Janus Henderson Adaptive Risk Managed US Equity

Objective And Strategy

Objective
Capital appreciation

Strategy
The Fund invests, under normal circumstances, at least 80% of its net assets in U.S. stocks from of the S&P 500 Index, utilizing INTECH’s mathematical investment process. Over time, and under normal market conditions, the Fund seeks to achieve market-like returns, with lower absolute volatility than the S&P 500 Index. In this context, absolute volatility refers to the variation in the returns of the Fund as measured by standard deviation.

The Fund pursues its investment objective by applying a mathematical investment process to construct an investment portfolio from the universe of stocks within the S&P 500 Index. The goal of this process is to combine stocks that individually have higher relative volatility and lower correlations with each other in an effort to reduce the Fund’s absolute volatility, while still generating market-like returns over a full market cycle. Although the Fund may underperform its benchmark in sustained up markets, this strategy seeks to minimize losses in down markets. In applying this strategy, INTECH establishes target proportions of its holdings from stocks within the S&P 500 Index using an optimization process designed to determine the most effective weightings of each stock in the Fund. Once INTECH determines such proportions and the Fund’s investments are selected, the Fund is periodically rebalanced to the set target proportions and re-optimized.

Principle Risks

* This portfolio invests in securities of foreign issuers which involves risks not typically associated with domestic issuers, including currency fluctuations and the possibility of political and economic instability. Emerging markets involve risks in addition to those generally associated with foreign securities, because political and economic structures in many emerging markets may be undergoing significant evolution and rapid development.

* This portfolio can leverage or use leveraged instruments or derivatives. Portfolios that use leverage, that is, borrow money, are subject to the risk that the cost of borrowing money to leverage will exceed the returns for the securities purchased or that the securities purchased may actually go down in value. Thus the portfolio's net asset value can decrease more quickly than if the portfolio had not borrowed. Portfolios that use leveraged instruments or derivatives such as futures, options and swap agreements, may expose the portfolio to additional risks that it would not be subject to if it invested directly in the securities underlying those derivatives. The more a portfolio invests in leveraged instruments, the more the leverage will magnify any gains or losses on those investments.

* The portfolio invests substantial assets in real estate investment trusts (REITS) that present risks not associated with investing in stock.

* At times, the Fund's investments may represent industries or industry sectors that are interrelated or have common risks, making it more susceptible to any economic, political, or regulatory developments or other risks affecting those industries and sectors.

* The value of your investment in a Fund is based on the net asset value ("NAV") of the underlying funds and, in turn, the securities that the underlying funds hold. The Funds are subject to the risk that one or more underlying funds will not perform as expected or will under perform other similar funds or that the combination of underlying funds selected by the Funds' investment will not perform as expected. The Funds will be exposed to all of the risk of an investment in the underlying Funds.

* Generally, a security is liquid if the Portfolio is able to sell the security at a fair price within a reasonable time. Liquidyt is generally related to the market trading volume for a particular security.

* Counterparty risk is the risk that the other party(s) to an agreement or participant to a transaction, such as a broker, might default on a contract or fail to perform by failing to pay amounts due or failing to fulfill the delivery conditions of the contract or transaction.