The Chartwell Income Fund (BERIX) is managed utilizing Chartwell Investment Partners’ value-oriented security selection process. While the majority of Chartwell 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 competitive returns.


Video: Overview & Asset Allocation Overview



Investment Objective

Chartwell Income Fund’s objective is to provide investors with current income; seeking to preserve capital is a
secondary consideration.

Fund Facts

AS OF MARCH 31, 2021

Fund Symbol: BERIX       Minimum Initial Purchase: $1,000       Gross Expense Ratio: 0.68%
Fund Cusip: 16140T 202   Subsequent Purchase: $100   Net Expense Ratio: 0.65%
Objective: Current Income   Load: No-Load   30-Day SEC Yield*: 2.17%
Inception Date: 9/3/1987   12B-1 Fee: None   30-Day SEC Yield Unsubsidized**: 2.13%
Dividends: Monthly   Total Net Assets: $533 million   Duration: 5.0 Years


Effective 03.01.2020, the Berwyn Income Fund changed its name to Chartwell Income Fund. Neither the Fund’s objective nor principal investment strategies have changed.

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 3/1/21 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 MARCH 31, 2021

Fund Pie Chart - Berwyn Income
Pie Chart Square - 03425c Common Stock 27%  
Pie Chart Square - 055e83 Investment Grade Bonds 52%  
Pie Chart Square - f78c21 High Yield Bonds 19%  
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. 

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 Chartwell 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 necessarily an indication of how the Fund will perform in the future.

25% Russell 3000V/55% Barclays US Agg/20% BofA ML HYCP Blend: a custom benchmark compromising of 25% Russell 3000 Value, 55% Bloomberg Barclays U.S. Aggregate Bond, and 20% ICE BofA ML U.S. Cash Pay High Yield indices. This blend best reflects the composition of the Fund.

InterContinental Exchange (ICE) Bank of America Merrill Lynch(BaAML) U.S. Cash Pay High Yield Index: an index of all sectors of the non-investment grade bond market.

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).

Russell 3000 Value Index: measures the performance of the broad value segment of the US equity value universe. It includes those Russell 3000 companies with lower price-to-book ratios and lower forecasted growth values.

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 Chartwell 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.

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Tom DiBari

North East | New York, NY
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Jamie Keevican

Mid Atlantic | Pittsburgh, PA
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Jason Stewart

West | San Francisco, CA
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Zachary Crump

South West | The Colony, TX
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