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JURIX

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Real Return Fund

Fixed Income Focused on Inflation Protection
NAV As of 02/22/18 $9.31

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Fund Facts

Details Yields Morningstar (As of 01/31/18)
05/13/11 Inception Date
$14.84M Total Net Assets (As of 01/31/18)
GROSS 1.32%
NET 0.44%
Annual Expense Ratio
(As of fiscal year end 06/30/17)
Morningstar Fee Level (As of 01/31/18)
Fee Level Group
High-Yield Bond Institutional
(out of 221 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
2.94% Distribution Yield at NAV
(As of 01/31/18)
30 Day SEC Yield (As of 01/31/18)
With Waivers 2.88%
Without Waivers 2.95%
Monthly Distribution Frequency
Performance (As of 02/22/18)
0.11% 1 Day Return %
-0.56% YTD Return
Category
High Yield Bond
HIGH LIMITED
HIGH MODERATE
HIGH EXTENSIVE
MEDIUM LIMITED
MEDIUM MODERATE
MEDIUM EXTENSIVE
LOW LIMITED
LOW MODERATE
LOW EXTENSIVE
Fixed Income Style Box *
Important Morningstar Information

Overview

Client Commitment

The Fund seeks inflation protection by investing across a broad range of fixed income sectors and inflation-oriented asset classes. Our bottom-up, fundamentally driven investment process is designed to protect against both inflationary and deflationary environments.

Why Invest in the Fund

    Inflation-Oriented Bond Fund

  1. Employs a bottom-up, fundamentally driven investment process designed to protect against the potential for inflationary or deflationary environments. Invests across a broad range of fixed income sectors and inflation-oriented asset classes, including short-duration high yield.
  2. Integrated Research

  3. Partnership and fluid communication between fixed income and equity analysts promote idea generation. Credit research emphasizes free cash flow generation, quality of management and security valuation.
  4. Sophisticated Risk Management

  5. Our proprietary fixed income portfolio and risk-management system, Quantum Global, is integrated into the investment process at each step. We identify and measure the sources of risk in the portfolio at multiple levels to confirm that the portfolio is positioned as intended.

Featured Insights

Performance

RETURNS

(As of 12/31/2017)
(As of 01/31/2018)
Inception: May 13, 2011 3M YTD 1YR 3YR 5YR 10YR Since Inception
Real Return Fund – I Shares 0.20% 2.94% 2.94% 3.15% 2.65% - 1.96%
Bloomberg Barclays U.S. TIPS 1-5 Year Index 0.13% 0.80% 0.80% 1.25% 0.12% 2.04% 0.69%
Consumer Price Index (CPI) + 2% 0.37% 0.10% 4.11% 3.64% 3.43% 3.61% 3.33%
Inception: May 13, 2011 3M YTD 1YR 3YR 5YR 10YR Since Inception
Real Return Fund – I Shares -0.13% -0.18% 2.45% 2.83% 2.55% - 1.91%
Bloomberg Barclays U.S. TIPS 1-5 Year Index -0.41% -0.38% -0.12% 0.75% 0.00% 1.76% 0.63%
Consumer Price Index (CPI) + 2% 0.98% 0.71% 4.07% 3.99% 3.48% 3.62% 3.39%
Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.
View Fees and Expenses

MORNINGSTAR PERCENTILE

(As of 12/31/2017)
(As of 01/31/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 97 92 95 - 98
High Yield Bond Category
Rank/Count
710/732 640/678 592/611 -/- 522/531
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 97 96 96 - 98
High Yield Bond Category
Rank/Count
707/728 652/674 592/610 -/- 521/530

Calendar Year Performance

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.

RETURNS-BASED STATISTICS

(As of 01/31/18 CLASS I SHARES)

RISK / REWARD
VS. BLOOMBERG BARCLAYS U.S. TIPS 1-5 YEAR INDEX

3 YEAR 5 YEAR
Information Ratio 1.12 1.44
Alpha 2.58 2.56
Tracking Error 1.85 1.77
Beta 0.34 0.58
R-Squared (%) 9.51 32.38

UP AND DOWN MARKET CAPTURE (%)
VS. BLOOMBERG BARCLAYS U.S. TIPS 1-5 YEAR INDEX

3 YEAR 5 YEAR
Up Capture Ratio 87.75 104.29
Down Capture Ratio -49.46 2.46

STANDARD DEVIATION

3 YEAR 5 YEAR
Real Return Fund 1.65 1.93
Bloomberg Barclays U.S. TIPS 1-5 Year Index 1.49 1.88

SHARPE RATIO

3 YEAR 5 YEAR
Real Return Fund 1.46 1.18
Bloomberg Barclays U.S. TIPS 1-5 Year Index 0.22 -0.14

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 06/30/17)

CLASS I SHARES
Management Fees 0.55%
12b-1 Fees -
Other Expenses 0.77%
Total Gross Expenses 1.32%
Waivers -0.88%
Total Net Expenses 0.44%
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/18.

Characteristics

TOP HOLDINGS

(As of 01/31/2018)

% of Fund
United States Treasury Note/Bond, 1.25%, 06/30/19 9.55
United States Treasury Bill, 0.00%, 02/15/18 4.60
United States Treasury Note/Bond, 1.25%, 05/31/19 4.14
Meritage Homes Corp, 4.50%, 03/01/18 3.22
Ally Financial Inc, 3.25%, 02/13/18 2.52
MGM Resorts International, 5.25%, 03/31/20 2.50
Michaels Stores Inc, 5.88%, 12/15/20 2.37
KB Home, 4.75%, 05/15/19 2.14
TreeHouse Foods Inc, 4.88%, 03/15/22 2.13
First Data Corp, 5.00%, 01/15/24 2.09
TOTAL 35.26

PORTFOLIO CHARACTERISTICS

(As of 01/31/18)

Number of Holdings
Debt Issues
87
Portfolio Turnover Rate
(1-year trailing)
44.79%
Weighted Average Maturity
(years)
3.39
Effective Duration
(years)
2.32

DEVELOPED VS. EMERGING MARKET

(As of 01/31/18)

% OF FUND
U.S. 89.18
Non-U.S. Developed 9.05
Non-U.S. Emerging 1.55
Cash & Equivalents 0.22

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 01/31/18)

% OF FUND
Aaa 26.93
A 0.88
Baa 19.75
Ba 41.70
B 8.58
Caa 1.64
NOT RATED 0.30
Bond credit quality ratings provided by Barclays and reflect the middle rating received from Moody's, Standard & Poor's and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

SECTOR ALLOCATION

(As of 01/31/18)

% OF FUND
Credit-High Yield 50.12
Treasuries 26.93
Credit-Investment Grade 18.74
ABS 1.89
CMBS 1.80
Convertibles 0.30
Cash & Equivalents 0.22

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 01/31/18)

% OF FUND
< 1 yr 19.50
1 - 3 yrs 43.42
3 - 5 yrs 16.35
5 - 7 yrs 10.61
7 - 10 yrs 7.02
10 - 20 yrs 0.88
> 20 yrs 1.70
N/A 0.30

REGIONAL ALLOCATION

(As of 01/31/18)

% OF FUND
North America 89.60
Europe 7.94
Latin America 1.55
Africa/Mideast 0.69
Cash & Equivalents 0.22

Commentary & Literature