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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
Performance basics
  Total returns
(as of 3/31/2014)
Annualized returns
(as of 3/31/2014)
  1
Month
3
Month

YTD
1
Year
3
Year
5
Year
Incept
at NAV 0.22% 1.23% 1.23% 4.28% N/A N/A 4.12%
Barclays U.S. Aggregate Index -0.17% 1.84% 1.84% -0.10% N/A N/A -0.02%**
BofA Merrill Lynch 1-5 Year U.S. Cash Pay Fixed Maturity High Yield Constrained Index 0.27% 1.91% 1.91% 7.59% N/A N/A 7.91%**
Lipper High Yield Bond Index 0.29% 2.90% 2.90% 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.

 

Cumulative returns (as of 3/31/2014)
  1 Year 3 Year 5 Year Incept
at NAV 4.28% N/A N/A 4.47%
Share price stability
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.

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

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.

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.