Janus Henderson Institutional European Index Opportunities Fund Y Acc

Objective The Fund aims to provide a return, of at least that achieved by the Solactive GBS Developed Markets Europe ex UK customised Index (the reference index) +0.5% per annum, before the deduction of charges, over any 5 year period. Investment policy The Fund invests at least80%of its assets in shares (also known as equities) of companies, of any size, in any industry, which are included in the reference index. The Fund may also invest in other assets including bonds, Collective Investment Schemes (including those managed by Janus Henderson), cash and money market instruments, and may use derivatives (complex financial instruments), including total return swaps, with the aim ofmaking investment gains in line with the Fund's objective, to reduce risk or to manage the Fund more efficiently. The Fund is in part passively managed as its investment in at least 80% of its assets in shares within the reference index seek to replicate the components of the reference index. The components of the reference index will not be identically replicated,and this can lead to differences in performance. The 'customised' aspect of the reference index indicates that its performance is adjusted to reflect the actual tax rates applicable to dividend income received by the fund. Strategy The investment manager seeks to reflect the performance of the reference index while making use of investment strategies aimed at enhancing returns whilst taking a low level of additional risk. Some strategies used by the investment manager seek to generate returns based on differences in the prices of securities issued by, or associated with, companies that form part of the reference index. They can include, but are not limited to, liquidity strategies (investing in 'blocks of stock' at discounted prices), and relative value strategies (taking advantage of differences between the prices of securities related to the same company). Other strategies may not be related specifically to the reference index and can be outside the Europe ex UK region to the extent that those strategies remain consistent with the Fund’s Investment Objective and Policy as set out above. Further details explaining the investment strategies are available on the Funds’ pages on our website (www.janushenderson.com). Distribution policy The Fund offers accumulation shares (shares in which net income is retained within the price). Recommendation This Fund may not be appropriate for investors who plan to withdraw their money within 5 years. The Fund is designed to be used only as one component of several in a diversified investment portfolio. Investors should consider carefully the proportion of their portfolio invested into this Fund. You can buy, sell or switch shares in the Fund on any dealing day and according to certain restrictions, both defined in detail in the Company's Prospectus. For an explanation of some of the terms used in this document, please visit the glossary on our website at www.janushenderson.com.