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Floating Rate Income Fund - Select (JPHSX)

Floating Rate Income Fund - Select (JPHSX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

Objective

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

Strategy/Investment process

  • Under normal circumstances, the Fund will invest at least 80% of its Assets in floating rate instruments.
  • May invest up to 100% of total assets in below investment grade securities or unrated securities that the adviser deems to be of equivalent quality.
  • Selects investments through a value-oriented, bottom-up research process that utilizes fundamental credit analysis to identify opportunities across sectors, industries and structures while minimizing credit risk.
Performance basics
  Annualized returns (as of 3/31/2014)
  1 Year 3 Year 5 Year Incept
at NAV 4.36% N/A N/A 4.85%
Credit Suisse Leveraged Loan Index 5.04% N/A N/A 5.36%**
Barclays U.S. Aggregate Index -0.10% N/A N/A 3.04%**
Lipper Loan Participation Funds Index 4.18% N/A N/A 4.80%**

Performance Inception Date:6/1/11

**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 12/31/2014
Expense cap 0.75%
Total annual operating expenses 0.94%
Fee waivers and/or expense reimbursements 0.16%
Net expenses 0.78%

Net Expenses,Fee waivers and/or expense reimbursements
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
$10.10 0.94%
$0.00 | 0.00%  
 
NAV as of:
  • Mon
    Mar 10
    2014
    $10.13
     
  • Tue
    Mar 11
    2014
    $10.13
     
  • Wed
    Mar 12
    2014
    $10.13
     
  • Thu
    Mar 13
    2014
    $10.13
     
  • Fri
    Mar 14
    2014
    $10.13
     
  • Mon
    Mar 17
    2014
    $10.13
     
  • Tue
    Mar 18
    2014
    $10.13
     
  • Wed
    Mar 19
    2014
    $10.14
     
  • Thu
    Mar 20
    2014
    $10.13
     
  • Fri
    Mar 21
    2014
    $10.14
     
  • Mon
    Mar 24
    2014
    $10.14
     
  • Tue
    Mar 25
    2014
    $10.14
     
  • Wed
    Mar 26
    2014
    $10.14
     
  • Thu
    Mar 27
    2014
    $10.14
     
  • Fri
    Mar 28
    2014
    $10.14
     
  • Mon
    Mar 31
    2014
    $10.11
     
  • Tue
    Apr 01
    2014
    $10.11
     
  • Wed
    Apr 02
    2014
    $10.11
     
  • Thu
    Apr 03
    2014
    $10.11
     
  • Fri
    Apr 04
    2014
    $10.12
     
  • Mon
    Apr 07
    2014
    $10.11
     
  • Tue
    Apr 08
    2014
    $10.11
     
  • Wed
    Apr 09
    2014
    $10.11
     
  • Thu
    Apr 10
    2014
    $10.11
     
  • Fri
    Apr 11
    2014
    $10.10
     
  • Mon
    Apr 14
    2014
    $10.10
     
  • Tue
    Apr 15
    2014
    $10.10
     
  • Wed
    Apr 16
    2014
    $10.10
     
  • Thu
    Apr 17
    2014
    $10.10
     
 
52 Week High $10.17
(4/29/2013)
52 Week Low $9.97
(6/28/2013)
Net Asset Class $3,490,103,660.55
Net Asset Fund $4,482,228,276.01
Yields
  3/31/2014
30-Day SEC Yield 3.36%
30-Day SEC Yield (Unsubsidized) 3.19%
Dividend Yield 3.84%

Must be preceded or accompanied by a prospectus

Basics
Ticker JPHSX
CUSIP 48121L510
Share Class Inception Date 06/01/2011
Fund Number 2808
Asset Class Taxable Fixed Income
Cut-off time1 4:00 P.M.

The Fund may invest all of its assets in Loans that are rated below investment grade. Like other high yield, corporate debt instruments, such Loans are subject to an increased risk of default in the payment of principal and interest as well as the other risks described below. The Fund limits its investments in illiquid securities to no more than 15% of the Fund's net assets at the time of purchase, however loans that are deemed to be liquid at the time of purchase may become illiquid.

The Fund may invest up to 20% of the Fund's total assets in foreign securities and emerging markets.

The Fund may use futures contracts, swaps, and derivatives in connection with its investment strategies. Derivatives are subject to the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index.

International investing involves special risks, including economic, political, and currency instability - especially in emerging markets. The Fund's investments in emerging markets could lead to more volatility in the value of the Fund's shares. The small size of securities markets and the low trading volume may lead to a lack of liquidity, which leads to increased volatility. Emerging markets may not provide adequate legal protection for private or foreign investment or private property.

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's investment in equity securities may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. When the value of a fund's securities goes down, an investment in a fund decreases in value.

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

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

The Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leverage loan market. The index reflects reinvestment of all distributions and changes in market prices. 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 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 performance of the Lipper Loan Participation Funds 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.