(PUB) Investing 2015

4

Data through March 31, 2015 Janus High-Yield T

Ticker Status Yield SEC Yield Total Assets Mstar Category JAHYX Open 6.0% 5.72% $2,214 mil High Yield Bond

Morningstar Analyst Rating 03-20-15

Investment Style Fixed Income Income Rtn %Rank Cat

Historical Profile Return Risk Rating Above Avg Average Above Avg

28

15

7

41

37

37

27

23

26

´

Manager Change Partial Manager Change

10.0 12.5 15.0 18.0 20.5

Morningstar Pillars Process Performance

Positive Positive Positive Neutral Neutral

¶ ¶ ∞ ∞ ∞ ∞ ∞

Growth of $10,000

Investment Values of Fund Investment Values of BC Agg Bnd Performance Quartile (within Category) History

People Parent Price

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 03-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

9.92 9.38 5.04 -1.49 7.08 2.30 0.67 0.00 0.96 6.96 133 563 60

9.53 2.77 0.34 0.03 6.78 -4.01 0.65 0.00 0.87 6.65 102 509 42

9.83

9.24

6.79

8.49

9.09

8.73 3.20 -4.64 -1.18 7.36 -4.16 0.65 0.00 0.88 7.28 54

9.32

9.18 7.31 9.33 -0.11 6.34 0.97 0.57 0.23 0.86 6.21 32

8.52 0.69 -5.28 -1.81 6.07 -5.38 0.54 0.20 0.86 6.07 65

8.63 2.74 2.55 0.20 1.45 1.29 0.12 0.00 18

NAV

11.10 6.77 -0.62 7.78 3.32

-19.32 1.35 -24.56 -5.62

40.86 34.93 14.25 26.61

15.72

14.28 10.07 -1.31

Total Return % +/-BC Agg Bnd

9.18 0.53 8.28 7.44 0.68 0.00 0.86 8.42 19

-0.89 7.65

-16.65 7.07

+/-BofAML HY Master

8.50

7.18 7.10 0.61 0.01 0.86 7.05 58

Income Return % Capital Return %

-27.82 -6.30

25

67

11

76

Total Rtn % Rank Cat

Pillar Spectrum Positive ∞

0.72 0.00 0.90 7.37 119 532

0.73 0.00 0.86 7.54 114 553

0.75 0.00 0.89 8.26 109 392

0.91 0.00 0.89

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

. . .

Performance 03-31-15 1st Qtr 2nd Qtr

12.44

3rd Qtr

4th Qtr

Total

97

91

92

61

93

67

2010 2011 2012 2013 2014

3.80 -0.16 3.34 0.64 5.45 1.15 2.61 -1.54 3.33 2.12 2.74 2.55 0.12 -0.26 0.12 -0.58 6.36 5.79 7.86 7.20 7.31 5.20 6.93 4.36 Total

6.49 4.87 15.72

959

859

1,069

1,417

1,361

1,237

1,268

-6.31 5.90

3.20

3.80 3.22 14.28

Portfolio Analysis 12-31-14

Rating and Risk Time Load-Adj

2.50 3.64 -2.07 -2.56

7.31 0.69

Date of Maturity

Amount

Value % Net $000 Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Total Fixed-Income:173

$000

1 Yr 3 Yr 5 Yr

0.12 6.36 7.86 7.31 7.79

Trailing

+/- BC +/- BofAML %Rank Growth of

Ads Tactical 144A 11%

04-01-18 44,361 43,030 1.95 06-01-21 40,317 39,611 1.80 02-15-21 36,306 38,121 1.73 11-15-19 34,222 34,308 1.56 05-01-20 31,571 33,465 1.52 05-15-22 30,253 30,419 1.38 09-01-19 24,942 26,064 1.18 05-28-24 24,742 25,167 1.14 02-01-20 24,083 25,167 1.14 04-01-24 24,805 24,867 1.13 10-01-21 24,769 24,336 1.10 06-01-20 23,382 24,083 1.09 06-30-20 23,944 23,884 1.08 07-15-23 24,381 23,467 1.06 10-01-21 22,380 23,163 1.05 05-15-22 23,074 23,117 1.05 09-01-18 21,147 22,310 1.01 07-29-22 22,032 21,371 0.97 09-01-21 20,878 21,296 0.97 05-01-19 21,047 20,837 0.95

Return% Agg Bnd HY Master

Cat

$10,000

Avg Avg

Avg Avg -Avg

Supervalu 6.75%

3 Mo 6 Mo 1 Yr

0.20 -1.33 -1.93 -1.11 -0.54 -0.73 -0.67

18 10,274 70 10,012 71 10,012 55 12,032 35 14,598 27 20,249 30 27,321

Chesapeake Engy 6.125% Blackboard 144A 7.75% Landrys 144A 9.375% Numericable Grp Sa 144A Xpo Logistics 144A 7.875 Royal Bk Of Scotland 5.1 Fage Dairy Ind S A 144A Kennedy-Wilson 5.875% Simmons Foods Inc / 144A Commscope Hldg Co 144A 6 Wok Acquisition 144A 10. Markwest Engy Partners L Howard Hughes 144A 6.875 Altice Sa 144A 7.75% Roc Fin Llc / Roc Fin 14 Delta 2 Lux Sarl Lpar 2. Mohegan Tribal Gaming Au Florida East Coast Hldgs

10 Yr Incept

+Avg

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index Best Fit Index BC Agg Bnd Credit Suisse HY USD

Alpha

4.5

-0.5 0.98

Beta

0.56

R-Squared

14

97

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 3.29 58 2.89 81 4.90 38 2.74 77 4.24 35 2.86 84 Potential Capital Gain Exposure: -3% of assets Morningstar’s Take by Sumit Desai, CFA 03-20-15 Janus High-Yield’s moderate approach to high-yield bonds has led to attractive long-term returns while keeping volatility in check. Its strong management, bottom-up process, and historical results earn it a Morningstar Analyst Rating of Bronze. Gibson Smith, Janus’ CIO of fixed income, has managed this fund since 2003, and Darrell Watters was appointed as comanager in 2007. They’re supported by a team of 15 credit analysts organized by sector. A key component of the strategy is focused on sector and credit quality rotation, paring back risk when the team grows more concerned with the macro environment and selectively adding risk back when fundamentals begin to improve. Individual security selection focuses on cash flow generation and the firms’ management intentions. Specifically, they look for management teams that have a track record of reducing debt. The potential for debt reduction led Smith and Watters to an overweighting to the energy sector throughout 2014; this positioning held the fund back as oil prices

Standard Deviation

4.35 6.36 1.43

Mean

Sharpe Ratio

plunged in the second half of 2014. The fund lost 4.6% in the second half of 2014 versus a 3.6% decline for the average high-yield peer, and its 0.7% return for the full year trailed 65% of its peers. As oil prices reset, the managers shed lower-quality energy names, and overall exposure to the energy sector was reduced to around 16% of assets from around 20%. Aside from 2014, the fund has shone during periods of market volatility. For example, Smith and Watters took a protective stance ahead of the 2008 financial crisis; as a result, the fund lost 7 percentage points less than its average high-yield rival. A similar maneuver prior to 2011’s volatile third quarter also proved timely and helped mute the fund’s losses later in the year. Since Smith took over the fund in December 2003, the portfolio has bested almost 60% of the high-yield bond Morningstar Category, returning 7.3% annually compared with 6.5% for the average peer through February 2015. Importantly, the fund has done so with volatility meaningfully lower than its average peer’s.

Sector Breakdown

% of assets

Current Investment Style

Government

5

Duration Ltd Mod Ext

Corporate Bond

86

Quality High Med Low

Bank Loan Convertible

1 1 1

Preferred

figure provided by fund

1

Agency MBS 1 Non-Agency Residential MBS 0 Commercial MBS 1 Asset-Backed 0 Covered Bond 0 Municipal 0 Cash & Equivalents 5 Other 0

1 Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon Avg Wtd Price Coupon Range

3.8 Yrs 5.9 Yrs

B

7.47%

173.06% of par

% of Bonds Rel Cat

0% PIK 0% to 8% 8% to 11% 11% to 14%

0.7 1.0 68.7 1.1 29.2 0.9 1.4 0.3 0.0 0.0

Composition - Net Cash 4.3

Bonds 91.9

More than 14%

Stocks 0.9

Other

2.9

Address:

Janus Investment Fund Denver, CO 80206 877-335-2687 www.janus.com

Minimum Purchase: Min Auto Inv Plan:

$2500

Add: $0 IRA: $0

1.00=Category Average

$0

Add: .

Credit Analysis

Special Securities Restricted/Illiquid Secs Exotic Mortgage-Backed Emerging-Markets Secs Options/Futures/Warrants

% bonds 12-31-14

Sales Fees:

No-load

BB

28

AAA

0 0 0 0

49

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

0.65% mx./0.55% mn., 0.25%A Mgt:0.56% Dist: .

B 48 Below B 19 NR/NA 4

AA

0

12-29-95

Actual Fees:

Janus Capital Management LLC

Expense Projections: Income Distribution:

3Yr:$278 Monthly

5Yr:$482 10Yr:$1073

A

Trace

None

No

BBB

Fidelity Retail-NTF, Schwab OneSource

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved.The informationherein is not represented orwarranted tobeaccurate, correct, completeor timely. Pastperformance is no guarantee of future results.Access updated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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