Balanced Fund 08 JIF

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

Distribution Yield at NAV 12-Month (As of 03/31/2025)	2.10%
30-Day SEC Yield - With Waivers (As of 03/31/2025)	2.06%
30-Day SEC Yield - Without Waivers (As of 03/31/2025)	2.06%
Distribution Frequency	Quarterly

Fund Details

Inception Date	Sep 1, 1992
Total Net Assets (As of 03/31/2025)	$25.08B
Gross Annual Expense Ratio (As of most recent prospectus)	0.69%
Net Annual Expense Ratio (As of most recent prospectus)	0.69%
Expense Estimator

Morningstar Data

(As of 03/31/2025)

Overall Rating (Based on risk-adjusted returns)	695.0 Funds Rated View All Ratings
Category	Moderate Allocation
Morningstar Fee Level Group	Moderate Allocation No Load (out of 132 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

Risk Tolerance Spectrum

Funds are placed on the risk tolerance spectrum to demonstrate the wide spectrum of risk levels among asset classes in which they are expected to typically invest. The spectrum is for informational purposes only, is not intended to be forward looking and is subject to change.

Jeremiah Buckley, CFA

Portfolio Manager

Industry since 1998. Joined Firm in 1998.

Greg Wilensky, CFA

Head of US Fixed Income/Head of Core Plus | Portfolio Manager

Industry since 1993. Joined Firm in 2020.

Michael Keough

Portfolio Manager

Industry since 2006. Joined Firm in 2007.

RETURNS (%) (As of 03/31/2025)

Balanced Fund - D 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 - D Shares	-2.03	-2.03	5.56	5.10	10.50	8.24	9.50
S&P 500® Index	-4.27	-4.27	8.25	9.06	18.59	12.50	10.43
Bloomberg U.S. Aggregate Bond Index	2.78	2.78	4.88	0.52	-0.40	1.46	4.52
Balanced Index	-1.45	-1.45	7.04	5.41	9.96	7.69	8.03

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

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

RETURNS (%) (As of 03/31/2025)

Balanced Fund - D 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 - D Shares	-2.03	-2.03	5.56	5.10	10.50	8.24	9.50
S&P 500® Index	-4.27	-4.27	8.25	9.06	18.59	12.50	10.43
Bloomberg U.S. Aggregate Bond Index	2.78	2.78	4.88	0.52	-0.40	1.46	4.52
Balanced Index	-1.45	-1.45	7.04	5.41	9.96	7.69	8.03

View Fees and Expenses

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

Calendar Year Returns (%)

Balanced Fund - D Shares S&P 500® Index

	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Balanced Fund - D Shares	15.37	15.37	-16.59	17.19	14.33	22.52	0.63	18.51	4.51	0.60
S&P 500® Index	25.02	26.29	-18.11	28.71	18.40	31.49	-4.38	21.83	11.96	1.38

View Fees and Expenses

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

Mutual fund performance for some periods may incorporate returns from older share classes, adjusted for fees and expenses. Visit janushenderson.com/synthetic for specific details.

Growth of a Hypothetical Investment

Balanced Fund - D Shares S&P 500® Index Bloomberg U.S. Aggregate Bond Index 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). Fund performance is on a Net Asset Value (NAV) basis with net income reinvested where applicable.

Returns-Based Statistics (As of 03/31/2025 Class D Shares)

RISK / REWARD VS. Balanced Index (60%S&P500/40%BBUSAgg)	3YR	5YR
Information Ratio	-0.19	0.30
Alpha	-0.26	0.32
Tracking Error	1.46	1.75
Beta	1.01	1.04
R-squared (%)	98.63	97.86

UP/DOWN MARKET CAPTURE (%) Balanced Index (60%S&P500/40%BBUSAgg)	3YR	5YR
Up Capture Ratio	100.91	106.99
Down Capture Ratio	102.26	105.13

STANDARD DEVIATION	3YR	5YR
Balanced Fund	12.50	11.86
Balanced Index (60%S&P500/40%BBUSAgg)	12.31	11.35

SHARPE RATIO	3YR	5YR
Balanced Fund	0.05	0.65
Balanced Index (60%S&P500/40%BBUSAgg)	0.08	0.63

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

CLASS D SHARES
Management Fees	0.55%
Other Expenses	0.14%
Total Gross Expenses	0.69%
Waivers	0.00%
Total Net Expenses	0.69%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for a one-year period commencing on January 28, 2025. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.

Index represents the S&P 500® Index.

Top Holdings (As of 03/31/2025)

	% of Fund
Microsoft Corp	4.85
NVIDIA Corp	4.52
Apple Inc	3.26
Amazon.com Inc	2.89
Alphabet Inc	2.70
Mastercard Inc	2.49
Meta Platforms Inc	2.01
Progressive Corp	1.57
American Express Co	1.52
Eli Lilly & Co	1.36
TOTAL	27.17
View full holdings

Portfolio Characteristics (As of 03/31/2025)


Number of Holdings Equity Issues	68
Number of Holdings Debt Issues	751
Market Capitalization Weighted Average	$960.77B
Portfolio Turnover Rate (1-year trailing)	69.07%
Price/Earnings Ratio (1-year forward)	22.23
Price/Book Ratio	6.90
Earnings Growth Rate (1-year forward)	15.33%
Weighted Average Maturity (years)	2.75
Effective Duration (years)	6.07
Yield to Worst	5.30%

Asset Allocation:

Equity Fixed Income Cash Equivalents & Other

Sector Allocation	% of Fund	% of Fund	As of 03/31/2025

Equity 60.19

Fixed Income 38.53

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 03/31/2025

Market Capitalization Range of Equity Holdings	% of Fund	% of Fund	As of 03/31/2025

Developed vs Emerging Markets	% of Fund	% of Fund	As of 03/31/2025

Credit Quality of Fixed Income Holdings	% of Fund	% of Fund	As of 03/31/2025

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 03/31/2025

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JANBX Balanced Fund

Overview

30 YEAR HISTORY OF

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

Fund Highlights

Portfolio Management

Performance

Growth of a Hypothetical Investment

Returns-Based Statistics (As of 03/31/2025 Class D Shares)

Portfolio

Documents

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Investment options

Filter by

View

Explore insights

Navigating Volatility

Manage your investments

Exclusive programs

Planning resources

Financial Wellness and Education through Enrich

About us

Our people

Brighter Future Project

JANBX Balanced Fund

Overview

30 YEAR HISTORY OF

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

Fund Highlights

Portfolio Management

Performance

Growth of a Hypothetical Investment

Returns-Based Statistics (As of 03/31/2025 Class D Shares)

Portfolio

Documents

Related Insights

A rotation opportunity in tariff-driven volatility

Quick View: Fixed income markets take Trump’s tariffs in stride

Adjusting the recipe: What’s the right mix for balanced portfolios in 2025?

Navigating
Volatility