Berwyn Income Fund

Overview

The Berwyn Income Fund (BERIX) is managed utilizing Chartwell Investment Partners’ value-oriented security selection process. While the majority of Berwyn Income Fund’s (BERIX) portfolio is invested in bonds, it may invest up to 30% of its assets in dividend-paying common stocks. We believe the BERIX’s balanced, income-oriented approach may afford a greater level of price stability than an all equity portfolio.

Investment Objective

Berwyn Income Fund’s objective is to provide investors with current income while seeking to preserve capital.

Fund Facts

Fund Symbol BERIX
Fund Cusip 16140T 202
Load No-Load
12B-1 Fee None
Total Net Assets as of 09/30/18 $1.5 billion
Objective Current Income
30-Day SEC Yield as of 09/30/18* 2.97%
30-Day SEC Yield as of 09/30/18 Unsubsidized** 2.97%
Inception Date 9/3/1987
Dividends Quarterly
Gross Expense Ratio 0.69%
Net Expense Ratio 0.66%
Duration as of 06/30/2018 2.70 Years
Minimum Initial Purchase $1,000/$1,000 IRA

Chartwell Investment Partners, LLC has contractually agreed to waive its fees and/or pay for operating expenses of the Fund to ensure that total annual fund operating expenses (excluding any taxes, leverage interest, brokerage commissions, dividend and interest expenses on short sales, acquired fund fees and expenses as determined in accordance with Form N-1A, expenses incurred in connection with any merger or reorganization, or extraordinary expenses such as litigation expenses) do not exceed 0.64% of the average daily net assets of the Fund’s shares. This agreement is in  effect until July 17, 2019, and it may be terminated prior to this time only by the Trust’s Board of Trustees, or if the investment advisory agreement is terminated (i) by The Chartwell Funds upon 60 days’ notice to the advisor provided such termination was directed or approved by a vote of a majority of the Trustees of The Chartwell Funds or by the vote of the holders of a majority of the voting securities of the Fund at the time outstanding or entitled to vote; (ii) by the advisor upon 60 days’ notice to The Chartwell Funds; or (iii) by an assignment of the investment advisory agreement. After April 29, 2018, the advisor will be permitted to seek reimbursement from the Fund, subject to certain limitations, of fees waived or payments made to the Fund for a period ending three years after the date of the waiver or payment, provided that no reimbursement will cause the Fund’s annual expense ratio to exceed the lesser of the (i) expense limitation amount in effect at the time such fees were waived or payments made, and (ii) the expense limitation amount in effect at the time of the reimbursement.

*The 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. It is a “subsidized” yield, which means it includes contractual expense reimbursements, and it would be lower without those reimbursements.
**The Unsubsidized 30-Day SEC Yield is computed under an SEC standardized formula based on net income earned over the past 30 days. It excludes contractual expense reimbursements,  resulting in a lower yield.

Fund Portfolio Composition

AS OF SEPTEMBER 30, 2018

Fund Pie Chart - Berwyn Income
Pie Chart Square - f78c21 Common Stock 15%  
Pie Chart Square - 010101 Preferred Stock 4%  
Pie Chart Square - 055e83 Corporate Bonds 69%  
Pie Chart Square - D0D6E9 Convertible Bonds 11%  
Pie Chart Square - 8B8A8B Short-Term Inv. 1%  

 

Performance

Performance data quoted here represents past performance. Past performance is no guarantee of future results. Investment fund and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data cited. Current month end data is available at www.chartwellip.com. Returns for less than a year are not annualized. A redemption fee of 1.00% will be imposed on redemptions of Fund shares owned less than 30 days.

The Fund acquired the assets and liabilities of the Berwyn Income Fund (the "IMST Predecessor Fund"), a series of Investment Managers Series Trust, on July 17, 2017. The IMST Predecessor Fund  acquired the assets and liabilities of the Berwyn Income Fund (the "Berwyn Fund Predecessor Fund," and together with the IMST Predecessor Fund, the "Predecessor Funds"), a series of the Berwyn Funds, on April 29, 2016. As a result of the organizations, the Fund is the accounting successor of the Predecessor Funds. Performance results shown reflect the performance of the IMST Predecessor Fund for the period from April 29, 2016 through July 17, 2017, and the performance of the IMST Predecessor Fund for the period prior to April 29, 2016. The Predecessor Funds' past performance is not necessarilty an indication of how the Fund will perform in the future.

BIG: Citigroup Broad Investment Grade Index, a broad bond index measuring the performance of the U.S. investment grade bond market, from short to long-dated maturities.

Bank of America Merrill Lynch High Yield Master II Index: an index of all sectors of the non-investment grade bond market.

Lipper Income Fund Index: The Index measures performance for funds that generate income using equity securities, bonds, cash, and cash equivalents.
Investors cannot invest directly in an index.

Top Ten Holdings

AS OF SEPTEMBER 30, 2018

Holding

% of Investments

EDWARDS LIFESCIENCES         2.88%  due 10.15.18 2.7
MAXIM INTEGRATED PRODUCTS        2.50%  due 11.15.18 2.6
SHERWIN WILLIAMS CO.        2.25%  due 5.15.20 2.4
CONSTELLATION BRANDS INC.     3.88%  due 11.15.19 2.3
BECTON DICKINSON & CO.       2.68%  due 12.15.19 2.2
NUANCE COMM. CVB         2.75%  due 11.1.31 2.2
MOLSON COORS         1.90%  due 3.15.19 2.2
QUEST DIAGNOSTICS         2.70%  due 4.01.19 2.1
SANMINA CORP.        4.38%  due 6.01.19 2.1
FINISAR CORP.     0.50%  due 12.15.33 2.0

CVB = Convertible Bond, PFD = Preferred
Figures unaudited. For informational purposes only. Holdings are subject to change at any time.

Additional Information

ADVISOR

Chartwell Investment Partners, LLC
1205 Westlakes Drive
Berwyn, PA 19312

610.296.1400

DISTRIBUTOR

Distributed by Foreside Fund Services, LLC
Wholesaling provided by our affiliate,
Chartwell TSC Securities Corp., Member FINRA

TRANSFER AGENT

Ultimus Fund Solutions, LLC
P.O. Box 46707
Cincinnati, OH 45246-0707

Fund Dividend Information

Please visit our dedicated Fund Distributions Page for more information on the Berwyn Income Fund’s quarterly dividends.  Learn more about the fund at Morningstar.com.

Investing Risk

Investing in any mutual fund involves risk, including the risk that you may lose all or part of the money you invest. The Fund invests in both fixed income and equity securities. Its investments in fixed-income securities are subject to such risks as: interest rate risk; call risk; default risk; high-yield (junk bond) risk; and unrated bond risk. The Fund also invests in equity securities which carry the potential for unpredictable drops in value and periods of lackluster performance.

Contact Us

Tom DiBari

North East | New York, NY
917.865.0362
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Jamie Keevican

Mid Atlantic | Pittsburgh, PA
412.304.0440
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Sidney D. Baker

South Atlantic | Atlanta, GA
404.731.3881
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Tai Park

Mid West | Chicago IL
312.593.8153
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Jason Stewart

West | San Francisco, CA
415.310.5088
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Mario Davila

Southwest | Austin, TX
210.882.9247
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  Seth Jennings

South East  | Tampa, FL

813.451.9451

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