Value Plus Income Fund

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4Q17 Asset Allocation

Value Plus Income Fund D: JPVDX

as of 12/31/17

Morningstar Category

Fund Description

Allocation-50% to 70% Equity

Value equity from Perkins and fundamental fixed income from Janus Henderson actively allocated in an effort to provide capital appreciation and current income while minimizing downside risk. Allocation decisions are based on overall market risk and careful examination of individual security valuations across equity and fixed income markets.

Portfolio Management Sub-advised by Perkins Investment Management LLC Ted Thome, CFA Darrell Watters

Performance (%)

Fund Characteristics Inception Date

7/30/10

Assets

$59.63M

Number of Holdings Equity Issues

69

Debt Issues

509

Weighted Average Market Cap

$132.76B

Weighted Average Maturity (years)

7.98

Effective Duration (years)

5.65

Distribution Frequency

Monthly

4Q17

1 yr

3 yr

5 yr

10 yr

Since Inception (7/30/10)

Class D Shares

2.97

9.51

5.78

8.02

—

8.72

Russell 1000® Value Index

5.33

13.66

8.65

14.04

—

13.70

Bloomberg Barclays U.S. Aggregate Bond Index

0.39

3.54

2.24

2.10

—

3.03

Value Income Index

2.84

8.54

5.57

8.07

—

8.46

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 (%)

2011

2012

2013

2014

2015

2016

2017

Class D Shares

3.66

11.56

13.66

9.32

-2.50

10.87

9.51

Russell 1000® Value Index

0.39

17.51

32.53

13.45

-3.83

17.34

13.66

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

1.68

1.07

Class D Shares

Russell 1000® Value Index

$30,000

Expense Ratios (%) Class D

Hypothetical Growth of $10,000 Since Inception

Gross

Net

1.21

0.82

Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/18.

$25,941

$20,000

$18,598

$10,000 $0 7/30/10 Source: Morningstar, Inc.

2012

2014

2016

12/31/17

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. Continued on back page.

Value Plus Income Fund (as of 12/31/17) Regions (%)

Fund

Risk Statistics (3 Year)

North America

96.57

Fund

Index

Alpha

1.13

—

Europe

1.54

Beta

0.54

1.00

Africa/Mideast

1.35

R-squared (%)

90.24

100.00

Asia/Pacific Ex Japan

0.43

Standard Deviation

5.86

10.34

Sharpe Ratio

0.94

0.80

Top Holdings (%)

Fund

Statistics are for Class I Shares.

Johnson & Johnson

2.19

Oracle Corp

1.88

Sector Allocation (%)

Fund

Laboratory Corp of America Holdings

1.79

Equity

54.42

Berkshire Hathaway Inc

1.78

Financials

14.22

Wells Fargo & Co

1.62

Health Care

9.34

Alphabet Inc

1.59

Information Technology

8.58

Pfizer Inc

1.59

Industrials

5.96

Citigroup Inc

1.57

Consumer Staples

4.41

Occidental Petroleum Corp

1.42

Energy

4.01

Procter & Gamble Co

1.34

Real Estate

3.97

Utilities

2.22

Materials

1.14

Total

16.77

Consumer Discretionary Fixed Income

0.57 45.47

Credit-Investment Grade

16.59

Credit-High Yield

10.38

MBS

8.32

Treasurys

6.26

ABS

1.52

Bank Loans

1.48

CMBS

0.92

Cash & Equivalents

0.11

For more information, please visit janushenderson.com. Index represents the Russell 1000® Value 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. 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. Russell 1000® Value Index reflects the performance of U.S. large-cap equities with lower price-to-book ratios and lower expected growth values. Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based measure of the investment grade, U.S. dollardenominated, fixed-rate taxable bond market. Value Income Index is an internallycalculated, hypothetical combination of total returns from the Russell 1000® Value Index

(50%) and the Bloomberg Barclays U.S. Aggregate Bond Index (50%). 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. Perkins Investment Management LLC is a subsidiary of Janus Henderson Group plc and serves as the sub-adviser on certain products. Janus Henderson and Perkins are trademarks or registered trademarks 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-1217-14261 04-15-18 297-15-27787 01-18