Stability is Important in Fixed Income


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Stability is Important in Fixed Income Consider Janus Flexible Bond Fund A: JDFAX

C: JFICX

I: JFLEX

N: JDFNX

S: JADFX

R: JDFRX T: JAFIX

Fixed income is typically considered an anchor for a well-diversified portfolio. Historically, investors have thought of their fixed income allocation as the income-generating and lower volatility component of their portfolio that provides diversification to their equity allocation. However, not all fixed income portfolios have a stable history of weathering market volatility.

Heightened market volatility may lead to questions about portfolio stability. Hypothetical Growth of $10,000 (10/1/07 – 3/31/16) Barclays U.S. Aggreagate Bond Index

Janus Flexible Bond Fund – T Shares

$20,000

Morningstar Intermediate – Term Bond Category Average

$16,188 $14,788

$15,000

$14,128

$10,000

$5,000 10/01/07 3/08

3/09

3/10

3/11

3/12

3/13

3/14

3/15

3/16

During this period of market volatility there was great disparity in performance.

Calendar Year Returns Janus Flexible Bond Fund – T Shares

Barclays U.S. Aggregate Bond Index

Morningstar Intermediate – Term Bond Category Average

15% 12% 9% 6% 3% 0% -3% -6% 2007

2008

2009

2010

2011

2012

2013

2014

2015

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold. For the most recent month-end performance call 877.33JANUS (52687) or visit janus.com/advisor/mutual-funds. Past performance does not guarantee future results. Based on the Fund’s “parent” share class (typically that with the longest history). Performance varies by share class.

Continued on back page.

FIXED INCOME

INVESTING

Janus Fixed Income We believe Janus fixed income products can provide clients a fixed income solution that focuses on capital preservation and risk-adjusted returns over time. 1Q16

1 Year

3 Year

5 Year

10 Year

Since Inception (7/7/87)

Class A Shares @ NAV

2.16

0.34

2.01

3.85

5.73

6.89

Class A Shares @ MOP

-2.66

-4.41

0.36

2.85

5.21

6.71

Class I Shares

2.22

0.58

2.23

4.07

5.80

6.92

Class T Shares

2.19

0.46

2.11

3.95

5.80

6.92

Barclays U.S. Aggregate Bond Index

3.03

1.96

2.50

3.78

4.90

6.64

Fund Performance(%) as of 3/31/16

Annual expense ratios: Class A Shares: Gross 0.79% and Net 0.79% | Class I Shares: Gross 0.57% and Net 0.57% | Class T Shares: Gross 0.69% and Net 0.69%.

Maximum Offering Price (MOP) returns include the maximum sales charge of 4.75%. Net Asset Value (NAV) returns excludes this charge, which would have reduced returns. Net expense ratios reflect the expense waiver, if any, Janus Capital has contractually agreed to through 11/1/16.

For more information, 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. Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. Performance for Class A and I Shares prior to 7/6/09 reflects the performance of one or more similar share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance. A Fund’s performance may be affected by risks that include those associated with nondiversification, non-investment grade debt securities, high-yield/high-risk securities, undervalued or overlooked companies, investments in specific industries or countries and potential conflicts of interest. Additional risks to a Fund may also include, but are not limited to, those associated with investing in foreign securities, emerging markets, initial public offerings, real estate investment trusts (REITs), derivatives, short sales, commodity-linked investments and companies with relatively small market capitalizations. Each Fund has different risks. Please see a Janus prospectus for more information about risks, Fund holdings and other details. 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. A Fund’s portfolio may differ significantly from the securities held in an index. An index is unmanaged and not available for direct investment; therefore its performance does not reflect the expenses associated with the active management of an actual portfolio. Barclays U.S. Aggregate Bond Index is a broad-based measure of the investment grade, US dollar-denominated, fixed-rate taxable bond market. © 2016 Morningstar, Inc. All Rights Reserved. Janus is a registered trademark of Janus International Holding LLC. © Janus International Holding LLC. C-0316-631 07-15-16

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