Mid Cap Value Fund 102 JIF

Notice:

The Board of Trustees of the Fund approved the liquidation and termination of Class L Shares effective on or about May 29, 2024. All other share classes of the Fund will continue to be offered following the liquidation and termination of Class L Shares.

ABOUT THIS FUND

As defensive value specialists, we look to invest in high-quality companies with strong management teams, stable balance sheets, and durable competitive advantages that are trading at attractive valuations. We seek to achieve excess returns over full market cycles, with less risk than our benchmark and peers as measured by standard deviation, beta and down market capture.

WHY INVEST IN THIS FUND

Attractive Reward/Risk
Our disciplined valuation process measures downside risk before upside potential and invests in securities with favorable reward/risk ratios.

High-Conviction Process
The portfolio typically holds between 60 to 90 stocks with business fundamentals considered more important than fluctuations in the wider economy.

Different Than the Benchmark
The benchmark is not used as a starting point for portfolio construction, which should lead to high active share.

Strong Risk-Adjusted Performance vs. Peers

3 Year Rankings in the Morningstar Mid-Cap Value Category (414 funds) as of 12/31/20

Past performance is no guarantee of future results.

Fund Details

Inception Date	Aug 12, 1998
Total Net Assets (As of 31/10/2024)	$2.11B
Gross Annual Expense Ratio (As of most recent prospectus)	0.74%
Net Annual Expense Ratio (As of most recent prospectus)	0.74%

Morningstar Data

(As of 31/10/2024)

	View All Ratings
Category	Mid-Cap Value
Morningstar Fee Level Group	Mid Cap Institutional (out of 388 funds)
Morningstar Fee Level Information View Morningstar Fee Level Morningstar Fee Level compares a mutual fund share class' expense ratio relative to other fund share classes that invest in a similar asset class and have similar distribution channels and expense structures. A fund share class' net expense ratio from its most recent annual report (or, for a fund of funds, from its most recent prospectus) is ranked against peers using five quintiles: the 20% with the lowest expense ratio are designated Low, the next 20% Below Average, the next 20% Average, the next 20% Above Average and the 20% with the highest expense ratio are designated High. The Morningstar Fee Level can be a useful tool for putting a fund's fees into context, but alone is not a sufficient basis for investment decisions. When an expense waiver is in effect, it may have a material effect on the fee level and/or expense ratio ranking.
Morningstar Medalist Rating™ As of 19/01/2024	Analyst-Driven %: 100.0 Data Coverage %: 100.0
Equity Style Box LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH

Important Morningstar Information

Kevin Preloger

Portfolio Manager

Industry since 1997. Joined Firm in 2002.

Justin Tugman, CFA

Portfolio Manager

Industry since 2000. Joined Firm in 2004.

RETURNS (%) (As of 30/09/2024)

Mid Cap Value Fund - I Shares Russell Midcap® Value Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (08/12/1998)
Mid Cap Value Fund - I Shares	9.48	16.36	29.73	9.77	8.99	8.39	10.77
Russell Midcap® Value Index	10.08	15.08	29.01	7.39	10.33	8.93	9.56

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.

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

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.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

RETURNS (%) (As of 31/10/2024)

Mid Cap Value Fund - I Shares Russell Midcap® Value Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (08/12/1998)
Mid Cap Value Fund - I Shares	1.42	14.82	32.31	8.00	8.61	7.99	10.68
Russell Midcap® Value Index	2.50	13.63	34.03	5.10	9.93	8.43	9.47

High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

View Fees and Expenses

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Calendar Year Returns (%)

Mid Cap Value Fund - I Shares Russell Midcap® Value Index

	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Mid Cap Value Fund - I Shares	11.42	-5.04	19.60	-1.32	30.37	-13.20	13.99	18.86	-3.72	9.14
Russell Midcap® Value Index	12.71	-12.03	28.34	4.96	27.06	-12.29	13.34	20.00	-4.78	14.75

View Fees and Expenses

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

(As of 24/11/2024)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	16	30	80	61	16
Mid-Cap Value \| Rank/Count	67/394	100/385	291/379	199/340	21/115

(As of 24/11/2024)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	30	22	80	61	15
Mid-Cap Value \| Rank / Count	133/397	63/388	290/382	207/352	23/118

Returns-Based Statistics (As of 31/10/2024 Class I Shares)

RISK / REWARD VS. Russell Mid Cap Value TR USD	3YR	5YR
Information Ratio	0.83	-0.28
Alpha	2.72	-0.57
Tracking Error	3.32	4.34
Beta	0.92	0.88
R-squared (%)	97.52	96.73

UP/DOWN MARKET CAPTURE (%) Russell Mid Cap Value TR USD	3YR	5YR
Up Capture Ratio	95.52	85.53
Down Capture Ratio	88.71	91.91

STANDARD DEVIATION	3YR	5YR
Mid Cap Value Fund	18.07	19.50
Russell Mid Cap Value TR USD	19.51	21.73

SHARPE RATIO	3YR	5YR
Mid Cap Value Fund	0.22	0.31
Russell Mid Cap Value TR USD	0.06	0.34

Annual Fees & Expenses (As of the most recent prospectus)

CLASS I SHARES
Management Fees	0.61%
Other Expenses	0.13%
Total Gross Expenses	0.74%
Waivers	0.00%
Total Net Expenses	0.74%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on October 28, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Index represents the Russell Midcap® Value Index.

Top Holdings (As of 31/10/2024)

	% of Fund
Entergy Corp	3.30
Casey's General Stores Inc	2.81
Alliant Energy Corp	2.75
Freeport-McMoRan Inc	2.25
Expand Energy Corp	2.21
Wintrust Financial Corp	2.14
Lamar Advertising Co	2.09
Agree Realty Corp	2.08
CBRE Group Inc	2.02
Lazard Inc	2.01
TOTAL	23.66
View full holdings

Portfolio Characteristics (As of 31/10/2024)

	FUND	INDEX
Number of Holdings Equity Issues	73	713
Market Capitalization Weighted Average	$22.58B	$24.15B
Portfolio Turnover Rate (1-year trailing)	32.93%	-
Price/Earnings Ratio (1-year forward)	16.18	15.90
Price/Book Ratio	2.36	2.36
Earnings Growth Rate (1-year forward)	14.18%	12.07%

Sector Allocation	% of Fund	% of Index	% of Fund	% of Index	As of 31/10/2024

Equity country, regional, sector and industry weights primarily based on MSCI and GICS classifications.

Regional Allocation	% of Fund	% of Index	% of Fund	% of Index	As of 10/31/2024

Developed vs Emerging Markets	% of Fund	% of Index	% of Fund	% of Index	As of 10/31/2024

Market Capitalization Range of Equity Holdings	% of Fund	% of Index	% of Fund	% of Index	As of 31/10/2024

JMVAX Mid Cap Value Fund

Overview

Notice:

ABOUT THIS FUND

WHY INVEST IN THIS FUND

Strong Risk-Adjusted Performance vs. Peers

3 Year Rankings in the Morningstar Mid-Cap Value Category (414 funds) as of 12/31/20

Portfolio Management

Performance

Morningstar Percentile

Returns-Based Statistics (As of 31/10/2024 Class I Shares)

Portfolio

Documents

Global Perspectives: Can momentum in small caps continue?

U.S. small caps: Is the tide turning?

JMVAX Mid Cap Value Fund

Overview

Notice:

ABOUT THIS FUND

WHY INVEST IN THIS FUND

Strong Risk-Adjusted Performance vs. Peers

3 Year Rankings in the Morningstar Mid-Cap Value Category (414 funds) as of 12/31/20

Portfolio Management

Performance

Morningstar Percentile

Returns-Based Statistics (As of 31/10/2024 Class I Shares)

Portfolio

Documents

Related Insights

Global Perspectives: Can momentum in small caps continue?

U.S. small caps: Is the tide turning?