Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Janus Henderson VIT Enterprise Instl  JAAGX Release date as of 2024-03-31. Data on page is subject to change. Snapshot Ratings & Risk Portfolio Nuts & Bolts

Morningstar Report Overall Morningstar Rating™ What is this? As of 2024-03-31 Out of 520 Mid-Cap Growth Funds Morningstar® Style Box™ What is this? As of 2024-02-29 Total Fund Assets ($ Mil) 1,658.61 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks long-term growth of capital. The Portfolio 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. The Portfolio considers medium-sized companies to be 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. It may also invest in foreign securities.

Morningstar Category: Mid-Cap Growth Some mid-cap growth portfolios invest in stocks of all sizes, thus leading to a mid-cap profile, but others focus on midsize companies. Mid-cap growth portfolios target U.S. firms that are projected to grow faster than other mid-cap stocks, therefore commanding relatively higher prices. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Growth is defined based on fast growth (high growth rates for earnings, sales, book value, and cash flow) and high valuations (high price ratios and low dividend yields).

Investment Risks Mid Cap Funds: The securities of companies with market capitalizations below $10 billion may be more volatile and less liquid than the securities of larger companies.

Portfolio Profile Asset Allocation % of Net Assets U.S. Stocks 76.3 Non-U.S. Stocks 21.5 Bonds 0.0 Cash 2.2 Other 0.0 Data through 2024-02-29 Morningstar Equity Sectors % of Stocks Cyclical 16.58 Basic Materials 2.35 Consumer Cyclical 4.19 Financial Services 8.65 Real Estate 1.39 Sensitive 63.47 Communication Services 4.05 Energy 1.38 Industrials 19.47 Technology 38.57 Defensive 19.95 Consumer Defensive 0.75 Healthcare 16.08 Utilities 3.12 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 78 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 28.59 Turnover % (as of 2023-12-31) 13.00 30 Day SEC Yield % 0.00 Top Holdings Sector P/E % of Net Assets Constellation Software Inc --- 4.69 GoDaddy Inc Class A 13.07 3.24 Boston Scientific Corp 64.01 3.07 Intact Financial Corp --- 2.79 SS&C Technologies Holdings Inc 26.93 2.70 WEX Inc 38.56 2.69 Teleflex Inc 29.92 2.49 Flex Ltd --- 2.37 ON Semiconductor Corp 15.04 2.30 WR Berkley Corp 17.51 2.25 Data through 2024-02-29

Principal Risks    Lending, Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Growth Investing, Active Management, Market/Market Volatility, Equity Securities, Industry and Sector Investing, Mid-Cap Show Risk Definitions

Other Information Inception Date: 1993-09-13 Portfolio Manager(s) Philip Cody Wheaton   (2016-07-01) Cody Wheaton is a mid-cap growth Portfolio Manager on the US Small/Mid-Cap Growth Team at Janus Henderson Investors. He also serves as a Research Analyst focusing on small- and mid-cap stocks within the financials and consumer sectors. He joined Janus as a research analyst in 2001. Cody received his bachelor of arts degree in economics and government from Dartmouth College. He holds the Chartered Financial Analyst designation and has 23 years of financial industry experience. Brian Demain   (2007-11-01) Brian Demain is a mid-cap growth Portfolio Manager on the US Small/Mid-Cap Growth Team at Janus Henderson Investors, a position he has held since 2007. Brian joined Janus in 1999 as a research analyst focused on companies in the media and communications sectors. From 2004 to 2007, he led the Communications Sector Research Team. Brian received his bachelor of arts degree in economics from Princeton University, graduating summa cum laude and Phi Beta Kappa. His academic achievements culminated with winning a Senior Thesis Prize. Brian holds the Chartered Financial Analyst designation and has 25 years of financial industry experience. Investment Advisor(s) Janus Henderson Investors US LLC Issuer Janus Henderson Subadvisor(s) ---

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