Janus Henderson Small-Mid Cap Value Fund - I Shares

The primary strategy of this fund involves committing a substantial portion, specifically no less than 80% of its capital (including funds acquired through borrowing for investment), to the common stock of companies categorized as small or mid-sized. These are specifically companies whose total market value falls beneath the rolling 12-month average of the top market capitalization found among constituents of the Russell 2500 Value Index. Additionally, if the portfolio managers deem market conditions unsuitable for new investments or struggle to find appealing opportunities, the fund may increase its allocation to cash or cash-like assets.