2q14 janus global fixed income...

2Q14 Janus Global Fixed Income Capabilities

2Q14 Janus Global Fixed Income Capabilities

INTRODUCED BY JANUS CAPITAL INTERNATIONAL LIMITED

2 Janus Global Multi-Sector Strategy

Agenda

Janus Capital Group Overview

Janus Fixed Income Overview

Janus Fixed Income Strategies

Philosophy

Fixed Income Investment Team

Investment Process

Research and Risk Management

Performance and Characteristics

Janus Global Flexible Income Fund

Janus Global Investment-Grade Bond Fund

Janus Global High Yield Fund

Appendix

Fixed Income Team

Biographies


Powerful Processes from Three Highly Specialised Managers

Investment Manager Investment Approach Investment Strategies

Established: 1969 AUM: $114.2 B

Research-Driven Equity & Fixed Income Grounded in unconstrained, fundamental

research Risk management overlay 44 years of experience

U.S. Equity Global/International Fixed Income Alternatives Asset Allocation


Mathematical Equity Proprietary mathematical approach Risk-managed process Virtually no style drift 27 years of experience

Growth Value Core Enhanced Global/International Passive Alternative Absolute Volatility Income


Value Equity Singular approach to value investing Disciplined valuation process Focus on downside analysis before upside

potential 34 years of experience

Small Cap Value Mid Cap Value Large Cap Value All Cap Value Global Value Value Plus Income

Janus Capital Group Key Benefits:

Each firm driven by a process central to its investment approach

Broad choice of complementary strategies

Ability to align our strengths with your needs

AUM data as of 30 June 2014. Janus Capital Group is a global asset manager. Janus Capital Management LLC, Janus Capital Singapore Pte Limited, INTECH Investment Management LLC and Perkins Investment Management LLC will act as sub-adviser to Janus Capital International Limited. Perkins and INTECH are indirect subsidiaries of Janus Capital Group.


19%

41%

24%

16%

Asset Allocation

Short Duration

High Yield / Credit Only

Core Plus / Multi-Sector

Janus Fixed Income Overview

We believe a bottom-up, fundamentally driven investment process that focuses on credit-

oriented investments can lead to superior risk-adjusted returns and capital preservation. Our

comprehensive bottom-up view drives decision making at a macro level, enabling us to make

informed sector and risk allocation decisions.

Client Domicile

North America $25.9 Billion

Europe $3.1 Billion

Middle East $50.4 Million

Asia $2.3 Billion

AUM data as of 30/6/14.

Global Client Segmentation

Investment Capabilities

Over 25 years of experience

Integrated fixed income and equity research

Quantum Global: proprietary investment research and risk management system

Highly collaborative, non-siloed team based in Denver and London

31 fixed income investment professionals

$31.4 Billion in assets under management

Figures above include Global and U.S. strategies

53%40%

7%

Intermediary

Retail

Institutional


Janus Fixed Income Strategies

Portfolio

Managers

Strategy

Inception

Strategy AUM

Benchmark

Multi-Sector

Core Plus Gibson Smith / Darrell Watters Q2 1987 $10.8 B Barclays U.S. Aggregate Bond Index

Short Duration Gibson Smith / Darrell Watters Q3 1992 $5.0 B Barclays 1-3 Year U.S. Government/Credit Index

Global Multi-Sector Chris Diaz, CFA / Gibson Smith /

Darrell Watters Q4 2010 $605.4 M Barclays Global Aggregate Bond Index

Long Duration Gibson Smith / Darrell Watters Q2 2011 $21.2 M Barclays Long Government/Credit Index

Real Return Mayur Saigal / Gibson Smith /

Darrell Watters Q3 2012 $18.5 M

Barclays U.S. TIPS 1-5 Year Index / Consumer Price Index (CPI) +2%

Multi-Sector Income Seth Meyer, CFA / John Kerschner, CFA /

John Lloyd Q1 2014 $13.4 M Barclays U.S. Aggregate Bond Index

Credit-Focused

High Yield Gibson Smith / Darrell Watters Q4 1995 $4.0 B Barclays U.S. Corporate High-Yield Index

U.S. Corporate Credit Gibson Smith / Darrell Watters Q4 2009 $142.6 M Barclays U.S. Credit Index

Global High Yield Chris Diaz, CFA / Ryan Myerberg /

Gibson Smith / Darrell Watters Q4 2010 $1.1 B Barclays Global High Yield Index

Global Investment Grade Chris Diaz, CFA / Ryan Myerberg /

Gibson Smith / Darrell Watters Q4 2010 $391.1 M Barclays Global Aggregate Corporate Index

Short Duration High Yield Gibson Smith / Darrell Watters Q2 2011 $377.2 M –

Asset Allocation

Balanced Gibson Smith / Marc Pinto, CFA Q1 1985 $15.3 B S&P 500® Index / Barclays U.S. Aggregate Bond Index /

Balanced Index*

AUM as of 30/6/14. *Balanced Index is an internally calculated, hypothetical monthly rebalanced blend of 55% S&P 500® Index and 45% Barclays US Aggregate Bond Index. Prior to 1/7/09, the index blend was 55% S&P 500® Index and 45% Barclays US Government/Credit Index.



We believe a fundamentally driven, corporate & sovereign credit-oriented investment process can lead to

superior risk-adjusted returns and preservation of capital over time. Our comprehensive, bottom-up view

complements traditional top-down decision making, seeking to provide a sustainable competitive advantage.

Dynamic global multi-sector portfolio designed to serve as a full cycle core holding

Flexibility to deviate significantly from the index on a sector, country, currency and duration basis

Seeks superior risk-adjusted returns and capital preservation

Integrated global fixed income and equity research effort

Sophisticated, proprietary fixed income portfolio and risk-management system, Quantum Global

Expected sources of alpha: security/sector (primary), rates/duration, currency

Philosophy and Overview

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.


Janus Fixed Income Team

Data as of 30/6/14.

Headcount and industry experience provided for each classification includes that of individuals with dual roles.

*As of 30/6/14, Janus fixed income analysts had a buy/sell/hold/avoid opinion on approximately 1,200 credits. In total, our analysts follow approximately 8,800 securities, and our fixed income research and risk management system, Quantum Global, tracks a universe of approximately 14,400 U.S. bonds, 1,400 U.S. bank loans and 16,000 global bonds. Coverage ranges from AAA-CCC.

Risk Management Average Industry Experience:

11 Years

Portfolio Management Average Industry Experience: 18 Years

Chris Diaz, CFA Head of Global Rates | Portfolio Manager

Ryan Myerberg International Fixed Income Trader | Portfolio Manager

John Kerschner, CFA Global Head of Securitized Products | Portfolio Manager

Seth Meyer, CFA Global Credit Analyst | Portfolio Manager

Gibson Smith Chief Investment Officer, Fixed Income Portfolio Manager

Darrell Watters Portfolio Manager

Robert Griffin Global Client Portfolio Manager

Phil Gronniger, CFA Global Client Portfolio Manager

Steve Preikschat, CFA Global Head of Fixed Income Product Strategy

Roberta Tucker Global Client Portfolio Manager

Research Average Industry Experience: 13 Years

Trading Average Industry Experience: 15 Years

Mayur Saigal Global Head of Fixed Income

Risk Management | Portfolio Manager

4 Portfolio Risk Analysts

John Lloyd Global Head of Credit Research

Portfolio Manager

15 Research Analysts Cover 33 Industries and approximately 1,200 Credits*

John Dillie Global Co-Head of Fixed Income Trading Portfolio Manager

Eric Bernum, CFA Global Co-Head of Fixed Income Trading Assistant Portfolio Manager

5 Fixed Income Traders

Investment Process


Global fundamental research anchors our bottom-up investment process

Investment Process Overview

Sovereign Credit Fundamental Research

Expected Risk- Adjusted Returns

(Valuation)

Portfolio Construction

Corporate Credit Fundamental Research

Security, Sector and Quality View

Rates, Sovereign Credit and Currency View

Fundamental Research

Quantum Global


Global corporate and fundamental research: five key tenets

Investment Process Overview

Corporate Credit Research Implications Sovereign Credit Research

Getting free cash flow right Important financial indicator of

bond performance Economic growth and

fiscal sustainability

Understanding management intentions Important non-financial indicator of

bond performance Understanding central bank and

political intentions

Researching bonds and companies, not just companies

Each bond has unique return potential Researching currency, rates and

yield opportunities

Evaluating the downside Reward for being right > penalty for being wrong

Evaluating the downside

Leveraging firm-wide research in a boutique setting

Differentiated, fundamental research drives results for our clients

Leveraging firm-wide research in a boutique setting


Fundamental research: Understanding the typical economic cycle and regime changes

Investment Process

Sentiment: Capitulation Hope Euphoria Anxiety

Rates: Lower Higher Mixed Lower

Curve: Steep Steep Flattening Steepening

Currency: Mixed Weak Dollar Weak Dollar Strong Dollar

Spreads: Widening Narrowing Stable Vacillating

Portfolio Strategy: Exploit and provide liquidity Risk-taking Trim and trade Sell riskier assets and

maximize diversification

VaR Strategy: Medium Highest Medium Lowest

Late Recession Recovery Excess Early Recession

Eco

nom

ic E

xpan

sion


Fundamental research: Sector and Quality View

Investment Process

Security level expected risk-adjusted returns informs our sector and quality view

We select individual securities within each sector that exhibit the following characteristics:

Global Corporate Credit

Consider investment grade and high yield

We look for companies with:

Fundamental capital structure transformation

Defensive free cash flow

Improving free cash flow

Quality management

Deleveraging strategy

Valuable asset base

Sovereign/Government Related

Consider developed and emerging market securities

What we look for:

Fundamental analysis of economic and political trends

Fiscal and political sustainability

Alternative to spread product when credit risk/return unattractive

Quasi-sovereign may provide attractive relative spread advantage

Global Securitized

Consider securitized debt (RMBS, CMBS, ABS) and covered bonds

What we look for:

Stable underlying asset value

Jurisdictions with strong credit cultures and recourse lending

Favorable optionality

Opportunistically invest in below investment grade rated securities


Portfolio Construction: Expected Risk-Adjusted Returns

Investment Process

Client Guidelines

Duration

Quality

Sector

Region/Emerging

Socially Responsible

Security Selection

Seek issuers with strong or improving fundamentals

Understand management and policy maker intentions

Emphasize analyst buy recommendations as largest active positions

Sector Allocations

Integrated research fosters debate among analysts and portfolio managers

Semi-Annual total return forecast

Weekly risk meeting

Currency

Absolute return approach to active currency management


Weekly global team meeting

Monthly macro meetings

Country and regional exposures reflect expected risk-adjusted return opportunities

Rates / Curve

Anticipate potential regime changes and position appropriately


Weekly global team meeting

Monthly macro meetings

Quantum Global

Expected Risk-Adjusted

Returns

Risk management integrated at every step of the process


Quantum Global

Research and Investment Risk Management

Quantum: Derived from the Latin word quantus, meaning how much or how great.

Quantum Global is our proprietary research and risk management system that is integrated into the investment process at each step.

Value at Risk (VaR) Analysis:

Identifies sources of risk in the portfolio at all levels:

Macro level: Interest rate, currency, fixed income sector

Credit level: Industry sector risk and individual security risk

Measured on absolute basis as well as relative to the index

Calculated using a Monte Carlo analysis using 225 risk factors

Identifies and quantifies intended and non-intended risk factors

Relative Value Analysis:

More than 30 quantitative metrics tracked for 14,400 U.S. bonds, 1,400 U.S. bank loans, and 16,000 global bonds including:

Credit metrics

Expected default frequency analysis

Trading level

Market implied credit rating

Analyst research is one of the sources of information

We use relative value analysis and VaR analysis to verify credit holdings tie back to our credit-informed sector view and our fundamental credit research

VaR analysis also verifies portfolio holdings tie back to our credit-informed macro view and fundamental research

Any portfolio risk management process discussed includes an effort to monitor and manage risk, which should not be confused with and does not imply low risk or the ability to control risk.


Performance attribution: validation of the four Ps

Research and Investment Risk Management

Performance attribution tells us if our Philosophy has successfully driven our People and our Process

Attribution Analysis

Identifies the contributors and detractors to performance at each level – currency, sector, industry and security

Analyzed across time periods – weekly, monthly, quarterly and annually

Indicates if we have performed as expected based on our intended portfolio positioning, which is quantified in the VaR analysis

Performance

Process

People

Philosophy

Attribution

Performance and Characteristics Janus Global Flexible Income Fund


Janus Global Flexible Income Fund as of 30/6/14

Performance

2Q 2014 1 Year Since Inception (28/9/12)

Janus Global Flexible Income Fund I$inc 3.58 10.70 2.80

Barclays Global Aggregate Bond Index 2.47 7.39 0.98

Difference (I$inc vs. Index) +1.11 +3.31 +1.82

YTD

7.50

4.93

+2.57

Source: Morningstar. Past performance cannot guarantee future results.



Characteristics

Currencies Janus Global Flexible Income

Fund (% of Non-Cash)

Barclays Global Aggregate Bond Index

(%)

United States Dollar 58.73 40.30

Pounds Sterling 12.49 6.14

European Euro 6.97 27.36

Japanese Yen 5.00 16.78

Mexican Peso 4.00 0.37

Canadian Dollar 3.47 2.74

New Zealand Dollar 2.00 0.13

Malaysia Ringgit 1.96 0.20

Brazilian Real 1.49 -

Korean Won 0.99 1.19

Norwegian Krone 0.98 0.14

Philippines Peso 0.96 -

Australian Dollar 0.95 1.39

Regions Janus Global Flexible

Income Fund (% of Non-Cash)

Barclays Global Aggregate Bond Index

(%)

Europe 59.09 29.32

North America 25.36 37.83

Asia/Pacific Ex Japan 9.45 5.08

Latin America 5.14 1.37

Africa/Mideast - 0.77

Japan - 16.96

Characteristics Janus Global Flexible

Income Fund Barclays Global

Aggregate Bond Index

Weighted Average Maturity

8.88 Years 8.06 Years

Effective Duration 5.02 6.27

Weighted Average Coupon (annualised)

4.52% 3.29%

Source: Janus. *Bond ratings provided by Standard & Poor's. Not rated securities in this chart are not rated by S&P but may be rated by other rating agencies. In line with the Fund’s stated investment policy, the Fund may invest in unrated bonds, if these are of a similar quality to below investment grade as determined by the relevant Sub-Investment Advisor and may have substantial holdings in such securities. For more information, please see the prospectus, available at www.janusinternational.com. Please see standardised performance on page 43. Past performance is no guarantee of future results.



Characteristics

39.90%

0.00%

0.00%

0.33%

10.34%

10.22%

32.48%

6.73%

26.98%

0.13%

5.73%

23.00%

28.33%

10.69%

2.91%

0.00%

0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 35.00% 40.00% 45.00%

Not Rated

CCC

B

BB

BBB

A

AA

AAA

Janus Global Flexible Income Bond Fund Barclays Global Aggregate Corporate Bond Index

S&

P C

red

it R

atin

g

Source: Janus.


Corporate credit industry allocation as of 30/6/14

Characteristics

Janus Global Flexible Income Fund over/underweights relative to the Barclays Global Aggregate Bond Index

-0.80

-0.45

-0.34

-0.25

-0.13

-0.10

0.59

0.86

0.91

1.20

1.20

1.77

2.07

2.15

2.56

3.02

6.95

10.40

-2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12

Utility ElectricIndustrial Transportation

Financial REITSUtility Natural Gas

Utility Other

Financial OtherIndustrial Other

Financial InsuranceFinancial Finance Companies

Industrial Consumer Non CyclicalIndustrial Capital Goods

Financial BrokerageIndustrial Basic Industry

Industrial CommunicationsIndustrial Technology

Industrial EnergyIndustrial Consumer Cyclical

Financial Banking

Source: Janus Analytics.

%


Typical Portfolio Composition


Duration: 3.5 to 6.5 years or +/- 25% of index*

Number of issues: 200-400

Number of issuers: 100-200

Position size: Single credit <5%

Credit allocation: 0% to 90%

High-yield allocation: 0% to 20% (internal maximum 35%)

Cash holdings: 0% – 10%

Liquid holdings: 90% – 100%

Investment grade securities: ≥65%

Sector limits: No sector limits

Minimum issue size: Approximately $200 million

Performance and Characteristics Janus Global Investment Grade Bond Fund


Janus Global Investment Grade Bond Fund as of 30/6/14

Performance


2Q 2014 1 Year 3 Years Since Inception

(29/10/10)

Janus Global Investment Grade Bond Fund I$inc 3.35 11.54 6.60 6.09

Barclays Global Aggregate Corporate Bond Index 2.66 9.67 5.29 4.93

Difference (I$inc vs. Index) +0.69 +1.87 +1.31 +1.16

YTD

6.51

5.34

+1.17

Average Annual Total Returns (%)


7th1st

9th

100th

60th

51st

87th

76th

0

10

20

30

40

50

60

70

80

90

100

Reward and Risk Statistics

Three Years as of 30/6/14

Excess Return

Information Ratio Sharpe Ratio

Tracking Error

Standard Deviation

Beta

Janus Global Investment Grade Bond I$Inc 4.03 1.53 1.27 2.64 5.08 1.03

Barclays Global Aggregate Bond Index – – 0.61 - 4.21 1.00

Morningstar Global Corporate Bond Peer Group Median

2.00 0.59 0.82 3.13 5.36 1.03

Member Count 46 46 46 46 46 46

Source: Morningstar. Past performance cannot guarantee future results

Risk Reward



Portfolio Characteristics

Currencies Janus Global Investment

Grade Bond Fund (% of Non-Cash)

Barclays Global Aggregate Corporate

Bond Index




Canadian Dollar 3.22 3.27

Japanese Yen 2.74 2.84

Swiss Franc 0.72 0.77

Australian Dollar 0.53 0.61 Regions

Janus Global Investment Grade Bond Fund (% of

Non-Cash)


Bond Index (%)

Europe 46.10 25.20



Africa/Mideast 1.20 0.47


Other - 9.69

Japan - 3.72

Characteristics Janus Global

Investment Grade Bond Fund


Bond Index


11.41 years 8.43 years



4.51% 4.42%

Source: Janus. *Bond ratings provided by Standard & Poor's. Not rated securities in this chart are not rated by S&P but may be rated by other rating agencies. In line with the Fund’s stated investment policy, the Fund may invest in unrated bonds, if these are of a similar quality to below investment grade as determined by the relevant Sub-Investment Advisor and may have substantial holdings in such securities. For more information, please see the prospectus, available at www.janusinternational.com. Please see standardised performance on page 17. Past performance is no guarantee of future results.


Characteristics


5.07%

0.00%

0.28%

37.16%

43.13%

13.69%

0.68%

5.36%

3.19%

20.05%

45.51%

14.19%

6.64%

0.00%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Not Rated

B

BB

BBB

A

AA

AAA

% of Fixed Income

Janus Global Investment Grade Bond Fund Barclays Global Aggregate Corporate Bond Index

S&

P C

red

it R

atin

g

Source: Janus.


Characteristics


Janus Global Investment Grade Bond Fund over/underweights relative to the Barclays Global Aggregate Corporate Bond Index

‐6.37

‐4.50

‐2.78

‐2.67

‐2.41

‐2.40

‐1.56

‐1.50

‐1.03

‐0.78

‐0.04

0.33

0.90

1.21

2.38

2.46

2.69

4.17

‐8 ‐6 ‐4 ‐2 0 2 4 6

Industrial Consumer Non Cyclical

Utility Electric

Financial Banking

Industrial Communications

Industrial Capital Goods

Financial Insurance

Industrial Transportation

Utility Natural Gas

Industrial Industrial Other

Utility Utility Other

Industrial Basic Industry

Industrial Technology

Financial Financial Other

Financial Finance Companies

Financial REITS

Financial Brokerage

Industrial Energy

Industrial Consumer Cyclical


%



Janus Global Investment Grade Bond Fund

Duration: +/- 25% of index

Number of Issues: 150 – 300

Number of issuers: 100 - 200


Below investment grade: <25%



Geographic allocation: Global


Minimum issue size: Approx. $200 million

Performance and Characteristics Janus Global High Yield Fund


Janus Global High Yield Fund as of 30/6/14

Performance

2Q 2014 1 Year 3 Years Since Inception

(29/10/10)

Janus Global High Yield Fund I$inc 2.13 14.35 8.90 8.88

Barclays Global High Yield Index 3.00 13.92 9.78 9.43

Difference (I$inc vs. Index) -0.87 +0.43 -0.88 -0.55

YTD

5.66

6.06

-0.40


Average Annual Total Returns (%)


14th

29th22nd

100th

41st

51st

19th

24th

0

10

20

30

40

50

60

70

80

90

100

Reward and Risk Statistics

Three Years as of 30/6/14

Excess Return

Information Ratio Sharpe Ratio

Tracking Error

Standard Deviation

Beta

Janus Global High Yield Bond I$Inc -0.88 -0.64 1.18 1.37 7.44 0.92

Barclays High Yield Bond Index – – 1.21 - 7.95 1.00

Morningstar Global High Yield Bond Peer Group Median

-2.33 -1.00 0.94 2.55 7.38 0.93

Member Count 299 299 299 299 299 299

Source: Morningstar. Past performance cannot guarantee future results

Risk Reward



Characteristics

Currencies Janus Global High Yield Fund

(% of Non-Cash) Barclays Global High

Yield Index (%)




Regions Janus Global High Yield

Fund (% of Non-Cash)

Barclays Global High Yield Index (%)


Europe 27.03 25.93



Africa/Mideast - 2.93

Japan - 0.47

Other - 5.40

Characteristics Janus Global High Yield

Fund Barclays Global High

Yield Index


6.47 Years 6.36 Years



7.39% 6.96%

Source: Janus. Bond ratings provided by Standard & Poor's. Not rated securities in this chart are not rated by S&P but may be rated by other rating agencies. In line with the Fund’s stated investment policy, the Fund may invest in unrated bonds, if these are of a similar quality to below investment grade as determined by the relevant Sub-Investment Advisor and may have substantial holdings in such securities. For more information, please see the prospectus, available at www.janusinternational.com. Please see standardised performance on page 23. Past performance is no guarantee of future results.



Characteristics

7.73%

0.02%

0.31%

10.51%

31.75%

46.50%

3.15%

0.03%

6.80%

0.00%

0.00%

14.16%

47.54%

22.80%

0.77%

0.00%

0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50%

Not Rated

D

CC

CCC

B

BB

BBB

A

% of Fixed Income

Janus Global High-Yield Fund Barclays Global High-Yield Index

S&

P C

red

it R

atin

g

Source: Janus.


Portfolio Characteristics

Janus Global High Yield Fund over/underweights relative to the Barclays Global High Yield Index



-6.74

-4.78

-2.28

-1.90

-1.76

-1.25

-0.44

-0.33

-0.23

-0.16

-0.06

0.00

0.38

1.00

1.70

3.78

7.56

7.77

-10 -8 -6 -4 -2 0 2 4 6 8 10

Industrial CommunicationsIndustrial Basic Industry

Financial Banking

Financial Finance CompaniesUtility Electric

Industrial Capital Goods

Financial InsuranceFinancial Brokerage

Utility Utility OtherIndustrial Industrial Other

Financial Financial OtherUtility Natural Gas

Industrial TechnologyFinancial REITS

Industrial TransportationIndustrial Consumer Non Cyclical

Industrial Consumer CyclicalIndustrial Energy

%



Typical Composition of Janus Global High Yield

Duration: +/- 15% of index

Number of issues: 150-300

Number of issuers: 100 - 250



Geographic allocation: Global



Minimum issue size: Approx. $150 million

Appendix


Janus Fixed Income Investment Management Team

Professionals Yrs. of

Industry Exp. Joined Janus Sector Coverage

Portfolio Managers/Client Portfolio Manager

Gibson Smith, Portfolio Manager and Chief Investment Officer, Fixed Income 23 2001

Darrell Watters, Portfolio Manager 28 1993

Chris Diaz, CFA, Portfolio Manager and Head of Global Rates 17 2011 Global Rates, Global Sovereigns, Currency

Ryan Myerberg, Portfolio Manager and International Fixed Income Trader 12 2010

Robert Griffin, Global Client Portfolio Manager 11 2013

Roberta Tucker, Global Client Portfolio Manager 31 2012

Portfolio Risk Analysts

Mayur Saigal, Global Head of Fixed Income Risk Management and Portfolio Manager 12 2005

Aspen Large, Portfolio Risk Analyst 15 1999

Erin Noel, Portfolio Risk Analyst 6 2009

Corinna Lyon, Portfolio Information Analyst 9 2008

Research Analysts

John Lloyd, Global Head of Credit Research and Portfolio Manager 16 2005 Global Communications, Global Industrials and Materials

John Kerschner, CFA, Global Head of Securitized Products and Portfolio Manager 24 2010 Global Securitized Products, Global Financials

Michael Keough, Global Credit Analyst and Assistant Portfolio Manager 7 2006 Global Communications, Global Industrials and Materials, Global Technology

Seth Meyer, CFA, Global Credit Analyst and Portfolio Manager 15 2004 Global Consumer, Global Industrials and Materials

Lindsay Olson Bernum, Global Macro Analyst 9 2005 Global Fixed Income Macro

Jason Brooks, Global Securitized Products Analyst 12 2012 Global Securitized Products, Global Financials

Annika Eiremo, Global Credit Analyst 8 2014 Global Communications

Jason Groom, Global Credit Analyst 20 2004 Global Energy and Utilities, Global Financials, Global Industrials and Materials

Craig Klein, Global Credit Analyst 15 2012 Global Industrials and Materials

Addison Maier, Global Credit Analyst 3 2011 Global Financials

Chris Nielsen, Global Credit Analyst 7 2007 Global Energy and Utilities, Global Industrials and Materials

Bradford Smith, Global Credit Analyst 4 2010 Global Health Care

David Spilsted, Emerging Market Analyst 29 1998 Global Emerging Market Sovereigns

Garrett Strum, Global Credit Analyst 11 2003 Global Financials

Rachel Young, Global Credit Analyst 7 2007 Global Financials

Traders

John Dillie, Global Co-Head of Fixed Income Trading and Portfolio Manager 17 2006

Eric Bernum, CFA, Global Co-Head of Fixed Income Trading and Assistant Portfolio Manager 10 2004

Stephan Aguirre, Fixed Income Trader 15 2000

Stacy Jensen, Fixed Income Trader 21 2003

Steve Preikschat, CFA, Global Head of Fixed Income Product Strategy 15 2006

Phil Gronniger, CFA, Global Client Portfolio Manager 16 2010

As of 30/6/14. Individuals with dual responsibilities are listed in a single classification with all applicable titles reflected.


Janus Fixed Income Macro Team Interactions

Meeting Focus Attendees Frequency

Monday Macro Current macro hotspots Macro Team & CIO Weekly

Fixed Income Team Meeting

Relevant macro trends & impact on domestic strategies Fixed Income Team Daily

Global Fixed Income Meeting

Macro impact on global strategies Fixed Income Team Weekly

Analyst Meeting Bottom-up company informed information Macro Team & Analyst Team Weekly

Risk Meeting Market relevant macro risk Macro Team & FI Risk Team Weekly

Monthly Macro Macro update to forecast and projections for the remainder of the year Fixed Income Team Monthly

Total Return Expectations

Forecasts for the following year Fixed Income Team Semi-Annual

Miscellaneous Deep dives on market relevant topics, inflation, employment, Fed Macro Team & Members of FI Team Ongoing

Miscellaneous Deep dives on housing, banking, oil, etc. Macro Team & Analyst Team Ongoing

Fixed Income Macro Team

Chris Diaz, CFA

Head of Global Rates & Portfolio Manager

17 years of financial industry experience

Lindsay Olson Bernum Global Macro Analyst


Ryan Myerberg International Fixed Income Trader & Portfolio Manager


David Spilsted Emerging Market Analyst


Seth Meyer, CFA

Global Credit Analyst & Portfolio Manager


Aspen Large Portfolio Risk Analyst


Bradford Smith Global Credit Analyst


Michael Keough Global Credit Analyst & Assistant Portfolio Manager



Janus Fixed Income Macro Team Output

Meeting Focus

Weekly Macro Update

Releases every Sunday

Preps the team for market relevant events: forecasts, market consensus and expected market reaction based on range of outcomes

Daily Macro Update Update/review/analyze daily incoming macro data

Monthly Macro Macro update to forecasts and projections for the remainder of the year

Accumulate analysts’ incoming data points and combine with our current forecasts

Quarterly Company Informed Macro (CIM) release with our quarterly views

Semi-Annual Global macro total return exercise

Models Update macro, currency, rates, and sovereign credit on a daily basis

Report any changes to the forecasts to the broader group

Ongoing

Work with trading desk on daily/weekly rates and currency moves and their respective impact to current portfolios

Weekly Market Relevant Projects – Examples are inflation, analyzing the Fed’s communications, and country specific summaries

Earnings Discussion – Analysts update the macro team. Examples have been banks are laying off X people, CAPEX spending was X, and demand has increased/decreased, etc.


Biographies – Investment Team

Gibson Smith, Chief Investment Officer, Fixed Income and Portfolio Manager

Gibson Smith is Chief Investment Officer, Fixed Income, a position he has held since January 2006. In this role, Mr. Smith is responsible for Janus’ fixed-income investment process, including overseeing the trading, research, risk management and portfolio management teams. In his role as Portfolio Manager, he co-manages the Janus High Yield, Core Plus, Short Duration, Short Duration High Yield, Intermediate Fixed Income, U.S. Corporate Credit, Global Investment Grade, Global High Yield, Global Multi-Sector, Long Duration and Real Return strategies and all related funds. He also co-manages the fixed income portion of the Janus Balanced and Perkins Value Plus Income strategies and related funds. He is also a member of the Janus Executive Committee and the Janus Capital Group Global Allocation Committee. Mr. Smith joined Janus in January 2001 as a fixed income analyst. Prior to joining Janus, he served as vice president in the fixed income division at Morgan Stanley. He earned a bachelor of arts degree in economics from the University of Colorado and has 23 years of financial industry experience.

Darrell Watters, Portfolio Manager

Darrell Watters is a Portfolio Manager on the fixed income team. In this role he co-manages the Janus High Yield, Core Plus, Short Duration, Short Duration High Yield, Intermediate Fixed Income, U.S. Corporate Credit, Global Investment Grade, Global High Yield, Global Multi-Sector and Long Duration strategies and all related portfolios. Mr. Watters also co-manages the fixed income portion of the Perkins Value Plus Income strategy and related fund. Mr. Watters has been supporting Janus’ fixed income platform since 1996, serving in portfolio management and research analyst roles. Prior to joining Janus as a municipal bond trader in April 1993, he was a municipal bond trader with Piper Jaffray. Mr. Watters received his bachelor of science degree in economics from Colorado State University. He has 28 years of financial industry experience.

Mayur Saigal, Global Head of Fixed Income Risk Management and Portfolio Manager

Mayur Saigal is Global Head of Fixed Income Risk Management, a position he has held since 2009. Mr. Saigal also co-manages the Janus Real Return strategy, a role he has held since September 2013, and serves as a Fixed Income Analyst, focused on portfolio analytics and risk management, a position he has held since joining Janus in July 2005. Mr. Saigal is also a member of the Janus Capital Group Global Allocation Committee. Prior to joining Janus, he worked as a leveraged loan analyst at ING Investments in Scottsdale, Arizona. Mr. Saigal received his bachelor’s degree in engineering from Mumbai University and his MBA from the Thunderbird School of Global Management. He has 12 years of financial industry experience.

John Dillie, Global Co-Head of Fixed Income Trading and Portfolio Manager

John Dillie is Global Co-Head of Fixed Income Trading, a position he has held since 2009, and also co-manages select separately managed fixed income accounts. Mr. Dillie joined Janus as a fixed income trader in 2006. Prior to joining Janus, he served as an analyst and a fixed income trader for the California State Teachers Retirement System (CalSTRS) and also as an analyst for Salomon Smith Barney. Mr. Dillie received a bachelor of arts degree from Colorado State University and an MBA from the University of Denver. He has 17 years of financial industry experience.



Chris Diaz, CFA, Head of Global Rates and Portfolio Manager

Chris Diaz is Head of Global Rates and serves as lead manager of the Janus Global Multi-Sector strategy and all related portfolios. He also co-manages the Janus Global Investment Grade and Janus Global High Yield strategies and all related portfolios. Prior to joining Janus in May 2011, Mr. Diaz served as head of the global rates group at ING Investment Management, where he was responsible for global macro strategies across combined third-party and proprietary businesses and oversaw the fixed income trading desk responsible for global interest rate products and currencies. Mr. Diaz also served as Senior Portfolio Manager, Global Interest Strategy at ING, where he co-managed the ING Global Bond Fund. Mr. Diaz also served as a quantitative research analyst with ING Investment Management and from 1997 to 1999 served as a fixed income portfolio analyst with SunTrust Equitable Securities Corporation. Mr. Diaz received his bachelor of science degree in finance from the University of South Carolina and also earned an MBA, with a concentration in finance, from Emory University - Goizueta Business School. Mr. Diaz holds the Chartered Financial Analyst designation and has 17 years of financial industry experience.

Ryan Myerberg, International Fixed Income Trader and Portfolio Manager

Ryan Myerberg is a Portfolio Manager on the fixed income team. In this role, he co-manages the Janus Global Investment Grade and Janus Global High Yield strategies and all related portfolios. He is also Assistant Portfolio Manager of the Janus Global Multi-Sector strategy and all related portfolios. Mr. Myerberg also serves as an International Fixed Income Trader responsible for the trading of non-U.S. fixed income securities. Prior to joining Janus in August 2010, Mr. Myerberg was Head of European Sales/Trading for CF Global Trading (UK) Ltd. Prior to that, he was a trader with BlueMountain Capital Management in London. He began his career in New York, working in both sales and trading roles within the fixed income divisions of Morgan Stanley and Lehman Brothers. Mr. Myerberg received his bachelor of arts degree in foreign affairs from the Woodrow Wilson School of Government at the University of Virginia, where he was a member of the men’s lacrosse team, and has 12 years of financial industry experience.

John Lloyd, Global Head of Credit Research and Portfolio Manager

John Lloyd is Global Head of Credit Research and he co-manages the Janus Multi-Sector Income strategy, positions he has held since 2009 and 2014, respectively. In his role as Global Head of Credit Research, Mr. Lloyd is responsible for the leadership of the analyst team and his sector coverage focuses primarily on communications and industrials and materials globally. He also serves as an Assistant Portfolio Manager on certain other fixed income strategies. Mr. Lloyd joined Janus as a research analyst in January 2005. Prior to joining Janus, he worked as a private equity associate at H.I.G. Capital in Miami and at Willis Stein & Partners in Chicago. Prior to that, Mr. Lloyd was an investment banking analyst for Deutsche Banc Alex Brown. Mr. Lloyd received his bachelor of arts degree in economics from the University of Michigan and his MBA from the Tuck School of Business at Dartmouth College. Mr. Lloyd has 16 years of financial industry experience.



John Kerschner, CFA, Global Head of Securitized Products and Portfolio Manager

John Kerschner is Global Head of Securitized Products and he co-manages the Janus Multi-Sector Income strategy, positions he has held since 2011

and 2014, respectively. In his role as Global Head of Securitized Products, Mr. Kerschner primarily focuses on mortgage-backed securities and other

structured products. He also serves as an Assistant Portfolio Manager on certain other fixed income strategies. Prior to joining Janus in December 2010,

Mr. Kerschner was Director of Portfolio Management at BBW Capital Advisors. Prior to that, he worked for Woodbourne Investment Management where

he was Global Head of Credit Investing. Mr. Kerschner began his career at Smith Breeden Associates as an assistant portfolio manager and was

promoted several times over twelve years becoming a Principal, a Senior Portfolio Manager and Director of the ABS-CDO Group. He received his

bachelor of arts degree in biology from Yale University, where he graduated cum laude, and his MBA from the Fuqua School of Business at Duke

University, where he was designated a Fuqua Scholar. Mr. Kerschner has 24 years of financial industry experience.

Seth Meyer, CFA, Global Credit Analyst and Portfolio Manager

Seth Meyer is a Global Credit Analyst and lead manager of the Janus Multi-Sector Income strategy, positions he has held since 2005 and 2014,

respectively. In his role as global credit analyst, Mr. Meyer primarily focuses on the consumer and industrials and materials sectors globally. He is also an

Assistant Portfolio Manager on certain other fixed income strategies. Mr. Meyer joined Janus in September 2004 as a product manager covering a variety

of both equity and fixed income strategies. Prior to joining Janus, he served as a consultant relations manager at Oppenheimer Funds. Mr. Meyer received

his bachelor of science degree in business administration, with a concentration in finance, from the University of Colorado. Mr. Meyer holds the

Chartered Financial Analyst designation and has 15 years of financial industry experience.

Robert R. Griffin, Global Client Portfolio Manager

Bob Griffin is Global Client Portfolio Manager on the fixed income investment team, a position he has held since 2013. Working closely with the portfolio

managers and analysts, Mr. Griffin represents the firm’s Janus-managed fixed income and asset allocation strategies to clients and prospective clients.

Prior to joining Janus in June 2013, Mr. Griffin served as a registered investment advisor with Carnick & Kubik. Prior to this he spent more than five years

at the Municipal Employees Retirement System of Michigan (MERS) where he served as investment officer and portfolio manager. Previous to this he

spent three years in institutional sales at Griffin, Kubik, Stephens & Thompson (now BMO Capital). Mr. Griffin received his bachelor of arts degree in

communications and organizational leadership from Trinity International University and attended Taylor University where he studied business

administration with a concentration in finance. Mr. Griffin has 11 years of financial industry experience.



Phil Gronniger, CFA, Global Client Portfolio Manager

Phil Gronniger is Global Client Portfolio Manager on the fixed income investment team, a position he has held since June 2014. Working closely with the portfolio managers and analysts, Mr. Gronniger represents the firm’s Janus-managed fixed income and asset allocation strategies to clients and prospective clients. Mr. Gronniger joined Janus in August 2010 as Senior Product Manager for Janus’ Fixed Income strategies. Prior to joining Janus, Mr. Gronniger served as Vice President and Portfolio Manager for Financial Counselors, Inc., where he managed institutional fixed income portfolios and large cap growth portfolios for private clients. He also served as both an equity and a fixed income trader. Mr. Gronniger received his bachelor of science degree in business administration from the University of Missouri – Kansas City. He holds the Chartered Financial Analyst designation and has 16 years of financial industry experience.

Steve Preikschat, CFA, Global Head of Fixed Income Product Strategy

Steve Preikschat is Global Head of Fixed Income Product Strategy responsible for supporting U.S. and Global strategies. Previously, Mr. Preikschat was Vice President and Co-Head of Global Product Management. Prior to joining Janus in 2006, Mr. Preikschat served as Vice President and Institutional Product Manager for Franklin Templeton where he was responsible for Global and Multi-Sector fixed income strategies. Prior to Franklin Templeton, Mr. Preikschat was a senior analyst with Innovest and Great-West Retirement Services. Mr. Preikschat received his bachelor of arts degree in economics from Whitman College, where he graduated with distinction and was captain of the varsity soccer team. He holds the Chartered Financial Analyst designation and has 15 years of financial industry experience.

Roberta Tucker, Global Client Portfolio Manager

Roberta Tucker is Global Client Portfolio Manager on the fixed income investment team, a position she has held since November 2012. Working closely with the portfolio managers and analysts, Ms. Tucker represents the firm’s Janus-managed fixed income and asset allocation strategies to clients and prospective clients. Prior to joining Janus, Ms. Tucker served as Senior Client Portfolio Manager with Invesco Advisors where she provided portfolio insights on the firms fixed income strategies. Ms. Tucker began her investment career in 1983 and has been responsible for managing fixed income portfolios for corporations, pensions, foundation and endowments, mutual funds, and high net worth individuals. She received her bachelor of science degree in finance from Bemidji State University and is a member of the Chartered Financial Analyst Institute and Colorado CFA Society.



Lindsay Olson Bernum, Global Macro Analyst

Lindsay Olson Bernum is a Global Macro Analyst on the fixed income team, a position she has held since 2008. Ms. Olson Bernum joined Janus in May 2006 as a trader of money market instruments and became a research analyst in December 2009. Prior to joining Janus on a permanent basis, Ms. Olson Bernum served as a fixed income intern with the firm for one year. Her previous experience was in management roles in the retail industry. Ms. Olson Bernum earned a bachelor of arts degree in economics from the University of Colorado and has 9 years of financial industry experience.

Jason Brooks, Global Securitized Products Analyst

Jason Brooks is a Global Securitized Products Analyst on the fixed income team, a position he has held since August 2012. In this role, Mr. Brooks primarily focuses on CMBS coverage on a global basis as well as certain ABS coverage. Prior to joining Janus, Mr. Brooks served as Director, CMBS Research at TIAA-CREF, where he led the firm’s CMBS research effort and was responsible for all aspects of due diligence relating to security selection. Mr. Brooks has also served in other CMBS-focused research roles at both TIAA-CREF and Gramercy Capital Corp. Mr. Brooks received his bachelor of business administration degree in finance from the College of William and Mary and his MBA in real estate finance from Fordham University Graduate School of Business. He has 12 years of financial industry experience.

Annika Eiremo, Global Credit Analyst

Annika Eiremo is a Global Credit Analyst on the fixed income team, a position she has held since January 2014. In this role, Ms. Eiremo serves as a global generalist. Prior to joining Janus, Ms. Eiremo served as a global credit analyst with Rogge Global Partners, where she was responsible for coverage of European, North American, and emerging market investment grade and high yield credits. Prior to this, she was with Delaware Investments providing credit research for both investment grade and high yield companies. Ms. Eiremo received her bachelor of arts degree from the University of Pennsylvania, with a concentration in marketing, where she graduated cum laude. Ms. Eiremo has 8 years of financial industry experience.

Jason Groom, Global Credit Analyst

Jason Groom is a Global Credit Analyst, primarily focusing on investments in REITs, transportation companies, utilities and bank loans. Mr. Groom joined Janus in December 2004 as a fixed income research analyst. Prior to joining Janus, he worked as a leveraged loan analyst for ING Investments. Mr. Groom received his bachelor of arts degree in economics from the University of Arizona and his MBA from the Thunderbird School of Global Management. He has 20 years of financial industry experience.



Michael Keough, Global Credit Analyst and Assistant Portfolio Manager

Michael Keough is a Global Credit Analyst, a position he has held since September 2009. In this role, he primarily focuses on diversified manufacturing, technology and wireless/wirelines. He is also an Assistant Portfolio Manager on the fixed income team. Mr. Keough joined Janus as a junior research analyst in January 2007, following an internship beginning in July 2006. Prior to joining Janus, Mr. Keough served as an officer in the United States Air Force at the rank of Captain. He served as a Crew Commander responsible for operating a missile warning satellite from 2004 to 2006. Prior to that he was in weapon system acquisitions from 2000 to 2004. Mr. Keough received his bachelor of science degree in business/management from the United States Air Force Academy. He has 8 years of financial industry experience.

Craig Klein, Global Credit Analyst

Craig Klein is a Global Credit Analyst, a position he has held since July 2012. In his role, he primarily focuses on chemicals, construction machinery, metals and mining, packaging, and paper sectors. Prior to joining Janus, Mr. Klein served as executive director in the Special Situations Group at UBS Securities, a proprietary investing desk, where he was responsible for the group’s distressed effort. Prior to this, Mr. Klein served as the managing member of Redrock Capital Management, a special situations fund, and as portfolio director and research analyst at Madison Capital. Prior to this, he was a research analyst in the global fixed income department, and an analyst in the investment banking department, at Bear Stearns. Mr. Klein received his bachelor of science degree from the University of Florida, graduating with honors, and his MBA, from the Ross School of Business at the University of Michigan, graduating highest distinction and Beta Gamma Sigma. Mr. Klein has 15 years of financial industry experience.

Addison Maier, Global Credit Analyst

Addison Maier is a Global Credit Analyst on the fixed income team. Prior to joining Janus in December 2011, Mr. Maier served as an intern with the firm, a position he had held since June 2010. Mr. Maier received his bachelor of science degree in business administration with an emphasis in finance and a minor in economics, from the University of Colorado at Boulder. He has 3 years of financial industry experience.

Chris Nielsen, Global Credit Analyst

Chris Nielsen is a Global Credit Analyst, a position he has held since September 2009. In this role, he focuses on aerospace/defense, environmental, independent, integrated oil field services, refining, distributors and pipeline sectors. Mr. Nielsen joined Janus as a junior research analyst in August 2007, following an internship beginning in May 2007. Prior to joining Janus, Mr. Nielsen served as a Captain in the United States Air Force where he served as an Instructor of Management from 2005 to 2007 after serving as an Operations Research Analyst from 2002 to 2005. Mr. Nielsen received his bachelor of science degree in operations research from the United States Air Force Academy and his MS in operations research from Massachusetts Institute of Technology. Mr. Nielsen has 7 years of financial industry experience.



*US investors only

Bradford Smith, Global Credit Analyst

Bradford Smith is a Global Credit Analyst on the fixed income team. In this role, he primarily focuses on healthcare and pharmaceuticals. Prior to joining Janus in July 2010, Mr. Smith's experience included internships with MT Thaler Investment Management, an Eastern European Credit focused Hedge Fund, The London Stock Exchange and Crestone Capital Partners LLC. He received his bachelor of arts degree in economics and international studies from the University of Richmond, graduating magna cum laude and with honors in the economics program. Mr. Smith is a graduate of the London School of Economics where he holds a master’s of science in International Relations, with a concentration in international economics. He has 4 years of financial industry experience.

David Spilsted, Emerging Market Analyst

David Spilsted is an Emerging Market Analyst, a position he has held since 2010. Mr. Spilsted joined Janus in 1998 as a senior money market trader. From September 2009 to March 2012 he served as Co-Portfolio Manager of Janus Money Market Fund* and Janus Government Money Market Fund* and was a money market trader. Prior to joining Janus, Mr. Spilsted served as a broker for Tullett & Tokyo Liberty PLC, a position he held since 1985. He received his bachelor’s degree in business administration from the Kuringai College of Advanced Education. Mr. Spilsted has 29 years of financial industry experience.

Garrett Strum, Global Credit Analyst

Garrett Strum is a Global Credit Analyst, a position he has held since 2007. In this role, he primarily focuses on the banking, brokerage, life, P&C and non-captive consumer and diversified sectors. Mr. Strum joined the Janus fixed income team in September 2007 after working as a representative on the institutional money desk, a position he had held since August 2006. He joined Janus as an investment accounting administrator in August 2003, becoming an investment operations analyst one year later. Prior to joining Janus, Mr. Strum worked for Smith Barney as a financial consultant intern. He received his bachelor of science degree in business, with a concentration in both finance & real estate, from Colorado State University. Mr. Strum has 11 years of financial industry experience.

Rachel Young, Global Credit Analyst

Rachel Young is a Global Credit Analyst, a position she has held since 2007. In this role, she primarily focuses on the banking, brokerage, life, P&C and non-captive consumer and diversified sectors. Prior to joining Janus, Ms. Young worked for Oppenheimer Funds where she supported portfolio managers and credit analysts. She received her bachelor of science degree in business administration, with a concentration in finance & marketing, and her MBA, with a concentration in finance, from the University of Denver where she was a Chancellor Scholar. Ms. Young has 7 years of financial industry experience.



Aspen Large, Portfolio Risk Analyst

Aspen Large is a Portfolio Risk Analyst, a position she has held since 2006. Prior to joining the fixed income team, Ms. Large worked as a trade operations representative since June 2000. She joined Janus as an investor service representative in July 1999. Ms. Large received her bachelor of arts degree in business administration and computer science from Coe College and her MS in finance from the University of Colorado at Denver. Ms. Large has 15 years of financial industry experience.

Corinna Lyon, Portfolio Information Analyst

Corinna Lyon is a Portfolio Information Analyst on the fixed income team, a position she has held since July 2012. Ms. Lyon joined Janus in June 2008 as a performance communications specialist within the Marketing team. Prior to joining Janus, she worked in the operations group at J.P.Morgan Chase Private Bank where she supported high net worth accounts. While there she also worked within the Investment Bank client derivatives valuations group. Prior to this, she worked at Institutional Investor as a research associate specializing in the sell-side sales and sales-trading segments. Ms. Lyon received her bachelor of science degree in finance and marketing from the University of Maryland and an MS in finance from the University of Denver. Ms. Lyon has 9 years of financial industry experience.

Erin Noel, Portfolio Risk Analyst

Erin Noel is a Portfolio Risk Analyst, a position he has held since 2009. Prior to joining Janus on a permanent basis, Mr. Noel served as a fixed income intern, a position he held since May 2008. Mr. Noel received his bachelor of arts degree in economics from Rice University. He has 6 years of financial industry experience.

Stephan Aguirre, Fixed Income Trader

Stephan Aguirre is responsible for the trading of fixed-income instruments for Janus. Prior to joining Janus in 2000, he worked for the Vanguard Group.

Mr. Aguirre received his bachelor’s degree in finance from Shippensburg University of Pennsylvania and has 15 years of financial industry experience.



Eric Bernum, CFA, Global Co-Head of Fixed Income Trading and Assistant Portfolio Manager

Eric Bernum serves as Global Co-Head of Fixed Income Trading and Assistant Portfolio Manager, positions he has held since October 2013. He has

been a Trader of fixed-income securities on the fixed income team since 2008. Mr. Bernum joined Janus in December 2004 as a money market

research analyst responsible for credit analysis for Janus Money Market Funds*. He also worked as a fixed income analyst prior to moving into a

trading role. He received his bachelor’s degree in finance from Colorado State University. Mr. Bernum holds the Chartered Financial Analyst

designation and has 10 years of financial industry experience.

Stacy Jensen, Fixed Income Trader

Stacy Jensen is responsible for the trading of fixed-income securities for Janus. Prior to joining Janus in 2003, she worked at Goldman Sachs as Vice

President of Institutional Fixed Income Sales. Other experience includes 10 years at Spear, Leeds & Kellogg, also in Institutional Fixed Income Sales.

Ms. Jensen received her bachelor’s degree in business with an emphasis in marketing from California State University Long Beach and has 21 years

of financial industry experience.

*US investors only


Disclaimers Issued by Janus Capital International Limited (JCIL), authorised and regulated in the UK by the Financial Conduct Authority and by Janus Capital (Switzerland) LLC, authorised and regulated in Switzerland by FINMA. Janus Capital Management will act as sub-adviser to JCIL. JCF is a UCITS constituted under Irish law, with separation of liability between funds. Prior to the accession carefully read the prospectus and the document containing key information for investors (KIID) in progress of validity and available at all distributors and/or subject departments responsible for the payments. 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. This document is not for use in any country or with any individ-uals who are not eligible to invest in this Fund. This document does not represent an invitation to the sale of shares and nothing herein is intended to amount to investment advice. The distribution of this docu-ment 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. Should the intermediary wish to pass on this doc-ument or the information contained in it to any third party, it is the responsibility of the intermediary to investigate the extent to which this is permissible under relevant law, and to comply with all such law.

JCF is not regulated by the Financial Conduct Authority and the protections available under the Financial Services Compensation Scheme and the Financial Ombudsman Service will not be available in connec-tion with an investment. Past performance is no guarantee of future results. Portfolio Holdings are subject to change without notice. The rate of return may vary and the principal value of an investment will fluctu-ate due to market and foreign exchange movements. Shares, if redeemed, may be worth more or less than their original cost. This document is provided for information purposes only and is not an invitation to purchase any JCF Funds. Totals may not equal 100% due to rounding. Janus Capital Group and its subsidiaries are not responsible for any unlawful distribution of this document to any third parties, in whole or in part, or for information reconstructed from this presentation and do not guarantee that the information supplied is accurate, complete, or timely, or make any warranties with regards to the results obtained from its use. The performance data does not take into account the commissions and costs incurred on the issue and the redemption of shares.

Investing in high yield bonds carry risks as well as rewards. 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. The markets for high yields may be more volatile and may suffer from liquidity problems. An investment in this [strategy/ fund] may not be appropriate for all investors.

Portfolio holdings are subject to change without notice. The portfolio holdings presented represent securities held as of the period indicated and may not be representative of current or future investments. No assumption should be made that the securities identified as being profitable will continue to be profitable. This material is provided for illustrative purposes only and should not be construed as an offer to sell, or the solicitation of offers to buy, or a recommendation for any security.

Sector weightings, portfolio characteristics, market cap weightings and holdings are based on a representative account. Such data may vary for each client in the strategy due to asset size, market conditions, client guidelines and diversity of portfolio holdings. The representative account is in the composite that we believe most closely reflects the current portfolio management style for this strategy.

Copyright © 2014 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 be-tween Asia, the Americas and Europe, as well as between the US$ and Euro/Pound Sterling share classes of the Janus Capital Funds Plc. The Euro/Pound Sterling share class is a fully hedged share class, however, due to Morningstar’s calculation methodology, the Morningstar ratings for the Euro/Pound Sterling share classes will fluctuate in line with the US$ and Euro/Pound Sterling exchange rate. Therefore Morningstar’s rating for the Euro/Pound Sterling share classes may not be an accurate reflection of underlying fund performance. All funds with the required track record are rated but only ratings of three stars and above are being displayed.

The extract prospectus (edition for Switzerland), the articles of incorporation, the extract annual and semi-annual report, in German, can be obtained free of charge from the representative in Switzerland: Carne-gie Fund Services S.A., 11, rue du Général-Dufour, CH-1204 Geneva, Switzerland, tel.: + 41 22 7051177, fax: + 41 22 7051179, web: www.carnegie-fund-services.ch. The Swiss paying agent is: Banque Cantonale de Genève, 17, quai de l’Ile, CH-1204 Geneva. The last share prices can be found on www.fundinfo.com. For Qualified investors, institutional, wholesale client use only. Outside of Switzerland, this document is for professional use only. Not for onward distribution. AMG-1014(03)1014 Europe Inst

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