Fund Facts  

Inception Date: Feb 22, 2005
CUSIP: 4812C0175
Ticker Symbol: JUSUX
Morningstar Category:Short-Term Bond
As of Jun 30, 2017
Fund Net Assets ($millions) $1,086

Documents for Fund or Underlying Fund(s)  

Description

Objective  

The investment seeks a high level of current income consistent with low volatility of principal.

Principal Investment Strategies  

The fund mainly invests in mortgage-backed securities, asset-backed securities, mortgage-related securities, adjustable rate mortgages, money market instruments, and structured investments. It will invest at least 80% of its net assets plus the amount of borrowings for investment purposes in bonds. The fund seeks to maintain duration of three years or less, although, under certain market conditions such as in periods of significant volatility in interest rates and spreads, the fund's duration may be longer than three years.

Principal Investment Risks  

There is no guarantee that the Fund will achieve its investment objective. You may lose money by investing in the Fund. Please see the Fund’s prospectus or other disclosure documents for information about the Fund’s risks.

 

Performance & Expenses

Standard Performance As of Jun 30, 2017
Fund/Benchmark Name QtrYTD1-Yr3-Yr5-Yr10-YrSince Inception
JPMorgan Limited Duration Bonda0.73%1.22%1.50%1.37%2.27%2.71%3.02%
Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Indexa,b0.31%0.72%0.35%0.95%0.95%2.30%N/A
Morningstar Short-Term Bonda,c0.56%1.20%1.23%1.08%1.31%2.46%N/A

Fund past performance, as shown, is no guarantee of how the Fund will perform in the future. The performance shown has been annualized for periods greater than one year. Investment returns and principal value will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. For current performance, visit www.icmarc.org.

Fund performance is shown comparing it to a "benchmark" which may be a (i) broad-based securities market index (ii) a group of mutual funds with similar investment objectives, or (iii) a short term government backed debt obligation such as a U.S. Treasury Bill. An index is not available for direct investment, is unmanaged, and does not reflect the costs of portfolio management or trading. A fund's portfolio may differ from the securities held in an index.

Annual Fund Operating Expenses
Total annual fund operating expensesa0.39%
Fee waiver and/or expense reimbursement0.14%
Total Expenses0.25%

A contractual expense waiver exists for this fund and will expire on 06-30-2018.

 

a. Certain information including, but not limited to, benchmark performance or other performance and/or fee information, is provided by Morningstar, Inc., © 2017 All rights reserved. This information: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar and/or its content providers are responsible for any damages or losses arising from any use of information. Morningstar is a registered trademark of Morningstar, Inc.

b. The Bloomberg Barclays U.S. 1-3 Year Government/Credit Bond Index measures the performance of corporate and government U.S. bonds with maturities of one to three years.

c. The Fund’s Morningstar Category Average is a group of funds with similar investment objectives and strategies and is the equal–weighted return of all funds per category. Morningstar places funds in certain categories based on a fund’s historical portfolio holdings.

Distributions

Dividends and Capital Gains  
Record Date Ex/Payable Date Income/Capital Gains Paid Per Share
Jul 27, 2017Jul 27, 2017$0.015050000
Jun 28, 2017Jun 28, 2017$0.014930000
May 26, 2017May 26, 2017$0.013690000
Apr 26, 2017Apr 26, 2017$0.014390000
Mar 29, 2017Mar 29, 2017$0.013430000
Feb 24, 2017Feb 24, 2017$0.014470000
Jan 27, 2017Jan 27, 2017$0.010880000
Dec 28, 2016Dec 28, 2016$0.012000000
Nov 28, 2016Nov 28, 2016$0.012000000
Oct 27, 2016Oct 27, 2016$0.009000000
Sep 28, 2016Sep 28, 2016$0.011000000
Aug 29, 2016Aug 29, 2016$0.009000000
Jul 27, 2016Jul 27, 2016$0.014000000
Jun 28, 2016Jun 28, 2016$0.013000000
May 26, 2016May 26, 2016$0.010000000
Apr 27, 2016Apr 27, 2016$0.011000000
Mar 29, 2016Mar 29, 2016$0.011000000
Feb 25, 2016Feb 25, 2016$0.008000000
 

Morningstar Information

Morningstar RatingTM   As of Jun 30, 2017
Period Stars Category Size
Overall 4 Stars450
3-Year 3 Stars450
5-Year 5 Stars376
10-Year 3 Stars261

The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange–traded funds, closed–end funds, and separate accounts) with at least a three–year history. Exchange–traded funds and open–ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk–Adjusted Return measure that accounts for variation in a managed product′s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category 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 managed product is derived from a weighted average of the performance figures associated with its three–, five–, and 10–year (if applicable) Morningstar Rating metrics. The weights are: 100% three–year rating for 36–59 months of total returns, 60% five–year rating⁄40% three–year rating for 60–119 months of total returns, and 50% 10–year rating⁄30% five–year rating⁄20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

Morningstar Stylebox As of Jun 30, 2017
Fixed Income Stylebox
Low Limited
Allocation of Assets As of May 31, 2017
Type of Asset Percent
Equity0%
Fixed Income93%
Cash/Other7%

Due to rounding, percentages shown may not add up to 100%.

 
 

Characteristics

Allocation of Assets As of May 31, 2017
Asset ClassPercent
Domestic Stock0.0%
Foreign Stock0.0%
Domestic Bond88.9%
Foreign Bond4.0%
Preferred0.0%
Convertible0.0%
Cash7.2%
Other0.0%

Due to rounding, percentages shown may not add up to 100%.

 
Fixed Income Sector As of May 31, 2017
SectorPercent
Securitized79.4%
Corporate13.4%
Cash & Equivalents7.2%
Municipal0.1%

Exposure reflects fixed income securities only and will sum to the fixed income exposure of the fund.

 
Credit Quality As of Mar 31, 2017
Quality LevelPercent
AAA60.0%
AA8.7%
A7.5%
BBB5.7%
BB2.4%
B0.4%
Below B1.7%
Not Rated13.7%

Due to rounding, percentages shown may not add up to 100%. Exposure reflects fixed income securities only.

 
Top Ten Holdings As of May 31, 2017
Holding NamePercent
FHLMC CMO2.7%
FNMA CMO 3%2.2%
GNMA CMO1.9%
FNMA CMO 3%1.9%
GNMA CMO1.7%
GNMA CMO1.7%
GNMA CMO1.6%
GNMA CMO1.5%
GNMA CMO1.5%
FNMA CMO1.4%
 

Statistics

Duration and Maturity As of Mar 31, 2017
StatisticValue
Average Effective Duration1.19 years
Average Effective Maturity3.60 years
Portfolio Statistics As of Jun 30, 2017
Statistic3-Year5-Year
Beta0.530.65
Alpha0.741.57
Standard Deviation0.480.83
 
 

Footnotes

1.

Please read the fund's prospectus carefully for a complete summary of all fees, expenses, investment objectives and strategies, risks, financial highlights, and performance information. Investing involves risk, including possible loss of the amount invested. Investors should carefully consider the information contained in the prospectus before investing. You may contact us to obtain a prospectus or to answer questions by calling 800-669-7400, emailing investorservices@icmarc.org, or visiting www.icmarc.org.

The source for this information is Morningstar, Inc. Copyright © 2017 Morningstar, Inc.® All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar, Inc. is a global investment research firm that is not affiliated with ICMA-RC. ICMA-RC does not independently verify Morningstar data.

Morningstar places funds in certain categories based on the fund's historical portfolio holdings. Placement of a fund in a particular Morningstar category does not mean that the fund will remain in that category or that it will invest primarily in securities consistent with its Morningstar category. A fund's investment strategy and portfolio holdings are governed by its prospectus, guidelines or other governing documents, not its Morningstar category.