(PUB) Investing 2015

6

Data through July 31, 2015 Janus Balanced T

Ticker

Status Yield Total Assets

Mstar Category Moderate Allocation

JABAX Open

1.7% $13,101 mil

Morningstar Analyst Rating 07-20-15

Investment Style Equity Stock %

Historical Profile Return Risk Rating High Below Avg Highest

55% 39% 58% 57% 55% 54% 51% 55% 55%

„

Manager Change Partial Manager Change

13.0 16.0 19.0 22.0

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Neutral Positive

Investment Values of Fund Investment Values of M* MdTgRk

People Parent Price

10.0

¶

NAV Total Return % +/-M* MdTgRk +/-Mstr Md Ag Rk Income Return % Capital Return % Total Rtn % Rank Cat Performance Quartile (within Category) History

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 07-15

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 ¨

21.25 8.71 -2.77 -5.36 2.06 6.65

22.48 7.75 0.71 -1.10 1.90 5.85

24.41 10.56 -2.39 -5.43

25.41

20.02

24.54 24.28 2.51 -3.27 1.58 22.70

25.08 7.75 -4.58 -7.17 2.26 5.49

24.48 1.31 0.72 3.24 2.07 -0.76

26.23 12.97 0.93 -1.36 2.47 10.50

29.98 19.59 5.28 -0.59 1.85 17.74

30.58

30.90 1.76 0.36 -0.35 0.71 1.05

-15.22 10.15

8.38 3.49 3.41 1.87 6.51 0.56 1.31 0.82 1.73 25

1.52 1.21 2.54

6.97

15.43

1.91 8.65 0.43 0.00 0.81 1.85 63

2.34

-17.56 7.61

52

10

10

3

48

94

30

29

22

66

Pillar Spectrum Positive

0.41 0.00 0.87 1.82

0.40 0.00 0.79 1.93

0.61 0.84 0.79 2.34

0.59 0.93 0.79 2.42 109

0.31 0.00 0.82 2.72 158

0.55 0.78 0.82 2.43

0.52 0.41 0.83 2.11

0.60 0.81 0.83 2.02

0.48 0.86 0.83 1.77

0.22 0.00

Income $

§ Negative

¶ Neutral

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

. . .

Performance 07-31-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total 1.31

45

47

50

60

83

94

84

78

72

2011 2012 2013 2014 2015

4.03 1.44 -11.05 7.93

2,901

2,569

2,499

2,751

2,424

3,690

3,080

3,236

3,554

4,285

4,796

4,972

9.39 -2.83 6.51 1.39 1.21 3.65 1.39 -0.74

5.37 0.86 12.97 3.98 6.50 19.59

Rating and Risk Time Load-Adj

Portfolio Analysis 06-30-15 Total Stocks:53

0.05 3.26

8.38

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

. . .

P/E

YTD % Net

Period Return % Rtn vs Cat

Share change since 03-31-15

Sectors

Ratio Return % Assets

1 Yr 3 Yr 5 Yr

6.18

Trailing

Total

+/- M* +/- Mstr

%Rank Growth of

Apple Inc

Technology 17.1 4.76 3.13

Return% MdTgRk Md Ag Rk

Cat

$10,000

11.19 10.15

+Avg +Avg High

-Avg Avg Low

MasterCard Inc Class A Blackstone Group LP E I du Pont de Nemours &

Finan Svs Finan Svs Basic Mat Cnsmr Cyc

29.6 13.49 2.41 12.4 23.85 2.06 22.0 -20.84 1.89 30.1 20.99 1.75 18.6 11.83 1.74 28.4 9.20 1.70

3 Mo 6 Mo 1 Yr

-0.25 1.04 2.63 0.46 6.18 4.22 11.19 2.75 10.15 1.57 8.04 1.70 6.07 0.08

1.27 -0.89 3.61 0.09 -0.26 1.22 0.05

49 9,975 65 10,263 26 10,618 27 13,747 33 16,215 3 21,669 22 24,204

10 Yr Incept

8.04 9.90

Nike Inc Class B

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

Boeing Co AbbVie Inc

Industrl

Other Measures

Standard Index

Best Fit Index

Hlth care

M* MdTgRk

Russ 1000

Microsoft Corp

Technology 18.2 3.68 1.69

Alpha

3.2

0.7

Union Pacific Corp

Industrl Date of Maturity

22.0 -18.73 1.65

Beta

0.92

0.59

Amount

Value % Net

R-Squared

87

92

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 9.56 25 1.46 63 8.71 35 1.30 72 6.82 2 1.13 52 Potential Capital Gain Exposure: 21% of assets Morningstar’s Take by Greg Carlson 07-20-15 The veteran managers of Janus Balanced and their sensible approach merit a Morningstar Analyst Rating of Silver. This moderate-allocation fund has thrived since Marc Pinto and Gibson Smith took the helm in May 2005. From that date through June 30, 2015, the fund surpassed more than 95% of its peers on both a the Morningstar Moderate Target Risk Index on these measures. The fund has typically kept up with its peers and the index in rising markets and lost less in downturns. This pattern is an outcome of a mix of cautious and aggressive traits. Smith, who oversees the fixed-income portfolio and helps set the asset mix with Pinto, is willing to take on credit risk by favoring corporate debt and holding an above-average stake in high-yield bonds. But he focuses on BB rated securities (the highest-quality portion of the high-yield universe) that appear to be rising to investment-grade status. Smith will also rotate into the relative safety of Treasuries and agency mortgage-backed debt based on

Total Fixed-Income:335 $000 Assets US Treasury Note 1.375% 09-30-18 283,226 286,235 2.20 US Treasury Note 0.5% 01-31-17 256,387 256,407 1.97 US Treasury Note 2.25% 11-15-24 220,584 226,771 1.74 US Treasury Bond 2.5% 02-15-45 97,896 96,993 0.75 US Treasury Note 1.5% 08-31-18 84,828 86,134 0.66 US Treasury Note 2.75% 11-15-23 76,289 81,808 0.63 US Treasury Note 1% 12-15-17 80,694 81,129 0.62 US Treasury Note 1.5% 11-30-19 78,327 78,927 0.61 US Treasury Bond 3.75% 11-15-43 59,559 74,402 0.57 $000

Standard Deviation

5.30

Mean

11.19

Sharpe Ratio

2.03

this strategy at Silver-rated Janus Flexible Bond JAFIX. Pinto manages the equity portfolio and typically focuses on large, well-established firms with end of March 2015, the fund held a bigger stake in stocks with wide Morningstar Economic Moat Ratings and a smaller one in no-moat companies than 75% of has a modest growth tilt compared with peers, which has provided a tailwind over the trailing five and 10 years. Thus, it may not look as good when value stocks are in favor. Smith and Pinto have also made savvy asset-allocation moves while rarely making big bets. With the exception of a prudent late-2008 shift out of equities (which dropped to less than 45% of assets), stocks/40% bonds allocation. At the end of June 2015, the fund was slightly underweight in equities as Smith found more value in corporate bonds with short maturities.

Equity Style

Fixed-Income Style Duration: Moderate Quality: Medium Avg Eff Duration Avg Eff Maturity Avg Credit Quality Avg Wtd Coupon 1

Style: Growth Size: Large-Cap Value Measures Price/Earnings Price/Book Price/Sales Price/Cash Flow Dividend Yield % Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs

5.1 Yrs 8.9 Yrs

Rel Category

17.86 3.18 1.98 12.79 2.52 11.20 12.08 4.01 3.37 11.28

1.24 1.66 1.62 1.87 1.06

BBB

3.37%

figure provided by fund as of 06-30-15 1

Sector Weightings

% of Stocks

Rel M* MdTgRk High

3 Year Low

% Rel Category

1.05 10.41

Cyclical 40.14 1.01 BasicMat 6.37 1.21 9 6 CnsmrCyc15.92 1.34 22 16 FinanSvs 17.85 1.00 18 14 Real Est 0.00 0.00 1 1 Sensitive 35.53 0.97 CommSrvs 0.32 0.09 5 0 Energy 4.96 0.70 8 5 Industrl 12.69 1.08 18 9 Technlgy 17.56 1.26 18 12 Defensive24.33 1.02 CnsmrDef 4.41 0.54 7 4 Hlthcare 19.92 1.74 20 15 Utilities 0.00 0.00 . .

h r t y u j i o p a k s d f

1.18 2.51 0.26

Market Cap % Giant 58.6 Large 34.0 Mid 6.9

Small Micro

0.5 0.0

Avg $mil:

74,571

Address:

Janus Investment Fund Denver, CO 80206 800-525-0020

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: $0 IRA: $0

Composition - Net

Add: .

Cash 2.6 Stocks 54.9 Bonds 40.0 Other 2.5 Foreign 10.8

Sales Fees:

No-load

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

www.janus.com

Management Fee:

0.55%, 0.25%A

09-01-92

Actual Fees:

Mgt:0.55% Dist: .

Janus Capital Management LLC

Expense Projections: Income Distribution:

3Yr:$265 Quarterly

5Yr:$460 10Yr:$1025

None

(% of Stock)

Fidelity Retail-NTF, Schwab OneSource

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The informationherein is not representedorwarranted to be accurate, correct, complete or timely.Pastperformance is no guarantee of future results.Access updated reportsat To order reprints, call 312-696-6100. mfb.morningstar.com.

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