 | 1.32% |
| PALO ALTO NET CV 00.7500 07/01/2023 | 1.32% |
| STANLEY BLACK & DECKER I 05.2500 CV PFD | 1.30% |
| EXACT SCIENCES CORP CV 00.3750 03/15/2027 | 1.29% |
| SQUARE INC CV 00.5000 05/15/2023 | 1.27% |
| ALTERYX INC P/P 144A CV 00.5000 08/01/2024 | 1.22% |
| TELADOC INC CV 01.3750 05/15/2025 | 1.21% |
| RH P/P 144A CV 00.0000 09/15/2024 | 1.20% |
| COUPA SOFTWAR P/P 144A CV 00.1250 06/15/2025 | 1.18% |
| WORKDAY INC CV 00.2500 10/01/2022 | 1.16% |
| JPMORGAN CHAS P/P 144A CV 00.2500 05/01/2023 | 1.12% |
| SOUTHERN CO 06.7500 CV PFD | 1.12% |
| CHEGG INC P/P 144A CV 00.1250 03/15/2025 | 1.10% |
| COLONY STARWO CV 03.5000 01/15/2022 | 1.08% |
| NEXTERA ENERGY INC 04.8720 CV PFD | 1.03% |
| AMERICAN ELECTRIC POWER 06.1250 CV PFD | 0.95% |
| LIBERTY INTER P/P 144A CV 01.7500 09/30/2046 | 0.95% |
| INTL FLAVOR & FRAGRANCES 06.0000 CV PFD | 0.93% |
| CYBERARK SFTWARE P/P 144A 00.0000 11/15/2024 | 0.92% |
| QTS REALTY TRUST INC 06.5000 CUM CV PFD | 0.92% |
| AKAMAI TECH CV 00.1250 05/01/2025 | 0.92% |
| WAYFAIR INC CV 01.1250 11/01/2024 | 0.92% |
| PROOFPOINT IN P/P 144A CV 00.2500 08/15/2024 | 0.91% |
| LIBERTY MEDIA CV 01.3750 10/15/2023 | 0.90% |
| INPHI CORP CV 00.7500 09/01/2021 | 0.90% |
| FORTIVE CORPORATION 05.0000 CUM CV PFD | 0.89% |
| BLACKSTONE MORTGAGE TR CV 04.7500 03/15/2023 | 0.88% |
| RINGCENTRAL CV 00.0000 03/15/2023 | 0.88% |
| LIBERTY MEDIA CV 01.0000 01/30/2023 | 0.86% |
| REPLIGEN CORP CV 00.3750 07/15/2024 | 0.84% |
| ZENDESK INC CV 00.2500 03/15/2023 | 0.82% |
| J2 GLOBAL P/P 144A CV 01.7500 11/01/2026 | 0.80% |
| CONMED CORP P/P 144A CV 02.6250 02/01/2024 | 0.80% |
| SAILPOINT TCH P/P 144A CV 00.1250 09/15/2024 | 0.78% |
| FTI CONSULTIN CV 02.0000 08/15/2023 | 0.76% |
| INTEL CORP CV 03.2500 08/01/2039 | 0.76% |
| JAZZ INVT I LTD USD 01.5000 08/15/2024 | 0.75% |
| AKAMAI TECH P/P 144A CV 00.3750 09/01/2027 | 0.75% |
| WIX LTD USD 00.0000 07/01/2023 | 0.73% |
| IAC FIN 2 P/P 144A CV 00.8750 06/15/2026 | 0.72% |
| ETSY INC P/P 144A CV 00.1250 10/01/2026 | 0.71% |
| ADVANCED MICRO DEVICES SEDOL 2007849 | 0.71% |
| TWITTER INC CV 01.0000 09/15/2021 | 0.69% |
| AXA SA P/P 144A 07.2500 05/15/2021 | 0.66% |
| AMG CAPITAL TRUST II 05.1500 CUM CV PFD | 0.66% |
| EVERBRIDGE INC CV 01.5000 11/01/2022 | 0.65% |
| LIBERTY MEDIA P/P 144A CV 02.7500 12/01/2049 | 0.64% |
| AIR TRANSPORT CV 01.1250 10/15/2024 | 0.63% |
| NUANCE COMM CV 01.2500 04/01/2025 | 0.63% |
| SAREPTA THERA CV 01.5000 11/15/2024 | 0.62% |
| VONAGE HLDGS P/P 144A CV 01.7500 06/01/2024 | 0.61% |
| BIOMARIN PHARMA CV 00.5990 08/01/2024 | 0.61% |
| II-VI INC CV 00.2500 09/01/2022 | 0.61% |
| HUBSPOT INC CV 00.2500 06/01/2022 | 0.60% |
| OSI SYS INC CV 01.2500 09/01/2022 | 0.60% |
| LAM RESEARCH CORP SEDOL 2502247 | 0.60% |
| NEUROCRINE CV 02.2500 05/15/2024 | 0.59% |
| TWILIO INC CV 00.2500 06/01/2023 | 0.58% |
| ILLUMINA INC CV 00.0000 08/15/2023 | 0.58% |
| NUTANIX INC CV 00.0000 01/15/2023 | 0.58% |
| KAMAN CORP CV 03.2500 05/01/2024 | 0.57% |
| IAC FINANCECO P/P 144A CV 00.8750 10/01/2022 | 0.56% |
| EURONET WORLD P/P 144A CV 00.7500 03/15/2049 | 0.55% |
| TALEND SA P/P 144A CV 01.7500 09/01/2024 | 0.54% |
| PLURALSIGHT P/P 144A CV 00.3750 03/01/2024 | 0.54% |
| REALPAGE INC CV 01.5000 11/15/2022 | 0.52% |
| NICE SYS INC CV 01.2500 01/15/2024 | 0.49% |
| ANTHEM INC SEDOL BSPHGL4 | 0.49% |
| NEW RELIC INC CV 00.5000 05/01/2023 | 0.49% |
| CREE INC CV 00.8750 09/01/2023 | 0.46% |
| SUPERNUS PH CV 00.6250 04/01/2023 | 0.46% |
| GUESS INC P/P 144A CV 02.0000 04/15/2024 | 0.46% |
| TABULA RASA H P/P 144A CV 01.7500 02/15/2026 | 0.43% |
| HORIZON GLOBAL CORP CV 02.7500 07/01/2022 | 0.42% |
| IQIYI INC P/P 144A 02.0000 04/01/2025 | 0.40% |
| CHENIERE ENERGY INC CV 04.2500 03/15/2045 | 0.39% |
| FORTIVE CORP P/P 144A CV 00.8750 02/15/2022 | 0.39% |
| NXP SEMICONDUCTORS NV SEDOL B505PN7 | 0.38% |
| GCI LIBERTY I P/P 144A CV 01.7500 09/30/2046 | 0.36% |
| PATRICK INDS CV 01.0000 02/01/2023 | 0.36% |
| LIGAND PHARMA CV 00.7500 05/15/2023 | 0.31% |
| T-MOBILE US INC SEDOL B94Q9V0 | 0.31% |
| HESS CORP SEDOL 2023748 | 0.30% |
| WESTERN DI CV 01.5000 02/01/2024 | 0.28% |
| INSULET CORP CV 01.3750 11/15/2024 | 0.25% |
| EXXON MOBIL CORP SEDOL 2326618 | 0.25% |
| AMGEN INC SEDOL 2023607 | 0.25% |
| ABBVIE INC SEDOL B92SR70 | 0.25% |
| TALOS PRODUCTION LLC P/P 11.0000 04/03/2022 | 0.24% |
| CHINA MEDICAL TECH INC USD 04.0000 08/15/2020 | 0.03% |
| CHINA MED TECH P/P 144A 06.2500 12/17/2020 | 0.03% |
| GT ADVANCED TECH INC SEDOL BD70QH2 | 0.00% |
| CINCINNATI BELL INC 06.7500 CUM CV PFD | 0.00% |
| DISH NETWORK CORP-RTS SEDOL BL0L9Q8 | 0.00% |
| GT ADVANCED TECH INC CV 03.0000 12/15/2020 | 0.00% |
| POWERWAVE TECHNOLOGIES CV 03.8750 10/01/2027 | 0.00% |
| MICROCHIP TEC CV 01.6250 02/15/2027 | 3.72% |
|---|---|
| BANK OF AMERICA CORP 07.2500 CV PFD | 2.88% |
| BECTON DICKINSON AND CO 06.1250 CUM CV PFD | 2.03% |
| CROWN CASTLE INTL CORP 06.8750 CUM CV PFD | 1.91% |
| SEMPRA ENERGY 06.0000 CUM CV PFD | 1.84% |
| DANAHER CORP 04.7500 CUM CV PFD | 1.82% |
| PRICELINE.COM CV 00.3500 06/15/2020 | 1.80% |
| WELLS FARGO & COMPANY 07.5000 CV PFD | 1.61% |
| BROADCOM INC 08.0000 CV PFD | 1.61% |
| PALO ALTO NET CV 00.7500 07/01/2023 | 1.51% |
| SPLUNK INC CV 01.1250 09/15/2025 | 1.44% |
| DEXCOM INC P/P 144A CV 00.7500 12/01/2023 | 1.44% |
| NRG ENERGY CV 02.7500 06/01/2048 | 1.42% |
| OKTA INC P/P 144A CV 00.1250 09/01/2025 | 1.42% |
| DISH NETWORK CV 03.3750 08/15/2026 | 1.40% |
| LIVE NATION CV 02.5000 03/15/2023 | 1.38% |
| ON SEMICONDUC CV 01.6250 10/15/2023 | 1.36% |
| DOCUSIGN INC CV 00.5000 09/15/2023 | 1.35% |
| COUPA SOFTWAR P/P 144A CV 00.1250 06/15/2025 | 1.28% |
| LIBERTY MEDIA CV 01.3750 10/15/2023 | 1.28% |
| TELADOC INC CV 01.3750 05/15/2025 | 1.27% |
| SERVICENOW IN CV 00.0000 06/01/2022 | 1.25% |
| EXACT SCIENCES CORP CV 00.3750 03/15/2027 | 1.25% |
| MEDICINES CO CV 02.7500 07/15/2023 | 1.23% |
| ALTERYX INC P/P 144A CV 00.5000 08/01/2024 | 1.18% |
| AMERICAN ELECTRIC POWER 06.1250 CV PFD | 1.15% |
| SQUARE INC CV 00.5000 05/15/2023 | 1.14% |
| INSULET CORP P/P 144A CV 00.3750 09/01/2026 | 1.14% |
| JPMORGAN CHAS P/P 144A CV 00.2500 05/01/2023 | 1.13% |
| COLONY STARWO CV 03.5000 01/15/2022 | 1.12% |
| SOUTHERN CO 06.7500 CV PFD | 1.06% |
| RH CV 00.0000 06/15/2023 | 1.04% |
| WORKDAY INC CV 00.2500 10/01/2022 | 1.03% |
| CHEGG INC P/P 144A CV 00.1250 03/15/2025 | 1.02% |
| FORTIVE CORPORATION 05.0000 CUM CV PFD | 1.00% |
| LIBERTY MEDIA CV 01.0000 01/30/2023 | 0.99% |
| LIBERTY INTER P/P 144A CV 01.7500 09/30/2046 | 0.97% |
| NEXTERA ENERGY INC 04.8720 CV PFD | 0.97% |
| QTS REALTY TRUST INC 06.5000 CUM CV PFD | 0.96% |
| WAYFAIR INC P/P 144A CV 01.1250 11/01/2024 | 0.95% |
| INPHI CORP CV 00.7500 09/01/2021 | 0.94% |
| PROOFPOINT IN P/P 144A CV 00.2500 08/15/2024 | 0.93% |
| BLACKSTONE MORTGAGE TR CV 04.7500 03/15/2023 | 0.91% |
| ADVANCED MICRO DEVICES SEDOL 2007849 | 0.89% |
| INTL FLAVOR & FRAGRANCES 06.0000 CV PFD | 0.86% |
| RINGCENTRAL CV 00.0000 03/15/2023 | 0.85% |
| TWITTER INC CV 01.0000 09/15/2021 | 0.83% |
| JAZZ INVT I LTD USD 01.5000 08/15/2024 | 0.82% |
| CONMED CORP P/P 144A CV 02.6250 02/01/2024 | 0.82% |
| REPLIGEN CORP CV 00.3750 07/15/2024 | 0.81% |
| AKAMAI TECH CV 00.1250 05/01/2025 | 0.79% |
| ZENDESK INC CV 00.2500 03/15/2023 | 0.79% |
| FTI CONSULTIN CV 02.0000 08/15/2023 | 0.79% |
| AKAMAI TECH P/P 144A CV 00.3750 09/01/2027 | 0.78% |
| WIX LTD USD 00.0000 07/01/2023 | 0.76% |
| IAC FIN 2 P/P 144A CV 00.8750 06/15/2026 | 0.76% |
| INTEL CORP CV 03.2500 08/01/2039 | 0.76% |
| WRIGHT MEDICA CV 01.6250 06/15/2023 | 0.75% |
| ETSY INC P/P 144A CV 00.1250 10/01/2026 | 0.75% |
| PLURALSIGHT P/P 144A CV 00.3750 03/01/2024 | 0.72% |
| SAILPOINT TCH P/P 144A CV 00.1250 09/15/2024 | 0.71% |
| VONAGE HLDGS P/P 144A CV 01.7500 06/01/2024 | 0.68% |
| EURONET WORLD P/P 144A CV 00.7500 03/15/2049 | 0.68% |
| AMG CAPITAL TRUST II 05.1500 CUM CV PFD | 0.67% |
| II-VI INC CV 00.2500 09/01/2022 | 0.64% |
| HUBSPOT INC CV 00.2500 06/01/2022 | 0.64% |
| J2 GLOBAL COMM CV 03.2500 06/15/2029 | 0.64% |
| OSI SYS INC CV 01.2500 09/01/2022 | 0.63% |
| BIOMARIN PHARMA CV 00.5990 08/01/2024 | 0.61% |
| AIR TRANSPORT CV 01.1250 10/15/2024 | 0.60% |
| IAC FINANCECO P/P 144A CV 00.8750 10/01/2022 | 0.59% |
| ILLUMINA INC CV 00.0000 08/15/2023 | 0.59% |
| REALPAGE INC CV 01.5000 11/15/2022 | 0.58% |
| TWILIO INC CV 00.2500 06/01/2023 | 0.57% |
| KAMAN CORP CV 03.2500 05/01/2024 | 0.56% |
| NEUROCRINE CV 02.2500 05/15/2024 | 0.55% |
| LAM RESEARCH CORP SEDOL 2502247 | 0.54% |
| STANLEY BLACK & DECKER INC SEDOL B3Q2FJ4 | 0.54% |
| EVERBRIDGE INC CV 01.5000 11/01/2022 | 0.54% |
| NICE SYS INC CV 01.2500 01/15/2024 | 0.53% |
| NUANCE COMM CV 01.2500 04/01/2025 | 0.52% |
| TALEND SA P/P 144A CV 01.7500 09/01/2024 | 0.51% |
| AXA SA P/P 144A 07.2500 05/15/2021 | 0.50% |
| NEW RELIC INC CV 00.5000 05/01/2023 | 0.50% |
| CHENIERE ENERGY INC CV 04.2500 03/15/2045 | 0.49% |
| SUPERNUS PH CV 00.6250 04/01/2023 | 0.49% |
| TABULA RASA H P/P 144A CV 01.7500 02/15/2026 | 0.48% |
| CARBONITE INC CV 02.5000 04/01/2022 | 0.47% |
| CHESAPEAKE EN CV 05.5000 09/15/2026 | 0.47% |
| ANTHEM INC SEDOL BSPHGL4 | 0.47% |
| GUESS INC P/P 144A CV 02.0000 04/15/2024 | 0.45% |
| HORIZON GLOBAL CORP CV 02.7500 07/01/2022 | 0.44% |
| REXNORD CORP 05.7500 CUM CV PFD | 0.41% |
| FORTIVE CORP P/P 144A CV 00.8750 02/15/2022 | 0.40% |
| CREE INC CV 00.8750 09/01/2023 | 0.40% |
| SAREPTA THERA CV 01.5000 11/15/2024 | 0.39% |
| IQIYI INC P/P 144A 02.0000 04/01/2025 | 0.39% |
| NUTANIX INC CV 00.0000 01/15/2023 | 0.38% |
| GCI LIBERTY I P/P 144A CV 01.7500 09/30/2046 | 0.38% |
| PATRICK INDS CV 01.0000 02/01/2023 | 0.37% |
| MEDICINES CO CV 02.5000 01/15/2022 | 0.33% |
| T-MOBILE US INC SEDOL B94Q9V0 | 0.33% |
| HESS CORP SEDOL 2023748 | 0.33% |
| LIGAND PHARMA CV 00.7500 05/15/2023 | 0.32% |
| WESTERN DI CV 01.5000 02/01/2024 | 0.30% |
| INSULET CORP CV 01.3750 11/15/2024 | 0.27% |
| NXP SEMICONDUCTORS NV SEDOL B505PN7 | 0.26% |
| EXXON MOBIL CORP SEDOL 2326618 | 0.26% |
| INTELSAT SA USD 04.5000 06/15/2025 | 0.25% |
| TALOS PRODUCTION LLC P/P 11.0000 04/03/2022 | 0.25% |
| SNAP INC P/P 144A CV 00.7500 08/01/2026 | 0.25% |
| CHINA MEDICAL TECH INC USD 04.0000 08/15/2020 | 0.03% |
| CHINA MED TECH P/P 144A 06.2500 12/17/2019 | 0.03% |
| GT ADVANCED TECH INC SEDOL BD70QH2 | 0.00% |
| CINCINNATI BELL INC 06.7500 CUM CV PFD | 0.00% |
| GT ADVANCED TECH INC CV 03.0000 12/15/2020 | 0.00% |
| POWERWAVE TECHNOLOGIES CV 03.8750 10/01/2027 | 0.00% |
| MICROCHIP TEC CV 01.6250 02/15/2027 | 3.67% |
|---|---|
| BANK OF AMERICA CORP 07.2500 CV PFD | 2.72% |
| BECTON DICKINSON AND CO 06.1250 CUM CV PFD | 2.04% |
| DANAHER CORP 04.7500 CUM CV PFD | 1.90% |
| SEMPRA ENERGY 06.0000 CUM CV PFD | 1.87% |
| PRICELINE.COM CV 00.3500 06/15/2020 | 1.74% |
| CROWN CASTLE INTL CORP 06.8750 CUM CV PFD | 1.68% |
| WELLS FARGO & COMPANY 07.5000 CV PFD | 1.63% |
| PALO ALTO NET CV 00.7500 07/01/2023 | 1.45% |
| SPLUNK INC CV 01.1250 09/15/2025 | 1.43% |
| DEXCOM INC P/P 144A CV 00.7500 12/01/2023 | 1.42% |
| WORKDAY INC CV 00.2500 10/01/2022 | 1.41% |
| NRG ENERGY CV 02.7500 06/01/2048 | 1.41% |
| DOCUSIGN INC P/P 144A CV 00.5000 09/15/2023 | 1.40% |
| DISH NETWORK CV 03.3750 08/15/2026 | 1.38% |
| SERVICENOW IN CV 00.0000 06/01/2022 | 1.34% |
| LIVE NATION CV 02.5000 03/15/2023 | 1.33% |
| ON SEMICONDUC CV 01.6250 10/15/2023 | 1.32% |
| ALTERYX INC P/P 144A CV 00.5000 08/01/2024 | 1.27% |
| EXACT SCIENCES CORP CV 00.3750 03/15/2027 | 1.26% |
| COLONY STARWO CV 03.5000 01/15/2022 | 1.26% |
| SQUARE INC CV 00.5000 05/15/2023 | 1.26% |
| COUPA SOFTWAR P/P 144A CV 00.1250 06/15/2025 | 1.24% |
| OKTA INC P/P 144A CV 00.1250 09/01/2025 | 1.23% |
| LIBERTY MEDIA CV 01.3750 10/15/2023 | 1.22% |
| MEDICINES CO CV 02.7500 07/15/2023 | 1.19% |
| AMERICAN ELECTRIC POWER 06.1250 CV PFD | 1.17% |
| TELADOC INC CV 01.3750 05/15/2025 | 1.16% |
| JPMORGAN CHAS P/P 144A CV 00.2500 05/01/2023 | 1.14% |
| WAYFAIR INC P/P 144A CV 01.1250 11/01/2024 | 1.13% |
| AKAMAI TECH CV 00.1250 05/01/2025 | 1.12% |
| EURONET WORLD P/P 144A CV 00.7500 03/15/2049 | 1.09% |
| SOUTHERN CO 06.7500 CV PFD | 1.07% |
| FORTIVE CORPORATION 05.0000 CUM CV PFD | 1.00% |
| RH CV 00.0000 06/15/2023 | 1.00% |
| INSULET CORP P/P 144A CV 00.3750 09/01/2026 | 0.98% |
| LIBERTY MEDIA CV 01.0000 01/30/2023 | 0.98% |
| JAZZ INVT I LTD USD 01.5000 08/15/2024 | 0.98% |
| PROOFPOINT IN P/P 144A CV 00.2500 08/15/2024 | 0.98% |
| QTS REALTY TRUST INC 06.5000 CUM CV PFD | 0.92% |
| CHEGG INC P/P 144A CV 00.1250 03/15/2025 | 0.90% |
| LIBERTY INTER P/P 144A CV 01.7500 09/30/2046 | 0.90% |
| INTL FLAVOR & FRAGRANCES 06.0000 CV PFD | 0.87% |
| INPHI CORP CV 00.7500 09/01/2021 | 0.85% |
| TWITTER INC CV 01.0000 09/15/2021 | 0.85% |
| ILLUMINA INC CV 00.0000 08/15/2023 | 0.82% |
| ETSY INC P/P 144A CV 00.1250 10/01/2026 | 0.81% |
| NEXTERA ENERGY INC 04.8720 CV PFD | 0.81% |
| REPLIGEN CORP CV 00.3750 07/15/2024 | 0.80% |
| AKAMAI TECH P/P 144A CV 00.3750 09/01/2027 | 0.80% |
| REALPAGE INC CV 01.5000 11/15/2022 | 0.80% |
| RINGCENTRAL CV 00.0000 03/15/2023 | 0.78% |
| ALEXANDRIA REAL ESTATE E 07.0000 CUM CV PFD | 0.77% |
| BLACKSTONE MORTGAGE TR CV 04.7500 03/15/2023 | 0.77% |
| ADVANCED MICRO DEVICES SEDOL 2007849 | 0.76% |
| WRIGHT MEDICA CV 01.6250 06/15/2023 | 0.75% |
| WIX LTD USD 00.0000 07/01/2023 | 0.74% |
| BROADCOM INC 08.0000 CV PFD | 0.74% |
| IAC FIN 2 P/P 144A CV 00.8750 06/15/2026 | 0.74% |
| BIOMARIN PHARMA CV 00.5990 08/01/2024 | 0.74% |
| CONMED CORP P/P 144A CV 02.6250 02/01/2024 | 0.74% |
| NUANCE COMM CV 01.2500 04/01/2025 | 0.73% |
| PLURALSIGHT P/P 144A CV 00.3750 03/01/2024 | 0.71% |
| SAILPOINT TCH P/P 144A CV 00.1250 09/15/2024 | 0.70% |
| INTEL CORP CV 03.2500 08/01/2039 | 0.70% |
| II-VI INC CV 00.2500 09/01/2022 | 0.66% |
| FTI CONSULTIN CV 02.0000 08/15/2023 | 0.66% |
| AMG CAPITAL TRUST II 05.1500 CUM CV PFD | 0.66% |
| FORTIVE CORP P/P 144A CV 00.8750 02/15/2022 | 0.66% |
| EVERBRIDGE INC CV 01.5000 11/01/2022 | 0.64% |
| OSI SYS INC CV 01.2500 09/01/2022 | 0.64% |
| HUBSPOT INC CV 00.2500 06/01/2022 | 0.63% |
| INSULET CORP CV 01.3750 11/15/2024 | 0.63% |
| J2 GLOBAL COMM CV 03.2500 06/15/2029 | 0.62% |
| AIR TRANSPORT CV 01.1250 10/15/2024 | 0.61% |
| NICE SYS INC CV 01.2500 01/15/2024 | 0.61% |
| VONAGE HLDGS P/P 144A CV 01.7500 06/01/2024 | 0.60% |
| NEW RELIC INC CV 00.5000 05/01/2023 | 0.59% |
| IAC FINANCECO P/P 144A CV 00.8750 10/01/2022 | 0.57% |
| ZENDESK INC CV 00.2500 03/15/2023 | 0.57% |
| KAMAN CORP CV 03.2500 05/01/2024 | 0.57% |
| TURNING POINT P/P 144A CV 02.5000 07/15/2024 | 0.53% |
| TWILIO INC CV 00.2500 06/01/2023 | 0.52% |
| STANLEY BLACK & DECKER INC SEDOL B3Q2FJ4 | 0.52% |
| CHESAPEAKE EN CV 05.5000 09/15/2026 | 0.52% |
| NEUROCRINE CV 02.2500 05/15/2024 | 0.52% |
| TABULA RASA H P/P 144A CV 01.7500 02/15/2026 | 0.51% |
| SUPERNUS PH CV 00.6250 04/01/2023 | 0.49% |
| CHENIERE ENERGY INC CV 04.2500 03/15/2045 | 0.48% |
| WESTERN DI CV 01.5000 02/01/2024 | 0.48% |
| GUESS INC P/P 144A CV 02.0000 04/15/2024 | 0.47% |
| CARBONITE INC CV 02.5000 04/01/2022 | 0.46% |
| LAM RESEARCH CORP SEDOL 2502247 | 0.46% |
| HORIZON GLOBAL CORP CV 02.7500 07/01/2022 | 0.44% |
| ANTHEM INC SEDOL BSPHGL4 | 0.42% |
| REXNORD CORP 05.7500 CUM CV PFD | 0.40% |
| IQIYI INC P/P 144A 02.0000 04/01/2025 | 0.38% |
| NUTANIX INC CV 00.0000 01/15/2023 | 0.38% |
| SAREPTA THERA CV 01.5000 11/15/2024 | 0.37% |
| PATRICK INDS CV 01.0000 02/01/2023 | 0.36% |
| GCI LIBERTY I P/P 144A CV 01.7500 09/30/2046 | 0.34% |
| T-MOBILE US INC SEDOL B94Q9V0 | 0.32% |
| MEDICINES CO CV 02.5000 01/15/2022 | 0.32% |
| LIGAND PHARMA CV 00.7500 05/15/2023 | 0.31% |
| HESS CORP SEDOL 2023748 | 0.30% |
| EXXON MOBIL CORP SEDOL 2326618 | 0.27% |
| SNAP INC P/P 144A CV 00.7500 08/01/2026 | 0.25% |
| TALOS PRODUCTION LLC P/P 11.0000 04/03/2022 | 0.25% |
| ILLUMINA INC SEDOL 2613990 | 0.20% |
| OASIS PETROLEUM INC CV 02.6250 09/15/2023 | 0.13% |
| CHINA MEDICAL TECH INC USD 04.0000 08/15/2020 | 0.03% |
| CHINA MED TECH P/P 144A 06.2500 12/17/2019 | 0.03% |
| GT ADVANCED TECH INC SEDOL BD70QH2 | 0.00% |
| CINCINNATI BELL INC 06.7500 CUM CV PFD | 0.00% |
| GT ADVANCED TECH INC CV 03.0000 12/15/2020 | 0.00% |
| POWERWAVE TECHNOLOGIES CV 03.8750 10/01/2027 | 0.00% |
Portfolio composition as of 10/31/19
| Convertible bonds and notes | 71.69% |
|---|---|
| Mandatories | 15.17% |
| Convertible preferred stock | 6.12% |
| Common stock | 3.62% |
| Cash and net other assets | 3.15% |
| Corporate bonds and notes | 0.25% |
Equity statistics as of 10/31/19
| Median market cap | $8.50B |
|---|---|
| Weighted average market cap | $38.12B |
| Price to book | 3.84 |
| Price to earnings | 28.39 |
Fixed income statistics as of 10/31/19
| Average stated maturity | 4.95 yrs. |
|---|---|
| Average effective duration | 1.55 yrs. |
| Average yield to maturity | -1.76% |
| Average coupon | 2.26% |
Maturity detail as of 10/31/19
| 0 - 1 yr. | 18.67% |
|---|---|
| 1 - 5 yrs. | 54.33% |
| 5 - 10 yrs. | 21.63% |
| Over 15 yrs. | 5.37% |
Quality rating as of 10/31/19
| A | 4.66% |
|---|---|
| BBB | 9.34% |
| BB | 7.72% |
| B | 5.79% |
| CCC | 0.44% |
| Not Rated | 68.90% |
| Cash and net other assets | 3.15% |
Fund characteristics will vary over time.
Due to rounding, percentages may not equal 100%.
Consider these risks before investing: Convertible securities prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. These risks are generally greater for convertible securities issued by small and/or midsize companies. Convertible securities' prices may be adversely affected by underlying common stock price changes. While convertible securities tend to provide higher yields than common stocks, the higher yield may not protect against the risk of loss or mitigate any loss associated with a convertible security's price decline. Convertible securities are subject to credit risk, which is the risk that an issuer of the fund's investments may default on payment of interest or principal. Credit risk is generally greater for below- investment-grade convertible securities. Convertible securities may be less sensitive to interest-rate changes than non-convertible bonds because of their structural features (e.g., convertibility, "put" features). Interest-rate risk is generally greater, however, for longer-term bonds and convertible securities whose underlying stock price has fallen significantly below the conversion price. You can lose money by investing in the fund.
Credit qualities are shown as a percentage of the fund’s net assets. A bond rated BBB or higher (A-3/SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings may vary over time. Equity securities are shown in the not-rated category. Cash and net other assets, if any, represent the market value weights of cash and derivatives and may show a negative market value as a result of the timing of trade versus settlement date transactions. The fund itself has not been rated by an independent rating agency.
Top industry sectors as of 10/31/19
| Information technology | 36.52% |
|---|---|
| Health care | 17.93% |
| Communication services | 9.13% |
| Consumer discretionary | 7.80% |
| Financials | 7.70% |
| Utilities | 6.44% |
| Industrials | 4.68% |
| Real estate | 3.98% |
| Cash and net other assets | 3.15% |
| Other | 2.67% |
0
The unclassified sector (where applicable) includes exchange traded funds and other securities not able to be classified by sector.
Sectors will vary over time.
Country allocation as of 10/31/19
| United States | 94.07% |
|---|---|
| Cash and net other assets | 3.15% |
| Ireland | 0.82% |
| Israel | 0.76% |
| France | 0.50% |
| China | 0.45% |
| Luxembourg | 0.25% |
0
Expenses
Expense ratio |
Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| Total expense ratio | 1.05% | 1.80% | 1.80% | 1.30% | 0.72% | 0.80% |
| What you pay | 1.05% | 1.80% | 1.80% | 1.30% | 0.72% | 0.80% |
Sales charge
| Investment Breakpoint | Class A | Class B | Class C | Class R | Class R6 | Class Y |
|---|---|---|---|---|---|---|
| $0-$49,999 | 5.75% | 0.00% | 0.00% | -- | -- | -- |
| $50,000-$99,999 | 4.50% | 0.00% | 0.00% | -- | -- | -- |
| $100,000-$249,999 | 3.50% | -- | 0.00% | -- | -- | -- |
| $250,000-$499,999 | 2.50% | -- | 0.00% | -- | -- | -- |
| $500,000-$999,999 | 2.00% | -- | 0.00% | -- | -- | -- |
| $1M-$4M | 0.00% | -- | -- | -- | -- | -- |
| $4M-$50M | 0.00% | -- | -- | -- | -- | -- |
| $50M+ | 0.00% | -- | -- | -- | -- | -- |
CDSC
| Class A (sales for $1,000,000+) | Class B | Class C | Class R | Class R6 | Class Y | |
|---|---|---|---|---|---|---|
| 0 to 9 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- |
| 9 to 12 mts. | 1.00% | 5.00% | 1.00% | -- | -- | -- |
| 2 yrs. | 0.00% | 4.00% | 0.00% | -- | -- | -- |
| 3 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- |
| 4 yrs. | 0.00% | 3.00% | 0.00% | -- | -- | -- |
| 5 yrs. | 0.00% | 2.00% | 0.00% | -- | -- | -- |
| 6 yrs. | 0.00% | 1.00% | 0.00% | -- | -- | -- |
| 7+ yrs. | 0.00% | 0.00% | 0.00% | -- | -- | -- |
The ICE BofAML U.S. Convertible Index tracks the performance of publicly issued U.S. dollar denominated convertible securities of U.S. companies. You cannot invest directly in an index.
Consider these risks before investing: Convertible securities prices may fall or fail to rise over time for several reasons, including general financial market conditions, changing market perceptions (including perceptions about the risk of default and expectations about monetary policy or interest rates), changes in government intervention in the financial markets, and factors related to a specific issuer or industry. These and other factors may lead to increased volatility and reduced liquidity in the fund's portfolio holdings. These risks are generally greater for convertible securities issued by small and/or midsize companies. Convertible securities' prices may be adversely affected by underlying common stock price changes. While convertible securities tend to provide higher yields than common stocks, the higher yield may not protect against the risk of loss or mitigate any loss associated with a convertible security's price decline. Convertible securities are subject to credit risk, which is the risk that an issuer of the fund's investments may default on payment of interest or principal. Credit risk is generally greater for below- investment-grade convertible securities. Convertible securities may be less sensitive to interest-rate changes than non-convertible bonds because of their structural features (e.g., convertibility, "put" features). Interest-rate risk is generally greater, however, for longer-term bonds and convertible securities whose underlying stock price has fallen significantly below the conversion price. You can lose money by investing in the fund.
Credit qualities are shown as a percentage of the fund’s net assets. A bond rated BBB or higher (A-3/SP-3 or higher, for short-term debt) is considered investment grade. This chart reflects the highest security rating provided by one or more of Standard & Poor’s, Moody’s, and Fitch. Ratings may vary over time. Equity securities are shown in the not-rated category. Cash and net other assets, if any, represent the market value weights of cash and derivatives and may show a negative market value as a result of the timing of trade versus settlement date transactions. The fund itself has not been rated by an independent rating agency.