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JVTSX

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Venture Fund

Moderate Small-Cap Growth Equities

NAV As of 12/07/18 $73.68

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Fund Facts

Details	Performance (As of 12/07/18)	Morningstar (As of 11/30/18)
04/30/85 Inception Date $3.27B Total Net Assets (As of 10/31/18) GROSS 1.17% NET 1.17% Annual Expense Ratio (As of fiscal year end 09/30/17) View Morningstar Fee Level Morningstar Fee Level compares a mutual fund share class' expense ratio relative to other fund share classes that invest in a similar asset class and have similar distribution channels and expense structures. A fund share class' net expense ratio from its most recent annual report (or, for a fund of funds, from its most recent prospectus) is ranked against peers using five quintiles: the 20% with the lowest expense ratio are designated Low, the next 20% Below Average, the next 20% Average, the next 20% Above Average and the 20% with the highest expense ratio are designated High. The Morningstar Fee Level can be a useful tool for putting a fund's fees into context, but alone is not a sufficient basis for investment decisions. When an expense waiver is in effect, it may have a material effect on the fee level and/or expense ratio ranking.	-2.20% 1 Day Return -1.50% YTD Return	Category Small Growth 591 Funds Rated Overall Rating (Based on risk-adjusted returns) View all ratings * Analyst Rating LARGE VALUE LARGE BLEND LARGE GROWTH MID VALUE MID BLEND MID GROWTH SMALL VALUE SMALL BLEND SMALL GROWTH Equity Style Box * Important Morningstar Information The Morningstar Rating™ for funds, or "star rating", is calculated for funds with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. Ratings may vary by share class. Ratings and/or rankings may be based, in part, on the performance of a predecessor fund or share class and are calculated by Morningstar using a methodology that differs from that used by Janus Henderson. Methodology differences may have a material effect on the return and therefore the rating/ranking. When an expense waiver is in effect, it may have a material effect on the total return or yield, and therefore the ranking and/or rating for the period. The Morningstar Equity Style Box™ reveals a fund's investment strategy. For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend or growth). The Morningstar Fixed-Income Style Box™ reveals a fund's investment style as of the date noted. For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration. Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit https://www.sec.gov/ocr/ratingagency.html. Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself a NRSRO nor does it issue a credit rating on the fund. A NRSRO or rating agency ratings can change from time-to-time. For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low", "medium", or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive. The Morningstar Analyst Rating is not a credit or risk rating. It is a subjective evaluation performed by the mutual fund analysts of Morningstar, Inc. Morningstar evaluates funds based on five key unequally weighted pillars, which are process, performance, people, parent and price. Morningstar’s analysts use this five pillar evaluation to identify funds they believe are more likely to outperform over the long term on a risk-adjusted basis. Analysts consider quantitative and qualitative factors in their research, but the assessment of each pillar and how they are combined is driven by the analyst’s overall assessment and overseen by Morningstar’s Analyst Rating Committee. The approach serves not as a formula but as a framework to ensure consistency across Morningstar’s global coverage universe. The Analyst Rating scale ranges from Gold to Negative, with Gold being the highest rating and Negative being the lowest rating. A fund with a “Gold” rating distinguishes itself across the five pillars and has garnered the analysts’ highest level of conviction. A fund with a ‘Silver’ rating has notable advantages across several, but perhaps not all, of the five pillars-strengths that give the analysts a high level of conviction. A “Bronze” rated fund has advantages that outweigh the disadvantages across the five pillars, with sufficient level of analyst conviction to warrant a positive rating. A fund with a “Neutral” rating isn't seriously flawed across the five pillars, nor does it distinguish itself very positively. A “Negative” rated fund is flawed in at least one, if not more pillars and is considered an inferior offering to its peers. Analyst Ratings are reevaluated every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to http://corporate.morningstar.com/us/documents/MethodologyDocuments/AnalystRatingforFundsMethodology.pdf. The Morningstar Analyst Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what we expected. © 2018 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Overview

Client Commitment

A moderately positioned small-cap growth fund seeking to provide consistent relative returns with lower volatility than the index. Invests in small-cap companies with differentiated business models and sustainable competitive advantages that we believe are positioned to grow market share regardless of economic conditions.

Why Invest in the Fund

Unique Business Models

Seeks small cap companies that are differentiated from competitors – differentiated business model, innovative approach or unique products or services – that are using their competitive advantages to grow over a multi-year time frame.

Deep, Specialized Team

In-depth fundamental research supported by broad team of analysts and team of small-mid cap specialists, and a portfolio management team with experience identifying small-cap companies early in their life cycle.

Moderate Approach to Growth

Offers potential for capital appreciation through exposure to small and fast growing companies with a focus on resilient business models positioned to weather a variety of market environments.

Top Quintile Risk-Adjusted Returns with Lower Volatility than a Majority of Peers

5 year risk/reward rankings in Morningstar Small Growth Category (660 funds) as of 9/30/18

As of 9/30/18, Venture Fund Class I Shares 3-year percentile rankings in the Morningstar Small Growth category (706 funds): 42nd for Alpha, 31st for Sharpe Ratio, 74th for Standard Deviation and 64th for Beta.
Closed to certain new investors.

Portfolio Management

Jonathan Coleman, CFA

Portfolio Manager

Scott Stutzman, CFA

Portfolio Manager | Research Analyst

Featured Insights

Performance

Inception: Apr 30, 1985	3M	YTD	1YR	3YR	5YR	10YR	Since Inception
Venture Fund – S Shares	5.51%	17.06%	21.64%	17.76%	12.78%	14.75%	12.24%
Russell 2000® Growth Index	5.52%	15.76%	21.06%	17.98%	12.14%	12.65%	8.70%
Russell 2000® Index	3.58%	11.51%	15.24%	17.12%	11.07%	11.11%	10.08%

Inception: Apr 30, 1985	3M	YTD	1YR	3YR	5YR	10YR	Since Inception
Venture Fund – S Shares	-11.86%	4.65%	4.80%	9.78%	9.26%	17.98%	11.80%
Russell 2000® Growth Index	-13.36%	2.69%	2.81%	9.97%	8.22%	15.55%	8.26%
Russell 2000® Index	-11.62%	0.98%	0.57%	10.08%	7.50%	14.04%	9.70%

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.
View Fees and Expenses
Performance for Class S Shares that includes periods prior to 5/6/11, reflects the performance of one or more share classes of the Fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance.

MORNINGSTAR PERCENTILE

QUARTER END
MONTH END

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking (%)	59	55	31	15	23
Small Growth Category Rank/Count	457/728	388/701	204/660	96/591	12/53

	1 YR	3 YR	5 YR	10 YR	SINCE INCEPTION
Percentile Ranking (%)	62	71	30	10	17
Small Growth Category Rank/Count	453/693	480/670	199/629	55/566	10/49

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

Source: Morningstar, Inc.
This graph compares fund performance to that of the fund’s Morningstar category average and benchmark(s).

RETURNS-BASED STATISTICS

(As of 10/31/18 CLASS I SHARES)

RISK / REWARD VS. RUSSELL 2000® GROWTH INDEX	3 YEAR	5 YEAR
Information Ratio	0.14	0.40
Alpha	1.79	2.46
Tracking Error	3.75	4.09
Beta	0.86	0.88
R-Squared (%)	94.84	93.21

UP AND DOWN MARKET CAPTURE (%) VS. RUSSELL 2000® GROWTH INDEX	3 YEAR	5 YEAR
Up Capture Ratio	89.31	95.03
Down Capture Ratio	81.60	85.70

STANDARD DEVIATION	3 YEAR	5 YEAR
Venture Fund	13.70	14.07
Russell 2000® Growth Index	15.44	15.40

SHARPE RATIO	3 YEAR	5 YEAR
Venture Fund	0.76	0.70
Russell 2000® Growth Index	0.64	0.53

ANNUAL FEES & EXPENSES (As of Fiscal Year End, 09/30/17)	CLASS S SHARES
Management Fees	0.64%
12b-1 Fees	0.25%
Other Expenses	0.28%
Total Gross Expenses	1.17%
Waivers	0.00%
Total Net Expenses	1.17%

Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19.

Characteristics

Index represents the Russell 2000® Growth Index.

TOP HOLDINGS (As of 10/31/2018)	% of Fund
HEICO Corp	2.37
SS&C Technologies Holdings Inc	2.19
Euronet Worldwide Inc	2.13
Nice Ltd (ADR)	2.07
STERIS PLC	1.96
ServiceMaster Global Holdings Inc	1.85
Catalent Inc	1.81
Broadridge Financial Solutions Inc	1.64
LPL Financial Holdings Inc	1.57
WEX Inc	1.56
TOTAL	19.15

View Full Holdings

PORTFOLIO CHARACTERISTICS (As of 10/31/18)	FUND	INDEX
Number of Holdings Equity Issues	134	1244
Market Capitalization Weighted Average	$4.48B	$2.44B
Portfolio Turnover Rate (1-year trailing)	25.72%	-
Price/Earnings Ratio (1-year forward)	25.49	26.71
Price/Book Ratio (1-year forward)	4.79	5.52
Earnings Growth Rate (1-year forward)	22.97%	32.45%

DEVELOPED VS. EMERGING MARKET (As of 10/31/18)	% OF FUND	% OF INDEX
U.S.	90.87	99.91
Non-U.S. Developed	7.21	0.04
Non-U.S. Emerging	0.89	0.05
Cash & Equivalents	1.03	-

SECTOR ALLOCATION (As of 10/31/18)	% OF FUND	% OF INDEX
Information Technology	30.31	17.31
Health Care	23.83	26.64
Industrials	16.49	18.03
Consumer Discretionary	10.68	14.83
Financials	6.43	7.47
Materials	4.40	3.79
Real Estate	2.19	2.74
Energy	1.91	2.19
Consumer Staples	1.66	3.07
Communication Services	1.07	3.39
Cash & Equivalents	1.03	-

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS (As of 10/31/2018)	% OF FUND	% OF INDEX
$10B to $50B	7.54	0.12
$5B to $10B	31.00	6.06
$1B to $5B	49.36	77.43
$500M to $1B	9.20	10.86
$250M to $500M	1.76	4.02
Under $100M	0.11	0.05

REGIONAL ALLOCATION (As of 10/31/18)	% OF FUND	% OF INDEX
North America	92.73	99.95
Africa/Mideast	2.71	-
Europe	2.64	0.03
Asia/Pacific Ex Japan	0.89	0.02
Cash & Equivalents	1.03	-

Commentary & Literature

3Q18 Portfolio Commentary Highlights

Small-cap stocks gained significant ground during the period.
The Fund outperformed its benchmark during the period.
We remain concerned about excessive valuations in pockets of the small-cap market.

Read The Full Commentary

JVTSX

Venture Fund

Moderate Small-Cap Growth Equities

Jump to a section

Fund Facts

Overview

Client Commitment

Why Invest in the Fund

Unique Business Models

Deep, Specialized Team

Moderate Approach to Growth

Top Quintile Risk-Adjusted Returns with Lower Volatility than a Majority of Peers

5 year risk/reward rankings in Morningstar Small Growth Category (660 funds) as of 9/30/18

Portfolio Management

Jonathan Coleman, CFA

Scott Stutzman, CFA

Featured Insights

Valuation Bifurcation: Are Small and Mid-Caps Overpriced?

Performance

RETURNS

MORNINGSTAR PERCENTILE

CALENDAR YEAR PERFORMANCE

GROWTH OF A $10,000 HYPOTHETICAL INVESTMENT

RETURNS-BASED STATISTICS

RISK / REWARD VS. RUSSELL 2000® GROWTH INDEX

UP AND DOWN MARKET CAPTURE (%) VS. RUSSELL 2000® GROWTH INDEX

STANDARD DEVIATION

SHARPE RATIO

ANNUAL FEES & EXPENSES

Characteristics

TOP HOLDINGS

PORTFOLIO CHARACTERISTICS

DEVELOPED VS. EMERGING MARKET

SECTOR ALLOCATION

MARKET CAPITALIZATION RANGE OF EQUITY HOLDINGS

REGIONAL ALLOCATION

Commentary & Literature

3Q18 Portfolio Commentary Highlights

Literature

RISK / REWARD
VS. RUSSELL 2000® GROWTH INDEX

UP AND DOWN MARKET CAPTURE (%)
VS. RUSSELL 2000® GROWTH INDEX