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Strategic Income Opportunities Fund - Select (JSOSX)

Strategic Income Opportunities Fund - Select (JSOSX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

Objective

The Fund seeks to provide high total return.

Strategy/Investment process

  • Has an absolute-return orientation, which means that it is not managed relative to an index.
  • Flexible investment strategy allocates assets among a broad range of fixed income securities as well as in a single or limited number of strategies/sectors, including cash and short-term investments.
  • Attempts to achieve a positive total return in diverse market environments.
  • Uses both security selection and derivatives to adjust allocations among strategies/sectors.
  • May invest in a wide range of debt securities of issuers from the U.S. and other markets, both developed and emerging, and in securities rated below investment grade (junk bonds).
Performance basics
  Annualized returns (as of 7/31/2015)
  1 Year 3 Year 5 Year Incept
at NAV 0.12% 2.39% 2.95% 5.79%
Barclays U.S. Universal Index 2.53% 2.02% 3.66% 5.66%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index 0.01% 0.06% 0.08% 0.12%
Lipper Alternative Credit Focus Funds Index -0.62% 2.07% N/A N/A
  Annualized returns
(as of 6/30/2015)
  1 Year 3 Year 5 Year Incept
at NAV 0.13% 2.69% 3.21% 5.90%
Barclays U.S. Universal Index 1.61% 2.33% 3.81% 5.64%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index 0.02% 0.06% 0.08% 0.12%
Lipper Alternative Credit Focus Funds Index -0.82% 2.50% N/A N/A

Performance Inception Date:10/10/08

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.

Lipper Index since inception returns are as of month-end. The performance quoted is past performance and is not a guarantee of future results.

Annual operating expenses (%)
Expense cap expiration date 06/30/2016
Expense cap 0.75%
Total annual operating expenses 0.97%
Fee waivers and/or expense reimbursements 0.09%
Net expenses 0.88%

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.

Ratings (as of 7/31/2015)
Morningstar overall rating: (236 funds)
Morningstar category: Nontraditional Bond

Overall rating Select Shares; Nontraditional Bond Category; 236 funds. Three year rating 3 stars; 236 funds. Five year rating 3 stars; 133 funds. 10 year period not yet rated.

2015, Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its providers; (2) may not be copied or distributed; (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damage or losses arising from any use of this information. Past performance is not a guarantee of future results. For each fund with a three-year history, Morningstar calculates a Morningstar Rating™ metric each month by subtracting the return on a 90-day U.S. Treasury Bill from the fund's load-adjusted return for the same period, and then adjusting this excess return for risk. The top 10% of funds in each broad asset class receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. Past performance is no guarantee of future results. Different share classes may have different ratings.

The ranking information is provided by Lipper Analytical Services. Past performance is no guarantee of future results. Rankings are calculated based upon the total returns of multiple share classes within their respective Lipper category. Different share classes may have different rankings.

Minimum investments
Minimum investments Minimum subsequent investments
Regular $1M Regular No Minimum.
IRA $1M IRA No Minimum.
Daily stats (as of 9/03/2015)
NAV YTD
$11.50 0.04%
$0.01 | 0.09%  
 
NAV as of:
  • Mon
    Jul 27
    2015
    $11.60
     
  • Tue
    Jul 28
    2015
    $11.60
     
  • Wed
    Jul 29
    2015
    $11.59
     
  • Thu
    Jul 30
    2015
    $11.60
     
  • Fri
    Jul 31
    2015
    $11.60
     
  • Mon
    Aug 03
    2015
    $11.59
     
  • Tue
    Aug 04
    2015
    $11.60
     
  • Wed
    Aug 05
    2015
    $11.59
     
  • Thu
    Aug 06
    2015
    $11.58
     
  • Fri
    Aug 07
    2015
    $11.57
     
  • Mon
    Aug 10
    2015
    $11.56
     
  • Tue
    Aug 11
    2015
    $11.54
     
  • Wed
    Aug 12
    2015
    $11.53
     
  • Thu
    Aug 13
    2015
    $11.54
     
  • Fri
    Aug 14
    2015
    $11.54
     
  • Mon
    Aug 17
    2015
    $11.54
     
  • Tue
    Aug 18
    2015
    $11.54
     
  • Wed
    Aug 19
    2015
    $11.53
     
  • Thu
    Aug 20
    2015
    $11.52
     
  • Fri
    Aug 21
    2015
    $11.51
     
  • Mon
    Aug 24
    2015
    $11.47
     
  • Tue
    Aug 25
    2015
    $11.49
     
  • Wed
    Aug 26
    2015
    $11.49
     
  • Thu
    Aug 27
    2015
    $11.48
     
  • Fri
    Aug 28
    2015
    $11.49
     
  • Mon
    Aug 31
    2015
    $11.49
     
  • Tue
    Sep 01
    2015
    $11.49
     
  • Wed
    Sep 02
    2015
    $11.49
     
  • Thu
    Sep 03
    2015
    $11.50
     
 
52 Week High $11.88
(9/09/2014)
52 Week Low $11.47
(8/24/2015)
Net Asset Class $15,028,327,631.83
Net Asset Fund $19,419,756,483.95
Yields
  6/30/2015   7/31/2015
30-Day SEC Yield 2.78% 2.84%
30-Day SEC Yield (Unsubsidized) 2.61% 2.69%
Dividend Yield 3.23% 3.35%

Must be preceded or accompanied by a prospectus

Basics
Ticker JSOSX
CUSIP 4812A4351
Share Class Inception Date 10/10/2008
Fund Number 3844
Asset Class Taxable Fixed Income
Cut-off time1 4:00 P.M.

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.

Ordinarily the Fund will invest no more than 75% of its total assets in credit securities.

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 100% of its total assets in high yield securities.

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 engage in short sales. There is no guarantee that the use of long and short positions will succeed in limiting the Fund's exposure to domestic stock market movements, capitalization, sector swings or other risk factors. Investment in a portfolio involved in long and short selling may have higher portfolio turnover rates. This will likely result in additional tax consequences. Short selling involves certain risks, including additional costs associated with covering short positions and a possibility of unlimited loss on certain short sale positions.

The Fund may invest in futures contracts and derivatives. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

The Fund will invest no more than 50% of its total assets in foreign and emerging markets securities.

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

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

Total return assumes reinvestment of income.

The Barclays U.S. Universal Index represents the union of the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. 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 3-Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. 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 Alternative Credit Focus 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 and/or reimbursement of certain expenses for certain periods since the inception date. If fees had not been waived and/or certain expenses were not reimbursed, performance would have been less favorable.

©2015, 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.