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JATAX

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Global Technology Fund

Investing in Companies that Benefit from Technology Innovation
NAV As of 12/14/18 $31.30

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Fund Facts

Details Performance (As of 12/14/18) Morningstar (As of 11/30/18)
12/31/98 Inception Date
$2.75B Total Net Assets (As of 11/30/18)
GROSS 1.03%
NET 1.03%
Annual Expense Ratio
(As of fiscal year end 09/30/17)
Morningstar Fee Level (As of 11/30/18)
Fee Level Group
Specialty Front Load
(out of 281 funds)
Morningstar Fee Level Low
View Morningstar Fee Level
-2.16% 1 Day Return
3.64% YTD Return @NAV
-2.31% YTD Return @MOP
Category
Technology
bronze Analyst Rating
LARGE VALUE
LARGE BLEND
LARGE GROWTH
MID VALUE
MID BLEND
MID GROWTH
SMALL VALUE
SMALL BLEND
SMALL GROWTH
Equity Style Box *
Important Morningstar Information

Overview

Client Commitment

This global growth fund invests in companies that create and benefit from advances in technology. We invest in companies we believe to be resilient and also take smaller positions in companies that have optionality—meaning large potential upside under a specific scenario. This fund seeks to provide strong long-term returns with volatility characteristics on par with its peers.

Why Invest in the Fund

    Finding Growth Through Innovation

  1. Technology is dramatically impacting every sector of the global economy. The Fund seeks to invest in growth companies driving this innovation or benefiting from advances in technology. Common characteristics of an investment include a culture of innovation, long-term focus and attractive relative valuation.
  2. Dedicated Sector Experts

  3. Our dedicated team of technology analysts is embedded deeply within the sector, approaching research as an industry participant. In this complex and rapidly growing sector, it is critical to have experienced investors working to evaluate the impact of disruptive technologies and actively aim to identify both winners and losers.
  4. Deep and Disciplined

  5. The Fund takes a thoughtful approach to portfolio construction as the managers invest in companies believed to be resilient, as well as smaller positions in companies that have optionality—meaning large potential upside under a specific scenario. Through deep research and disciplined portfolio construction, the Fund seeks to deliver strong, risk-adjusted returns over time.

Disciplined Portfolio Construction Seeking to Balance Risk Between Resilience and Optionality

**Predicted Risk Contribution is calculated using the Barra risk model, which is multi-factor and based on long-term trends with the most weight given to the more recent data.

Featured Insights

Performance

RETURNS

(As of 09/30/2018)
(As of 11/30/2018)
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV 5.79% 20.30% 29.63% 28.86% 20.01% 16.94% 9.29%
Class A Shares @MOP -0.30% 13.39% 22.16% 26.34% 18.60% 16.25% 8.97%
S&P 500® Index 7.71% 10.56% 17.91% 17.31% 13.95% 11.97% 6.47%
MSCI All Country World Information Technology Index 6.05% 13.64% 22.84% 25.19% 19.05% 14.77% 5.89%
Inception: Dec 31, 1998 3M YTD 1YR 3YR 5YR 10YR Since Inception
Class A Shares @NAV -9.40% 8.87% 9.01% 19.76% 16.30% 20.01% 8.67%
Class A Shares @MOP -14.60% 2.62% 2.75% 17.42% 14.93% 19.31% 8.34%
S&P 500® Index -4.40% 5.11% 6.27% 12.16% 11.12% 14.32% 6.15%
MSCI All Country World Information Technology Index -11.00% 1.94% 2.01% 16.62% 14.86% 17.18% 5.26%
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.
Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.
View Fees and Expenses
Performance for Class A 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 09/30/2018)
(As of 11/30/2018)
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 36 21 43 42 20
Technology Category
Rank/Count
75/210 41/194 87/187 65/172 29/97
1 YR 3 YR 5 YR 10 YR SINCE INCEPTION
Percentile Ranking (%) 35 16 40 36 19
Technology Category
Rank/Count
74/212 26/197 81/190 55/174 29/98

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 11/30/18 CLASS I SHARES)

RISK / REWARD
VS. MSCI ALL COUNTRY WORLD INFORMATION TECHNOLOGY INDEX

3 YEAR 5 YEAR
Information Ratio 0.83 0.42
Alpha 2.83 1.31
Tracking Error 4.19 4.20
Beta 1.02 1.03
R-Squared (%) 92.01 91.39

UP AND DOWN MARKET CAPTURE (%)
VS. MSCI ALL COUNTRY WORLD INFORMATION TECHNOLOGY INDEX

3 YEAR 5 YEAR
Up Capture Ratio 103.34 104.41
Down Capture Ratio 82.95 95.64

STANDARD DEVIATION

3 YEAR 5 YEAR
Global Technology Fund 14.78 14.27
MSCI All Country World Information Technology Index 13.91 13.31

SHARPE RATIO

3 YEAR 5 YEAR
Global Technology Fund 1.30 1.13
MSCI All Country World Information Technology Index 1.13 1.07

ANNUAL FEES & EXPENSES

(As of Fiscal Year End, 09/30/17)

CLASS A SHARES
Management Fees 0.64%
12b-1 Fees 0.25%
Other Expenses 0.14%
Total Gross Expenses 1.03%
Waivers 0.00%
Total Net Expenses 1.03%
Information Regarding Sales Charge Reductions and Waivers
Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the MSCI All Country World Information Technology Index℠.

TOP HOLDINGS

(As of 11/30/2018)

% of Fund
Microsoft Corp 6.51
Alphabet Inc 5.95
Tencent Holdings Ltd 3.49
Alibaba Group Holding Ltd (ADR) 3.46
Texas Instruments Inc 3.22
salesforce.com Inc 3.12
Amazon.com Inc 2.98
Gartner Inc 2.86
Microchip Technology Inc 2.82
Adobe Inc 2.68
TOTAL 37.09

PORTFOLIO CHARACTERISTICS

(As of 11/30/18)

FUND INDEX
Number of Holdings
Equity Issues
75
290
Market Capitalization
Weighted Average
$228.02B
$331.14B
Portfolio Turnover Rate
(1-year trailing)
23.59%
-
Price/Earnings Ratio
(1-year forward)
34.60
21.06
Price/Book Ratio
(1-year forward)
8.29
6.76
Earnings Growth Rate
(1-year forward)
22.14%
16.75%

DEVELOPED VS. EMERGING MARKET

(As of 11/30/18)

% OF FUND % OF INDEX
U.S. 77.91 73.60
Non-U.S. Emerging 13.35 15.30
Non-U.S. Developed 6.90 11.10
Cash & Equivalents 1.84 -

SECTOR ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
Information Technology 60.29 78.50
Communication Services 21.01 18.71
Consumer Discretionary 11.67 2.79
Real Estate 4.19 -
Industrials 1.00 -
Cash & Equivalents 1.84 -

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

(As of 11/30/2018)

% OF FUND % OF INDEX
Over $100B 40.12 62.00
$50B to $100B 13.06 8.32
$10B to $50B 29.23 23.34
$5B to $10B 11.75 4.24
$1B to $5B 3.18 1.71
N/A 0.82 0.38

REGIONAL ALLOCATION

(As of 11/30/18)

% OF FUND % OF INDEX
North America 78.59 74.30
Asia/Pacific Ex Japan 12.63 15.24
Europe 3.25 5.32
Japan 1.97 4.68
Latin America 1.22 0.21
Africa/Mideast 0.50 0.25
Cash & Equivalents 1.84 -

Commentary & Literature

3Q18 Portfolio Commentary Highlights

  • The tech sector generated positive returns, with cloud-based service providers among the strongest performers.
  • The Fund underperformed its benchmarks, led by underweights to certain megacap names that we view as more fully valued than the broader market.
  • We believe that when focusing on secular earnings drivers, we must accept occasional underperformance driven by what we consider short-term market noise.

Read The Full Commentary