Janus Henderson Small-Mid Cap Value Fund

This fund's primary objective is typically met by committing at least 80% of its total assets (including any borrowed funds) to the common stock of small and mid-sized companies. These companies are specifically defined as having a market value below the trailing 12-month average of the largest companies found within the Russell 2500 Value Index. Furthermore, if the portfolio managers deem market conditions unsuitable for investment or cannot identify compelling opportunities, the fund has the flexibility to increase its holdings in cash or highly liquid investments.