Janus Flexible Bond Fund (JAFIX)

25+ Years of Fundamental Fixed Income Investing

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FUND FACTS (JAFIX)

Inception Date7/7/1987
NAV (As of 7/29/15 )$10.47
Total Net Assets (As of 6/30/15)$9.88B
Annual Expense Ratio
(As of fiscal year end 6/30/14)
GROSS 0.70%
NET 0.70%

Yields

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

2.39%
30 Day SEC Yield (As of 6/30/15)
with waivers
without waivers

1.98%
1.98%
Distribution FrequencyMonthly
Performance (As of 6/30/15)
1 Year1.12%
3 Year2.69%
5 Year4.30%
10 Year5.54%
Morningstar (As of 6/30/15)
CategoryIntermediate-Term Bond
Overall Rating™
(Based on risk-adjusted returns)

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935 Funds Rated
Analyst Rating
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 - Q2 2015

EXECUTIVE SUMMARY

The Fund outperformed its benchmark in the second quarter.

Outperformance was driven by security selection within investment-grade and high-yield corporate credit and yield curve positioning.

We remain defensively positioned with increased exposure to liquid, short-dated Treasurys and a credit allocation close to the lowest it’s been since the financial crisis.

We are mindful of numerous risks including liquidity, a credit cycle that is potentially peaking, global uncertainty and rate volatility.

FUND MANAGEMENT

Gibson Smith

Gibson Smith

Fund Manager since 2007
Industry since 1991

Darrell Watters

Darrell Watters

Fund Manager since 2007
Industry since 1986