2016 Lipper Award

Janus Real Return Fund (JURTX)

Fixed Income Focused on Inflation Protection

SHARE CLASS

FUND FACTS (JURTX)

Inception Date5/13/2011
NAV (As of 12/8/16)$9.45
Total Net Assets (As of 10/31/16)$20.56M
Annual Expense Ratio
(As of fiscal year end 6/30/16)
GROSS 1.75%
NET 0.66%

Yields

Distribution Yield at NAV (As of 11/30/16)

3.74%
30 Day SEC Yield (As of 11/30/16)
with waivers
without waivers

3.36%
2.96%
Distribution FrequencyMonthly
Performance (As of 9/30/16)
1 Year5.48%
3 Year2.96%
5 Year3.52%
Since Inception1.82%
Morningstar (As of 11/30/16)
CategoryHigh Yield Bond
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 11/1/17.

Data as of 10/31/16. Index represents the Bloomberg Barclays U.S. 1-5 Year TIPS Index.

TOP HOLDINGS (% of Fund)

Meritage Homes Corp , 4.50%, 03/01/2018 2.33
Tenet Healthcare Corp , 6.25%, 11/01/2018 2.19
Altice Financing SA , 6.50%, 01/15/2022 2.15
Nielsen Co Luxembourg SARL , 5.50%, 10/01/2021 1.85
MGM Resorts International , 5.25%, 03/31/2020 1.82
Ally Financial Inc , 3.25%, 02/13/2018 1.81
Post Holdings Inc , 6.75%, 12/01/2021 1.76
Michaels Stores Inc , 5.88%, 12/15/2020 1.76
Univision Communications Inc , 6.75%, 09/15/2022 1.64
Ford Motor Credit Co LLC , 4.25%, 02/03/2017 1.61
TOTAL18.92

CHARACTERISTICS

Number of Holdings
Debt Issues

108
Portfolio Turnover Rate
(1-year trailing)

22.20%
Weighted Average Maturity
(years)

4.81
Effective Duration
(years)

2.83
Weighted Average Coupon5.34%

SECTOR ALLOCATION (% of Fund)

US Preferred Stock 0.17
Credit-High Yield 72.00
Credit-Investment Grade 18.68
Treasuries 6.09
CMBS 1.31
ABS 0.62
Bank Loans 0.53
Convertibles 0.21
Cash & Equivalents 0.39

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS  (% of Fund)

< 1 yr 6.20
1 - 3 yrs 33.35
3 - 5 yrs 31.35
5 - 7 yrs 15.01
7 - 10 yrs 8.06
10 - 20 yrs 0.86
> 20 yrs 4.61

CREDIT QUALITY OF FIXED INCOME HOLDINGS (% of Fund)

Aaa 6.09
A 1.49
Baa 18.33
Ba 46.12
B 21.12
Caa 4.99
NOT RATED 1.30

Bond credit quality ratings provided by Barclays and reflect the middle rating received from Moody's, Standard & Poor's and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

DEVELOPED VS. EMERGING MARKET EXPOSURE (% of Fund)

U.S. 88.69
Non-U.S. Developed 9.65
Non-U.S. Emerging 1.27
Cash & Equivalents 0.39

REGIONS (% of Fund)

North America 88.68
Europe 9.25
Latin America 1.15
Asia/Pacific Ex Japan 0.53
Cash & Equivalents 0.39

Equity country, regional, sector and industry weights based on MSCI and GICS classifications. Fixed income country, regional, sector and industry weights based on Barclays classifications.