Global Equity Income Fund

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3Q17 Global & International Equity

Global Equity Income Fund A: HFQAX

C: HFQCX

I: HFQIX

N: HFQRX

S: HFQSX

T: HFQTX

as of 9/30/17

A long-only portfolio that seeks a high level of current income and steady capital appreciation. The Fund seeks global, high-quality, income-producing equities with a focus on international companies.

X

SMALL

MID

LARGE

Fund Description

INVESTMENT STYLE

VALUE

BLEND GROWTH

MARKET CAPITALIZATION

Morningstar Style Box™ Category Foreign Large Value

Portfolio Management Alex Crooke Job Curtis Ben Lofthouse, CFA

Performance (%)

3Q17

YTD

1 yr

3 yr

5 yr

10 yr

Since Inception (11/30/06)

Class I Shares

4.66

15.40

15.91

6.22

8.23

3.27

4.60

Class T Shares

4.66

15.09

15.53

5.93

7.95

3.26

4.59

Class A Shares @ NAV

4.58

15.19

15.62

5.96

7.97

3.27

4.60

Class A Shares @ MOP

-1.42

8.63

8.95

3.87

6.71

2.66

4.03

MSCI World Index

4.84

16.01

18.17

7.69

10.99

4.22

5.15

MSCI World High Dividend Yield Index

4.43

14.15

13.79

5.90

9.00

3.16

4.15

SM

Fund Characteristics Inception Date

11/30/06

Assets

$5.06B

Turnover (1 year trailing)

121.08%

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. Maximum Offering Price (MOP) returns include the maximum sales charge of 5.75%. Net Asset Value (NAV) returns exclude this charge, which would have reduced returns.

Weighted Average Market Cap

$71.41B

Calendar Year Returns (%)

Distribution Frequency

Quarterly

Number of Holdings Equity Issues

75

2007 2008 2009 2010

2011

2012 2013 2014 2015 2016

13.72 -33.21 22.19

-1.15 15.17

30-Day SEC Yield (%) With Without Waivers Waivers Class I

3.71

3.71

Class T

3.55

3.55

Class A

3.16

3.16

MSCI World IndexSM

Net

Class A

1.16

1.16

Class C

1.92

1.92

Class I

0.91

0.91

Class N

0.86

0.86

Class S

1.33

1.33

Class T

1.08

1.08

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

6.74

21.02

9.04 -40.71 29.99 11.76 -5.54 15.83 26.68

-1.61

-0.10

4.90

4.94 -0.87

7.51

Hypothetical Growth of $10,000 Since Inception Class I Shares

Expense Ratios (%) Gross

Class I Shares

MSCI World IndexSM

$20,000

$17,231 $16,643

$10,000

$0 11/30/06 2008 Source: Morningstar, Inc.

2010

2012

2014

2016

9/30/17

Performance for Class A Shares, Class I Shares and Class T 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. Not all Funds and Share classes may be available. Please consult your financial advisor. Continued on back page.

Global Equity Income Fund (as of 9/30/17) Risk Statistics (3 Year)

Fund

Alpha

-0.03

—

TOTAL SA

2.98

Beta

0.82

1.00

SSE PLC

2.74

83.46

100.00

Vodafone Group PLC

2.64

Standard Deviation

9.32

10.43

BP PLC

2.56

Sharpe Ratio

0.64

0.71

Telenor ASA

2.50

Tokio Marine Holdings Inc

2.42

Pfizer Inc

2.32

ING Groep NV

2.26

Royal Dutch Shell PLC

2.11

Enel SpA

2.06

R-squared (%)

Index

Statistics are for Class I Shares.

Top Countries (%)

Fund

Index

United Kingdom

32.22

6.71

United States

12.39

58.79

Japan

11.49

8.64

Australia

8.94

2.56

Netherlands

5.53

France

Top Holdings (%)

Fund

Total

24.59

1.41

Sector Allocation (%)

Fund

Index

5.11

4.04

Financials

20.74

18.11

Italy

4.79

0.91

Telecommunication Services

12.55

2.92

Norway

3.50

0.26

Utilities

11.22

3.13

Spain

2.98

1.30

Consumer Discretionary

9.71

12.11

Denmark

2.64

0.70

Energy

9.55

6.31

Health Care

7.55

12.33

Consumer Staples

6.76

9.08

Real Estate

6.35

3.14

Materials

6.11

5.10

Industrials

3.11

11.53

Information Technology

2.82

16.24

Cash & Equivalents

3.53

—

Market Capitalization Range of Equity Holdings (%)

Fund

Index

Over $100B

25.34

34.79

$50B to $100B

20.53

19.11

$10B to $50B

36.59

37.51

$5B to $10B

9.33

6.83

$1B to $5B

3.90

1.55

$250M to $500M

0.28

—

N/A

0.50

0.21

For more information, please visit janushenderson.com. Index represents the MSCI World IndexSM. Holdings are subject to change without notice. For a complete list of holdings as of the most recent publicly available disclosure period, visit janushenderson.com/info. 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. Performance may be affected by risks that include those associated with nondiversification, portfolio turnover, short sales, potential conflicts of interest, foreign and emerging markets, initial public offerings (IPOs), high-yield and high-risk securities, undervalued, overlooked and smaller capitalization companies, real estate related securities including Real Estate Investment Trusts (REITs), derivatives, and commoditylinked investments. Each product has different risks. Please see the prospectus for more information about risks, holdings and other details. 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. Increased portfolio turnover may result in higher expenses and potentially higher net taxable gains or losses. Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment. MSCI World IndexSM reflects the equity market performance of global developed markets. MSCI World High Dividend Yield IndexSM reflects the performance of high

dividend yield securities from global developed markets. Alpha compares risk-adjusted performance relative to an index. Positive alpha means outperformance on a riskadjusted 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. R-squared (R2) measures the relationship between portfolio and index performance on a scale of 0.00 (0%) to 1.00 (100%). A higher R2 indicates more of the portfolio's performance is affected by market movements and vice versa. Standard Deviation measures historical volatility. Higher standard deviation implies greater volatility. 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.

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. 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 C-0917-12662 01-15-18 199-15-49957 10-17