For Individual Investors in the US

JANBX Balanced Fund

For 30 years, this dynamic allocation strategy has delivered our equity and fixed income expertise in a one-stop core solution.

NAV
$39.76
As of 06/07/2023

1-Day Change
-$0.22 (-0.55%)
As of 06/07/2023

YTD Return
6.57%
As of 06/07/2023

Morningstar Rating

As of 05/31/2023

Buy/Trade

Overview

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%-65% equity depending on market conditions
Integrated research allows our equity and fixed income analysts to work side by side covering the same global sectors

RATINGS AND AWARDS

YIELDS (%)

Distribution Yield At NAV (As of 03/31/2023)	1.67%
30-Day SEC Yield - With Waivers (As of 05/31/2023)	1.69%
30-Day SEC Yield - Without Waivers (As of 05/31/2023)	1.69%
Distribution Frequency	Quarterly

Fund Details

Inception Date	Sep 1, 1992
Total Net Assets (As of 04/30/2023)	$23.49B
Gross Annual Expense Ratio (As of fiscal year end 09/30/2022)	0.70%
Net Annual Expense Ratio (As of fiscal year end 09/30/2022)	0.70%
Expense Estimator

Morningstar Data

(As of 05/31/2023)

Overall Rating (Based on risk-adjusted returns)	676 Funds Rated View All Ratings
Category	Moderate Allocation
Morningstar Fee Level Group	Moderate Allocation No Load (out of 138 funds)
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.

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 03/31/2023)

Balanced Fund - Class 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 - Class D Shares	5.23	5.23	-6.32	9.95	7.59	8.21	9.38
S&P 500® Index	7.50	7.50	-7.73	18.60	11.19	12.24	9.91
Bloomberg U.S. Aggregate Bond Index	2.96	2.96	-4.78	-2.77	0.91	1.36	4.60
Balanced Index	5.45	5.45	-6.10	8.82	6.83	7.49	7.80

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 D Shares that includes periods prior to 2/16/10 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 05/31/2023)

Balanced Fund - Class 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 - Class D Shares	3.66	5.98	1.53	6.58	7.21	8.02	9.36
S&P 500® Index	5.75	9.65	2.92	12.92	11.01	11.99	9.93
Bloomberg U.S. Aggregate Bond Index	2.04	2.46	-2.14	-3.65	0.81	1.39	4.56
Balanced Index	4.07	6.37	0.92	5.44	6.70	7.37	7.79

View Fees and Expenses

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

Calendar Year Returns (%)

Balanced Fund - Class D Shares S&P 500® Index

	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
Balanced Fund - Class D Shares	-16.59	17.19	14.33	22.52	0.63	18.51	4.51	0.60	8.46	19.72
S&P 500® Index	-18.11	28.71	18.40	31.49	-4.38	21.83	11.96	1.38	13.69	32.39

GROWTH OF A HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.

This graph compares the performance of a hypothetical $10,000 investment in the fund, the fund’s Morningstar category average and its benchmark(s).

RETURNS-BASED STATISTICS (As of 04/30/2023 Class I Shares)

RISK / REWARD VS. Balanced Index	3YR	5YR
Information Ratio	-0.75	-0.21
Alpha	-0.78	1.55
Tracking Error	6.13	7.20
Beta	0.69	0.64
R-squared (%)	95.87	95.23

UP/DOWN MARKET CAPTURE (%) VS. Balanced Index	3YR	5YR
Up Capture Ratio	65.68	65.17
Down Capture Ratio	73.66	64.46

STANDARD DEVIATION	3YR	5YR
Balanced Fund	12.71	12.24
Balanced Index	11.87	11.46

SHARPE RATIO	3YR	5YR
Balanced Fund	0.56	0.54
Balanced Index	0.46	0.49

ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/2022)

CLASS D SHARES
Management Fees	0.55%
Other Expenses	0.15%
Total Gross Expenses	0.70%
Waivers	0.00%
Total Net Expenses	0.70%

Net expense ratios reflect the expense waiver, if any, contractually agreed to for at least a one-year period commencing on January 27, 2023. 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 04/30/2023)

	% of Fund
Microsoft Corp	5.40
Apple Inc	3.41
Alphabet Inc	2.30
Mastercard Inc	2.25
UnitedHealth Group Inc	2.00
United States Treasury Note/Bond, 3.50%, 02/15/33	1.65
Progressive Corp	1.48
United States Treasury Note/Bond, 4.00%, 11/15/52	1.44
United Parcel Service Inc	1.41
United States Treasury Note/Bond, 3.88%, 02/15/43	1.41
Total	22.75
View full holdings

Portfolio Characteristics (As of 04/30/2023)


Number of Holdings Equity Issues	67
Number of Holdings Debt Issues	593
Market Capitalization Weighted Average	$552.97B
Portfolio Turnover Rate (1-year trailing)	89.44%
Price/Earnings Ratio (1-year forward)	19.74
Price/Book Ratio	5.21
Earnings Growth Rate (1-year forward)	11.11%
Weighted Average Maturity (years)	6.47
Effective Duration (years)	6.26
Yield to Worst	4.77%
Yield to Worst calculation excludes cash.

Asset Allocation:

Equity Fixed Income Cash & Equivalents

Sector Allocation	% OF FUND	% OF FUND	(As of 04/30/2023)

Equity 60.74

Fixed Income 38.87

Regional Allocation	% OF FUND	% OF FUND	(As of April 30, 2023)

Market Capitalization Range of Equity Holdings	% OF FUND	% OF FUND	(As of 04/30/2023)

Developed vs Emerging Markets	% OF FUND	% OF FUND	(As of April 30, 2023)

Maturity Breakdown of Fixed Income Holdings	% OF FUND	% OF FUND	(As of 04/30/2023)

Credit Quality of Fixed Income Holdings	% OF FUND	% OF FUND	(As of April 30, 2023)

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).

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JANBX Balanced Fund