Rational/Pier 88 Convertible Securities Fund Institutional Shares (PBXIX)

Fund Assets	238.53M
Expense Ratio	1.00%
Min. Investment	$1,000
Turnover	185.00%
Dividend (ttm)	0.58
Dividend Yield	4.96%
Dividend Growth	79.50%
Payout Frequency	Quarterly
Ex-Dividend Date	Jun 29, 2026

Previous Close	11.68
YTD Return	10.39%
1-Year Return	10.35%
5-Year Return	15.81%
52-Week Low	10.39
52-Week High	11.86
Beta (5Y)	n/a
Holdings	35
Inception Date	Dec 17, 2019

About PBXIX

The Rational/Pier 88 Convertible Securities Fund Institutional Class is a mutual fund designed to deliver a total return combining both capital appreciation and income. Its primary focus is on convertible securities—financial instruments that blend features of both bonds and equities. These securities can be converted into a predetermined number of shares of common stock, allowing investors to potentially benefit from equity market upside while maintaining some downside protection via their bond-like qualities. The fund emphasizes investments in equity-sensitive, balanced, and credit-sensitive convertible securities across a broad array of industry sectors, often targeting large-cap U.S. companies but remaining flexible on sector allocation and maturity. This fund employs a research-driven approach, analyzing the intrinsic value of businesses and their capital structures to identify opportunities where convertible securities may be mispriced. The portfolio is actively managed based on macroeconomic views and sector themes. The fund is classified as non-diversified, which means it may have concentrated positions in certain issuers. Known for its quarterly distributions, the fund provides investors exposure to a niche asset class that has historically exhibited lower default rates than high-yield bonds and may offer competitive yields with a measured risk-reward profile.

• Fund Family: Rational Funds
• Category: Convertibles
• Performance Rating: Below Average
• Risk Rating: Below Average
• Stock Exchange: NASDAQ
• Ticker Symbol: PBXIX
• Share Class: -institutional Shares
• Index: S&P 500 TR

Performance

PBXIX had a total return of 10.35% in the past year, including dividends. Since the fund's inception, the average annual return has been 5.95%.

Other Share Classes

These are alternative share classes of the same fund, from the same provider.

Symbol	Share Class	Expense Ratio
PBXAX	-class A Shares	1.25%
PBXCX	-class C Shares	2.00%

Top 10 Holdings

45.17% of assets

Name	Symbol	Weight
First American Treasury Obligs X	FXFXX	5.78%
Alliant Energy Corporation 3.25%	LNT.3.25 05.30.28	4.65%
Digital Realty Trust, L.P. 1.875%	DLR.1.875 11.15.29	4.57%
Global Payments Inc 1.5%	GPN.1.5 03.01.31	4.51%
NextEra Energy Inc Unit (Corporate Units 01/11/2029)	NEE.7.234 11.01.27	4.38%
PPL Capital Funding Inc. 2.875%	PPL.2.875 03.15.28	4.37%
Bank of America Corp 7 1/4 % Non-Cum Perp Conv Pfd Shs Series -L-	BAC.7.25 PERP L	4.27%
Wells Fargo & Co 7 1/2 % Non Cum Perp Conv Pfd Shs -A- Series -L-	WFC.7.5 PERP L	4.23%
Uber Technologies Inc 0.875%	UBER.0.875 12.01.28 2028	4.22%
WEC Energy Group Inc. 4.375%	WEC.4.375 06.01.29	4.19%

Dividend History

Ex-Dividend	Amount	Pay Date
Jun 29, 2026	$0.1238	Jun 30, 2026
Mar 30, 2026	$0.2895	Mar 31, 2026
Dec 30, 2025	$0.1302	Dec 31, 2025
Sep 29, 2025	$0.0361	Sep 30, 2025
Jun 27, 2025	$0.1727	Jun 30, 2025
Mar 28, 2025	$0.0436	Mar 31, 2025

Data Sources: Tiingo, Twelve Data, and more

Historical data is provided by Tiingo. Delayed stock pricing data is provided by Twelve Data. Several fund data points are also provided by Finnhub.

Last checked:

Aug 27, 2026

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