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Emerging Markets Local Currency Debt Fund - Select (JECSX)

Emerging Markets Local Currency Debt Fund - Select (JECSX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

Objective

The Fund seeks to provide total return.

Strategy/Investment process

  • The Fund invests primarily in debt securities that it believes have the potential to provide total return from countries whose economies or bond markets are less developed (emerging markets).
  • Under normal circumstances, the Fund invests at least 80% of its Assets in debt securities of issuers located in or tied economically to emerging markets that are denominated in emerging markets currencies (Local Currency Debt Securities) or in derivatives or other instruments that are used as substitutes for Local Currency Debt Securities.
  • As part of its main investment strategies, the Fund may invest all or substantially all of its assets in sovereign debt securities.
  • The Fund does not have any minimum quality rating requirement and may invest without limit in securities that are rated below investment grade (commonly known as junk bonds) or the unrated equivalent.
  • In addition to direct investments in securities, the Fund will use derivatives as a substitute for securities in which the Fund can invest.
Performance basics
  Annualized returns (as of 3/31/2014)
  1 Year 3 Year 5 Year Incept
at NAV -8.03% N/A N/A -2.03%
J.P. Morgan GBI-EM Global Diversified Index -7.14% N/A N/A 0.69%
Lipper Emerging Markets Local Currency Debt Funds Index -7.50% N/A N/A -0.69%

Performance Inception Date:6/29/12

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.

Benchmark 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 02/28/2015
Expense cap 1.00%
Total annual operating expenses 1.51%
Fee waivers and/or expense reimbursements 0.46%
Net expenses 1.05%

Fee waivers and/or expense reimbursements,Net Expenses
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 4/23/2014)
NAV YTD
$9.47 2.27%
$0.01 | -0.11%  
 
NAV as of:
  • Fri
    Mar 14
    2014
    $9.18
     
  • Mon
    Mar 17
    2014
    $9.20
     
  • Tue
    Mar 18
    2014
    $9.22
     
  • Wed
    Mar 19
    2014
    $9.19
     
  • Thu
    Mar 20
    2014
    $9.14
     
  • Fri
    Mar 21
    2014
    $9.15
     
  • Mon
    Mar 24
    2014
    $9.17
     
  • Tue
    Mar 25
    2014
    $9.25
     
  • Wed
    Mar 26
    2014
    $9.28
     
  • Thu
    Mar 27
    2014
    $9.35
     
  • Fri
    Mar 28
    2014
    $9.38
     
  • Mon
    Mar 31
    2014
    $9.44
     
  • Tue
    Apr 01
    2014
    $9.44
     
  • Wed
    Apr 02
    2014
    $9.42
     
  • Thu
    Apr 03
    2014
    $9.40
     
  • Fri
    Apr 04
    2014
    $9.47
     
  • Mon
    Apr 07
    2014
    $9.50
     
  • Tue
    Apr 08
    2014
    $9.56
     
  • Wed
    Apr 09
    2014
    $9.59
     
  • Thu
    Apr 10
    2014
    $9.59
     
  • Fri
    Apr 11
    2014
    $9.56
     
  • Mon
    Apr 14
    2014
    $9.52
     
  • Tue
    Apr 15
    2014
    $9.46
     
  • Wed
    Apr 16
    2014
    $9.48
     
  • Thu
    Apr 17
    2014
    $9.53
     
  • Mon
    Apr 21
    2014
    $9.52
     
  • Tue
    Apr 22
    2014
    $9.48
     
  • Wed
    Apr 23
    2014
    $9.47
     
 
52 Week High $10.74
(5/08/2013)
52 Week Low $8.81
(2/03/2014)
Net Asset Class $137,747,018.56
Net Asset Fund $146,698,182.65
Yields
  3/31/2014
30-Day SEC Yield 4.80%
30-Day SEC Yield (Unsubsidized) 4.34%
Basics
Ticker JECSX
CUSIP 46637K810
Share Class Inception Date 06/29/2012
Fund Number 3852
Asset Class Taxable Fixed Income
Cut-off time1 4:00 P.M.

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

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.

Under normal circumstances, the Fund invests at least 80% of its Assets in debt securities of issuers located in or tied economically to emerging markets that are denominated in emerging markets currencies (Local Currency Debt Securities) or in derivatives or other instruments that are used as substitutes for Local Currency Debt Securities.

The Fund may invest all or substantially all of its assets in sovereign debt securities. These investments are subject to the risk of payment delays or defaults, due, for example, to cash flow problems, insufficient foreign currency reserves, political considerations, large debt positions relative to the country's economy or failure to implement economic reforms. There is no legal or bankruptcy process for collecting sovereign debt.

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 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.

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

The GBI-EM consists of regularly traded, fixed-rate, domestic currency government bonds which international investors can readily access. The maximum weight to any country in the index is capped at 10%. 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 Emerging Markets Local Currency Debt 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. An individual cannot invest directly in an index.

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.