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Disciplined Value Fund (JVLIX)

Daily Price as of 6/18/18

21.80 0.03 0.14

Management Team

No Photo Available
Mark E. Donovan, CFA

Joined team in 1995
Began investment career in 1981

No Photo Available
David J. Pyle, CFA

Joined team in 2000
Began investment career in 1995

Top Holdings (%)

as of 5/31/18
Bank of America Corp. 4.31
Berkshire Hathaway, Inc. 3.97
JPMorgan Chase & Co. 3.87
Citigroup, Inc. 3.56
Johnson & Johnson 3.55
Cisco Systems, Inc. 3.17
Chevron Corp. 2.81
Wells Fargo & Co. 2.66
Pfizer, Inc. 2.49
Royal Dutch Shell PLC 2.20
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 to provide long-term growth of capital.  Under normal circumstances, the fund invests at least 80% of its net assets in a diversified portfolio of common stocks of issuers identified as having value characteristics using various factors such as price to book value and price to earnings ratios.  Securities are selected based on a continuous study of trends in industries and companies, earnings power and growth.

Average Annual Total Returns1

Month-End Performance (%) as of 5/31/18
(not annualized)
Quarter-End Performance (%) as of 3/31/18
(not annualized)

Cumulative Returns

Month-End Performance (%) as of 5/31/18

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 0.81%.

Morningstar Rating3

Overall Rating

As of 5/31/18 the Fund was rated 3 stars out of 1081 funds, 3 stars out of 947 funds and 4 stars out of 683 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 Returns prior to the commencement date of Class A, Class C, and Class I shares are those of Robeco Boston Partners Large Cap Value Fund (predecessor fund). Returns prior to the commencement date of R class shares are those of the predecessor fund prior to 12/22/08 and the fund’s Class A shares from 12/22/08 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.