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FUND PROFILE

4Q17 Global & International Equity

International Managed Volatility Fund A: JMIAX C: JMICX I: JMIIX N: JMRNX S: JMISX T: JRMTX

Dynamic Beta for Managing Equity Volatility International equity exposure is key to an investor’s portfolio, but amidst the uncertainty of today’s markets should be paired with a strategy designed to lessen losses. International Managed Volatility Fund is a long-only, international developed-markets equity fund that seeks smaller drawdowns and a smoother ride over time by balancing downside mitigation with upside participation for any market environment. The Fund employs a systematic “dynamic beta” investment approach designed to adjust to changing risk environments, seeking up to 45% less volatility than the MSCI EAFE® Index.

Why Invest in the Fund Dynamic Beta Positioning As risk in the market increases, the portfolio shifts to take a more defensive posture, targeting a lower beta than the index. When risk levels decrease, the portfolio migrates to a more market-like stance, targeting a higher beta, allowing for the full potential to benefit from the upward trend in the market.

30+ Years of Volatility Research Intech’s dedicated volatility management team, with over 30 years experience, is comprised of experts who have dedicated their life’s work, academic research and careers to developing this disciplined, repeatable and unemotional process based on the sole input of volatility.

Focus on Risk-Adjusted Return Our process is designed to construct a portfolio of long-only stocks with the highest return potential and lowest risk. By seeking a smoother ride, the Fund may help investors maintain equity market exposure and have the opportunity to build more wealth over time.

Navigating Many Different Market Environments Fund and Benchmark Cumulative Returns (12/31/14 – 12/31/17) International Managed Volatility Fund (Class I Shares) MSCI EAFE® Index 29.01% 30% 20%

25.26%

10% 0% -10% -20%

1Q15

2Q15

Moderate Up Market Designed to Outperform

3Q15

4Q15

1Q16

2Q16

Down Market Designed to Outperform

During the first quarter’s Volatility heightened at the end moderate move higher, of 2015 and into early 2016. The Fund experienced less we saw the Fund downside and outperformed outpace the market. its index.

3Q16

4Q16

1Q17

2Q17

Sharp Risk-On Up Market Potential to Underperform Strong markets like 2017, where some of the riskiest stocks were rewarded, tend to be more of a challenge for the Fund.

3Q17

4Q17

3.75%

Outperformance Climbing out of a smaller hole can get you back on track faster - a key driver of overall outperformance in volatile markets.

Past performance is no guarantee of future results. Continued on back page.

International Managed Volatility Fund (as of 12/31/17) Portfolio Management Sub-advised by Intech Investment Management LLC

Adrian Banner, Ph.D. Intech CEO & CIO A team of investment professionals consisting of Adrian Banner, Ph.D. (pictured), Vassilios Papathanakos, Ph.D., Phillip Whitman, Ph.D. and Joseph W. Runnels, CFA, works together to implement the mathematical investment process. The Research Team is comprised of Ph.D. mathematicians and physicists whose responsibilities include continual review of the investment process and trading implementation.

The Janus Henderson Difference Competitor Analysis

Fund (Class I Shares)

Foreign Large Growth Category Average

Number of Holdings

439

136

Sharpe Ratio - 3 yr

0.86

0.79

Beta - 3 yr

0.70

0.88

Standard Deviation - 3 yr

9.81

11.02

Up Market Capture - 5 yr

86.60

90.29

Down Market Capture - 5 yr

73.57

84.60

Source: FactSet and Morningstar, Inc. Statistics are vs. MSCI EAFE Index. ®

Performance (%)

Since Inception (5/2/07)

1 yr

3 yr

5 yr

10 yr

Class I Shares

28.76

8.86

8.98

2.25

2.51

MSCI EAFE® Index

25.03

7.80

7.90

1.94

2.03

61

49

32

70

73

292/421

202/374

114/357

197/292

185/274

Morningstar Percentile Ranking Foreign Large Growth Category Rank/Count

Expense Ratios (%): Gross 0.80; Net 0.80. Net expense ratios reflect the expense waiver, if any, contractually agreed to through 11/1/18.

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 800.668.0434 or visit janushenderson.com/performance. High absolute short-term performance is not typical and may not be achieved in the future. Such results should not be the sole basis for evaluating material facts in making an investment decision.

For more information, please visit janushenderson.com. 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 800.668.0434 or download the file from janushenderson.com/info. Read it carefully before you invest or send money. Performance for Class I Shares prior to 7/6/09 reflects the performance of one or more similar share classes of the Fund or a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details concerning historical performance. Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. There is no assurance that the investment process will consistently lead to successful investing. There is no assurance the stated objectives(s) will be met. Mutual fund investing involves market risk. Investment return and fund share value will fluctuate and it is possible to lose money by investing. Foreign securities are subject to additional risks including currency fluctuations, political and economic uncertainty, increased volatility, lower liquidity and differing financial and information reporting standards, all of which are magnified in emerging markets. Intech’s focus on managed volatility may keep the Fund from achieving excess returns over its index. The strategy may underperform during certain periods of up markets, and may not achieve the desired level of protection in down markets. Not all Funds and Share classes may be available. Please consult your financial advisor. Increased portfolio turnover may result in higher expenses and potentially higher net taxable gains or losses. The Morningstar percentile ranking is based on a fund’s total return (including income and capital gains, if any, and excluding sales charges) relative to all funds in the same category for the period. The highest (or most favorable) percentile rank is 1%, and the lowest (or least C-1217-14320 04-15-18

favorable) percentile rank is 100%. The top-performing funds in a category will always receive a rank of 1. 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. © 2017 Morningstar, Inc. All Rights Reserved. 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. MSCI EAFE® (Europe, Australasia, Far East) Index reflects the equity market performance of developed markets, excluding the U.S. and Canada. Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment. 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. Sharpe Ratio measures risk-adjusted performance using excess returns versus the “riskfree” rate and the volatility of those returns. A higher ratio means better return per unit of risk. Standard Deviation measures historical volatility. Higher standard deviation implies greater volatility. Capture Ratio measures the percentage of index (market) performance an investment “captured” during periods when the index achieved gains (up capture) or declined (down capture). A capture ratio of 100% means investment performance went up or down exactly the same amount as the index. Intech Investment Management LLC is a subsidiary of Janus Henderson Group plc and serves as the sub-adviser on certain products. Janus Henderson, and Intech 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 198-15-40607 01-18