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Classic Value Fund (JCVIX)

Daily Price as of 4/20/18

34.07 0.20 0.58

Management Team

No Photo Available
Richard S. Pzena

On the fund since 1996
Investing since 1980

No Photo Available
John Flynn

On the fund since 2017
Investing since 2000

No Photo Available
Benjamin S. Silver, CFA, CPA

On the fund since 2012
Investing since 1991

Top Holdings (%)

as of 3/31/18
Ford Motor Company 4.32
Hewlett Packard Enterprise Company 3.91
Royal Dutch Shell PLC 3.77
Citigroup, Inc. 3.64
Cognizant Technology Solutions Corp. 3.58
Mylan NV 3.56
Voya Financial, Inc. 3.40
Bank of America Corp. 3.39
Morgan Stanley 3.33
Oracle Corp. 3.27
The Fund’s holdings are subject to change at any time. Characteristics are expressed as a percentage of net assets except for certain closed-end funds where characteristics are expressed as a percentage of total managed assets.

All Funds (with the exception of the Money Market Fund) exclude cash and cash equivalent securities from Top holdings and Top issuers.

Goal and strategy

The fund seeks long-term growth of capital by normally investing at least 80% of its net assets in domestic equity securities. In managing the portfolio, the subadvisor seeks to identify companies that it believes are currently undervalued relative to the market, based on estimated future earnings and cash flow. In choosing individual securities, the subadvisor screens a dynamic universe of the 500 largest publicly traded U.S. companies.

Average Annual Total Returns1

Month-End Performance (%) as of 3/31/18
(not annualized)
Quarter-End Performance (%) as of 3/31/18
(not annualized)

Cumulative Returns

Month-End Performance (%) as of 3/31/18

The performance data shown represents past performance, which is not a guarantee of future results. Investment returns and principal value will fluctuate, so that investors' shares, when sold, may be worth more or less than their original cost. See performance data current to the most recent month-end, which may be higher or lower than that cited.

Performance figures assume that all distributions are reinvested.

Performance shown is for the share class indicated only. The performance of other share classes will vary. The Fund Operating Expenses are 0.92%.

Morningstar Rating3

Overall Rating

As of 3/31/18 the Fund was rated 4 stars out of 1086 funds, 4 stars out of 958 funds and 2 stars out of 687 funds for the 3-, 5- and 10-year periods, respectively.

Overall rating is based on the 3-, 5-, and 10-year (if applicable) Morningstar Risk-Adjusted Returns and accounts for variation in a fund's monthly performance. Other classes may be rated differently.

The funds have experienced negative performance for various time periods, including, but not limited to, the 3-, 5-, or 10-year periods for which the Morningstar star ratings are issued.

For each managed product (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a 3-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return that accounts for variation in a fund’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. The top 10.0% of funds in each category, the next 22.5%, 35.0%, 22.5%, and bottom 10.0% receive 5, 4, 3, 2, or 1 star(s), respectively. The overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics. The rating formula most heavily weights the 3-year rating, using the following calculation: 100% 3-year rating for 36 to 59 months of total returns, 60% 5-year rating/40% 3-year rating for 60 to 119 months of total returns, and 50% 10-year rating/30% 5-year rating/20% 3-year rating for 120 or more months of total returns. Star ratings do not reflect the effect of any applicable sales load. Past performance does not guarantee future results.

1 Inception dates for Class R1, Class R2, Class R3, Class R4, Class R5, and Class R6 shares are 8/6/03, 3/1/12, 5/22/09, 5/22/09, 5/22/09, and 9/1/11, respectively. Returns prior to these dates are those of Class A shares (inception 6/24/96) and have not been adjusted for expenses; otherwise, returns would vary.
2 As of the most recent month end. The Morningstar Style Box™ reveals the fund’s investment style.

For equity funds, the vertical axis shows the market capitalization, or size, of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).
3 Morningstar proprietary ratings reflect risk-adjusted performance through the most recent month end. The ratings are subject to change every month.