2015 Lipper Award

Janus Balanced Fund (JABAX)

20+ Years of Dynamic Asset Allocation

SHARE CLASS

FUND FACTS (JABAX)

Inception Date9/1/1992
NAV (As of 5/22/15 )$31.33
Total Net Assets (As of 4/30/15)$13.17B
Annual Expense Ratio
(As of fiscal year end 9/30/14)
GROSS 0.83%
NET 0.83%

Yields

Distribution Yield at NAV (As of 3/31/15)

1.81%
30 Day SEC Yield (As of 4/30/15)
with waivers
without waivers

1.49%
1.49%
Distribution FrequencyQuarterly
Performance (As of 3/31/15)
1 Year8.57%
3 Year10.71%
5 Year9.40%
10 Year8.58%
Morningstar (As of 4/30/15)
CategoryModerate Allocation
Overall Rating™
(Based on risk-adjusted returns)

View All Ratings

792 Funds Rated
Analyst RatingSilver
Equity
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Fixed Income
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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. For the most recent month-end performance click here.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 2/1/16.

Quarterly Commentary - Q1 2015

EXECUTIVE SUMMARY

The Fund’s equity sleeve outperformed the S&P 500 partly due to stock selection in the financials sector.

Yield curve positioning was a key factor behind the fixed income sleeve’s outperformance.

The environment for equities should continue to be favorable provided U.S. economic growth remains steady. However, we remain more defensively positioned in fixed income.

Going forward, we are overweight equities versus fixed income as we believe that asset class offers better risk-adjusted opportunities at this juncture.

FUND MANAGEMENT

Gibson Smith

Fund Manager since 2005
Industry since 1991

Marc Pinto

Marc Pinto, CFA

Fund Manager since 2005
Industry since 1983