CATALOG CATALOG

For Merrill Lynch Financial Advisors

The Science Behind a Better Practice ...... 2 Merrill Lynch RIC Themes ...... 4 Products Available at Merrill Lynch ...... 6 Investment Topics and Resources ...... 8 ADVISOR RESOURCE ADVISOR

FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC Janus HendersonRepresentativeformoreinformation. Visit ml.janushenderson.com KNOWLEDGE.

or contact your orcontactyour SHARED

Janus Henderson Firm Overview

Janus Henderson Investors is a leading global, active investment manager formed in 2017 from the merger of (founded in 1969) and Henderson Global Investors (founded in 1934). We are focused on serving the interests of our clients, who:

• Depend on us to act as thoughtful stewards of their capital, entrusting us with more than $370 billion of assets to help them achieve their investment and business objectives. • Seek added value from our active investment management, as we offer insight and originality blended with rigorous analysis, processes and risk management. • Choose from a broad array of investment strategies across equities, fixed income, multi-asset and alternative asset classes through the Janus Henderson investment teams, as well as sub-advisors Perkins, Intech and Geneva. • Gain a competitive advantage from our real-time insights on the events, trends and innovations driving markets – a philosophy we call Knowledge. Shared, reflected both in how our investment teams interact and in our commitment to empowering clients in their decision making. • Benefit from our high-impact business and life-enhancing programs through Janus Henderson Labs™ advisor resources, helping them compete, grow and succeed.

Zurich Frankfurt

Amsterdam Edinburgh Luxembourg Boston Beijing San Francisco Princeton Madrid Geneva Newport Beach Darien Denver Taipei Milwaukee Hong Kong Chicago West Palm Beach Dubai

Singapore

Sydney

Location Headquarters: London Employees: +2,000 Stock Listings: New York Stock Investment Professionals: +350 Exchange, Australian Securities Business Consultants: +125 Exchange Labs & Product Specialists: 28 Offices: 27 Offices Worldwide

As of 3/31/18 FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC 1 FORAmsterdam USE WITH BANK OFChicago AMERICA MERRILLDubai LYNCH FINANCIALGeneva PROFESSIONALS ONLY Luxembour/ NOT FORg USE WITH THEMilan GENERAL PUBLIC Paris 1 Tokyo Beijing Darien Edinburgh Hong Kong Madrid Milwaukee Princeton West Palm Beach Boston Denver Frankfurt London Melbourne Newport Beach San Francisco Taipei Zurich The Science Behind a Better Practice

At Janus Henderson, we believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared. By providing a wide curriculum of innovative tools that help you deepen your experience and build your practice through our Labs programs, we seek to empower you and give you an advantage. Many programs are available via keynote presentations, interactive workshops, one-on-one coaching and online tools and support. Certain programs offer continuing education credit for industry designations (CFP, CIMA/CPWA, CRPC/CRPS).

Featured Program The Elements of Extraordinary Teamwork

What makes elite teams deliver great results while others never seem to quite come together? Great chemistry is the key to teams that work. And great chemistry doesn’t just happen naturally, it needs to be cultivated. Through research and partnerships with leading experts, Janus Henderson has isolated the core elements that impact team chemistry.

Internal Hurdles Eternal Blindspots

Three Core Modules Include: „„ Compelling Catalyst Defining the WHY that drives, motivates and supports resiliency Self-Awareness Group Awareness „„ Self-Awareness Enhancing an individual’s impact on team chemistry „„ Focus Discipline Developing effective habits for T optimal synergy and results A If you want to go someplace quickly, go alone. If you want to go someplace extraordinary, go with a committed team.”

2 FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC Janus Henderson Labs Programs and Client Seminars

Professional Development • The Art of WOW: Learn to create experiences that go beyond client expectations • WOW 2.0 FireStarters: Ignite client acquisition by targeting the right prospects • The Science of Negotiations: Improve your negotiating prowess in a variety of situations • Energy for Performance: Make the most of your energy for performance and productivity • BrainWorks: Train for better brain health with a personalized program

Wealth Management • Wealth Advisor’s Guide: Highlights unique wealth planning strategies for high-net-worth clients • Tax Reform Client Seminar: What the the new tax legislation means for investors • Women and Wealth: Offers a focused curriculum discussing the financial circumstances of women • Five Savvy Strategies for Tomorrow’s Retiree: Features retirement income and tax-planning tips for baby boomers

Defined Contribution • Recent Case Studies in Fiduciary Failures: Highlights the importance of process in the management of retirement plans

Portfolio Construction Services • Our exclusive offering, Portfolio Construction Services, provides a descriptive model analysis and customized consultation designed to help you identify risk in your portfolios and implement strategies that deliver results on target with clients’ investment objectives, including those who require risk-based models in retirement plans. • Our evaluation and consultation includes risk budgeting, VaR, downside and max drawdown analysis, along with correlation analysis including corroboration via factor return decomposition.

Contact your Janus Henderson Representative or visit ml.janushenderson.com to learn more.

Janus Henderson Labs™ programs are for information purposes only. There is no guarantee that the information supplied is accurate, complete or timely, nor is there any warranty with regards to the results obtained from its use.

FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC 3 Merrill Lynch RIC Themes

Seek a Balanced Portfolio

Janus Henderson Balanced Fund “The consensus is for somewhat Morningstar Category: Allocation-50% to 70% Equity higher rates and investors should be prepared for them. Our fixed Inception: 9/1/92 income allocations have envisioned A: JDBAX C: JABCX I: JBALX a rising rate environment for a while. However, our experience is • Dynamic Asset Allocation Seeking Consistent Results Janus Henderson that keeping a balanced portfolio is Balanced Fund’s dynamic asset allocation strategy has the flexibility to important in any environment.” defensively position ahead of market volatility while seeking strong risk- Merrill Lynch RIC Report, May 2018, pg. 7 adjusted returns. Unlike many competitor products, where asset allocations are constrained by static targets, the Fund’s asset allocations may vary between 35% and 65% equities depending on market conditions. • Balanced Fund is a Fiduciary Advisory Services (FAS) eligible fund and on the FAS high conviction list.

Overweight Information Technology

Janus Henderson Forty Fund “Information Technology: Most Morningstar Category: Large Growth globally exposed sector in an environment where global growth Inception: 5/1/97 is expected to remain strong. A: JDCAX C: JACCX I: JCAPX Strong balance sheets are a positive, risks include valuations (expensive on sales-based metrics) • High-Conviction Approach Fundamental, research-driven approach, investing with conviction in 30 to 40 of our best large-cap growth ideas and positioning.” where we believe we have a differentiated view from the market. Merrill Lynch RIC Report, May 2018, pg. 9 • Innovative Wide-Moat Companies Seeks companies with sustainable competitive advantages that capitalize on their competitive moat to grow market share globally over a multi-year period. Emphasizes dominant companies driving innovation and change through disruptive technologies, products or business models. • Stock Selection Drives Return Stock picker’s fund designed to deliver long-term growth of capital with a high-conviction approach. Seeks to use risk wisely, leveraging our best ideas in a concentrated portfolio to drive potential outperformance of the index over time.

Investing involves risk, including the possible loss of principal and fluctuation of value. There is no assurance the stated objective(s) will be met.

4 FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC Blend Dividend Yield and Growth

Janus Henderson Growth and Income Fund “Can you own dividend stocks Morningstar Category: Large Blend when rates are rising? In a rising rate environment, we prefer to Inception: 5/15/91 forego some dividend yield and A: JDNAX C: JGICX I: JGINX some growth and focus on stocks that offer a blend of both. Here, • Dividend-Paying Growth Opportunities The Fund seeks growth we mean companies with strong companies that have paid or increased dividends over time, which can be balance sheets, some growth indicators of corporate stability and growth potential. characteristics and an ability to increase dividends. Dividend • Strategic Capital Allocation The Fund seeks to invest in well-established companies that are intelligently allocating capital to both fund growth and growth offers the ability for your pay dividends. income stream to grow with your need for future income.” • Complementary Source of Income This fund may provide investors with Merrill Lynch RIC Report, May 2018, pg. 6 an equity income source that could complement fixed income allocations while providing the potential for long-term growth of capital.

Diversify with Fixed Income

Janus Henderson Short Duration “But don’t sell all your bonds Income ETF – VNLA just yet: While our house view Morningstar Category: Ultrashort Bond is for moderately rising rates, for bondholders a 10-year Treasury Inception: 11/16/16 rate of 3.25% at year-end should be of little concern… Bonds also • Seeks Attractive Returns Above Cash The strategy combines an actively offer portfolio diversification and managed core portfolio of predominantly high-quality, investment-grade fixed help control risk when stock income assets, diversified across sectors and geographies, with high- market volatility picks up as it conviction tactical trades. We target positive, absolute returns by seeking to did recently. We suggest staying select fixed income instruments that can provide a return of 2% to 3% above defensive and reducing durations 3-Month USD LIBOR (a proxy for cash), while aiming to preserve capital. while remaining invested.” • Low Volatility Approach We seek to provide an uncorrelated return profile to Merrill Lynch RIC Report, May 2018, pg. 1 traditional fixed income that focuses on downside mitigation, providing investors a possible alternative to single sector and fixed-term passive options. • Nimble and Flexible The team is free to take advantage of unique opportunities within countries and sectors that may be overlooked or underrepresented in market indices.

FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC 5 Products Available at Merrill Lynch As of May 2018

Merrill Lynch One™ Investment Advisory Program – Managed Strategy Share Class Ticker Large Cap Growth Managed Account**† I JERIX Global Real Estate Fund† A JERAX Large Cap Growth Managed Account** C JERCX (Eaton Vance/Parametric CDP) I JWWFX Mid Cap Growth Managed Account Global Research Fund† A JDWAX C JWWCX Mid Cap Growth Managed Account I JATIX (Allianz Multi Firm CDP) Global Technology Fund† A JATAX Perkins Mid Cap Value Managed Account C JAGCX I JUCIX Global Unconstrained Bond Fund† A JUCAX C JUCCX Merrill Lynch One™ (Class I Shares) I JGINX Growth and Income Fund† A JDNAX Retail Brokerage (Classes A and C Shares) C JGICX Investment Advisory Program – I JHYFX Personalized, Defined and Custom High-Yield Fund† A JHYAX Managed Strategies Share Class Ticker C JDHCX I JBALX I HFOIX Balanced Fund† A JDBAX International Opportunities Fund† A HFOAX C JABCX C HFOCX I JCONX I JMVAX Contrarian Fund† A JCNAX Mid Cap Value Fund† A JDPAX C JCNCX C JMVCX I JMGRX I JRAIX Enterprise Fund*† A JDMAX Research Fund† A JRAAX C JGRCX C JRACX I HFEIX I JSHIX European Focus Fund† A HFEAX Short-Term Bond Fund† A JSHAX C HFECX C JSHCX I JFLEX I JSCOX Flexible Bond Fund† A JDFAX Small Cap Value Fund† A JDSAX C JFICX C JCSCX I JCAPX I HFAIX Forty Fund† A JDCAX Strategic Income Fund† A HFAAX C JACCX C HFACX I HFQIX I JSMGX Global Equity Income Fund† A HFQAX Triton Fund*† A JGMAX C HFQCX C JGMCX I JFNIX I JRSIX Global Life Sciences Fund† A JFNAX U.S. Managed Volatility Fund† A JRSAX C JFNCX C JRSCX

*Closed to certain new investors. **Managed by Douglas Rao. † This Fund is listed on the Merrill Lynch Trust Company Eligibility List.

6 FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC ETFs Fiduciary Advisory Services – OLD, ORG and SLIM are available in Merrill Lynch One™ Investment Eligible Funds List Advisory Program for Senior Portfolio Managers and Portfolio Conviction Managers using Defined Strategy, Personalized Strategy with FA Share Class Ticker Funds List Discretion, and available on an unsolicited basis for Brokerage. VNLA is on the ETF Open List and available to all Merrill Lynch Balanced Fund N √ Advisors using Merrill Lynch OneTM Defined Strategy and Personalized Contrarian Fund I and also in Brokerage. For Custom Managed Strategy, VNLA is only available to Senior Portfolio Managers and Portfolio Managers. Flexible Bond Fund N Ticker Forty Fund N The Long-Term Care ETF OLD Global Equity Income Fund A The Obesity ETF SLIM Global Research Fund N The Organics ETF ORG Global Value Fund N Short Duration Income ETF VNLA Growth & Income Fund I JGINX High-Yield Fund I JHYFX International Opportunities Fund I HFOIX √ Mid Cap Value Fund N Research Fund N Short-Term Bond Fund N Small Cap Value Fund N √ Strategic Income Fund I HFAIX Triton Fund N U.S. Managed Volatility Fund N

FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC 7 Knowledge. Shared Investment Topics and Resources

We believe in the sharing of expert insight for better investment and business decisions. We call this ethos Knowledge. Shared.

March 2018

Investment Outlook Bill Gross Investment Outlook From Bill Gross

Killing Each Other Some say humanity is making progress, and that civilization is becoming more “civilized”, but I wonder. Optimists would point to the global political focus on human rights and the slow, although sporadic, steps forward on racial and gender equality, but these are social morés generally unrelated to humankind’s tolerance for evil on a grander scale. “Thou shalt not kill” is a commandment on Moses’ tablet for a good reason, and yet our killing of each other in mass

SHARED quantities continues unabated. Stalin and Hitler’s atrocities seem perhaps long ago to younger generations, but then the “killing fields” of Pol Pot, the millions of lost souls in the Middle East, and the ongoing tribal carnage in parts of Africa testify to the “evildoing” of governments or religious factions in defense of Fascism, Communism and yes – Democracy. “God”, it seems, wears numerous hats, but almost always in defense of one particular ideology or another. “God Bless America”? Yes hopefully – but why not Cuba or the Congo? Chauvinistic mantras can be bonding but also destructive when used to kill masses of people for specious reasons. America – the self-proclaimed defender of freedom and equal rights – has proved vulnerable Receive insights from Bill Gross. to those ideals in Vietnam, Iraq, and now Afghanistan and elsewhere. Having participated in one of those wars, I suppose I should look inward and question my own

KNOWLEDGE. behavior when I was the age of 22, or even now at 73. I often do. I guess in part, that is why I question humanity’s progress. If I was a willing killer then, how can I expect others and their governments to not do the same? I can’t, but it’s important for all of us to try to understand why humanity evolves slowly, if at all. For me, William Golding in his brilliant “Lord of the Flies” expressed it best. Searching for a murderous “beast” on a deserted island, a previously innocent group of young boys began to kill each other to ensure their own survival. “Maybe there is a beast”, said one child, “but then maybe it’s only us.” Maybe it is us. Maybe we haven’t evolved. Hopefully future robots can be programmed with a better understanding of the Moses’ commandment, so that when they take over, we will have a more civilized society.

The bond market’s current “beast” is not so much a killer but a hibernating bear awakening from an extended secular bullish trend of lower inflation and excessive central bank accommodation.” Both appear to be in reversal mode, but the reversal is gradual and relatively non-threatening to investors compared to historical examples. 10-year Treasuries, now nearly 150 basis points higher than their 2016 lows, should fluctuate around 3% for most of 2018. The Fed’s purported 3 to 4 hikes this year beginning in March are likely exaggerated. The U.S. and global economies are too highly leveraged to stand more than a 2% Fed Funds level in a 2% inflationary world. If more than 2%, a stronger dollar would affect emerging market growth and lead to perhaps premature tightening on the part of the ECB and other developed market central banks. When it comes to financial markets, (both bond and stock) the “beast” is really leverage, and while it’s hard to pinpoint when enough is really enough, the Great Recession really informed us that Hyman Minsky was right – “stability leads to instability” as good times and higher prices lead to a false sense of optimism. The Fed, under Jerome Powell, hopefully has learned that lesson, and should proceed cautiously, as must his counterparts around the globe.

Continued on back page.

April 2018 Asset Allocation & Risk Management Tail Risk Report An outlook on asset classes based on potential tail gains and losses

Not an Optimistic Picture, but Bright Spots are Identifiable Options markets are not indicating the most optimistic picture, as our options-implied signals show all broad asset classes are unattractive, with equities as mildly unattractive and bonds as very unattractive. Despite some classes being just mildly unattractive, the lack of any meaningful appeal across all major asset classes cannot be ignored as it may point to a dangerous market environment where diversification is void and all assets may sell off in a correlated fashion. Given the severity of such an impact, it is of utmost importance that as investors we remain focused in managing such a risk. A catalyst that could pressure all asset classes is a global rise in real rates stemming from inflationary pressures and stable, robust growth, which could prompt central banks to rein in monetary stimulus sooner than what markets are currently anticipating. As we have previously cautioned, real rates are the catalyst we must not ignore.

Recent Monthly Tail-Based Sharpe Ratios (Expected Tail Gain* / Expected Tail Loss*) The Adaptive Multi-Asset Solutions Team led by Myron Scholes, Ph.D., and Ashwin Alankar, Growth Assets Capital Preservation Assets Inflation Assets Janus Henderson’s Adaptive Multi-Asset Solutions Team arrives 1.20 2 at its monthly outlook using options market prices to infer expected tail 1.10 1 gains (ETG) and expected tail losses (ETL) for each asset class. The ratio 1.00 0 of these two (ETG/ETL) provides a

ETG/ETL signal about the risk-adjusted 0.90 -1

Standard Deviation Ph.D., have developed a road map to help interpret forward-looking assessments of expected attractiveness of the asset class. We think of that ratio as a “tail-based 0.80 -2 Sharpe ratio.” The tables below

0.70 summarize the tail-based Sharpe ratio Aug-16 Dec-16 Apr-17 Aug-17 Apr-18 of three broad asset class categories. tail events derived from the options markets: Current Tail-Based Sharpe Ratios (ETG/ETL)

Growth Assets Capital Preservation Assets Inflation Assets 14.20 13.22 9.25 4.71 7.36 3.96 ETG ETG ETG ETG ETG ETG =0.97 =1.00 =0.87 =1.00 =0.97 =1.00 ETL ETL ETL ETL ETL ETL 4.56 -4.71 -7.36 9.56 13.68 -14.20 Current Historical Current Historical Current Historical • Tail Risk Report Beginning in August 2016, the “tail-based Sharpe ratios” have been normalized to 1.00 to allow for easier comparison across the three macroeconomic asset categories. *We define ETG and ETL as the 1-in-10 expected best and worst two-month return for an asset class.

March 2018 Equity Insights VIEWS

A Spotlight on U.S. Financials and Highlights from other Sectors Actionable insights from our equity experts: • Global Sector Views • Global Dividend Index GLOBAL SECTORGLOBAL

8 FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC Global Outlook April 2018 Fixed Income Investment Insights BONDS Navigating Rising Rates Differentiated views from our fixed income teams. Our experts provide outlooks on the U.S. and global macroeconomic landscape along with fundamental insights: • Thoughts and Bonds THOUGHTS AND • Macro Fixed Income Views FOR PROFESSIONAL INVESTORS ONLY | FOR PROMOTIONAL PURPOSES

Outlook 2018 Global Market Outlook GPS

MARKET Explore themes driving global markets, trends to watch and regional and sector outlooks: • Global Snapshot • Market GPS

Contact your Janus Henderson Representative or visit ml.janushenderson.com to subscribe.

FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC 9 Elevate your practice. Visit us at ml.janushenderson.com or contact your Sales Director at 800.668.0434.

This flyer has been prepared by Janus Henderson for informational purposes only ETF shares are not individually redeemable and owners of the shares may acquire and does not indicate approval or disapproval by Bank of America Merrill Lynch those shares from the Fund and tender those shares for redemption to the Fund in Research. Merrill Lynch Financial Advisors must consider whether any product Creation Units only. is appropriate for a particular client based on that client’s specific investment Geneva Capital Management LLC, Intech Investment Management LLC and objectives, financial situation and risk tolerance. There is no guarantee that the Perkins Investment Management LLC are subsidiaries of Janus Henderson Group information shown is accurate, complete, or timely, nor are there any warranties plc and serve as the sub-adviser on certain products. with regards to the results obtained from its use. It is not intended to indicate or Janus Henderson, Janus Henderson Labs, Henderson Geneva, Intech and imply in any manner that current or past results are indicative of future profitability Perkins are trademarks or registered trademarks of Janus Henderson Investors. © or expectations. Janus Henderson Investors. The name Janus Henderson Investors includes HGI Please consider the charges, risks, expenses and investment Group Limited, Henderson Global Investors (Brand Management) Sarl and Janus objectives carefully before investing. For a prospectus or, if available, International Holding LLC. a summary prospectus containing this and other information, please Mutual funds distributed by Janus Henderson Distributors. ETFs distributed call Janus Henderson at 800.668.0434 or download the file from by ALPS Distributors, Inc. ALPS is not affiliated with Janus Henderson or any janushenderson.com/info. Read it carefully before you invest or of its subsidiaries. send money. Janus Henderson is not affiliated with Bank of America Merrill Lynch. Investing involves risk, including the possible loss of principal and fluctuation of value.

FOR USE WITH BANK OF AMERICA MERRILL LYNCH FINANCIAL PROFESSIONALS ONLY / NOT FOR USE WITH THE GENERAL PUBLIC JNS578 C-0618-17350 08-15-18 166-15-415236 06-18