2. Janus Henderson Horizon Global Property Equities Fund invests at least 80% in equity or equity-related instruments of real estate companies or Real Estate Investment Trusts (“REITs”) (or their equivalents) listed or traded on a regulated market, which derive the main part of their revenue from engaging in real estate businesses.

3. Janus Henderson Horizon Pan European Property Equities Fund invests at least 75% in equities or equity-related instruments of real estate companies or REITs (or their equivalents) having their registered office in the European Economic Area (“EEA”) or United Kingdom if not part of the EEA and listed or traded on a regulated market, which derive the main part of their revenue from engaging in real estate businesses in Europe.

4. Investments involve varying degree of investment risks (e.g. liquidity, market, equity-related securities, property securities related, small/mid-capitalisation companies related, economic, political, regulatory, taxation, financial, interest rate, hedging and currency risks). In extreme market conditions, you may lose your entire investment.

5. Investments in financial derivatives instruments (“FDIs”) (such as futures, options, forwards and warrants) involve specific risks (e.g. counterparty, liquidity, leverage, volatility, valuation and over-the-counter transaction risk). The Fund may use FDIs to reduce risk and to manage the Fund more efficiently.

6. Some sub-funds may invest in a region (e.g. Asia) /industry sector (e.g. technology, property) and may subject them to higher concentration risk.

7. Some sub-funds may invest in Eurozone (in particular Portugal, Italy, Ireland, Greece and Spain) securities and may suffer from European sovereign debt crisis risk.

8. In respect of distribution shares classes of some sub-funds, the directors may at its discretion pay distributions (i) out of gross investment income and net realised/unrealised capital gains while charging all or part of the fees and expenses to the capital, resulting in an increase in distributable income for the payment of distributions and therefore, the sub-fund may effectively pay distributions out of capital, and (ii) additionally, for certain share classes of some sub-funds, out of original capital invested . This amounts to a return or withdrawal of part of an investor's original investment or from any capital gains attributable to that original investment, and may result in an immediate reduction of the sub-fund’s net asset value per share.

9. The sub-funds may charge performance fee and may be subject to performance fee risk.

Janus Henderson Global Real Estate Fund:
10. Janus Henderson Global Real Estate Fund may invest in any one or a combination of the following instruments:
– equity securities;
– futures, options and swaps and other financial derivative instruments (“FDI”) for investment purposes, up to 10% of the net asset value ("NAV") of the Fund. Given the leverage effect of FDI, such investments may result in substantial loss (as much as 100% of the NAV of the relevant Fund);
– mortgage and asset-backed securities, other collateralised products and/or in index/structured securities. These financial instruments may be rated below investment grade.

11. Investing in the Fund may involve equity market, substantial credit/counterparty, property securities related, small/mid-capitalisation companies related, market, liquidity, currency, leverage, interest, index, swap and valuation risks. If the issuers default, or such securities or their underlying assets, cannot be realised or perform badly, investors’ entire investments may be lost.

12. Series 3 share class of the Fund may at its discretion pay dividends out of gross income while charging all or part of the fees and expenses to the capital of the Fund, resulting in an increase in distributable income available for the payment of dividends by the Fund and therefore, the Fund may effectively pay dividends out of capital. This may result in an immediate reduction of the Fund’s net asset value per share, and it amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment.

13. The Fund's investments involve developing markets. Owing to its potentially higher volatility and risk levels, as well as lower political and economic stability than developed markets, asset values could be affected in various levels.

14. The Fund’s investments may be more concentrated in terms of industry risk than others that diversify across industries and may therefore be subject to higher industry risk than funds with more diversified holdings.

Note: The investment decision is yours. If you are in any doubt about the contents of this document, you should seek independent professional financial advice. Investors should not only base on this document alone to make investment decisions and should read the offering documents including the risk factors for further details.

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