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JSHIX

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Short-Term Bond Fund

25 Years of Fundamental Fixed Income Investing
NAV As of 02/22/18 $2.99

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Fund Facts

Details Yields Morningstar (As of 01/31/18)
09/01/92 Inception Date
$1.79B Total Net Assets (As of 01/31/18)
GROSS 0.67%
NET 0.56%
Annual Expense Ratio
(As of fiscal year end 06/30/17)
1.84% Distribution Yield at NAV
(As of 01/31/18)
30 Day SEC Yield (As of 01/31/18)
With Waivers 2.01%
Without Waivers 1.91%
Monthly Distribution Frequency
Performance (As of 02/22/18)
0.01% 1 Day Return %
-0.38% YTD Return
Category
Short-Term 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

This dynamic, short duration bond fund seeks risk-adjusted returns and capital preservation. Our approach leverages a bottom-up, fundamentally driven investment process.

Why Invest in the Fund

    Dynamic Core Short-Duration Bond Holding

  1. The Fund emphasizes risk-adjusted returns and capital preservation while seeking to identify the best opportunities across fixed income sectors using a bottom-up, fundamentally driven investment process.
  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.

The Fund Has Delivered Positive Calendar Year Returns for More Than Two Decades

Calendar Year Returns – Class I Shares (1993 – 2017)
Chart: Short-Term Bond Fund Has Delivered Positive Calendar Year Returns for More Than Two Decades - Calendar Year Returns - Class I Shares (1993 - 2017)

Past performance is no guarantee of future results.

Featured Insights

Performance

RETURNS

(As of 12/31/2017)
(As of 01/31/2018)
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Short-Term Bond Fund – I Shares 0.14% 1.33% 1.33% 1.12% 1.13% 2.58% 3.77%
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index -0.21% 0.84% 0.84% 0.93% 0.84% 1.85% 3.86%
Inception: Sep 01, 1992 3M YTD 1YR 3YR 5YR 10YR Since Inception
Short-Term Bond Fund – I Shares -0.19% -0.18% 1.04% 0.92% 1.07% 2.49% 3.75%
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index -0.45% -0.27% 0.39% 0.66% 0.78% 1.65% 3.84%
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
Performance for Class I Shares that includes periods prior to 7/6/09 reflects the performance of one or more share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.

MORNINGSTAR PERCENTILE

(As of 12/31/2017)
(As of 01/31/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 69 65 45 24 37
Short-Term Bond Category
Rank/Count
321/540 302/511 193/467 102/393 46/151
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 58 66 46 22 35
Short-Term Bond Category
Rank/Count
279/539 293/511 195/463 94/389 45/151

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 1-3 YEAR U.S. GOVERNMENT/CREDIT INDEX

3 YEAR 5 YEAR
Information Ratio 0.43 0.44
Alpha 0.39 0.25
Tracking Error 0.60 0.67
Beta 0.81 1.06
R-Squared (%) 50.04 53.32

UP AND DOWN MARKET CAPTURE (%)
VS. BLOOMBERG BARCLAYS 1-3 YEAR U.S. GOVERNMENT/CREDIT INDEX

3 YEAR 5 YEAR
Up Capture Ratio 116.60 138.93
Down Capture Ratio 93.44 138.76

STANDARD DEVIATION

3 YEAR 5 YEAR
Short-Term Bond Fund 0.82 0.98
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 0.72 0.68

SHARPE RATIO

3 YEAR 5 YEAR
Short-Term Bond Fund 0.62 0.82
Bloomberg Barclays 1-3 Year U.S. Government/Credit Index 0.34 0.76

ANNUAL FEES & EXPENSES

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

CLASS I SHARES
Management Fees 0.56%
12b-1 Fees -
Other Expenses 0.11%
Total Gross Expenses 0.67%
Waivers -0.11%
Total Net Expenses 0.56%
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, 1.75%, 11/30/19 4.25
United States Treasury Note/Bond, 1.50%, 10/31/19 3.57
United States Treasury Note/Bond, 1.50%, 04/15/20 3.44
United States Treasury Note/Bond, 2.00%, 01/15/21 2.00
United States Treasury Note/Bond, 1.50%, 06/15/20 1.84
American Tower Trust #1, 1.55%, 03/15/18 1.81
Charter Communications Operating LLC, 3.67%, 04/13/25 1.78
Wells Fargo & Co, 2.50%, 03/04/21 1.77
Kinder Morgan Inc/DE, 3.05%, 12/01/19 1.59
Citigroup Inc, 2.45%, 01/10/20 1.53
TOTAL 23.58

PORTFOLIO CHARACTERISTICS

(As of 01/31/18)

Number of Holdings
Debt Issues
221
Portfolio Turnover Rate
(1-year trailing)
85.68%
Weighted Average Maturity
(years)
2.25
Effective Duration
(years)
1.36

DEVELOPED VS. EMERGING MARKET

(As of 01/31/18)

% OF FUND
U.S. 89.24
Non-U.S. Developed 9.34
Non-U.S. Emerging 1.11
Cash & Equivalents 0.31

CREDIT QUALITY OF FIXED INCOME HOLDINGS

(As of 01/31/18)

% OF FUND
Aaa 29.72
Aa 5.49
A 17.11
Baa 36.96
Ba 17.78
B 2.10
Caa 0.05
NOT RATED -9.52
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-Investment Grade 53.84
Treasuries 19.02
Credit-High Yield 17.28
ABS 12.07
Bank Loans 5.39
CMBS 2.78
MBS 0.48
Short Futures -11.17
Cash & Equivalents 0.31

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS

(As of 01/31/18)

% OF FUND
< 1 yr 20.34
1 - 3 yrs 64.61
3 - 5 yrs 5.84
5 - 7 yrs 6.17
7 - 10 yrs 2.51
> 20 yrs 0.22

REGIONAL ALLOCATION

(As of 01/31/18)

% OF FUND
North America 92.18
Europe 3.33
Asia/Pacific Ex Japan 2.13
Africa/Mideast 1.29
Japan 0.76
Cash & Equivalents 0.31

Commentary & Literature

4Q17 Portfolio Commentary Highlights

  • The Fund outperformed its benchmark during the quarter.
  • Our investment-grade corporate credit exposure drove relative outperformance.
  • While we remain constructive on both the economic outlook and corporate credit, we expect spread tightening to be modest in 2018 and carry to be the primary driver of returns.

Read The Full Commentary