Balanced Fund 08 JIF

Overview

Quarterly Update

Watch the investment team recap this quarter.

(Note: Filmed in January 2024).

30 YEAR HISTORY OF

Providing S&P 500®-Like Returns with Significantly Less Volatility

Fund Highlights

High-conviction large-cap growth equities paired with an active intermediate-term bond strategy
Dynamic asset allocation approach that migrates between 35%-70% equity depending on market conditions
Integrated research allows our equity and fixed income analysts to work side by side covering the same global sectors

Balancing Act: how will growth and inflation risks impact asset classes in the months ahead?

Equity allocation adapting to market changes

Balanced Fund equity allocation in relation to market volatility (12/31/97 – 6/30/24)

Cboe Volatility Index^® or VIX^® Index^® shows the market’s expectation of 30-day volatility. It is constructed using the implied volatilities of a wide range of S&P 500^® index options and is a widely used measure of market risk. The VIX Index volatility methodology is the property of Chicago Board of Options Exchange, which is not affiliated with Janus Henderson.

As of 6/30/24, Balanced Fund Class I Shares Morningstar Ratings^™ in the Moderate Allocation category: 4 stars out of 689 funds, 4 stars out of 649 funds and 5 stars out of 493 funds, for the 3-, 5-, and 10-year periods, respectively.

RATINGS AND AWARDS

Equity markets may shift.
Our focus never does.

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YIELDS (%)

Distribution Yield at NAV 12-Month (As of 30/06/2024)	1.96%
30-Day SEC Yield - With Waivers (As of 30/06/2024)	2.10%
30-Day SEC Yield - Without Waivers (As of 30/06/2024)	2.10%
Distribution Frequency	Quarterly

Fund Details

Inception Date	Sep 1, 1992
Total Net Assets (As of 30/06/2024)	$25.65B
Gross Annual Expense Ratio (As of most recent prospectus)	0.66%
Net Annual Expense Ratio (As of most recent prospectus)	0.66%

Morningstar Data

(As of 30/06/2024)

Overall Rating (Based on risk-adjusted returns)	689 Funds Rated View All Ratings
Category	Moderate Allocation
Morningstar Fee Level Group	Moderate Allocation Institutional (out of 176 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.
Equity Style Box LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH

Important Morningstar Information

PORTFOLIO MANAGEMENT

Jeremiah Buckley, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 1998.

Greg Wilensky, CFA

Head of U.S. Fixed Income | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

Performance

RETURNS (%) (As of 30/06/2024)

Balanced Fund - I Shares S&P 500® Index Bloomberg U.S. Aggregate Bond Index Balanced Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (09/01/1992)
Balanced Fund - I Shares	3.12	10.39	16.84	4.71	9.14	8.56	9.69
S&P 500® Index	4.28	15.29	24.56	10.01	15.04	12.86	10.56
Bloomberg U.S. Aggregate Bond Index	0.07	-0.71	2.63	-3.02	-0.23	1.35	4.47
Balanced Index	2.62	8.14	14.58	4.27	8.29	7.83	8.09

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.

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 30/06/2024)

Balanced Fund - I Shares S&P 500® Index Bloomberg U.S. Aggregate Bond Index Balanced Index

	3M	YTD	1YR	3YR	5YR	10YR	Since Inception (09/01/1992)
Balanced Fund - I Shares	3.12	10.39	16.84	4.71	9.14	8.56	9.69
S&P 500® Index	4.28	15.29	24.56	10.01	15.04	12.86	10.56
Bloomberg U.S. Aggregate Bond Index	0.07	-0.71	2.63	-3.02	-0.23	1.35	4.47
Balanced Index	2.62	8.14	14.58	4.27	8.29	7.83	8.09

View Fees and Expenses

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

Calendar Year Returns (%)

Balanced Fund - I Shares S&P 500® Index

	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Balanced Fund - I Shares	15.43	-16.55	17.24	14.39	22.59	0.70	18.58	4.61	0.64	8.53
S&P 500® Index	26.29	-18.11	28.71	18.40	31.49	-4.38	21.83	11.96	1.38	13.69

(As Of 23/07/2024)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	13	17	14	8	5
Moderate Allocation \| Rank/Count	81/737	98/698	76/676	35/594	11/181

(As Of 23/07/2024)

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking	13	17	14	8	5
Moderate Allocation \| Rank / Count	81/737	98/698	76/676	35/594	11/181

GROWTH OF A HYPOTHETICAL INVESTMENT

Balanced Fund - I Shares Balanced Index Moderate Allocation

Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $1 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 30/06/2024 Class I Shares)

RISK / REWARD VS. Balanced Index (60%S&P500/40%BBUSAgg)	3YR	5YR
Information Ratio	0.28	0.43
Alpha	0.42	0.54
Tracking Error	1.51	1.83
Beta	1.03	1.05
R-squared (%)	98.69	98.03

UP/DOWN MARKET CAPTURE (%) VS. Balanced Index (60%S&P500/40%BBUSAgg)	3YR	5YR
Up Capture Ratio	105.99	110.26
Down Capture Ratio	103.03	106.47

STANDARD DEVIATION	3YR	5YR
Balanced Fund	12.88	12.40
Balanced Index (60%S&P500/40%BBUSAgg)	12.45	11.69

SHARPE RATIO	3YR	5YR
Balanced Fund	0.11	0.55
Balanced Index (60%S&P500/40%BBUSAgg)	0.08	0.51

ANNUAL FEES & EXPENSES (As of the most recent prospectus)

CLASS I SHARES
Management Fees	0.55%
Other Expenses	0.11%
Total Gross Expenses	0.66%
Waivers	0.00%
Total Net Expenses	0.66%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Portfolio

Index represents the S&P 500® Index.

Top Holdings (As of 30/06/2024)

	% of Fund
Microsoft Corp	6.38
NVIDIA Corp	5.38
Apple Inc	3.51
Alphabet Inc	3.16
Amazon.com Inc	2.50
Meta Platforms Inc	2.18
Mastercard Inc	2.07
UnitedHealth Group Inc	1.70
Lam Research Corp	1.67
American Express Co	1.45
TOTAL	30.00
View full holdings

Portfolio Characteristics (As of 30/06/2024)


Number of Holdings Equity Issues	65
Number of Holdings Debt Issues	717
Market Capitalization Weighted Average	$1,106.09B
Portfolio Turnover Rate (1-year trailing)	71.47%
Price/Earnings Ratio (1-year forward)	23.98
Price/Book Ratio	7.99
Earnings Growth Rate (1-year forward)	20.30%
Weighted Average Maturity (years)	5.54
Effective Duration (years)	6.37
Yield to Worst	5.57%

Asset Allocation:

Equity Fixed Income Cash & Equivalents

Sector Allocation	% of Fund	% of Fund	As of 30/06/2024

Equity 63.03

Fixed Income 36.85

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

Regional Allocation	% of Fund	% of Fund	As of 06/30/2024

Market Capitalization Range of Equity Holdings	% of Fund	% of Fund	As of 30/06/2024

Developed vs Emerging Markets	% of Fund	% of Fund	As of 06/30/2024

Credit Quality of Fixed Income Holdings	% of Fund	% of Fund	As of 06/30/2024

Credit quality ratings reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

Maturity Breakdown of Fixed Income Holdings	% of Fund	% of Fund	As of 30/06/2024

JBALX Balanced Fund

Overview

Quarterly Update

30 YEAR HISTORY OF

Providing S&P 500®-Like Returns with Significantly Less Volatility

Fund Highlights

Equity allocation adapting to market changes

RATINGS AND AWARDS

PORTFOLIO MANAGEMENT

Jeremiah Buckley, CFA

Greg Wilensky, CFA

Michael Keough

Performance

MORNINGSTAR PERCENTILE

GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 30/06/2024 Class I Shares)

Portfolio

Documents

How are companies navigating higher debt levels: latest study

U.S. equities: The dawn of a new era?

Productivity: The next propeller of a bull market?

JBALX Balanced Fund

Overview

Quarterly Update

30 YEAR HISTORY OF

Providing S&P 500®-Like Returns with Significantly Less Volatility

Fund Highlights

Equity allocation adapting to market changes

RATINGS AND AWARDS

AN UNCOMPROMISING APPROACH

PORTFOLIO MANAGEMENT

Jeremiah Buckley, CFA

Greg Wilensky, CFA

Michael Keough

Performance

MORNINGSTAR PERCENTILE

GROWTH OF A HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS (As of 30/06/2024 Class I Shares)

Portfolio

Documents

Related Insights

How are companies navigating higher debt levels: latest study

U.S. equities: The dawn of a new era?

Productivity: The next propeller of a bull market?