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 1/18/17)$9.47
Total Net Assets (As of 12/31/16)$19.87M
Annual Expense Ratio
(As of fiscal year end 6/30/16)
GROSS 1.75%
NET 0.66%

Yields

Distribution Yield at NAV (As of 12/31/16)

4.02%
30 Day SEC Yield (As of 12/31/16)
with waivers
without waivers

3.17%
2.69%
Distribution FrequencyMonthly
Performance (As of 12/31/16)
1 Year4.64%
3 Year2.44%
5 Year2.94%
Since Inception1.68%
Morningstar (As of 12/31/16)
CategoryUS Fund High 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 12/31/16. Index represents the Bloomberg Barclays U.S. 1-5 Year TIPS Index.

TOP HOLDINGS (% of Fund)

Meritage Homes Corp , 4.50%, 03/01/2018 2.43
Altice Financing SA , 6.50%, 01/15/2022 2.24
Tenet Healthcare Corp , 6.25%, 11/01/2018 2.22
Nielsen Co Luxembourg SARL , 5.50%, 10/01/2021 1.92
MGM Resorts International , 5.25%, 03/31/2020 1.90
Ally Financial Inc , 3.25%, 02/13/2018 1.89
Michaels Stores Inc , 5.88%, 12/15/2020 1.78
Post Holdings Inc , 6.75%, 12/01/2021 1.78
Univision Communications Inc , 6.75%, 09/15/2022 1.71
Ford Motor Credit Co LLC , 4.25%, 02/03/2017 1.67
TOTAL19.54

CHARACTERISTICS

Number of Holdings
Debt Issues

99
Portfolio Turnover Rate
(1-year trailing)

20.63%
Weighted Average Maturity
(years)

4.17
Effective Duration
(years)

2.32
Weighted Average Coupon5.31%

SECTOR ALLOCATION (% of Fund)

US Preferred Stock 0.18
Credit-High Yield 69.61
Credit-Investment Grade 19.10
Treasuries 3.70
CMBS 1.34
ABS 0.63
Bank Loans 0.55
Convertibles 0.21
Cash & Equivalents 4.68

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS  (% of Fund)

< 1 yr 7.03
1 - 3 yrs 30.20
3 - 5 yrs 32.86
5 - 7 yrs 13.66
7 - 10 yrs 8.19
10 - 20 yrs 0.87
> 20 yrs 2.33

CREDIT QUALITY OF FIXED INCOME HOLDINGS (% of Fund)

Aaa 3.70
A 1.53
Baa 18.75
Ba 46.05
B 18.89
Caa 4.90
NOT RATED 1.32

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. 84.09
Non-U.S. Developed 9.93
Non-U.S. Emerging 1.30
Cash & Equivalents 4.68

REGIONS (% of Fund)

North America 84.08
Europe 9.52
Latin America 1.17
Asia/Pacific Ex Japan 0.55
Cash & Equivalents 4.68

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.