(PUB) Investing 2015

Morningstar FundInvestor

April

2015

Morningstar Analyst Rating

03-25-15

Morningstar Pillars

Process

Performance

People

Parent

Price

Positive

Neutral

Positive

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 ¨

Pillar Spectrum

Positive

Negative

Neutral

NAV

20.06

20.05

23.37

21.34

20.19

22.57

19.80

15.28

22.43

23.81

22.32

22.09

Total Return %

0.05

9.04

25.92

10.32

-2.55

14.81

30.37

-27.33

7.43

15.25

10.36

18.36

+/-S&P 500

-0.90

-4.65

-6.47

-5.68

-4.66

-0.25

3.91

9.67

1.94

-0.54

5.45

7.48

+/-Russ MV

-5.02

-5.71

-7.54

-8.19

-1.17

-9.94

-3.84

11.11

8.85

-4.97

-2.29

-5.35

Income Return %

0.00

2.89

1.65

0.79

0.77

0.81

0.68

0.83

4.20

3.31

3.94

0.41

Capital Return %

0.05

6.15

24.27

9.53

-3.32

14.00

29.69

-28.16

3.23

11.94

6.42

17.95

Total Rtn % Rank Cat

Income $

0.00

0.68

0.35

0.16

0.17

0.16

0.10

0.19

1.00

0.74

0.87

0.08

Capital Gains $

0.00

4.76

3.07

0.78

1.63

0.00

0.79

2.12

1.19

1.20

1.93

Expense Ratio %

0.73

0.76

0.83

0.99

1.03

1.11

1.06

0.85

0.93

0.92

0.94

Income Ratio %

1.29

1.19

1.16

1.02

0.49

0.84

1.47

1.49

1.69

0.67

0.56

Turnover Rate %

103

Net Assets $mil

2,962

3,181

4,916

5,869

6,576

7,715

7,778

5,264

5,610

5,373

4,496

3,453

Performance

03-31-15

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

2010

2011

2012

2013

2014

5.61 -8.85

8.39 10.03 14.81

6.07 -1.00 -15.91 10.36 -2.55

10.00 -5.63

5.06 1.15 10.32

11.15 1.22

4.37 7.23 25.92

2.18 4.90

-2.48 4.31

9.04

Trailing

Total

+/-

+/- Russ %Rank Growth of

Return% S&P 500

Cat

$10,000

3 Mo

6 Mo

1 Yr

3 Yr Avg

5 Yr Avg

10 Yr Avg

15 Yr Avg

0.05 -0.90

-5.02

93 10,005

4.36 -1.57

-7.70

87 10,436

6.77 -5.96

-2.86

77 10,677

11.27 -4.84

-5.37

94 13,776

9.93 -4.54

-5.08

93 16,054

8.15 0.14

-1.00

64 21,891

10.41 6.26

28 44,170

Tax Analysis

Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

3 Yr (estimated)

5 Yr (estimated)

10 Yr (estimated)

7.44

3.45

7.26

2.43

6.01

1.99

Potential Capital Gain Exposure: 20% of assets

Rating and Risk

Time Load-Adj

Morningstar

Period Return % Rtn vs Cat

Risk vs Cat

Risk-Adj Rating

1 Yr

6.77

3 Yr

11.27

Low

5 Yr

9.93

Low

10 Yr

8.15

Avg

Low

Incept

12.13

Other Measures

Standard Index

Best Fit Index

S&P 500

Mstar Mid Value

Alpha

-3.0

-4.0

Beta

0.91

0.83

R-Squared

Standard Deviation

9.35

Mean

11.27

Sharpe Ratio

1.19

Morningstar’s Take

by Katie Rushkewicz Reichart, CFA 03-25-15

Jeff Kautz, comanager of Perkins Mid Cap Value and

Perkins’ CEO and CIO, has resigned effective April 5,

2015. The firm, which had long boasted low turnover of

its investment staff, has now seen its second major

departure after Perkins Small Cap Value JSCVX

comanager Todd Perkins left in 2013.

Kautz joined Perkins in 1997 and had been

comanager here since 2002 alongside Tom Perkins,

who’s managed it since its 1998 inception. Kevin

Preloger was named comanager in April 2013. The

team structure mitigates the impact of Kautz’s

departure, though some people now have new

responsibilities that require more time. Justin Tugman

of Perkins Small Cap Value will take Kautz’s spot as

comanager of this fund (he’ll keep running Small Cap

Value). Tom Perkins was named CEO, and Greg Kolb,

who runs the firm’s global funds, is now CIO.

The fund has been trying to get back on track after

several years of underwhelming performance. Its

trailing five-year return through February badly lags the

Russell Midcap Value Index and lands in the

Morningstar Category’s bottom decile, and its 10-year

ranking is just average. The fact that its five-year

results aren’t up to par isn’t surprising or disappointing

given the fund’s relatively conservative process, which

focuses on downside protection and uses a valuation

approach that at times led to double-digit cash stakes.

However, weak stock-picking is more cause for

concern; Morningstar attribution indicates that stock

selection has been negative across all sectors for the

trailing five years through 2014.

The team has tried addressing sluggishness by

holding less cash and keeping a leaner portfolio of

80-100 names (versus 150 a few years ago). Kolb will

look to improve the firm’s stock-specific research and

collaboration between analysts and managers.

The loss of a long-tenured manager is

disappointing but not insurmountable. Risk-adjusted

results since inception remain strong. However, the

departure coupled with the fund’s stock-picking woes

are enough to move this fund’s Analyst Rating to

Bronze from Silver.

Address:

Janus Investment Fund

Denver, CO 80206

877-335-2687

Web Address:

www.janus.com

Inception:

08-12-98

Advisor:

Janus Capital Management LLC

Subadvisor:

Perkins Investment Management LLC.

NTF Plans:

Fidelity Retail-NTF, CommonWealth NTF

Minimum Purchase:

$2500

Add: $0 IRA: $0

Min Auto Inv Plan:

Add:

Sales Fees:

No-load

Management Fee:

0.45%, 0.25%A

Actual Fees:

Mgt:0.45% Dist:

Expense Projections:

3Yr:$237

5Yr:$411 10Yr:$918

Income Distribution:

Annually

Data through March 31, 2015

Perkins Mid Cap Value T

Ticker

Status Yield Total Assets

Mstar Category

JMCVX Open

2.7% $6,762 mil

Mid-Cap Value

94% 95% 89% 91% 91% 90% 96% 96%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 03-15

Historical Profile

Return

Risk

Rating

Below Avg

Low

Neutral

Investment Style

Equity

Stock %

Manager Change

Partial Manager Change

Growth of $10,000

Investment Values of

Fund

Investment Values of

S&P 500

Performance Quartile

(within Category)

History

10.0

7.0

14.0

18.0

22.8

Portfolio Analysis

12-31-14

Share change since 09-14 Total Stocks:98 Sector

PE Tot Ret% % Assets

PPL Corp

Utilities

14.1 -6.32 3.06

Alliant Energy Corp

Utilities

18.1 -4.32 2.88

Republic Services Inc Cl

Industrl

26.5 1.47 2.45

Casey’s General Stores I

Cnsmr Def 20.9 -0.02 2.39

Allstate Corp

Finan Svs 11.4 1.74 2.27

Marsh & McLennan Compani

Finan Svs 21.5 -1.52 2.12

Crown Holdings Inc

Cnsmr Cyc 19.3 6.13 1.88

Laboratory Corp of Ameri

Hlth care 21.3 16.86 1.79

Rogers Communications In

Comm Svs 16.1 -12.88 1.68

AGL Resources Inc

Utilities

10.5 -7.98 1.65

Babcock & Wilcox Co

Industrl

119.1 6.24 1.65

Public Storage

Real Est

37.6 7.41 1.59

Zions Bancorp

Finan Svs 15.9 -5.16 1.56

CIT Group Inc

Finan Svs

7.9 -5.35 1.55

McCormick & Company Inc

Cnsmr Def 25.6 3.78 1.54

Stryker Corporation

Hlth care 68.5 -1.84 1.54

Torchmark Corp

Finan Svs 13.4 1.63 1.53

Zimmer Holdings Inc

Hlth care 28.0 3.81 1.50

Canadian Pacific Railway

Industrl

27.4 -5.04 1.46

T. Rowe Price Group Inc

Finan Svs 17.6 -5.08 1.44

Current Investment Style

Market Cap %

Giant

2.4

Large

33.6

Mid

51.0

Small

13.1

Micro

0.0

Avg $mil:

10,674

Value Blnd Growth

Large Mid Small

Value Measures

Rel Category

Price/Earnings

Price/Book

Price/Sales

Price/Cash Flow

Dividend Yield %

17.73

2.21

1.56

9.74

2.11

1.26

1.37

1.70

1.51

1.00

Growth Measures

% Rel Category

Long-Term Erngs

Book Value

Sales

Cash Flow

Historical Erngs

8.70

7.23

7.29

6.71

9.55

0.88

1.65

2.18

1.24

1.58

Profitability

% Rel Category

Return on Equity

Return on Assets

Net Margin

18.24

6.25

15.11

1.46

1.38

1.59

Sector

Weightings

% of

Stocks

Rel

S&P 500 High

3 Year

Low

Cyclical 40.92

BasicMat 2.87

5 3

CnsmrCyc 7.36

10 6

FinanSvs 20.34

24 19

Real Est 10.35

10 6

Sensitive 29.82

CommSrvs 1.75

3 2

Energy 5.68

11 6

Industrl 12.90

18 13

Technlgy 9.49

11 8

Defensive29.28

CnsmrDef10.12

10 3

Hlthcare 11.28

15 10

Utilities 7.88

8 4

Composition - Net

(% of Stock)

Cash

3.6

Stocks 96.3

Bonds 0.0

Other

0.0

Foreign 5.2

timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at

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mfb.morningstar.com.

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