Fixed Income for All Markets

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Fixed Income for All Markets Janus Fixed Income Offerings

Investors Expect Stability from their Fixed Income Manager Our team of investment experts has an unwavering focus on maximizing risk-adjusted returns and capital preservation. We follow a consistent and transparent investment process that aims to deliver the outcomes investors expect across a variety of markets — for over 25 years, and counting.

Distinct Approaches to Meet Diverse Investment Goals We serve investors across a variety of markets by offering a diverse suite of fixed income strategies with highly complementary and distinctly separate investment approaches: a bottom-up, fundamental process led by CIO, Fixed Income, Gibson Smith, and a top-down, global macro process managed by Bill Gross.

Bottom-up, Fundamental Fixed Income For over 25 years, our bottom-up, fundamental, credit-oriented investment process has led us to a deep understanding of the markets. This consistent, transparent process enables us to make informed industry, sector and risk allocation decisions. Janus fixed income professionals operate in a highly collaborative manner across portfolio management, research, risk and trading functions. Consistent with Janus’ heritage, fundamental credit research anchors the bottom-up investment process. “We are looking for companies that are going through fundamental transformation with their capital structure. These are companies that recognize that reducing leverage will be a net positive for their business.” Gibson Smith, CIO | Portfolio Manager

Global Macro Fixed Income This top-down approach focuses on a “new natural” global economy with lower-thanhistorical global policy rates that faces several structural headwinds: too much debt, aging demographics and technology-displacing jobs. By navigating these obstacles with precision and discipline, we believe we can deliver consistent, risk-adjusted returns. Our global macro fixed income process leverages the considerable skill and four decades of experience of world-renowned investor Bill Gross. “An unconstrained strategy allows a professional and experienced investment firm like Janus to select the most attractive alternatives across many asset categories while potentially diminishing the risk of bond and stock bear markets.” Bill Gross, Portfolio Manager

How to Implement our Funds in a Portfolio We offer active fixed income funds that are designed to provide solutions to the wide range of challenges investors face in today’s increasingly complicated financial landscape. In addition to a stable core, investors need to generate income, protect against inflation, and manage volatility in their portfolios through uncorrelated alternatives.

InflationOriented

Income

Dynamic Core Alternative

Janus Fixed Income Product Offerings

GLOBAL MACRO

BOTTOM-UP FUNDAMENTAL

Fund Name

Portfolio Positioning

Fund Description

Janus Flexible Bond Fund

This dynamic, intermediate-term bond fund is designed to serve as a core fixed income holding and limits high yield investments to 35%. The Fund’s sector flexibility is not constrained to an index.

Janus Global Bond Fund

With the flexibility to deviate from its index on a sector, country, currency, and duration basis, this global multi-sector bond fund can be considered a core fixed income holding.

Janus High-Yield Fund

This core high yield fund can serve as a long-term allocation. The Fund may provide an additional income component to an investor’s portfolio.

Janus Multi-Sector Income Fund

The Fund seeks to identify the best income-generating opportunities across fixed income sectors and will typically hold between 35% and 65% high yield bonds. With its sector flexibility, this fund may be appropriate for investors seeking consistent income. The Fund can also be considered a complement to an existing fixed income core allocation.

Janus Real Return Fund

This inflation-oriented bond fund invests in a broad range of fixed income sectors to help protect purchasing power.

Janus Short-Term Bond

This credit-oriented, short-duration bond fund is primarily focused on capital preservation and can serve as a core fixed income holding.

Janus Global Unconstrained Bond Fund

This macro-driven bond fund invests broadly across global fixed income markets, is not constrained by any index-specific guidelines and can be considered a complement to an existing fixed income core allocation. The Fund seeks positive absolute returns and can also be implemented as an alternative allocation due to its potential lower correlation to traditional stocks and bond.

The Janus Fixed Income Commitment to Investors

BOTTOM-UP FUNDAMENTAL

We intend to be a reliable portfolio component for virtually any client in any market environment. Our wide range of fixed income products have been designed, first and foremost, with our investors’ financial priorities in mind. We seek to deliver upon our commitment of risk-adjusted returns and capital preservation and look forward to helping investors meet their goals. Fund Name

Tickers

Morningstar Category

Benchmark

Janus Flexible Bond Fund

A: JDFAX C: JFICX S: JADFX I: JFLEX N: JDFNX R: JDFRX T: JAFIX

Intermediate-Term Bond

Barclays U.S. Aggregate

A: JGBAX C: JGBCX S: JGBSX I: JGBIX N: JGLNX T: JHBTX

World Bond

A: JHYAX C: JDHCX S: JDHYX I: JHYFX N: JHYNX R: JHYRX T: JAHYX

High Yield Bond

A: JMUAX C: JMUCX S: JMUSX I: JMUIX N: JMTNX T: JMUTX

Multisector Bond

A: JURAX C: JURCX S: JURSX I: JURIX T: JURTX

Multisector Bond

A: JSHAX C: JSHCX S: JSHSX I: JSHIX N: JSHNX T: JASBX

Short-Term Bond

A: JUCAX C: JUCCX S: JUCSX I: JUCIX N: JUCNX T: JUCTX

Nontraditional Bond

Janus Global Bond Fund Janus High-Yield Fund

Janus Multi-Sector Income Fund Janus Real Return Fund

GLOBAL MACRO

Janus Short-Term Bond Fund

u

Janus Global Unconstrained Bond Fund

Bond Index Barclays Global Aggregate Bond Index Barclays U.S. Corporate High Yield Bond Index Barclays U.S. Aggregate Bond Index Barclays U.S. 1-5 Year TIPS Index Barclays 1-3 Year U.S. Government/Credit Index 3-Month USD LIBOR

To learn more about Janus Fixed Income, please contact your financial advisor.

Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus at 877.33JANUS (52687) or download the file from janus.com/info. Read it carefully before you invest or send money. A client commitment is not a guarantee that a stated objective will be met. There is no assurance that the investment process will consistently lead to successful investing. There is no assurance the stated objectives(s) will be met. Mutual fund investing involves market risk. Investment return and fund share value will fluctuate and it is possible to lose money by investing. Fixed income securities are subject to interest rate, inflation, credit and default risk. The bond market is volatile. As interest rates rise, bond prices usually fall, and vice versa. The return of principal is not guaranteed, and prices may decline if an issuer fails to make timely payments or its credit strength weakens. High-yield/high-risk bonds, also known as “junk” bonds, involve a greater risk of default and price volatility than U.S. Government and other high quality bonds. High-yield/high-risk bonds can experience sudden and sharp price swings which will affect net asset value. Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility and differing financial and information reporting standards, all of which are magnified in emerging markets. No investment strategy, including an absolute return strategy, can ensure a profit or protect against loss. Additionally, investing in an absolute return strategy may result in underperformance during a bull market. Past performance is no guarantee of future results. Janus Distributors LLC Not all Funds and Share classes may be available. Please consult your financial advisor.

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