Strategy And Objective

Janus Henderson Small Cap Value Fund seeks capital appreciation. The Fund pursues its investment objective by investing primarily in the common stocks of small companies whose stock prices are believed to be undervalued by the Funds portfolio managers. The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of small companies whose market capitalization, at the time of initial purchase, is less than the 12-month average of the maximum market capitalization for companies included in the Russell 2000 Value Index. The market capitalizations within the index will vary, but as of June 30, 2019, they ranged from approximately $14 million to $5.8 billion. The Fund may also invest in foreign securities, which may include investments in emerging markets. The Fund may invest, under normal circumstances, up to 20% of its net assets in securities of companies having market capitalizations outside of the aforementioned market capitalization ranges. In addition, when the portfolio managers believe that market conditions are unfavorable for investing, or when they are otherwise unable to locate attractive investment opportunities, the Fund may invest up to 20% of its net assets in cash or similar investments. From time to time, the Fund may invest in shares of companies through initial public offerings. The Funds securities selection focuses on companies that are out of favor with markets or have not yet been discovered by the broader investment community. As defensive value managers, the Funds portfolio managers generally look for companies with strong management teams;strong and stable balance sheets and solid recurring free cash flows attractive relative and absolute valuation ratios or that have underperformed recently favorable reward to risk characteristics durable competitive advantages that are trading at attractive valuations strong long-term prospects. The portfolio managers philosophy is to weigh a securitys downside risk before considering its upside potential, which may help provide an element of capital preservation.