JANUS RETIREMENT STRATEGY GROUP...Janus funds distributed by Janus Distributors LLC 151 Detroit St....

FOR INSTITUTIONAL INVESTOR USE ONLY/NOT FOR PUBLIC VIEWING OR DISTRIBUTION

Janus funds distributed by Janus Distributors LLC 151 Detroit St. Denver, CO 80206 (08/11) C-0811-108 12-30-12

JANUS RETIREMENT STRATEGY GROUP

Janus Retirement Strategy Group A relentless passion to help clients gain a competitive edge drives everything we do at Janus. We are committed to being a strong retirement partner delivering insights from our knowledgeable and dedicated sales and marketing teams. Fi360® Fiduciary ScoreTM Report Your custom fi360

® Fiduciary Score

TM Report is attached for your review. For more information or to learn more

about Janus please contact us at 1-877-33JANUS (52687).

The attached analysis has been completed for your review based on the criteria and mutual funds you, as the Investment Advisor, selected and is provided for informational purposes only. The attached analysis is not investment advice as defined under the Employee Retirement Income Security Act of 1974, as amended (ERISA), and should not be construed or intended to be an offer of any type including tax, legal or investment advice. In addition, this analysis is not a solicitation by Janus for the purchase, sale, or recommendation of any securities offered by Janus or any third party. Providing investment advice, as defined under ERISA, as amended, to a Plan or Plan participant may prohibit an investment professional from receiving 12b-1 fees.

The undersigned has provided Janus Capital Group with the list of products making up the fi360® Report and the report has been provided at the specific request of the Undersigned. The Undersigned understands that while the fi360® Report is a valuable tool in analyzing some risk and return characteristics of products, it does not represent a complete comparison of the products shown. Material differences may exist between the products the Undersigned has chosen to compare in the fi360® Report. The Undersigned agrees that the fi360® Report will not be distributed broadly to his or her firm's sales force nor will it be distributed to existing clients or potential investors in any products offered by the Undersigned or Janus Capital Group.

The attached analysis does not include all investment options offered by Janus. Please refer to www.janus.com for a complete list of the Janus investment options available to you.

For Janus funds, the performance data contained herein represents past performance, which does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data quoted. Performance shown may reflect the historical performance of a predecessor fund. Call 877.33JANUS (52687) or visit janus.com/advisor/mutual-funds for additional disclosure and performance current to the most recent month-end.

Performance shown for Janus funds Class A Shares at MOP includes the funds’ maximum sales charge of 5.75% for equity funds 4.75% for Janus Flexible Bond Fund, Janus Global Bond Fund and Janus High-Yield Bond Fund and 2.50% for Janus Short-Term Bond Fund. Performance shown at NAV does not include this sales charge and would have been lower had this sales charge been taken into account.

Certain Janus funds have a performance-based management fee that adjusts up or down based on the fund’s performance relative to an approved benchmark index over a performance measurement period. See the fund’s Prospectus or Statement of Additional Information for more details.

All total returns assume the reinvestment of dividends and capital gains and do not reflect the deduction of any sales charge as these charges are not applicable to eligible 401(k) plans. The investment menu provided by you, the Advisor, reflects funds that you have deemed to be available as of the date of submission for proposal. Should you accept the proposal, fund selection should be re-verified to ensure fund availability prior to implementation. This material is being provided in response to your request and may not be distributed to anyone other than the requestor.

For Janus funds, please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or summary prospectus, if available, containing this and other information, please call Janus at 877.33JANUS (52687) or download the file from janus.com/info. Read it carefully before you invest or send money.

FI360 ReportPrepared on: 8/22/2011 | Investment data as of 6/30/2011

Prepared For: Prepared By:

Janus, Perkins & INTECH Funds

Page 1 of 19

Investment data as of 6/30/2011

Analysis, search process, and layout are © 2000-2011, Fiduciary Analytics, LLC, a Fiduciary360 (fi360) company (www.fi360.com). All rights reserved. The analysis and opinions: (1) do not constitute professional investment advice; (2) are provided solely for informational purposes; (3) are not

warranted or represented to be correct, complete, or accurate; and (4) are for the exclusive use of subscribers to Fiduciary Analytics. The data source is © 2011 Morningstar, Inc. All rights reserved. The data contained herein: (1) is proprietary to Morningstar, Inc and/or its content providers; (2)

may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar, Inc nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

fi360_Landscape_v1_9

Fi360 Fiduciary Score® Breakdown (Funds/ETFs/IGSAs Only)

Fi360 Fiduciary Score Criteria

Inception Date: The investment must have at least a 3 year track history.1

Manager Tenure: The investment manager must have at least a 2 year track history. (Most senior manager’s tenure)2

Assets: The investment must have at least 75 million under management. (Total across all share classes for funds/etfs)3

Composition: The investment's allocation to its primary asset class should be greater than or equal to 80%. (Not applied to all peer groups)4

Style: The investment's current style box should match the peer group. (Not applied to all peer groups)5

Prospectus Net Exp Ratio: The investment must place in the top 75% of its peer group.6

Alpha: The investment must place in the top 50% of its peer group.7

Sharpe: The investment must place in the top 50% of its peer group.8

1 Year Return: The investment must place in the top 50% of its peer group.9



The fi360 Fiduciary Score® is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect

prudent fiduciary management. The criteria include total returns, risk-adjusted returns, expenses, and other portfolio statistics. Investments are

ranked according to their ability to meet due diligence criteria every calendar quarter. The rank becomes the fi360 Fiduciary Score (Quarter).

The fi360 Fiduciary Score (Average) is a one-, three-, five- or ten-year rolling average of an investment’s Quarter Score. The fi360 Fiduciary

Score represents a suggested course of action and is not intended, nor should it be used, as the sole source of information for reaching an

investment decision. Visit fi360.com/fi360-Fiduciary-Score for the complete methodology document.

Calculation Methodology Legend

N/Av

N/App

X

√

N/S

Investment does not meet the criterion

Investment data is not available

Investment doesn't have the history to be scored

Investment is not screened on the criterion

Investment meets the criterion

fi360 Fiduciary Score Criteria

1Qtr

Average

fi360 Fiduciary Score

Investment Name 2 3 4 5 6 7 8 9 10 111 Yr 3 Yr 5 Yr 10 YrPeer Group

Large-Cap Equity

√√ √ X√ √ √ √ √ √INTECH Risk-Managed Core S (JLCIX)

1,488# of Peers

Large Blend ----19√

√√ √ √√ √ √ √ √ XINTECH Risk-Managed Value S (JRSSX)

979# of Peers 935

Large Value ---3220√

√√ √ √√ √ √ √ √ XINTECH Risk-Managed Growth S (JCGIX)

1,291 990# of Peers 1,220 831

Large Growth -47544122√

√√ √ √X √ √ √ √ √Janus Research T (JAMRX)

1,291 990# of Peers 1,220 831 364

Large Growth 3528231925√

X√ √ √√ √ X X X XJanus Growth & Income T (JAGIX)

1,291 990# of Peers 1,220 831 364


X√ √ √√ √ X X X XJanus T (JANSX)

1,291 990# of Peers 1,220 831 364


X√ √ √X √ X X X √Janus Forty S (JARTX)

1,291 990# of Peers 1,220 831 364


Page 2 of 19






Fi360 Fiduciary Score® Breakdown (Cont.) (Funds/ETFs/IGSAs only)


1Qtr

Average



Large-Cap Equity

X√ √ √X √ X X X √Janus Twenty T (JAVLX)

1,291 990# of Peers 1,220 831 364


X√ X XX √ X X X XJanus Contrarian T (JSVAX)

1,488 1,094# of Peers 1,387 844

Large Blend -40517399√

Mid-Cap Equity

X√ √ √√ √ X X X √Janus Enterprise T (JAENX)

602 478# of Peers 581 407 185

Mid-Cap Growth 3213151637√

X√ √ X√ √ X √ X √Perkins Mid Cap Value T (JMCVX)

314 222# of Peers 295 154

Mid-Cap Value -32354962√

Small-Cap Equity

√√ X √√ √ √ √ √ √Janus Venture T (JAVTX)

585 444# of Peers 554 365 177

Small Growth 2121264020√

√√ √ X√ √ √ √ √ √Janus Triton T (JATTX)

585 444# of Peers 554

Small Growth --7726√

X√ √ X√ √ √ √ √ √Perkins Small Cap Value T (JSCVX)

278 203# of Peers 261 153

Small Value -36303737√

Developed International Equity

X√ X √√ √ √ √ √ √Janus International Equity S (JSIEX)

631# of Peers 563

Foreign Large Blend ---3924√

X√ √ X√ √ √ √ √ √Janus Overseas T (JAOSX)

184 122# of Peers 165 96 53

Foreign Large Growth 1517284346√

√√ √ √√ √ X X X XINTECH Risk-Managed Intl S (JMISX)

631# of Peers 563

Foreign Large Blend ---7264X

US Real Estate

X√ √ N/AppN/App √ √ √ √ √Janus Global Real Estate S (JERSX)

112# of Peers

Global Real Estate ----29√

Intermediate Fixed Income

√√ √ √X √ √ √ √ √Janus Flexible Bond T (JAFIX)

886 675# of Peers 837 564 274

Intermediate-Term Bond 18149414√

Short-Term Fixed Income

√√ √ √N/App √ √ √ √ √Janus Short-Term Bond T (JASBX)

323 257# of Peers 313 201 111

Short-Term Bond 28211370√

Page 3 of 19






Fi360 Fiduciary Score® Breakdown (Cont.) (Funds/ETFs/IGSAs only)


1Qtr

Average



High Yield Fixed Income

√√ √ √N/App √ √ √ √ √Janus High-Yield T (JAHYX)

436 328# of Peers 410 275 139

High Yield Bond 2518640√

Allocation

√√ √ N/AppN/App √ √ √ √ √Janus Global Research T (JARFX)

594 369# of Peers 508

World Stock --400√

X√ √ N/AppN/App √ √ √ √ √Janus Conservative Allocation T (JSPCX)

455# of Peers 422

Conservative Allocation ---414√

X√ √ N/AppN/App √ √ √ √ √Perkins Global Value T (JGVAX)

594 369# of Peers 508 295

World Stock -52343023√

X√ √ N/AppN/App √ √ √ √ √Janus Balanced T (JABAX)

716 534# of Peers 667 406 207

Moderate Allocation 2415122524√

X√ √ N/AppN/App √ √ √ √ √Janus Moderate Allocation T (JSPMX)

716# of Peers 667

Moderate Allocation ---1124√

X√ √ N/AppN/App √ √ √ √ √Janus Growth Allocation T (JSPGX)

245# of Peers 235

Aggressive Allocation ---1534√

X√ √ N/AppN/App √ X X X √Janus Global Select T (JORNX)

594 369# of Peers 508 295

World Stock -45411038√

X√ X N/AppN/App √ √ √ √ XJanus Worldwide T (JAWWX)

594 369# of Peers 508 295 135

World Stock 6770656462√

Alternative

X√ √ N/AppX √ X X X XJanus Long/Short S (JSLSX)

65# of Peers 51

Long/Short Equity ---7785X

Other / Specialty

√√ X N/AppN/App √ √ √ √ √Janus Global Technology T (JAGTX)

177 154# of Peers 176 136

Technology -1591429√

√√ √ N/AppN/App √ X X X XJanus Global Life Sciences T (JAGLX)

131 106# of Peers 130 96

Health -34364577√

Page 4 of 19






Style Analysis

Morningstar Style Box™ Overview

The Morningstar Style Box™ is a nine-square grid that provides a graphical representation of the investment style of mutual funds, variable annuity sub-accounts and separately managed accounts.

a. US and Intl. equities are classified according to market capitalization (the vertical axis) and growth and value factors (the horizontal axis).

b. Fixed income funds are classified according to credit quality (the vertical axis) and sensitivity to changes in interest rates (the horizontal axis)

Please note:

(1) A Style Box is only displayed if the investment has > 20% allocation in the corresponding asset class (ex. > 20% in US Stocks for the US Equity Style Box);

(2) Some investments do not fit into a style box and will be identified at the end of the section;

(3) Investments that have receive BOTH an equity and fixed income style box using the methodology above will be excluded from the charts and identified at the end of the section.

Investment Style Breakdown

The number of investments in each style is indicated in the charts below.

5 1

1 1

2 1 1

2 1

10

1

1 2

US Equity Style Box Fixed Income Style Box International Equity Style Box

Company Style Duration Company Style

Mark

et

Cap

itali

zati

on

Mark

et

Cap

itali

zati

on

Cre

dit

Qu

ali

tyLtd Mod Ext Value Blend GrowthValue Blend Growth

Sm

all

Larg

e

Larg

eSm

all

Hig

hLow

Mid

Mid

Mid

Style Box Detail

Investment Name

Intl

Equity

Fixed

Income

US

Equity

%

Bonds

%

StocksTypePeer Group

Displayed

Above

Large-Cap Equity

Large BlendINTECH Risk-Managed Core S MF 99.53 0.00Yes

Large ValueINTECH Risk-Managed Value S MF 100.00 0.00Yes

Large GrowthINTECH Risk-Managed Growth S MF 98.86 0.00Yes

Large GrowthJanus Research T MF 97.66 0.00Yes

Large GrowthJanus Growth & Income T MF 95.50 1.51Yes

Large GrowthJanus T MF 95.37 1.83Yes

Large GrowthJanus Forty S MF 95.67 0.00Yes

Page 5 of 19






Style Analysis (Cont.)

Investment Name

Intl

Equity

Fixed

Income

US

Equity

%

Bonds

%


Displayed

Above

Large-Cap Equity

Large GrowthJanus Twenty T MF 95.92 0.00Yes

Large BlendJanus Contrarian T MF 96.49 2.60Yes

Mid-Cap Equity

Mid-Cap GrowthJanus Enterprise T MF 95.22 0.00Yes

Mid-Cap ValuePerkins Mid Cap Value T MF 92.28 0.00Yes

Small-Cap Equity

Small GrowthJanus Venture T MF 96.61 0.00Yes

Small GrowthJanus Triton T MF 90.67 0.00Yes

Small ValuePerkins Small Cap Value T MF 85.79 0.00Yes


Foreign Large BlendJanus International Equity S MF 96.98 0.00Yes

Foreign Large GrowthJanus Overseas T MF 97.96 0.00Yes

Foreign Large BlendINTECH Risk-Managed Intl S MF 99.81 0.00Yes

US Real Estate

Global Real EstateJanus Global Real Estate S MF 88.99 0.00Yes


Intermediate-Term BondJanus Flexible Bond T MF 0.00 89.07Yes


Short-Term BondJanus Short-Term Bond T MF 0.00 86.31Yes


High Yield BondJanus High-Yield T MF 1.58 92.47Yes

Allocation

World StockJanus Global Research T MF 98.73 0.00Yes

Conservative AllocationJanus Conservative Allocation T MF 38.64 52.82- Reason: A Style Box was reported for 2 asset classes with >= 20% allocation.

No

World StockPerkins Global Value T MF 87.45 0.00Yes

Moderate AllocationJanus Balanced T MF 60.49 35.06- Reason: A Style Box was reported for 2 asset classes with >= 20% allocation.

No

Page 6 of 19






Style Analysis (Cont.)

Investment Name

Intl

Equity

Fixed

Income

US

Equity

%

Bonds

%


Displayed

Above

Allocation

Moderate AllocationJanus Moderate Allocation T MF 59.36 33.50- Reason: A Style Box was reported for 2 asset classes with >= 20% allocation.

No

Aggressive AllocationJanus Growth Allocation T MF 78.97 12.94Yes

World StockJanus Global Select T MF 95.81 0.00Yes

World StockJanus Worldwide T MF 98.20 0.00Yes

Alternative

Long/Short EquityJanus Long/Short S MF 88.27 8.97Yes

Other / Specialty

TechnologyJanus Global Technology T MF 97.81 0.00Yes

HealthJanus Global Life Sciences T MF 98.09 0.00Yes

Page 7 of 19






Fi360 Fiduciary Score® Scatter Plot

Calculation Methodology

The fi360 Fiduciary Score® is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. The criteria include total returns, risk-adjusted returns,

expenses, and other portfolio statistics. Investments are ranked according to their ability to meet due diligence criteria every calendar quarter. The rank becomes the fi360 Fiduciary Score (Quarter). The fi360 Fiduciary Score

(Average) is a one-, three-, five- or ten-year rolling average of an investment’s Quarter Score. The fi360 Fiduciary Score represents a suggested course of action and is not intended, nor should it be used, as the sole source of

information for reaching an investment decision. Visit fi360.com/fi360-Fiduciary-Score for the complete methodology document.


TypeInvestment Name (Ticker)ID Qtr 1 Yr 3 Yr 5 Yr 10 Yr

Average

Peer Group

Investments Shown in the Scatter Plot

Janus Global Research T (JARFX)1 MF

# of Peers 369 508 594

0 0 4 - -World Stock

Janus High-Yield T (JAHYX)2 MF

# of Peers 139 275 328 410 436

0 4 6 18 25High Yield Bond

Janus Short-Term Bond T (JASBX)3 MF

# of Peers 111 201 257 313 323

0 7 13 21 28Short-Term Bond

Janus Flexible Bond T (JAFIX)4 MF

# of Peers 274 564 675 837 886

14 4 9 14 18Intermediate-Term Bond

Janus Venture T (JAVTX)5 MF

# of Peers 177 365 444 554 585

20 40 26 21 21Small Growth

INTECH Risk-Managed Growth S (JCGIX)6 MF

# of Peers 831 990 1,220 1,291

22 41 54 47 -Large Growth

Perkins Global Value T (JGVAX)7 MF

# of Peers 295 369 508 594

23 30 34 52 -World Stock

Janus Balanced T (JABAX)8 MF

# of Peers 207 406 534 667 716

24 25 12 15 24Moderate Allocation

Janus Research T (JAMRX)9 MF

# of Peers 364 831 990 1,220 1,291

25 19 23 28 35Large Growth

Janus Triton T (JATTX)10 MF

# of Peers 444 554 585

26 7 7 - -Small Growth

Janus Global Technology T (JAGTX)11 MF

# of Peers 136 154 176 177

29 14 9 15 -Technology

Janus Enterprise T (JAENX)12 MF

# of Peers 185 407 478 581 602

37 16 15 13 32Mid-Cap Growth

Perkins Small Cap Value T (JSCVX)13 MF

# of Peers 153 203 261 278

37 37 30 36 -Small Value

Janus Global Select T (JORNX)14 MF

# of Peers 295 369 508 594

38 10 41 45 -World Stock

Janus Overseas T (JAOSX)15 MF

# of Peers 53 96 122 165 184

46 43 28 17 15Foreign Large Growth

Janus T (JANSX)16 MF

# of Peers 364 831 990 1,220 1,291


Page 8 of 19






Fi360 Fiduciary Score® Scatter Plot (Cont.)


TypeInvestment Name (Ticker)ID Qtr 1 Yr 3 Yr 5 Yr 10 Yr

Average

Peer Group

Janus Growth & Income T (JAGIX)17 MF

# of Peers 364 831 990 1,220 1,291


Perkins Mid Cap Value T (JMCVX)18 MF

# of Peers 154 222 295 314

62 49 35 32 -Mid-Cap Value

Janus Worldwide T (JAWWX)19 MF

# of Peers 135 295 369 508 594

62 64 65 70 67World Stock

Janus Global Life Sciences T (JAGLX)20 MF

# of Peers 96 106 130 131

77 45 36 34 -Health

Janus Twenty T (JAVLX)21 MF

# of Peers 364 831 990 1,220 1,291


Janus Forty S (JARTX)22 MF

# of Peers 364 831 990 1,220 1,291


Janus Contrarian T (JSVAX)23 MF

# of Peers 844 1,094 1,387 1,488

99 73 51 40 -Large Blend

Investments Not Shown in the Scatter Plot (Both a Qtr and Avg (3yr) score are required)

INTECH Risk-Managed Core S (JLCIX) MF

# of Peers 1,488

19 - - - -Large Blend

INTECH Risk-Managed Intl S (JMISX) MF

# of Peers 563 631

64 72 - - -Foreign Large Blend

INTECH Risk-Managed Value S (JRSSX) MF

# of Peers 935 979

20 32 - - -Large Value

Janus Conservative Allocation T (JSPCX) MF

# of Peers 422 455

14 4 - - -Conservative Allocation

Janus Global Real Estate S (JERSX) MF

# of Peers 112

29 - - - -Global Real Estate

Janus Growth Allocation T (JSPGX) MF

# of Peers 235 245

34 15 - - -Aggressive Allocation

Janus International Equity S (JSIEX) MF

# of Peers 563 631

24 39 - - -Foreign Large Blend

Janus Long/Short S (JSLSX) MF

# of Peers 51 65

85 77 - - -Long/Short Equity

Janus Moderate Allocation T (JSPMX) MF

# of Peers 667 716

24 11 - - -Moderate Allocation

Page 9 of 19






Fi360 Fiduciary Score® Scatter Plot (Cont.)Fi360 Fiduciary Score Scatter Plot

The chart plots each scored investment using the fi360 Fiduciary Score Average (3yr) on the vertical axis and the Fi360 Fiduciary Score Quarter on the horizantal axis. Green, yellow and red lines are drawn to highlight the

different fi360 Fiduciary Score quartiles. Investments in the bottom left corner of the chart have a better score.

Bubble sizes are based on the $ amount invested. | Bubble numbers refer to the Investment ID's on the previous page.

0 10 20 30 40 50 60 70 80 90 100

10

20

30

40

50

60

70

80

90

100

1

2

3

4

5

6

7

8

9

10

11

12

13

14

15

16

17

18

19

20

21

22 23

Fi360 Fiduciary Score Quarter

Fi3

60

Fid

ucia

ry S

co

re A

vera

ge (

3 Y

r)

Page 10 of 19






Investment Expenses

Mutual Funds/ETFs/IGSAs & Custom Holdings

Expense Ratios

Net

Prospectus

Gross

Audited

Net

12b-1

FeeInvestment Name

INTECH Risk-Managed Core S (JLCIX) 0.25 1.02 1.03 1.03

- Miscellaneous Expenses: Redemption Fee: 2.00%

INTECH Risk-Managed Growth S (JCGIX) 0.25 1.12 1.12 1.12


INTECH Risk-Managed Intl S (JMISX) 0.25 0.72 4.83 1.50


- Contractual expense waiver of 3.33. Expires on 2011-11-1.

INTECH Risk-Managed Value S (JRSSX) 0.25 1.26 1.27 1.25



Janus Balanced T (JABAX) - 0.82 0.85 0.85

Janus Conservative Allocation T (JSPCX) - 0.31 0.86 0.86

Janus Contrarian T (JSVAX) - 0.91 0.96 0.96

Janus Enterprise T (JAENX) - 0.95 1.00 1.00

Janus Flexible Bond T (JAFIX) - 0.66 0.70 0.70

Janus Forty S (JARTX) 0.25 1.20 1.20 1.20

Janus Global Life Sciences T (JAGLX) - 1.01 1.10 1.10


Janus Global Real Estate S (JERSX) 0.25 1.82 2.19 1.82



Janus Global Research T (JARFX) - 1.18 1.23 1.23


Janus Global Select T (JORNX) - 0.95 1.01 1.01


Janus Global Technology T (JAGTX) - 1.13 1.20 1.20


Janus Growth & Income T (JAGIX) - 0.90 0.93 0.93

Janus Growth Allocation T (JSPGX) - 0.33 0.98 0.98

Janus High-Yield T (JAHYX) - 0.86 0.88 0.88


Janus International Equity S (JSIEX) 0.25 1.46 1.46 1.46


Janus Long/Short S (JSLSX) 0.25 2.11 4.03 2.11


Janus Moderate Allocation T (JSPMX) - 0.30 0.89 0.89

Janus Overseas T (JAOSX) - 0.95 0.98 0.98

Page 11 of 19






Investment Expenses (Cont.)

Mutual Funds/ETFs/IGSAs & Custom Holdings

Expense Ratios

Net

Prospectus

Gross

Audited

Net

12b-1

FeeInvestment Name


Janus Research T (JAMRX) - 1.02 1.08 1.08

Janus Short-Term Bond T (JASBX) - 0.79 0.84 0.80


Janus T (JANSX) - 0.94 1.00 1.00

Janus Triton T (JATTX) - 0.96 1.00 1.00

Janus Twenty T (JAVLX) - 0.91 0.97 0.97

Janus Venture T (JAVTX) - 0.91 1.01 1.00

Janus Worldwide T (JAWWX) - 0.86 0.92 0.92


Perkins Global Value T (JGVAX) - 1.09 1.38 1.38


Perkins Mid Cap Value T (JMCVX) - 1.03 1.02 1.02

Perkins Small Cap Value T (JSCVX) - 1.08 1.06 1.06

Total/Equal Weighted Average 1.10

Page 12 of 19






Investment SnapshotThe fi360 Fiduciary Score® is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. The criteria include total returns, risk-adjusted returns,

expenses, and other portfolio statistics. Investments are ranked according to their ability to meet due diligence criteria every calendar quarter. The rank becomes the fi360 Fiduciary Score (Quarter). The fi360 Fiduciary Score

(Average) is a one-, three-, five- or ten-year rolling average of an investment’s Quarter Score. The fi360 Fiduciary Score represents a suggested course of action and is not intended, nor should it be used, as the sole source of

information for reaching an investment decision. Visit fi360.com/fi360-Fiduciary-Score for the complete methodology document.

Investors should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. Prospectuses containing this and other information about the fund are available by contacting your financial

consultant. Please read the prospectus carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance. The performance information shown represents past performance and is not a guarantee

of future results. The investment return and principal value of an investment will fluctuate so that the shares, when redeemed, may be worth more or less than their original cost. The performance information shown reflects

performance without adjusting for sales charges. If adjusted for sales charges, the load would reduce the performance quoted. Current performance may be lower or higher than the performance information shown. For

performance data current to the most recent month-end, please reference the Investment Company Contact Information section. Text in bold italics indicates Extended Performance. Fiduciary Score data points calculated using

Extended Performance are shown with a colored border instead of a background. Extended performance is an estimate based on the performance of the investment’s oldest share class, adjusted for fees.

Total Return (% rank in peer group)

Investment Name Type

Avg

(1yr)

Prosp.

Net Exp

Ratio

QTR YTD 1 Year 3 Year 5 Year 10 YearTicker

Avg

(10yr)

Avg

(3yr)

Avg

(5yr)

Fi360 Fiduciary Score®

QTR

(% rank in

peer group)

Large-Cap Equity

Peer Group: Large Blend

JLCIX 19 N/Av2.56 (49)3.67 (27)34.11 (8)MFINTECH Risk-Managed Core S - --- 1.03 (41) 0.99 (15) 8.75 (4)

JSVAX 99 5.82 (3)2.05 (63)-3.31 (97)14.39 (99)MFJanus Contrarian T 73 -4051 0.96 (35) -3.90 (98) -2.39 (99)

# of Fund/ETF peers 706 1,254 1,486 1,686 1,761 1,777 1,801 1,387 844 394 1,488 1,094

-0.08 5.54 29.89 2.72 2.51 2.521.18Median Fund/ETF in Large Blend

Russell 1000 TR USD 0.12 6.37 31.93 3.68 3.30 3.21

Peer Group: Large Growth

JCGIX 22 N/Av2.95 (70)3.21 (48)34.77 (33)MFINTECH Risk-Managed Growth S 41 -4754 1.12 (41) 1.52 (15) 8.68 (6)

JAMRX 25 2.57 (40)6.91 (9)4.57 (30)34.43 (36)MFJanus Research T 19 352823 1.08 (38) 0.95 (27) 5.17 (60)

JAGIX 61 2.20 (49)1.54 (89)1.76 (66)28.72 (81)MFJanus Growth & Income T 81 486273 0.93 (23) 1.40 (18) 7.77 (15)

JANSX 61 0.64 (82)3.89 (51)2.10 (63)26.14 (92)MFJanus T 49 384239 1.00 (29) 1.07 (24) 4.05 (79)

JARTX 87 4.72 (8)5.33 (26)-4.60 (98)21.47 (98)MFJanus Forty S 70 334451 1.20 (45) 0.74 (33) 1.98 (94)

JAVLX 87 4.53 (10)6.35 (14)-3.96 (97)22.49 (97)MFJanus Twenty T 71 424149 0.97 (26) -0.03 (56) 1.08 (97)

# of Fund/ETF peers 681 1,106 1,292 1,457 1,508 1,519 1,541 1,220 831 364 1,291 990

0.18 5.67 32.63 3.00 3.93 2.081.25Median Fund/ETF in Large Growth

Russell 1000 Growth TR USD 0.76 6.83 35.01 5.01 5.33 2.24

Peer Group: Large Value

JRSSX 20 N/Av1.05 (61)2.87 (43)28.81 (45)MFINTECH Risk-Managed Value S 32 --- 1.25 (56) -0.40 (50) 6.37 (34)

# of Fund/ETF peers 453 835 979 1,101 1,148 1,164 1,188 935 613 258 979 760

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Investment Snapshot (Cont.)



Avg

(1yr)

Prosp.

Net Exp

Ratio


Avg

(10yr)

Avg

(3yr)

Avg

(5yr)


QTR

(% rank in

peer group)

Peer Group: Large Value (continued)

-0.40 5.51 28.51 2.34 1.53 3.371.18Median Fund/ETF in Large Value

Russell 1000 Value TR USD -0.50 5.92 28.94 2.28 1.15 3.99

Mid-Cap Equity

Peer Group: Mid-Cap Growth

JAENX 37 4.93 (47)7.97 (19)4.83 (54)39.45 (51)MFJanus Enterprise T 16 321315 1.00 (21) 0.06 (55) 6.46 (75)

# of Fund/ETF peers 336 531 603 682 704 710 715 581 407 185 602 478

0.24 8.39 39.61 5.20 5.72 4.651.32Median Fund/ETF in Mid-Cap Growth

Russell Mid Cap Growth TR USD 1.61 9.59 43.25 6.58 6.28 5.52

Peer Group: Mid-Cap Value

JMCVX 62 8.73 (19)6.33 (11)5.88 (54)25.24 (93)MFPerkins Mid Cap Value T 49 -3235 1.02 (29) -1.00 (62) 5.01 (75)

# of Fund/ETF peers 107 252 314 378 391 397 404 295 154 51 314 222

-0.71 6.21 33.20 6.07 4.07 7.031.25Median Fund/ETF in Mid-Cap Value

Russell Mid Cap Value TR USD -0.69 6.69 34.28 6.35 4.01 8.42

Small-Cap Equity

Peer Group: Small Growth

JAVTX 20 6.47 (27)7.36 (19)11.00 (20)43.66 (41)MFJanus Venture T 40 212126 1.00 (12) 2.22 (11) 11.25 (27)

JATTX 26 N/Av11.75 (1)14.68 (4)43.59 (42)MFJanus Triton T 7 --7 1.00 (12) 1.06 (31) 10.05 (43)

# of Fund/ETF peers 306 493 585 656 687 693 705 554 365 177 585 444

0.29 9.62 42.40 7.97 5.16 5.021.44Median Fund/ETF in Small Growth

Russell 2000 Growth TR USD -0.59 8.59 43.50 8.35 5.79 4.63

Peer Group: Small Value

JSCVX 37 8.42 (42)8.34 (3)12.90 (10)22.71 (96)MFPerkins Small Cap Value T 37 -3630 1.06 (20) -1.85 (39) 4.01 (59)

# of Fund/ETF peers 123 230 278 313 333 345 366 261 153 61 278 203

-2.03 4.61 32.37 8.47 3.49 8.161.42Median Fund/ETF in Small Value

Russell 2000 Value TR USD -2.65 3.77 31.35 7.09 2.24 7.53


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Avg

(1yr)

Prosp.

Net Exp

Ratio


Avg

(10yr)

Avg

(3yr)

Avg

(5yr)


QTR

(% rank in

peer group)


Peer Group: Foreign Large Blend

JSIEX 24 N/AvN/Av1.15 (14)25.42 (89)MFJanus International Equity S 39 --- 1.46 (57) -0.08 (85) 3.20 (73)

JMISX 64 N/AvN/Av-2.70 (68)32.92 (26)MFINTECH Risk-Managed Intl S 72 --- 1.50 (59) 1.38 (49) 4.81 (41)

# of Fund/ETF peers 257 467 630 728 762 773 782 563 305 147 631 395

1.33 4.37 31.02 -1.67 1.65 5.071.36Median Fund/ETF in Foreign Large Blend

MSCI AC World Ex USA NR USD 0.38 3.80 29.73 -0.35 3.67 7.48

Peer Group: Foreign Large Growth

JAOSX 46 10.08 (3)8.37 (2)1.87 (32)14.77 (98)MFJanus Overseas T 43 151728 0.98 (10) -8.31 (98) -7.13 (96)

# of Fund/ETF peers 88 148 184 216 224 225 225 165 96 53 184 122

1.94 4.57 32.05 -0.03 3.30 5.701.40Median Fund/ETF in Foreign Large Growth

MSCI EAFE Growth NR USD 2.11 4.38 31.25 -1.85 2.51 5.28

US Real Estate

Peer Group: Global Real Estate

JERSX 29 N/AvN/Av6.17 (2)23.46 (97)MFJanus Global Real Estate S - --- 1.82 (75) -0.62 (96) 1.70 (86)

# of Fund/ETF peers 14 50 112 130 138 139 147 90 15 11 112 34

2.99 5.35 32.09 1.60 0.27 10.011.40Median Fund/ETF in Global Real Estate

MSCI World/Real Estate NR USD 2.24 4.66 33.22 0.74 0.47 7.62


Peer Group: Intermediate-Term Bond

JAFIX 14 6.58 (9)8.13 (7)9.12 (12)5.47 (39)MFJanus Flexible Bond T 4 18149 0.70 (34) 1.81 (62) 3.10 (33)

# of Fund/ETF peers 474 746 886 1,022 1,089 1,096 1,109 837 564 274 886 675

1.90 2.81 4.97 6.78 6.20 5.290.85Median Fund/ETF in Intermediate-Term Bond

BarCap US Govt/Credit 5-10 Yr TR USD 3.26 3.73 5.49 8.00 7.62 6.69


Peer Group: Short-Term Bond

JASBX 0 4.09 (30)5.18 (19)5.63 (14)2.99 (44)MFJanus Short-Term Bond T 7 282113 0.80 (50) 0.86 (42) 1.43 (49)

Page 15 of 19









Avg

(1yr)

Prosp.

Net Exp

Ratio


Avg

(10yr)

Avg

(3yr)

Avg

(5yr)


QTR

(% rank in

peer group)


Peer Group: Short-Term Bond (continued)

# of Fund/ETF peers 161 273 323 380 400 404 409 313 201 111 323 257

0.78 1.39 2.74 3.81 4.05 3.610.80Median Fund/ETF in Short-Term Bond

BarCap Govt/Credit 1-5 Yr TR USD 1.49 1.77 2.84 4.60 5.29 4.62


Peer Group: High Yield Bond

JAHYX 0 7.80 (36)8.38 (19)11.83 (10)16.14 (21)MFJanus High-Yield T 4 25186 0.88 (29) 0.64 (49) 4.01 (68)

# of Fund/ETF peers 229 365 436 489 511 520 526 410 275 139 436 328

0.64 4.28 14.89 9.67 7.36 7.421.10Median Fund/ETF in High Yield Bond

BofAML US HY Master II TR USD 0.99 4.93 15.40 12.39 9.20 8.76

Allocation

Peer Group: Aggressive Allocation

JSPGX 34 N/Av6.11 (1)3.72 (35)21.43 (91)MFJanus Growth Allocation T 15 --- 0.98 (18) -0.71 (88) 2.96 (93)

# of Fund/ETF peers 70 195 245 269 273 273 287 235 95 40 245 156

0.24 4.67 25.42 3.19 3.37 4.081.39Median Fund/ETF in Aggressive Allocation

Morningstar Aggressive Target Risk 0.04 5.97 32.24 4.08 4.65 6.12

Peer Group: Conservative Allocation

JSPCX 14 N/Av7.29 (1)7.36 (10)14.15 (54)MFJanus Conservative Allocation T 4 --- 0.86 (19) 0.81 (64) 3.67 (52)

# of Fund/ETF peers 135 363 455 513 528 536 544 422 186 91 455 291

0.99 3.69 14.35 5.12 4.61 4.241.25Median Fund/ETF in Conservative Allocation

Morningstar Moderately Cons Target Risk 1.20 3.90 14.99 5.35 5.76 6.18

Peer Group: Moderate Allocation

JABAX 24 6.00 (7)7.49 (1)7.02 (4)17.90 (82)MFJanus Balanced T 25 241512 0.85 (15) 1.44 (4) 5.53 (11)

JSPMX 24 N/Av6.99 (1)6.11 (13)17.78 (83)MFJanus Moderate Allocation T 11 --- 0.89 (18) -0.08 (79) 3.19 (87)

# of Fund/ETF peers 321 598 716 822 858 869 887 667 406 207 716 534

0.51 4.29 20.62 4.22 3.89 4.061.27Median Fund/ETF in Moderate Allocation

Page 16 of 19









Avg

(1yr)

Prosp.

Net Exp

Ratio


Avg

(10yr)

Avg

(3yr)

Avg

(5yr)


QTR

(% rank in

peer group)

Peer Group: Moderate Allocation (continued)

Morningstar Moderately Aggr Target Risk 0.39 5.43 27.24 4.88 5.27 6.42

Peer Group: World Stock

JARFX 0 N/Av7.43 (6)3.62 (30)34.20 (21)MFJanus Global Research T 0 --4 1.23 (31) 2.05 (24) 5.34 (43)

JGVAX 23 6.09 (29)3.74 (43)5.68 (11)24.72 (86)MFPerkins Global Value T 30 -5234 1.38 (44) 2.46 (17) 5.91 (34)

JORNX 38 7.98 (9)6.40 (8)-0.01 (68)29.52 (57)MFJanus Global Select T 10 -4541 1.01 (16) -3.25 (92) 0.25 (93)

JAWWX 62 0.55 (96)2.61 (58)2.92 (36)24.57 (86)MFJanus Worldwide T 64 677065 0.92 (10) -1.06 (79) 2.04 (82)

# of Fund/ETF peers 225 418 594 766 826 842 860 508 295 135 594 369

0.65 4.91 30.08 1.24 3.24 4.631.45Median Fund/ETF in World Stock

MSCI World NR USD 0.47 5.29 30.51 0.47 2.28 3.99

Alternative

Peer Group: Long/Short Equity

JSLSX 85 N/AvN/Av-5.05 (76)0.60 (83)MFJanus Long/Short S 77 --- 2.11 (55) -2.97 (86) -2.50 (80)

# of Fund/ETF peers 15 37 64 112 139 175 192 51 23 7 65 33

-0.53 0.44 8.02 -1.05 0.83 2.862.01Median Fund/ETF in Long/Short Equity

S&P 500 TR 0.10 6.02 30.69 3.34 2.94 2.72

Other / Specialty

Peer Group: Health

JAGLX 77 4.07 (52)6.09 (62)5.78 (93)34.03 (50)MFJanus Global Life Sciences T 45 -3436 1.10 (31) 6.11 (60) 13.51 (71)

# of Fund/ETF peers 85 118 129 140 144 146 146 130 96 31 131 106

6.61 15.14 34.03 8.60 6.78 4.241.37Median Fund/ETF in Health

DJ US Health Care TR USD 7.22 13.92 29.32 8.32 6.05 3.59

Peer Group: Technology

JAGTX 29 2.09 (44)8.91 (34)9.37 (39)34.57 (45)MFJanus Global Technology T 14 -159 1.20 (29) -0.94 (22) 2.83 (60)

# of Fund/ETF peers 114 160 170 196 204 205 205 176 136 42 177 154

-2.17 3.25 34.03 8.73 8.01 1.421.51Median Fund/ETF in Technology

Morningstar SEC/Technology TR USD -1.77 2.19 28.00 7.63 7.87 1.79

Page 17 of 19






Standardized Performance Disclosure (Mutual Funds and ETFs only)

Standardized Returns for the quarter ending 6/30/2011. Returns for periods of less than one year are not annualized. Standardized Returns assume reinvestment of dividends and capital gains. It

depicts performance without adjusting for the effects of taxation, but are adjusted to reflect sales charges and ongoing fund expenses. If adjusted for taxation, the performance quoted would be

significantly reduced. The sales charge used in the calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar.

Investors should consider the investment objectives, risks, and charges and expenses of a fund carefully before investing. Prospectuses containing this and other information about the fund are

available by contacting your financial consultant. Please read the prospectus carefully before investing to make sure that the fund is appropriate for your goals and risk tolerance. The performance

information shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that the shares, when redeemed,

may be worth more or less than their original cost. The performance information shown reflects performance without adjusting for sales charges. If adjusted for sales charges, the load would reduce

the performance quoted. Current performance may be lower or higher than the performance information shown. For performance data current to the most recent month-end, please reference the

Investment Company Contact Information section.

Text in bold italics indicates Extended Performance. Fiduciary Score data points calculated using Extended Performance are shown with a colored border instead of a background. Extended

performance is an estimate based on the performance of the investment’s oldest share class, adjusted for fees.

Investment Returns (Load-adjusted)

Investment Name

Inception

1 Year 5 Year 10 Year

Since

Inception

Prospectus

Gross Exp

Ratio

Load

Max

Front

Max

Deferred

12b-1

FeesProduct Share Class

Large-Cap Equity

- -02/28/2003 0.2534.11 2.56 N/Av 1.0324.91INTECH Risk-Managed Core S (JLCIX) 07/06/2009

- -12/30/2005 0.2528.81 1.05 N/Av 1.271.78INTECH Risk-Managed Value S (JRSSX) 12/30/2005

- -01/02/2003 0.2534.77 2.95 N/Av 1.126.60INTECH Risk-Managed Growth S (JCGIX) 01/02/2003

- -05/03/1993 34.43 6.91 2.57 1.0810.60Janus Research T (JAMRX) 05/03/1993

- -05/15/1991 28.72 1.54 2.20 0.9310.21Janus Growth & Income T (JAGIX) 05/15/1991

- -02/05/1970 26.14 3.89 0.64 1.0012.44Janus T (JANSX) 02/05/1970

- -05/01/1997 0.2521.47 5.33 4.72 1.209.81Janus Forty S (JARTX) 05/01/1997

- -04/30/1985 22.49 6.35 4.53 0.9711.82Janus Twenty T (JAVLX) 04/30/1985

- -02/29/2000 14.39 2.05 5.82 0.965.54Janus Contrarian T (JSVAX) 02/29/2000

Mid-Cap Equity

- -09/01/1992 39.45 7.97 4.93 1.0010.24Janus Enterprise T (JAENX) 09/01/1992

- -08/12/1998 25.24 6.33 8.73 1.0212.90Perkins Mid Cap Value T (JMCVX) 08/12/1998

Small-Cap Equity

- -04/30/1985 43.66 7.36 6.47 1.0112.13Janus Venture T (JAVTX) 04/30/1985

- -02/25/2005 43.59 11.75 N/Av 1.0012.68Janus Triton T (JATTX) 02/25/2005

- -02/14/1985 22.71 8.34 8.42 1.0612.97Perkins Small Cap Value T (JSCVX) 10/21/1987


- -11/28/2006 0.2525.42 N/Av N/Av 1.464.81Janus International Equity S (JSIEX) 11/28/2006

- -05/02/1994 14.77 8.37 10.08 0.9812.23Janus Overseas T (JAOSX) 05/02/1994

- -05/02/2007 0.2532.92 N/Av N/Av 4.83-3.23INTECH Risk-Managed Intl S (JMISX) 05/02/2007

US Real Estate

Page 18 of 19






Standardized Performance Disclosure (Cont.) (Mutual Funds and ETFs only)

Investment Returns (Load-adjusted)

Investment Name

Inception

1 Year 5 Year 10 Year

Since

Inception

Prospectus

Gross Exp

Ratio

Load

Max

Front

Max

Deferred

12b-1

FeesProduct Share Class

US Real Estate

- -11/28/2007 0.2523.46 N/Av N/Av 2.191.13Janus Global Real Estate S (JERSX) 11/28/2007


- -07/07/1987 5.47 8.13 6.58 0.707.56Janus Flexible Bond T (JAFIX) 07/07/1987


- -09/01/1992 2.99 5.18 4.09 0.844.77Janus Short-Term Bond T (JASBX) 09/01/1992


- -12/29/1995 16.14 8.38 7.80 0.888.15Janus High-Yield T (JAHYX) 12/29/1995

Allocation

- -02/25/2005 34.20 7.43 N/Av 1.239.61Janus Global Research T (JARFX) 02/25/2005

- -12/30/2005 14.15 7.29 N/Av 0.867.05Janus Conservative Allocation T (JSPCX) 12/30/2005

- -06/29/2001 24.72 3.74 6.09 1.386.08Perkins Global Value T (JGVAX) 06/29/2001

- -09/01/1992 17.90 7.49 6.00 0.8510.07Janus Balanced T (JABAX) 09/01/1992

- -12/30/2005 17.78 6.99 N/Av 0.897.02Janus Moderate Allocation T (JSPMX) 12/30/2005

- -12/30/2005 21.43 6.11 N/Av 0.986.52Janus Growth Allocation T (JSPGX) 12/30/2005

- -06/30/2000 29.52 6.40 7.98 1.011.95Janus Global Select T (JORNX) 06/30/2000

- -05/15/1991 24.57 2.61 0.55 0.928.57Janus Worldwide T (JAWWX) 05/15/1991

Alternative

- -08/01/2006 0.250.60 N/Av N/Av 4.030.55Janus Long/Short S (JSLSX) 08/01/2006

Other / Specialty

- -12/31/1998 34.57 8.91 2.09 1.204.96Janus Global Technology T (JAGTX) 12/31/1998

- -12/31/1998 34.03 6.09 4.07 1.108.15Janus Global Life Sciences T (JAGLX) 12/31/1998

Page 19 of 19






JANUS RETIREMENT STRATEGY GROUP...Janus funds distributed by Janus Distributors LLC 151 Detroit St....

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