Overview
Objective
The Fund seeks current income while seeking to maintain a low volatility of principal.Strategy
- Mainly invests in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities.
- Under normal circumstances, the Fund's duration will not exceed one year.
- "Income" in the Fund's name does not refer to a type of security in which the Fund invests, but rather describes the Fund's overall strategy of creating current income.
| Annualized returns (as of 5/31/2013) | ||||
| 1 Year | 3 Year | 5 Year | Incept |
|
| at NAV | 0.37% | N/A | N/A | 0.38% |
| BofA Merrill Lynch 3-Month U.S. Treasury Bill Index | 0.12% | N/A | N/A | 0.11% |
| Lipper Ultra Short Obligation Funds Index | 1.17% | N/A | N/A | 1.03% |
| Annualized returns (as of 3/31/2013) |
||||
| 1 Year | 3 Year | 5 Year | Incept |
|
| at NAV | 0.49% | N/A | N/A | 0.43% |
| BofA Merrill Lynch 3-Month U.S. Treasury Bill Index | 0.12% | N/A | N/A | 0.11% |
| Lipper Ultra Short Obligation Funds Index | 1.31% | N/A | N/A | 1.07% |
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.
| Expense cap expiration date | 06/30/2013 |
| Expense cap | 0.40% |
| Total annual operating expenses | 0.56% |
| Fee waivers and/or expense reimbursements | 0.15% |
| Net expenses | 0.41% |
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 and 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 subsequent investments | ||
| Regular | $1M | Regular | No Minimum. |
| IRA | $1M | IRA | No Minimum. |
| NAV | YTD |
| $10.01 | 0.13% |
| $0.00 | 0.00% |
| 52 Week High | $10.02 |
| (7/30/2012) | |
| 52 Week Low | $10.01 |
| (6/21/2012) | |
| Net Asset Class | $6,910,310.70 |
| Net Asset Fund | $2,060,349,131.80 |
| 3/31/2013 | 5/31/2013 | |
| 30-Day SEC Yield | 0.20% | 0.19% |
| 30-Day SEC Yield (Unsubsidized) | 0.05% | 0.04% |
| Dividend Yield | 0.28% | 0.27% |
Must be preceded or accompanied by a prospectus
| Ticker | JMGSX |
| CUSIP | 48121A399 |
| Share Class Inception Date | 09/30/2010 |
| Fund Number | 2118 |
| 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. Under normal circumstances, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. Developments affecting the banking industry may have a disproportionate impact on the Fund. The Fund may invest in mortgage-related and asset-backed securities that may or may not be guaranteed by governments and their agencies, supranational organizations, corporations, or banks. The value of these assets will be influenced by factors affecting the assets underlying such securities. During periods of declining asset values, the asset-backed securities may decline in value. The Fund will mainly invest in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities of corporate and U.S. and foreign government issuers. 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 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 Ultra Short Obligation 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. ©2013, 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.
Performance and Ratings
| Total returns (as of 5/31/2013) |
Annualized returns (as of 5/31/2013) |
||||||
| 1 Month |
3 Month |
YTD |
1 Year |
3 Year |
5 Year |
Incept |
|
| at NAV | -0.08% | -0.03% | 0.12% | 0.37% | N/A | N/A | 0.38% |
| BofA Merrill Lynch 3-Month U.S. Treasury Bill Index | 0.01% | 0.03% | 0.03% | 0.12% | N/A | N/A | 0.11% |
| Lipper Ultra Short Obligation Funds Index | -0.05% | 0.11% | 0.27% | 1.17% | N/A | N/A | 1.03% |
| Annualized returns (as of 3/31/2013) |
||||
| 1 Year | 3 Year | 5 Year | Incept |
|
| at NAV | 0.49% | N/A | N/A | 0.43% |
| BofA Merrill Lynch 3-Month U.S. Treasury Bill Index | 0.12% | N/A | N/A | 0.11% |
| Lipper Ultra Short Obligation Funds Index | 1.31% | N/A | N/A | 1.07% |
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.
| 1 Year | 3 Year | 5 Year | Incept | |
| at NAV | 0.37% | N/A | N/A | 1.02% |
| at NAV |
| BofA Merrill Lynch 3-Month U.S. Treasury Bill Index |
| Lipper Ultra Short Obligation Funds Index |
| 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.31% | 0.62% |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.10% | 0.11% |
| N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.57% | 1.78% |
| Browse your yearly returns: | 2003 |
|
2012 |
N/A: Not available at this time
| Expense cap expiration date | 06/30/2013 |
| Expense cap | 0.40% |
| Total annual operating expenses | 0.56% |
| Fee waivers and/or expense reimbursements | 0.15% |
| Net expenses | 0.41% |
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 and 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.
| 3/31/2013 | 5/31/2013 | |
| 30-Day SEC Yield | 0.20% | 0.19% |
| 30-Day SEC Yield (Unsubsidized) | 0.05% | 0.04% |
| Dividend Yield | 0.28% | 0.27% |
Must be preceded or accompanied by a prospectus
The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines. Under normal circumstances, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. Developments affecting the banking industry may have a disproportionate impact on the Fund. The Fund may invest in mortgage-related and asset-backed securities that may or may not be guaranteed by governments and their agencies, supranational organizations, corporations, or banks. The value of these assets will be influenced by factors affecting the assets underlying such securities. During periods of declining asset values, the asset-backed securities may decline in value. The Fund will mainly invest in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities of corporate and U.S. and foreign government issuers. 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 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 Ultra Short Obligation 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.
Holdings and Details
| 1. Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. | 1.7% |
| 2. U.S. Treasury Notes | 1.5% |
| 3. Volkswagen Auto Loan Enhanced Trust, Class A2 | 1.3% |
| 4. Hyundai Auto Lease Securitization Trust, Class A2 | 1.1% |
| 5. Toronto-Dominion Bank (The) | 1.0% |
| 6. Federal Home Loan Banks | 1.0% |
| 7. Federal Home Loan Banks | 1.0% |
| 8. Ford Credit Auto Owner Trust, Class A2 | 0.9% |
| 9. Federal Home Loan Mortgage Corp. | 0.8% |
| 10. General Electric Capital Corp. | 0.8% |
| Total of top ten | 11.1% |
Quarterly Certified Holdings
| Asset-Backed Securities | 15.6% |
| Corporate Bonds | 42.5% |
| Short-Term Investments | 35.7% |
| U.S. Government Agency Securities | 4.3% |
| U.S. Treasury Obligations | 1.5% |
| Other | 0.4% |
| Less than one year | 65.0% |
| Years 1-3 | 34.1% |
| Years 3-5 | 0.9% |
| Duration | 0.67 years |
| Average Maturity | 1.32 years |
| Average Life | 0.91 years |
| Number of Holdings | 265 |
| Fund Assets | $1.98 |
| (in billions) | |
| Turnover Ratio | 124.00% |
| (Trailing 12 month) (2/28/2013) | |
| Yield to maturity | 0.56% |
| US Government | 1.6% |
| AAA | 15.2% |
| AA | 41.4% |
| A | 29.8% |
| BBB | 12.2% |
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 lowest 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.
What's this?
The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines. Under normal circumstances, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. Developments affecting the banking industry may have a disproportionate impact on the Fund. The Fund may invest in mortgage-related and asset-backed securities that may or may not be guaranteed by governments and their agencies, supranational organizations, corporations, or banks. The value of these assets will be influenced by factors affecting the assets underlying such securities. During periods of declining asset values, the asset-backed securities may decline in value. The Fund will mainly invest in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities of corporate and U.S. and foreign government issuers. 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 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.
Management
David N. Martucci is a portfolio manager in the U.S. Fixed Income Group. An employee since 2000, David is responsible for the management of enhanced cash and short duration portfolios. Prior to joining the firm, he worked at Chubb Insurance as a professional lines underwriter.
Education- B.A., Math/Economics, Hamilton College
- M.B.A., Finance/Economics, New York University's Stern School of Business
- Industry Experience, 13 Years
- Firm Experience, 13 Years
- Fund Experience, 3 Years
Kyongsoo Noh is a portfolio manager within the Global Liquidity business. In this role, he oversees managed reserves portfolios. Previously, Kyongsoo was an ABS portfolio manager within the U.S. Fixed Income Group. An employee since 2000, Kyongsoo has also worked at J.P. Morgan Securities Inc. in the asset-backed security origination group and on the asset-backed secondary trading desk. He is also a CFA charterholder and a member of the New York Society of Security Analysts.
Education- B.S. in chemical engineering from Brown University
- M.B.A. in finance from the MIT Sloan School of Management
- Industry Experience, 15 Years
- Firm Experience, 13 Years
- Fund Experience, less than 1 year
The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines. Under normal circumstances, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. Developments affecting the banking industry may have a disproportionate impact on the Fund. The Fund may invest in mortgage-related and asset-backed securities that may or may not be guaranteed by governments and their agencies, supranational organizations, corporations, or banks. The value of these assets will be influenced by factors affecting the assets underlying such securities. During periods of declining asset values, the asset-backed securities may decline in value. The Fund will mainly invest in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities of corporate and U.S. and foreign government issuers. 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.
Dividends and Capital Gains
| Ex-date | Reinvest NAV | Dividend paid |
| 5/31/2013 | $10.01 | 0.002305848 |
| 4/30/2013 | $10.02 | 0.002331864 |
| 3/28/2013 | $10.02 | 0.002375111 |
| 2/28/2013 | $10.02 | 0.002159875 |
| 1/31/2013 | $10.02 | 0.002427921 |
| 12/31/2012 | $10.01 | 0.002442559 |
| 11/30/2012 | $10.02 | 0.002199111 |
| 10/31/2012 | $10.02 | 0.002500621 |
| 9/28/2012 | $10.02 | 0.002500839 |
| 8/31/2012 | $10.02 | 0.002983219 |
| 7/31/2012 | $10.02 | 0.003249548 |
| 6/29/2012 | $10.01 | 0.003080778 |
| Ex-date | Reinvest NAV | Short term | Long term |
| 12/13/2012 | $10.01 | 0.006390000 | 0.000100000 |
| 12/15/2011 | $9.99 | 0.003030000 | 0.000000000 |
| Dividends | Daily |
| Capital gains | Annually |
The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines. Under normal circumstances, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. Developments affecting the banking industry may have a disproportionate impact on the Fund. The Fund may invest in mortgage-related and asset-backed securities that may or may not be guaranteed by governments and their agencies, supranational organizations, corporations, or banks. The value of these assets will be influenced by factors affecting the assets underlying such securities. During periods of declining asset values, the asset-backed securities may decline in value. The Fund will mainly invest in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities of corporate and U.S. and foreign government issuers. 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.
Fees and Expenses
| Expense cap expiration date | 06/30/2013 |
| Expense cap | 0.40% |
| Total annual operating expenses | 0.56% |
| Fee waivers and/or expense reimbursements | 0.15% |
| Net expenses | 0.41% |
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 and 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.
The Fund's fixed income securities are subject to interest rate risk. If rates increase, the value of the Fund's investments generally declines. Under normal circumstances, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. Developments affecting the banking industry may have a disproportionate impact on the Fund. The Fund may invest in mortgage-related and asset-backed securities that may or may not be guaranteed by governments and their agencies, supranational organizations, corporations, or banks. The value of these assets will be influenced by factors affecting the assets underlying such securities. During periods of declining asset values, the asset-backed securities may decline in value. The Fund will mainly invest in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities of corporate and U.S. and foreign government issuers. 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.