(PUB) Investing 2016

6

Data through April 30, 2016 FINRA members: For internal or institutional use only. Janus Triton T

Ticker JATTX

Yield 0.1%

Total Assets $6,631 mil

Mstar Category Small Growth

Benchmark 1: Russell 2000 Growth TR USD Benchmark 2: S&P 500 TR USD Morningstar Analyst Rating 04-06-16 ´

Investment Style Equity

Historical Profile Return Risk Rating High Below Avg QQQQQ Highest

9 9 9 8 8 9 9 9

15.0 20.0 25.0 30.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ¶ Neutral ∞ Positive ∞ Positive ∞ Positive

10.0

Performance

People Parent

Performance Quartile (within Category)

& & * & * & & ( & & & 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 04-16 13.46 14.30 8.50 12.73 16.42 16.24 18.02 23.63 23.44 21.98 22.17 15.85 20.69 -40.53 49.99 31.40 2.60 16.46 36.28 9.45 1.21 0.86 2.50 13.64 -1.99 15.52 2.31 5.51 1.87 -7.02 3.85 2.59 4.60 0.05 15.19 -3.53 23.53 16.34 0.49 0.46 3.89 -4.23 -0.18 -0.88 0.23 10.55 0.03 0.23 0.23 0.00 0.23 0.00 0.05 0.09 0.00 15.62 10.14 -40.56 49.76 31.17 2.60 16.23 36.28 9.40 1.12 0.86 0.03 1.42 0.00 0.02 0.03 0.00 0.04 0.00 0.01 0.02 0.00 0.15 0.48 0.00 0.00 0.28 0.60 0.85 0.89 2.36 1.71 0.00 1.11 1.13 1.20 1.18 0.96 0.93 0.94 0.93 0.93 0.92 . 0.12 -0.28 -0.23 0.06 -0.14 -0.17 -0.11 0.31 -0.20 -0.20 . 16 7 43 8 26 9 19 75 4 16 18

Price

History

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 „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 04-30-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

12.75 -4.21 3.14 4.55 16.46 9.66 2.28 11.43 9.05 36.28 -1.78 4.57 -3.26 10.15 9.45 6.95 0.56 -11.31 6.10 1.21

. .

262 120

93

88

50

35

42

35

39

30

27

146

122

366

704 1,014 1,468 2,332 2,357 2,487

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 03-31-16 Total Stocks: 113 Share change since 12-31-15 SS&C Technologies Holding Broadridge Financial Solu Sally Beauty Holdings Inc Euronet Worldwide Inc Sensient Technologies Cor ServiceMaster Global Hold Y Cadence Design Systems In Blackbaud Inc

-0.50

— — — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

YTD Ret % % Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

Technology

-6.03 2.66

1 Yr 3 Yr 5 Yr

-2.33 11.40

3 Mo 6 Mo

9.32 1.35 2.27 0.88 5.84 0.44 -2.33 5.94 -3.54 11.40 2.90 0.14 9.99 2.84 -1.03 9.85 3.71 2.94

19 10,932 9 10,088 12 9,767 4 13,823 4 16,096 1 25,578

Technology -10.25 2.36

-Avg QQQQQ Low QQQQQ -Avg QQQQQ

High High High

Industrl

11.93 2.13 12.59 1.98 6.45 1.92 7.48 1.87 11.44 1.83 20.18 1.79 4.16 1.58 -5.87 1.55 4.02 1.50 5.59 1.45 1.39 1.41 10.24 1.39 32.53 1.37 12.32 1.36 28.50 0.90 3.62 0.64 17.32 0.99 5.25 1.09 2.31 0.61 54.73 1.33 0.00 0.00 1.40 1.84 29.43 1.89 23.90 1.03 16.77 0.62 2.25 0.46 14.52 0.66 0.00 0.00 — 1.84 — 1.30 14.55 1.25 4.68 1.15 % of Stocks Rel Bmark 1

9.99 9.85

1 Yr

Cnsmr Cyc

10 Yr Incept

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Industrl

11.93

Basic Mat

Industrl

Other Measures

Standard Index

Best Fit Index

— — — — —

Technology Cnsmr Cyc

Alpha

0.1

4.2

Y Carter's Inc

Beta

1.03

0.79

Tax Analysis

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

Y Jack Henry & Associates I

Industrl

R-Squared

73

94

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

9.53 8.54 8.66

5 6 1

1.68 1.32 1.08

36 37 39

T STERIS PLC

Hlth Care

Standard Deviation

13.60 11.40

Heico Corp Class A

Industrl Industrl

Mean

MSCI Inc

Sharpe Ratio

0.86

Y The Wendy's Co Class A MarketAxess Holdings Inc

Cnsmr Cyc Finan Svcs Technology Technology Hlth Care Cnsmr Cyc Technology

Potential Capital Gain Exposure: 20% of assets

Morningstar's Take by Greg Carlson 04-06-16 Janus Triton’s veteran manager is back on track, and the fund has closed its doors. These factors, combined with a sensible approach and modest fees, earn the fund an upgraded Morningstar Analyst Rating of Bronze. When Jonathan Coleman took the helm of this small-growth fund in May 2013, he had big shoes to fill: Previous managers Chad Meade and Brian Schaub posted superb returns in a nearly seven-year stint. Coleman came to this fund with a mixed resume. He was coming off a 5.5-year tenureat large-growthvehicleJanusFundJANSX,where he earned subpar results. But he had previously steered mid-growth fund Janus Enterprise JAENX to a strong record in nearly six years there. What’s more, he had emphasized higher-quality fare at that fund, just as Meade and Schaub did here. (They served as analysts under Coleman for much of his tenure at Enterprise.) The fund got off to a strong start under Coleman, but the portfolios demonstrate that he’s comfortable with higher debt levels than his predecessors were. While Coleman does seek out firms with strong cash flows (which should be able to pay off their debt), owning companies with higher debt levels does court some risk.

Y Belden Inc

FEI Co

The fact that the fund has held up well in stocks’ turbulence since mid-2015--better than both its typical peerandRussell2500Growth Indexbenchmark--bolsters our confidence. From Coleman’s May 2013 start date throughMarch2016,the fundsurpassed95%of itspeers, as well as the index, on both a total return and risk- adjusted basis (based on Sortino and Sharpe ratios; the former places particular emphasis on downside performance). That’s still a fairly short period, but coupled with his record at Janus Enterprise, Coleman has a solid history of picking smaller-cap growth stocks. The May 2015 closing of the fund to new investors is also a positive sign for its prospects. It grew large under Meade and Schaub, who said they had pushed to close it. The fund saw modest outflows when Coleman took over, but money came back in during 2015 as performance remained strong. So we were glad to see this shareholder-friendly move. This is a solid holding.

Y Catalent Inc

Thor Industries Inc

T EnerSys

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

Market Cap % Giant 0.0 Large 0.4 Mid 44.6 Small 48.1 Micro 6.8 Avg $mil: 3,254

Value Blend Growth

Large Mid Small

Value Measures

Rel Category

Price/Earnings 24.84

1.07 1.29 1.22 1.19 1.39 0.84 0.45 0.75 0.77 0.80

Price/Book Price/Sales

3.61 1.92

Price/Cash Flow 12.70 Dividend Yield % 1.21

Growth Measures

% Rel Category

Long-Term Erngs 12.69

Book Value

3.67 5.31 9.68

Composition - Net

Sales

Cash 4.4 Stocks 94.5 Bonds 0.0 Other 1.1 Foreign 2.7 (% of Stock)

Address:

Janus Investment Fund

Minimum Purchase: Min Auto Inv Plan:

$2500 $2500

Add: — IRA: —

Cash Flow

Denver CO 80206 877-335-2687 www.janus.com

Add: —

Historical Erngs 9.18

Sales Fees:

No-load

Web Address:

Management Fee:

0.64%, 0.25%A

Profitability

%

Inception:

02-25-05

Actual Fees:

Mgt:0.64% Dist:—

Return on Equity Return on Assets

18.31

Advisor:

Janus Capital Management LLC

Expense Projections: Income Distribution:

3Yr:$293 5Yr:$509 10Yr:$1131

5.63 8.35

Subadvisor:

None

Annually

Net Margin

A

ß ® Mutual Funds

©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, email reprints@morningstar.com