Chartwell Income Fund (BERIX)
Seeks to Generate Income While Preserving Capital
The investment objective of the Chartwell Income Fund is to provide investors with current income; seeking to preserve capital is a secondary consideration.
The Chartwell Income Fund (BERIX) is managed utilizing our 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 assets in dividend-paying common stocks.
We believe the BERIX’s balanced, income-oriented approach may afford competitive returns.
As of September 30, 2021
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 DECEMBER 31, 2020
|Daily Performance as of (October 26, 2021)|
|NAV||Daily Change||% Daily Change||YTD Return|
|Chartwell Income Fund||$14.15||$0.01||0.07%||6.62%|
|Average Annual Total Returns as of most recent Month End (September 30, 2021)|
|Month End||1 Yr.||3 Yrs.||5 Yrs.||10 Yrs.||Inception(9/3/1987)|
|Chartwell Income Fund||-0.99%||13.15%||5.54%||4.47%||5.86%||8.01%|
|25% Russell 3000V / 55% Barclays US Agg / 20% BofAML HYCP Blend||-1.32%||10.20%||7.17%||5.86%||6.61%||N/A|
|Bloomberg U.S. Aggregate Bond Index||-0.87%||-0.90%||5.36%||2.94%||3.01%||N/A|
|Russell 3000 Value Total Return||-3.38%||36.64%||9.94%||10.94%||13.48%||N/A|
|ICE BofA High Yield U.S. Corporates Cash Pay||0.02%||11.30%||6.60%||6.33%||7.26%||8.13%|
|Average Annual Total Returns as of most recent Quarter End (June 30, 2021)|
|Quarter End||1 Yr.||3 Yrs.||5 Yrs.||10 Yrs.||Inception(9/3/1987)|
|Chartwell Income Fund||2.84%||16.59%||5.67%||5.33%||5.41%||8.07%|
|25% Russell 3000V / 55% Barclays US Agg / 20% BofAML HYCP Blend||2.86%||13.13%||7.82%||6.34%||6.23%||N/A|
|Bloomberg U.S. Aggregate Bond Index||1.83%||-0.33%||5.34%||3.03%||3.39%||N/A|
|Russell 3000 Value Total Return||5.16%||45.40%||12.23%||11.99%||11.54%||N/A|
|ICE BofA High Yield U.S. Corporates Cash Pay||2.75%||15.48%||7.13%||7.28%||6.48%||8.17%|
Performance data quoted represents past performance. Past performance is no guarantee of future results. Investment return and principal value will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance information quoted. To obtain performance information current to the most recent month-end please call 1-888-995-5505. Returns for less than a year are not annualized.
|TOP TEN HOLDINGS (June 30, 2021)|
|Holding||% of Investments|
|US TREASURY NOTE||2.20%|
|US TREASURY INFLATION INDEXED||1.49%|
|ENERGY TRANSFER OPERATING LP||1.47%|
|ANNALY CAPITAL MANAGEMENT||1.42%|
|PENN STAR OIL CORP SR EXC 144A||1.34%|
|U.S. TREASURY NOTES||1.30%|
|CHIMERA INVESTMENT CORPORATION||1.28%|
|GS MORTGAGE-BACKED SECURITIES||1.25%|
|NEW RESIDENTIAL INVESTMENT CORPORATION||1.15%|
|TIFFANY & COMPANY||1.15%|
Figures unaudited. For informational purposes only. Holdings are subject to change at any time.
An investor should consider the investment objectives, risks, charges, and expenses carefully before investing. The fund’s prospectus contains this and other information, and can be obtained by calling toll free (888) 995-5505 or visiting http://www.chartwellip.com. Read the summary or statutory prospectus carefully before investing.
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% Bloomberg US Agg/20% ICE BofA HYCP Blend: a custom benchmark compromising of 25% Russell 3000 Value, 55% Bloomberg U.S. Aggregate Bond, and 20% ICE BofA U.S. Cash Pay High Yield indices. This blend best reflects the composition of the Fund.
InterContinental Exchange (ICE) Bank of America (BofA) U.S. Cash Pay High Yield Index: an index of all sectors of the non-investment grade bond market.
Bloomberg 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.
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Chartwell Investment Partners, LLC
1205 Westlakes Drive
Berwyn, PA 19312
Distributed by Foreside Fund Services, LLC
Ultimus Fund Solutions, LLC
P.O. Box 46707
Cincinnati, OH 45246-0707