Janus Aspen Flexible Bond Portfolio (JAFLX)
20+ Years of All-Weather, Credit-Driven Fixed Income Investing

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PORTFOLIO FACTS (JAFLX)

Inception Date9/13/1993
NAV (As of 4/24/15 )$12.23
Total Net Assets (As of 3/31/15)$541.43M
Annual Expense Ratio
(As of fiscal year end 12/31/13)
GROSS 0.56%
NET 0.56%

Performance (As of 3/31/15)
1 Year4.82%
3 Year4.20%
5 Year5.41%
10 Year6.26%
Morningstar (As of 3/31/15)
CategoryIntermediate-Term 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.

Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 5/1/15.

Quarterly Commentary - Q1 2015

EXECUTIVE SUMMARY

The Fund outperformed its benchmark in the first quarter.

Outperformance was driven by our MBS exposure as well as by our longer duration.

We remain defensively positioned given our expectation for continued volatility in the fixed income market.

We are keeping the Treasury allocation generally aligned with the bench mark while our credit exposure, though still overweight, is at its lowest since the 2008 crisis.

PORTFOLIO MANAGEMENT

Gibson Smith

Portfolio Manager since 2007
Industry since 1991

Darrell Watters

Portfolio Manager since 2007
Industry since 1986