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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
Top ten holdings (as of 10/31/2015)
1. New York State Dormitory Authority, State Sales Tax, 5.00%, 3/15/2034 1.5%
2. Lewisburg Industrial Development Board, Mission Economic Development Corp., Solid Waste Disposal, Waste Management, Inc. Project, 0.42%, 5/1/2015 1.2%
3. Loudoun County IDA, Howard Hughes Medical, 0.01%, 9/3/2015 1.2%
4. New Mexico Hospital Equipment Loan Council, Hospital System, Presbyterian Healthcare Services, 0.01%, 9/3/2015 0.9%
5. Northside Independent School District, School Building, 2.13%, 8/1/2020 0.9%
6. Virginia College Building Authority, Educational Facilities, University of Richmond Project, 0.01%, 9/3/2015 0.9%
7. U.S. Treasury Notes, 2.00%, 8/15/2025 0.8%
8. Washington Health Care Facilities Authority, MultiCare Health System, Class D, 0.01%, 9/1/2015 0.8%
Total of top ten 8.2%
Average life* (as of 10/31/2015)
Less than 1 year 38.0%
Years 1-3 28.1%
Years 3-5 20.6%
Years 5-7 3.8%
Years 7-10 5.7%
Years 10-20 2.5%
Years 20+ 1.5%
Effective duration† 1.97 years
Average Maturity 13.77 years
Average Life 2.82 years

*Due to rounding, values may not total 100%.

The duration of the fund includes the impact of the derivative positions.

Sector allocation (%) (as of 10/31/2015)
Credit RV 6.8
EMD/Sovereign 0.6
Invest Grade Corp 0.7
Muni Cash 12.4
Municipal Bonds 67.8
Non-Agency MBS 6.0
Other 4.5

The sector allocation of the Fund's assets is calculated by adding the market value of the Fund's investments in securities and a risk-adjusted exposure of its derivative positions. The risk-adjusted exposure is calculated using the adviser's internal methodology and is based on certain assumptions concerning the type of derivative, whether the derivative creates a long or short position, and certain market and loss scenarios. There is not one standard method for calculating sector allocation and the Fund's calculation may not be consistent with other measures of sector allocation.

Long/shorts (%) (as of 10/31/2015)
Agency MBS Short -0.1
CMBS/ABS Long 1.2
CMBS/ABS Short -0.3
Credit RV Long 6.6
Credit RV Short -7.2
Investment Grade Corp 0.7
Municipal Bonds 67.8
Non-Agency MBS 6.0
Other 4.5

The long/shorts percentages are calculated for each category based on the market value of the fund's investments in securities and the notional value of its derivative positions as a percentage of total assets.

Cash portfolio stats (as of 10/31/2015)
Number of Holdings 925
Fund Assets $398.51
(in millions)
Turnover Ratio 246.40%
(Trailing 12 month) (2/28/2015)
Quality* (as of 10/31/2015)
AAA 10.6%
A-1/P-1 12.4%
AA 31.3%
A 19.1%
BBB 7.9%
BB 4.5%
B 4.5%
CCC & Lower/Other 9.7%

The manager receives credit quality ratings on underlying securities of the portfolio from the three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the manager selects the middle rating of the agencies when all three agencies rate a security. The manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by all three agencies are reflected as such.

* Due to rounding, values may not total 100%.

What's this? Mouse over an  underlined  word to see its definition. Check out our glossary >

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.

Investments in derivatives may be riskier than other types of investments. They may be more sensitive to changes in economic or market conditions than other types of investments. Many derivatives create leverage, which could lead to greater volatility and losses that significantly exceed the original investment.

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.

Total return assumes reinvestment of income.

The top 10 holdings listed reflect only the Fund's long-term investments. Short-term investments are excluded. Holdings are subject to change. The holdings listed should not be considered recommendations to purchase or sell a particular security. Each individual security is calculated as a percentage of the aggregate market value of the securities held in the Fund and does not include the use of derivative positions, where applicable.