Janus Henderson For promotional purposes only

STRATEGIC BOND FUND

Fund facts at 31 December 2017

Fund aimTo provide a return by investing inhigher yielding assets includinghigh yield bonds, investment gradebonds, government bonds,preference shares and other bonds.The Fund may also invest inequities.

Launch dateA Inc - 31 January 1995I Acc - 2 May 2000

Investment Association sectorIA £ Strategic Bond

Fund size£1.99bn

Yields (%) Distribution Underlying

A Inc 3.5 2.2I Acc 3.5 2.9

RatingsMorningstar rating - QQQQType of sharesAccumulation and Income

XD dates01-Jul, 01-Oct, 01-Jan, 01-Apr

Dividend pay dates30-Aug, 30-Nov, 28-Feb, 31-May

Minimum investmentsA Inc £1,000I Acc £3,000,000

Charges (%) Initial OngoingA Inc 4.00 1.40I Acc Nil 0.69

Annual†A Inc 1.25I Acc 0.60†100% of Annual ManagementCharge is taken from capital.

SEDOLSA Inc 0749529I Acc 0753382I Inc 0750208

Derivatives breakdown (%)Credit default swap long risk 0.0Credit default swap short risk -1.2Credit default swap net risk -1.2Net interest rate futures -3.9

Fund manager profileJohn Pattullo is Co-Head of Strategic Fixed Income at Janus Henderson Investors. He is also a Fund Manager of the StrategicIncome and Global Dividend & Income strategies. John joined Henderson in 1997 as a trainee manager in corporate bondsand has been the Co-Head of Strategic Fixed Income since 2005. Prior to joining Henderson he spent four years as a charteredaccountant at PricewaterhouseCoopers.John has an MA (Hons) in economics from the University of St. Andrews. He is a member of the Institute of Chartered Accountants of Scotland and an associate member of the Society of Investment Professionals. He has 24 years of financial industry experience. Jenna Barnard is Co-Head of Strategic Fixed Income at Janus Henderson Investors. She is a Fund Manager on the Strategic Income and Global Dividend & Income strategies. Jenna joined Henderson in 2002 as a credit analyst and was promoted to portfolio manager in 2004. Prior to joining Henderson, she worked as an investment analyst with Orbitex Investments. Jenna holds a first class BA (Hons) degree in politics, philosophy and economics from Oxford University. She holds the Chartered Financial Analyst designation, is a member of the Society of Technical Analysts and an Affiliate Member of the UK Society of Investment Professionals. She has 16 years of financial industry experience.The month-end duration of the fund was 5.3 years**Duration measures the sensitivity of a bond fund to interest rate changes; the larger the figure, the more sensitive the bond fund to a movement in interest rates. To obtain monthly commentary from our fund manager please visit our website on: www.janushenderson.com.

Top 10 holdings (%)Australia Government Bond 1.75% 2020 6.6Commonwealth Government Bond 2.9Australia Government Bond 2.75% 2027 2.9Canadian Government Bond 0.50% 2022 1.9Visa 2.75% 2027 1.4Wachovia Capital Trust III 5.5698% 2049 1.4Barclays Bank 6.278% 2049 1.4AT&T 4.375% 2029 1.4Dell International 5.45% 2023 1.3HBOS Sterling Finance Jersey 7.881% 2049 1.3Total number of holdings 181

Sector breakdown (%)Investment Grade Non-FinancialCorporate Bonds 28.9High Yield Non-Financial CorporateBonds 21.3Government Bonds 15.6Investment Grade FinancialCorporate Bonds 15.2High Yield Financial CorporateBonds 8.4Loans 4.0Preference Shares* 1.0Asset or Mortgage Backed 0.4*Includes Nationwide CCDS (core capitaldeferred share). Cash includes the present value of FXcontracts.

Credit rating breakdown (%)AAA 17.3AA 3.7A 12.3BBB 26.5BB 23.0B 6.5CCC & Below 0.4Not rated 1.0Secured Loans 4.0 Cash and Derivatives 5.2

PerformancePercentage growth, 25 Nov 03 to 29 Dec 17.

-40

0

40

80

120

160

Nov03

Nov08

Nov13

Dec17

Janus Henderson Strategic Bond A Inc (112.7%)Janus Henderson Strategic Bond I Acc (133.8%)IA £ Strategic Bond (90.7%)

Source: at 29 Dec 17. © 2018 Morningstar. All Rights Reserved,nav-nav, UK sterling, net income reinvested.

John Pattullo and Jenna Barnard took over management of this fund on 25November 2003.

Past performance is not a guide to future performance. Thevalue of an investment and the income from it can fall as wellas rise and you may not get back the amount originallyinvested.

Cumulative A Inc I Acc Sector Quartileperformance % change % change % change ranking†

1 year 5.2 6.0 5.2 2nd

2 years 9.1 10.7 12.6 3rd

3 years 10.8 13.3 12.3 3rd

4 years 17.4 20.9 19.2 2nd

5 years 22.1 26.5 22.4 2nd

Source: at 29 Dec 17. © 2018 Morningstar. All Rights Reserved, nav-nav, UKsterling, net income reinvested.

Discrete year A Inc I Accperformance % change % change

30/12/2016 to 29/12/2017 5.2 6.0

31/12/2015 to 30/12/2016 3.7 4.4

31/12/2014 to 31/12/2015 1.5 2.3

31/12/2013 to 31/12/2014 6.0 6.8

31/12/2012 to 31/12/2013 3.9 4.6

Source: at 29 Dec 17. © 2018 Morningstar. All Rights Reserved, nav-nav, UKsterling, net income reinvested.Discrete performance data may change due to final dividend informationbeing received after quarter end. † 1st quartile means the fund is ranked inthe top 25% of funds in its sector.

Janus Henderson For promotional purposes only

STRATEGIC BOND FUND(continued)

Fund managerJohn Pattullo

Fund managerJenna Barnard

www.twitter.com/StrategicBond

For further information please visitour website atwww.janushenderson.com

General risks• The value of the funds and the income from them is not guaranteed and may fall as well as rise. You may get back less

than you originally invested.• Past performance is not a guide to future performance.• You should note that your tax treatment in relation to any investments held outside an ISA will depend on your individual

circumstances and may be subject to change in the future. Governments may change the tax rules which affect you or thefunds in which you have invested.

What are the risks specific to this fund?• The fund may use investment techniques, including some that involve derivatives, to obtain or amplify its exposure to various

investments, and may also use these techniques for efficient portfolio management or to manage risks. Certain derivativescould behave unexpectedly or could expose the fund to losses that are significantly greater than the cost of the derivative.

• With funds investing in bonds there is a risk that interest rate fluctuations could affect the capital value of investments.Where long term interest rates rise, the capital value of shares/units is likely to fall, and vice versa. In addition to the interestrate risk, bond investments are also exposed to credit risk reflecting the ability of the borrower (i.e. bond issuer) to meetits obligations (i.e. pay the interest on a bond and return the capital on the redemption date). The risk of this happening isusually higher with bonds classified as ‘sub-investment grade’. These may produce a higher level of income but at a higherrisk than investments in ‘investment grade’ bonds. In turn, this may have an adverse impact on funds that invest in suchbonds.

• If a fund is a specialist country-specific or geographical region fund, the investment carries greater risk than a fund diversifiedacross more countries.

• If a fund’s management charge is taken from its capital, then this may allow more income to be paid, however, it may alsorestrict capital growth or even result in capital erosion over time.

• This fund is designed to be used only as one component in several in a diversified investment portfolio. Investors shouldconsider carefully the proportion of their portfolio invested into this fund.

Important informationYields are shown net except for bond funds which are shown gross. The Distribution Yield reflects the amounts that may be expected to be distributed over the next 12months as a percentage of the mid-market share price of the fund at the date shown. The Underlying Yield reflects the annualised income net of expenses of the fund(calculated in accordance with relevant accounting standards) as a percentage of the mid-market share price of the fund at the date shown. The Distribution and UnderlyingYields are based on a snapshot of the portfolio on that day. The yields do not include any preliminary charge and investors may be subject to tax on distributions. TheDistribution Yield may be higher than the Underlying Yield. This is because the fund may distribute coupon income and a portion of the fund’s income is charged to capital.This has the effect of increasing the distributions for the year and constraining the fund's capital performance to an equivalent extent. All credit, country and sector breakdownsrelate to end of day trading positions. Fund size at 12pm on last business day of month.Please note: due to rounding the figures in the holdings breakdowns may not add up to 100%. Unless otherwise indicated all figures sourced from Morningstar, Datastream, BNP Paribas and Janus Henderson Investors. Please note the views, opinions and forecasts expressed in this document are based on Janus Henderson Investors research, analysis and house views at the time of publication. Third party data is believed to be reliable, but its completeness and accuracy is not guaranteed. Please read all scheme documents before investing. Before entering into an investment agreement in respect of an investment referred to in this document, you should consult your own professional and/or investment adviser. The value of an investment and the income from it can fall as well as rise and you may not get back the amount originally invested. Tax assumptions and reliefs depend upon an investor’s particular circumstances and may change if those circumstances or the law change. If you invest through a third party provider you are advised to consult them directly as charges, performance and terms and conditions may differ materially than those shown on this document. Nothing in this document is intended to or should be construed as advice. This communication does not constitute an offer or a recommendation to sell or purchase any investment. It does not form part of any contract for the sale or purchase of any investment. Any investment application will be made solely on the basis of the information contained in the Prospectus (including all relevant covering documents), which will contain investment restrictions. This document is intended as a summary only and potential investors must read the prospectus, and where relevant, the key investor information document before investing. Issued in the UK by Janus Henderson Investors. Janus Henderson Investors is the name under which Janus Capital International Limited (reg no. 3594615), Henderson Global Investors Limited (reg. no. 906355), Henderson Investment Funds Limited (reg. no. 2678531), AlphaGen Capital Limited (reg. no. 962757), Henderson Equity Partners Limited (reg. no.2606646), (each incorporated and registered in England and Wales with registered office at 201 Bishopsgate, London EC2M 3AE) are authorised and regulated by the Financial Conduct Authority to provide investment products and services. In Ireland the Facilities Agent is BNP Paribas Fund Administration Services (Ireland) Limited. © 2018, Janus Henderson Investors. The name Janus Henderson Investors includes HGI Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus International Holding LLC.