2016 Lipper Award

Janus Real Return Fund (JURIX)

Fixed Income Focused on Inflation Protection

SHARE CLASS

FUND FACTS (JURIX)

Inception Date5/13/2011
NAV (As of 4/28/17)$9.46
Total Net Assets (As of 3/31/17)$20.33M
Annual Expense Ratio
(As of fiscal year end 6/30/16)
GROSS 1.51%
NET 0.42%

Morningstar Fee Level
(As of 3/31/17)
Fee Level Group
(out of 212 funds)
High-Yield Bond Institutional

Yields

Distribution Yield at NAV (As of 3/31/17)

3.18%
30 Day SEC Yield (As of 3/31/17)
with waivers
without waivers

3.23%
1.55%
Distribution FrequencyMonthly
Performance (As of 3/31/17)
1 Year4.14%
3 Year2.37%
5 Year2.15%
Since Inception1.89%
Morningstar (As of 3/31/17)
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 3/31/17. Index represents the Bloomberg Barclays U.S. 1-5 Year TIPS Index.

TOP HOLDINGS (% of Fund)

United States Treasury Bill , 0.00%, 04/06/2017 4.08
Meritage Homes Corp , 4.50%, 03/01/2018 2.36
Tenet Healthcare Corp , 6.25%, 11/01/2018 2.19
Altice Financing SA , 6.50%, 01/15/2022 2.17
United States Treasury Note/Bond , 2.00%, 11/15/2026 1.95
Nielsen Co Luxembourg SARL , 5.50%, 10/01/2021 1.90
Ally Financial Inc , 3.25%, 02/13/2018 1.83
MGM Resorts International , 5.25%, 03/31/2020 1.82
Michaels Stores Inc , 5.88%, 12/15/2020 1.76
Univision Communications Inc , 6.75%, 09/15/2022 1.65
TOTAL21.71

CHARACTERISTICS

Number of Holdings
Debt Issues

101
Portfolio Turnover Rate
(1-year trailing)

14.07%
Weighted Average Maturity
(years)

3.90
Effective Duration
(years)

2.26
Weighted Average Coupon5.17%

SECTOR ALLOCATION (% of Fund)

US Preferred Stock 0.18
Credit-High Yield 64.37
Credit-Investment Grade 19.67
Treasuries 8.48
CMBS 1.32
Bank Loans 0.86
ABS 0.62
Convertibles 0.21
Cash & Equivalents 4.29

MATURITY BREAKDOWN OF FIXED INCOME HOLDINGS  (% of Fund)

< 1 yr 17.76
1 - 3 yrs 26.65
3 - 5 yrs 28.80
5 - 7 yrs 11.24
7 - 10 yrs 7.47
10 - 20 yrs 2.50
> 20 yrs 0.90
N/A 0.21

CREDIT QUALITY OF FIXED INCOME HOLDINGS (% of Fund)

Aaa 8.48
A 1.48
Baa 18.80
Ba 46.29
B 14.02
Caa 4.23
NOT RATED 2.23

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. 84.15
Non-U.S. Developed 10.26
Non-U.S. Emerging 1.30
Cash & Equivalents 4.29

REGIONS (% of Fund)

North America 84.15
Europe 9.90
Latin America 1.15
Africa/Mideast 0.51
Cash & Equivalents 4.29

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.