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For Financial Professionals in the US

European Focus Fund Holdings

Full Portfolio Holdings (As of 05/31/2024)	% OF INVESTMENTS
Novo Nordisk A/S	5.47
ASML Holding NV	5.19
TotalEnergies SE	4.59
LVMH Moet Hennessy Louis Vuitton SE	3.54
AstraZeneca PLC	3.25
UniCredit SpA	3.03
Safran SA	2.85
ASM International NV	2.78
Nestle SA	2.53
FLSmidth & Co A/S	2.52
Carlsberg AS	2.50
adidas AG	2.49
Linde PLC	2.47
BNP Paribas SA	2.42
Schneider Electric SE	2.40
L'Oreal SA	2.39
Atlas Copco AB	2.33
Alfa Laval AB	2.32
RENK Group AG	2.26
Cie de Saint-Gobain SA	2.18
VAT Group AG	2.18
RELX PLC	2.15
Pandora A/S	2.12
Infineon Technologies AG	2.04
Publicis Groupe SA	2.03
Compass Group PLC	2.01
Assicurazioni Generali SpA	2.00
Nemetschek SE	1.99
Danone SA	1.99
BAE Systems PLC	1.97
Erste Group Bank AG	1.92
NatWest Group PLC	1.89
ASR Nederland NV	1.86
Rheinmetall AG	1.81
Prysmian SpA	1.76
Stellantis NV	1.70
Deutsche Boerse AG	1.69
Syensqo SA	1.66
Universal Music Group NV	1.65
Puig Brands SA	1.50
London Stock Exchange Group PLC	1.45
Anglo American PLC	1.33
Carl Zeiss Meditec AG	0.71
Cash & Equivalents	-0.92
Janus Henderson publishes this listing of securities held as of the most recently available disclosure period, which varies depending on the portfolio. Any portion of holdings may be excluded from publication when deemed in the best interest of the portfolio. Securities are reported at market value. The portfolio data and its presentation here is based on the investment book of record and may differ from the accounting book of record and complete schedules of investments in regulatory filings due to differing accounting and reporting standards.

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Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see a prospectus or, if available, a summary prospectus containing this and other information. Read it carefully before you invest or send money.

Past performance is no guarantee of future results.

Holdings are subject to change without notice.

Investing involves risk, including the possible loss of principal and fluctuation of value.

There is no assurance the stated objective(s) will be met.

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.

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.

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.

Concentrated investments in a single sector, industry or region will be more susceptible to factors affecting that group and may be more volatile than less concentrated investments or the market as a whole.

Increased portfolio turnover may result in higher expenses and potentially higher net taxable gains or losses.

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, and may not indicate positive performance. 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. Past performance is no guarantee of future results.

The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by LSEG Lipper. 16 European Region Funds were eligible for this award for the 5-year period ending 11/30/23. Lipper Fund Awards based on Janus Henderson European Focus Fund Class N Shares only.

Only eligible investors may purchase Class N Shares. See a prospectus for eligibility requirements and other available share classes. Other share classes may have different performance characteristics.

Past performance is no guarantee of future results.

The fund may invest cash balances in the cash liquidity fund, view holdings and other information here

Index performance does not reflect the expenses of managing a portfolio as an index is unmanaged and not available for direct investment.

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Mutual funds distributed by Janus Henderson Distributors US LLC.

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