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Short Duration High Yield Fund - Select (JSDSX)

Short Duration High Yield Fund - Select (JSDSX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

Objective

The Fund seeks current income with a secondary objective of capital appreciation.

Strategy/Investment process

  • The Fund may invest in all types of high yield, high risk debt securities.
  • The Fund invests at least 80% and may invest up to 100% of its assets in below investment grade securities.
  • The Fund seeks to maintain a duration of three years or less.
  • Up to 20% of the Fund's assets may be invested in non-U.S. dollar denominated securities.
Performance basics
  Annualized returns (as of 3/31/2014)
  1 Year 3 Year 5 Year Incept
at NAV 4.28% N/A N/A 4.12%
Barclays U.S. Aggregate Index -0.10% N/A N/A -0.02%**
BofA Merrill Lynch 1-5 Year U.S. Cash Pay Fixed Maturity High Yield Constrained Index 7.59% N/A N/A 7.91%**
Lipper High Yield Bond Index 7.48% N/A N/A 7.90%**

Performance Inception Date:3/1/13

**Returns are calculated starting from the month end previous to the performance inception date. The performance quoted is past performance and is not a guarantee of future results.

The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. Current performance may be higher or lower than the performance data shown. For performance current to the most recent month-end, please call 1-800-480-4111.

Annual operating expenses (%)
Expense cap expiration date 06/30/2014
Expense cap 0.65%
Total annual operating expenses 1.16%
Fee waivers and/or expense reimbursements 0.50%
Net expenses 0.66%


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.

Minimum investments
Minimum investments Minimum subsequent investments
Regular $1M Regular No Minimum.
IRA $1M IRA No Minimum.
Daily stats (as of 4/17/2014)
NAV YTD
$10.05 1.33%
$0.00 | 0.00%  
 
NAV as of:
  • Mon
    Mar 10
    2014
    $10.05
     
  • Tue
    Mar 11
    2014
    $10.05
     
  • Wed
    Mar 12
    2014
    $10.04
     
  • Thu
    Mar 13
    2014
    $10.04
     
  • Fri
    Mar 14
    2014
    $10.04
     
  • Mon
    Mar 17
    2014
    $10.04
     
  • Tue
    Mar 18
    2014
    $10.05
     
  • Wed
    Mar 19
    2014
    $10.05
     
  • Thu
    Mar 20
    2014
    $10.05
     
  • Fri
    Mar 21
    2014
    $10.05
     
  • Mon
    Mar 24
    2014
    $10.06
     
  • Tue
    Mar 25
    2014
    $10.06
     
  • Wed
    Mar 26
    2014
    $10.06
     
  • Thu
    Mar 27
    2014
    $10.06
     
  • Fri
    Mar 28
    2014
    $10.07
     
  • Mon
    Mar 31
    2014
    $10.04
     
  • Tue
    Apr 01
    2014
    $10.04
     
  • Wed
    Apr 02
    2014
    $10.04
     
  • Thu
    Apr 03
    2014
    $10.04
     
  • Fri
    Apr 04
    2014
    $10.05
     
  • Mon
    Apr 07
    2014
    $10.05
     
  • Tue
    Apr 08
    2014
    $10.04
     
  • Wed
    Apr 09
    2014
    $10.05
     
  • Thu
    Apr 10
    2014
    $10.05
     
  • Fri
    Apr 11
    2014
    $10.05
     
  • Mon
    Apr 14
    2014
    $10.05
     
  • Tue
    Apr 15
    2014
    $10.05
     
  • Wed
    Apr 16
    2014
    $10.05
     
  • Thu
    Apr 17
    2014
    $10.05
     
 
52 Week High $10.12
(5/08/2013)
52 Week Low $9.80
(6/25/2013)
Net Asset Class $210,812,669.72
Net Asset Fund $254,176,541.41
Yields
  3/31/2014
30-Day SEC Yield 3.39%
30-Day SEC Yield (Unsubsidized) 3.05%
Dividend Yield 3.75%

Must be preceded or accompanied by a prospectus

Basics
Ticker JSDSX
CUSIP 46637K455
Share Class Inception Date 03/01/2013
Fund Number 3463
Asset Class Taxable Fixed Income
Cut-off time1 4:00 P.M.

The Fund invests in securities including junk bonds, loans and instruments that are issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to interest rate and economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including, but not limited to, subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, and lack of publicly available information.

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.

Under normal circumstances, the Fund invests at least 80% of its assets in high yield securities. However, the Fund may invest up to 100% of its total assets in below investment grade securities or unrated securities that the adviser deems to be of equivalent quality.

1Please refer to the prospectus for additional information about cut-off times.

The Barclays U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The BofA Merrill Lynch 1-5 Year U.S. Cash Pay Fixed Maturity High Yield Constrained Index contains all securities in the BofA Merrill Lynch U.S. Cash Pay High Yield Index with a remaining term to final maturity less than 5 years but caps issuer exposure at 2%. The performance of the index does not reflect the deduction of expenses associated with a fund, such as investment management fees. By contrast, the performance of the Fund reflects the deduction of the fund expenses, including sales charges if applicable. An individual cannot invest directly in an index.

The performance of the Lipper High Yield Bond Index includes expenses associated with a mutual fund, such as investment management fees. These expenses are not identical to the expenses charged by the Fund.

Total return assumes reinvestment of dividends and capital gains distributions and reflects the deduction of any sales charges, where applicable. Performance may reflect the waiver of a portion of the Fund's advisory or administrative fees for certain periods since the inception date. If fees had not been waived, performance would have been less favorable.

©2014, American Bankers Association, CUSIP Database provided by the Standard & Poor's CUSIP Service Bureau, a division of The McGraw-Hill Companies, Inc. All rights reserved.