Janus Henderson Small Cap Value Fund

The Janus Henderson Small Cap Value Fund aims to achieve its objectives by primarily investing in the common shares of smaller companies. Its portfolio managers focus on businesses whose stock prices they believe are currently undervalued. Typically, at least 80% of the fund's total assets (which includes any borrowed money used for investment) will be committed to equity securities of these small firms. For definition, a "small company" is one whose market value at the time of purchase falls below the 12-month average of the maximum market capitalization of companies listed in the Russell 2000® Value Index. The fund also has the flexibility to hold up to 20% of its net assets in cash or similar liquid instruments.