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Tax Aware High Income Fund - C (JTICX)

Tax Aware High Income Fund - C (JTICX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources

Objective

The Fund seeks to provide a high level of after-tax income from a portfolio of fixed income investments.

Strategy/Investment process

  • Invests in municipal bonds, including housing authorities mortgage securities.
  • May invest in taxable securities which will generally be high yield or loan participations.
  • May invest up to 35% in securities rated below investment grade (junk bonds), which offer a higher yield than investment-grade securities but involve a high degree of risk.
Performance basics
  Annualized returns (as of 3/31/2014)
  1 Year 3 Year 5 Year Incept
at NAV -0.23% 4.74% 6.34% 4.37%
Return After Taxes on Distributions1 -0.50% 4.44% 6.01% 4.04%
Return After Taxes on Distributions and Sale of Fund Shares2 0.52% 3.97% 5.34% 3.79%
Individual taxable equivalent return at 39.6%3 0.84% 5.89% 7.66% 5.75%
Corporate taxable equivalent return at 35% 0.65% 5.80% 7.61% 5.71%
With 1.00% max. CDSC -1.23% 4.74% 6.34% 4.37%
Barclays Municipal Bond Index 0.39% 5.79% 5.71% 4.84%
Barclays High Yield Municipal Bond Index -1.87% 9.01% 11.41% 4.23%
Lipper General & Insured Municipal Debt Funds Index -0.33% 6.75% 6.81% 4.51%

Performance Inception Date:9/17/07

1Return After Taxes on Distributions are adjusted for federal income taxes associated with fund distributions but do not reflect the federal income tax impact of gains or losses recognized when fund shares are sold. Although these returns assume that an investor continued to hold shares for the purposes of reflecting the federal income tax impact of sale of fund shares, they assume that an investor sold the shares for purposes of reflecting deduction of fees and charges payable upon sale.

2Return After Taxes on Distributions and Sale of Fund Shares are adjusted for federal income taxes associated with fund distributions and reflect the federal income tax impact of gains or losses recognized when fund shares are sold. These returns reflect deductions of fees and charges payable upon a redemption of fund shares, such as sales charges or redemption fees.

3On 1/1/13 the individual tax rate increased from 35% to 39.6%.

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 06/30/2014
Expense cap 1.15%
Total annual operating expenses 1.75%
Fee waivers and/or expense reimbursements 0.59%
Net expenses 1.16%

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.

Ratings (as of 3/31/2014)
Morningstar overall rating: (251 funds)
Morningstar category: Muni National Interm

Overall rating C Shares; Muni National Interm Category; 251 funds. Three year rating 3 stars; 251 funds. Five year rating 4 stars; 210 funds. 10 year period not yet rated.

2014, 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 $1000 Regular $25
IRA $1000 IRA $25
Daily stats (as of 4/22/2014)
NAV YTD
$10.81 3.04%
$0.01 | -0.09%  
 
NAV as of:
  • Thu
    Mar 13
    2014
    $10.75
     
  • Fri
    Mar 14
    2014
    $10.77
     
  • Mon
    Mar 17
    2014
    $10.77
     
  • Tue
    Mar 18
    2014
    $10.76
     
  • Wed
    Mar 19
    2014
    $10.74
     
  • Thu
    Mar 20
    2014
    $10.72
     
  • Fri
    Mar 21
    2014
    $10.72
     
  • Mon
    Mar 24
    2014
    $10.71
     
  • Tue
    Mar 25
    2014
    $10.71
     
  • Wed
    Mar 26
    2014
    $10.73
     
  • Thu
    Mar 27
    2014
    $10.75
     
  • Fri
    Mar 28
    2014
    $10.75
     
  • Mon
    Mar 31
    2014
    $10.73
     
  • Tue
    Apr 01
    2014
    $10.73
     
  • Wed
    Apr 02
    2014
    $10.72
     
  • Thu
    Apr 03
    2014
    $10.72
     
  • Fri
    Apr 04
    2014
    $10.74
     
  • Mon
    Apr 07
    2014
    $10.75
     
  • Tue
    Apr 08
    2014
    $10.76
     
  • Wed
    Apr 09
    2014
    $10.77
     
  • Thu
    Apr 10
    2014
    $10.79
     
  • Fri
    Apr 11
    2014
    $10.81
     
  • Mon
    Apr 14
    2014
    $10.80
     
  • Tue
    Apr 15
    2014
    $10.81
     
  • Wed
    Apr 16
    2014
    $10.82
     
  • Thu
    Apr 17
    2014
    $10.82
     
  • Mon
    Apr 21
    2014
    $10.82
     
  • Tue
    Apr 22
    2014
    $10.81
     
 
52 Week High $11.09
(4/26/2013)
52 Week Low $10.35
(9/05/2013)
YTD Total Return w/Load 2.04%
Net Asset Class $20,504,079.83
Net Asset Fund $98,568,101.63
Yields
  3/31/2014
30-Day SEC Yield 1.92%
30-Day SEC Yield (Unsubsidized) 1.33%
Dividend Yield 1.98%

Must be preceded or accompanied by a prospectus

Basics
Ticker JTICX
CUSIP 4812A4781
Share Class Inception Date 09/17/2007
Fund Number 1018
Asset Class Tax Exempt 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.

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 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 35% of its total assets in high yield securities.

The Fund may invest in loan assignments and participation will typically consist of senior floating rate loans, but may also include secured and unsecured loans and may also be from U.S. or foreign obligors.

The Fund may invest in derivatives that may be riskier than other types of investments because they may be more sensitive to changes in economic or market conditions and could result in losses that significantly exceed the Fund's original investment. Many derivatives create leverage that can cause the Fund to be more volatile than it would be if it had not used derivatives.

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.

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

The Barclays Municipal Bond Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. 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 High Yield Municipal Bond Index is an unmanaged index made up of bonds that are non-investment grade, unrated, or rated below Ba1 by Moody's Investors Service with a remaining maturity of at least one year. 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 General & Insured Municipal 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.

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.