(PUB) Morningstar FundInvestor

6

Data through July 31, 2013 Janus Balanced T

Ticker

Status Yield Total Assets

Mstar Category Moderate Allocation

JABAX Open

1.8% $9,711 mil

Morningstar Analyst Rating 07-24-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating High Below Avg Highest

62% 58% 55% 39% 58% 57% 55% 54% 55%

„

Manager Change Partial Manager Change

10.0 12.5 15.0 18.0 20.5

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

¶

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

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 07-13

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 ¨

17.88 -6.56

19.94 13.74 -8.74

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

28.83 10.72 2.77 -0.47 0.78 9.94

-15.22 10.15

0.13

1.52 1.21 2.54

6.97

-15.40 5.74

15.43

2.42 -8.98 0.47 0.00 0.84 2.44 9

2.09

1.91 8.65 0.43 0.00 0.81 1.85 63

2.34

11.65

-17.56 7.61

94

52

10

10

3

48

94

30

29

35

Pillar Spectrum Positive

0.37 0.00 0.88 2.00

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

0.21 0.00

Income $

§ Negative

¶ Neutral

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

. . .

Performance 07-31-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

88

73

45

47

50

60

83

94

84

2009 2010 2011 2012 2013

-1.60 9.72 10.97 3.73 24.28 3.41 -6.74 7.87 3.57 7.75 4.03 1.44 -11.05 7.93 1.31 9.39 -2.83 5.37 0.86 12.97 6.51 1.39 . . .

3,902

3,750

2,901

2,569

2,499

2,751

2,424

3,690

3,080

3,236

3,554

3,800

Rating and Risk Time Load-Adj

Portfolio Analysis 06-30-13 Total Stocks:61

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

P/E

YTD % Net

Period Return % Rtn vs Cat

Share change since 03-31-13

Sectors

Ratio Return % Assets 15.3 43.94 2.18 16.5 18.95 1.96 14.8 44.47 1.87 16.2 9.15 1.73 17.2 35.18 1.68 11.5 22.35 1.62 11.3 19.58 1.58

1 Yr 3 Yr 5 Yr

15.39 10.82

Trailing

Total

+/- M* +/- Mstr

%Rank Growth of

CBS Corporation Class B

Cnsmr Cyc Cnsmr Cyc

Return% MdTgRk Md Ag Rk

Cat

$10,000

Avg High High

Avg -Avg Low

Mattel, Inc. Boeing Co

3 Mo 6 Mo 1 Yr

2.19 0.97 7.56 2.68 15.39 2.16 10.82 0.57 8.42 1.89 8.32 0.52

-0.19 0.72 -2.99 -1.47 1.74 -0.26

42 10,219 29 10,756 39 11,539 46 13,610 7 14,981 5 22,238 9 28,097

8.42 8.32 9.98

Industrl

10 Yr Incept

Philip Morris Internation

Cnsmr Def

E.I. du Pont de Nemours & Basic Mat

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

LyondellBasell Industries

Basic Mat Finan Svs

Other Measures

Standard Index

Best Fit Index M* MdTgRk

U.S. Bancorp

M* MdTgRk

Apple Inc

Technology 12.1 -12.01 1.58

Alpha

0.3

0.3

7.13

. .

Chevron Corp

Energy Date of Maturity

8.1 17.30 1.55

Beta

1.02

1.02

Amount

Value % Net

R-Squared

95

95

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 9.58 47 1.12 87 7.24 7 1.09 82 7.29 6 0.95 51 Potential Capital Gain Exposure: 20% of assets Morningstar’s Take by Michelle Canavan 07-24-13 A lot of things have been going right at Janus Balanced. This fund has continued to make a strong case for itself as a worthy all-weather allocation fund. In 2011 and 2012 for example, years that alternately punished and rewarded risky assets, this fund was in the minority of those to produce top-third results in both calendar years. The fund has continued to post strong returns, notching a year-to-date gain of 10.9% through July 19 compared with the typical moderate-allocation fund’s 9.8%. More recently, the fund has gotten a boost from several fronts. Comanager Gibson Smith has continued to make the right moves in the fund’s fixed-income sleeve, for example. Prior to the bond-market sell-off of May and June, Smith shifted his Treasury exposure from the long end of the curve into two-year securities as he became increasingly concerned about the potential for rising interest rates. That prescient move helped protect the fixed-income sleeve during the bond-market volatility of May and June, and Smith is maintaining a

Total Fixed-Income:334 $000 Assets US Treasury Note 0.125% 04-30-15 296,252 295,130 3.02 US Treasury Note 0.25% 02-28-15 155,787 155,671 1.59 US Treasury Note 0.25% 05-31-15 136,800 136,560 1.40 US Treasury Note 1.75% 05-15-23 122,102 114,356 1.17 US Treasury Note 0.75% 06-30-17 65,113 64,299 0.66 FNMA 4.5% 08-01-41 42,865 46,727 0.48 Tyson Foods 6.6% 04-01-16 37,905 42,815 0.44 US Treasury Note 0.25% 07-15-15 42,733 42,616 0.44 Verisk Analytics 5.8% 05-01-21 38,577 42,580 0.44 $000

Standard Deviation

9.34

Mean

10.82

Sharpe Ratio

1.14

sizable position in short-term Treasuries (roughly 12%) until better opportunities materialize and the market stabilizes. Marc Pinto, who manages the fund’s equity sleeve, has also posted strong gains this year. He continues to favor consumer discretionary stocks, particularly focusing on companies with healthy exposure to both the U.S. and emerging-markets’ consumer. That includes top-10 holdings Mattel MAT and Nike NKE, both of which have been strong year-to-date contributors. The equity sleeve has also gotten a boost from a large position in Boeing BA, where some issues with its 787 Dreamliner appear to have been resolved. Of course, there’s always the chance for timing to be off in asset-allocation decisions or for the managers to be the wrong in underlying portfolio decisions. But Smith and Pinto’s superb record since taking the helm in mid-2005 lends confidence in their ability to get things right more often than not.

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

4.3 Yrs 6.5 Yrs

Rel Category

15.06 2.65 1.48 9.34 2.72 10.62 8.02 7.53 15.06 14.09

1.05 1.39 1.21 1.36 1.14

BBB

3.80%

figure provided by fund as of 06-30-13 1

Sector Weightings

% of Stocks

Rel M* MdTgRk High

3 Year Low

% Rel Category

1.01 7.10 2.26 11.07 0.41

Cyclical 42.23 1.07 BasicMat 7.67 1.37 8 6 CnsmrCyc19.18 1.63 22 18 FinanSvs 14.10 0.80 19 14 Real Est 1.28 0.30 1 1 Sensitive 34.27 0.92 CommSrvs 4.08 1.00 6 3 Energy 7.48 0.83 12 8 Industrl 10.15 0.86 10 5 Technlgy 12.56 1.00 16 11 Defensive23.51 1.01 CnsmrDef 7.35 0.83 9 5 Hlthcare 16.16 1.62 15 12 Utilities 0.00 0.00 . .

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

Market Cap % Giant 42.4 Large 46.4 Mid 10.9

Small Micro

0.3 0.0

Avg $mil:

43,663

Address:

Janus Investment Fund Denver, CO 80206 800-525-0020 www.janus.com

Minimum Purchase: Min Auto Inv Plan:

$2500

Add: $0 IRA: $0

Composition - Net

$0

Add: .

Cash 2.0 Stocks 52.4 Bonds 41.7 Other 3.9 Foreign 14.2

Sales Fees:

No-load

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

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 ®

© 2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or timely.Past performance isnoguaranteeof future results.Accessupdated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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