This benchmark-agnostic fund has the flexibility to invest across global fixed income markets. The Fund has latitude to act on high-conviction ideas and seeks to achieve positive absolute returns in a variety of market environments.

The portfolio managers and supporting team have been focused on managing strategies with absolute return targets and an emphasis on capital preservation. The team has managed unconstrained, absolute return portfolios through marked periods of extreme volatility and stress.

The Fund invests broadly across global fixed income markets and is not constrained by benchmark- specific guidelines. This latitude allows us to fully express our high-conviction, active views and potentially avoid benchmark biases.

This bond fund seeks to provide positive long-term returns through a combination of top-down and bottom-up investing. The result is a predominantly investment grade, absolute return-oriented global credit portfolio that is intended to provide diversification from traditional and non-traditional asset classes.

Absolute Return Income Opportunities Fund I Shares

Absolute Return Income Opportunities Fund I Shares

Returns quoted are past performance and do not guarantee future results; current performance may be lower or higher. Investment returns and principal value will vary; there may be a gain or loss when shares are sold.

CALENDAR YEAR PERFORMANCEANNUAL FEES & EXPENSES

Index represents the FTSE 3-Month US Treasury Bill Index.

RedZed Trust Series 2018-1 (Long), 3.77%, 03/09/50

Liberty Series 2018-1 SME (Long), 2.82%, 07/10/50

Pepper I-Prime 2018-1 Trust (Long), 2.85%, 11/23/49

La Trobe Financial Capital Markets Trust 2017-2 (Long), 3.77%, 01/12/49

La Trobe Financial Capital Markets Trust 2017-2 (Long), 3.27%, 01/12/49

CNOOC Curtis Funding No 1 Pty Ltd (Long), 4.50%, 10/03/23

Horse Gallop Finance Ltd (Long), 3.51%, 06/28/21

Commonwealth Bank of Australia (Long), 4.05%, 06/03/26

Lloyds Banking Group PLC (Long), 3.90%, 11/23/23

Global bond markets rallied during the period in anticipation of a continuation of accommodative monetary policy.

The Fund outperformed its benchmark, led by its allocation to corporate credit.

We believe well-contained inflation will allow central bankers to ease monetary policy as concerns about worldwide economic growth mount.

Please consider the charges, risks, expenses and investment objectives carefully before investing. Please see aprospectusor, if available, asummary prospectuscontaining this and other information. Read it carefully before you invest or send money.

Returns include reinvestment of dividends and capital gains. Returns greater than one year are annualized.

Holdings are subject to change without notice.

Sectors are defined by Janus Henderson and will vary from standard classifications. Equity country, regional and industry weights based on MSCI classifications. Fixed income country, regional and industry weights based on Barclays classifications.

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

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

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