RE: Gardner, portfolio mgr Lestat, I believe he was referring to the 2 major groups...Equity and Debt... whereas you have broken it down into the pecking order within the groups. With that said you need to move those Convertible Bonds from a parallel with Preferred Shares and get them into the Debt group. The only part of a convertible bond that is equity (while it is still in the bond state), is the coupon (If it came with one).