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Tax Aware Income Opportunities Fund - Select (JTASX)

Tax Aware Income Opportunities Fund - Select (JTASX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources
Annual operating expenses (%)
Expense cap expiration date 06/30/2014
Expense cap 0.65%
Total annual operating expenses 0.95%
Fee waivers and/or expense reimbursements 0.30%
Net expenses 0.65%

Fee waivers and/or expense reimbursements,Net Expenses
The Investment Advisor, Administrator and Distributor (the "Service Providers") have contractually agreed to waive fees and/or reimburse expenses to the extent that Total Annual Operating Expenses (excluding Acquired Fund Fees and Expenses, dividend expenses relating to short sales, interest, taxes, expenses related to litigation and potential litigation, extraordinary expenses and expenses related to the Board of Trustees' deferred compensation plan) exceed the expense cap of the average daily net assets through the expense cap expiration date. This contract continues through that date, at which time the Service Providers will determine whether or not to renew or revise it.

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Fund balance
Expense cap 0.65%
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Total annual fees $
Quarterly fees $

The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines.

The Fund has the ability to invest in municipal securities, the income from which is exempt from federal income tax. The risk of a municipal obligation generally depends on the financial and credit status of the issuer.

The Fund has the ability to invest up to 100% of its total assets in municipal securities. Under normal circumstances, the Fund will invest at least 80% of its assets in municipal securities.

The Fund may also invest up to 20% of its assets in a wide variety of taxable debt securities of issuers from the U.S. and other markets, both developed and emerging.

The Fund may invest in securities that are below investment grade (i.e., "high yield" or "junk bonds") that are generally rated in the fifth or lower rating categories of Standard & Poor's and Moody's Investors Service. Although these securities tend to provide higher yields than higher-rated securities, there is a greater risk that the Fund's share price will decline.

The Fund has the ability to invest up to 50% of its total assets in high yield securities.

The Fund may invest in derivatives that may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions and could result in losses that significantly exceed the Fund's original investment. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

For some investors, income may be subject to the Alternative Minimum Tax. Capital gains, if any, are federally taxable. Income may be subject to state and local taxes.

The Fund has an absolute return orientation which means that it is not managed relative to an index.