Institutional North American Index Opportunities Fund

The Fund invests at least 80% 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 of making 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 investments in at least 80% of its assets within shares of 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. As an additional means of assessing the performance of the Fund, the IA North America sector average, which is based on a peer group of broadly similar funds, may also provide a useful comparator.