Morningstar Fee Level compares a mutual fund share class expense ratio relative to other fund share classes that invest in a similar asset class and have similar distribution channels and expense structures. A fund share class net expense ratio from its most recent annual report (or, for a fund of funds, from its most recent prospectus) is ranked against peers using five quintiles: the 20% with the lowest expense ratio are designated Low, the next 20% Below Average, the next 20% Average, the next 20% Above Average and the 20% with the highest expense ratio are designated High. The Morningstar Fee Level can be a useful tool for putting a funds fees into context, but alone is not a sufficient basis for investment decisions.

When an expense waiver is in effect, it may have a material effect on the fee level and/or expense ratio ranking.

The Morningstar Rating™for funds, or star rating, is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a funds monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Ratings may vary by share class.

Ratings and/or rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the rating/ranking.

When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking and/or rating for the period.

The Morningstar Equity Style Box™reveals a funds investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth).

The Morningstar Fixed-Income Style Box™reveals a funds investment style as of the date noted. For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bonds effective duration.

Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself a NRSRO nor does it issue a credit rating on the fund. A NRSRO or rating agency ratings can change from time-to-time.

For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of low, medium, or high based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than BBB-; medium are those less than AA-, but greater or equal to BBB-; and high are those with a weighted-average credit quality of AA- or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstars analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income funds interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBIs average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive.

The Morningstar Analyst Ratingis not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key unequally weighted pillars, which are process, performance, people, parent and price. Morningstars analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, but the assessment of each pillar and how they are combined is driven by the analysts overall assessment and overseen by Morningstars Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstars global coverage universe.

The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a Gold rating distinguishes itself across the five pillars and has garnered the analysts highest level of conviction. A fund with a Silver rating has notable advantages across several, but perhaps not all, of the five pillars-strengths that give the analysts a high level of conviction. A Bronze rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a Neutral rating isnt seriously flawed across the five pillars, nor does it distinguish itself very positively. A Negative rated fund is flawed in at least one, if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated every 14 months. For more detailed information about Morningstars Analyst Rating, including its methodology, please go to

The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstars current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstars expectations not to occur or to differ significantly from what we expected.

© 2019 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and 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.

This benchmark-agnostic fund has the flexibility to invest across global fixed income markets. The Fund has latitude to act on high-conviction ideas and seeks to achieve positive absolute returns in a variety of market environments.

The portfolio manager and supporting team have been focused on managing strategies with absolute return targets and an emphasis on capital preservation. The team has managed unconstrained, absolute return portfolios through marked periods of extreme volatility and stress.

The Fund invests broadly across global fixed income markets and is not constrained by benchmark- specific guidelines. This latitude allows us to fully express our high-conviction, active views and potentially avoid benchmark biases.

This bond fund seeks to provide positive long-term returns through a combination of top-down and bottom-up investing. The result is a predominantly investment grade, absolute return-oriented global credit portfolio that is intended to provide diversification from traditional and non-traditional asset classes.

Quarterly insight from our fixed income teams to help clients navigate the markets and opportunities ahead.

Co-Head of Global Bonds Nick Maroutsos argues why the Federal Reserve has likely hit the pause button on future rate hikes.

Co-Head of Global Bonds Nick Maroutsos explains why investors should be mindful of where they hold duration exposure in light of a flattening yield curve.

Absolute Return Income Opportunities Fund I Shares

Absolute Return Income Opportunities Fund I Shares

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.

This graph compares fund performance to that of the funds Morningstar category average and benchmark(s).

Liberty Series 2018-1 (Long), 3.50%, 10/10/49

La Trobe Financial Capital Markets Trust 2017-2 (Long), 3.75%, 01/12/49

Pepper I-Prime 2018-1 Trust (Long), 3.47%, 11/23/49

RedZed Trust Series 2018-1 (Long), 4.25%, 03/09/50

RESIMAC Bastille Trust Series 2016-1NC (Long), 4.08%, 08/04/57

Horse Gallop Finance Ltd (Long), 3.78%, 06/28/21

La Trobe Financial Capital Markets Trust 2017-2 (Long), 4.25%, 01/12/49

General Motors Financial Co Inc (Long), 3.20%, 07/06/21

CNOOC Curtis Funding No 1 Pty Ltd (Long), 4.50%, 10/03/23

Liberty Series 2018-1 SME (Long), 3.31%, 07/10/50

Bond ratings are measured on a scale that generally ranges from AAA (highest) to D (lowest).

Global bond yields fell as major central banks backed away from their respective normalization programs.

The Fund underperformed its benchmark, primarily due to interest rate positioning.

We believe that with inflationary pressures limited, one can identify attractively yielding corporate bonds within a global opportunity set.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see aprospectusor, if available, asummary prospectuscontaining this and other information. Read it carefully before you invest or send money.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Holdings are subject to change without notice.

Sectors are defined by Janus Henderson and will vary from standard classifications. Equity country, regional and industry weights based on MSCI classifications. Fixed income country, regional and industry weights based on Barclays classifications.

Investing involves risk, including the possible loss of principal and fluctuation of value.

A client commitment is not a guarantee that a stated objective will be met.

Performance may be affected by risks that include those associated with non-diversification, portfolio turnover, short sales, potential conflicts of interest, foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commodity-linked investments. Each product has different risks. Please see the prospectus for more information about risks, 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.

Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets.

High-yield or junk bonds involve a greater risk of default and price volatility and can experience sudden and sharp price swings.

Derivatives can be highly volatile and more sensitive to changes in economic or market conditions than other investments. This could result in losses that exceed the original investment and may be magnified by leverage.

There are special risks associated with selling securities short. Stocks sold short have the potential risk of unlimited losses.

No investment strategy can ensure a profit or eliminate the risk of loss.

The Morningstar percentile ranking is based on a funds total return (including income and capital gains, if any, and excluding sales charges) relative to all funds in the same category for the period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least favorable) percentile rank is 100%. The top-performing funds in a category will always receive a rank of 1.

Ratings and/or rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus. Methodology differences may have a material effect on the return and therefore the rating/ranking.

When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking and/or rating for the period.

This fund may have securities on loan as of the most recent month-end. The fund invests any cash collateral received in connection with loaned securities in Janus Henderson Cash Collateral Fund. View holdings forJanus Henderson Cash Collateral Fund.

View holdings forJanus Henderson Cash Liquidity Fund.

Indexperformance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.