Janus Flexible Income Fund

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Janus Capital Funds Plc

Janus Flexible Income Fund

30 April 2013

www.janusinternational.com

• The Fund may invest in any one or a combination of the following instruments: – futures, options and swaps and other financial derivative instruments (“FDI”) up to 10% of the net asset value of the Fund. Given the leverage effect of FDI, such investments may result in substantial loss (as much as 100% of the NAV of the relevant Fund); – debt securities rated below investment grade; and – mortgage and asset-backed securities and/or in index/structured securities. These financial instruments may be rated below investment grade. • Investing in any one of the above instruments may involve substantial credit/counterparty, market, liquidity, currency, leverage, interest, index and swap risks. If the issuers default, or such securities or their underlying assets, cannot be realised or perform badly, investors’ entire investments may be lost. • The investment decision is yours. If you are in any doubt about the contents of this document, you should seek independent professional financial advice. • Effective 1 May 2013, some share classes of the Fund may at its discretion pay dividends out of gross income while charging all or part of its fees and expenses to the capital of the Fund, resulting in an increase in distributable income available for the payment of dividends by the Fund and therefore, the Fund may effectively pay dividends out of capital. This may result in an immediate reduction of the Fund’s net asset value per share for the relevant share class. Investors should note that the charging of fees and expenses to capital (which is deemed to be an effective payment of dividends out of the Fund’s capital) amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. • Investors should not only base on this document alone to make investment decisions and should read the Prospectus including the risk factors for further details.

Investment Focus The Fund seeks total return from current income and capital appreciation by investing in a wide range of income-producing securities, primarily in the US.

Investment Policy

Asset Allocation (% of Portfolio as of 30 April 2013)

Total return is expected to result from a combination of current income and capital appreciation, although income will normally be the dominant component of total return. Investments in income producing securities of US issuers will normally make up 80%, but at all times not less than two thirds of the Fund’s nav. The Fund may invest in preferred stock, and all types of government securities and debt securities.

Investment Grade Credit Mortgage Government Bonds High Yield CMBS Cash ABS Equity Non-US Collateralised Other Institution Non-Corporate Credit

Fund Facts (As of 30 April 2013) Base Currency US$ Domicile Ireland Inception Date 24 December 1998 Portfolio Manager Gibson Smith|Darrell Watters Tenure on Fund 01/06/2007 | 01/06/2007 Benchmark Index Barclays US Aggregate Bond Index Total Net Assets (US$ Billions) $1.5 NAV (US$) A$acc $19.96 A$inc $12.60 B$acc $17.48 B$inc $12.59 Prior Month Yield A$inc 1.54% B$inc 0.55% Dealing Daily Published NAV Hong Kong Economic Times, The Standard Management Fee (Class A$acc and Class B$acc) 1.00% p.a Distribution Fee (Class B$acc) 1.00% p.a Contingent Deferred Sales Charge Less than 1 Year 4% (Class B$acc) Less than 2 Years 3% Less than 3 Years 2% Less than 4 Years 1% 4 years onwards 0% Initial Sales Charge (Class A$acc) Up to 5.00% ISIN A$inc IE0004445676 ISIN B$inc IE0031119104 Morningstar Rating A$acc 

Fund Characteristics (As of 30 April 2013) Total Number of Holdings Portfolio Turnover Rate Weighted Average Maturity Effective Duration Average Yield to Maturity

Risk Characteristics

∆

363 100.01% 7.6 years 5.1 years 2.5% (Risk/Return Statistics vs. Respective Benchmark

as of 30 April 2013) Alpha Beta R-Squared Standard Deviation

0.55 0.83 63.92 2.51

Tracking Error Sharpe Ratio Information Ratio

1.56 2.00 -0.26

Source: Janus, Three year trailing using Citigroup 3 month Tbill as the risk free rate.

∆

Rating Summary (% of total portfolio as of 30 April 2013) AAA AA A BBB % of total portfolio

0.57% 42.88% 9.03% 29.34%

BB B Not Rated Cash

10.83% 1.31% 4.53% 1.51% 100%

Fund Performance (% as of 30 April 2013) Cumulative Return Janus Flexible Income Fund A$acc Janus Flexible Income Fund A$inc Janus Flexible Income Fund B$acc Janus Flexible Income Fund B$inc Barclays US Aggregate Bond Index

1M 0.86 0.84 0.75 0.76 1.01

3M 1.53 1.48 1.27 1.23 1.60

Calendar YTD 0.96 0.92 0.63 0.59 0.89

39.56% 21.25% 19.92% 12.10% 3.04% 1.51% 1.22% 0.54% 0.39% 0.27% 0.20%

Sectors (% of total portfolio as of 30 April 2013) 1 US Industrials 2 MBS 3 US Treasury 4 US Finance 5 US Utilities 6 Non US Industrials 7 CMBS 8 Cash 9 Non US Finance 10 ABS 11 Other 12 Non US Governments/Agencies

23.86% 21.64% 19.92% 16.08% 5.27% 5.24% 3.04% 1.51% 1.47% 1.22% 0.54% 0.20%

6

7 89

1011 12 1

5

4

2

3

Five Year Cumulative Return (As of 30 April 2013) 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% -10.0%

Janus Flexible Income Fund Class A$acc

Barclays US Aggregate Bond Index 2008

2009

2010

2011

2012

Top Holdings (% of Portfolio as of 30 April 2013) US Treasury N/B 3.13% 2/15/2043 US Treasury N/B 2.00% 2/15/2023 US Treasury N/B 2.13% 8/15/2021 US Treasury N/B 0.25% 8/31/2014 US Treasury N/B 0.88% 1/31/2017 US Treasury N/B 0.25% 9/30/2014 Ball 2010-HLTN HLTN 2.50% 11/15/2015 Western Gas Partners 5.38% 6/1/2021 Fg G07300 6.00% 4/1/2040 Chesapeake Energy Corp 5.38% 6/15/2021 Total % of Portfolio

1Y 4.39 4.40 3.37 3.35 3.68

3Y 16.11 16.05 12.63 12.56 17.47

5Y 36.62 36.60 29.96 29.87 32.09

Since Inception 99.60 102.09 74.80 76.58 123.25

2012 6.40 6.51 5.34 5.38 4.21

2.9% 2.7% 2.0% 1.9% 1.9% 1.1% 1.1% 1.0% 1.0% 1.0% 16.6%

2011 5.27 5.22 4.24 4.17 7.84

2010 6.13 6.15 5.12 5.09 6.54

2009 11.84 11.81 10.66 10.71 5.93

2008 3.70 3.68 2.64 2.66 5.24

Source: Janus Fund Accounting. Performance for US dollar share class is computed in US$ on an NAV-to-NAV basis. Investors investing in funds denominated in non-local currency should be aware of risk of exchange rate fluctuations that may cause a loss of principal. The fund is generally operated in US Dollars. Each fund converts Euro/Pound Sterling it receives into US Dollars for investment purposes, and converts US Dollars into Euro/Pound Sterling as appropriate. Where and to the extent that is appropriate, the Euro/Pound Sterling share class currency exposure against the US Dollar may be hedged. Janus Capital Funds Plc is a UCITS established under Irish law, with segregated liability between funds. Janus Capital Management acts as sub-adviser to Janus Capital International Limited. Investors are warned that they should only make their investments based on the most recent Prospectus which contains information about fees, expenses and risks, which is available from all distributors and paying agents, it should be read carefully. An investment in the Fund may not be suitable for all investors and is not available to all investors in all jurisdictions; it is not available to US persons. Issued by Janus Capital International Limited, authorised and regulated by the Financial Conduct Authority and in Hong Kong by Janus Capital Asia Limited, licensed and regulated by the Securities and Futures Commission (“SFC”). This material has not been reviewed by the SFC. SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. This is not a solicitation for the sale of shares other than pursuant to an agreement in compliance with applicable laws, rules and regulations and is not intended as investment advice. The distribution of this document or the information contained in it may be restricted by law and may not be used in any jurisdiction or any circumstances in which its use would be unlawful. It is the intermediary’s responsibility to determine the extent it may pass on this document or the information contained in it to any third party under relevant law, and to comply with all such law. Janus is not responsible for any unlawful distribution of this document to any third parties. Past performance is no guarantee of future results. There is no assurance that the investment process will consistently lead to successful investing. The rate of return may vary and the principal value of an investment will fluctuate due to market and foreign exchange movements. Shares, if redeemed, may be worth more or less than their original cost. Portfolio holdings are subject to change without notice. There is no assurance that any Janus Fund currently holds the security/securities mentioned. Risk characteristics for all funds have been calculated over a 3 year period. Since inception performance data for the benchmark is based on inception of a fund’s A share class. Total returns assume reinvestment of dividends. Yield data reflects the average annual dividends provided by the underlying investments of a portfolio. Yield data is not an accurate measure of total return and does not factor in any changes in value of the underlying fixed income investments. A fund’s portfolio manager’s tenure is described in its factsheet. The Fund may invest in Financial derivatives instruments (“FDI”) for investment purposes. Given the leverage effect of FDIs, such investments may result in total or substantial loss. Examples of FDIs that the Funds may purchase from time to time include: futures, swaps, options and warrants. The price of FDIs may move in unexpected ways, especially in abnormal market conditions. FDIs involve other risks of loss, such as credit, currency, leverage, counterparty, liquidity, index, settlement default and interest risks. Increased margin calls and unlimited risk of loss are also risks which may arise through the use of FDI as is the potential inability to terminate or sell FDI positions. Emerging markets carry risks as well as rewards. Investing in foreign securities involves additional risks including exchange rate changes, political and economic upheaval, the relative lack of information, relatively low market liquidity, the potential lack of strict financial and accounting controls and standards, and the possibility of arbitrary action by foreign governments, including the takeover of property without adequate compensation. These risks are magnified in emerging markets, which have historically been subject to significant gains and/or losses, and as such, absolute returns may be subject to increased volatility. An investment in this fund may not be appropriate for all investors. The risk profile of high yield securities may be higher than that of investment grade securities. High yield bonds, also known as “junk bonds” are subject to additional risks such as the increased risk of default. Some of the Janus Capital Funds Plc (JCF) funds seek to achieve their investment objective through a concentrated investment approach. Due to their concentrated nature these Funds’ performance will be impacted more by movements in any one holding than a diversified fund would be. This means that the Funds’ performances are likely to fluctuate more than a diversified fund would. Janus Global Real Estate Fund may invest in REITs, and may be subject to a higher degree of market risk than diversified funds because of concentration in a specific industry, sector or geographic sector. Risks also include declines in the value of real estate, general and economic conditions, change in the value of the underlying property and defaults by borrowers. Also, small company stocks may be subject to a higher degree of market risk that the securities of more established companies because they tend to be more volatile and less liquid. A fund may invest in securities that produce income that is subject to US withholding and/or income tax. Copyright © 2013 Morningstar UK Limited. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Ratings shown may differ between Asia, the Americas and Europe, as well as between the US$ and Euro/Pound Sterling share classes of the Janus Capital Funds Plc. (4) The Morningstar Rating is a quantitative assessment of a fund’s past performance based on an risk-adjusted return measure, which also accounts for the effects of all sales charges and investors' risk aversion, as measured from one to five stars. It uses focused comparison groups to better measure fund manager skill. The rating allows investors to distinguish among funds that use similar investment strategies. Emphasizing long-term performance of a fund, Morningstar only ranks funds with at least 3 years track record. All funds with the required track record are rated but only ratings of three stars and above are being displayed. Credit ratings are provided by S&P. Not rated securities are not rated by S&P but may be rated by other rating agencies. Investors are advised to consult your intermediary who will give you advice on the product suitability and help you determine how your investment would be consistent with your own investment objectives. The investment decisions are yours and an investment in the Fund may not be suitable for everyone. If in doubt, please contact your intermediary for clarification. Janus International Holding LLC. All rights reserved. HL0513(20T)0813.HK.retail