Short-Term Bond Fund

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3Q17 Fixed Income

Short-Term Bond Fund D: JNSTX

as of 9/30/17

Morningstar Category

Fund Description

Short-Term Bond

This dynamic, short duration bond fund seeks risk-adjusted returns and capital preservation. Our approach leverages a bottom-up, fundamentally driven investment process.

Portfolio Management Darrell Watters Mayur Saigal

Fund Characteristics Inception Date

9/1/92

Assets

$1.99B

Number of Holdings Debt Issues

245

Weighted Average Maturity (years)

2.28

Effective Duration (years)

1.72

Distribution Frequency

Monthly

Performance (%)

3Q17

YTD

1 yr

3 yr

5 yr

10 yr

Since Inception (9/1/92)

Class D Shares

0.40

1.48

1.16

1.06

1.18

2.85

3.94

Bloomberg Barclays 1-3 Year U.S. Government/Credit Index

0.34

1.06

0.66

1.05

0.91

2.09

3.91

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 800.525.3713 or visit janushenderson.com/allfunds.

Calendar Year Returns (%)

2007 2008 2009 2010

2011

2012 2013 2014 2015 2016

Class D Shares

5.21

4.63

8.56

3.48

1.50

3.53

1.44

0.64

0.29

1.58

Bloomberg Barclays 1-3 Year U.S. Government/Credit Index

6.83

4.97

3.83

2.80

1.59

1.26

0.64

0.77

0.65

1.28

30-Day SEC Yield (%) With Without Waivers Waivers Class D

1.37

1.27

Class D Shares

Bloomberg Barclays 1-3 Year U.S. Government/Credit Index

$30,000

Expense Ratios (%) Class D

Hypothetical Growth of $10,000 Since Inception $26,320 $26,179

Gross

Net

0.76

0.63

Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/17.

$20,000 $10,000 $0 9/1/92 Source: Morningstar, Inc.

1999

2004

2009

2014

9/30/17

Performance for Class D Shares that includes periods prior to 2/16/10 reflects the performance of one or more 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. Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. Continued on back page.

Short-Term Bond Fund (as of 9/30/17) Risk Statistics (3 Year) Alpha Beta R-squared (%)

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Credit Quality of Fixed Income Holdings (%)

Fund

0.88

1.00

Aaa

23.67

55.35

100.00

Fund

Index

0.22

Aa

6.13 19.17

Standard Deviation

0.89

0.75

A

Sharpe Ratio

0.97

1.02

Baa

35.01

Ba

14.34

Statistics are for Class I Shares.

Top Industries (%)

Fund

Banking

22.80

Consumer Non Cyclical

12.24

B

3.21

Caa

0.10

Bond credit quality ratings provided by Barclays and reflect the middle rating received from Moody’s, Standard & Poor’s and Fitch, where all three agencies have provided a rating. If only two agencies rate a security, the lowest rating is used. If only one agency rates a security, that rating is used. Ratings are measured on a scale that ranges from Aaa (highest) to D (lowest).

Consumer Cyclical

9.36

Energy

6.64

Technology

5.80

Communications

5.41

Developed vs. Emerging Market Exposure (%)

Fund

Basic Industry

4.70

U.S.

87.89

Capital Goods

4.14

Non-U.S. Developed

10.67

Electric

1.79

Non-U.S. Emerging

0.91

Transportation

1.23

Maturity Breakdown of Fixed Income Holdings (%)

Total

74.11

Sector Allocation (%)

Fund

< 1 yr

16.63

Credit-Investment Grade

56.66

1 - 3 yrs

60.67

Treasurys

14.77

3 - 5 yrs

15.59

Credit-High Yield

14.67

5 - 7 yrs

6.25

ABS

9.28

7 - 10 yrs

0.33

Bank Loans

4.50

CMBS

2.03

MBS

0.05

Cash & Equivalents

0.53

Fund

For more information, please visit janushenderson.com. Index represents the Bloomberg Barclays 1-3 Year U.S. Government/Credit Index. Holdings are subject to change without notice. For a complete list of holdings as of the most recent publicly available disclosure period, visit janushenderson.com/reports. Equity country, regional, sector and industry weights based on MSCI and GICS classifications. Fixed income country, regional, sector and industry weights based on Barclays classifications. Performance may be affected by risks that include those associated with nondiversification, 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 commoditylinked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details. 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. 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 or "junk" bonds involve a greater risk of default and price volatility and can experience sudden and sharp price swings. Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

Bloomberg Barclays 1-3 Year U.S. Government/Credit Index measures Treasuries, government-related issues and corporates with maturity between 1-3 years. Alpha compares risk-adjusted performance relative to an index. Positive alpha means outperformance on a risk-adjusted basis. Beta measures the volatility of a security or portfolio relative to an index. Less than one means lower volatility than the index; more than one means greater volatility. R-squared (R2) measures the relationship between portfolio and index performance on a scale of 0.00 (0%) to 1.00 (100%). A higher R2 indicates more of the portfolio's performance is affected by market movements and vice versa. Standard Deviation measures historical volatility. Higher standard deviation implies greater volatility. Sharpe Ratio measures risk-adjusted performance using excess returns versus the "risk-free" rate and the volatility of those returns. A higher ratio means better return per unit of risk.

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 Henderson at 800.525.3713 or download the file from janushenderson.com/reports. Read it carefully before you invest or send money. Janus Henderson is a trademark of Janus Henderson Investors. © Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC. Janus Henderson Distributors C-0917-12876 01-15-18 299-15-27786 10-17