Strategy And Objective

Janus Henderson Enterprise Fund seeks long-term growth of capital. The Fund pursues its investment objective by investing primarily in common stocks selected for their growth potential, and normally invests at least 50% of its equity assets in medium-sized companies. Medium-sized companies are those whose market capitalization falls within the range of companies in the Russell Midcap Growth Index. Market capitalization is a commonly used measure of the size and value of a company. The market capitalizations within the index will vary, but as of September 30, 2020, they ranged from approximately $538 million to $38.2 billion. The Fund may also invest in foreign securities, which may include investments in emerging markets. In addition, the Fund s investments may include securities of real estate-related companies, including real estate investment trusts. The portfolio managers apply a bottom up approach in choosing investments. In other words, the portfolio managers look at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Fund s investment policies. Attributes considered in the process of securities selection may include sustainable growth, return on invested capital, and competitive positioning. The Fund may lend portfolio securities on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.