Janus Global Real Estate Fund (JERTX)
Investing Globally in Real Estate for Growth and Income

SHARE CLASS

FUND FACTS (JERTX)

Inception Date11/28/2007
NAV (As of 5/5/15 )$11.59
Total Net Assets (As of 3/31/15)$295.23M
Annual Expense Ratio
(As of fiscal year end 9/30/14)
GROSS 1.18%
NET 1.18%

Yields

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

2.00%
30 Day SEC Yield (As of 3/31/15)
with waivers
without waivers

1.64%
1.64%
Distribution FrequencyQuarterly
Performance (As of 3/31/15)
1 Year12.53%
3 Year12.57%
5 Year10.37%
Since Inception4.69%
Morningstar (As of 3/31/15)
CategoryGlobal Real Estate
Equity
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 2/1/16.

Quarterly Commentary - Q1 2015

EXECUTIVE SUMMARY

Global real estate markets registered strong quarterly performance,with European stocks performing especially well on the back of monetary policy easing.

The Fund underperformed its benchmark,weighed down, in part, by its underweight in France and overweight in Mexico.

Contributing to performance was our overweight to the U.S. and stock selection in Canada.

While valuations, especially in Europe, may appear stretched, given the low yields on competing asset classes, real estate remains attractive.

FUND MANAGEMENT

Patrick Brophy

Fund Manager since 2007
Industry since 1990