fund profile

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FUND PROFILE

3Q17 Global & International Equity

International Opportunities Fund

A: HFOAX C: HFOCX I: HFOIX N: HFOSX R: HFORX S: HFOQX T: HFOTX

Investment Strategy The Fund primarily invests in equities listed on European, Australasian and Far Eastern (EAFE) exchanges. Assets of the Fund are allocated based on current macroeconomic views to six sub-portfolio management teams with regional and sector expertise. Each underlying management team/manager selects approximately 10-15 of their best stock ideas to be added to the portfolio.

Overall Morningstar RatingTM Based on risk-adjusted returns as of 9/30/17

★★★★

Class I Shares among 598 Foreign Large Blend Funds

Sub-Portfolio Weight (%) Europe - 1

26.94

Europe - 2

26.15

Japan

16.89

Emerging Markets

6.16

Asia Pacific ex-Japan

16.37

Global Growth

7.50

As of 9/30/17.

Fund Facts Investment Objective The Fund seeks to achieve long-term capital appreciation primarily through investment in equities of non-U.S. companies.

Characteristics

Top 10 Holdings

As of 9/30/17

Country

% of Fund

Inception date

8/31/01

Continental AG

Germany

3.74

Benchmark

MSCI EAFE® Index

Deutsche Post AG

Germany

3.11

Median Market Cap

$37.8B

Renault SA

Number of Holdings

75

Price/Earnings Ratio (1 year forward)

17.87

Amadeus IT Group SA

Price/Book Ratio

3.73

Beta - 3 yr

0.91

% of Holdings in Top 10

28.11

Expense Ratios (%)

France

2.85

Germany

2.83

Spain

2.73

Pandora A/S

Denmark

2.71

Standard Life Aberdeen PLC

United Kingdom

2.66

SAP SE

Germany

2.62

Netherlands

2.43

Germany

2.43

Bayer AG

Class I Shares (Gross)

1.06

ING Groep NV

Class I Shares (Net)

1.03

Siemens AG

Turnover (1 year trailing)

48.75%

Active Share (%)

90.11

Holdings as of 9/30/17.

Net expense ratios reflect the expense waiver, if any, contractually agreed to through 2/1/19. The expense ratios shown are estimated. Active Share represents the portion of portfolio holdings that differ from an index.

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International Opportunities Fund Sector Allocation

Regional Allocation Underweight (%)

Overweight (%)

Information Technology

17.68

Consumer Discretionary

7.83

Financials

-2.43

Industrials

-4.66

Health Care

-1.40

Consumer Staples

-5.07

Telecommunication Services

-1.13

Real Estate

23.95

Europe

51.21

20.03

Asia/Pacific Ex Japan

18.88

19.04

Japan

16.69

9.75

North America

5.99

9.17

Latin America

1.51

6.15

Africa/Mideast

0.91

1.65

-3.65

Utilities

% of Fund

2.94

-1.89

Energy

% of Fund

1.40

-2.24

1.11

As of 9/30/17, both underweight and overweight relative to the MSCI EAFE® Index.

The Janus Henderson Difference Fund (Class I Shares)

Foreign Large Blend Category Average

Number of Holdings

75

739

Sharpe Ratio – 3 yr

0.44

0.46

Information Ratio – 3 yr

0.11

-0.03

Up Market Capture (%) – 5 yr

92.34

90.48

Down Market Capture (%) – 5 yr

82.42

90.78

Alpha – 3 yr

0.84

0.38

Beta – 3 yr

0.91

0.89

Competitive Analysis

Source: FactSet and Morningstar, Inc. Statistics are vs. MSCI EAFE® Index, as of 9/30/17.

Top 10 Holdings Analysis: Fund vs. Foreign Large Blend Category % of Fund

International Opportunities Fund Top 10 Holdings

% of Peers Holding in Top 10

Most Common Top 10 Held In Category (% of Peers) Nestle SA Switzerland

3.06

Continental AG

Germany

1.63

2.92

Deutsche Post AG

Germany

1.22

2.82

SAP SE Germany

2.80

Bayer AG Germany

2.75 2.62 2.59 2.51 2.48 2.46

Renault SA France Amadeus IT Group SA Spain Standard Life PLC United Kingdom Housing Development India Finance Corp Ltd Pandora A/S Denmark Fresenius SE & Co KGaA

Germany

Latest data from Morningstar as of 6/30/17 and is subject to change.

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Switzerland

47.35

13.06

Novartis AG Switzerland

39.59

18.78

British American United Kingdom Tobacco PLC

31.43

0.41

HSBC Holdings PLC United Kingdom

25.71

3.27

Sanofi SA United Kingdom

25.31

0.41 0.41 0.41 1.22

Roche Holding AG

48.98

Toyota Motor Corp Japan Total SA France Royal Dutch Shell PLC

United Kingdom

Bayer AG Germany

23.67 20.00 19.59 18.78

Performance (%) As of 9/30/17

1 yr

3 yr

5 yr

10 yr

Since Inception (8/31/01)

Class I Shares

14.31

5.48

9.36

2.07

8.89

MSCI EAFE® Index

19.10

5.04

8.38

1.34

5.86

85

39

12

22

4

667/767

256/667

77/631

107/475

14/361

Morningstar Percentile Ranking Foreign Large Blend Category Rank/Count

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.

Morningstar Rankings Foreign Large Blend Category Percentile Rank

1 yr

3 yr

5 yr

10 yr

Since Inception (8/31/01)

85% 667/767

39% 256/667

12% 77/631

22% 107/475

4% 14/361

Calendar Year Morningstar Foreign Large Blend Percentile Rankings 2002

2003

2004

2005

2006

2007

2008

19th 71/373

4th 16/384

23rd 91/406

35th 147/419

18th 79/445

14th 63/464

14th 66/496

2009

2010

2011

44th 86th 67th 240/550 487/562 389/581

2012

2013

2014

2015

2016

15th 91/624

9th 57/648

13th 82/655

10th 68/684

92nd 700/755

Morningstar Inc., as of 9/30/17. Past performance is no guarantee of future results.

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International Opportunities Fund

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 that includes periods prior to 6/5/17 reflects the performance of one or more share classes of a predecessor fund, adjusted, where applicable and permitted, for differing fees and expenses. See the Fund’s prospectus for further details. Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized. Holdings are subject to change without notice. Equity country, regional, sector and industry weights based on MSCI and GICS classifications. Fixed income country, regional, sector and industry weights based on Barclays classifications. There is no assurance the stated objective(s) will be met. There is no assurance that the investment process will consistently lead to successful investing. Investing involves market risk and it is possible to lose money by investing. Investment return and value will fluctuate in response to issuer, political, market and economic developments, which can affect a single issuer, issuers within an industry, economic sector or geographic region, or the market as a whole. 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. As of 9/30/17, International Opportunities Fund Class I Shares Morningstar RatingsTM in the Foreign Large Blend category: 3 stars out of 598 funds, 4 stars out of 533 funds and 4 stars out of 344 funds, for the 3-, 5-, and 10-year periods, respectively. The Morningstar RatingTM 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 RiskAdjusted 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 C-0917-13124 01-15-18

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. 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 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. Alpha compares risk-adjusted performance relative to an index. Positive alpha means outperformance on a risk-adjusted basis. 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. 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. Information Ratio is a ratio of portfolio returns above the returns of an index to the volatility of those returns. It is an indicator of portfolio management performance. Sharpe Ratio measures risk-adjusted performance using excess returns versus the “risk-free” rate and the volatility of those returns. A higher ratio means better return per unit of risk. MSCI EAFE® (Europe, Australasia, Far East) Growth Index reflects the performance of growth stocks from 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. Not all Funds and Share classes may be available. Please consult your financial advisor. Janus Henderson is a trademark 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 199-15-49829 10-17