Managed Income Fund - Select (JMGSX)
| 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.