Berwyn Income Fund


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.

Berwyn Income Fund (BERIX) Overview & Asset Allocation 



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 06.30.2019 $1.1 billion
Objective Current Income
30-Day SEC Yield as of 06.30.2019* 2.85%
30-Day SEC Yield as of 06.30.2019 Unsubsidized** 2.83%
Inception Date 9/3/1987
Dividends Monthly
Gross Expense Ratio 0.68%
Net Expense Ratio 0.64%
Duration as of 06.30.2019 4.2 Years
Minimum Initial Purchase $1,000
Subsequent Purchase $100

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 for at least one year from the 3/1/19 prospectus 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 JUNE 30, 2019

Fund Pie Chart - Berwyn Income
Pie Chart Square - 03425c Treasury/Agency Bonds 14%  
Pie Chart Square - 055e83 Corporate Bonds 36%  
Pie Chart Square - 010101 ABS/MBS 14%  
Pie Chart Square - 656565 Preferred Stock 3%  
Pie Chart Square - BCBCBC Convertible Bonds 2%  
Pie Chart Square - f78c21 Common Stock 29%  
Pie Chart Square - FDC789 Short-Term Investments 2%  



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 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.

Bloomberg Barclays US Aggregate Bond Index: a broad-based flagship benchmark that measures the investment grade, US dollar-dominated, fixed-rate taxable bond market. The index includes Treasures, government-related and corporate securities, MBS (agency fixed rate and hybrid ARM pass-throughs), ABS and CMBS (agency and non-agency).

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

ICE BofAML 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.

Effective March 1, 2019, the Fund’s primary benchmark was changed from the FTSE Broad Investment Grade Bond Index to the Bloomberg Barclays U.S. Aggregate Bond Index, which more closely aligns with the Fund’s investments.

Investors cannot invest directly in an index.

Top Ten Holdings

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

Additional Information


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



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


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

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
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Jamie Keevican

Mid Atlantic | Pittsburgh, PA
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Sidney D. Baker

South Atlantic | Atlanta, GA
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Tai Park

Mid West | Chicago IL
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Jason Stewart

West | San Francisco, CA
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Mario Davila

Southwest | Austin, TX
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  Seth Jennings

South East  | Tampa, FL


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