investment idea

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A History of Positive Returns Short-Term Bond Fund

A: JSHAX C: JSHCX I: JSHIX N: JSHNX S: JSHSX T: JASBX

A short-term bond fund should provide investors with capital preservation, consistent risk-adjusted returns and an appropriate level of income. Capital Preservation Short-Term Bond Fund: Never Had a Negative Calendar Year Short-Term Bond Fund – I Shares

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

Morningstar Short-Term Bond Peer Group Average

12 10 Total Returns (%)

INVESTMENT IDEA

3Q17 Fixed Income

8 6 4 2 0

-2

-4 -6

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

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 800.668.0434 or visit janushenderson.com/performance.

Risk-Adjusted Returns When market volatility increases, the risk of capital loss rises. With low interest rates, loss of capital in a short-term bond fund could be detrimental to investors’ longer-term goals. Short-term fixed-income investing is not an asset class prone to making up losses without taking excess risk. Short-Term Bond Fund

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

U.S. OE Short-Term Bond

$13,114

$13,000

$12,043 $11,987

$12,000

$11,000

$10,000

$9,000 12/31/07

12/31/09

12/31/11

12/31/13

12/31/15

9/30/17

Source: Morningstar, Inc. as of 9/30/17. The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund. 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.

We believe investors prefer a less volatile path from their short-term bond manager. Continued on back page.

Short-Term Bond Fund Fixed Income We believe our fixed income products offer a fixed income allocation that focuses on capital preservation and consistent risk-adjusted returns over time.

Performance (%) as of 9/30/17

3Q17

1 yr

3 yr

5 yr

10 yr

Since Inception (9/1/92)

Class I Shares

0.41

0.89

1.14

1.21

2.77

3.81

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

0.34

0.66

1.05

0.91

2.09

3.91

Expense ratios: Class I Shares: Gross 0.65% and Net 0.54%. Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/17.

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 800.668.0434 or visit janushenderson.com/performance.

For more information, please visit janushenderson.com. 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 800.668.0434 or download the file from janushenderson.com/info. Read it carefully before you invest or send money. Performance for Class 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. Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. 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. Funds that invest in bonds have the same interest rate, inflation, and credit risks that are associated with the underlying bonds owned by the fund. Unlike owning individual bonds, there are ongoing fees and expenses associated with owning shares of bond funds. The return of principal is not guaranteed due to net asset value fluctuation that is caused by C-0917-12858 01-15-18

changes in the price of specific bonds held in the fund and selling of bonds within the fund by the portfolio manager(s). 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. High-yield or “junk” bonds involve a greater risk of default and price volatility and can experience sudden and sharp price swings. Bloomberg Barclays 1-3 Year U.S. Government/Credit Index measures Treasuries, government-related issues and corporates with maturity between 1-3 years. Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment. © 2017 Morningstar, Inc. All Rights Reserved. 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 199-15-16511 10-17