Janus Henderson Small Cap Value Fund

The fund seeks to achieve its investment objective by primarily acquiring common stock in smaller companies that its portfolio managers believe are undervalued. Ordinarily, at least 80% of its net assets, including any funds borrowed for investment, are dedicated to equity securities of these small businesses. A "small company" for this purpose is characterized by a market capitalization, at the moment of initial purchase, that falls below the 12-month average of the maximum market capitalizations observed among companies within the Russell 2000® Value Index. Additionally, up to one-fifth of the fund's net assets may be allocated to cash or other highly liquid investments.