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Mortgage-Backed Securities Fund - R6 (JMBUX)

Mortgage-Backed Securities Fund - R6 (JMBUX)
Overview Performance and Ratings Holdings and Details Management Dividends and Capital Gains Fees and Expenses Sales Resources


The Fund seeks to maximize total return by investing primarily in a diversified portfolio of debt securities backed by pools of residential and/or commercial mortgages.

Strategy/Investment process

  • Invests primarily in mortgage-backed securities.
  • Generally maintains an average weighted maturity between two and 10 years, although it may shorten its weighted average if deemed appropriate for temporary defensive purposes.
  • Seeks market sectors and individual securities that it believes will perform well over time.
Performance basics
  Annualized returns (as of 3/31/2015)
  1 Year 3 Year 5 Year 10 Year
at NAV 4.90% 3.19% 4.78% 5.81%
Barclays U.S. MBS Index 5.53% 2.54% 3.63% 4.87%
Lipper U.S. Mortgage Funds Index 5.34% 3.04% 4.13% 4.58%

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.

Annual operating expenses (%)
Expense cap expiration date 06/30/2015
Expense cap 0.25%
Total annual operating expenses 0.50%
Fee waivers and/or expense reimbursements 0.25%
Net expenses 0.25%

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 3/31/2015)
Morningstar overall rating: (905 funds)
Morningstar category: Intermediate-Term Bond

Overall rating R6 Shares; Intermediate-Term Bond Category; 905 funds. Three year rating 3 stars; 905 funds. Five year rating 3 stars; 803 funds. Ten year rating 5 stars; 584 funds.

2015, 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 $15M Regular No Minimum.
IRA $15M IRA No Minimum.
Daily stats (as of 4/17/2015)
$11.47 1.90%
$0.00 | 0.00%  
52 Week High $11.48
52 Week Low $11.30
YTD Total Return w/Load N/A
Net Asset Class $1,393,894,169.12
Net Asset Fund $2,589,925,919.85

N/A: Not available at this time

30-Day SEC Yield 3.00%
30-Day SEC Yield (Unsubsidized) 2.79%
Dividend Yield 3.09%

Must be preceded or accompanied by a prospectus

Ticker JMBUX
CUSIP 4812C0159
Share Class Inception Date 02/22/2005
Fund Number 3942
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.

The Fund may invest in collateralized mortgage obligations (CMOs), Mortgage-related, and asset-backed securities which are subject to certain risks. Under normal circumstances, the Fund will invest at least 80% of its assets in mortgage-backed securities, and as a matter of policy at least 65% of the Fund's assets in bonds.

The Fund may invest up to 10% of its assets in "sub-prime" mortgage-related securities. The risk of defaults is generally higher in the case of mortgage-backed investments that include so-called "sub-prime" mortgages. The structure of some of these securities may be complex and there may be less available information than other types of debt securities.

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 quoted performance of the Fund includes performance of a predecessor fund/share class prior to the Fund's commencement of operations. Please refer to the current prospectus for further information.

The Barclays U.S. MBS Index covers the mortgage-backed pass-through securities of Ginnie Mae (GNMA), Fannie Mae (FNMA), and Freddie Mac (FHLMC). 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 U.S. Mortgage 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.

©2015, 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.