Janus Flexible Bond Fund (JAFIX)
25+ Years of Fundamental, Credit-Driven Fixed Income Investing

SHARE CLASS

FUND FACTS (JAFIX)

Inception Date7/7/1987
NAV (As of 3/5/15 )$10.61
Total Net Assets (As of 1/31/15)$9.03B
Annual Expense Ratio
(As of fiscal year end 6/30/14)
GROSS 0.70%
NET 0.70%

Yields

Distribution Yield at NAV (As of 2/28/15)

2.33%
30 Day SEC Yield (As of 1/31/15)
with waivers
without waivers

1.92%
1.92%
Distribution FrequencyMonthly
Performance (As of 12/31/14)
1 Year4.72%
3 Year4.10%
5 Year5.24%
10 Year5.68%
Morningstar (As of 2/28/15)
CategoryIntermediate-Term Bond
Overall Rating™
(Based on risk-adjusted returns)

View All Ratings

906 Funds Rated
Analyst RatingSilver
Fixed Income
Style Box

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 11/1/15.

Quarterly Commentary - Q4 2014

EXECUTIVE SUMMARY

U.S. growth is on a solid foundation, but deteriorating growth abroad and plunging crude oil prices have captured the attention of the fixed income market.

Performance was driven partly by our overweight in corporate credit, specifically an overweight in the energy sector.

Going forward, we have assumed a more defensive positioning, reducing our credit holdings, including our energy exposure, and raising our Treasury weighting.

Tame inflation, global growth concerns and stepped up Treasury purchases by foreign investors could contain longend yields for now.

FUND MANAGEMENT

Gibson Smith

Fund Manager since 2007
Industry since 1991

Darrell Watters

Fund Manager since 2007
Industry since 1986