Morningstar® Investment Profile™   Morningstar® Disclosure   Format for Print Janus Henderson VIT Mid Cap Value Instl  JAMVX 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 380 Mid-Cap Value Funds Morningstar® Style Box™ What is this? As of 2024-02-29 Total Fund Assets ($ Mil) 120.52 View Historical Morningstar Star Ratings and Definitions

Investment Objective & Strategy   The investment seeks capital appreciation. The Portfolio pursues its investment objective by investing primarily in the common stocks of mid-sized companies whose stock prices are believed to be undervalued by portfolio management. It invests, under normal circumstances, at least 80% of its net assets in equity securities of companies whose market capitalization falls, at the time of purchase, within the capitalization range of the Russell Midcap® Value Index. The Portfolio may invest up to 20% of its net assets in securities of companies having market capitalizations outside of the aforementioned market capitalization ranges.

Morningstar Category: Mid-Cap Value Some mid-cap value portfolios focus on medium-size companies while others land here because they own a mix of small-, mid-, and large-cap stocks. All look for U.S. stocks that are less expensive or growing more slowly than the market. Stocks in the middle 20% of the capitalization of the U.S. equity market are defined as mid-cap. Value is defined based on low valuations (low price ratios and high dividend yields) and slow growth (low growth rates for earnings, sales, book value, and cash flow).

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 93.3 Non-U.S. Stocks 5.1 Bonds 0.0 Cash 1.7 Other 0.0 Data through 2024-02-29 Morningstar Equity Sectors % of Stocks Cyclical 44.74 Basic Materials 8.04 Consumer Cyclical 12.70 Financial Services 15.81 Real Estate 8.19 Sensitive 40.44 Communication Services 1.47 Energy 7.23 Industrials 20.37 Technology 11.37 Defensive 14.81 Consumer Defensive 2.18 Healthcare 8.20 Utilities 4.43 Data through 2024-02-29 Holding Status Total Number of Stock Holdings 71 Total Number of Bond Holdings 0 % of Net Assets in Top 10 Holdings 23.18 Turnover % (as of 2023-12-31) 47.00 30 Day SEC Yield % 0.00 Top Holdings Sector P/E % of Net Assets The Hartford Financial Services Group Inc 12.93 2.95 Cardinal Health Inc 44.40 2.39 Casey's General Stores Inc 25.31 2.38 Fidelity National Information Services Inc 87.27 2.35 Chesapeake Energy Corp Ordinary Shares - New 5.25 2.29 Entergy Corp 9.52 2.23 AMETEK Inc 32.26 2.21 PNC Financial Services Group Inc 12.63 2.19 Alliant Energy Corp 18.13 2.12 Lamar Advertising Co Class A --- 2.07 Data through 2024-02-29

Principal Risks    Foreign Securities, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Value Investing, Active Management, Market/Market Volatility, Equity Securities, IPO, Cash Drag, Mid-Cap, Real Estate/REIT Sector Show Risk Definitions

Other Information Inception Date: 2003-05-01 Portfolio Manager(s) Kevin Preloger   (2013-04-30) Kevin Preloger is a Portfolio Manager at Janus Henderson Investors and co-leads the SMID Value Team. Kevin joined the firm in 2002 as a research analyst covering the financial services sector. He became a portfolio manager in 2013. Prior to joining the firm, he worked as an analyst at ABN AMRO/LaSalle Bank Wealth Management and covered the financial services and technology sectors during his five-year tenure at the firm. Kevin received his bachelor of arts degree in economics from Northwestern University. He has 27 years of financial industry experience. Justin Tugman   (2015-03-19) Justin Tugman is a Portfolio Manager at Janus Henderson Investors and co-leads the SMID Value Team. Justin served as a research analyst through 2012, covering the energy and utility sectors upon joining the firm in 2004. Prior to that, he worked at Simmons & Company International as an analyst covering the energy sector during his four-year tenure at the firm. Justin received his bachelor of science degree in finance from the University of Wyoming and an MBA with a concentration in finance from Tulane University. He holds the Chartered Financial Analyst designation and has 24 years of financial industry experience. Investment Advisor(s) Janus Henderson Investors US LLC Issuer Janus Henderson Subadvisor(s) ---

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