Janus High-Yield Fund (JAHYX)

Core High-Yield Fixed Income

SHARE CLASS

FUND FACTS (JAHYX)

Inception Date12/29/1995
NAV (As of 2/12/16 )$7.67
Total Net Assets (As of 12/31/15)$1.90B
Annual Expense Ratio
(As of fiscal year end 6/30/15)
GROSS 0.87%
NET 0.87%

Yields

Distribution Yield at NAV (As of 1/31/16)

5.10%
30 Day SEC Yield (As of 1/31/16)
with waivers
without waivers

6.50%
6.50%
Distribution FrequencyMonthly
Performance (As of 12/31/15)
1 Year-1.40%
3 Year2.13%
5 Year4.68%
10 Year6.41%
Morningstar (As of 1/31/16)
CategoryHigh Yield Bond
Overall Rating™
(Based on risk-adjusted returns)

View All Ratings

636 Funds Rated
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.

Returns greater than one year are annualized.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 11/1/16.

Quarterly Commentary - Q4 2015

EXECUTIVE SUMMARY

In volatile markets for highyield, the Fund outperformed its index.

Outperformance was driven by our defensive positioning and security selection.

Given our cautious stance, the Fund currently favors higherquality issuers with robust balance sheets.

FUND MANAGEMENT

Gibson Smith

Gibson Smith

Fund Manager since 2003
Industry since 1991

Darrell Watters

Darrell Watters

Fund Manager since 2008
Industry since 1986

Seth Meyer, CFA

Seth Meyer, CFA

Fund Manager since 2015
Industry since 1998