Janus Henderson Adaptive Risk Managed US Equity Fund - N Shares 

The Janus Henderson Adaptive Risk Managed U.S. Equity Fund typically allocates at least 80% of its total assets (including any leveraged capital for investment purposes) to the stock holdings of American companies. These investments broadly include common shares, depositary receipts, and real estate investment trusts (REITs). The fund endeavors to generate returns similar to the broader market, as measured by the Russell 1000® Index, but with a diminished level of price fluctuation over a complete economic cycle. More precisely, it aims to keep its volatility between approximately 0% and 40% lower than that of the Russell 1000 Index.