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 9/3/15 )$29.55
Total Net Assets (As of 7/31/15)$13.29B
Annual Expense Ratio
(As of fiscal year end 9/30/14)
GROSS 0.83%
NET 0.83%

Yields

Distribution Yield at NAV (As of 6/30/15)

1.79%
30 Day SEC Yield (As of 7/31/15)
with waivers
without waivers

1.72%
1.72%
Distribution FrequencyQuarterly
Performance (As of 6/30/15)
1 Year3.97%
3 Year11.50%
5 Year10.77%
10 Year8.18%
Morningstar (As of 7/31/15)
CategoryModerate Allocation
Overall Rating™
(Based on risk-adjusted returns)

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816 Funds Rated
Analyst Rating
Equity
Style Box
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 - Q2 2015

EXECUTIVE SUMMARY

The Fund’s equity sleeve underperformed its benchmark, the S&P 500 Index, due in part to our industrials and consumer discretionary holdings.

Our fixed income sleeve outperformed its benchmark, the U.S. Aggregate Bond Index.

We see the economy as conducive for incremental gains in equities, while we are mindful of numerous risk factors that could weigh on bonds.

Our asset allocation mix remains largely unchanged; we favor stocks whose valuations have not become stretched and have moved into higher quality fixed income securities.

FUND MANAGEMENT

Gibson Smith

Gibson Smith

Fund Manager since 2005
Industry since 1991

Marc Pinto

Marc Pinto, CFA

Fund Manager since 2005
Industry since 1985