Janus Investment Fund

▼ October 27, 2023

Janus Investment Fund
Prospectus

	Class A Shares Ticker	Class C Shares Ticker	Class S Shares Ticker	Class I Shares Ticker	Class N Shares Ticker	Class R Shares Ticker	Class T Shares Ticker
Fixed Income
Janus Henderson Absolute Return Income Opportunities Fund	JUCAX	JUCCX	JUCSX	JUCIX	JUCNX	JUCRX	JUCTX
Janus Henderson Developed World Bond Fund	HFAAX	HFACX	HFASX	HFAIX	HFARX	N/A	HFATX
Janus Henderson Flexible Bond Fund	JDFAX	JFICX	JADFX	JFLEX	JDFNX	JDFRX	JAFIX
Janus Henderson Global Bond Fund	JGBAX	JGBCX	JGBSX	JGBIX	JGLNX	N/A	JHBTX
Janus Henderson High-Yield Fund	JHYAX	JDHCX	JDHYX	JHYFX	JHYNX	JHYRX	JAHYX
Janus Henderson Multi-Sector Income Fund	JMUAX	JMUCX	JMUSX	JMUIX	JMTNX	N/A	JMUTX
Janus Henderson Short Duration Flexible Bond Fund	JSHAX	JSHCX	JSHSX	JSHIX	JSHNX	N/A	JASBX

Neither the Securities and Exchange Commission nor the Commodity Futures Trading Commission, as applicable, has approved or disapproved of these securities or passed on the accuracy or adequacy of this Prospectus. Any representation to the contrary is a criminal offense.

This Prospectus describes seven portfolios (each, a “Fund” and collectively, the “Funds”) of Janus Investment Fund (the “Trust”). Janus Henderson Investors US LLC (the “Adviser”) serves as investment adviser to each Fund.

The Funds offer multiple classes of shares in order to meet the needs of various types of investors.Class A Shares, Class C Shares, Class S Shares, Class I Shares, Class N Shares, Class R Shares, and Class T Shares (individually and/or collectively, the “Shares”) are offered by this Prospectus.

The Shares are not offered directly to individual investors. Certain financial intermediaries may not offer all classes of Shares. For additional information about these classes of Shares and whether or not you are eligible to purchase these Shares, please refer to the Shareholder’s Guide section of the Prospectus.

For the purpose of this Prospectus, any reference to the “Janus Henderson funds” is inclusive of all series of the Trust, collectively, unless otherwise noted in this Prospectus.

Table of contents

Fund summary
Janus Henderson Absolute Return Income Opportunities Fund	2
Janus Henderson Developed World Bond Fund	10
Janus Henderson Flexible Bond Fund	19
Janus Henderson Global Bond Fund	27
Janus Henderson High-Yield Fund	36
Janus Henderson Multi-Sector Income Fund	43
Janus Henderson Short Duration Flexible Bond Fund	52
Additional information about the Funds
Fees and expenses	60
Additional investment strategies and general portfolio policies	61
Risks of the Funds	69
Management of the Funds
Investment adviser	82
Management expenses	82
Portfolio management	84
Other information	87
Distributions and taxes	88
Shareholder’s guide
Pricing of fund shares	92
Choosing a share class	94
Distribution, servicing, and administrative fees	96
Payments to financial intermediaries by the Adviser or its affiliates	97
Purchases	98
Exchanges	103
Redemptions	104
Excessive trading	106
Shareholder communications	107
Financial highlights	109
Appendix A – intermediary sales charge waivers and discounts	154
Glossary of investment terms	161

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Fund summary

Janus Henderson Absolute Return Income Opportunities Fund

Ticker:	JUCAX	Class A Shares	JUCSX	Class S Shares	JUCNX	Class N Shares	JUCTX	Class T Shares
	JUCCX	Class C Shares	JUCIX	Class I Shares	JUCRX	Class R Shares

Investment Objective

Janus Henderson Absolute Return Income Opportunities Fund seeks to maximize total return, consistent with preservation of capital.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. For Class A Shares, you may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 98 of the Fund’s Prospectus and in the “Purchases” section on page 74 of the Fund’s Statement of Additional Information. In addition, please see Appendix A – Intermediary Sales Charge Waivers and Discounts. You may also incur brokerage commissions charged by your broker or financial intermediary when buying Class I Shares or Class N Shares of the Fund that are not reflected in the table or in the example below.

SHAREHOLDER FEES (fees paid directly from your investment)	Class A	Class C	Class S	Class I	Class N	Class R	Class T
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)	4.75%	None	None	None	None	None	None
Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	None	1.00%	None	None	None	None	None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)	Class A	Class C	Class S	Class I	Class N	Class R	Class T
Management Fees	0.65%	0.65%	0.65%	0.65%	0.65%	0.65%	0.65%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	0.50%	None
Other Expenses	0.61%	0.61%	1.83%	0.60%	0.99%	1.43%	0.79%
Total Annual Fund Operating Expenses	1.51%	2.26%	2.73%	1.25%	1.64%	2.58%	1.44%
Fee Waiver(1)	0.55%	0.54%	1.60%	0.52%	1.00%	1.20%	0.56%
Total Annual Fund Operating Expenses After Fee Waiver(1)	0.96%	1.72%	1.13%	0.73%	0.64%	1.38%	0.88%

(1)

The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class; brokerage commissions; interest; dividends; taxes; acquired fund fees and expenses; and extraordinary expenses) exceed 0.63%. In addition, the Adviser has contractually agreed to waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated exchange traded funds (“ETFs”) in which the Fund invests. The contractual waivers will remain in effect for at least a one-year period commencing on October 27, 2023. These contractual waivers may be terminated or modified only at the discretion of the Board of Trustees.

EXAMPLE:

The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares after eight years. The Example

2 | Janus Henderson Absolute Return Income Opportunities Fund

for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$568	$878	$1,210	$2,146
Class C Shares	$275	$655	$1,161	$2,364
Class S Shares	$115	$695	$1,302	$2,943
Class I Shares	$75	$345	$636	$1,465
Class N Shares	$65	$419	$797	$1,859
Class R Shares	$140	$688	$1,263	$2,825
Class T Shares	$90	$400	$734	$1,676

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$568	$878	$1,210	$2,146
Class C Shares	$175	$655	$1,161	$2,364
Class S Shares	$115	$695	$1,302	$2,943
Class I Shares	$75	$345	$636	$1,465
Class N Shares	$65	$419	$797	$1,859
Class R Shares	$140	$688	$1,263	$2,825
Class T Shares	$90	$400	$734	$1,676

Portfolio Turnover: The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance.During the most recent fiscal year, the Fund’s portfolio turnover rate was 56% of the average value of its portfolio.

Principal investment strategies

The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. For purposes of this 80% policy, the term bonds refers to a variety of fixed-income securities and instruments, and includes, but is not limited to, such investments as government notes and bonds, corporate bonds, convertible securities, commercial paper, commercial and residential mortgage-backed securities, asset-backed securities, collateralized loan obligations, fixed rate notes, floating rate securities, and derivatives such as forwards, swap agreements, futures contracts, and options that provide exposure to various fixed-income instruments (“Fixed-Income Instruments”). The Fund may invest a significant portion of its assets in certain types of Fixed-Income Instruments, including mortgage-backed securities. In pursuing its investment objective, the Fund will have exposure to investments that are economically tied to a number of countries throughout the world.

The Fund employs an “absolute return” strategy, which means that the Fund benchmarks itself to an index of cash instruments, rather than a fixed-income index. In pursuing this strategy, the Fund seeks to achieve positive returns that exceed its benchmark index in a variety of market environments. The Fund seeks value across sectors and geographies using a wide range of instruments to capitalize on investment opportunities to maximize current income, while at the same time seeking to provide low volatility. The Fund seeks to take advantage of market mispricings and dislocations caused by structural inefficiencies in the fixed-income market. For example, portfolio management may favor investments in smaller countries or regions that tend to be underrepresented in fixed-income indices that are more heavily focused on the United States or other larger regions globally. A position may be sold if it reaches its total return target, if the investment thesis for owning it changes, or to limit potential losses.

The Fund’s average portfolio duration may range from negative two years to plus four years. As of June 30, 2023, the Fund’s average portfolio duration was 1.25 years. The Fund may invest in securities of varying maturities, although the Fund’s average portfolio maturity is generally less than five years. While the Fund primarily invests in investment-grade debt securities, it may invest up to 25% of its assets in high-yield bonds (also known as “junk” bonds). The Fund may invest in securities denominated in foreign currencies and in U.S. dollar-denominated securities of foreign issuers.

3 | Janus Henderson Absolute Return Income Opportunities Fund

The Fund may invest in foreign debt securities, including investments in emerging markets. At times, the Fund may invest a substantial amount of its assets in foreign debt issuers located in a single region. The Fund will normally limit emerging markets investments to 15% of its net assets, measured at the time of purchase. The Fund will normally limit its foreign currency exchange exposure to 15% of its total assets. The Fund may limit its foreign currency exchange exposure by hedging through the use of forward contracts, cross-currency swaps, currency futures, and options. The Fund may invest in cash or cash equivalents such as short-term government bonds, commercial paper, repurchase agreements, and other short-duration fixed-income securities. The Fund may also invest in securities that have contractual restrictions that prohibit or limit their public resale (these are known as “restricted securities”), which may include Rule 144A securities.

The Fund may invest in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as equity securities, fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may utilize interest rate futures, interest rate swaps, credit default swaps (both single-name and index), options, swaptions, and currency forwards for various investment purposes, such as to manage or hedge portfolio risk, enhance return, or manage duration. The Fund may engage in short sales of derivatives instruments such as options, futures, and swaps.

Principal investment risks

The biggest risk is that the Fund’s returns and yields will vary, and you could lose money. The principal risks associated with investing in the Fund are set forth below.

Market Risk. The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.

Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks:

•

Interest rate risk is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.

•

Credit risk is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default.

•

Prepayment risk is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential.

•

Extension risk is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall.

•

Valuation risk is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security.

•

Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).

4 | Janus Henderson Absolute Return Income Opportunities Fund

unrated bonds of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield bonds may not be as strong financially as those issuing bonds with higher credit ratings and are more vulnerable to real or perceived economic changes, political changes, or adverse developments specific to the issuer. In addition, the junk bond market can experience sudden and sharp price swings.

Foreign Exposure Risk. Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. The Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments.

Geographic Concentration Risk. To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.

•

Australia Risk. The Fund’s investment in Australian issuers may subject the Fund to loss in the event of adverse tax, political, economic, regulatory, and other developments that affect Australia and its fixed-income markets, including fluctuations of Australian currency versus the U.S. dollar. Also, Australia is economically sensitive to environmental events and is located in a part of the world that has historically been prone to natural disasters, such as drought and flooding.

Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.

Emerging Markets Risk. Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of emerging markets issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.

Derivatives Risk. Derivatives, such as swaps, futures, forwards, and options, can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.Derivatives entail the risk that the counterparty will default on its payment obligations. If the counterparty to a derivative transaction defaults, the Fund would risk the loss of the net amount of the payments that it

5 | Janus Henderson Absolute Return Income Opportunities Fund

contractually is entitled to receive.Swap agreements also bear the risk that the Fund will not be able to meet its obligation to the counterparty. The Fund’s investments in interest rate futures in particular entail the risk that portfolio management’s prediction of the direction of interest rates is wrong, and the Fund could incur a loss. If the Fund invests a significant portion of its assets in derivatives, its investment performance could be dependent on securities not directly owned by the Fund.Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.

Short Exposure Risk. The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.

Sovereign Debt Risk. Investments in U.S. and non-U.S. government debt securities (“sovereign debt”), especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

Floating Rate Obligations Risk. The Fund may invest in floating rate obligations with interest rates that reset regularly, maintaining a fixed spread over a stated reference rate. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Unexpected changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.

Currency Risk. Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.

Restricted Securities Risk. Investments in restricted securities, including securities issued under Regulation S and Rule 144A, could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Restricted securities may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.

Portfolio Management Risk. The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Although the Fund seeks to provide long-term positive returns, market conditions or implementation of the Fund’s investment process may result in losses, and the Fund will not meet its investment objective. As such, there can be no assurance of positive “absolute” returns.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

6 | Janus Henderson Absolute Return Income Opportunities Fund

Performance information

The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.Class A Shares, Class C Shares, Class S Shares, Class I Shares, Class N Shares, and Class T Shares of the Fund commenced operations with the Fund’s inception. Class R Shares of the Fund commenced operations on February 6, 2015.

•

The performance shown for Class A Shares, Class C Shares, Class S Shares, Class I Shares, Class N Shares, and Class T Shares is calculated using the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers.

•

The performance shown for Class R Shares for periods prior to February 6, 2015, reflects the performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class R Shares, without the effect of any fee and expense limitations or waivers. If Class R Shares of the Fund had been available during periods prior to February 6, 2015, the performance shown may have been different. The performance shown for the periods following the Fund’s commencement of Class R Shares reflects the fees and expenses of Class R Shares, net of any applicable fee and expense limitations or waivers.

The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.

The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.Updated performance information is available at janushenderson.com/performance or by calling 1-877-335-2687.

Annual Total Returns for Class I Shares (calendar year-end)

Best Quarter:

4th Quarter 2018

2.25%

Worst Quarter:

2nd Quarter 2018

– 5.76%

The Fund’s year-to-date return as of the calendar quarter ended September 30, 2023 was 4.05%.

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	Since Inception (5/27/14)
Class I Shares
Return Before Taxes	– 1.46%	0.19%	0.78%
Return After Taxes on Distributions	– 2.29%	– 0.76%	– 0.20%
Return After Taxes on Distributions and Sale of Fund Shares(1)	– 0.86%	– 0.25%	0.18%
FTSE 3-Month U.S. Treasury Bill Index (reflects no deduction for expenses, fees, or taxes)	1.50%	1.25%	0.86%

7 | Janus Henderson Absolute Return Income Opportunities Fund

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	Since Inception (5/27/14)
Class A Shares
Return Before Taxes(2)	– 6.31%	– 1.00%	– 0.03%
FTSE 3-Month U.S. Treasury Bill Index (reflects no deduction for expenses, fees, or taxes)	1.50%	1.25%	0.86%
Class C Shares
Return Before Taxes(3)	– 3.34%	– 0.74%	– 0.18%
FTSE 3-Month U.S. Treasury Bill Index (reflects no deduction for expenses, fees, or taxes)	1.50%	1.25%	0.86%
Class S Shares
Return Before Taxes	– 1.86%	– 0.25%	0.34%
FTSE 3-Month U.S. Treasury Bill Index (reflects no deduction for expenses, fees, or taxes)	1.50%	1.25%	0.86%
Class N Shares
Return Before Taxes	– 1.37%	0.27%	0.83%
FTSE 3-Month U.S. Treasury Bill Index (reflects no deduction for expenses, fees, or taxes)	1.50%	1.25%	0.86%
Class R Shares
Return Before Taxes	– 2.09%	– 0.46%	0.10%
FTSE 3-Month U.S. Treasury Bill Index (reflects no deduction for expenses, fees, or taxes)	1.50%	1.25%	0.86%
Class T Shares
Return Before Taxes	– 1.60%	0.05%	0.60%
FTSE 3-Month U.S. Treasury Bill Index (reflects no deduction for expenses, fees, or taxes)	1.50%	1.25%	0.86%

(1)

If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.

(2)

Calculated assuming maximum permitted sales loads.

(3)

The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the FTSE 3-Month U.S. Treasury Bill Index. The index is described below.

•

The FTSE 3-Month U.S. Treasury Bill Index is an unmanaged index designed to represent the average of Treasury bill rates for each of the prior 3 months, adjusted to a bond equivalent basis.

After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

After-tax returns are only shown for Class I Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class I Shares due to varying sales charges (as applicable), fees, and expenses among the classes.

Management

Investment Adviser: Janus Henderson Investors US LLC

Portfolio Management: Dylan Bourke, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since June 2021. Jason England is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since June 2019. Daniel Siluk is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since June 2021.

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Purchase and sale of Fund shares

Minimum Investment Requirements

Class A Shares, Class C Shares*, Class S Shares, Class R Shares, and Class T Shares
Non-retirement accounts	$2,500**
Certain tax-advantaged accounts or UGMA/UTMA accounts	$500
Class I Shares
Institutional investors (investing directly with the Fund)	$1,000,000
Through an intermediary institution
• non-retirement accounts	$2,500 †
• certain tax-advantaged accounts or UGMA/UTMA accounts	$500 †
Class N Shares
Retirement investors (investing through an adviser-assisted, employer-sponsored retirement plan)	None
Retail investors (investing through a financial intermediary omnibus account)	$2,500***
Institutional investors (investing directly with the Fund)	$1,000,000

†

Exceptions to these minimums may apply for certain tax-advantaged, tax-qualified and retirement plans, including health savings accounts, accounts held through certain wrap programs, and certain retail brokerage accounts.

The maximum purchase in Class C Shares is $500,000 for any single purchase.

Class A, Class C, Class S, and Class T shares held through certain supermarket and/or self-directed brokerage accounts, or through wrap programs, may not be subject to these minimums. Please contact your financial intermediary for more information. For Class R shareholders, there is no investment minimum for defined contribution plans. Investors in a defined contribution plan through a third party administrator should refer to their plan document or contact their plan administrator for additional information regarding account minimums.

***

Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum.

Purchases, exchanges, and redemptions can generally be made only through institutional channels, such as financial intermediaries and retirement platforms. Class I Shares may be purchased directly by certain institutional investors who established Class I Shares accounts before August 4, 2017. You should contact your financial intermediary or refer to your plan documents for information on how to invest in the Fund. Requests must be received in good order by the Fund or its agents (financial intermediary or plan sponsor, if applicable) prior to the close of the trading session of the New York Stock Exchange in order to receive that day’s net asset value. For additional information, refer to “Purchases,” “Exchanges,” and/or “Redemptions” in the Prospectus.

Tax information

The Fund’s distributions are taxable, and will be taxed as ordinary income or capital gains, unless you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an individual retirement account (in which case you may be taxed upon withdrawal of your investment from such account).

Payments to broker-dealers and other financial intermediaries

If you purchase Class A Shares, Class C Shares, Class S Shares, Class I Shares, Class R Shares, or Class T Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund or its distributor (or its affiliates) may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment or to recommend one share class over another. There is some regulatory uncertainty concerning whether marketing support or other similar payments may be made or received in connection with Class I Shares where a financial intermediary has imposed its own sales charges or transaction fees. As a result, based on future regulatory developments, such payments may be terminated, or the Fund may prohibit financial intermediaries from imposing such sales charges or transaction fees in connection with Class I Shares. Ask your salesperson or visit your financial intermediary’s website for more information.

9 | Janus Henderson Absolute Return Income Opportunities Fund

Fund summary

Janus Henderson Developed World Bond Fund

Ticker:	HFAAX	Class A Shares	HFASX	Class S Shares	HFARX	Class N Shares
	HFACX	Class C Shares	HFAIX	Class I Shares	HFATX	Class T Shares

Investment Objective

Janus Henderson Developed World Bond Fund seeks total return through current income and capital appreciation.

Fees and Expenses of the Fund

SHAREHOLDER FEES (fees paid directly from your investment)	Class A	Class C	Class S	Class I	Class N	Class T
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)	4.75%	None	None	None	None	None
Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	None	1.00%	None	None	None	None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)	Class A	Class C	Class S	Class I	Class N	Class T
Management Fees	0.52%	0.52%	0.52%	0.52%	0.52%	0.52%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.26%	0.15%	0.89%	0.17%	0.07%	0.32%
Total Annual Fund Operating Expenses	1.03%	1.67%	1.66%	0.69%	0.59%	0.84%
Fee Waiver(1)	0.21%	0.10%	0.59%	0.12%	0.02%	0.02%
Total Annual Fund Operating Expenses After Fee Waiver(1)	0.82%	1.57%	1.07%	0.57%	0.57%	0.82%

(1)

EXAMPLE:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$555	$767	$997	$1,657
Class C Shares	$260	$517	$898	$1,797

10 | Janus Henderson Developed World Bond Fund

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class S Shares	$109	$466	$847	$1,916
Class I Shares	$58	$209	$372	$847
Class N Shares	$58	$187	$327	$736
Class T Shares	$84	$266	$464	$1,035

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$555	$767	$997	$1,657
Class C Shares	$160	$517	$898	$1,797
Class S Shares	$109	$466	$847	$1,916
Class I Shares	$58	$209	$372	$847
Class N Shares	$58	$187	$327	$736
Class T Shares	$84	$266	$464	$1,035

Principal investment strategies

The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds or other income-producing debt-related securities from developed countries. The Fund considers “developed countries” to include, but not be limited to, those countries characterized as developed by the MSCI World Indexsm, including the United States, United Kingdom, Canada, Australia, Sweden, Denmark, Japan, Austria, Belgium, Finland, France, Germany, New Zealand, the Netherlands, and Switzerland, or such other countries as portfolio management deems to be developed.

Under normal circumstances, portfolio management intends to invest at least 40% of the Fund’s net assets outside of the United States and in at least three different countries. A security is deemed to originate in a country if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity is located in, the country, (ii) a majority of the company’s assets are located in the country, or (iii) a majority of the company’s revenues are derived from the country. The Fund may also invest up to 20% of its net assets in equity and equity-related securities such as convertibles and debt securities with warrants. While the Fund has no policy limiting the currency in which foreign securities may be denominated, the Fund seeks to hedge its non-dollar investments back to the U.S. dollar.

Portfolio management uses a process that combines a bottom-up approach to individual security selection rooted in thorough, independent research with a macro-economic overlay that determines appropriate country, asset sector, currency and industry exposure. In their bottom-up approach, portfolio management uses both qualitative and quantitative credit analysis to consider a variety of factors, including the issuer’s experience, managerial strength, debt service capability, operating outlook, sensitivity to economic conditions, current financial condition, liquidity and access to capital, asset protection, structural issues, covenant protection, and equity sponsorship.

Portfolio management meets with prospective and purchased debt issuers. They also work closely with a team of analysts to search for the most appropriate securities to include in the Fund’s portfolio.

Sector, regional and industry allocations are evaluated within a broader economic and market context and involve: (i) evaluation of the economic and interest rate environment that determines asset sector allocation and quality mix; (ii) evaluation of country and regional economic environment to support country allocation decisions; and (iii) analysis of industry weightings, including stability and growth of industries, cash flows and/or positive equity momentum.

As part of their investment process, portfolio management seeks to (i) avoid corporate issuers that are significantly engaged in business activities that they believe may be environmentally and/or socially harmful, as discussed below; (ii) invest in a portfolio of corporate issuers that, in the aggregate, has a lower carbon intensity and/or footprint than the ICE BofA Global Corporate & High Yield Index on a monthly basis; (iii) avoid sovereign bond issuers that (a) have been sanctioned by the

11 | Janus Henderson Developed World Bond Fund

European Union or United Nations or have insufficient rankings with respect to political rights and civil liberties, as measured by third-party inputs, or (b) have not ratified the Paris Climate Accord.

To identify the universe of investible securities for the Fund, portfolio management applies broad-based negative screens, which incorporate third-party inputs, to seek to avoid securities of issuers that derive more than de minimis revenue from certain activities considered by portfolio management to be environmentally and/or socially harmful. A current list of such business activities, which may evolve over time, follows:

•

oil and gas generation and production;

•

oil sands extraction;

•

shale energy extraction;

•

thermal coal extraction and power generation;

•

Arctic oil and gas extraction;

•

tobacco;

•

fur;

•

adult entertainment;

•

gambling or controversial weapons; and

•

United Nations Global Compact violators.

The Fund does not apply the avoidance criteria noted above in managing the Fund’s exposure to cash and cash equivalents, U.S. Treasuries, and credit default swaps on indices.

The Fund will generally consider selling a security when, in portfolio management’s opinion, there is significant deterioration in company fundamentals, an inability to maintain open communication with management, a change in business strategy, a change in issuer-specific business outlook, realization of anticipated gains, or a failure by the issuer to meet operating/ financial targets. The Fund will also consider selling a security if, in portfolio management’s opinion, it no longer meets the environmental or social criteria noted above, or a superior investment opportunity arises.

Securities in which the Fund may invest include: all types of bonds, debentures, mortgage-related and other asset-backed securities, investment grade debt securities (including corporate debt, developed market government bonds, and U.S. Government securities), high yield securities (also known as “junk” bonds), foreign securities, subordinated bank debt, collective investment schemes, domestic or foreign floating rate senior secured syndicated bank loans, floating rate unsecured loans, and other floating rate bonds, loans and notes. Portfolio management may shift the Fund’s assets among various types of income-producing securities based upon changing market conditions. The Fund’s average portfolio duration normally may range from zero to plus nine years. Portfolio management may lengthen or shorten the Fund’s duration based on their outlook on interest rates and inflation. The Fund may invest in issuers of any credit quality. The Fund may also invest in securities that have contractual restrictions that prohibit or limit their public resale (these are known as “restricted securities”), which may include Rule 144A securities.

The Fund may engage in exchange-traded or over-the-counter derivative transactions to seek return, to generate income, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of the portfolio, to manage certain investment risks, or as a substitute for the purchase or sale of securities or currencies. To the extent derivatives are used, the Fund expects to use them principally when seeking to hedge currency exposure using forward foreign currency contracts, to gain exposure to equity securities by using futures contracts on securities indices, to obtain net long or net negative (short) exposures to selected interest rate, duration or credit risks using a combination of bond or interest rate futures contracts, options on bond or interest rate futures contracts, and interest rate, inflation rate and credit default swap agreements. The Fund may invest in credit default swaps to gain issuer exposure or to gain sector exposure. The Fund may take short positions on derivatives instruments.

The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions 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.

Principal investment risks

The biggest risk is that the Fund’s returns and yields will vary, and you could lose money. The principal risks associated with investing in the Fund are set forth below.

12 | Janus Henderson Developed World Bond Fund

Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks:

•

Europe Risk. The Fund is subject to certain risks related to Europe and the United Kingdom. Investments in British companies may subject the Fund to social, regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. Western Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment. The European Union itself has experienced difficulties in connection with the debt loads of some of its member states. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.

Industry and Sector Risk. Although the Fund does not concentrate its investments in specific industries or sectors, it may have a significant portion of its assets invested in securities of companies conducting similar business or business within the same economic sector. Companies in the same industry or economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments than funds that invest more broadly. As the Fund’s portfolio becomes more concentrated, the Fund is less able to spread risk and potentially reduce the risk of loss and volatility.

13 | Janus Henderson Developed World Bond Fund

In addition, the Fund may be overweight or underweight in certain industries or sectors relative to its benchmark index, which may cause the Fund’s performance to be more or less sensitive to developments affecting those sectors.

ESG Investment Risk. Because the Fund considers environmental, social, and governance (“ESG”) factors in selecting securities, the Fund may perform differently than funds that do not consider ESG factors. Due to the ESG considerations and exclusionary criteria employed by the Fund, the Fund may not be invested in certain industries or sectors, and therefore may have lower performance than portfolios that do not apply similar criteria. In addition, since ESG investing takes into consideration factors beyond traditional financial analysis, the investment opportunities for the Fund may be limited at times. ESG-related information provided by issuers and third parties, upon which portfolio management may utilize, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing companies to consider their environmental or social practices may fall out of favor, which could potentially limit the Fund’s investment universe. There is also a risk that the issuers identified through the investment process employed by the Fund may fail to adhere to positive environmental or social practices, which may result in selling a security when it might otherwise be disadvantageous to do so.

Sovereign Debt Risk. Investments in U.S. and non-U.S. government debt securities (“sovereign debt”) can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.

14 | Janus Henderson Developed World Bond Fund

Securities Lending Risk. There is the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and the Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If the Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to the Fund.

Portfolio Management Risk. The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. The Fund may underperform its benchmark index or other mutual funds with similar investment objectives.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Performance information

The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time. Returns shown for periods prior to June 5, 2017, are those of Henderson Strategic Income Fund (the “Predecessor Fund”). The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class I Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class I Shares, and Class N Shares, respectively, of the Fund on June 2, 2017. Class A Shares and Class C Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on September 30, 2003. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on April 29, 2011 and November 30, 2015, respectively. Class S Shares and Class T Shares of the Fund commenced operations on June 5, 2017.

•

The performance shown for Class A Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund and is calculated using the fees and expenses of Class A Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

•

The performance shown for Class C Shares for periods prior to June 5, 2017, reflects the performance of Class C Shares of the Predecessor Fund and is calculated using the fees and expenses of Class C Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

•

The performance shown for Class I Shares for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund and is calculated using the fees and expenses of Class I Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to April 29, 2011, performance shown for Class I Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

•

The performance shown for Class N Shares for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund and is calculated using the fees and expenses of Class R6 Shares of the Predecessor Fund, in effect during the periods shown, net of any applicable fee and expense limitations or waivers, except that for periods prior to November 30, 2015, performance shown for Class N Shares reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

•

The performance shown for Class S Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

15 | Janus Henderson Developed World Bond Fund

•

The performance shown for Class T Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of the Predecessor Fund, calculated using the fees and expenses of Class A Shares of the Predecessor Fund (without sales charges), net of any applicable fee and expense limitations or waivers.

Returns of the Fund will be different from the Predecessor Fund as they have different expenses.

The Fund’s (and the Predecessor Fund’s) past performance (before and after taxes) does not necessarily indicate how the Fund will perform in the future. Updated performance information is available at janushenderson.com/performance or by calling 1-877-335-2687.

Annual Total Returns for Class A Shares (calendar year-end)

Best Quarter:

2nd Quarter 2020

6.81%

Worst Quarter:

2nd Quarter 2022

– 6.78%

The Fund’s year-to-date return as of the calendar quarter ended September 30, 2023 was – 1.99%.

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	10 Years	Since Inception (9/30/03)
Class A Shares(1)
Return Before Taxes	– 20.68%	– 1.14%	1.67%	3.53%
Return After Taxes on Distributions	– 23.25%	– 2.87%	0.07%	1.77%
Return After Taxes on Distributions and Sale of Fund Shares(2)	– 12.21%	– 1.51%	0.62%	2.05%
Bloomberg Global Aggregate Credit Index (USD Hedged) (reflects no deduction for expenses, fees, or taxes)	– 14.22%	0.39%	1.95%	3.55%
Class C Shares
Return Before Taxes(3)	– 18.04%	– 0.89%	1.42%	3.01%
Bloomberg Global Aggregate Credit Index (USD Hedged) (reflects no deduction for expenses, fees, or taxes)	– 14.22%	0.39%	1.95%	3.55%
Class S Shares
Return Before Taxes	– 16.92%	– 0.35%	2.03%	3.72%
Bloomberg Global Aggregate Credit Index (USD Hedged) (reflects no deduction for expenses, fees, or taxes)	– 14.22%	0.39%	1.95%	3.55%

16 | Janus Henderson Developed World Bond Fund

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	10 Years	Since Inception (9/30/03)
Class I Shares
Return Before Taxes	– 16.48%	0.07%	2.42%	3.95%
Bloomberg Global Aggregate Credit Index (USD Hedged) (reflects no deduction for expenses, fees, or taxes)	– 14.22%	0.39%	1.95%	3.55%
Class N Shares
Return Before Taxes	– 16.55%	0.09%	2.37%	3.90%
Bloomberg Global Aggregate Credit Index (USD Hedged) (reflects no deduction for expenses, fees, or taxes)	– 14.22%	0.39%	1.95%	3.55%
Class T Shares
Return Before Taxes	– 16.73%	– 0.12%	2.20%	3.81%
Bloomberg Global Aggregate Credit Index (USD Hedged) (reflects no deduction for expenses, fees, or taxes)	– 14.22%	0.39%	1.95%	3.55%

(1)

Fund returns calculated assuming maximum permitted sales loads.

(2)

If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.

(3)

The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is Bloomberg Global Aggregate Credit Index (USD Hedged). The index is described below.

•

The Bloomberg Global Aggregate Credit Index (USD Hedged) is the credit component of the Bloomberg Global Aggregate Index, which provides a broad-based measure of the global investment grade fixed income markets. The credit component excludes government bonds and securitized debt.

After-tax returns are calculated using distributions for the Predecessor Fund’s Class A Shares for the period prior to June 5, 2017. If Class A Shares of the Fund had been available during periods prior to June 5, 2017, the distributions used to calculate the after-tax returns may have been different.After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

After-tax returns are only shown for Class A Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class A Shares due to varying sales charges (as applicable), fees, and expenses among the classes.

Management

Investment Adviser: Janus Henderson Investors US LLC

Portfolio Management: Jenna Barnard, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since December 2008. John Pattullo is Executive Vice President and Co-Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since December 2008.

17 | Janus Henderson Developed World Bond Fund

Purchase and sale of Fund shares

Minimum Investment Requirements

Class A Shares, Class C Shares*, Class S Shares, and Class T Shares
Non-retirement accounts	$2,500**
Certain tax-advantaged accounts or UGMA/UTMA accounts	$500
Class I Shares
Institutional investors (investing directly with the Fund)	$1,000,000
Through an intermediary institution
• non-retirement accounts	$2,500 †
• certain tax-advantaged accounts or UGMA/UTMA accounts	$500 †
Class N Shares
Retirement investors (investing through an adviser-assisted, employer-sponsored retirement plan)	None
Retail investors (investing through a financial intermediary omnibus account)	$2,500***
Institutional investors (investing directly with the Fund)	$1,000,000

†

The maximum purchase in Class C Shares is $500,000 for any single purchase.

***

Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum.

Tax information

Payments to broker-dealers and other financial intermediaries

If you purchase Class A Shares, Class C Shares, Class S Shares, Class I Shares, or Class T Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund or its distributor (or its affiliates) may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment or to recommend one share class over another. There is some regulatory uncertainty concerning whether marketing support or other similar payments may be made or received in connection with Class I Shares where a financial intermediary has imposed its own sales charges or transaction fees. As a result, based on future regulatory developments, such payments may be terminated, or the Fund may prohibit financial intermediaries from imposing such sales charges or transaction fees in connection with Class I Shares. Ask your salesperson or visit your financial intermediary’s website for more information.

18 | Janus Henderson Developed World Bond Fund

Fund summary

Janus Henderson Flexible Bond Fund

Ticker:	JDFAX	Class A Shares	JADFX	Class S Shares	JDFNX	Class N Shares	JAFIX	Class T Shares
	JFICX	Class C Shares	JFLEX	Class I Shares	JDFRX	Class R Shares

Investment Objective

Janus Henderson Flexible Bond Fund seeks to obtain maximum total return, consistent with preservation of capital.

Fees and Expenses of the Fund

SHAREHOLDER FEES (fees paid directly from your investment)	Class A	Class C	Class S	Class I	Class N	Class R	Class T
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)	4.75%	None	None	None	None	None	None
Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	None	1.00%	None	None	None	None	None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)	Class A	Class C	Class S	Class I	Class N	Class R	Class T
Management Fees	0.41%	0.41%	0.41%	0.41%	0.41%	0.41%	0.41%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	0.50%	None
Other Expenses	0.23%	0.12%	0.31%	0.12%	0.04%	0.30%	0.29%
Total Annual Fund Operating Expenses	0.89%	1.53%	0.97%	0.53%	0.45%	1.21%	0.70%
Fee Waiver(1)	0.19%	0.08%	0.02%	0.08%	0.00%	0.01%	0.00%
Total Annual Fund Operating Expenses After Fee Waiver(1)	0.70%	1.45%	0.95%	0.45%	0.45%	1.20%	0.70%

(1)

EXAMPLE:

19 | Janus Henderson Flexible Bond Fund

for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$543	$727	$927	$1,502
Class C Shares	$248	$476	$827	$1,644
Class S Shares	$97	$307	$534	$1,188
Class I Shares	$46	$162	$288	$657
Class N Shares	$46	$144	$252	$567
Class R Shares	$122	$383	$664	$1,465
Class T Shares	$72	$224	$390	$871

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$543	$727	$927	$1,502
Class C Shares	$148	$476	$827	$1,644
Class S Shares	$97	$307	$534	$1,188
Class I Shares	$46	$162	$288	$657
Class N Shares	$46	$144	$252	$567
Class R Shares	$122	$383	$664	$1,465
Class T Shares	$72	$224	$390	$871

Principal investment strategies

The Fund pursues its investment objective by primarily investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. Bonds include, but are not limited to, government notes and bonds, corporate bonds, commercial and residential mortgage-backed securities, asset-backed securities, credit risk transfer securities (“CRTs”), and money market instruments. The Fund may invest in fixed and floating rate obligations with varying durations. The Fund’s average portfolio duration typically ranges between three and seven years. As of June 30, 2023, the Fund’s average portfolio duration was 6.4 years.

The Fund will invest at least 65% of its net assets in investment grade debt securities. The Fund will limit its investment in high-yield bonds (also known as “junk” bonds) to 35% or less of its net assets. The Fund generates total return from a combination of current income and capital appreciation, but income is usually the dominant portion. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Fund also invests in securities that have contractual restrictions that prohibit or limit their public resale (these are known as “restricted securities”), which may include Rule 144A securities. The Fund may also invest in foreign securities. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.

Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use interest rate swaps and futures, including Treasury bond futures, to manage interest rate risk, yield curve positioning, and country exposure. The Fund may also use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure, or market conditions), to increase or decrease the Fund’s exposure to a particular market, to manage or adjust the risk profile of the Fund relative to its benchmark index, and to earn income, enhance returns, or preserve capital. The Fund’s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the securities in which the Fund may directly invest. The Fund may take short positions on derivatives instruments.

20 | Janus Henderson Flexible Bond Fund

Portfolio management’s investment process is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators.

Principal investment risks

The biggest risk is that the Fund’s returns and yields will vary, and you could lose money. The principal risks associated with investing in the Fund are set forth below.

Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks:

•

21 | Janus Henderson Flexible Bond Fund

mortgage loans, so investors such as the Fund have no direct recourse to the underlying mortgage loans in the event of a default. The risks associated with CRTs are different from the risks associated with investments in mortgage-backed securities issued by government sponsored enterprises or private issuers because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. Additional risks associated with investments in CRTs may include credit, prepayment, extension, interest rate, and market risks.

Portfolio Turnover Risk. Increased portfolio turnover may result in higher costs, which may have a negative effect on the Fund’s performance. In addition, higher portfolio turnover may result in the acceleration of capital gains and the recognition of greater levels of short-term capital gains, which are taxed at ordinary federal income tax rates when distributed to shareholders.

TBA Commitments Risk. Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.

22 | Janus Henderson Flexible Bond Fund

exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.

Portfolio Management Risk. The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. The Fund may underperform its benchmark index or other mutual funds with similar investment objectives.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Performance information

The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.Class T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund’s inception. Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class R Shares of the Fund commenced operations on July 6, 2009.Class N Shares of the Fund commenced operations on May 31, 2012.

•

The performance shown for Class T Shares is calculated using the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

•

The performance shown for Class A Shares, Class C Shares, Class S Shares, and Class R Shares for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

•

The performance shown for Class I Shares for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of Class J Shares, net of any applicable fee and expense limitations or waivers.

•

The performance shown for Class N Shares for periods prior to May 31, 2012, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class T Shares, net of any applicable fee and expense limitations or waivers.

If Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class R Shares of the Fund had been available during periods prior to July 6, 2009, or Class N Shares of the Fund had been available during periods prior to May 31, 2012, the performance shown for each respective share class may have been different. The performance shown for the periods following the Fund’s commencement of Class A Shares, Class C Shares, Class S Shares, Class I Shares, Class N Shares, and Class R Shares reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers.

23 | Janus Henderson Flexible Bond Fund

Annual Total Returns for Class T Shares (calendar year-end)

Best Quarter:

2nd Quarter 2020

6.87%

Worst Quarter:

1st Quarter 2022

– 6.28%

The Fund’s year-to-date return as of the calendar quarter ended September 30, 2023 was – 1.71%.

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	10 Years	Since Inception (7/7/87)
Class T Shares
Return Before Taxes	– 13.86%	0.44%	1.27%	5.74%
Return After Taxes on Distributions	– 14.72%	– 0.59%	0.13%	3.59%
Return After Taxes on Distributions and Sale of Fund Shares(1)	– 8.19%	– 0.07%	0.49%	3.63%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.06%	5.44%
Class A Shares
Return Before Taxes(2)	– 17.95%	– 0.70%	0.63%	5.54%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.06%	5.44%
Class C Shares
Return Before Taxes(3)	– 15.34%	– 0.35%	0.45%	5.01%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.06%	5.44%
Class S Shares
Return Before Taxes	– 14.09%	0.17%	1.01%	5.55%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.06%	5.44%
Class I Shares
Return Before Taxes	– 13.66%	0.62%	1.43%	5.80%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.06%	5.44%
Class N Shares
Return Before Taxes	– 13.66%	0.66%	1.50%	5.82%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.06%	5.44%

24 | Janus Henderson Flexible Bond Fund

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	10 Years	Since Inception (7/7/87)
Class R Shares
Return Before Taxes	– 14.30%	– 0.07%	0.76%	5.30%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.06%	5.44%

(1)

If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.

(2)

Calculated assuming maximum permitted sales loads.

(3)

The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the Bloomberg U.S. Aggregate Bond Index. The index is described below.

•

The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.

After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).After-tax returns are calculated using the historically highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on your individual tax situation and may differ from those shown in the preceding table. The after-tax return information shown above does not apply to Fund shares held through a tax-advantaged account, such as a 401(k) plan or an IRA.

After-tax returns are only shown for Class T Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class T Shares due to varying sales charges (as applicable), fees, and expenses among the classes.

Management

Investment Adviser: Janus Henderson Investors US LLC

Portfolio Management: Michael Keough is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since December 2015. Greg Wilensky, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since February 2020.

Purchase and sale of Fund shares

Minimum Investment Requirements

Class A Shares, Class C Shares*, Class S Shares, Class R Shares, and Class T Shares
Non-retirement accounts	$2,500**
Certain tax-advantaged accounts or UGMA/UTMA accounts	$500
Class I Shares
Institutional investors (investing directly with the Fund)	$1,000,000
Through an intermediary institution
• non-retirement accounts	$2,500 †
• certain tax-advantaged accounts or UGMA/UTMA accounts	$500 †
Class N Shares
Retirement investors (investing through an adviser-assisted, employer-sponsored retirement plan)	None
Retail investors (investing through a financial intermediary omnibus account)	$2,500***
Institutional investors (investing directly with the Fund)	$1,000,000

†

The maximum purchase in Class C Shares is $500,000 for any single purchase.

25 | Janus Henderson Flexible Bond Fund

minimum for defined contribution plans. Investors in a defined contribution plan through a third party administrator should refer to their plan document or contact their plan administrator for additional information regarding account minimums.

***

Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum.

Tax information

Payments to broker-dealers and other financial intermediaries

26 | Janus Henderson Flexible Bond Fund

Fund summary

Janus Henderson Global Bond Fund

Ticker:	JGBAX	Class A Shares	JGBSX	Class S Shares	JGLNX	Class N Shares
	JGBCX	Class C Shares	JGBIX	Class I Shares	JHBTX	Class T Shares

Investment Objective

Janus Henderson Global Bond Fund seeks total return, consistent with preservation of capital.

Fees and Expenses of the Fund

SHAREHOLDER FEES (fees paid directly from your investment)	Class A	Class C	Class S	Class I	Class N	Class T
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)	4.75%	None	None	None	None	None
Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	None	1.00%	None	None	None	None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)	Class A	Class C	Class S	Class I	Class N	Class T
Management Fees	0.60%	0.60%	0.60%	0.60%	0.60%	0.60%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.70%	0.88%	5.30%	0.35%	0.26%	0.60%
Total Annual Fund Operating Expenses	1.55%	2.48%	6.15%	0.95%	0.86%	1.20%
Fee Waiver(1)	0.57%	0.78%	5.04%	0.24%	0.27%	0.36%
Total Annual Fund Operating Expenses After Fee Waiver(1)	0.98%	1.70%	1.11%	0.71%	0.59%	0.84%

(1)

EXAMPLE:

27 | Janus Henderson Global Bond Fund

for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$570	$888	$1,228	$2,187
Class C Shares	$273	$698	$1,250	$2,526
Class S Shares	$113	$1,376	$2,611	$5,574
Class I Shares	$73	$279	$502	$1,144
Class N Shares	$60	$247	$450	$1,036
Class T Shares	$86	$345	$625	$1,423

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$570	$888	$1,228	$2,187
Class C Shares	$173	$698	$1,250	$2,526
Class S Shares	$113	$1,376	$2,611	$5,574
Class I Shares	$73	$279	$502	$1,144
Class N Shares	$60	$247	$450	$1,036
Class T Shares	$86	$345	$625	$1,423

Principal investment strategies

The Fund pursues its investment objective by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in bonds. Bonds include, but are not limited to, corporate bonds, government notes and bonds, convertible bonds, commercial and residential mortgage-backed securities, and zero-coupon bonds. The Fund invests in corporate debt securities of issuers in a number of different countries, which may include the United States. The Fund invests in securities of issuers that are economically tied to developed and emerging market countries. In addition, the Fund may invest in certain fixed-income investments available from China’s interbank bond market through China’s Bond Connect Program (“Bond Connect”). The Fund may invest across all fixed-income sectors, including U.S. and non-U.S. government debt securities (“sovereign debt”). The U.S. Government debt securities in which the Fund may invest include inflation-linked securities, including Treasury Inflation-Protected Securities, also known as TIPS. The Fund’s investments may be denominated in non-U.S. currency or U.S. dollar-denominated. The Fund may invest in debt securities with a range of maturities from short- to long-term. The Fund may invest up to 35% of its net assets in high-yield debt securities (also known as “junk” bonds). The Fund may also invest in preferred and common stock, money market instruments, municipal bonds, asset-backed securities, other securitized and structured debt products, private placements, and other investment companies. The Fund may also invest in commercial loans, euro-denominated obligations, buy backs or dollar rolls, and when-issued securities. The Fund may also invest in floating rate obligations, such as collateralized loan obligations, floating rate senior secured syndicated bank loans, floating rate unsecured loans, and other floating rate bonds, loans and notes. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Fund may also invest in securities that have contractual restrictions that prohibit or limit their public resale (these are known as “restricted securities”), which may include Rule 144A securities.

Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as equity securities, fixed-income securities, commodities, currencies, interest rates, or market indices, as substitutes for securities in which the Fund invests. The Fund may invest in forward foreign currency exchange contracts, futures, options, and swaps (including interest rate swaps, total return swaps, and credit default swaps) for hedging purposes (to offset risks associated with an investment, currency exposure, or market conditions) and to increase or decrease the Fund’s exposure to a particular market, to manage or adjust the risk profile of the Fund related to an investment or currency exposure, to adjust its currency exposure relative to its benchmark index, and to earn income and enhance returns. In particular, the Fund may use interest rate futures to manage portfolio risk, duration, and yield curve

28 | Janus Henderson Global Bond Fund

exposure. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the securities in which the Fund may directly invest.

The Fund may engage in short sales of derivatives instruments.

Portfolio management employs both a “top-down” and “bottom-up” approach to select investments for the Fund. The top-down approach involves a comprehensive macro analysis that focuses on evaluating the current phase of the economic cycle and identifying fixed-income asset classes that portfolio management views as undervalued relative to current market pricing. The bottom-up approach utilizes corporate and fundamental research to identify individual securities, countries, and currencies with favorable risk/return profiles and strong or improving credit profiles.

The Fund will generally consider selling a position if, in portfolio management’s opinion, it reaches its total return target or targeted value, the investment thesis for owning the position changes, or to limit potential losses.

Principal investment risks

The biggest risk is that the Fund’s returns and yields will vary, and you could lose money. The principal risks associated with investing in the Fund are set forth below.

Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks:

•

29 | Janus Henderson Global Bond Fund

foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.

Sovereign Debt Risk. Investments in U.S. and non-U.S. government debt securities, especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

Portfolio Management Risk. The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. The Fund may underperform its benchmark index or other mutual funds with similar investment objectives.

Risks of Investments in China through Bond Connect. There are significant risks inherent in investing through Bond Connect, which allows non-Chinese investors to purchase certain fixed-income investments available from China’s interbank bond market. The Chinese investment and banking systems are materially different in nature from many developed markets, which can expose investors to risks that are different from those in the United States. Bond Connect uses the trading infrastructure of both Hong Kong and China. If either one or both markets involved are closed on a day the Fund is open, the Fund may not be able to add to or exit a position on such a day, which could adversely affect the Fund’s performance. Securities offered through Bond Connect may lose their eligibility for trading through Bond Connect at any time, and if such an event occurs, the Fund could sell, but could no longer purchase, such securities through Bond Connect. Investing through Bond Connect also includes the risk that the Fund may have a limited ability to enforce rights as a bondholder as well as the risks of settlement delays and counterparty default related to the sub-custodian. Securities purchased through Bond Connect generally may not be sold, purchased, or otherwise transferred other than through Bond Connect in accordance with applicable rules.

Further regulations, restrictions, interpretation or guidance, such as limitations on redemptions and availability of securities, may adversely impact Bond Connect. There can be no assurance that Bond Connect will not be restricted, suspended, or abolished.

30 | Janus Henderson Global Bond Fund

controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of emerging markets issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.

Inflation-Related Investments Risk. Inflation-linked bonds (including TIPS), and other inflation-linked securities are fixed-income securities whose principal value is periodically adjusted according to the rate of inflation. If the index measuring inflation falls, the principal value of these securities will be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. The value of inflation-indexed securities tends to react to changes in real interest rates. In general, the price of these securities can fall when real interest rates rise, and can rise when real interest rates fall. Interest payments on these securities can be unpredictable and will vary as the principal and/or interest is adjusted for inflation.

31 | Janus Henderson Global Bond Fund

borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged. Loans are subject to credit risk, interest rate risk, and liquidity risk.

Large Shareholder Risk. To the extent a substantial percentage of the shares of the Fund are held by a small number of shareholders, including “fund of funds” or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem the Fund’s shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Performance information

The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class T Shares of the Fund commenced operations with the Fund’s inception.Class N Shares of the Fund commenced operations on October 28, 2013.

•

The performance shown for Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class T Shares is calculated using the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers.

•

The performance shown for Class N Shares for periods prior to October 28, 2013, reflects the performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class N Shares, without the effect of any fee and expense limitations or waivers. If Class N Shares of the Fund had been available during periods prior to October 28, 2013, the performance shown may have been different. The performance shown for the periods following the Fund’s commencement of Class N Shares reflects the fees and expenses of Class N Shares, net of any applicable fee and expense limitations or waivers.

32 | Janus Henderson Global Bond Fund

Annual Total Returns for Class I Shares (calendar year-end)

Best Quarter:

4th Quarter 2022

4.97%

Worst Quarter:

2nd Quarter 2022

– 10.16%

The Fund’s year-to-date return as of the calendar quarter ended September 30, 2023 was – 4.21%.

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	10 Years	Since Inception (12/28/10)
Class I Shares
Return Before Taxes	– 18.56%	– 2.04%	– 0.37%	0.90%
Return After Taxes on Distributions	– 19.12%	– 2.75%	– 1.16%	– 0.03%
Return After Taxes on Distributions and Sale of Fund Shares(1)	– 10.97%	– 1.75%	– 0.57%	0.37%
Bloomberg Global Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 16.25%	– 1.66%	– 0.44%	0.57%
Class A Shares
Return Before Taxes(2)	– 22.59%	– 3.25%	– 1.10%	0.25%
Bloomberg Global Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 16.25%	– 1.66%	– 0.44%	0.57%
Class C Shares
Return Before Taxes(3)	– 20.16%	– 3.03%	– 1.36%	– 0.09%
Bloomberg Global Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 16.25%	– 1.66%	– 0.44%	0.57%
Class S Shares
Return Before Taxes	– 18.90%	– 2.47%	– 0.71%	0.55%
Bloomberg Global Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 16.25%	– 1.66%	– 0.44%	0.57%
Class N Shares
Return Before Taxes	– 18.50%	– 1.97%	– 0.29%	0.90%
Bloomberg Global Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 16.25%	– 1.66%	– 0.44%	0.57%
Class T Shares
Return Before Taxes	– 18.58%	– 2.20%	– 0.52%	0.73%
Bloomberg Global Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 16.25%	– 1.66%	– 0.44%	0.57%

(1)

If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.

(2)

Calculated assuming maximum permitted sales loads.

(3)

The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the Bloomberg Global Aggregate Bond Index. The index is described below.

33 | Janus Henderson Global Bond Fund

•

The Bloomberg Global Aggregate Bond Index is a broad-based measure of the global investment grade fixed-rate debt markets.

Management

Investment Adviser: Janus Henderson Investors US LLC

Portfolio Management: Helen Anthony, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which she has co-managed since June 2020. Jenna Barnard, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which she has co-managed since November 2022. John Pattullo is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since November 2022.

Purchase and sale of Fund shares

Minimum Investment Requirements

Class A Shares, Class C Shares*, Class S Shares, and Class T Shares
Non-retirement accounts	$2,500**
Certain tax-advantaged accounts or UGMA/UTMA accounts	$500
Class I Shares
Institutional investors (investing directly with the Fund)	$1,000,000
Through an intermediary institution
• non-retirement accounts	$2,500 †
• certain tax-advantaged accounts or UGMA/UTMA accounts	$500 †
Class N Shares
Retirement investors (investing through an adviser-assisted, employer-sponsored retirement plan)	None
Retail investors (investing through a financial intermediary omnibus account)	$2,500***
Institutional investors (investing directly with the Fund)	$1,000,000

†

The maximum purchase in Class C Shares is $500,000 for any single purchase.

***

Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum.

34 | Janus Henderson Global Bond Fund

Tax information

Payments to broker-dealers and other financial intermediaries

35 | Janus Henderson Global Bond Fund

Fund summary

Janus Henderson High-Yield Fund

Ticker:	JHYAX	Class A Shares	JDHYX	Class S Shares	JHYNX	Class N Shares	JAHYX	Class T Shares
	JDHCX	Class C Shares	JHYFX	Class I Shares	JHYRX	Class R Shares

Investment Objectives

Janus Henderson High-Yield Fund seeks to obtain high current income.Capital appreciation is a secondary investment objective when consistent with its primary investment objective.

Fees and Expenses of the Fund

SHAREHOLDER FEES (fees paid directly from your investment)	Class A	Class C	Class S	Class I	Class N	Class R	Class T
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)	4.75%	None	None	None	None	None	None
Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	None	1.00%	None	None	None	None	None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)	Class A	Class C	Class S	Class I	Class N	Class R	Class T
Management Fees	0.59%	0.59%	0.59%	0.59%	0.59%	0.59%	0.59%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	0.50%	None
Other Expenses	0.17%	0.20%	0.51%	0.17%	0.06%	0.36%	0.31%
Total Annual Fund Operating Expenses	1.01%	1.79%	1.35%	0.76%	0.65%	1.45%	0.90%
Fee Waiver(1)	0.03%	0.09%	0.22%	0.02%	0.02%	0.07%	0.02%
Total Annual Fund Operating Expenses After Fee Waiver(1)	0.98%	1.70%	1.13%	0.74%	0.63%	1.38%	0.88%

(1)

EXAMPLE:

36 | Janus Henderson High-Yield Fund

for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$570	$778	$1,004	$1,650
Class C Shares	$273	$555	$961	$1,892
Class S Shares	$115	$406	$718	$1,605
Class I Shares	$76	$241	$420	$940
Class N Shares	$64	$206	$360	$809
Class R Shares	$140	$452	$786	$1,729
Class T Shares	$90	$285	$497	$1,106

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$570	$778	$1,004	$1,650
Class C Shares	$173	$555	$961	$1,892
Class S Shares	$115	$406	$718	$1,605
Class I Shares	$76	$241	$420	$940
Class N Shares	$64	$206	$360	$809
Class R Shares	$140	$452	$786	$1,729
Class T Shares	$90	$285	$497	$1,106

Principal investment strategies

The Fund pursues its investment objectives by investing, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in high-yield securities rated below investment grade (also known as “junk” bonds). Securities rated below investment grade may include their unrated equivalents or other high-yielding securities portfolio management believes offer attractive risk/return characteristics. The Fund may at times invest all of its assets in such securities. The Fund may also invest in commercial loans, money market instruments, and foreign debt securities. The Fund may also invest in floating rate obligations, such as collateralized loan obligations, floating rate senior secured syndicated bank loans, floating rate unsecured loans, and other floating rate bonds, loans and notes. The Fund may also invest in securities that have contractual restrictions that prohibit or limit their public resale (these are known as “restricted securities”), which may include Rule 144A securities.

In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, portfolio management applies a “bottom up” approach in choosing investments. This means that portfolio management looks at income-producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund’s investment policies. Portfolio management additionally considers the expected risk-adjusted return on a particular investment and the Fund’s overall risk allocations and volatility.

37 | Janus Henderson High-Yield Fund

Principal investment risks

The biggest risk is that the Fund’s returns and yields will vary, and you could lose money. The principal risks associated with investing in the Fund are set forth below.

High-Yield Bond Risk. High-yield bonds (also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value. High-yield bonds are bonds rated below investment grade by the primary rating agencies such as Standard & Poor’s Ratings Services, Fitch, Inc., and Moody’s Investors Service, Inc. or are unrated bonds of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield bonds may not be as strong financially as those issuing bonds with higher credit ratings and are more vulnerable to real or perceived economic changes, political changes, or adverse developments specific to the issuer. In addition, the junk bond market can experience sudden and sharp price swings.

Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks:

•

38 | Janus Henderson High-Yield Fund

which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.

Foreign Exposure Risk. Foreign markets, including emerging markets, can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due.The Fund’s investments in emerging market countries, if any, may involve risks greater than, or in addition to, the risks of investing in more developed countries.

Portfolio Management Risk. The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. The Fund may underperform its benchmark index or other mutual funds with similar investment objectives.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Performance information

•

The performance shown for Class T Shares is calculated using the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

•

39 | Janus Henderson High-Yield Fund

•

Annual Total Returns for Class T Shares (calendar year-end)

Best Quarter:

2nd Quarter 2020

9.84%

Worst Quarter:

1st Quarter 2020

– 14.51%

The Fund’s year-to-date return as of the calendar quarter ended September 30, 2023 was 4.49%.

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	10 Years	Since Inception (12/29/95)
Class T Shares
Return Before Taxes	– 14.99%	1.14%	3.04%	6.26%
Return After Taxes on Distributions	– 16.80%	– 0.97%	0.56%	3.30%
Return After Taxes on Distributions and Sale of Fund Shares(1)	– 8.83%	0.04%	1.28%	3.60%
Bloomberg U.S. Corporate High-Yield Bond Index (reflects no deduction for expenses, fees, or taxes)	– 11.19%	2.31%	4.03%	6.30%
Class A Shares
Return Before Taxes(2)	– 19.27%	0.01%	2.40%	5.98%
Bloomberg U.S. Corporate High-Yield Bond Index (reflects no deduction for expenses, fees, or taxes)	– 11.19%	2.31%	4.03%	6.30%

40 | Janus Henderson High-Yield Fund

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	10 Years	Since Inception (12/29/95)
Class C Shares
Return Before Taxes(3)	– 16.50%	0.31%	2.20%	5.43%
Bloomberg U.S. Corporate High-Yield Bond Index (reflects no deduction for expenses, fees, or taxes)	– 11.19%	2.31%	4.03%	6.30%
Class S Shares
Return Before Taxes	– 15.20%	0.84%	2.76%	5.98%
Bloomberg U.S. Corporate High-Yield Bond Index (reflects no deduction for expenses, fees, or taxes)	– 11.19%	2.31%	4.03%	6.30%
Class I Shares
Return Before Taxes	– 14.88%	1.28%	3.20%	6.34%
Bloomberg U.S. Corporate High-Yield Bond Index (reflects no deduction for expenses, fees, or taxes)	– 11.19%	2.31%	4.03%	6.30%
Class N Shares
Return Before Taxes	– 14.80%	1.38%	3.29%	6.36%
Bloomberg U.S. Corporate High-Yield Bond Index (reflects no deduction for expenses, fees, or taxes)	– 11.19%	2.31%	4.03%	6.30%
Class R Shares
Return Before Taxes	– 15.46%	0.57%	2.49%	5.71%
Bloomberg U.S. Corporate High-Yield Bond Index (reflects no deduction for expenses, fees, or taxes)	– 11.19%	2.31%	4.03%	6.30%

(1)

If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.

(2)

Calculated assuming maximum permitted sales loads.

(3)

The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the Bloomberg U.S. Corporate High-Yield Bond Index. The index is described below.

•

The Bloomberg U.S. Corporate High-Yield Bond Index is composed of fixed-rate, publicly issued, non-investment grade debt.

Management

Investment Adviser: Janus Henderson Investors US LLC

Portfolio Management: Seth Meyer, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since December 2015.Brent Olson is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since June 2019.Tom Ross, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since October 2022.

41 | Janus Henderson High-Yield Fund

Purchase and sale of Fund shares

Minimum Investment Requirements

Class A Shares, Class C Shares*, Class S Shares, Class R Shares, and Class T Shares
Non-retirement accounts	$2,500**
Certain tax-advantaged accounts or UGMA/UTMA accounts	$500
Class I Shares
Institutional investors (investing directly with the Fund)	$1,000,000
Through an intermediary institution
• non-retirement accounts	$2,500 †
• certain tax-advantaged accounts or UGMA/UTMA accounts	$500 †
Class N Shares
Retirement investors (investing through an adviser-assisted, employer-sponsored retirement plan)	None
Retail investors (investing through a financial intermediary omnibus account)	$2,500***
Institutional investors (investing directly with the Fund)	$1,000,000

†

The maximum purchase in Class C Shares is $500,000 for any single purchase.

***

Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum.

Tax information

Payments to broker-dealers and other financial intermediaries

42 | Janus Henderson High-Yield Fund

Fund summary

Janus Henderson Multi-Sector Income Fund

Ticker:	JMUAX	Class A Shares	JMUSX	Class S Shares	JMTNX	Class N Shares
	JMUCX	Class C Shares	JMUIX	Class I Shares	JMUTX	Class T Shares

Investment Objective

Janus Henderson Multi-Sector Income Fund seeks high current income with a secondary focus on capital appreciation.

Fees and Expenses of the Fund

SHAREHOLDER FEES (fees paid directly from your investment)	Class A	Class C	Class S	Class I	Class N	Class T
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)	4.75%	None	None	None	None	None
Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	None	1.00%	None	None	None	None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)	Class A	Class C	Class S	Class I	Class N	Class T
Management Fees	0.56%	0.56%	0.56%	0.56%	0.56%	0.56%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.12%	0.14%	0.53%	0.16%	0.06%	0.30%
Total Annual Fund Operating Expenses	0.93%	1.70%	1.34%	0.72%	0.62%	0.86%
Fee Waiver(1)	0.00%	0.00%	0.20%	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses After Fee Waiver(1)	0.93%	1.70%	1.14%	0.72%	0.62%	0.86%

(1)

EXAMPLE:

43 | Janus Henderson Multi-Sector Income Fund

for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$565	$757	$965	$1,564
Class C Shares	$273	$536	$923	$1,804
Class S Shares	$116	$405	$715	$1,595
Class I Shares	$74	$230	$401	$894
Class N Shares	$63	$199	$346	$774
Class T Shares	$88	$274	$477	$1,061

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$565	$757	$965	$1,564
Class C Shares	$173	$536	$923	$1,804
Class S Shares	$116	$405	$715	$1,595
Class I Shares	$74	$230	$401	$894
Class N Shares	$63	$199	$346	$774
Class T Shares	$88	$274	$477	$1,061

Principal investment strategies

The Fund pursues its investment objective by primarily investing, under normal circumstances, in a multi-sector portfolio of U.S. and non-U.S. debt securities of varying maturities that portfolio management believes have high income potential relative to other fixed-income instruments available at a given point in time. Portfolio management may also consider the capital appreciation potential of certain investments. The Fund’s investment sectors include, but are not limited to: (i) government notes and bonds; (ii) corporate bonds, including high-yield bonds (also known as “junk” bonds); (iii) commercial loans; (iv) agency and non-agency commercial and residential mortgage-backed securities; (v) asset-backed securities; (vi) convertible securities and preferred stock; and (vii) emerging market debt. Portfolio management believes that by investing in multiple sectors that potentially have low correlation to each other, the Fund’s overall volatility may be reduced. The Fund may not have exposure to all of these investment sectors, and the Fund’s exposure to any one investment sector will vary over time. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.

The Fund’s investments in below investment grade securities are limited to 65% of its net assets, but under unusual circumstances, such as when new issue allocations are higher than expected, this limit may be exceeded on a temporary basis.

The Fund may invest up to 50% of its total assets in the commercial loans sector. Such investments may include bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. Normally, the Fund’s exposure to the commercial loans sector will be approximately 15% of the Fund’s total assets. The Fund may invest in floating rate obligations, including collateralized loan obligations, credit risk transfer securities (“CRTs”), floating rate senior secured syndicated bank loans, floating rate unsecured loans, and other floating rate bonds, loans and notes. The Fund may also invest in money market instruments and zero-coupon bonds. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Fund may also invest in securities that have contractual restrictions that prohibit or limit their public resale (these are known as “restricted securities”), which may include Rule 144A securities.

44 | Janus Henderson Multi-Sector Income Fund

securities index swaps, and single-name credit default swaps, forward currency exchange contracts, interest rate futures, and put and call options. The Fund may use derivatives for various investment purposes including for hedging purposes, such as to manage portfolio risk or currency risk, to enhance returns, or manage duration. The Fund’s exposure to derivatives will vary. The Fund may engage in short sales of derivatives instruments.

In addition to considering economic factors such as the effect of interest rates on the Fund’s investments, portfolio management applies a “bottom up” approach in choosing investments. This means that portfolio management looks at securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with the Fund’s investment policies. Portfolio management additionally considers the expected risk-adjusted return on a particular investment and the Fund’s overall risk allocations and volatility.

Principal investment risks

The biggest risk is that the Fund’s returns and yields will vary, and you could lose money. The principal risks associated with investing in the Fund are set forth below.

Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks:

•

45 | Janus Henderson Multi-Sector Income Fund

and are more vulnerable to real or perceived economic changes, political changes, or adverse developments specific to the issuer. In addition, the junk bond market can experience sudden and sharp price swings.

Loan Risk. Bank loans are obligations of companies or other entities sometimes entered into in connection with recapitalizations, acquisitions, and refinancings. The Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. The bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged. Loans are subject to credit risk, interest rate risk, and liquidity risk. Investments in certain commercial loans, such as bridge loads, DIP loans, and mezzanine loans subject the Fund to other risks. Bridge loans involve certain risks in addition to those associated with bank loans, including the risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower’s perceived creditworthiness. DIP loans are subject to the risk that the entity will not emerge from bankruptcy and will be forced to liquidate its assets. Mezzanine loans generally are rated below investment grade, and frequently are unrated. Because mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure, they are subject to the additional risk that the cash flow of the related borrower and any property securing the loan may be insufficient to repay the loan after the related borrower pays off any senior obligations.

Credit Risk Transfer Securities Risk. CRTs are unguaranteed and unsecured fixed or floating rate general obligations that are commonly issued by a government sponsored enterprises. CRTs are not directly linked to or backed by the underlying mortgage loans, so investors such as the Fund have no direct recourse to the underlying mortgage loans in the event of a default. The risks associated with CRTs are different from the risks associated with investments in mortgage-backed securities issued by government sponsored enterprises or private issuers because some or all of the mortgage default or credit risk associated with the underlying mortgage loans is transferred to investors. Additional risks associated with investments in CRTs may include credit, prepayment, extension, interest rate, and market risks.

46 | Janus Henderson Multi-Sector Income Fund

countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets, and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets. In addition, the Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that the Fund invests a significant portion of its assets in the securities of emerging markets issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance.

Derivatives Risk. Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.Derivatives entail the risk that the counterparty will default on its payment obligations.If the counterparty to a derivative transaction defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive.In addition, to the extent that the Fund uses forward currency exchange contracts, there is a risk that unanticipated changes in currency prices may negatively impact the Fund’s performance, among other things.Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.

47 | Janus Henderson Multi-Sector Income Fund

proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

Collateralized Debt Obligation Risk. The risk of an investment in collateralized debt obligations (“CDOs”), which include collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”), and other similarly structured securities, depends largely on the type of the collateral securities and the class of the CDO in which the Fund invests. In addition to the normal risks associated with fixed-income securities, CDOs carry additional risks including, but not limited to, the risk that: (i) distributions from collateral securities may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) the Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Portfolio Management Risk. The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. The Fund may underperform its benchmark index or other mutual funds with similar investment objectives.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Performance information

The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.The bar chart depicts the change in performance from year to year during the periods indicated. The bar chart figures do not include any applicable sales charges that an investor may pay when they buy or sell Class A Shares or Class C Shares of the Fund. If sales charges were included, the returns would be lower. The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.

48 | Janus Henderson Multi-Sector Income Fund

Annual Total Returns for Class I Shares (calendar year-end)

Best Quarter:

2nd Quarter 2020

9.58%

Worst Quarter:

1st Quarter 2020

– 11.27%

The Fund’s year-to-date return as of the calendar quarter ended September 30, 2023 was 4.37%.

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	Since Inception (2/28/14)
Class I Shares
Return Before Taxes	– 11.93%	1.42%	2.92%
Return After Taxes on Distributions	– 13.66%	– 0.47%	0.83%
Return After Taxes on Distributions and Sale of Fund Shares(1)	– 7.03%	0.34%	1.34%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.20%
Class A Shares
Return Before Taxes(2)	– 16.33%	0.19%	2.10%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.20%
Class C Shares
Return Before Taxes(3)	– 13.59%	0.41%	1.90%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.20%
Class S Shares
Return Before Taxes	– 12.31%	1.11%	2.59%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.20%
Class N Shares
Return Before Taxes	– 11.85%	1.48%	2.97%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.20%
Class T Shares
Return Before Taxes	– 12.06%	1.26%	2.73%
Bloomberg U.S. Aggregate Bond Index (reflects no deduction for expenses, fees, or taxes)	– 13.01%	0.02%	1.20%

(1)

If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.

(2)

Calculated assuming maximum permitted sales loads.

(3)

The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the Bloomberg U.S. Aggregate Bond Index. The index is described below.

49 | Janus Henderson Multi-Sector Income Fund

•

The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.

Management

Investment Adviser: Janus Henderson Investors US LLC

Portfolio Management: John Kerschner, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since February 2014. John Lloyd is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since February 2014. Seth Meyer, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since February 2014.

Purchase and sale of Fund shares

Minimum Investment Requirements

Class A Shares, Class C Shares*, Class S Shares, and Class T Shares
Non-retirement accounts	$2,500**
Certain tax-advantaged accounts or UGMA/UTMA accounts	$500
Class I Shares
Institutional investors (investing directly with the Fund)	$1,000,000
Through an intermediary institution
• non-retirement accounts	$2,500 †
• certain tax-advantaged accounts or UGMA/UTMA accounts	$500 †
Class N Shares
Retirement investors (investing through an adviser-assisted, employer-sponsored retirement plan)	None
Retail investors (investing through a financial intermediary omnibus account)	$2,500***
Institutional investors (investing directly with the Fund)	$1,000,000

†

The maximum purchase in Class C Shares is $500,000 for any single purchase.

***

Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum.

50 | Janus Henderson Multi-Sector Income Fund

Tax information

Payments to broker-dealers and other financial intermediaries

51 | Janus Henderson Multi-Sector Income Fund

Fund summary

Janus Henderson Short Duration Flexible Bond Fund

Ticker:	JSHAX	Class A Shares	JSHSX	Class S Shares	JSHNX	Class N Shares
	JSHCX	Class C Shares	JSHIX	Class I Shares	JASBX	Class T Shares

Investment Objective

Janus Henderson Short Duration Flexible Bond Fund seeks as high a level of current income as is consistent with preservation of capital.

Fees and Expenses of the Fund

SHAREHOLDER FEES (fees paid directly from your investment)	Class A	Class C	Class S	Class I	Class N	Class T
Maximum Sales Charge (load) Imposed on Purchases (as a percentage of offering price)	2.50%	None	None	None	None	None
Maximum Deferred Sales Charge (load) (as a percentage of the lower of original purchase price or redemption proceeds)	None	1.00%	None	None	None	None
ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)	Class A	Class C	Class S	Class I	Class N	Class T
Management Fees	0.44%	0.44%	0.44%	0.44%	0.44%	0.44%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.14%	0.17%	1.14%	0.22%	0.09%	0.33%
Total Annual Fund Operating Expenses	0.83%	1.61%	1.83%	0.66%	0.53%	0.77%
Fee Waiver(1)	0.13%	0.16%	0.93%	0.21%	0.14%	0.13%
Total Annual Fund Operating Expenses After Fee Waiver(1)	0.70%	1.45%	0.90%	0.45%	0.39%	0.64%

(1)

The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class; brokerage commissions; interest; dividends; taxes; acquired fund fees and expenses; and extraordinary expenses) exceed 0.39%. In addition, the Adviser shall reimburse or waive administrative services fees, networking/omnibus and out-of-pocket transfer agency costs payable by any share class so that such fees, in the aggregate, do not exceed 0.06% of a share class’ average daily net assets. The contractual waivers will remain in effect for at least a one-year period commencing on October 27, 2023. These contractual waivers may be terminated or modified only at the discretion of the Board of Trustees.

EXAMPLE:

52 | Janus Henderson Short Duration Flexible Bond Fund

for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$320	$496	$687	$1,238
Class C Shares	$248	$492	$861	$1,688
Class S Shares	$92	$485	$904	$2,072
Class I Shares	$46	$190	$347	$803
Class N Shares	$40	$156	$282	$651
Class T Shares	$65	$233	$415	$942

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$320	$496	$687	$1,238
Class C Shares	$148	$492	$861	$1,688
Class S Shares	$92	$485	$904	$2,072
Class I Shares	$46	$190	$347	$803
Class N Shares	$40	$156	$282	$651
Class T Shares	$65	$233	$415	$942

Principal investment strategies

The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in short- and intermediate-term securities such as corporate bonds or notes or government securities, including agency securities, commercial and residential mortgage-backed securities, and asset-backed securities. The Fund may invest in fixed and floating rate obligations with varying durations and credit risk transfer securities (“CRTs”). The Fund will invest at least 65% of its net assets in investment grade debt securities. The Fund may invest up to 35% of its net assets in high-yield bonds (also known as “junk” bonds). The Fund’s investments in short-term securities may include money market instruments. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities, and may also invest in inflation-linked securities, including Treasury Inflation-Protected Securities, also known as TIPS. The Fund may also invest in securities that have contractual restrictions that prohibit or limit their public resale (these are known as “restricted securities”), which may include Rule 144A securities. The Fund may also invest in foreign securities. Due to the nature of the securities in which the Fund invests, it may have relatively high portfolio turnover compared to other funds.

The Fund’s average portfolio duration typically ranges between one and three years. As of June 30, 2023, the Fund’s average portfolio duration was 2.35 years.

Additionally, the Fund may invest its assets in derivatives. Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may use futures, including Treasury bond futures and interest rate swaps, to manage interest rate risk, yield curve positioning, and country exposure. The Fund may also use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure, or market conditions), to increase or decrease the Fund’s exposure to a particular market, and to earn income, enhance returns, or preserve capital. The Fund’s exposure to derivatives will vary. For purposes of meeting its 80% investment policy, the Fund may include derivatives that have characteristics similar to the securities in which the Fund may directly invest. The Fund may engage in short sales of derivatives instruments.

53 | Janus Henderson Short Duration Flexible Bond Fund

Principal investment risks

The biggest risk is that the Fund’s returns and yields will vary, and you could lose money. The principal risks associated with investing in the Fund are set forth below.

Fixed-Income Securities Risk. Fixed-income securities are generally subject to the following risks:

•

54 | Janus Henderson Short Duration Flexible Bond Fund

55 | Janus Henderson Short Duration Flexible Bond Fund

defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive.Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.

Portfolio Management Risk. The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. The Fund may underperform its benchmark index or other mutual funds with similar investment objectives.

An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

Performance information

The following information provides some indication of the risks of investing in the Fund by showing how the Fund’s performance has varied over time.Class T Shares (formerly named Class J Shares, the initial share class) of the Fund commenced operations with the Fund’s inception. Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund commenced operations on July 6, 2009.Class N Shares of the Fund commenced operations on May 31, 2012.

•

The performance shown for Class T Shares is calculated using the fees and expenses of Class T Shares in effect during the periods shown, net of any applicable fee and expense limitations or waivers.

•

The performance shown for Class A Shares, Class C Shares, Class S Shares, and Class I Shares for periods prior to July 6, 2009, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses of each respective share class, without the effect of any fee and expense limitations or waivers.

•

If Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund had been available during periods prior to July 6, 2009, or Class N Shares of the Fund had been available during periods prior to May 31, 2012, the performance shown for each respective share class may have been different. The performance shown for the periods following the Fund’s commencement of Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class N Shares reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers.

56 | Janus Henderson Short Duration Flexible Bond Fund

the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions. For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the effect of these expense waivers, the performance shown would have been lower.

Annual Total Returns for Class T Shares (calendar year-end)

Best Quarter:

2nd Quarter 2020

4.66%

Worst Quarter:

1st Quarter 2022

– 3.32%

The Fund’s year-to-date return as of the calendar quarter ended September 30, 2023 was 1.63%.

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	10 Years	Since Inception (9/1/92)
Class T Shares
Return Before Taxes	– 5.41%	0.72%	0.83%	3.33%
Return After Taxes on Distributions	– 6.15%	– 0.08%	0.13%	1.98%
Return After Taxes on Distributions and Sale of Fund Shares(1)	– 3.20%	0.22%	0.34%	2.02%
Bloomberg 1-3 Year U.S. Government/Credit Index (reflects no deduction for expenses, fees, or taxes)	– 3.69%	0.92%	0.88%	3.37%
Class A Shares
Return Before Taxes(2)	– 8.20%	0.07%	0.49%	2.89%
Bloomberg 1-3 Year U.S. Government/Credit Index (reflects no deduction for expenses, fees, or taxes)	– 3.69%	0.92%	0.88%	3.37%
Class C Shares
Return Before Taxes(3)	– 7.02%	– 0.03%	0.03%	2.36%
Bloomberg 1-3 Year U.S. Government/Credit Index (reflects no deduction for expenses, fees, or taxes)	– 3.69%	0.92%	0.88%	3.37%
Class S Shares
Return Before Taxes	– 5.67%	0.47%	0.61%	2.88%
Bloomberg 1-3 Year U.S. Government/Credit Index (reflects no deduction for expenses, fees, or taxes)	– 3.69%	0.92%	0.88%	3.37%
Class I Shares
Return Before Taxes	– 5.57%	0.80%	0.97%	3.28%
Bloomberg 1-3 Year U.S. Government/Credit Index (reflects no deduction for expenses, fees, or taxes)	– 3.69%	0.92%	0.88%	3.37%

57 | Janus Henderson Short Duration Flexible Bond Fund

Average Annual Total Returns (periods ended 12/31/22)
	1 Year	5 Years	10 Years	Since Inception (9/1/92)
Class N Shares
Return Before Taxes	– 5.54%	0.82%	1.01%	3.39%
Bloomberg 1-3 Year U.S. Government/Credit Index (reflects no deduction for expenses, fees, or taxes)	– 3.69%	0.92%	0.88%	3.37%

(1)

If the Fund incurs a loss, which generates a tax benefit, the Return After Taxes on Distributions and Sale of Fund Shares may exceed the Fund’s other return figures.

(2)

Calculated assuming maximum permitted sales loads.

(3)

The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the Bloomberg 1-3 Year U.S. Government/Credit Index. The index is described below.

•

The Bloomberg 1-3 Year U.S. Government/Credit Index is composed of all bonds of investment grade with a maturity between one and three years.

Management

Investment Adviser: Janus Henderson Investors US LLC

Portfolio Management: Michael Keough is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since December 2019. Greg Wilensky, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since February 2020.

Purchase and sale of Fund shares

Minimum Investment Requirements

Class A Shares, Class C Shares*, Class S Shares, and Class T Shares
Non-retirement accounts	$2,500**
Certain tax-advantaged accounts or UGMA/UTMA accounts	$500
Class I Shares
Institutional investors (investing directly with the Fund)	$1,000,000
Through an intermediary institution
• non-retirement accounts	$2,500 †
• certain tax-advantaged accounts or UGMA/UTMA accounts	$500 †
Class N Shares
Retirement investors (investing through an adviser-assisted, employer-sponsored retirement plan)	None
Retail investors (investing through a financial intermediary omnibus account)	$2,500***
Institutional investors (investing directly with the Fund)	$1,000,000

†

The maximum purchase in Class C Shares is $500,000 for any single purchase.

58 | Janus Henderson Short Duration Flexible Bond Fund

***

Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum.

Tax information

Payments to broker-dealers and other financial intermediaries

59 | Janus Henderson Short Duration Flexible Bond Fund

Additional information about the Funds

Fees and expenses

Please refer to the following important information when reviewing the “Fees and Expenses of the Fund” table in each Fund Summary of the Prospectus.The fees and expenses shown were determined based on average net assets as of the fiscal year ended June 30, 2023.

•

“Shareholder Fees” are fees paid directly from your investment and may include sales loads.

•

“Annual Fund Operating Expenses” are paid out of a Fund’s assets and include fees for portfolio management and administrative services, including recordkeeping, subaccounting, and other shareholder services. You do not pay these fees directly but, as the Example in each Fund Summary shows, these costs are borne indirectly by all shareholders.

•

The “Management Fee” is the investment advisory fee rate paid by each Fund to the Adviser.Refer to “Management Expenses” in this Prospectus for additional information with further description in the Statement of Additional Information (“SAI”).

•

“Distribution/Service (12b-1) Fees.” Because 12b-1 fees are charged as an ongoing fee, over time the fee will increase the cost of your investment and may cost you more than paying other types of sales charges. Distribution/Service (12b-1) Fees include a shareholder servicing fee of up to 0.25% for Class C Shares.

•

A contingent deferred sales charge of up to 1.00% may be imposed on certain redemptions of Class A Shares bought without an initial sales charge and then redeemed within 12 months of purchase. The contingent deferred sales charge is not reflected in the Example in each Fund Summary.

•

A contingent deferred sales charge of 1.00% generally applies on Class C Shares redeemed within 12 months of purchase. The contingent deferred sales charge may be waived for certain investors, as described in the Shareholder’s Guide.

•

“Other Expenses”

for Class A Shares, Class C Shares, and Class I Shares, may include administrative fees charged by intermediaries for the provision of administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided on behalf of shareholders of the Funds.

for Class S Shares, Class R Shares, and Class T Shares, include an administrative services fee of 0.25% of the average daily net assets of each class to compensate Janus Henderson Services US LLC (the “Transfer Agent”), the Funds’ transfer agent, for providing, or arranging for the provision by intermediaries of, administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided on behalf of retirement plan participants, pension plan participants, or other underlying investors investing through institutional channels.

for all classes, include acquired fund fees and expenses, which are indirect expenses a Fund may incur as a result of investing in shares of an underlying fund, to the extent such expenses are less than 0.01%. “Acquired Fund” refers to any underlying fund (including, but not limited to, exchange-traded funds) in which a fund invests or has invested during the period. To the extent that a Fund invests in Acquired Funds, the Fund’s “Total Annual Fund Operating Expenses” may not correlate to the “Ratio of gross expenses to average net assets” presented in the Financial Highlights tables because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.Such amounts are less than 0.01%.

for all classes, may include reimbursement to the Adviser of its out-of-pocket costs for services as administrator and to the Transfer Agent of its out-of-pocket costs for serving as transfer agent and providing, or arranging by others the provision of, servicing to shareholders.

include custodian fees and expenses, legal and auditing fees, printing and mailing costs of sending reports and other information to existing shareholders, and Independent Trustees’ fees and expenses.

•

The Adviser has contractually agreed to waive and/or reimburse each Fund’s “Total Annual Fund Operating Expenses” to certain limits for at least a one-year period commencing on October 27, 2023. The expense limits are described in the “Management Expenses” section of this Prospectus.

•

All expenses in a Fund’s “Fees and Expenses of the Fund” table are shown without the effect of expense offset arrangements. Pursuant to such arrangements, credits realized as a result of uninvested cash balances are used to reduce custodian and transfer agent expenses.

60 | Janus Investment Fund

Additional investment strategies and general portfolio policies

The Funds’ Board of Trustees (“Trustees”) may change each Fund’s investment objective or non-fundamental principal investment strategies without a shareholder vote. A Fund will notify you in writing at least 60 days before making any such change it considers material. To the extent that a Fund has an 80% investment policy, the Fund will provide shareholders with at least 60 days’ notice prior to changing this policy. If there is a material change to a Fund’s investment objective or principal investment strategies, you should consider whether the Fund remains an appropriate investment for you. There is no guarantee that a Fund will achieve its investment objective.

Unless otherwise stated, the following section provides additional information about the investment strategies and general policies that are summarized in the Fund Summary sections, including the types of securities each Fund may invest in when pursuing its investment objective. This section also describes investment strategies and policies that the Funds may use to a lesser extent. These non-principal investment strategies and policies may become more important in the future since a Fund’s composition can change over time. Except for the Funds’ policies with respect to illiquid investments, borrowing, and derivatives use, the percentage limitations included in these policies and elsewhere in this Prospectus and/or the SAI normally apply only at the time of purchase of a security. So, for example, if a Fund exceeds a limit, other than illiquid investments, borrowing, and derivatives use, as a result of market fluctuations or the sale of other securities, it will not be required to dispose of any securities. The “Glossary of Investment Terms” includes descriptions of investment terms used throughout the Prospectus.

Security Selection

Janus Henderson Absolute Return Income Opportunities Fund employs an “absolute return” strategy, which means that the Fund benchmarks itself to an index of cash instruments, rather than a fixed-income index. In pursuing this strategy, the Fund seeks to achieve positive returns that exceed its benchmark index in a variety of market environments. The Fund seeks value across sectors and geographies using a wide range of instruments to capitalize on investment opportunities to maximize current income, while at the same time seeking to provide low volatility. The Fund seeks to take advantage of market mispricings and dislocations caused by structural inefficiencies in the fixed-income market. For example, portfolio management may favor investments in smaller countries or regions that tend to be underrepresented in fixed-income indices that are more heavily focused on the United States or other larger regions globally. A position may be sold if it reaches its total return target, if the investment thesis for owning it changes, or to limit potential losses.

Portfolio management for Janus Henderson Developed World Bond Fund uses a process that combines a bottom-up approach to individual security selection rooted in thorough, independent research with a macro-economic overlay that determines appropriate country, asset sector, currency and industry exposure. In their bottom-up approach, portfolio management uses both qualitative and quantitative credit analysis to consider a variety of factors, including the issuer’s experience, managerial strength, debt service capability, operating outlook, sensitivity to economic conditions, current financial condition, liquidity and access to capital, asset protection, structural issues, covenant protection, and equity sponsorship. Portfolio management also works closely with a team of analysts to search for the most appropriate securities to include in the Fund’s portfolio.

As part of their investment process, portfolio management of the Fund seeks to (i) avoid corporate issuers that are significantly engaged in business activities that they believe may be environmentally and/or socially harmful, as discussed below; (ii) invest in a portfolio of corporate issuers that, in the aggregate, has a lower carbon intensity and/or footprint than the ICE BofA Global Corporate & High Yield Index on a monthly basis; (iii) avoid sovereign bond issuers that (a) have been sanctioned by the European Union or United Nations or have insufficient rankings with respect to political rights and civil liberties, as measured by third-party inputs, or (b) have not ratified the Paris Climate Accord.

To identify the universe of investible securities for the Fund, portfolio management first applies broad-based negative screens, which incorporate third-party inputs, that derive more than de minimis revenue (no more than 10%) from certain activities considered by portfolio management to be environmentally and/or socially harmful. A current list of such business activities, which may evolve over time, follows:

•

oil and gas generation and production;

•

oil sands extraction;

•

shale energy extraction;

•

thermal coal extraction and power generation;

•

Arctic oil and gas extraction;

61 | Janus Investment Fund

•

tobacco;

•

fur;

•

adult entertainment;

•

gambling or controversial weapons; and

•

United Nations Global Compact violators.

The Fund does not apply the avoidance criteria noted above in managing the Fund’s exposure to cash and cash equivalents, U.S. Treasuries, and credit default swaps on indices.

Portfolio management’s investment process for Janus Henderson Flexible Bond Fund and Janus Henderson Short Duration Flexible Bond Fund is research-driven, incorporating “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators.

Portfolio management employs both a “top-down” and “bottom-up” approach to select investments for Janus Henderson Global Bond Fund. The top-down approach involves a comprehensive macro analysis that focuses on evaluating the current phase of the economic cycle and identifying fixed-income asset classes that portfolio management views as undervalued relative to current market pricing. The bottom-up approach utilizes corporate and fundamental research to identify individual securities, countries, and currencies with favorable risk/return profiles and strong or improving credit profiles. The Fund will generally consider selling a position if, in portfolio management’s opinion, it reaches its total return target or targeted value, the investment thesis for owning the position changes, or to limit potential losses.

In addition to considering economic factors such as the effect of interest rates on Janus Henderson High-Yield Fund’s and Janus Henderson Multi-Sector Income Fund’s investments, portfolio management applies a “bottom up” approach in choosing investments. This means that portfolio management looks at income-producing securities one at a time to determine if a security is an attractive investment opportunity and if it is consistent with a Fund’s investment policies. Portfolio management additionally considers the expected risk-adjusted return on a particular investment and a Fund’s overall risk allocations and volatility.

Unless the investment objective or policies prescribe otherwise, portfolio management may consider selling a security when, in portfolio management’s opinion, there is significant deterioration in company fundamentals, an inability to maintain open communication with management, a change in business strategy, a change in issuer-specific business outlook, realization of anticipated gains, or a failure by the issuer to meet operating/financial targets. A Fund may also consider selling a security if, in portfolio management’s opinion, a superior investment opportunity arises.

Cash Position

The Funds may not always stay fully invested. For example, when portfolio management believes that market conditions are unfavorable for investing, or when they are otherwise unable to locate attractive investment opportunities, a Fund’s cash or similar investments may increase. Due to differing investment strategies, the cash positions among the Funds may vary significantly. When a Fund’s investments in cash or similar investments increase, it may not participate in market advances or declines to the same extent that it would if the Fund remained more fully invested. To the extent a Fund invests its uninvested cash through a sweep program (meaning its uninvested cash is pooled with uninvested cash of other funds and invested in certain securities such as repurchase agreements), it is subject to the risks of the account or fund into which it is investing, including liquidity issues that may delay the Fund from accessing its cash.

In addition, a Fund may temporarily increase its cash position under certain unusual circumstances, such as to protect its assets or maintain liquidity in certain circumstances to meet unusually large redemptions. A Fund’s cash position may also increase temporarily due to unusually large cash inflows. Under unusual circumstances such as these, a Fund may invest up to 100% of its assets in cash or similar investments. In this case, the Fund may take positions that are inconsistent with its investment policies. As a result, the Fund may not achieve its investment objective.

62 | Janus Investment Fund

Commodity Futures Trading Commission (“CFTC”) Regulation

The operation of Janus Henderson Absolute Return Income Opportunities Fund is subject to certain CFTC rules and regulations. Existing or new CFTC regulation may increase the costs of implementing the Fund’s strategies, which could negatively affect the Fund’s returns.

Derivatives

A Fund may invest in derivatives, which are financial instruments whose value is derived from, or directly linked to, an underlying asset, instrument, currency, or index. A Fund may take long and short positions in derivatives. Derivatives can be used for hedging purposes or for non-hedging purposes, such as seeking to earn income and enhance return, to protect unrealized gains, or to avoid realizing losses. Such techniques may also be used to adjust currency exposure relative to a benchmark index, to gain exposure to the market pending investment of cash balances, or to meet liquidity needs.

Emerging Markets

Within the parameters of its specific investment policies, each Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Such countries include, but are not limited to, countries included in the MSCI Emerging Markets Indexsm. Emerging market countries in which a Fund may invest include frontier market countries, the economies of which are less developed than other emerging market countries. Frontier market countries typically are located in the Asia-Pacific region, Central and Eastern Europe, the Middle East, Central and South America, and Africa.

ESG Integration

With the exception of Janus Henderson Developed World Bond Fund, portfolio management integrates environmental, social, and governance (“ESG”) factors by incorporating ESG information into the Funds’ investment process. The noted portfolio management teams focus on the ESG factors they consider most likely to have a material impact on the financial performance of the issuers in each Fund’s portfolio, which includes identifying material ESG risk factors attributable to a particular sector, industry, or issuer. The noted portfolio management teams believe that an issuer’s ESG practices may have an impact, positive or negative, on the issuer’s long-term financial performance, and, at their discretion, engage with an issuer’s management to encourage improved ESG practices. ESG factors are one of many considerations in the investment decision-making process and may not be determinative in deciding to include or exclude an investment from the portfolio.

Eurodollar Futures Contracts

Certain Funds may make investments in Eurodollar futures contracts, which are typically used to adjust interest rate exposure and replicate government bond positions. Eurodollar futures contracts are U.S. dollar-denominated futures contracts that are based on a reference rate. Eurodollar futures contracts enable purchasers to obtain a fixed rate for the lending of funds and sellers to obtain a fixed rate for borrowings.

Foreign Securities

A Fund may invest in foreign securities and/or foreign currencies. Portfolio management seeks investments that meet the selection criteria, regardless of where an issuer or company is located. Foreign securities are generally selected on a security-by-security basis without regard to any predetermined allocation among countries or geographic regions. However, certain factors, such as expected levels of inflation, government policies influencing business conditions, the outlook for currency relationships, and prospects for economic growth among countries, regions, or geographic areas, may warrant greater consideration in selecting foreign securities. The Funds may at times have significant foreign exposure, including exposure to emerging markets.

High-Yield Bonds

Within the parameters of their specific investment policies, certain Funds may invest in bonds that are rated below investment grade (also known as “junk” bonds), such as BB+ or lower by Standard & Poor’s Ratings Services (“Standard & Poor’s”) and Fitch, Inc. (“Fitch”), or Ba1 or lower by Moody’s Investors Service, Inc. (“Moody’s”) or is an unrated bond of similar quality. A Fund may also invest in unrated bonds of foreign and domestic issuers.

Illiquid Investments

A Fund will not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An illiquid investment is any investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment.

63 | Janus Investment Fund

Inflation-Linked Securities

Certain Funds may invest in inflation-linked securities, including Treasury Inflation-Protected Securities (also known as TIPS), municipal inflation-indexed bonds and corporate inflation-indexed bonds, or in derivatives that are linked to these securities. TIPS are inflation-linked bonds issued by the U.S. Government. Inflation-linked bonds may also be issued by, or related to, sovereign governments of other developed countries, emerging market countries, or companies or other entities not affiliated with governments.

Inflation-linked bonds are fixed-income securities whose interest and principal payments are periodically adjusted according to the rate of inflation. The inflation adjustment, which is typically applied monthly to the principal of the bond, follows a designated inflation index, such as the consumer price index. If an index measuring inflation falls, the principal value of inflation-indexed bonds will typically be adjusted downward, and consequently the interest payable on these securities (calculated with respect to a smaller principal amount) will be reduced. Because of their inflation adjustment feature, inflation-linked bonds typically have lower yields than conventional fixed-rate bonds.

Inflation-linked bonds normally decline in price when real interest rates rise. In the event of deflation, when prices decline over time, the principal and income of inflation-linked bonds would likely decline, resulting in losses to the Fund.

In the case of TIPS, repayment of original bond principal upon maturity (as adjusted for inflation) is guaranteed. When TIPS mature, the holder is paid the adjusted principal or original principal, whichever is greater. For inflation-linked bonds that do not provide a similar guarantee, the adjusted principal value or maturity amount of the inflation-linked bond repaid at maturity may be less than the original principal.

Leverage

Certain of a Fund’s investments, including derivatives and short sale transactions, involve the use of leverage. Leverage is investment exposure which exceeds the initial amount invested. Leverage occurs when a Fund increases its assets available for investment using derivatives, short sales, when-issued, delayed delivery, or forward commitment transactions, or other similar transactions. The use of other investment techniques can also create a leveraging effect on a Fund.

Loans

The Funds may invest in various commercial loans, including bank loans, bridge loans, debtor-in-possession (“DIP”) loans, mezzanine loans, and other fixed and floating rate loans. These loans may be acquired through loan participations and assignments or on a when-issued basis.

Bank Loans. Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. A Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities.

Bridge Loans. Bridge loans are short-term loan arrangements typically made by a borrower in anticipation of receiving intermediate-term or long-term permanent financing. Most bridge loans are structured as floating-rate debt with step-up provisions under which the interest rate on the bridge loan increases the longer the loan remains outstanding. In addition, bridge loans commonly contain a conversion feature that allows the bridge loan investor to convert its loan interest to senior exchange notes if the loan has not been prepaid in full on or prior to its maturity date. Bridge loans typically are structured as senior loans, but may be structured as junior loans.

DIP Loans. DIP loans are issued in connection with restructuring and refinancing transactions. DIP loans are loans to a debtor-in-possession in a proceeding under the U.S. bankruptcy code that have been approved by the bankruptcy court. DIP loans are typically fully secured by a lien on the debtor’s otherwise unencumbered assets or secured by a junior lien on the debtor’s encumbered assets (so long as the loan is fully secured based on the most recent current valuation or appraisal report of the debtor). DIP loans are often required to close with certainty and in a rapid manner to satisfy existing creditors and to enable the issuer to emerge from bankruptcy or to avoid a bankruptcy proceeding.

Mezzanine Loans. Mezzanine loans are a hybrid of debt and equity financing that is typically used to fund the expansion of existing companies. A mezzanine loan is composed of debt capital that gives the lender the right to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full. Mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure.

64 | Janus Investment Fund

Mortgage- and Asset-Backed Securities

A Fund may purchase fixed or variable rate commercial or residential mortgage-backed securities issued by the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), the Federal Home Loan Mortgage Corporation (“Freddie Mac”), or other governmental or government-related entities. Ginnie Mae’s guarantees are backed by the full faith and credit of the U.S. Government, which means that the U.S. Government guarantees that the interest and principal will be paid when due. Fannie Mae and Freddie Mac securities are not backed by the full faith and credit of the U.S. Government.

A Fund may also purchase mortgage- and asset-backed securities through single- and multi-seller conduits, collateralized mortgage obligations, collateralized debt obligations (including collateralized loan obligations and collateralized bond obligations), structured investment vehicles, and other similar securities. Asset-backed securities may be backed by various consumer obligations, including automobile loans, equipment leases, credit card receivables, or other collateral. In the event the underlying loans are not paid, the securities’ issuer could be forced to sell the assets and recognize losses on such assets, which could impact a Fund’s yield and return.

Non-Agency Mortgage-Backed Securities

A Fund may invest in non-agency mortgage-backed securities, which are mortgage-backed securities issued or guaranteed by private issuers.

Options on Futures Contracts

An option on a futures contract gives the buyer the right, but not the obligation, to buy or sell a futures contract at a specified price on or before a specified date. Futures contracts and options on futures are standardized and traded on designated exchanges. To the extent a Fund engages in futures contracts on foreign exchanges, such exchanges may not provide the same protection as U.S. exchanges.

Options on Securities and Indices

A Fund may purchase and write put and call options on securities and indices. A put option on a security gives the purchaser of the option the right to sell, and the writer of the option the obligation to buy, the underlying security at any time during the option period. A call option on a security gives the purchaser of the option the right to buy, and the writer of the option the obligation to sell, the underlying security at any time during the option period. The premium paid to the writer is the consideration for undertaking the obligations under the option contract.

Put and call options on indices are similar to options on securities except that options on an index give the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the underlying index is greater than (or less than, in the case of puts) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the index and the exercise price of the option, expressed in dollars multiplied by a specified number. Thus, unlike options on individual securities, all settlements are in cash, and gain or loss depends on price movements in the particular market represented by the index generally, rather than the price movements in individual securities. All options written on indices or securities must be “covered” as required by the Investment Company Act of 1940, as amended.

Options on Swap Contracts

A Fund may enter into options on swap agreements, commonly referred to as “swaptions.” A swaption is a contract that gives a purchaser the right, but not the obligation, to enter into a new swap agreement or to shorten, extend, cancel, or otherwise modify an existing swap agreement, at some designated future time on specified terms. Swaptions can be used for a variety of purposes, including to manage the Fund’s overall exposure to changes in interest or foreign currency exchange rates and credit quality; as an efficient means of adjusting the Fund’s exposure to certain markets; in an effort to enhance income or total return or protect the value of portfolio securities; to serve as a cash management tool; and to adjust portfolio duration or credit risk.

Portfolio Turnover

Portfolio turnover rates are generally not a factor in making buy and sell decisions for the Funds. Changes may be made to a Fund’s portfolio, consistent with the Fund’s investment objective and policies, when portfolio management believes such changes are in the best interests of the Fund and its shareholders. Short-term transactions may result from the purchase of a security in anticipation of relatively short-term gains, liquidity needs, securities having reached a price or yield objective, changes in interest rates or the credit standing of an issuer, or by reason of economic or other developments not foreseen at the time of the initial investment decision. A Fund may also sell one security and simultaneously purchase the same or a

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comparable security to take advantage of short-term differentials in bond yields or securities prices. Portfolio turnover is affected by market conditions, changes in the size of a Fund (including due to shareholder purchases and redemptions), the nature of a Fund’s investments, and the investment style of portfolio management. Changes are normally made in a Fund’s portfolio whenever portfolio management believes such changes are desirable. Due to the nature of the securities in which they invest, the Funds may have relatively high portfolio turnover compared to other funds.

Increased portfolio turnover may result in higher costs for brokerage commissions, dealer mark-ups, and other transaction costs, and may also result in taxable capital gains. Higher costs associated with increased portfolio turnover also may have a negative effect on a Fund’s performance. The “Financial Highlights” section of this Prospectus shows the Funds’ historical turnover rates.

REITs and Real Estate-Related Securities

Each Fund may invest in equity and debt securities of real estate-related companies. Such companies may include those in the real estate industry or real estate-related industries. These securities may include common stocks, preferred stocks, and other securities, including, but not limited to, mortgage-backed securities, real estate-backed securities, securities of real estate investment trusts (“REITs”) and similar REIT-like entities (such as real estate operating companies (“REOCs”)). A REIT is an entity that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are often categorized as equity REITs, mortgage REITs, and hybrid REITs. An equity REIT, the most common type of REIT, invests primarily in the fee ownership of land and buildings. An equity REIT derives its income primarily from rental income but may also realize capital gains or losses by selling real estate properties in its portfolio that have appreciated or depreciated in value. A mortgage REIT invests primarily in mortgages on real estate, which may secure construction, development, or long-term loans. A mortgage REIT generally derives its income from interest payments on the credit it has extended. A hybrid REIT combines the characteristics of equity REITs and mortgage REITs, generally by holding both ownership interests and mortgage interests in real estate.

Similar to REITs, REOCs are publicly-traded real estate companies that typically engage in the development, management or financing of real estate, such as homebuilders, hotel management companies, land developers and brokers. REOCs, however, have not elected (or are not eligible) to be taxed as a REIT. The reasons for not making such an election include the (i) availability of tax-loss carry-forwards, (ii) operation in non-REIT-qualifying lines of business, and (iii) ability to retain earnings. Instead, REOCs are generally structured as “C” corporations under the Internal Revenue Code of 1986, as amended, and, as a result, are not required to distribute any portion of their income. In this regard, although REOCs do not receive the same favorable tax treatment that is accorded to REITs, REOCs are typically subject to fewer restrictions than REITs, including the ability to retain and/or reinvest funds from operations and more flexibility in terms of the real estate investments they can make.

Securities Lending

A Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions 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. When a Fund lends its securities, it receives collateral (including cash collateral), at least equal to the value of securities loaned. A Fund may earn income by investing this collateral in one or more affiliated or non-affiliated cash management vehicles or in time deposits. It is also possible that, due to a decline in the value of a cash management vehicle in which collateral is invested, a Fund may lose money. There is also the risk that when portfolio securities are lent, the securities may not be returned on a timely basis, and a Fund may experience delays and costs in recovering the security or gaining access to the collateral provided to the Fund to collateralize the loan. If a Fund is unable to recover a security on loan, the Fund may use the collateral to purchase replacement securities in the market. There is a risk that the value of the collateral could decrease below the cost of the replacement security by the time the replacement investment is made, resulting in a loss to a Fund. In certain circumstances, individual loan transactions could yield negative returns. The Adviser intends to manage a portion of the cash collateral in an affiliated cash management vehicle and will receive an investment advisory fee for managing such assets.

Short Sales

The Funds may invest in short positions through short sales of stocks and structured products, and through derivatives that include swaps, uncovered written calls, and futures. A Fund may also engage in short sales “against the box” and options for hedging purposes. Short sales against the box involve selling short a security that a Fund owns, or the Fund has the right to

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obtain the amount of the security sold short at a specified date in the future. A Fund may also enter into a short sale to hedge against anticipated declines in the market price of a security or to reduce portfolio volatility.

A short sale is generally a transaction in which a Fund sells a security it does not own or have the right to acquire (or that it owns but does not wish to deliver) in anticipation that the market price of that security will decline. To complete the transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement. A short sale is subject to the risk that if the price of the security sold short increases in value, the Fund will incur a loss because it will have to replace the security sold short by purchasing it at a higher price. In addition, the Fund may not always be able to close out a short position at a particular time or at an acceptable price. A lender may request, or market conditions may dictate, that the borrowed securities be returned to the lender on short notice, and the Fund may have to buy the borrowed securities at an unfavorable price. If this occurs at a time when other short sellers of the same security also want to close out their positions, a “short squeeze” can occur, which means that the demand is greater than the supply for the stock sold short. If a short squeeze occurs, it is more likely that the Fund will have to cover its short sale at an unfavorable price and potentially reduce or eliminate any gain, or cause a loss, as a result of the short sale. Because there is no upper limit to the price a borrowed security may reach prior to closing a short position, a Fund’s losses are potentially unlimited in a short sale transaction. A Fund’s gains and losses will also be decreased or increased, as the case may be, by the amount of any dividends, interest, or expenses, including transaction costs and borrowing fees, the Fund may be required to pay in connection with a short sale. Such payments may result in the Fund having higher expenses than a Fund that does not engage in short sales and may negatively affect the Fund’s performance.

A Fund may enter into a derivatives transaction to obtain short investment exposure to an underlying reference asset. If the value of the underlying reference asset on which a Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes a Fund to credit risk, counterparty risk, and leverage risk.

Sovereign Bond Futures Contracts

Sovereign bond futures contracts provide for the delivery upon maturity of one sovereign bond among a basket of eligible-to-deliver sovereign bonds.

Special Situations

The Funds may invest in companies that demonstrate special situations or turnarounds, meaning companies that have experienced significant business problems but are believed to have favorable prospects for recovery. For example, a special situation or turnaround may arise when, in the opinion of portfolio management, the securities of a particular issuer will be recognized as undervalued by the market and appreciate in value due to a specific development with respect to that issuer. Special situations may include significant changes in a company’s allocation of its existing capital, a restructuring of assets, or a redirection of free cash flow. For example, issuers undergoing significant capital changes may include companies involved in spin-offs, sales of divisions, mergers or acquisitions, companies involved in bankruptcy proceedings, or companies initiating large changes in their debt to equity ratio. Companies that are redirecting cash flows may be reducing debt, repurchasing shares, or paying dividends. Special situations may also result from: (i) significant changes in industry structure through regulatory developments or shifts in competition; (ii) a new or improved product, service, operation, or technological advance; (iii) changes in senior management or other extraordinary corporate event; (iv) differences in market supply of and demand for the security; or (v) significant changes in cost structure. Investments in “special situations” companies can present greater risks than investments in companies not experiencing special situations, and a Fund’s performance could be adversely impacted if the securities selected decline in value or fail to appreciate in value.

Swap Agreements

Certain Funds may utilize swap agreements including, but not limited to, credit default swaps, equity swaps, inflation index swaps, inflation-linked swaps, interest rate and currency swaps, total return swaps (including fixed-income total return swaps), and swaps on exchange-traded funds, as a means to gain exposure to certain companies or countries, a commodity index, or commodity markets, and/or to “hedge” or protect their portfolios from adverse movements in securities prices, the rate of inflation, or interest rates. Swaps may also be used for capital appreciation. Swap agreements are two-party contracts to exchange one set of cash flows for another. Swap agreements entail the risk that a party will default on its payment obligations to a Fund. If the other party to a swap defaults, the Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. If a Fund utilizes a swap at the wrong time or judges market conditions incorrectly,

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the swap may result in a loss to the Fund and reduce the Fund’s total return. Various types of swaps such as credit default, equity, interest rate, currency, inflation-linked, and total return are described in this Prospectus and/or in the “Glossary of Investment Terms.”

Cross-Currency Swaps. Certain Funds may enter into cross-currency swaps or basis swaps. A cross-currency swap involves the exchange of payments denominated in one currency for payments denominated in another. Payments are based on a notional principal amount, the value of which is fixed in exchange rate terms at the swap’s inception.

Index Credit Default Swaps. Certain Funds may invest in index credit default swaps (“CDX”). CDX are swaps on an index of credit default swaps. CDX allow an investor to manage credit risk or take a position on a basket of credit entities (such as credit default swaps or a commercial mortgage-backed index) in a more efficient manner than transacting in a single-name credit default swap. If a credit event occurs in one of the underlying companies, the protection is paid out via the delivery of the defaulted bond by the buyer of protection in return for a payment of notional value of the defaulted bond by the seller of protection or it may be settled through a cash settlement between the two parties. The underlying company is then removed from the index. New series of CDX are issued on a regular basis.

Commercial mortgage-backed securities index swaps (“CMBX”) are a type of index credit default swap that are made up of tranches of commercial mortgage-backed securities rather than credit default swaps. CMBX involve a pay-as-you go settlement process designed to capture non-default events that affect the cash flow to the underlying mortgage-backed securities tranche.

Interest Rate Swaps. Certain Funds may enter into interest rate swaps, which involve the exchange by two parties of their respective commitments to pay or receive interest (e.g., an exchange of floating rate payments for fixed rate payments). Interest rate swaps are generally entered into on a net basis. Interest rate swaps do not involve the delivery of securities, other underlying assets, or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that certain Funds are contractually obligated to make.

Single-Name Credit Default Swaps. A Fund may invest in single-name credit default swaps (“CDS”) to buy or sell credit protection to hedge its credit exposure, gain issuer exposure without owning the underlying security, or increase the Fund’s total return. CDS are a specific kind of counterparty agreement that allow the transfer of third party credit risk from one party to the other. One party in the swap is a lender and faces credit risk from a third party, and the counterparty in the CDS agrees to insure this risk in exchange for regular periodic payments.

TBA Commitments

A Fund may enter into “to be announced” or “TBA” commitments. TBA commitments are forward agreements for the purchase or sale of securities, including mortgage-backed securities, for a fixed price, with payment and delivery on an agreed upon future settlement date. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate, and mortgage terms. At the time the TBA commitment is made, the transaction is recorded and thereafter the value of such securities is reflected each day in determining a Fund’s net asset value. Because a Fund is generally not required to pay for the security until the settlement date, if the Fund remains substantially fully invested at a time when TBA commitment purchases are outstanding, the purchases may result in a form of leverage.

Treasury Futures Contracts

Treasury futures contracts, which are exchange-traded, are typically used to obtain interest rate exposure in order to manage duration. A Treasury futures contract is a bilateral agreement where one party agrees to accept and the other party agrees to make delivery of a U.S. Treasury security, as called for in the agreement at a specified date and at an agreed upon price. Generally, Treasury futures contracts are closed out or rolled over prior to their expiration date.

U.S. Government Securities

The Funds may invest in U.S. Government securities. U.S. Government securities include those issued directly by the U.S. Treasury and those issued or guaranteed by various U.S. Government agencies and instrumentalities. Some government securities are backed by the full faith and credit of the United States. Other government securities are backed only by the rights of the issuer to borrow from the U.S. Treasury. Others are supported by the discretionary authority of the U.S. Government to purchase the obligations. Certain other government securities are supported only by the credit of the issuer. For securities not backed by the full faith and credit of the United States, a Fund must look principally to the agency or instrumentality issuing or guaranteeing the securities for repayment and may not be able to assert a claim against the United States if the agency or instrumentality does not meet its commitment. Such securities may involve increased risk of

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loss of principal and interest compared to government debt securities that are backed by the full faith and credit of the United States.

Because of the rising U.S. Government debt burden, it is possible that the U.S. Government may not be able to meet its financial obligations or that securities issued or backed by the U.S. Government may experience credit downgrades. Such a credit event may adversely affect the financial markets.

Other Types of Investments

Unless otherwise stated within its specific investment policies, each Fund may also invest in other types of domestic and foreign securities and use other investment strategies. These securities and strategies are not intended to be principal investment strategies of the Funds. If successful, they may benefit the Funds by earning a return on the Funds’ assets or reducing risk; however, they may not achieve the Funds’ investment objectives. These securities and strategies may include:

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equity securities (such as stocks or any other security representing an ownership interest)

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other investment companies (such as exchange-traded funds (“ETFs”))

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preferred stocks and securities convertible into common stocks or preferred stocks

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pass-through securities including commercial and residential mortgage- and asset-backed securities and mortgage dollar rolls

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zero coupon, pay-in-kind, and step coupon securities

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securities purchased on a when-issued, delayed delivery, or forward commitment basis

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equity and fixed-income securities issued in private placement transactions

Risks of the Funds

The value of your investment will vary over time, sometimes significantly, and you may lose money by investing in the Funds. The Funds invest substantially all of their assets in fixed-income securities or income-generating securities and, to varying degrees, derivatives. The following information is intended to help you better understand some of the risks of investing in the Funds, including those risks that are summarized in the Fund Summary sections. This information also includes descriptions of other risks a Fund may be subject to as a result of additional investment strategies and general policies that may apply to the Fund. The impact of the following risks on a Fund may vary depending on the Fund’s investments. The greater the Fund’s investment in a particular security, the greater the Fund’s exposure to the risks associated with that security. Before investing in a Fund, you should consider carefully the risks that you assume when investing in the Fund.

Collateralized Debt Obligation Risk. The risk of an investment in collateralized debt obligations (“CDOs”), which include collateralized loan obligations (“CLOs”), collateralized bond obligations (“CBOs”), and other similarly structured securities, depends on the type of the collateral securities and the class of the CDO in which a Fund invests. In addition to the normal risks associated with fixed-income securities, CDOs carry additional risks including, but not limited to, the risk that: (i) distributions from collateral securities may not be adequate to make interest or other payments; (ii) the quality of the collateral may decline in value or default; (iii) a Fund may invest in CDOs that are subordinate to other classes; and (iv) the complex structure of the security may not be fully understood at the time of investment and may produce disputes with the issuer or unexpected investment results.

Collateralized Mortgage Obligation Risk. Collateralized mortgage obligations (“CMOs”) are a type of mortgage-backed security. CMOs are created by dividing the principal and interest payments collected on a pool of mortgages into several revenue streams (tranches) with different priority rights to portions of the underlying mortgage payments. Certain CMO tranches may represent a right to receive interest only (“IOs”), principal only (“POs”) or an amount that remains after floating-rate tranches are paid (an inverse floater). These securities are frequently referred to as “mortgage derivatives” and may be extremely sensitive to changes in interest rates. Interest rates on inverse floaters, for example, vary inversely with a short-term floating rate (which may be reset periodically). Interest rates on inverse floaters will decrease when short-term rates increase, and will increase when short-term rates decrease. These securities have the effect of providing a degree of investment leverage. In response to changes in market interest rates or other market conditions, the value of an inverse floater may increase or decrease at a multiple of the increase or decrease in the value of the underlying securities. If a Fund invests

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in CMO tranches (including CMO tranches issued by government agencies) and interest rates move in a manner not anticipated by the Adviser, it is possible that the Fund could lose all or substantially all of its investment.

Convertible Securities Risk. A Fund may invest in securities that are convertible into preferred and common stocks, and thus, is subject to the risks of investments in both debt and equity securities. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying preferred and common stocks and, therefore, also will react to variations in the general market for equity securities.

Counterparty Risk. Fund transactions involving a counterparty are subject to the risk that the counterparty or a third party will not fulfill its obligation to a Fund (“counterparty risk”). Counterparty risk may arise because of the counterparty’s financial condition (i.e., financial difficulties, bankruptcy, or insolvency), market activities and developments, or other reasons, whether foreseen or not. A counterparty’s inability to fulfill its obligation may result in significant financial loss to a Fund. A Fund may be unable to recover its investment from the counterparty or may obtain a limited recovery, and/or recovery may be delayed. A Fund may be exposed to counterparty risk to the extent it participates in lending its securities to third parties and/or cash sweep arrangements whereby the Fund’s cash balance is invested in one or more types of cash management vehicles or in time deposits. In addition, a Fund may be exposed to counterparty risk through its investments in certain securities, including, but not limited to, repurchase agreements, debt securities, and derivatives (including various types of forwards, swaps, futures, and options). Each Fund intends to enter into financial transactions with counterparties that the Adviser believes to be creditworthy at the time of the transaction. There is always the risk that the Adviser’s analysis of a counterparty’s creditworthiness is incorrect or may change due to market conditions. To the extent that a Fund focuses its transactions with a limited number of counterparties, it will have greater exposure to the risks associated with one or more counterparties.

Credit Quality Risk. Through a Fund’s investments in fixed-income securities, a Fund is subject to the risks associated with the credit quality of the issuers of those fixed-income securities. Credit quality measures the likelihood that the issuer or borrower will meet its obligations on a bond. One of the fundamental risks is credit risk, which is the risk that an issuer will be unable to make principal and interest payments when due, or default on its obligations. Higher credit risk may negatively impact a Fund’s returns and yield.

Many fixed-income securities receive credit ratings from services such as Standard & Poor’s, Fitch, and Moody’s. These services assign ratings to securities by assessing the likelihood of issuer default. The lower a bond issue is rated by an agency, the more credit risk it is considered to represent. Lower rated instruments and securities generally pay interest at a higher rate to compensate for the associated greater risk. Interest rates can fluctuate in response to economic or market conditions, which can result in a fluctuation in the price of a security and impact a Fund’s return and yield. If a security has not received a rating, a Fund must rely upon the Adviser’s credit assessment, which if incorrect can also impact the Fund’s returns and yield. Please refer to the “Explanation of Rating Categories” section of the SAI for a description of bond rating categories.

The Funds may use short sales, futures, options, swap agreements (including, but not limited to, equity, interest rate, credit default, and total return), and other derivative instruments individually or in combination to “hedge” or protect their portfolios from adverse movements in securities prices and interest rates. The Funds may also use a variety of currency hedging techniques, including the use of forward currency contracts, to manage currency risk. There is no guarantee that portfolio management’s use of derivative investments will benefit the Funds. A Fund’s performance could be worse than if the Fund had not used such instruments. Use of such investments may instead increase risk to the Fund, rather than reduce risk.Derivatives can be complex instruments and may involve analysis that differs from that required for other investment types used by a Fund. If the value of a derivative does not correlate well with the particular market or other asset class to which the derivative is intended to provide exposure, the derivative may not produce the anticipated result. Derivatives can also reduce the opportunity for gain or result in losses by offsetting positive returns in other investments.Derivatives entail the risk that the counterparty will default on its payment obligations.If the counterparty to a derivative transaction defaults, a Fund would risk the loss of the net amount of the payments that it contractually is entitled to receive. To the extent a Fund

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enters into short derivative positions, a Fund may be exposed to risks similar to those associated with short sales, including the risk that a Fund’s losses are theoretically unlimited.

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Cross-Currency Swaps Risk. Cross-currency or basis swaps are subject to currency risk. They also involve exchange risk on principal and are subject to credit risk.

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Currency Futures Risk. Currency futures are similar to forward foreign currency exchange contracts, and pose similar risks, except that futures contracts are standardized, exchange-traded contracts while forward foreign currency exchange contracts are traded in the over-the-counter market. The use of currency futures contracts may substantially change a Fund’s exposure to currency exchange rates and could result in losses to the Fund if currencies do not perform as anticipated. Currency markets generally are not as regulated as securities markets. In addition, currency rates may fluctuate significantly over short periods of time, and can reduce returns. Currency futures may also involve leverage risk.

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Eurodollar Futures Contracts Risk. Eurodollar futures contracts involve market risk associated with changes in interest rates.

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Forward Foreign Currency Exchange Contract Risk. Forward foreign currency exchange contracts (“forward currency contracts”) involve the risk that unanticipated changes in currency prices may negatively impact a Fund’s performance. Moreover, there may be an imperfect correlation between a Fund’s portfolio holdings of securities quoted or denominated in a particular currency and any forward currency contracts entered into by the Fund, which will expose the Fund to risk of foreign exchange loss. The trading markets for forward currency contracts offer less protection against defaults than trading in currency instruments on an exchange. Because a forward currency contract is not guaranteed by an exchange or clearinghouse, a default on the contract could result in losses to a Fund and may force the Fund to cover its purchase or sale commitments, if any, at the current market price. In addition, forward currency contract markets can experience periods of illiquidity, which could prevent a Fund from divesting of a forward currency contract at the optimal time and may adversely affect a Fund’s returns and net asset value.

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Futures and Swaps Related to Interest Rate Risk. A Fund’s investments in interest rate futures, swaps, or futures on interest rate sensitive securities entail the risk that portfolio management’s prediction of the direction of interest rates is wrong, and the Fund could incur a loss. In addition, due to the possibility of price distortions in the interest rate futures or swaps markets, or an imperfect correlation between the underlying instrument and the interest rate portfolio management is seeking to hedge, a correct forecast of general interest rate trends by portfolio management may not result in the successful use of futures and swaps related to interest rates.

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Index Credit Default Swaps Risk. If a Fund holds a long position in CDX, the Fund would indirectly bear its proportionate share of any expenses paid by CDX. By investing in CDX, a Fund could be exposed to illiquidity risk, counterparty risk, and credit risk of the issuers of the underlying loan obligations and of the CDX markets. If there is a default by the CDX counterparty, a Fund will have contractual remedies pursuant to the agreements related to the transaction. CDX also bear the risk that a Fund will not be able to meet its obligation to the counterparty.

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Options on Futures Contracts Risk. The amount of risk that a Fund assumes when it purchases an option on a futures contract is the premium paid for the option, plus related transaction costs. In order to profit from an option purchased, it may be necessary to exercise the option and to liquidate the underlying futures contract subject to the risks of the availability of a liquid offset market. The seller of an option on a futures contract is subject to the risks of commodity futures trading, including the requirement of initial and variation margin payments, as well as the additional risk that movements in the price of the option may not correlate with movements in the price underlying security, index, currency, or futures contracts.

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Options on Securities and Indices Risk. Options on securities may be subject to greater fluctuations in value than an investment in the underlying securities. If a Fund is unable to effect a closing purchase transaction with respect to covered options it has written, the Fund will not be able to sell the underlying securities or dispose of assets held in a segregated account until the options expire or are exercised. Similarly, if the Fund is unable to effect a closing sale transaction with respect to options it has purchased, it will have to exercise the options in order to realize any profit and will incur transaction costs upon the purchase or sale of underlying securities.

Options on indices may, depending on circumstances, involve greater risk than options on securities. Because index options are settled in cash, when a Fund writes a call on an index it may not be able to provide in advance for its potential settlement obligations by acquiring and holding the underlying securities.

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Options on Swap Contracts Risk. Because the use of options on swap contracts, or “swaptions,” generally does not involve the delivery of securities or other underlying assets or principal, the risk of loss with respect to swaptions generally is limited to the net amount of payments that a Fund is contractually obligated to make. There is also a risk of a default by the other party to a swaption, in which case the Fund may not receive the net amount of payments that it contractually is entitled to receive. Entering into a swaption contract involves, to varying degrees, the elements of credit, market, and interest rate risk, associated with both option contracts and swap contracts.

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Single-Name Credit Default Swaps Risk. When a Fund buys a single-name CDS, the Fund will receive a return on its investment only in the event of a credit event, such as default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty). If a single-name CDS transaction is particularly large, or if the relevant market is illiquid, it may not be possible for the Fund to initiate a single-name CDS transaction or to liquidate its position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a single-name CDS in the event of the default or bankruptcy of the counterparty. The risks associated with cleared single-name CDS may be lower than that for uncleared single-name CDS because for cleared single-name CDS, the counterparty is a clearinghouse (to the extent such a trading market is available). However, there can be no assurance that a clearinghouse or its members will satisfy their obligations to the Fund. Unlike CDX, single-name CDS do not have the benefit of diversification across many issuers.

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Sovereign Bond Futures Contracts Risk. Interest rate movements directly affect the price of the sovereign bond futures contracts held by the Fund. If a sovereign bond futures contract is denominated in a non-U.S. currency, a Fund will be exposed to exchange rate risk. In addition, the price, yield, and modified duration of each eligible-to-deliver sovereign bond under the relevant sovereign bond futures contract may change unpredictably, affecting the value of the sovereign bond futures contract.

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Treasury Futures Contracts Risk. While transactions in Treasury futures contracts may reduce certain risks, unanticipated changes in interest rates or securities prices may result in a poorer overall performance for a Fund than if it had not entered into any Treasury futures contracts. To the extent a Fund uses Treasury futures contracts, it is exposed to additional volatility and potential losses resulting from leverage. Losses (or gains) involving Treasury futures contracts can sometimes be substantial – in part because a relatively small price movement in a Treasury futures contract may result in an immediate and substantial loss (or gain) for a Fund.

Emerging Markets Risk. Within the parameters of its specific investment policies, each Fund may invest in securities of issuers or companies from or with exposure to one or more “developing countries” or “emerging market countries.” Such countries include, but are not limited to, countries included in the MSCI Emerging Markets Index. To the extent that a Fund invests a significant amount of its assets in one or more of these countries, its returns and net asset value may be affected to a large degree by events and economic conditions in such countries. The risks of foreign investing are heightened when investing in emerging markets, which may result in the price of investments in emerging markets experiencing sudden and sharp price swings. In many developing markets, there is less government supervision and regulation of stock exchanges, brokers, and listed companies than in more developed markets, making these investments potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on a Fund’s investments.

The securities markets of many of these emerging market countries may also be smaller, less liquid, and subject to greater price volatility than those in the United States. In the event of a default on any investments in foreign debt obligations, it may be more difficult for a Fund to obtain or to enforce a judgment against the issuers of such securities. In addition, a Fund’s investments may be denominated in foreign currencies and therefore, changes in the value of a country’s currency compared to the U.S. dollar may affect the value of the Fund’s investments. To the extent that a Fund invests a significant portion of its assets in the securities of emerging markets issuers in or companies of a single country or region, it is more likely to be impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. A Fund may be subject to emerging markets risk to the extent that it invests in securities of issuers or companies which are not considered to be from emerging markets, but which have customers, products, or transactions associated with emerging markets.

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Emerging market countries in which a Fund may invest include frontier market countries, which generally have smaller economies and even less developed capital markets than traditional developing markets, and as a result, the risks of investing in developing market countries are magnified in frontier market countries. The magnification of risks are the result of: potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by other countries; and the relatively new and unsettled securities laws in many frontier market countries.

ESG Integration Risk. With the exception of Janus Henderson Developed World Bond Fund, portfolio management integrates ESG factors by incorporating ESG information into the Funds’ investment process. As a result, each Fund may have different exposures to certain industries, sectors, or regions relative to its benchmark index and/or similar funds that do not consider ESG factors. This may in turn cause a Fund to underperform relative to its benchmark index or similar funds that do not consider ESG factors. In addition, information related to ESG factors provided by issuers and third parties, upon which portfolio management may utilize, continues to develop, and may be incomplete, inaccurate, use different methodologies or be applied differently across issuers and industries. Further, the regulatory landscape regarding ESG investing in the United States is still developing and future rules and regulations may require the Funds to modify or alter their investment process.

Eurozone Risk. A number of countries in the European Union (“EU”) have experienced, and may continue to experience, severe economic and financial difficulties. In particular, many EU nations are susceptible to economic risks associated with high levels of debt, notably due to investments in sovereign debt. These events have adversely affected the exchange rate of the euro and may continue to significantly affect European countries. As a result, financial markets in the EU have been subject to increased volatility and declines in asset values and liquidity. Responses to these financial problems by European governments, central banks, and others, including austerity measures and reforms, may not work, may result in social unrest, and may limit future growth and economic recovery or have other unintended consequences. All of these developments may continue to significantly affect the economies of all EU countries, which in turn may have a material adverse effect on a Fund’s investments in such countries, other countries that depend on EU countries for significant amounts of trade or investment, or issuers with exposure to debt issued by certain EU countries.

Exchange-Traded Funds Risk. The Funds may invest in ETFs, including affiliated ETFs, to gain exposure to a particular portion of the market. ETFs are typically open-end investment companies, which may seek to track the performance of a specific index or be actively managed. ETFs are traded on a national securities exchange at market prices that may vary from the net asset value of their underlying investments. Accordingly, there may be times when an ETF trades at a premium or discount to its net asset value. When a Fund invests in an ETF, in addition to directly bearing the expenses associated with its own operations, it will bear a pro rata portion of the ETF’s expenses. As a result, the cost of investing in a Fund may be higher than the cost of investing directly in ETFs and may be higher than other mutual funds that invest directly in stocks and bonds. ETFs also involve the risk that an active trading market for an ETF’s shares may not develop or be maintained. Similarly, because the value of ETF shares depends on the demand in the market, a Fund may not be able to purchase or sell an ETF at the most optimal time, which could adversely affect the Fund’s performance. In addition, ETFs that track particular indices may be unable to match the performance of such underlying indices due to the temporary unavailability of certain index securities in the secondary market or other factors, such as discrepancies with respect to the weighting of securities.

The ETFs in which a Fund invests are subject to specific risks, depending on the investment strategy of the ETF. In turn, a Fund will be subject to substantially the same risks as those associated with direct exposure to the securities or commodities held by the ETF. Because a Fund may invest in a broad range of ETFs, such risks may include, but are not limited to, leverage risk, foreign exposure risk, and commodity-linked investments risk.To the extent a Fund invests in fixed-income ETFs, it will be indirectly exposed to the same risks described under “Fixed-Income Securities Risk.”

Exchange-Traded Notes Risk. Exchange-traded notes (“ETNs”) are debt securities whose returns are linked to a particular index. ETNs are typically linked to the performance of a commodities index that reflects the potential return on unleveraged investments in futures contracts of physical commodities, plus a specified rate of interest that could be earned on cash collateral. ETNs are subject to credit risk and counterparty risk. The value of an ETN may vary and may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying commodities markets, changes in the applicable interest rates, changes in the issuer’s credit rating, and economic, legal, political, or geographic events that affect the referenced commodity. When a Fund invests in ETNs it will bear its proportionate share of any fees and

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expenses borne by the ETN. There may be restrictions on a Fund’s right to redeem its investment in an ETN, which is meant to be held until maturity. A Fund’s decision to sell its ETN holdings may be limited by the availability of a secondary market.

Fixed-Income Securities Risk. Each Fund invests in a variety of fixed-income securities.Typically, the values of fixed-income securities change inversely with prevailing interest rates. Therefore, a fundamental risk of fixed-income securities is interest rate risk, which is the risk that the value of such securities will generally decline as prevailing interest rates rise, which may cause a Fund’s net asset value to likewise decrease. How specific fixed-income securities may react to changes in interest rates will depend on the specific characteristics of each security. For example, while securities with longer maturities and durations tend to produce higher yields, they also tend to be more sensitive to changes in prevailing interest rates and are therefore more volatile than shorter-term securities and are subject to greater market fluctuations as a result of changes in interest rates. However, calculations of maturity and duration may be based on estimates and may not reliably predict a security’s price sensitivity to changes in interest rates. In addition, different interest rate measures (such as short- and long-term interest rates and U.S. and non-U.S. interest rates), or interest rates on different types of securities or securities of different issuers, may not necessarily change in the same amount or in the same direction. Investments in fixed-income securities with very low or negative interest rates may diminish a Fund’s yield and performance.

Fixed-income securities are also subject to credit risk, which is the risk that the credit strength of an issuer of a fixed-income security will weaken and/or that the issuer will be unable to make timely principal and interest payments and that the security may go into default. In addition, there is prepayment risk, which is the risk that during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause a Fund to reinvest its assets in securities with lower yields, resulting in a decline in a Fund’s income or return potential. Fixed-income securities may also be subject to valuation risk and liquidity risk. Valuation risk is the risk that one or more of the fixed-income securities in which a Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer of the security. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk. To the extent a Fund invests in fixed-income securities in a particular industry or economic sector, its share values may fluctuate in response to events affecting that industry or sector. Securities underlying mortgage- and asset-backed securities, which may include subprime mortgages, also may be subject to a higher degree of credit risk, valuation risk, and liquidity risk. To the extent that a Fund invests in derivatives tied to fixed-income securities, the Fund may be more substantially exposed to these risks than a fund that does not invest in such derivatives. The market for certain fixed-income securities may become illiquid under adverse market or economic conditions independent of any specific adverse changes in the conditions of a particular issuer. Similarly, the amount of assets deemed illiquid remaining within a Fund may also increase, making it more difficult to meet shareholder redemptions and further adversely affecting the value of the Fund.

Foreign Exposure Risk. Within the parameters of its specific investment policies, each Fund may invest in foreign debt and equity securities either indirectly (e.g., depositary receipts, depositary shares, and passive foreign investment companies) or directly in foreign markets, including emerging markets. Additional risks may be present with respect to investments in securities of issuers or companies that are economically tied to different countries throughout the world. An issuer is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the issuer’s revenues are derived from one or more countries; or (iii) a majority of the issuer’s assets are located in one or more countries. Investments in foreign securities, including securities of foreign and emerging market governments, may involve greater risks than investing in domestic securities because a Fund’s performance may depend on factors other than the performance of a particular company. These factors include:

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Currency Risk. As long as a Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When a Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.

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Foreign Market Risk. Foreign securities markets, particularly those of emerging market countries, may be less liquid and more volatile than domestic markets. These securities markets may trade a small number of securities, may have a limited number of issuers and a high proportion of shares, or may be held by a relatively small number of persons or institutions. Local securities markets may be unable to respond effectively to increases in trading volume, potentially making prompt liquidation of substantial holdings difficult or impossible at times. It is also possible that certain markets may require payment for securities before delivery, and delays may be encountered in settling securities transactions. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for a Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, securities of issuers located in or economically tied to countries with emerging markets may have limited marketability and may be subject to more abrupt or erratic price movements which could also have a negative effect on a Fund. Such factors may hinder a Fund’s ability to buy and sell emerging market securities in a timely manner, affecting the Fund’s investment strategies and potentially affecting the value of the Fund.

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Geographic Concentration Risk. To the extent that a Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on a Fund’s performance.

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Political and Economic Risk. Foreign investments may be subject to increased political and economic risks, including the imposition of economic and other sanctions. Sanctions imposed by the U.S. Government on other countries or persons or issuers operating in such countries could restrict a Fund’s ability to buy affected securities or force a Fund to dispose of any affected securities it has previously purchased at an inopportune time. As a result, a Fund may experience a greater risk of loss with respect to securities impacted by such sanctions.

Political and economic risks may be heightened in emerging markets, which may have relatively unstable governments, immature economic structures, national policies restricting investments by foreigners, social instability, and different and/or developing legal systems. In some countries, there is the risk that the government may take over the assets or operations of a company or that the government may impose withholding and other taxes or limits on the removal of a Fund’s assets from that country. In addition, the economies of emerging markets may be predominantly based on only a few industries, may be highly vulnerable to changes in local or global trade conditions, and may suffer from extreme and volatile debt burdens or inflation rates.

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Regulatory Risk. There may be less government supervision of foreign markets. As a result, foreign issuers may not be subject to the uniform accounting, auditing, and financial reporting standards and practices applicable to domestic issuers, and there may be less publicly available information about foreign issuers.

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Transaction Costs. Costs of buying, selling, and holding foreign securities, including brokerage, tax, and custody costs, may be higher than those involved in domestic transactions.

High-Yield Bond Risk. High-yield bonds (also known as “junk” bonds) are bonds rated below investment grade by the primary rating agencies such as Standard & Poor’s, Fitch, and Moody’s or are unrated bonds of similar quality. The value of lower quality bonds generally is more dependent on credit risk than investment grade bonds. Issuers of high-yield bonds may not be as strong financially as those issuing bonds with higher credit ratings and are more vulnerable to real or perceived economic changes, political changes, or adverse developments specific to the issuer. In addition, the junk bond market can experience sudden and sharp price swings.

The secondary market on which high-yield securities are traded is less liquid than the market for investment grade securities. The lack of a liquid secondary market may have an adverse impact on the market price of the security. Additionally, it may be more difficult to value the securities because valuation may require more research, and elements of judgment may play a larger role in the valuation because there is less reliable, objective data available.

Because Janus Henderson Developed World Bond Fund, Janus Henderson High-Yield Fund, and Janus Henderson Multi-Sector Income Fund may invest a substantial amount of their net assets in high-yield bonds, investors should be willing to tolerate a corresponding increase in the risk of significant and sudden changes in net asset value.

Please refer to the “Explanation of Rating Categories” section of the SAI for a description of bond rating categories.

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Impairment of Collateral Risk. The value of collateral, if any, securing a floating rate loan can decline, and may be insufficient to meet the borrower’s obligations or difficult to liquidate. In addition, Janus Henderson Developed World Bond Fund’s access to collateral may be limited by bankruptcy or other insolvency laws. Further, certain floating rate loans may not be fully collateralized and may decline in value.

Industry and Sector Risk. Industry and sector risk is the possibility that a group of related securities will decline in price due to industry-specific or economic sector-specific developments. Companies in the same or similar industries and economic sectors may share common characteristics and are more likely to react similarly to industry-specific market or economic developments. Each Fund’s investments, if any, in multiple companies in a particular industry or economic sector may increase that Fund’s exposure to industry and sector risk.

Inflation Risk. Inflation risk is the risk that the value of certain assets or real income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the present value of a Fund’s assets and distributions may decline. This risk may be elevated in a low interest rate environment.

Inflation-Related Investments Risk. Inflation-linked bonds (including TIPS), and other inflation-linked securities normally will decline in value when real interest rates rise. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation-indexed bonds may experience greater losses than other fixed-income securities with similar durations. Except for a Fund’s investments in TIPS, which are guaranteed as to principal by the U.S. Treasury, the inflation-adjusted principal value or maturity amount of inflation-linked bonds repaid at maturity may be less than the original principal. Because of their inflation-linked adjustment feature, inflation-linked bonds typically have lower yields than conventional fixed-rate securities. In the event of deflation, where prices decline over time, the principal and income of inflation-linked bonds will likely decline, resulting in losses to a Fund.

Interest Rate Risk. Generally, a fixed-income security will increase in value when prevailing interest rates fall and decrease in value when prevailing interest rates rise. Longer-term securities are generally more sensitive to interest rate changes than shorter-term securities, but they generally offer higher yields to compensate investors for the associated risks. High-yield bond prices and floating rate debt security prices are generally less directly responsive to interest rate changes than investment grade issues or comparable fixed rate securities, and may not always follow this pattern.

Large Shareholder Risk. Certain large shareholders, such as Janus Henderson “fund of funds”, individuals, accounts, and affiliates of the Adviser, may hold substantial percentages of a Fund’s shares. A Fund is subject to the risk that a redemption by those shareholders of all or a large portion of their Fund shares may adversely affect the Fund’s performance by forcing the Fund to sell portfolio securities, potentially at disadvantageous prices, or to raise the cash needed to satisfy the redemption request. Purchases and redemptions of fund shares by a Janus Henderson “fund of funds” due to reallocations or rebalancings may result in a Fund having to sell securities or invest cash when it otherwise would not do so. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, which could lead to an increase in the Fund’s expense ratio. The impact of these transactions is likely to be greater when a Janus Henderson “fund of funds” purchases, redeems, or owns a substantial portion of a Fund’s shares.

Leverage Risk. Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose a Fund to greater risk and increase its costs. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet the applicable requirements of the Investment Company Act of 1940, as amended, and the rules thereunder. Increases and decreases in the value of a Fund’s portfolio will be magnified when the Fund uses leverage.

Liquidity Risk. A Fund may invest in securities or instruments that do not trade actively or in large volumes, and may make investments that are less liquid than other investments. Also, a Fund may make investments that may become less liquid in response to market developments or adverse investor perceptions. Investments that are illiquid or that trade in lower volumes may be more difficult to value. When there is no willing buyer and investments cannot be readily sold at the desired time or price, a Fund may have to accept a lower price or may not be able to sell the security or instrument at all. Investments in foreign securities, particularly those of issuers located in emerging market countries, tend to have greater exposure to liquidity risk than domestic securities. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced). An inability to sell one or more portfolio positions can adversely affect a Fund’s value or prevent such Fund from being able to take advantage of other

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investment opportunities. Liquidity risk may be increased to the extent that a Fund invests in restricted securities that are deemed to be illiquid investments.

Liquidity risk may also refer to the risk that a Fund will not be able to pay redemption proceeds within the allowable time period because of unusual market conditions, an unusually high volume of redemption requests, or other reasons. While a Fund may pay redemptions in-kind, a Fund may instead choose to raise cash to meet redemption requests through the sale of portfolio securities or permissible borrowings. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s net asset value, may increase brokerage costs, and may result in taxable capital gains.

Loan Risk. The Funds may invest in various commercial loans. The risks of such investments vary, depending on the type of loans underlying the investments, as described below.

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Bank Loan Risk. The bank loans in which the Funds invest may be denominated in U.S. or non-U.S. currencies, including the euro. Bank loans are obligations of companies or other entities entered into in connection with recapitalizations, acquisitions, and refinancings. A Fund’s investments in bank loans are generally acquired as a participation interest in, or assignment of, loans originated by a lender or other financial institution. These investments may include institutionally-traded floating and fixed-rate debt securities. The bank loans underlying these securities often involve borrowers with low credit ratings whose financial conditions are troubled or uncertain, including companies that are highly leveraged or in bankruptcy proceedings. Participation interests and assignments involve credit, interest rate, and liquidity risk. Some participation interests and assignments may not be considered “securities,” and purchasers, such as a Fund, therefore may not be entitled to rely on the anti-fraud protections of the federal securities laws. Additionally, because the Adviser, in the course of investing a Fund’s assets in loans, may have access to material non-public information regarding the borrower, the ability of the Fund to purchase or sell publicly-traded securities of such borrowers may be restricted. In addition, to the extent a Fund invests in non-U.S. bank loan investments, those investments also are subject to the risks of foreign investment, including Eurozone risk.

If a Fund purchases a participation interest, it may only be able to enforce its rights through the lender and may assume the credit risk of both the borrower and the lender. There are also risks involved in purchasing assignments. If a loan is foreclosed, a Fund may become part owner of any collateral securing the loan and may bear the costs and liabilities associated with owning and disposing of any collateral. The Fund could be held liable as a co-lender. In addition, there is no assurance that the liquidation of any collateral from a secured loan would satisfy a borrower’s obligations or that any collateral could be liquidated. There may be a number of intermediate participants in bank loan transactions and loan agreements that have specific rights, obligations, terms, and conditions. As such, any number of factors in an investment in bank loans could cause a Fund to lose income or principal on a particular investment, which in turn could affect the Fund’s returns, and you could lose money.

Interest rates on floating rate bank loans adjust with interest rate changes and/or issuer credit quality, and unexpected changes in such rates could result in losses to a Fund. Additionally, borrowers may pay back principal in whole or part, prior to scheduled due dates. Such prepayment may result in a Fund realizing less income on a particular investment and replacing the floating rate bank loan with a less attractive security, which may provide less return to the Fund.

Bank loans are generally less liquid than many other fixed-income securities and may be subject to restrictions on resale. Transactions in bank loans may take more than seven days to settle. As a result, the proceeds related to the sale of bank loans may not be available to make additional investments or to meet a Fund’s redemption obligations until a substantial period after the sale of the loans. To the extent that extended settlement creates short-term liquidity needs, a Fund may satisfy these needs by holding additional cash or selling other investments (potentially at an inopportune time, which could result in losses to the Fund).

A Fund may not be able to identify and invest in attractive floating rate bank loans, such as senior loans, as the market for such investments may be limited in certain economic conditions or because of a high number of potential purchasers of assignments and participations. A Fund may also invest in other floating rate debt securities or other investments. For example, the Fund may invest in junior or subordinated loans or unsecured loans. Such loans may not provide desired returns or may increase the potential for loss of income or principal. Bank loan investments may be generally considered speculative and risks arising from a Fund’s investments in bank loans may be similar to those of investments in “junk” bonds or below investment grade investments. A Fund’s investments in bank loans may be more sensitive to economic changes, political changes, or adverse developments specific to the borrower than higher quality investments.

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Bridge Loan Risk. Investments in bridge loans subject a Fund to certain risks in addition to those described above. In addition, any delay in obtaining permanent financing subjects the bridge loan investor to increased risk. A borrower’s use of bridge loans also involves the risk that the borrower may be unable to locate permanent financing to replace the bridge loan, which may impair the borrower’s perceived creditworthiness.

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DIP Loan Risk. Investments in DIP loans are subject to the risk that the entity will not emerge from bankruptcy and will be forced to liquidate its assets. In the event of liquidation, a Fund’s only recourse will be against the property securing the DIP loan.

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Mezzanine Loan Risk. Mezzanine loans generally are rated below investment grade, and frequently are unrated. Because mezzanine loans typically are the most subordinated debt obligation in an issuer’s capital structure, they are subject to the additional risk that the cash flow of the related borrower and any property securing the loan may be insufficient to repay the loan after the related borrower pays off any senior obligations. Mezzanine loans, which are usually issued in private placement transactions, may be considered illiquid. In addition, they are often used by smaller companies that may be highly leveraged, and in turn may be subject to a higher risk of default. Investment in mezzanine loans is a specialized practice that depends more heavily on independent credit analysis than investments in other fixed-income securities.

Market Risk. The value of a Fund’s portfolio may decrease if the value of one or more issuers in the Fund’s portfolio decreases. Further, regardless of how well individual companies or securities perform, the value of a Fund’s portfolio could also decrease if there are deteriorating economic or market conditions, including, but not limited to, a general decline in prices on the stock markets, a general decline in real estate markets, a decline in commodities prices, or if the market favors different types of securities than the types of securities in which the Fund invests. If the value of the Fund’s portfolio decreases, the Fund’s net asset value will also decrease, which means if you sell your shares in the Fund you may lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Social, political, economic and other conditions and events, such as natural disasters, health emergencies (e.g., epidemics and pandemics), terrorism, conflicts, including related sanctions, and social unrest, could reduce consumer demand or economic output, result in market closures, travel restrictions and/or quarantines, and generally have a significant impact on the global economies and financial markets.

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COVID-19 Pandemic. The effects of COVID-19 contributed to increased volatility in global financial markets and affected, and may continue to affect, certain countries, regions, issuers, industries and market sectors more dramatically than others. Although many global economies have reopened and measures to mitigate transmission are in place, the duration of COVID-19 and its effects remain unclear. Any continued effects could impact a Fund and its investments, a Fund’s ability to meet redemption requests, and the processes and operations of a Fund’s service providers, including the Adviser.

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Russia/Ukraine Invasion. Russia launched a large-scale invasion of Ukraine on February 24, 2022. The extent and duration of the military action, resulting sanctions, and resulting future market disruptions in the region are impossible to predict, but could be significant and have a severe adverse effect on the region, including significant negative impacts on the economy and the markets for certain securities and commodities, such as oil and natural gas, as well as other sectors.

Money Market Fund Investment Risk. A Fund may have cash balances that have not been invested in portfolio securities, which may be used to purchase shares of affiliated or non-affiliated money market funds, or cash management pooled investment vehicles that operate as money market funds, as part of a cash sweep program. By investing in a money market fund, a Fund will be exposed to the investment risks of the money market fund in direct proportion to such investment. The money market fund may not achieve its investment objective and a Fund may lose money. To the extent a Fund transacts in instruments such as derivatives, such Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from such Fund’s investments in derivatives. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the Federal Deposit Insurance Corporation or any other government agency. There can be no assurance that a money market fund will maintain a $1.00 per share net asset value at all times. Factors that could adversely affect the value of a money market fund’s shares include, among other things, a sharp rise in interest rates, an illiquid market for the securities held by the money market fund, a high volume of redemption activity in a fund’s shares, and a credit event or credit rating downgrade affecting one or more of the issuers of securities held by the money market fund. In addition, the failure of even an unrelated money market fund to maintain a stable net asset value could create a widespread risk of increased redemption pressures on all money market funds, potentially jeopardizing

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the stability of their net asset values. Certain money market funds have in the past failed to maintain stable net asset values, and there can be no assurance that such failures and resulting redemption pressures will not impact money market funds in the future.

Rules adopted by the Securities and Exchange Commission (the “SEC”) require, among other things, certain money market funds to cause transactions in shares of these funds to be effected using a fund’s net asset value per share calculated out to the fourth decimal point (e.g., $1.0000 instead of $1.00). “Government Money Market Funds” and “Retail Money Market Funds” as defined in Rule 2a-7 under the Investment Company Act of 1940, as amended, are not subject to the floating net asset value requirements. In addition, certain money market funds may impose a fee upon sale of shares because of market conditions or other factors. The SEC recently adopted amendments to Rule 2a-7 with compliance deadlines in 2023 and 2024. Effective October 2, 2023, these amendments removed (i) the ability of money market funds to temporarily suspend redemptions (except in connection with a liquidation under extraordinary circumstances) and (ii) the regulatory tie between the imposition of liquidity fees and a fund’s liquidity level.

The components of the amendments to Rule 2a-7 that go into effect in 2024 will, among other things, require all money market funds to (i) hold a higher percentage of their portfolio in daily liquid assets and weekly liquid assets; and (ii) be subject to additional reporting requirements. In addition, certain money market funds, excluding government money market funds and retail money market funds, will be required to impose mandatory liquidity fees when a fund experiences net redemptions that exceed 5% of net assets, unless the fund’s liquidity costs are de minimis (i.e., less than 1 basis point). In addition, certain money market funds will have the ability to implement a discretionary liquidity fee on redemptions (up to 2%) if a fund’s board or a delegate believes such fee is in the best interests of the fund.

There can be no assurance that a Fund’s investments in money market funds are not adversely affected by reforms to money market regulation that may be adopted by the SEC or other regulatory authorities.

In addition to the fees and expenses that a Fund directly bears, a Fund indirectly bears the fees and expenses of any money market fund in which it invests.

Mortgage- and Asset-Backed Securities Risk. Rising interest rates tend to extend the duration of, or reduce the rate of prepayments on, both commercial mortgage-backed securities (“CMBS”) and residential mortgage-backed securities (“RMBS”), making them more sensitive to changes in interest rates (“extension risk”). As a result, in a period of rising interest rates, the price of mortgage-backed securities may fall, causing a Fund that holds mortgage-backed securities to exhibit additional volatility. Mortgage-backed securities are also subject to prepayment risk. When interest rates decline, borrowers may pay off their mortgages sooner than expected. This can reduce a Fund’s returns because the Fund will have to reinvest that money at lower prevailing interest rates. Investments in certain mortgage-backed securities, including those comprised of subprime mortgages, may be subject to a higher degree of credit risk, valuation risk, and liquidity risk than various other types of fixed-income securities. Additionally, although mortgage-backed securities are generally supported by some form of government or private guarantee and/or insurance, there is no assurance that guarantors or insurers will meet their obligations.

CMBS are subject to certain other risks. The market for CMBS developed more recently than that for RMBS and is relatively small in terms of outstanding principal amount of issues compared to the RMBS market. CMBS are also subject to risks associated with a lack of standardized terms, shorter maturities than residential mortgage loans, and payment of all or substantially all of the principal at maturity, rather than regular amortization of principal. Moreover, the type and use of a particular commercial property may add to the risk of CMBS investments. Adverse changes in economic conditions and circumstances are more likely to have an adverse impact on mortgage-backed securities secured by loans on commercial properties than on those secured by residential properties.

Similarly, the value of a Fund’s investments in asset-backed securities may be adversely affected by changes in interest rates, factors concerning the interests in and structure of the issuer or originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds, or other credit or liquidity enhancements, and/or the market’s assessment of the quality of the underlying assets. Generally, the originating bank or credit provider is neither the obligor nor the guarantor of the security, and interest and principal payments ultimately depend upon payment of the underlying loans by individuals. A Fund could incur a loss if the underlying loans are not paid. In addition, most asset-backed securities are subject to prepayment risk in a declining interest rate environment. The impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility. Rising interest rates tend to extend the duration of asset-backed securities, making them more volatile and sensitive to changing interest rates.

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Newly Issued Securities Risk. The credit obligations in which certain Funds invest may include newly issued securities, or “new issues,” such as initial debt offerings. New issues may not be consistently available to such Funds for investing, particularly as such Funds’ asset bases grow. Certain new issues, such as initial debt offerings, may be volatile in price due to the absence of a prior trading market, limited quantities available for trading and limited information about the issuer. Such Funds may hold new issues for a short period of time. This may increase a Fund’s portfolio turnover and may lead to increased expenses for the Fund, such as commissions and transaction costs. New issues may have a magnified impact on the performance of such Funds during periods in which they have a small asset base. The impact of new issues on a Fund’s performance likely will decrease as such Fund’s asset size increases, which could reduce the Fund’s returns. In addition, new issues can experience an immediate drop in value after issuance if the demand for the securities does not continue to support the offering price.

Portfolio Management Risk. The Funds are actively managed investment portfolios and are therefore subject to the risk that the investment strategies and research process employed for the Funds may fail to produce the intended results. A Fund may underperform its benchmark index or other mutual funds with similar investment objectives.

Private Placements and Other Restricted Securities Risk. Investments in private placements and other restricted securities could decrease a Fund’s liquidity profile or prevent a Fund from disposing of them promptly at advantageous prices. Private placements and restricted securities may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available. Transaction costs may be higher for these securities, and a Fund may get only limited information about the issuer of a private placement or other restricted security.

REIT and Real Estate-Related Securities Risk. To the extent a Fund holds REITs and REIT-like entities, it may be subject to the additional risks associated with REIT and REIT-like investments. REITs and REIT-like entities are subject to heavy cash flow dependency to allow them to make distributions to their shareholders. The prices of equity REITs are affected by changes in the value of the underlying property owned by the REITs, changes in capital markets and interest rates, management skill in running a REIT, and the creditworthiness of the REIT. The prices of mortgage REITs are affected by the quality of any credit they extend, the creditworthiness of the mortgages they hold, as well as by the value of the property that secures the mortgages. In addition, mortgage REITs (similar to direct investments in mortgage-backed securities) are subject to prepayment risk. Equity REITs and mortgage REITs are subject to heavy cash flow dependency, defaults by borrowers, and self-liquidation. There is also the risk that borrowers under mortgages held by a REIT or lessees of a property that a REIT owns may be unable to meet their obligations to the REIT. In the event of a default by a borrower or lessee, the REIT may incur substantial costs associated with protecting its investments. While equity REITs and mortgage REITs may provide exposure to a large number of properties, such properties may be concentrated in a particular industry, region, or housing type, making such investments more vulnerable to unfavorable developments to economic or market events. Certain “special purpose” REITs in which a Fund may invest focus their assets in specific real property sectors, such as hotels, shopping malls, nursing homes, or warehouses, and are therefore subject to the specific risks associated with adverse developments in these sectors. A Fund’s shareholders will indirectly bear their proportionate share of the REIT’s expenses, in addition to their proportionate share of the Fund’s expenses. The value of investments in REOCs will generally be affected by the same factors that adversely affect REIT investments; however, REOCs may also be adversely affected by income streams derived from businesses other than real estate ownership.

Additionally, a REIT that fails to comply with federal tax requirements affecting REITs may be subject to federal income taxation, or the federal tax requirement that a REIT distribute substantially all of its net income to its shareholders may result in a REIT having insufficient capital for future expenditures. REITs are also subject to certain provisions under federal tax law and the failure of a company to qualify as a REIT could have adverse consequences for a Fund, including significantly reducing the return to the Fund on its investment in such company.

Sovereign Debt Risk. A Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Investments in sovereign debt, especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors, including its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, the relative size of its debt position in relation to its economy as a whole, the sovereign debtor’s policy toward international lenders, and local political constraints to which the governmental entity may be subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments,

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multilateral agencies, and other entities. The failure of a sovereign debtor to implement economic reforms, achieve specified levels of economic performance, or repay principal or interest when due may result in the cancellation of third party commitments to lend funds to the sovereign debtor, which may further impair such debtor’s ability or willingness to timely service its debts. A Fund may be requested to participate in the rescheduling of such sovereign debt and to extend further loans to governmental entities, which may adversely affect the Fund’s holdings.In the event of default, there may be limited or no legal remedies for collecting sovereign debt and there may be no bankruptcy proceedings through which the Fund may collect all or part of the sovereign debt that a governmental entity has not repaid.In addition, to the extent a Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.

TBA Commitments Risk. A Fund may enter into “to be announced” or “TBA” commitments. Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, a Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to a Fund may be less favorable than expected. There is a risk that the security that a Fund buys will lose value between the purchase and settlement dates. When a Fund sells a TBA security prior to settlement, it does not participate in future gains or losses with respect to the security. A Fund is generally not required to pay for the TBA security until the settlement date and, as a result, if the Fund remains substantially fully invested at a time when TBA commitment purchases are outstanding, the purchases may result in a form of leverage.

Warrants and Rights Risk. The price, performance and liquidity of warrants and rights to purchase equity securities are typically linked to the underlying stock. These instruments have many characteristics of convertible securities and, similarly, will react to variations in the general market for equity securities. Rights are similar to warrants, but normally have a short duration and are distributed directly by the issuer to its shareholders. Rights and warrants have no voting rights, receive no dividends and have no rights with respect to the assets of the issuer.

Zero-Coupon, Step-Coupon and Pay-in-Kind Securities Risk. These securities are debt obligations that do not make regular cash interest payments. Zero-coupon and step-coupon securities are sold at a discount from their face value. Zero-coupon securities do not pay interest until maturity. Step-coupon securities pay coupon interest that increases or decreases over the life of the bond. Pay-in-kind securities pay interest through the issuance of additional securities. Because these securities do not pay current cash income, they are especially sensitive to changes in interest rates, and their prices are generally more volatile than debt securities that pay interest periodically. If an issuer of zero-coupon, step coupon or pay-in-kind securities defaults, a Fund may lose its entire investment. A Fund generally will be required to distribute dividends to shareholders representing the income from these instruments as it accrues, even though such Fund will not receive all of the income on a current basis or in cash. Thus, a Fund may have to sell other investments, including when it may not be advisable to do so, and use the cash proceeds to make income distributions to its shareholders.

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Management of the Funds

Investment adviser

Janus Henderson Investors US LLC (the “Adviser”), 151 Detroit Street, Denver, Colorado 80206-4805, is the investment adviser to each Fund. The Adviser is responsible for the day-to-day management of the Funds’ investment portfolios and furnishes continuous advice and recommendations concerning the Funds’ investments. The Adviser also provides certain administration and other services and is responsible for other business affairs of each Fund.The Adviser utilizes personnel-sharing arrangements with its foreign (non-U.S.) affiliates, Janus Henderson Investors UK Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “JHIUKL”), and Kapstream Capital Pty Limited (Australia) (“Kapstream”), pursuant to which certain Janus Henderson employees, acting for JHIUKL and Kapstream, may also serve as “associated persons” of the Adviser. In this capacity, such Janus Henderson employees, acting for Kapstream and JHIUKL, for Janus Henderson Absolute Return Income Opportunities Fund, and JHIUKL, for Janus Henderson Developed World Bond Fund and Janus Henderson Global Bond Fund, are subject to the oversight and supervision of the Adviser and may provide portfolio management, research, and related services to the Funds on behalf of the Adviser.

The Adviser (together with its predecessors and affiliates) has served as investment adviser to the Janus Henderson mutual funds since 1970 and currently serves as investment adviser to all of the Janus Henderson mutual funds, as well as the Janus Henderson exchange-traded funds, acts as subadviser for a number of private-label mutual funds, and provides separate account advisory services for institutional accounts and other unregistered products.

The Trust and the Adviser have received an exemptive order from the SEC that permits the Adviser, subject to the approval of the Trustees, to appoint or replace certain subadvisers to manage all or a portion of a Fund’s assets and enter into, amend, or terminate a subadvisory agreement with certain subadvisers without obtaining shareholder approval (a “manager-of-managers structure”). The manager-of-managers structure applies to subadvisers that are not affiliated with the Trust or the Adviser (“non-affiliated subadvisers”), as well as any subadviser that is an indirect or direct “wholly-owned subsidiary” (as such term is defined by the Investment Company Act of 1940, as amended) of the Adviser or of another company that, indirectly or directly, wholly owns the Adviser (collectively, “wholly-owned subadvisers”).

Pursuant to the order, the Adviser, with the approval of the Trustees, has the discretion to terminate any subadviser and allocate and, as appropriate, reallocate a Fund’s assets among the Adviser and any other non-affiliated subadvisers or wholly-owned subadvisers (including terminating a non-affiliated subadviser and replacing it with a wholly-owned subadviser). To the extent that a Fund’s assets are allocated to one or more subadvisers, the Adviser, subject to oversight by the Trustees, would have the responsibility to oversee such subadviser(s) to a Fund and to recommend for approval by the Trustees, the hiring, termination, and replacement of a subadviser for a Fund. In the event that the Adviser hires a subadviser pursuant to the manager-of-managers structure, the affected Janus Henderson fund would provide shareholders with information about the subadviser and subadvisory agreement within 90 days.

The Adviser furnishes certain administration, compliance, and accounting services to the Funds, including providing office space for the Funds and providing personnel to serve as officers to the Funds. The Funds reimburse the Adviser for certain of its costs in providing these services (to the extent the Adviser seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of the Adviser’s employees and Fund officers, including the Funds’ Chief Compliance Officer and compliance staff, that provide specified administration and compliance services to the Funds. The Funds pay these costs based on out-of-pocket expenses incurred by the Adviser, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services the Adviser provides to the Funds.

Management expenses

Each Fund pays the Adviser an investment advisory fee and incurs expenses, including the distribution and shareholder servicing fees (12b-1 fee), administrative services fees payable pursuant to the Transfer Agency Agreement, custodian fees and expenses, legal and auditing fees, printing and mailing costs of sending reports and other information to existing shareholders, and Independent Trustees’ fees and expenses. Each Fund’s investment advisory fee is calculated daily and paid monthly. Each Fund’s advisory agreement details the investment advisory fee and other expenses that each Fund must pay.

The following table reflects each Fund’s contractual investment advisory fee rate (expressed as an annual rate), as well as the actual compensation paid by each Fund to the Adviser after any applicable fee waivers and/or expense reimbursements.The rate shown is a fixed rate based on each Fund’s average daily net assets.

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Fund Name	Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%) (annual rate)	Actual Compensation Paid to Adviser (%) (for the fiscal year ended June 30, 2023)
Janus Henderson Absolute Return Income Opportunities Fund	First $1 Billion	0.65
	Next $2 Billion	0.62
	Over $3 Billion	0.60	0.09
Janus Henderson Developed World Bond Fund	First $1 Billion	0.55
	Next $500 Million	0.50
	Over $1.5 Billion	0.45	0.42
Janus Henderson Flexible Bond Fund	First $300 Million	0.50
	Over $300 Million	0.40	0.37
Janus Henderson Global Bond Fund	First $1 Billion	0.60
	Next $1 Billion	0.55
	Over $2 Billion	0.50	0.35
Janus Henderson High-Yield Fund	First $300 Million	0.65
	Over $300 Million	0.55	0.57
Janus Henderson Multi-Sector Income Fund	First $200 Million	0.60
	Next $500 Million	0.57
	Over $700 Million	0.55	0.56
Janus Henderson Short Duration Flexible Bond Fund	All Asset Levels	0.44	0.31

A discussion regarding the basis for the Trustees’ approval of the Funds’ investment advisory agreements is included in each Fund’s annual report (for the period ended June 30, 2023) and will be included in each Fund’s semiannual report (for the period ending December 31, 2023) to shareholders. You can request the Funds’ annual or semiannual reports (as they become available), free of charge, by contacting your plan sponsor, broker-dealer, or financial intermediary, or by contacting a Janus Henderson representative at 1-877-335-2687. The reports are also available, free of charge, at janushenderson.com/info.

Expense Limitations

With respect to Janus Henderson Absolute Return Income Opportunities Fund, Janus Henderson Global Bond Fund, Janus Henderson High-Yield Fund, Janus Henderson Multi-Sector Income Fund, and Janus Henderson Short Duration Flexible Bond Fund, the Adviser has contractually agreed to waive the advisory fee payable by each Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate shown below. In addition, with respect to Janus Henderson Short Duration Flexible Bond Fund, the Adviser shall reimburse or waive administrative services fees, networking/omnibus fees and out-of-pocket transfer agency costs payable by any share class so that such fees, in the aggregate, do not exceed 0.06% of a share class’ average daily net assets.

With respect to Janus Henderson Developed World Bond Fund and Janus Henderson Flexible Bond Fund, the Adviser has contractually agreed to waive the advisory fee payable by each Fund or reimburse expenses in an amount equal to the amount, if any, that the Fund’s total annual fund operating expenses, including the investment advisory fee, but excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (but excluding out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses, exceed the annual rate shown below.

With respect to Janus Henderson Absolute Return Income Opportunities Fund, the Adviser has also contractually agreed to waive and/or reimburse a portion of the Fund’s management fee in an amount equal to the management fee it earns as an investment adviser to any affiliated ETFs in which the Fund invests. Pursuant to this agreement, the waiver amount is equal to the amount of Fund assets invested in the affiliated ETF, multiplied by an amount equal to the current daily unitary management fee of the affiliated ETF less certain asset-based operating fees and expenses incurred on a per-fund basis and paid by the Adviser with respect to the affiliated ETF (including, but not limited to custody, sub-administration, transfer agency, legal, and audit fees). The fee waiver agreement may be modified or terminated only at the discretion of the Board of Trustees.

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The Adviser has agreed to continue each waiver for at least a one-year period commencing on October 27, 2023. For information about how the expense limit affects the total expenses of each Fund, if applicable, see the “Fees and Expenses of the Fund” table in each Fund Summary of the Prospectus.

Fund Name	Expense Limit Percentage (%)
Janus Henderson Absolute Return Income Opportunities Fund	0.63
Janus Henderson Developed World Bond Fund	0.57
Janus Henderson Flexible Bond Fund	0.45
Janus Henderson Global Bond Fund	0.59
Janus Henderson High-Yield Fund	0.63
Janus Henderson Multi-Sector Income Fund	0.64
Janus Henderson Short Duration Flexible Bond Fund	0.39

Portfolio management

Janus Henderson Absolute Return Income Opportunities Fund

Co-Portfolio Managers Dylan Bourke, Jason England, and Daniel Siluk jointly share responsibility for the day-to-day management of the Fund, with no limitation on the authority of one co-portfolio manager in relation to the others.

Dylan Bourke, CFA, is Executive Vice President and Co-Portfolio Manager of Janus Henderson Absolute Return Income Opportunities Fund, which he has co-managed since June 2021. Mr. Bourke is also Portfolio Manager of other Janus Henderson accounts. He joined the Adviser in 2015 and is a member of the investment team at Kapstream, a Janus Henderson Investors subsidiary, which he joined in 2014. Mr. Bourke received Bachelor of Commerce and Bachelor of Law degrees from Bond University. He holds the Chartered Financial Analyst designation.

Jason England is Executive Vice President and Co-Portfolio Manager of Janus Henderson Absolute Return Income Opportunities Fund, which he has co-managed since June 2019. Mr. England is also Portfolio Manager of other Janus Henderson accounts. Prior to joining the Adviser in 2017, Mr. England was with Pacific Investment Management Company LLC, most recently as senior vice president and portfolio manager for core sector fund separate account portfolios. Mr. England holds a Bachelor of Science degree in Business Administration and Finance and a Master of Business Administration degree from the University of Southern California Marshall School of Business.

Daniel Siluk is Executive Vice President and Co-Portfolio Manager of Janus Henderson Absolute Return Income Opportunities Fund, which he has co-managed since June 2021. Mr. Siluk is also Portfolio Manager of other Janus Henderson accounts. He joined the Adviser in 2015 and is a member of the investment team at Kapstream, a Janus Henderson Investors subsidiary, which he joined in 2009. Mr. Siluk received a Bachelor of Applied Finance degree from Macquarie University.

Janus Henderson Developed World Bond Fund

Co-Portfolio Managers Jenna Barnard and John Pattullo jointly share responsibility for the day-to-day management of the Fund, with no limitation on the authority of one co-portfolio manager in relation to the other.

Jenna Barnard, CFA, is Co-Head of Global Bonds of Janus Henderson Investors. She is Executive Vice President and Co-Portfolio Manager of Janus Henderson Developed World Bond Fund. Ms. Barnard has been a member of the Fund’s portfolio management team since December 2008. She is also Portfolio Manager of other Janus Henderson accounts. Ms. Barnard holds a Bachelor of Arts (Hons) degree in Politics, Philosophy and Economics from Oxford University. She holds the Chartered Financial Analyst designation.

John Pattullo is Co-Head of Global Bonds of Janus Henderson Investors. He is Executive Vice President and Co-Portfolio Manager of Janus Henderson Developed World Bond Fund. Mr. Pattullo has been a member of the Fund’s portfolio management team since December 2008. He is also Portfolio Manager of other Janus Henderson accounts. Mr. Pattullo holds a Master of Arts degree in Economics from the University of St. Andrews.

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Janus Henderson Flexible Bond Fund and Janus Henderson Short Duration Flexible Bond Fund

Co-Portfolio Managers Michael Keough and Greg Wilensky are responsible for the day-to-day management of the Funds, with no limitation on the authority of one co-portfolio manager in relation to the other.

Michael Keough is Executive Vice President and Co-Portfolio Manager of Janus Henderson Flexible Bond Fund and Janus Henderson Short Duration Flexible Bond Fund, which he has co-managed since December 2015 and December 2019, respectively. Mr. Keough is also Portfolio Manager of other Janus Henderson accounts. He holds a Bachelor of Science degree in Business/Management from the United States Air Force Academy.

Greg Wilensky, CFA, is Head of U.S. Fixed-Income of Janus Henderson Investors. He is Executive Vice President and Co-Portfolio Manager of Janus Henderson Flexible Bond Fund and Janus Henderson Short Duration Flexible Bond Fund, which he has co-managed since February 2020. Mr. Wilensky is also Portfolio Manager of other Janus Henderson accounts. Prior to joining the Adviser in January 2020, he was Director and Lead Portfolio Manager of the U.S. Multi-Sector Fixed Income team at AllianceBernstein since 2007. Mr. Wilensky holds a Bachelor of Science degree in Business Administration from Washington University and a Master’s degree in Business Administration from the University of Chicago. He holds the Chartered Financial Analyst designation.

Janus Henderson Global Bond Fund

Co-Portfolio Managers Helen Anthony, Jenna Barnard, and John Pattullo jointly share responsibility for the day-to-day management of the Fund, with no limitation on the authority of one co-portfolio manager in relation to the others.

Helen Anthony, CFA, is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Bond Fund, which she has co-managed since June 2020. Ms. Anthony is also Portfolio Manager of other Janus Henderson accounts. She joined Henderson Global Investors Limited in 2010. Ms. Anthony holds a Bachelor of Arts degree (Hons) in Accounting and Finance with European Studies from Exeter University. She also attended the Universidad de Cantabria. Ms. Anthony holds the Chartered Financial Analyst designation.

Jenna Barnard, CFA, is Co-Head of Global Bonds of Janus Henderson Investors. She is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Bond Fund, which she has co-managed since November 2022. She is also Portfolio Manager of other Janus Henderson accounts. Ms. Barnard joined Henderson Global Investors Limited in 2002. Ms. Barnard holds a Bachelor of Arts (Hons) degree in Politics, Philosophy and Economics from Oxford University. She holds the Chartered Financial Analyst designation.

John Pattullo is Co-Head of Global Bonds of Janus Henderson Investors. He is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Bond Fund, which he has co-managed since November 2022. Mr. Pattullo is also Portfolio Manager of other Janus Henderson accounts. He joined Henderson Global Investors Limited in 1997. Mr. Pattullo holds a Master of Arts degree in Economics from the University of St. Andrews.

Janus Henderson High-Yield Fund

Co-Portfolio Managers Seth Meyer, Brent Olson, and Tom Ross jointly share responsibility for the day-to-day management of the Fund, with no limitation on the authority of one co-portfolio manager in relation to the others.

Seth Meyer, CFA, is Head of Fixed-Income Strategy of Janus Henderson Investors. He is Executive Vice President and Co-Portfolio Manager of Janus Henderson High-Yield Fund, which he has co-managed since December 2015. Mr. Meyer is also Portfolio Manager of other Janus Henderson accounts. He holds a Bachelor of Science degree in Business Administration, with a concentration in Finance, from the University of Colorado. Mr. Meyer holds the Chartered Financial Analyst designation.

Brent Olson is Executive Vice President and Co-Portfolio Manager of Janus Henderson High-Yield Fund, which he has co-managed since June 2019. Mr. Olson is also Portfolio Manager of other Janus Henderson accounts. He initially joined the Adviser in 1997. Following positions at Invesco Funds Group and Three Peaks Capital Management, Mr. Olson was a lead portfolio manager at Scout Investments on a growth equity strategy that emphasized fixed income metrics and credit data points to select stocks from 2013 to 2017. He re-joined the Adviser in 2017. Mr. Olson holds a Bachelor of Arts degree in Anthropology from the University of Virginia and a Master of Business Administration degree, with a concentration in Finance, from the University of Colorado.

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Tom Ross, CFA, is Global Head of High-Yield of Janus Henderson Investors. He is Executive Vice President and Co-Portfolio Manager of Janus Henderson High-Yield Fund, which he has co-managed since October 2022. Mr. Ross is also Portfolio Manager of other Janus Henderson accounts. He joined the Adviser in 2002. Mr. Ross holds a Bachelor of Sciences degree (Hons) in Biology from Nottingham University. Mr. Ross holds the Chartered Financial Analyst designation.

Janus Henderson Multi-Sector Income Fund

Co-Portfolio Managers John Kerschner, John Lloyd, and Seth Meyer jointly share responsibility for the day-to-day management of the Fund, with no limitation on the authority of one co-portfolio manager in relation to the others.

John Kerschner, CFA, is Head of U.S. Securitized Products of Janus Henderson Investors. He is Executive Vice President and Co-Portfolio Manager of Janus Henderson Multi-Sector Income Fund, which he has co-managed since February 2014. Mr. Kerschner is also Portfolio Manager of other Janus Henderson accounts. He holds a Bachelor of Arts degree (cum laude) in Biology from Yale University and a Master of Business Administration degree from the Fuqua School of Business at Duke University, where he was designated a Fuqua Scholar. Mr. Kerschner holds the Chartered Financial Analyst designation.

John Lloyd is Lead, Multi-Sector Credit Strategies of Janus Henderson Investors. He is Executive Vice President and Co-Portfolio Manager of Janus Henderson Multi-Sector Income Fund, which he has co-managed since February 2014. Mr. Lloyd is also Portfolio Manager of other Janus Henderson accounts. He holds a Bachelor of Arts degree in Economics from the University of Michigan and a Master of Business Administration degree from the Tuck School of Business at Dartmouth College.

Seth Meyer, CFA, is Head of Fixed-Income Strategy of Janus Henderson Investors. He is Executive Vice President and Co-Portfolio Manager of Janus Henderson Multi-Sector Income Fund, which he has co-managed since February 2014. Mr. Meyer is also Portfolio Manager of other Janus Henderson accounts. He holds a Bachelor of Science degree in Business Administration, with a concentration in Finance, from the University of Colorado. Mr. Meyer holds the Chartered Financial Analyst designation.

Information about portfolio management’s compensation structure and other accounts managed, as well as the aggregate range of portfolio management’s individual ownership in the Fund(s) managed and certain other mutual funds advised by the Adviser, is included in the SAI.

Conflicts of Interest

The Adviser manages other funds and numerous other accounts, which may include separate accounts and other pooled investment vehicles, such as hedge funds. Side-by-side management of multiple accounts, including the management of a cash collateral pool for securities lending and investing the Janus Henderson funds’ cash, may give rise to conflicts of interest among those accounts, and may create potential risks, such as the risk that investment activity in one account may adversely affect another account. For example, short sale activity in an account could adversely affect the market value of long positions in one or more other accounts (and vice versa). Side-by-side management may raise additional potential conflicts of interest relating to the allocation of investment opportunities and the aggregation and allocation of trades. Additionally, the Adviser manages the Janus Henderson “funds of funds,” which are funds that invest primarily in other mutual funds that are managed by the Adviser. Because the Adviser manages the Janus Henderson “funds of funds” and the Janus Henderson funds, it is subject to certain potential conflicts of interest when allocating the assets of a Janus Henderson “fund of funds” among such Janus Henderson funds. To the extent that a Fund is an underlying fund in a Janus Henderson “fund of funds,” a potential conflict of interest arises when allocating the assets of the Janus Henderson “fund of funds” to that Fund. Purchases and redemptions of fund shares by a Janus Henderson “fund of funds” due to reallocations or rebalancings may result in a fund having to sell securities or invest cash when it otherwise would not do so, which could accelerate the realization of taxable income or cause actual expenses to increase. The impact of these transactions is likely to be greater when a Janus Henderson “fund of funds” purchases, redeems, or owns a substantial portion of a Fund’s shares. A further discussion of potential conflicts of interest and a discussion of certain procedures intended to mitigate such potential conflicts are contained in the Funds’ SAI.

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Other information

CLOSED FUND POLICIES

A Fund may limit sales of its Shares to new investors. If sales of a Fund are limited, it is expected that existing shareholders invested in the Fund would be permitted to continue to purchase Shares through their existing Fund accounts and to reinvest any dividends or capital gains distributions in such accounts, absent highly unusual circumstances. Requests for new accounts into a closed fund would be reviewed by management, taking into consideration eligibility requirements and whether the addition to the fund is believed to negatively impact existing fund shareholders. The closed fund may decline opening new accounts, including eligible new accounts, if it would be in the best interests of the fund and its shareholders. If applicable, additional information regarding general policies and exceptions can be found in a closed fund’s prospectuses.

LIQUIDATION/REORGANIZATION OF A FUND

It is important to know that, pursuant to the Trust’s Amended and Restated Agreement and Declaration of Trust, the Trustees have the authority to merge, liquidate, and/or reorganize a Fund into another fund without seeking shareholder vote or consent.

DISTRIBUTION OF THE Funds

The Funds are distributed by Janus Henderson Distributors US LLC (the “Distributor”), which is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). To obtain information about FINRA member firms and their associated persons, you may contact FINRA at www.finra.org, or 1-800-289-9999.

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Distributions and taxes

Distributions

To avoid taxation of the Funds, the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), requires each Fund to distribute all or substantially all of its net investment income and any net capital gains realized on its investments at least annually. A return of capital distribution is tax-free to the extent of your basis in your shares and thereafter is treated as a capital gain if you hold your shares as a capital asset. Because a return of capital distribution reduces the basis of your shares, a return of capital distribution may result in a higher capital gain or a lower capital loss when you sell your shares held in a taxable account. Distributions are made at the class level, so they may vary from class to class within a single Fund.

Distribution Schedule

Dividends from net investment income for Janus Henderson Developed World Bond Fund are normally declared and distributed monthly. Income dividends for each of the other Funds are normally declared daily (Saturdays, Sundays, and holidays included) and distributed as of the last business day of each month. If a month begins on a Saturday, Sunday, or holiday, dividends for those days are declared and distributed at the end of the preceding month. Income dividends begin accruing the day after a purchase is processed by the Funds or their agents. If shares are redeemed, you will receive all dividends accrued through the day the redemption is processed by the Funds or their agents. Distributions of net capital gains are normally declared and distributed in December. If necessary, dividends and net capital gains may be distributed at other times as well. The date you receive your distribution may vary depending on how your intermediary processes trades. Please consult your intermediary for details.

How Distributions Affect a Fund’s NAV

Distributions, other than daily income dividends, are paid to shareholders as of the record date of a distribution of a Fund, regardless of how long the Shares have been held. Undistributed income and net capital gains are included in each Fund’s daily net asset value (“NAV”). The share price of a Fund drops by the amount of the distribution, net of any subsequent market fluctuations. For example, assume that on December 31, a Fund declared a dividend in the amount of $0.25 per share. If the Fund’s share price was $10.00 on December 30, the Fund’s share price on December 31 would be $9.75, barring market fluctuations. You should be aware that distributions from a taxable mutual fund do not increase the value of your investment and may create income tax obligations.

“Buying a Dividend”

If you purchase shares of a Fund just before a distribution, you will pay the full price for the shares and receive a portion of the purchase price back as a taxable distribution. This is referred to as “buying a dividend.” In the above example, if you bought shares on December 30, you would have paid $10.00 per share. On December 31, the Fund would pay you $0.25 per share as a dividend and your shares would now be worth $9.75 per share. Unless your account is set up as a tax-advantaged account, dividends paid to you would be included in your gross income for federal income tax purposes, even though you may not have participated in the increase in NAV of the Fund, whether or not you reinvested the dividends. You should consult with your financial intermediary or tax adviser as to potential tax consequences of any distributions that may be paid shortly after purchase.

For your convenience, distributions of net investment income and net capital gains are automatically reinvested in additional Shares of the Fund without any sales charge. To receive distributions in cash, contact your financial intermediary, or a Janus Henderson representative (1-800-333-1181) if you hold Class I Shares or Class N Shares directly with a Fund. Whether reinvested or paid in cash, the distributions may be subject to taxes, unless your shares are held in a qualified tax-advantaged plan or account.

TAXES

As with any investment, you should consider the tax consequences of investing in the Funds. The following is a general discussion of certain federal income tax consequences of investing in the Funds.The discussion does not apply to qualified tax-advantaged accounts or other non-taxable entities, nor is it a complete analysis of the federal income tax implications of investing in the Funds. You should consult your tax adviser regarding the effect that an investment in a Fund may have on your particular tax situation, including the federal, state, local, and foreign tax consequences of your investment.

Taxes on Distributions

Distributions by the Funds are subject to federal income tax, regardless of whether the distribution is made in cash or reinvested in additional shares of a Fund. Distributions from net investment income (which includes dividends, interest, and

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realized net short-term capital gains), other than qualified dividend income, are taxable to shareholders as ordinary income. Distributions of qualified dividend income are taxed to individuals and other noncorporate shareholders at long-term capital gain rates, provided certain holding period and other requirements are satisfied. Distributions of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss) are taxable as long-term capital gain, regardless of how long a shareholder has held Fund shares. In certain states, a portion of the distributions (depending on the sources of a Fund’s income) may be exempt from state and local taxes. Individuals, trusts, and estates whose income exceeds certain threshold amounts are subject to an additional 3.8% Medicare contribution tax on net investment income. Net investment income includes dividends paid by a Fund and capital gains from any sale or exchange of Fund shares. A Fund’s net investment income and capital gains are distributed to (and may be taxable to) those persons who are shareholders of the Fund at the record date of such payments. Although a Fund’s total net income and net realized gain are the results of its operations, the per share amount distributed or taxable to shareholders is affected by the number of Fund shares outstanding at the record date. Distributions declared to shareholders of record in October, November, or December and paid on or before January 31 of the succeeding year will be treated for federal income tax purposes as if received by shareholders on December 31 of the year in which the distribution was declared. Generally, account tax information will be made available to shareholders on or before February 15 of each year. Information regarding distributions may also be reported to the Internal Revenue Service (the “IRS”). A portion of a Fund’s distributions received from REITs may be classified as a return of capital for federal income tax purposes. As a result, a Fund that invests in REITs is more likely to make distributions that are treated as returns of capital, and possibly in greater amounts, than a fund that does not invest in REITs.

Distributions made by a Fund with respect to Shares purchased through a qualified retirement plan will generally be exempt from current taxation if left to accumulate within the qualified plan. Generally, withdrawals from qualified plans may be subject to federal income tax at ordinary income rates and, if made before age 59 1∕2, a 10% penalty tax may be imposed. The federal income tax status of your investment depends on the features of your qualified plan. For further information, please contact your plan sponsor or tax adviser.

Taxes on Sales or Exchanges

Any time you sell or exchange shares of a Fund in a taxable account, it is considered a taxable event. For federal income tax purposes, an exchange is treated the same as a sale. Depending on the purchase price and the sale price, you may have a gain or loss on the transaction. The gain or loss will generally be treated as a long-term capital gain or loss if you held your shares for more than one year and if not held for such period, as a short-term capital gain or loss. Any tax liabilities generated by your transactions are your responsibility. Your ability to deduct capital losses may be limited under the Internal Revenue Code.

The Funds may be required to withhold U.S. federal income tax on all distributions and redemption proceeds to shareholders who fail to provide their correct taxpayer identification number, fail to make certain required certifications, or who have been notified by the IRS that they are subject to backup withholding. The current backup withholding rate is applied.

If a shareholder does not meet the requirements of the Foreign Account Tax Compliance Act (“FATCA”), a Fund may be required to impose a 30% U.S. withholding tax on distributions and proceeds from the sale or other disposition of shares in the Fund. FATCA withholding will generally apply to payments of dividends from net investment income, payments of gross proceeds from sales of Fund shares, and distributions of net capital gains. Proposed Treasury regulations, however, generally eliminate withholding under FATCA on gross proceeds, which include certain capital gains distributions and gross proceeds from a sale or disposition of Fund shares. Taxpayers generally may rely on these proposed Treasury regulations until final Treasury regulations are issued. Shareholders should consult their individual tax advisers regarding the possible implications of FATCA.

For Shares purchased on or after January 1, 2012 and sold thereafter from a taxable account, your intermediary (or the Fund, if you hold Class I Shares or Class N Shares directly with a Fund) will report cost basis information to you and to the IRS. Your intermediary (or the Fund) will permit shareholders to elect their preferred cost basis method. In the absence of an election, your cost basis method will be your intermediary’s default method, unless you hold Class I Shares or Class N Shares directly with a Fund in which case the Fund will use an average cost basis method. Please consult your tax adviser to determine the appropriate cost basis method for your particular tax situation and to learn more about how the cost basis reporting laws apply to you and your investments.

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Taxation of the Funds

Dividends, interest, and some capital gains received by the Funds on foreign securities may be subject to foreign tax withholding or other foreign taxes. If a Fund is eligible, it may from year to year make the election permitted under Section 853 of the Internal Revenue Code to pass through such taxes to shareholders as a foreign tax credit. If a Fund makes such election, foreign taxes paid by the Fund will be reported to shareholders as income and shareholders may claim a tax credit or deduction for such taxes, subject to certain limitations. If such an election is not made, any foreign taxes paid or accrued will represent an expense to the Funds.

Certain fund transactions may involve short sales, futures, options, swap agreements, hedged investments, and other similar transactions, and may be subject to special provisions of the Internal Revenue Code that, among other things, can potentially affect the character, amount, and timing of distributions to shareholders, and utilization of capital loss carryforwards. The Funds will monitor their transactions and may make certain tax elections and use certain investment strategies where applicable in order to mitigate the effect of these tax provisions, if possible.

The Funds do not expect to pay any federal income or excise taxes because they intend to meet certain requirements of the Internal Revenue Code, including the distribution each year of substantially all their net investment income and net capital gains. It is important that the Funds meet these requirements so that any earnings on your investment will not be subject to federal income tax twice. If a Fund invests in partnerships, it may be subject to state tax liabilities.

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Shareholder’s guide

With certain exceptions, the Funds are generally available only to shareholders residing in the United States and employees of the Adviser or its affiliates. For purposes of this policy, the Funds require that a shareholder and/or entity be a U.S. citizen residing in the United States or a U.S. Territory (including overseas U.S. military or diplomatic addresses) or a resident alien residing in the United States or a U.S. Territory with a valid U.S. Taxpayer Identification Number to open an account with a Fund.

The Funds offer multiple classes of shares in order to meet the needs of various types of investors.

Class A Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, bank trust platforms, and retirement platforms. Class A Shares pay up to 0.25% of net assets to financial intermediaries for the provision of distribution services and/or shareholder services on behalf of their clients. In addition, Class A Shares pay financial intermediaries for the provision of administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided to or on behalf of shareholders. Class A Shares may be offered without an initial sales charge to certain classes of investors such as purchases through certain retirement platforms, certain self-directed brokerage platforms where the financial intermediary is the broker of record, or fee-based platforms. See “Qualifying for a Waiver or Reduction of Class A Shares Sales Charge” in this Shareholder’s Guide for additional details.

Class C Shares are offered through financial intermediary platforms including, but not limited to, traditional brokerage platforms, mutual fund wrap fee programs, and bank trust platforms. Class C Shares pay up to 0.75% of net assets for payment to financial intermediaries for the provision of distribution services and up to 0.25% of net assets for the provision of shareholder services on behalf of their clients. In addition, Class C Shares pay financial intermediaries for the provision of administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided to or on behalf of shareholders.

Class C Shares are closed to investments by new employer-sponsored retirement plans and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares. Other share classes described in this Prospectus as eligible for investment by retirement plans are unaffected by this closure.

Class C Shares currently implement an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares. For more information, please refer to “Conversion of Class C Shares to Class A Shares.”

Class S Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms and asset allocation, mutual fund wrap, or other discretionary or nondiscretionary fee-based investment advisory programs. In addition, Class S Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer the Shares on their supermarket platforms. Class S Shares pay up to 0.25% of net assets to financial intermediaries for the provision of distribution services and/or shareholder services and up to 0.25% of net assets for the provision of administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided to or on behalf of shareholders.

Class I Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. Class I Shares may also be available to retail investors purchasing in qualified or nonqualified accounts where such accounts are held through an omnibus account at your broker or financial intermediary. For more information please refer to Appendix A which accompanies this Prospectus. Class I Shares pay financial intermediaries for the provision of administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided to or on behalf of shareholders. In addition to these fees and expenses paid by Class I Shares, your broker or financial intermediary may impose a commission or other sales charge on purchases. The nature and amount of such commission or other sales charge for your purchases is determined solely by your broker or financial intermediary; for more information please contact your broker or financial intermediary representative. Class I Shares are also available to certain direct institutional investors including, but not limited to, corporations, certain retirement plans, public pension plans and foundations/endowments, who established Class I Share accounts before August 4, 2017.

Class N Shares are generally available only to financial intermediaries purchasing on behalf of: 1) certain adviser-assisted, employer-sponsored retirement plans, including 401(k) plans, 457 plans, 403(b) plans, Taft-Hartley multi-employer plans, profit-sharing and money purchase pension plans, defined benefit plans, and certain welfare benefit plans, such as health

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savings accounts, and nonqualified deferred compensation plans; and 2) institutional investors and retail investors purchasing in qualified or nonqualified accounts, whose accounts are held through an omnibus account at their financial intermediary, and where the financial intermediary requires no payment or reimbursement from the Funds, the Adviser or its affiliates, for distribution-related or other shareholder services. Your broker or financial intermediary may impose a commission or other sales charge on purchases of Class N Shares. The nature and amount of such commission or other sales charge for your purchases is determined solely by your broker or financial intermediary; for more information please contact your broker or financial intermediary representative. Class N Shares also are available to Janus Henderson proprietary products. Class N Shares also are available to certain direct institutional investors approved by the Distributor including, but not limited to, corporations, certain retirement plans, public plans, and foundations and endowments, subject to minimum investment requirements.

Class R Shares are offered through financial intermediary platforms including, but not limited to, retirement platforms. Class R Shares pay up to 0.50% of net assets to financial intermediaries for the provision of distribution services and, to a certain extent, shareholder services and up to 0.25% of net assets for the provision of administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided to or on behalf of the plan or plan participants.

Class T Shares are available through certain financial intermediary platforms including, but not limited to, mutual fund wrap fee programs, managed account programs, asset allocation programs, bank trust platforms, as well as certain retirement platforms. In addition, Class T Shares may be available through certain financial intermediaries who have an agreement with the Adviser or its affiliates to offer the Shares on their supermarket platforms. Class T Shares pay up to 0.25% of net assets to financial intermediaries for the provision of administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided to or on behalf of shareholders.

The Shares are not offered directly to individual investors. Consult with your financial intermediary representative for additional information on whether the Shares are an appropriate investment choice. Certain funds may not be available through certain of these intermediaries and not all financial intermediaries offer all classes of shares. If your financial intermediary offers more than one class of shares, you should carefully consider which class of shares to purchase. Certain classes have higher expenses than other classes, which may lower the return on your investment. For instructions on how to purchase, exchange, or redeem Shares, contact your financial intermediary or refer to your plan documents. For Class I Shares or Class N Shares held directly with a Fund, please contact a Janus Henderson representative at 1-800-333-1181.

Pricing of fund shares

The per share NAV for each class is computed by dividing the total value of assets allocated to the class, less liabilities allocated to that class, by the total number of outstanding shares of the class. A Fund’s NAV is calculated as of the close of the trading session of the New York Stock Exchange (“NYSE”) (normally 4:00 p.m. New York time) each day that the NYSE is open (“business day”). However, the time at which a Fund’s NAV is calculated may be changed if trading on the NYSE is restricted, the NYSE closes at a different time, or as permitted by the SEC. Foreign securities held by a Fund may be traded on days and at times when the NYSE is closed and the NAV is therefore not calculated. Accordingly, the value of a Fund’s holdings may change on days that are not business days in the United States and on which you will not be able to purchase or redeem a Fund’s Shares.

The price you pay for purchases of Shares is the public offering price, which is the NAV next calculated after your request is received in good order by a Fund or its agents, plus, for Class A Shares, any applicable initial sales charge. The price you pay to sell Shares is also the NAV, although for Class A Shares and Class C Shares, a contingent deferred sales charge may be taken out of the proceeds. For Class I Shares or Class N Shares, although purchases and redemptions are made at the net asset value calculated after your order is received by the Funds, you may be charged a commission by your broker or other financial institution. The nature and amount of the commission and the times at which it may be collected are determined by your broker. Your financial intermediary may charge you a separate or additional fee for processing purchases and redemptions of Shares. In order to receive a day’s price, your order must be received in good order by a Fund or its agents by the close of the trading session of the NYSE.Each Fund’s per share class NAV is available at janushenderson.com/pricing (or janushenderson.com/nav for shareholders of Class D Shares).

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Fund holdings are valued in accordance with policies and procedures established by the Adviser pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, and approved by and subject to the oversight of the Trustees (the “Valuation Procedures”). To the extent available, domestic and foreign equity securities traded on a securities exchange, including ETFs, are generally valued at readily available market quotations, which are (i) the official close prices or (ii) last sale prices on the primary market or exchange in which the securities trade. Most fixed-income securities are typically valued using an evaluated bid price supplied by an Adviser-approved pricing service that is intended to reflect market value. The evaluated bid price is an evaluation that may consider factors such as security prices, yields, maturities, and ratings. Certain short-term instruments maturing within 60 days or less may be valued at amortized cost, which approximates market value. If a market quotation or evaluated price for a security is not readily available or is deemed unreliable, or if an event that is expected to affect the value of the security occurs after the close of the principal exchange or market on which the security is traded, and before the close of the NYSE, a fair value of the security will be determined in good faith by the Adviser pursuant to the Valuation Procedures. Such events include, but are not limited to: (i) a significant event that may affect the securities of a single issuer, such as a merger, bankruptcy, or significant issuer-specific development; (ii) an event that may affect an entire market, such as a natural disaster or significant governmental action; (iii) a non-significant event such as a market closing early or not opening, or a security trading halt; and (iv) pricing of a non-valued security and a restricted or non-public security. This type of fair valuation may be more commonly used with foreign equity securities, but it may also be used with, among other things, thinly-traded domestic securities or fixed-income securities. Special valuation considerations may apply with respect to “odd-lot” fixed-income transactions which, due to their small size, may receive evaluated prices by pricing services which reflect a large block trade and not what actually could be obtained for the odd-lot position. For valuation purposes, quotations of foreign portfolio securities, other assets and liabilities, and forward contracts stated in foreign currency are generally translated into U.S. dollar equivalents at the prevailing market rates. The Valuation Procedures provide for the use of systematic fair valuation models provided by an independent pricing service to value foreign equity securities in order to adjust for stale pricing, which may occur between the close of certain foreign exchanges and the close of the NYSE. The methodologies employed when fair valuing Fund holdings may change from time to time. Because fair value pricing involves subjective judgments, it is possible that the fair value determination for a security may be different than the value that could be realized when selling that security.

Due to the subjective nature of systematic fair valuation, the value of a particular security may be different from the last quoted market price. Systematic fair valuation may reduce arbitrage activity involving the frequent buying and selling of mutual fund shares by investors seeking to take advantage of a perceived lag between a change in the value of a Fund’s portfolio securities and the reflection of such change in a Fund’s NAV, as further described in the “Excessive Trading” section of this Prospectus. While funds that invest in foreign securities may be at a greater risk for arbitrage activity, such activity may also arise in funds which do not invest in foreign securities, for example, when trading in a security held by a fund is halted and does not resume prior to the time the fund calculates its NAV (referred to as “stale pricing”). Funds that hold thinly-traded securities, such as certain small-capitalization securities or high-yield fixed-income securities, may be subject to attempted use of arbitrage techniques. To the extent that the valuation of a security is different from the security’s market value, short-term arbitrage traders buying and/or selling shares of a Fund may dilute the NAV of the Fund, which negatively impacts long-term shareholders. The Valuation Procedures and the Trust’s excessive trading policies and procedures may not completely eliminate short-term trading in certain omnibus accounts and other accounts traded through intermediaries.

The value of the securities of other mutual funds held by a Fund, if any, will be calculated using the NAV of such mutual funds, and the prospectuses for such mutual funds explain the circumstances under which they use fair valuation and the effects of using fair valuation.

Generally, futures contracts and/or options on futures are valued at the actual settlement price on valuation date on the exchange as reported by an approved vendor. In the event actual settlement price is unavailable or is deemed unreliable, then the reported settlement price (there can be different settlement prices at different times), early settlement price or the last trade price shall be used. Option contracts are valued using an evaluated price from an approved vendor. Evaluated prices can be derived using an option pricing model, including inputs derived from volatility surfaces, market data and characteristics of the portfolio investment. In cases when an approved vendor cannot provide coverage for an option, a broker quotation or an internal valuation using the Black-Scholes model, or other appropriate option pricing model shall be used. Index swaps, credit default swaps, and interest rate swaps are typically valued using an evaluated price from an approved vendor. Evaluated prices will generally have a fixed and floating leg with the present value of each being calculated based on the terms of the trade.

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All purchases, exchanges, redemptions, or other account activity must be processed through your financial intermediary or plan sponsor. Your financial intermediary or plan sponsor is responsible for promptly transmitting purchase, redemption, and other requests to the Funds under the arrangements made between your financial intermediary or plan sponsor and its customers. The Funds are not responsible for the failure of any financial intermediary or plan sponsor to carry out its obligations to its customers.

Choosing a share class

Class A Shares, Class C Shares, Class S Shares, Class I Shares, Class N Shares, Class R Shares, and Class T Shares are offered by this Prospectus. The Funds offer multiple classes of shares in order to meet the needs of various types of investors. For more information about these classes of Shares and whether or not you are eligible to purchase these Shares, please call 1-877-335-2687.

Each class represents an interest in the same portfolio of investments, but has different charges and expenses, allowing you to choose the class that best meets your needs. For an analysis of fees associated with an investment in each share class or other similar funds, please visit www.finra.org/fundanalyzer. When choosing a share class, you should consider:

•

how much you plan to invest;

•

how long you expect to own the shares;

•

the expenses paid by each class; and

•

for Class A Shares and Class C Shares, whether you qualify for any reduction or waiver of any sales charges.

You should also consult your financial intermediary about which class is most suitable for you. In addition, you should consider the factors below with respect to each class of Shares:

Class A Shares
Initial sales charge on purchases	Up to 4.75%(1)
• reduction of initial sales charge for purchases of $50,000 or more
• initial sales charge waived for purchases of $1 million or more
Deferred sales charge (CDSC)	None except on certain redemptions of Shares purchased without an initial sales charge(1)
Administrative fees	Pays administrative, networking or omnibus fees to certain intermediaries
Minimum initial investment	$2,500(2)
Maximum purchase	None
Minimum aggregate account balance	None
12b-1 fee	0.25% annual distribution/service fee
Class C Shares
Initial sales charge on purchases	None
Deferred sales charge (CDSC)	1.00% on Shares redeemed within 12 months of purchase(1)
Administrative fees	Pays administrative, networking or omnibus fees to certain intermediaries
Minimum initial investment	$2,500(2)
Maximum purchase	$500,000
Minimum aggregate account balance	None
12b-1 fee	1.00% annual fee (up to 0.75% distribution fee and up to 0.25% shareholder servicing fee)

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Class S Shares
Initial sales charge on purchases	None
Deferred sales charge (CDSC)	None
Administrative services fees	0.25%
Minimum initial investment	$2,500(2)
Maximum purchase	None
Minimum aggregate account balance	None
12b-1 fee	0.25% annual distribution/service fee
Class I Shares(3)
Initial sales charge on purchases	None
Deferred sales charge (CDSC)	None
Administrative fees	Pays administrative, networking or omnibus fees to certain intermediaries(3)
Minimum initial investment
• institutional investors (investing directly with a Fund)	$1,000,000
• through an intermediary institution	$2,500(4)
Maximum purchase	None
Minimum aggregate account balance	None
12b-1 fee	None
Class N Shares(3)
Initial sales charge on purchases	None
Deferred sales charge (CDSC)	None
Administrative fees	None to intermediaries(3)
Minimum initial investment
• Retirement investors (investing through an adviser-assisted, employer-sponsored plan)	None
• Retail investors (investing through a financial intermediary omnibus account)	$2,500(5)
• Institutional investors (investing directly with a Fund)	$1,000,000
Maximum purchase	None
Minimum aggregate account balance	None
12b-1 fee	None
Class R Shares
Initial sales charge on purchases	None
Deferred sales charge (CDSC)	None
Administrative services fees	0.25%
Minimum initial investment	$2,500(2)
Maximum purchase	None
Minimum aggregate account balance	None
12b-1 fee	0.50% annual distribution/service fee
Class T Shares
Initial sales charge on purchases	None
Deferred sales charge (CDSC)	None
Administrative services fees	0.25%
Minimum initial investment	$2,500(2)
Maximum purchase	None
Minimum aggregate account balance	None
12b-1 fee	None

(1)

May be waived under certain circumstances.

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(2)

Class A, Class C, Class S, and Class T shares held through certain supermarket and/or self-directed brokerage accounts, or through wrap programs, may not be subject to this minimum. Please contact your financial intermediary for more information. For Class R shareholders, there is no investment minimum for defined contribution plans. Investors in a defined contribution plan through a third party administrator should refer to their plan document or contact their plan administrator for additional information regarding account minimums.

(3)

In addition to these fees and expenses, your broker or financial intermediary may impose a commission or other sales charge on your purchases of Class I Shares or Class N Shares. The nature and amount of such commission or other sales charge is determined solely by your broker or financial intermediary; for more information please contact your broker or financial intermediary representative.

(4)

Exceptions to this minimum may apply for certain tax-advantaged, tax-qualified and retirement plans, including health savings accounts, accounts held through certain wrap programs, and certain retail brokerage accounts.

(5)

Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum.

Distribution, servicing, and administrative fees

Distribution and Shareholder Servicing Plans

Under separate distribution and shareholder servicing plans adopted in accordance with Rule 12b-1 under the Investment Company Act of 1940, as amended, for Class A Shares, Class S Shares, and Class R Shares (each a “Plan”) and Class C Shares (the “Class C Plan”), each Fund pays the Distributor a fee for the sale and distribution and/or shareholder servicing of the Shares based on the average daily net assets of each, at the following annual rates:

Class	12b-1 Fee for the Funds
Class A Shares	0.25%
Class C Shares	1.00%(1)
Class S Shares	0.25%
Class R Shares	0.50%

(1)

Up to 0.75% of this fee is for distribution services and up to 0.25% of this fee is for shareholder services.

Under the terms of each Plan, the Trust is authorized to make payments to the Distributor for remittance to retirement plan service providers, broker-dealers, bank trust departments, financial advisors, and other financial intermediaries, as compensation for distribution and/or shareholder services performed by such entities for their customers who are investors in the Funds.

The Distributor is entitled to retain all fees paid under the Class C Plan for the first 12 months on any investment in Class C Shares to recoup its expenses with respect to the payment of commissions on sales of Class C Shares. Financial intermediaries will become eligible for compensation under the Class C Plan beginning in the 13th month following the purchase of Class C Shares, although the Distributor may, pursuant to a written agreement between the Distributor and a particular financial intermediary, pay such financial intermediary 12b-1 fees prior to the 13th month following the purchase of Class C Shares.

Financial intermediaries may from time to time be required to meet certain criteria in order to receive 12b-1 fees. The Distributor is entitled to retain some or all fees payable under each Plan in certain circumstances, including when there is no broker of record or when certain qualification standards have not been met by the broker of record.

Because 12b-1 fees are paid out of a Fund’s assets on an ongoing basis, over time they will increase the cost of your investment and may cost you more than paying other types of sales charges.

Administrative Fees

Class A Shares, Class C Shares, and Class I Shares

Certain, but not all, intermediaries may charge fees for administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided by intermediaries on behalf of shareholders of the Funds. Order processing includes the submission of transactions through the National Securities Clearing Corporation (“NSCC”) or similar systems, or those processed on a manual basis with the Adviser. Other shareholder services may include the provision of order confirmations, periodic account statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, and answering inquiries regarding accounts. The Transfer Agent pays these administrative fees to intermediaries on behalf of the Funds. The Transfer Agent is then reimbursed by the Funds for such payments. Because the form and amount charged varies by intermediary, the amount of the administrative fee borne by the class is an average of all fees charged by intermediaries. In the event an intermediary receiving payments from the Transfer Agent on behalf of the Funds converts from a networking structure to an omnibus account structure, or otherwise

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experiences increased costs, fees borne by the Shares may increase. The Funds’ Trustees have set limits on fees that the Funds may incur with respect to administrative fees paid for omnibus or networked accounts. Such limits are subject to change by the Trustees in the future.

Class S Shares, Class R Shares, and Class T Shares

The Transfer Agent receives an administrative services fee at an annual rate of 0.25% of the average daily net assets of Class S Shares, Class R Shares, and Class T Shares of each Fund for providing, or arranging for the provision by intermediaries of, administrative services, including recordkeeping, subaccounting, order processing for omnibus or networked accounts, or other shareholder services provided on behalf of shareholders of the Funds. Order processing includes the submission of transactions through the NSCC or similar systems, or those processed on a manual basis with the Adviser. Other shareholder services may include the provision of order confirmations, periodic account statements, forwarding prospectuses, shareholder reports, and other materials to existing customers, and answering inquiries regarding accounts. The Transfer Agent expects to use all or a significant portion of this fee to compensate intermediaries and retirement plan service providers for providing these services to their customers who invest in the Funds. The Transfer Agent or its affiliates may also pay fees for services provided by intermediaries to the extent the fees charged by intermediaries exceed the 0.25% of net assets charged to the Funds.

For all share classes, the Transfer Agent also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Payments to financial intermediaries by the Adviser or its affiliates

From their own assets, the Adviser or its affiliates pay selected brokerage firms or other financial intermediaries that sell certain classes of Shares of the Janus Henderson funds for distribution, marketing, promotional, or related services. Such payments may be based on gross sales, assets under management, or transactional charges, or on a combination of these factors. The amount of these payments is determined from time to time by the Adviser, may be substantial, and may differ for different financial intermediaries. Payments based primarily on sales create an incentive to make new sales of shares, while payments based on assets create an incentive to retain previously sold shares. Sales- and asset-based payments currently range up to 25 basis points on sales and up to 20 basis points on average annual net assets of shares held through the intermediary and are subject to change. Payments based on transactional charges may include the payment or reimbursement of all or a portion of “ticket charges.” Ticket charges are fees charged to salespersons purchasing through a financial intermediary firm in connection with mutual fund purchases, redemptions, or exchanges. The payment or reimbursement of ticket charges creates an incentive for salespersons of an intermediary to sell shares of Janus Henderson funds over shares of funds for which there is lesser or no payment or reimbursement of any applicable ticket charge. Payments made with respect to certain classes of Shares may create an incentive for an intermediary to promote or favor other share classes of the Janus Henderson funds. The Adviser and its affiliates consider a number of factors in making payments to financial intermediaries, including, but not limited to, the share class or share classes selected by the financial intermediary for a particular channel, platform or investor type, whether such class is open to new investors on a particular platform or channel, the distribution capabilities of the intermediary, the overall quality of the relationship, expected gross and/or net sales generated by the relationship, redemption and retention rates of assets held through the intermediary, the willingness of the intermediary to cooperate with the Adviser’s marketing efforts, access to sales personnel, and the anticipated profitability of sales through the institutional relationship. These factors may change from time to time. Currently, the payments mentioned above are limited to the top 100 distributors (measured by sales or expected sales of shares of the Janus Henderson funds). Broker-dealer firms currently receiving or expected to receive these fees are listed in the SAI.

In addition, the Adviser, the Distributor, or their affiliates pay fees, from their own assets, to certain brokerage firms, banks, financial advisors, retirement plan service providers, and other financial intermediaries for providing other marketing or distribution-related services, as well as recordkeeping, subaccounting, transaction processing, other shareholder or administrative services (including payments for processing transactions via the NSCC or other means), and the Committee on Uniform Security Identification Procedures (“CUSIP”) and fund setup fees, in connection with investments in the Janus Henderson funds. These fees are in addition to any fees that may be paid by the Janus Henderson funds for certain of these types of services or other services.

The Adviser or its affiliates periodically share certain marketing expenses with selected intermediaries, or pay for or sponsor informational meetings, seminars, client awareness events, support for marketing materials, sales reporting, or business building programs for such financial intermediaries to raise awareness of the Funds. The Adviser or its affiliates make

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payments to participate in selected intermediary marketing support programs which may provide the Adviser or its affiliates with one or more of the following benefits: attendance at sales conferences, participation in meetings or training sessions, access to or information about intermediary personnel, use of an intermediary’s marketing and communication infrastructure, fund analysis tools, data, business planning and strategy sessions with intermediary personnel, information on industry- or platform-specific developments, trends and service providers, and other marketing-related services. Such payments may be in addition to, or in lieu of, the payments described above. These payments are intended to promote the sales of Janus Henderson funds and to reimburse financial intermediaries, directly or indirectly, for the costs that they or their salespersons incur in connection with educational seminars, meetings, and training efforts about the Janus Henderson funds to enable the intermediaries and their salespersons to make suitable recommendations, provide useful services, and maintain the necessary infrastructure to make the Janus Henderson funds available to their customers.

The receipt of (or prospect of receiving) payments, reimbursements, and other forms of compensation described above may provide a financial intermediary and its salespersons with an incentive to favor sales of Janus Henderson funds’ shares over sales of other mutual funds (or non-mutual fund investments) or to favor sales of one class of Janus Henderson funds’ shares over sales of another Janus Henderson funds’ share class, with respect to which the financial intermediary does not receive such payments or receives them in a lower amount. The receipt of these payments may cause certain financial intermediaries to elevate the prominence of the Janus Henderson funds within such financial intermediary’s organization by, for example, placement on a list of preferred or recommended funds and/or the provision of preferential or enhanced opportunities to promote the Janus Henderson funds in various ways within such financial intermediary’s organization.

From time to time, certain financial intermediaries approach the Adviser to request that the Adviser make contributions to certain charitable organizations. In these cases, the Adviser’s contribution may result in the financial intermediary, or its salespersons, recommending Janus Henderson funds over other mutual funds (or non-mutual fund investments).

The payment arrangements described above will not change the price an investor pays for Shares nor the amount that a Janus Henderson fund receives to invest on behalf of the investor. However, as described elsewhere in this Prospectus, your financial adviser and/or his or her firm may also receive 12b-1 fees and/or administrative services fees in connection with your purchase and retention of Janus Henderson funds. When such fees are combined with the payments described above, the aggregate payments being made to a financial intermediary may be substantial. You should consider whether such arrangements exist when evaluating any recommendations from an intermediary to purchase or sell Shares of the Funds and, if applicable, when considering which share class of a Fund is most appropriate for you. Please contact your financial intermediary or plan sponsor for details on such arrangements.

Purchases

With certain exceptions, the Funds are generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, you may not be able to open an account or buy additional shares.

With the exception of Class I Shares and Class N Shares, purchases of Shares may generally be made only through institutional channels such as financial intermediaries and retirement platforms. Class I Shares and Class N Shares may be purchased directly with the Funds in certain circumstances as described in the eligibility discussion at the beginning of this “Shareholder’s Guide” section. Contact your financial intermediary or a Janus Henderson representative (1-800-333-1181) if you hold Class I Shares or Class N Shares directly with the Adviser or refer to your plan documents for information on how to invest in each Fund, including additional information on minimum initial or subsequent investment requirements. Under certain circumstances, a Fund may permit an in-kind purchase of Shares. Your financial intermediary may charge you a separate or additional fee for processing purchases of Shares. Only certain financial intermediaries are authorized to receive purchase orders on the Funds’ behalf. As discussed under “Payments to Financial Intermediaries by the Adviser or its Affiliates,” the Adviser and its affiliates may make payments to brokerage firms or other financial intermediaries that were instrumental in the acquisition or retention of shareholders for the Funds or that provide services in connection with investments in the Funds. You should consider such arrangements when evaluating any recommendation of the Funds.

Each Fund reserves the right to reject any purchase order, including exchange purchases, for any reason. The Funds are not intended for excessive trading. For more information about the Funds’ policy on excessive trading, refer to “Excessive Trading.”

In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”), your financial intermediary (or the Adviser, if you hold Class I Shares

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or Class N Shares directly with a Fund) is required to verify certain information on your account application as part of its Anti-Money Laundering Program. You will be required to provide your full name, date of birth, Social Security number, and permanent street address to assist in verifying your identity. You may also be asked to provide documents that may help to establish your identity. For investors other than individuals: When you open an account, you will be asked for the name of the entity, its principal place of business, and taxpayer identification number, and you may be requested to provide information on persons with authority or control over the account, or persons who own (whether directly, indirectly, or beneficially) 25% or more of the entity, such as name, permanent street address, date of birth, and Social Security number. Until verification of an identity is made, your financial intermediary (or the Adviser, if you hold Class I Shares or Class N Shares directly with a Fund) may temporarily limit additional share purchases. In addition, your financial intermediary (or the Adviser, if you hold Class I Shares or Class N Shares directly with a Fund) may close an account if it is unable to verify a shareholder’s identity. Please contact your financial intermediary (or a Janus Henderson representative, if you hold Class I Shares or Class N Shares directly with a Fund) if you need additional assistance when completing your application or additional information about the intermediary’s Anti-Money Laundering Program.

In an effort to ensure compliance with this law, the Adviser’s Anti-Money Laundering Program (the “Program”) provides for the development of internal practices, procedures and controls, designation of anti-money laundering compliance officers, an ongoing training program, and an independent audit function to determine the effectiveness of the Program.

Minimum Investment Requirements

Class A Shares, Class C Shares, Class S Shares, and Class T Shares

The minimum investment is $2,500 per Fund account for non-retirement accounts and $500 per Fund account for certain tax-advantaged accounts or UGMA/UTMA accounts. Investors in a defined contribution plan through a third party administrator should refer to their plan document or contact their plan administrator for additional information. In addition, shares held through certain supermarket and/or self-directed brokerage accounts, or through wrap programs, may not be subject to these minimums. Investors should refer to their intermediary for additional information.

The maximum purchase in Class C Shares is $500,000 for any single purchase. The sales charge and expense structure of Class A Shares may be more advantageous for investors purchasing more than $500,000 of Fund shares.

Class I Shares

The minimum investment is $1 million for institutional investors (including, but not limited to, corporations, certain retirement plans, public pension plans and foundations/endowments) who established Class I Share accounts before August 4, 2017 and invest directly with the Adviser. Institutional investors generally may meet the minimum investment amount by aggregating multiple accounts within the same Fund. Accounts offered through an intermediary institution must meet the minimum investment requirements of $2,500 per Fund account for non-retirement accounts and $500 per Fund account for certain tax-advantaged accounts or UGMA/UTMA accounts. Directors, officers, and employees of Janus Henderson Group plc (“JHG”) and its affiliates, as well as Trustees and officers of the Funds, may purchase Class I Shares through certain financial intermediaries’ institutional platforms. For more information about this program and eligibility requirements, please contact a Janus Henderson representative at 1-800-333-1181. Exceptions to these minimums may apply for certain tax-advantaged, tax-qualified and retirement plans, including health savings accounts, accounts held through certain wrap programs, and certain retail brokerage accounts. For additional information, contact your intermediary, plan sponsor, administrator, or a Janus Henderson representative, as applicable.

Class N Shares

For retail investors whose accounts are held through an omnibus account at their financial intermediary, the minimum investment is $2,500 per Fund account. Investors in certain tax-advantaged accounts or accounts held through certain wrap programs or bank trust platforms may not be subject to this minimum. For institutional investors investing directly with a Fund, the minimum investment is $1 million per Fund account. There is no investment minimum for adviser-assisted, employer-sponsored retirement plans, including health savings accounts. For additional information, contact your intermediary, plan sponsor, administrator, or a Janus Henderson representative, as applicable.

Class R Shares

There is no investment minimum for investors in a defined contribution plan. Investors in a defined contribution plan through a third party administrator should refer to their plan document or contact their plan administrator for additional information regarding account minimums. For all other account types, the minimum investment is $2,500.

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Class A Shares, Class C Shares, Class S Shares, Class I Shares, Class N Shares, and Class T Shares

Each Fund reserves the right to annually request that intermediaries close Fund accounts that are valued at less than $100, other than as a result solely of depreciation in share value. Certain accounts held through intermediaries may not be subject to closure due to the policies of the intermediaries. You may receive written notice from your intermediary to increase your account balance to the required minimum to avoid having your account closed provided you meet certain residency eligibility requirements. If you hold Class I Shares or Class N Shares directly with a Fund, you may receive written notice prior to the closure of your Fund account so that you may increase your account balance to the required minimum provided you meet certain residency eligibility requirements. Please note that you may incur a tax liability as a result of a redemption.

Each Fund reserves the right to change the amount of these minimums or maximums from time to time or to waive them in whole or in part.

Systematic Purchase Plan

You may arrange for periodic purchases by authorizing your financial intermediary (or the Adviser, if you hold Class I Shares or Class N Shares directly with a Fund) to withdraw the amount of your investment from your bank account on a day or days you specify. Not all financial intermediaries offer this plan. Contact your financial intermediary or a Janus Henderson representative for details.

Initial Sales Charge

Class A Shares

An initial sales charge may apply to your purchase of Class A Shares of the Funds based on the amount invested, as set forth in the table below. The sales charge is allocated between the Distributor and your financial intermediary. Sales charges, as expressed as a percentage of offering price and as a percentage of your net investment, are shown in the table. The dollar amount of your initial sales charge is calculated as the difference between the public offering price and the net asset value of those shares. Since the offering price is calculated to two decimal places using standard rounding criteria, the number of shares purchased and the dollar amount of your sales charge as a percentage of the offering price and of your net investment may be higher or lower than the amounts set forth in the table depending on whether there was a downward or upward rounding.

Amount of Purchase at Offering Price	Class A Shares Sales Charge as a Percentage of Offering Price(1)	Class A Shares Sales Charge as a Percentage of Net Amount Invested
Fixed-Income Funds (except Janus Henderson Short Duration Flexible Bond Fund)
Under $50,000	4.75%	4.99%
$50,000 but under $100,000	4.50%	4.71%
$100,000 but under $250,000	3.50%	3.63%
$250,000 but under $500,000	2.50%	2.56%
$500,000 but under $1,000,000	2.00%	2.04%
$1,000,000 and above	None(2)	None
Janus Henderson Short Duration Flexible Bond Fund(3)
Under $50,000	2.50%	2.56%
$50,000 but under $100,000	2.25%	2.30%
$100,000 but under $250,000	2.00%	2.04%
$250,000 but under $500,000	1.50%	1.52%
$500,000 but under $1,000,000	1.00%	1.01%
$1,000,000 and above	None(2)	None

(1)

Offering Price includes the initial sales charge.

(2)

A contingent deferred sales charge of 1.00% may apply to Class A Shares purchased without an initial sales charge if redeemed within 12 months of purchase.

(3)

A shareholder who exchanges Shares into a Fund with a higher sales charge may be required to pay the new Fund’s initial sales charge or the difference between the Fund’s sales charge and the sales charge applicable to the new Fund.

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For purchases of Class A Shares of $1,000,000 or greater, from its own assets, the Distributor generally pays financial intermediaries commissions as follows:

•

1.00% on amounts of $1,000,000 but under $4,000,000;

•

0.50% on amounts of $4,000,000 but under $10,000,000;

•

0.25% on amounts of $10,000,000 and above.

The purchase totals eligible for these commissions are aggregated on a rolling one year basis so that the rate payable resets to the highest rate annually.

Qualifying for a Waiver or Reduction of Class A Shares Sales Charge

Class A Shares of the Funds may be purchased without an initial sales charge by the following persons (and their family members): (i) registered representatives and other employees of intermediaries that have selling agreements with the Distributor to sell Class A Shares; (ii) directors, officers, and employees of JHG and its affiliates; and (iii) Trustees and officers of the Trust. A “family member” includes, but is not necessarily limited to (based on the reasonable discretion of the Adviser), a qualifying person’s sibling, spouse or domestic partner, lineal ascendant (mother, father, grandmother, grandfather, great-grandmother, great-grandfather), lineal descendant (son, daughter, step-son, step-daughter, grandson, granddaughter, great-grandson, great-granddaughter) or any sibling, spouse or domestic partner of a family member who is a lineal descendant or ascendant of a qualifying person. In addition, the initial sales charge may be waived on purchases of Class A Shares by the following persons: (i) investors purchasing Class A Shares through financial intermediaries on behalf of certain adviser-assisted, employer-sponsored retirement plans, including defined contribution plans, defined benefit plans and other welfare benefit plans such as health savings accounts and voluntary employees’ beneficiary association trust accounts; (ii) investors purchasing Class A Shares through a financial intermediary’s self-directed brokerage platform where the financial intermediary is the broker of record; and (iii) investors purchasing Class A Shares through fee-based broker-dealers or financial advisors, primarily on their advisory account platform(s) where such broker-dealer or financial advisor imposes additional fees for services connected to the advisory account. Adviser-assisted, employer-sponsored defined contribution plans include, for example, 401(k) plans, 457 plans, 403(b) plans, profit sharing and money purchase pension plans. For purposes of qualifying for a waiver of the initial sales charge, the following retirement accounts are not eligible: 403(b) custodial accounts where shares are held on behalf of the individual, and not on behalf of the plan or plan trust, SEP IRAs, Simple IRAs, SAR-SEPs, or Keogh plans. To facilitate the waiver of a sales charge, the Distributor requires an agreement with the financial intermediary submitting trades on behalf of eligible investors.

You may be able to lower your Class A Shares sales charge under certain circumstances. For example, you can combine Class A Shares and Class C Shares you already own (either in these Funds or certain other Janus Henderson funds) with your current purchase of Class A Shares of the Funds and certain other Janus Henderson funds (including Class C Shares of those funds) to take advantage of the breakpoints in the sales charge schedule as set forth above. Certain circumstances under which you may combine such ownership of Shares and purchases are described below. Contact your financial intermediary for more information.

In order to obtain a sales charge discount, you should inform your financial intermediary of other accounts in which there are Fund holdings eligible to be aggregated to meet a sales charge breakpoint. These other accounts may include the accounts described under “Aggregating Accounts.” You may need to provide documents such as account statements or confirmation statements to prove that the accounts are eligible for aggregation. The Letter of Intent described below requires historical cost information in certain circumstances. You should retain records necessary to show the price you paid to purchase Fund shares, as the Funds, their agents, or your financial intermediary may not retain this information.

Right of Accumulation. You may purchase Class A Shares of a Fund at a reduced sales charge by aggregating (i) the dollar amount of the new purchase (measured by the offering price) with (ii) your holdings in all Class A Shares of the Fund and certain other classes (Class A Shares and Class C Shares of the Trust) of Janus Henderson funds held by you, and held in the accounts identified under “Aggregating Accounts” (“collective holdings”). Subject to your financial intermediary’s or record keeper’s capabilities, collective holdings will be calculated as the higher of (i) the current value of such holdings (the market value) as of the day prior to your new purchase or (ii) the amount initially invested (including reinvested dividends and capital gains, but excluding capital appreciation) less any withdrawals (the cost value). The applicable sales charge will be applied to such aggregated amount. In order for your purchases and collective holdings to be aggregated for purposes of qualifying for a reduced sales charge, they must have been made through one financial intermediary and you must provide sufficient information to your financial intermediary at the time of purchase to permit verification that the purchase qualifies

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for the reduced sales charge. The qualification of a purchase for the reduced sales charge does not ensure the future availability of the right of accumulation, which is subject to modification or discontinuance at any time.

Letter of Intent. You may obtain a reduced sales charge on Class A Shares by signing a Letter of Intent indicating your intention to purchase $50,000 or more of Class A Shares (including Class A Shares in other series of the Trust) over a 13-month period. The term of the Letter of Intent will commence upon the date you sign the Letter of Intent. Investments made prior to the signing date are not aggregated with, and are not eligible to be included toward, the investment goal.

You must refer to such Letter when placing orders. With regard to a Letter of Intent, the amount of investment for purposes of applying the sales load schedule includes (i) the historical cost (what you actually paid for the shares at the time of purchase, including any sales charges) of all Class A Shares acquired during the term of the Letter of Intent, minus (ii) the value of any redemptions of Class A Shares made during the term of the Letter of Intent. Capital appreciation, capital gains, and reinvested dividends earned during the Letter of Intent period do not apply toward its completion. Each investment made during the period receives the reduced sales charge applicable to the total amount of the investment goal. A portion of shares purchased may be held in escrow to pay for any sales charge that may be applicable. If the goal is not achieved within the period, you must pay the difference between the sales charges applicable to the purchases made and the charges previously paid, or an appropriate number of escrowed shares will be redeemed. Please contact your financial intermediary to obtain a Letter of Intent application.

Aggregating Accounts. To take advantage of lower Class A Shares sales charges on large purchases or through the exercise of a Letter of Intent or right of accumulation, investments made by you, your spouse, and your children under age 21 may be aggregated if made for your own account(s) and/or certain other accounts such as:

•

trust accounts established by the above individuals (or the accounts of the primary beneficiary of the trust if the person who established the trust is deceased);

•

solely controlled business accounts; and

•

single participant retirement plans.

To receive a reduced sales charge under rights of accumulation or a Letter of Intent, you must notify your financial intermediary of any eligible accounts that you, your spouse, and your children under age 21 have at the time of your purchase.

You may access information regarding sales loads, breakpoint discounts, and purchases of the Funds’ shares, free of charge, and in a clear and prominent format, on our website at janushenderson.com/breakpoints, and by following the appropriate hyperlinks to the specific information.

Conversion of Class C Shares to Class A Shares

The Funds currently implement an automatic conversion feature pursuant to which Class C Shares that have been held for eight years are automatically converted to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month of the eighth anniversary of the date of purchase. Class C Shares purchased through the reinvestment of dividends and other distributions on Class C Shares will convert to Class A Shares at the same time as the Class C Shares with respect to which they were purchased.

For Class C Shares held in omnibus accounts on intermediary platforms, the Funds will rely on these intermediaries to implement this conversion feature. Your financial intermediary may have separate policies and procedures as to when and how Class C Shares may be converted to Class A Shares. Please contact your financial intermediary for additional information.

It is expected that the conversion of Class C Shares to Class A Shares of the same Fund will not result in a taxable event. Please consult your tax adviser for further information.

Commission on Class C Shares

The Distributor may compensate your financial intermediary at the time of sale at a commission rate of 1.00% of the net asset value of the Class C Shares purchased. Service providers to financial intermediaries will not receive this amount if they receive 12b-1 fees from the time of initial investment of assets in Class C Shares.

Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load (“CDSC”) waivers. In all instances, it is the shareholder’s responsibility to notify a

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Fund, or the shareholder’s financial intermediary at the time of purchase, of any relationship or other facts qualifying the shareholder for sales charge waivers or discounts. Certain sales charge waivers and/or discounts are described in Appendix A – Intermediary Sales Charge Waivers and Discounts. These sales charge waivers and/or discounts are available only if you purchase your shares through the designated intermediaries. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares through another intermediary to receive these waivers or discounts.

Exchanges

With certain exceptions, the Funds are generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, the exchange privilege may not be available.

Contact your financial intermediary or a Janus Henderson representative (1-800-333-1181) if you hold Class I Shares or Class N Shares directly with a Fund or consult your plan documents to exchange into other funds in the Trust. Be sure to read the prospectus of the fund into which you are exchanging. An exchange from one fund to another is generally a taxable transaction (except for certain tax-advantaged accounts).

•

You may generally exchange Shares of a Fund for Shares of the same class of any other fund in the Trust offered through your financial intermediary or qualified plan, with the exception of the Janus Henderson money market funds. Only accounts beneficially owned by natural persons will be allowed to exchange to Janus Henderson Money Market Fund; all other account types can only exchange to Janus Henderson Government Money Market Fund.

•

You may also exchange shares of one class for another class of shares within the same fund, provided the eligibility requirements of the class of shares to be received are met. Same-fund exchanges will generally only be processed in instances where there is no CDSC on the shares to be exchanged and no initial sales charge on the shares to be received. A Fund’s fees and expenses differ between share classes. Please read the Prospectus for the share class you are interested in prior to investing in that share class.Contact your financial intermediary or consult your plan documents for additional information.

•

You must meet the minimum investment amount for each fund.

•

The exchange privilege is not intended as a vehicle for short-term or excessive trading. A Fund may suspend or terminate the exchange privilege of any investor who is identified as having a pattern of short-term trading. The Funds will work with intermediaries to apply the Funds’ exchange limits. However, the Funds may not always have the ability to monitor or enforce the trading activity in such accounts.

•

Each Fund reserves the right to reject any exchange request and to modify or terminate the exchange privilege at any time.

•

Class C Shares are closed to investments by new employer-sponsored retirement plans, and existing employer-sponsored retirement plans are no longer able to make additional purchases or exchanges into Class C Shares.

•

Your Class C Shares that have been held for eight years will automatically convert to Class A Shares without the imposition of any sales charge, fee or other charge. The conversion will generally occur no later than ten business days in the month following the month in which the eighth anniversary of the date of purchase occurs. For more information refer to “Conversion of Class C Shares to Class A Shares.”

Waiver of Sales Charges

Class A Shares received through an exchange of Class A Shares of another fund of the Trust will not be subject to an initial sales charge. In addition, Class A Shares received through an exchange of Class C Shares due to an intermediary-driven conversion or an automatic conversion after eight years, or a conversion from a fee-based account to a brokerage account, will not be subject to an initial sales charge. Class A Shares or Class C Shares received through an exchange of Class A Shares or Class C Shares, respectively, of another fund of the Trust will not be subject to any applicable CDSC at the time of the exchange. CDSC applicable to redemptions of Class A Shares or Class C Shares will continue to be measured on the Shares received by exchange from the date of your original purchase. For more information about the CDSC, please refer to “Redemptions.” While Class C Shares do not have any front-end sales charges, their higher annual fund operating expenses mean that over time, you could end up paying more than the equivalent of the maximum allowable front-end sales charge.

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Redemptions

With certain exceptions, the Funds are generally available only to shareholders residing in the United States. Unless you meet certain residency eligibility requirements, once you close your account, you may not make additional investments in the Funds.

Redemptions, like purchases, may generally be effected only through financial intermediaries, retirement platforms, and by certain direct institutional investors holding Class I Shares or Class N Shares. Please contact your financial intermediary or a Janus Henderson representative (1-800-333-1181) if you hold Class I Shares or Class N Shares directly with a Fund or refer to the appropriate plan documents for details. Your financial intermediary may charge a processing or service fee in connection with the redemption of Shares.

Shares of each Fund may be redeemed on any business day on which the Fund’s NAV is calculated. Redemptions are duly processed at the NAV next calculated after your redemption order is received in good order by a Fund or its agents. Redemption proceeds, less any applicable CDSC for Class A Shares or Class C Shares, will normally be sent within two business days following receipt of the redemption order. The Funds typically expect to meet redemption requests by paying out proceeds from cash or cash equivalent portfolio holdings, or by selling portfolio holdings. In stressed market conditions, and other appropriate circumstances, redemption methods may include borrowing funds or redeeming in-kind.

Each Fund reserves the right to postpone payment of redemption proceeds for up to seven calendar days. Additionally, the right to require the Funds to redeem their Shares may be suspended, or the date of payment may be postponed beyond seven calendar days, whenever: (i) trading on the NYSE is restricted, as determined by the SEC, or the NYSE is closed (except for holidays and weekends); (ii) the SEC permits such suspension and so orders; or (iii) an emergency exists as determined by the SEC so that disposal of securities or determination of NAV is not reasonably practicable.

Large Shareholder Redemptions

Certain large shareholders, such as other funds, institutional investors, financial intermediaries, individuals, accounts, and affiliates of the Adviser, may from time to time own (beneficially or of record) or control a significant percentage of a Fund’s Shares. Redemptions by these large shareholders of their holdings in a Fund may cause the Fund to sell portfolio securities at times when it would not otherwise do so, which may negatively impact the Fund’s NAV and liquidity. Similarly, large Fund share purchases may adversely affect a Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. These transactions may also accelerate the realization of taxable income to shareholders if such sales of investments result in gains, and may also increase transaction costs. In addition, a large redemption could result in a Fund’s current expenses being allocated over a smaller asset base, which could lead to an increase in the Fund’s expense ratio.

Redemptions In-Kind

Shares normally will be redeemed for cash, although each Fund retains the right to redeem some or all of its shares in-kind under unusual circumstances, in order to protect the interests of remaining shareholders, to accommodate a request by a particular shareholder that does not adversely affect the interests of the remaining shareholders, or in connection with the liquidation of a fund, by delivery of securities selected from its assets at its discretion. However, each Fund is required to redeem shares solely for cash up to the lesser of $250,000 or 1% of the NAV of that Fund during any 90-day period for any one shareholder. Should redemptions by any shareholder exceed such limitation, a Fund will have the option of redeeming the excess in cash or in-kind. In-kind payment means payment will be made in portfolio securities rather than cash, and may potentially include illiquid investments. Illiquid investments may not be able to be sold quickly or at a price that reflects full value, or there may not be a market for such investments, which could cause the redeeming shareholder to realize losses on the investment if it is sold at a price lower than that at which it had been valued. If a Fund makes an in-kind payment, the redeeming shareholder might incur brokerage or other transaction costs to convert the securities to cash, whereas such costs are borne by the Fund for cash redemptions. Redemptions in-kind are taxable for federal income tax purposes in the same

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manner as redemptions for cash and subsequent sale of securities received in-kind may result in taxable gains for federal income tax purposes.

While a Fund may pay redemptions in-kind, a Fund may instead choose to raise cash to meet redemption requests through the sale of fund securities or permissible borrowings. If a Fund is forced to sell securities at an unfavorable time and/or under unfavorable conditions, such sales may adversely affect the Fund’s NAV and may increase brokerage costs and accelerate the recognition of taxable income.

Systematic Withdrawal Plan

Class A Shares and Class C Shares

You may arrange for periodic redemptions of Class A Shares or Class C Shares by authorizing your financial intermediary to redeem a specified amount from your account on a day or days you specify. Any resulting CDSC may be waived, however, the maximum annual rate at which shares subject to a CDSC may be redeemed, pursuant to a systematic withdrawal plan, without paying a CDSC, is 12% of the net asset value of the account. Certain other terms and minimums may apply. Not all financial intermediaries offer this plan. Contact your financial intermediary for details.

Class S Shares, Class I Shares, Class N Shares, Class R Shares, and Class T Shares

You may arrange for periodic redemptions by authorizing your financial intermediary (or the Adviser, if you hold Class I Shares or Class N Shares directly with a Fund) to redeem a specified amount from your account on a day or days you specify. Not all financial intermediaries offer this plan. Contact your financial intermediary or a Janus Henderson representative for details.

Contingent Deferred Sales Charge

Class A Shares and Class C Shares

A 1.00% CDSC may be deducted with respect to Class A Shares purchased without an initial sales charge if redeemed within 12 months of purchase, unless any of the CDSC waivers listed apply. A 1.00% CDSC will be deducted with respect to Class C Shares redeemed within 12 months of purchase, unless a CDSC waiver applies. The CDSC will be based on the lower of the original purchase price or the value of the redemption of the Class A Shares or Class C Shares redeemed, as applicable.

CDSC Waivers

There are certain cases in which you may be exempt from a CDSC charged to Class A Shares and Class C Shares. Among others, these include:

•

Upon the death or disability of an account owner;

•

Retirement plans and certain other accounts held through a financial intermediary where no sales charge or commission was paid on the purchase of such shares;

•

Retirement plan shareholders taking required minimum distributions;

•

The redemption of Class A Shares or Class C Shares acquired through reinvestment of Fund dividends or distributions;

•

The portion of the redemption representing appreciation as a result of an increase in NAV above the total amount of payments for Class A Shares or Class C Shares during the period during which the CDSC applied; or

•

If a Fund chooses to liquidate or involuntarily redeem shares in your account.

To keep the CDSC as low as possible, Class A Shares or Class C Shares not subject to any CDSC will be redeemed first, followed by shares held longest.

Reinstatement Privilege

For each redemption of Class A Shares, you have a one-time right to reinvest the proceeds of such redemption into Class A Shares of the same or another fund within 90 days of the redemption date at the current NAV (without an initial sales charge). You will not be reimbursed for any CDSC paid on your redemption of Class A Shares.

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Excessive trading

Excessive and Short-Term Trading Policies and Procedures

The Trustees have adopted policies and procedures with respect to short-term and excessive trading of Fund shares (“excessive trading”). The Funds are intended for long-term investment purposes, and the Funds will take reasonable steps to attempt to detect and deter short-term and excessive trading. Transactions placed in violation of the Funds’ exchange limits or excessive trading policies and procedures may be cancelled or rescinded by a Fund by the next business day following receipt by the Fund. The trading history of accounts determined to be under common ownership or control within any of the Janus Henderson funds may be considered in enforcing these policies and procedures. Investors should be aware that the Funds are also available for purchase through third party intermediaries.

The Janus Henderson funds attempt to deter excessive trading through at least the following methods:

•

exchange limitations as described under “Exchanges”;

•

fair valuation of securities as described under “Pricing of Fund Shares”; and

•

trade monitoring.

The Funds monitor for patterns of shareholder short-term trading and may suspend or permanently terminate the purchase and exchange privilege of any investor who is identified as having a pattern of short-term trading. The Funds at all times reserve the right to reject any purchase or exchange request and to modify or terminate the purchase and exchange privileges for any investor for any reason without prior notice, in particular, if the trading activity in the account(s) is deemed to be disruptive to a Fund.

The Funds’ Trustees may approve from time to time a redemption fee to be imposed by any Janus Henderson fund, subject to 60 days’ notice to shareholders of that fund.

Investors in other share classes who place transactions through the same financial intermediary on an omnibus basis may be deemed part of a group for the purpose of the Funds’ excessive trading policies and procedures and may be rejected in whole or in part by a Fund. Transactions accepted by a financial intermediary in violation of the Funds’ excessive trading policies may be cancelled or revoked by a Fund by the next business day following receipt by that Fund.

In an attempt to deter excessive trading in omnibus accounts, the Funds or their agents may require intermediaries to impose restrictions on the trading activity of accounts traded through those intermediaries. Such restrictions may include, but are not limited to, requiring that trades be placed by U.S. mail, prohibiting future purchases by investors who have recently redeemed Fund shares, requiring intermediaries to report information about customers who purchase and redeem large amounts, and similar restrictions. The Funds’ ability to impose such restrictions with respect to accounts traded through particular intermediaries may vary depending on the systems’ capabilities, applicable contractual and legal restrictions, and cooperation of those intermediaries.

Generally, the Funds’ excessive trading policies and procedures do not apply to (i) a money market fund, although money market funds at all times reserve the right to reject any purchase request (including exchange purchases) for any reason without prior notice; (ii) transactions in the Janus Henderson funds by a Janus Henderson “fund of funds,” which is a fund that primarily invests in other Janus Henderson funds; (iii) periodic rebalancing and identifiable transactions by certain funds of funds and asset allocation programs to realign portfolio investments with existing target allocations; and (iv) systematic purchase, exchange, or redemption programs.

The Funds’ policies and procedures regarding excessive trading may be modified at any time by the Funds’ Trustees.

Excessive Trading Risks

Excessive trading may present risks to a Fund’s long-term shareholders. Excessive trading into and out of a Fund may disrupt portfolio investment strategies, may create taxable gains to remaining Fund shareholders, and may increase Fund expenses, all of which may negatively impact investment returns for all remaining shareholders, including long-term shareholders.

Funds that invest in foreign securities may be at a greater risk for excessive trading. Investors may attempt to take advantage of anticipated price movements in securities held by a fund based on events occurring after the close of a foreign market that may not be reflected in the fund’s NAV (referred to as “price arbitrage”). Such arbitrage opportunities may also arise in funds which do not invest in foreign securities, for example, when trading in a security held by a fund is halted and does not resume prior to the time the fund calculates its NAV (referred to as “stale pricing”). Funds that hold thinly-traded securities,

106 | Janus Investment Fund

such as certain small-capitalization securities, may be subject to attempted use of arbitrage techniques. To the extent that a Fund’s valuation of a security differs from the security’s market value, short-term arbitrage traders may dilute the NAV of a Fund, which negatively impacts long-term shareholders. There is potential for short-term arbitrage trades to dilute the value of the shares held by a Fund despite the Funds’ adoption of policies and procedures intended to reduce the Funds’ exposure to price arbitrage, stale pricing, and other potential pricing inefficiencies.

There is no assurance that the policies and procedures adopted by the Funds to detect and deter excessive trading will be effective in all circumstances. For example, for share classes sold through financial intermediaries, the Funds may be unable to completely eliminate the possibility of excessive trading in certain omnibus accounts and other accounts traded through intermediaries. Omnibus accounts may effectively conceal the identity of individual investors and their transactions from the Funds and their agents. This makes the Funds’ identification of excessive trading transactions in the Funds through an omnibus account difficult and makes the elimination of excessive trading in the account impractical without the assistance of the intermediary. Although the Funds encourage intermediaries to take necessary actions to detect and deter excessive trading, some intermediaries may be unable or unwilling to do so, and accordingly, the Funds cannot eliminate completely the possibility of excessive trading.

Shareholders that invest through an omnibus account should be aware that they may be subject to the policies and procedures of their financial intermediary with respect to excessive trading in the Funds.

Availability of Portfolio Holdings Information

The Mutual Fund Holdings Disclosure Policies and Procedures adopted by the Adviser and all mutual funds managed within the Janus Henderson fund complex are designed to be in the best interests of the funds and to protect the confidentiality of the funds’ portfolio holdings. The following describes policies and procedures with respect to disclosure of portfolio holdings.

•

Full Holdings. A schedule of each Fund’s portfolio holdings, consisting of at least the names of the holdings, is generally available on a monthly basis with a 30-day lag and is posted under Full Holdings for each Fund at janushenderson.com/info. A complete schedule of each Fund’s portfolio holdings is also available semiannually and annually in shareholder reports and, after the first and third fiscal quarters, in Form N-PORT. Information reported in shareholder reports and in Form N-PORT will be made publicly available within 60 days after the end of the respective fiscal quarter. Each Fund’s shareholder reports and Form N-PORT filings are available on the SEC’s website at http://www.sec.gov. In addition, each Fund’s shareholder reports are available without charge, upon request, by calling a Janus Henderson representative at 1-877-335-2687 (toll free).

•

Top Holdings. Each Fund’s top portfolio holdings, in order of position size and as a percentage of a Fund’s total portfolio, are available monthly with a 15-day lag.

•

Other Information. Each Fund may occasionally provide security breakdowns (e.g., industry, sector, regional, market capitalization, and asset allocation), top/bottom issuers ranked by performance attribution, and specific portfolio level performance attribution information and statistics monthly with a 15-day lag. Top/bottom issuers may include the percentage of attribution to Fund performance, average Fund weighting, and other relevant data points.

The Adviser may exclude from publication on its websites all or any portion of portfolio holdings or change the time periods of disclosure as deemed necessary to protect the interests of the Janus Henderson funds. Under extraordinary circumstances, exceptions to the Mutual Fund Holdings Disclosure Policies and Procedures may be made by the head of the applicable investment unit or a delegate, in consultation with the Funds’ Chief Compliance Officer or a delegate. Such exceptions may be made without prior notice to shareholders. A summary of the Funds’ portfolio holdings disclosure policies and procedures, which includes a discussion of any exceptions, is contained in the Funds’ SAI.

Shareholder communications

Statements and Reports

Your financial intermediary or plan sponsor (or the Adviser, if you hold Class I Shares or Class N Shares directly with a Fund) is responsible for sending you periodic statements of all transactions, along with trade confirmations and tax reporting, as required by applicable law.

107 | Janus Investment Fund

Your financial intermediary or plan sponsor (or the Adviser, if you hold Class I Shares or Class N Shares directly with a Fund) is responsible for providing annual and semiannual reports, including the financial statements of the Funds that you have authorized for investment. These reports show each Fund’s investments and the market value of such investments, as well as other information about each Fund and its operations. Please contact your financial intermediary or plan sponsor (or the Adviser) to obtain these reports. The Funds’ fiscal year ends June 30.

Lost (Unclaimed/Abandoned) Accounts

It is important to maintain a correct address for each shareholder. An incorrect address may cause a shareholder’s account statements and other mailings to be returned as undeliverable. Based upon statutory requirements for returned mail, your financial intermediary or plan sponsor (or the Adviser, if you hold Class I Shares or Class N Shares directly with a Fund) is required to attempt to locate the shareholder or rightful owner of the account. If the financial intermediary or plan sponsor (or the Adviser) is unable to locate the shareholder, then the financial intermediary or plan sponsor (or the Adviser) is legally obligated to deem the property “unclaimed” or “abandoned,” and subsequently escheat (or transfer) unclaimed property (including shares of a mutual fund) to the appropriate state’s unclaimed property administrator in accordance with statutory requirements. Further, your mutual fund account may be deemed “unclaimed” or “abandoned,” and subsequently transferred to your state of residence if no activity (as defined by that state) occurs within your account during the time frame specified in your state’s unclaimed property laws. The shareholder’s last known address of record determines which state has jurisdiction. Interest or income is not earned on redemption or distribution check(s) sent to you during the time the check(s) remained uncashed.

108 | Janus Investment Fund

Financial highlights

The financial highlights tables are intended to help you understand the Funds’ financial performance for each fiscal period shown. Items “Net asset value, beginning of period” through “Net asset value, end of period” reflect financial results for a single Fund Share. The gross expense ratio reflects expenses prior to any expense offset arrangement and waivers (reimbursements), if applicable. The net expense ratio reflects expenses after any expense offset arrangement and waivers (reimbursements), if applicable.The information for the Funds for the fiscal periods ended June 30 has been audited by PricewaterhouseCoopers LLP, whose report, along with the Funds’ financial statements, is included in the Annual Report, which is available upon request, and incorporated by reference into the SAI.

The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in the Shares of the Funds (assuming reinvestment of all dividends and distributions).

Janus Henderson Absolute Return Income Opportunities Fund – Class A

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.56	$9.02	$9.01	$8.93	$8.88
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.23	0.09	0.10	0.17	0.18
Net realized and unrealized gain/(loss)	0.14	(0.44)	0.02	0.15	0.16
Total from Investment Operations	0.37	(0.35)	0.12	0.32	0.34
Less Dividends and Distributions:
Dividends (from net investment income)	(0.24)	(0.11)	(0.11)	(0.24)	(0.29)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.24)	(0.11)	(0.11)	(0.24)	(0.29)
Net Asset Value, End of Period	$8.69	$8.56	$9.02	$9.01	$8.93
Total Return*	4.39%	(3.86)%	1.38%	3.64%	3.85%
Net Assets, End of Period (in thousands)	$9,102	$9,312	$15,300	$16,158	$25,377
Average Net Assets for the Period (in thousands)	$9,252	$11,755	$16,811	$20,287	$42,125
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.51%	1.35%	1.26%	1.24%	1.03%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.96%	0.95%	0.95%	0.98%	0.99%
Ratio of Net Investment Income/(Loss)	2.68%	1.06%	1.16%	1.87%	2.01%
Portfolio Turnover Rate	56%	69%	47%	11%	170%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

109 | Janus Investment Fund

Janus Henderson Absolute Return Income Opportunities Fund – Class C

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.56	$9.01	$9.01	$8.92	$8.88
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.16	0.03	0.04	0.10	0.11
Net realized and unrealized gain/(loss)	0.14	(0.43)	0.01	0.17	0.15
Total from Investment Operations	0.30	(0.40)	0.05	0.27	0.26
Less Dividends and Distributions:
Dividends (from net investment income)	(0.18)	(0.05)	(0.05)	(0.18)	(0.22)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.18)	(0.05)	(0.05)	(0.18)	(0.22)
Net Asset Value, End of Period	$8.68	$8.56	$9.01	$9.01	$8.92
Total Return*	3.55%	(4.48)%	0.56%	3.03%	2.96%
Net Assets, End of Period (in thousands)	$4,264	$7,870	$8,407	$14,388	$18,983
Average Net Assets for the Period (in thousands)	$6,276	$7,519	$11,266	$15,398	$30,267
Ratios to Average Net Assets**:
Ratio of Gross Expenses	2.19%	2.12%	1.96%	1.96%	1.81%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.64%	1.70%	1.64%	1.68%	1.76%
Ratio of Net Investment Income/(Loss)	1.89%	0.32%	0.48%	1.12%	1.22%
Portfolio Turnover Rate	56%	69%	47%	11%	170%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

110 | Janus Investment Fund

Janus Henderson Absolute Return Income Opportunities Fund – Class S

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.57	$9.02	$9.02	$8.94	$8.89
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.23	0.08	0.09	0.15	0.18
Net realized and unrealized gain/(loss)	0.12	(0.43)	0.01	0.15	0.13
Total from Investment Operations	0.35	(0.35)	0.10	0.30	0.31
Less Dividends and Distributions:
Dividends (from net investment income)	(0.23)	(0.10)	(0.10)	(0.22)	(0.26)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.23)	(0.10)	(0.10)	(0.22)	(0.26)
Net Asset Value, End of Period	$8.69	$8.57	$9.02	$9.02	$8.94
Total Return*	4.08%	(3.93)%	1.08%	3.44%	3.58%
Net Assets, End of Period (in thousands)	$318	$178	$230	$153	$160
Average Net Assets for the Period (in thousands)	$291	$189	$182	$149	$1,251
Ratios to Average Net Assets**:
Ratio of Gross Expenses	2.73%	3.10%	3.07%	3.45%	1.48%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.14%	1.14%	1.16%	1.29%
Ratio of Net Investment Income/(Loss)	2.63%	0.88%	0.96%	1.62%	1.97%
Portfolio Turnover Rate	56%	69%	47%	11%	170%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

111 | Janus Investment Fund

Janus Henderson Absolute Return Income Opportunities Fund – Class I

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.56	$9.00	$9.00	$8.92	$8.88
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.25	0.12	0.13	0.19	0.23
Net realized and unrealized gain/(loss)	0.13	(0.42)	0.01	0.15	0.12
Total from Investment Operations	0.38	(0.30)	0.14	0.34	0.35
Less Dividends and Distributions:
Dividends (from net investment income)	(0.26)	(0.14)	(0.14)	(0.26)	(0.31)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.26)	(0.14)	(0.14)	(0.26)	(0.31)
Net Asset Value, End of Period	$8.68	$8.56	$9.00	$9.00	$8.92
Total Return*	4.51%	(3.42)%	1.51%	3.88%	3.99%
Net Assets, End of Period (in thousands)	$18,919	$27,937	$33,808	$36,831	$57,628
Average Net Assets for the Period (in thousands)	$21,048	$28,887	$36,932	$43,004	$652,474
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.25%	1.09%	1.01%	1.00%	0.76%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.73%	0.71%	0.71%	0.73%	0.74%
Ratio of Net Investment Income/(Loss)	2.85%	1.30%	1.40%	2.09%	2.61%
Portfolio Turnover Rate	56%	69%	47%	11%	170%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

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Janus Henderson Absolute Return Income Opportunities Fund – Class N

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.56	$9.01	$9.01	$8.93	$8.89
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.26	0.12	0.13	0.19	0.27
Net realized and unrealized gain/(loss)	0.14	(0.43)	0.01	0.16	0.08
Total from Investment Operations	0.40	(0.31)	0.14	0.35	0.35
Less Dividends and Distributions:
Dividends (from net investment income)	(0.27)	(0.14)	(0.14)	(0.27)	(0.31)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.27)	(0.14)	(0.14)	(0.27)	(0.31)
Net Asset Value, End of Period	$8.69	$8.56	$9.01	$9.01	$8.93
Total Return*	4.73%	(3.50)%	1.58%	3.94%	4.00%
Net Assets, End of Period (in thousands)	$761	$604	$1,803	$2,534	$2,454
Average Net Assets for the Period (in thousands)	$633	$1,002	$2,330	$2,426	$7,437
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.64%	1.30%	1.06%	1.06%	0.62%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.64%	0.64%	0.67%	0.57%
Ratio of Net Investment Income/(Loss)	3.03%	1.35%	1.47%	2.10%	2.79%
Portfolio Turnover Rate	56%	69%	47%	11%	170%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

113 | Janus Investment Fund

Janus Henderson Absolute Return Income Opportunities Fund – Class R

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.57	$9.02	$9.02	$8.94	$8.89
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.19	0.06	0.07	0.13	0.11
Net realized and unrealized gain/(loss)	0.13	(0.43)	—(2)	0.15	0.18
Total from Investment Operations	0.32	(0.37)	0.07	0.28	0.29
Less Dividends and Distributions:
Dividends (from net investment income)	(0.20)	(0.08)	(0.07)	(0.20)	(0.24)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.20)	(0.08)	(0.07)	(0.20)	(0.24)
Net Asset Value, End of Period	$8.69	$8.57	$9.02	$9.02	$8.94
Total Return*	3.82%	(4.15)%	0.83%	3.17%	3.37%
Net Assets, End of Period (in thousands)	$429	$474	$516	$654	$950
Average Net Assets for the Period (in thousands)	$446	$515	$573	$862	$949
Ratios to Average Net Assets**:
Ratio of Gross Expenses	2.58%	2.33%	2.20%	2.04%	1.80%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.39%	1.37%	1.39%	1.42%	1.46%
Ratio of Net Investment Income/(Loss)	2.24%	0.65%	0.73%	1.40%	1.27%
Portfolio Turnover Rate	56%	69%	47%	11%	170%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

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Janus Henderson Absolute Return Income Opportunities Fund – Class T

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.56	$9.01	$9.01	$8.92	$8.88
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.24	0.10	0.11	0.17	0.19
Net realized and unrealized gain/(loss)	0.13	(0.43)	0.01	0.17	0.14
Total from Investment Operations	0.37	(0.33)	0.12	0.34	0.33
Less Dividends and Distributions:
Dividends (from net investment income)	(0.25)	(0.12)	(0.12)	(0.25)	(0.29)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.25)	(0.12)	(0.12)	(0.25)	(0.29)
Net Asset Value, End of Period	$8.68	$8.56	$9.01	$9.01	$8.92
Total Return*	4.37%	(3.68)%	1.36%	3.82%	3.78%
Net Assets, End of Period (in thousands)	$6,361	$7,763	$11,109	$15,003	$23,902
Average Net Assets for the Period (in thousands)	$6,941	$8,974	$12,601	$19,046	$51,775
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.44%	1.29%	1.20%	1.20%	0.98%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.87%	0.87%	0.86%	0.91%	0.93%
Ratio of Net Investment Income/(Loss)	2.73%	1.14%	1.25%	1.92%	2.13%
Portfolio Turnover Rate	56%	69%	47%	11%	170%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

115 | Janus Investment Fund

Janus Henderson Developed World Bond Fund – Class A

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.60	$9.93	$9.94	$9.69	$9.35
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.15	0.12	0.17	0.14	0.18
Net realized and unrealized gain/(loss)	(0.51)	(1.33)	0.26	0.44	0.58
Total from Investment Operations	(0.36)	(1.21)	0.43	0.58	0.76
Less Dividends and Distributions:
Dividends (from net investment income)	(0.69)	(0.12)	(0.44)	(0.30)	(0.42)
Distributions (from capital gains)	—	—	—	(0.03)	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.69)	(0.12)	(0.44)	(0.33)	(0.42)
Net Asset Value, End of Period	$7.55	$8.60	$9.93	$9.94	$9.69
Total Return*	(4.20)%	(12.28)%	4.30%	6.07%	8.48%
Net Assets, End of Period (in thousands)	$62,774	$81,662	$116,629	$59,079	$51,463
Average Net Assets for the Period (in thousands)	$69,992	$109,414	$94,430	$59,858	$43,495
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.00%	0.93%	0.92%	0.94%	0.99%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.80%	0.83%	0.83%	0.90%	0.99%
Ratio of Net Investment Income/(Loss)	1.90%	1.25%	1.69%	1.45%	1.98%
Portfolio Turnover Rate	60%	86%	37%	88%	42%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

116 | Janus Investment Fund

Janus Henderson Developed World Bond Fund – Class C

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.54	$9.85	$9.87	$9.63	$9.30
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.09	0.05	0.10	0.07	0.12
Net realized and unrealized gain/(loss)	(0.51)	(1.31)	0.24	0.43	0.57
Total from Investment Operations	(0.42)	(1.26)	0.34	0.50	0.69
Less Dividends and Distributions:
Dividends (from net investment income)	(0.63)	(0.05)	(0.36)	(0.23)	(0.36)
Distributions (from capital gains)	—	—	—	(0.03)	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.63)	(0.05)	(0.36)	(0.26)	(0.36)
Net Asset Value, End of Period	$7.49	$8.54	$9.85	$9.87	$9.63
Total Return*	(4.94)%	(12.83)%	3.47%	5.26%	7.67%
Net Assets, End of Period (in thousands)	$17,016	$26,901	$36,918	$37,641	$37,165
Average Net Assets for the Period (in thousands)	$21,714	$34,064	$38,596	$37,191	$36,574
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.64%	1.59%	1.60%	1.64%	1.72%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.55%	1.54%	1.55%	1.62%	1.72%
Ratio of Net Investment Income/(Loss)	1.11%	0.54%	0.99%	0.74%	1.27%
Portfolio Turnover Rate	60%	86%	37%	88%	42%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

117 | Janus Investment Fund

Janus Henderson Developed World Bond Fund – Class S

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.59	$9.91	$9.93	$9.69	$9.34
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.14	0.10	0.15	0.13	0.18
Net realized and unrealized gain/(loss)	(0.51)	(1.32)	0.25	0.42	0.59
Total from Investment Operations	(0.37)	(1.22)	0.40	0.55	0.77
Less Dividends and Distributions:
Dividends (from net investment income)	(0.68)	(0.10)	(0.42)	(0.28)	(0.42)
Distributions (from capital gains)	—	—	—	(0.03)	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.68)	(0.10)	(0.42)	(0.31)	(0.42)
Net Asset Value, End of Period	$7.54	$8.59	$9.91	$9.93	$9.69
Total Return*	(4.42)%	(12.38)%	3.99%	5.83%	8.51%
Net Assets, End of Period (in thousands)	$470	$585	$527	$224	$158
Average Net Assets for the Period (in thousands)	$516	$614	$500	$201	$141
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.64%	1.50%	1.62%	2.55%	3.21%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.04%	1.03%	1.02%	1.06%	1.06%
Ratio of Net Investment Income/(Loss)	1.67%	1.06%	1.50%	1.31%	1.91%
Portfolio Turnover Rate	60%	86%	37%	88%	42%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

118 | Janus Investment Fund

Janus Henderson Developed World Bond Fund – Class I

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.57	$9.89	$9.91	$9.66	$9.32
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.17	0.14	0.19	0.17	0.21
Net realized and unrealized gain/(loss)	(0.51)	(1.31)	0.25	0.43	0.58
Total from Investment Operations	(0.34)	(1.17)	0.44	0.60	0.79
Less Dividends and Distributions:
Dividends (from net investment income)	(0.71)	(0.15)	(0.46)	(0.32)	(0.45)
Distributions (from capital gains)	—	—	—	(0.03)	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.71)	(0.15)	(0.46)	(0.35)	(0.45)
Net Asset Value, End of Period	$7.52	$8.57	$9.89	$9.91	$9.66
Total Return*	(3.98)%	(12.01)%	4.46%	6.36%	8.77%
Net Assets, End of Period (in thousands)	$1,263,864	$1,894,294	$2,151,534	$1,348,740	$948,619
Average Net Assets for the Period (in thousands)	$1,519,287	$2,273,485	$1,744,298	$1,202,926	$732,591
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.69%	0.64%	0.65%	0.68%	0.74%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.58%	0.58%	0.65%	0.74%
Ratio of Net Investment Income/(Loss)	2.07%	1.52%	1.94%	1.71%	2.23%
Portfolio Turnover Rate	60%	86%	37%	88%	42%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

119 | Janus Investment Fund

Janus Henderson Developed World Bond Fund – Class N

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.57	$9.90	$9.91	$9.67	$9.32
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.17	0.15	0.19	0.18	0.21
Net realized and unrealized gain/(loss)	(0.51)	(1.33)	0.26	0.42	0.59
Total from Investment Operations	(0.34)	(1.18)	0.45	0.60	0.80
Less Dividends and Distributions:
Dividends (from net investment income)	(0.71)	(0.15)	(0.46)	(0.33)	(0.45)
Distributions (from capital gains)	—	—	—	(0.03)	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.71)	(0.15)	(0.46)	(0.36)	(0.45)
Net Asset Value, End of Period	$7.52	$8.57	$9.90	$9.91	$9.67
Total Return*	(4.00)%	(12.06)%	4.58%	6.32%	8.94%
Net Assets, End of Period (in thousands)	$124,577	$126,445	$69,800	$31,829	$5,789
Average Net Assets for the Period (in thousands)	$117,102	$100,399	$50,273	$19,208	$5,062
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.59%	0.55%	0.56%	0.61%	0.71%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.58%	0.55%	0.56%	0.59%	0.67%
Ratio of Net Investment Income/(Loss)	2.16%	1.59%	1.94%	1.82%	2.31%
Portfolio Turnover Rate	60%	86%	37%	88%	42%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

120 | Janus Investment Fund

Janus Henderson Developed World Bond Fund – Class T

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.59	$9.91	$9.93	$9.68	$9.34
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.15	0.13	0.17	0.15	0.19
Net realized and unrealized gain/(loss)	(0.51)	(1.32)	0.25	0.44	0.58
Total from Investment Operations	(0.36)	(1.19)	0.42	0.59	0.77
Less Dividends and Distributions:
Dividends (from net investment income)	(0.69)	(0.13)	(0.44)	(0.31)	(0.43)
Distributions (from capital gains)	—	—	—	(0.03)	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.69)	(0.13)	(0.44)	(0.34)	(0.43)
Net Asset Value, End of Period	$7.54	$8.59	$9.91	$9.93	$9.68
Total Return*	(4.22)%	(12.17)%	4.23%	6.17%	8.59%
Net Assets, End of Period (in thousands)	$36,795	$74,856	$118,467	$100,323	$70,554
Average Net Assets for the Period (in thousands)	$57,961	$106,431	$131,360	$106,719	$45,901
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.83%	0.78%	0.81%	0.84%	0.91%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.82%	0.77%	0.79%	0.83%	0.90%
Ratio of Net Investment Income/(Loss)	1.81%	1.31%	1.74%	1.52%	2.05%
Portfolio Turnover Rate	60%	86%	37%	88%	42%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

121 | Janus Investment Fund

Janus Henderson Flexible Bond Fund – Class A

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$9.76	$11.16	$11.14	$10.39	$10.03
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.31	0.17	0.20	0.25	0.28
Net realized and unrealized gain/(loss)	(0.46)	(1.38)	0.04	0.76	0.37
Total from Investment Operations	(0.15)	(1.21)	0.24	1.01	0.65
Less Dividends and Distributions:
Dividends (from net investment income)	(0.31)	(0.19)	(0.22)	(0.26)	(0.29)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—(2)	—	—	—	—
Total Dividends and Distributions	(0.31)	(0.19)	(0.22)	(0.26)	(0.29)
Net Asset Value, End of Period	$9.30	$9.76	$11.16	$11.14	$10.39
Total Return*	(1.50)%	(11.00)%	2.19%	9.90%	6.61%
Net Assets, End of Period (in thousands)	$112,400	$113,840	$144,886	$118,862	$115,349
Average Net Assets for the Period (in thousands)	$112,838	$134,145	$145,458	$114,334	$137,456
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.89%	0.85%	0.86%	0.92%	1.01%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.71%	0.76%	0.86%	0.88%	0.91%
Ratio of Net Investment Income/(Loss)	3.26%	1.59%	1.74%	2.30%	2.78%
Portfolio Turnover Rate(3)	195%	158%	132%	175%	219%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

122 | Janus Investment Fund

Janus Henderson Flexible Bond Fund – Class C

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$9.76	$11.16	$11.14	$10.39	$10.03
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.24	0.09	0.13	0.18	0.22
Net realized and unrealized gain/(loss)	(0.46)	(1.38)	0.05	0.77	0.37
Total from Investment Operations	(0.22)	(1.29)	0.18	0.95	0.59
Less Dividends and Distributions:
Dividends (from net investment income)	(0.24)	(0.11)	(0.16)	(0.20)	(0.23)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—(2)	—	—	—	—
Total Dividends and Distributions	(0.24)	(0.11)	(0.16)	(0.20)	(0.23)
Net Asset Value, End of Period	$9.30	$9.76	$11.16	$11.14	$10.39
Total Return*	(2.21)%	(11.62)%	1.60%	9.23%	5.97%
Net Assets, End of Period (in thousands)	$28,509	$44,112	$74,867	$122,908	$135,639
Average Net Assets for the Period (in thousands)	$35,550	$61,758	$97,560	$123,202	$155,770
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.51%	1.49%	1.44%	1.50%	1.52%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.43%	1.45%	1.44%	1.50%	1.52%
Ratio of Net Investment Income/(Loss)	2.47%	0.88%	1.17%	1.67%	2.17%
Portfolio Turnover Rate(3)	195%	158%	132%	175%	219%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

123 | Janus Investment Fund

Janus Henderson Flexible Bond Fund – Class S

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$9.76	$11.16	$11.14	$10.39	$10.03
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.29	0.15	0.19	0.24	0.27
Net realized and unrealized gain/(loss)	(0.46)	(1.38)	0.04	0.77	0.37
Total from Investment Operations	(0.17)	(1.23)	0.23	1.01	0.64
Less Dividends and Distributions:
Dividends (from net investment income)	(0.29)	(0.17)	(0.21)	(0.26)	(0.28)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—(2)	—	—	—	—
Total Dividends and Distributions	(0.29)	(0.17)	(0.21)	(0.26)	(0.28)
Net Asset Value, End of Period	$9.30	$9.76	$11.16	$11.14	$10.39
Total Return*	(1.74)%	(11.17)%	2.11%	9.83%	6.56%
Net Assets, End of Period (in thousands)	$14,489	$15,002	$19,114	$18,630	$28,020
Average Net Assets for the Period (in thousands)	$14,706	$17,308	$19,517	$23,253	$30,601
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.97%	0.95%	0.94%	0.95%	0.96%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.95%	0.94%	0.94%	0.95%	0.96%
Ratio of Net Investment Income/(Loss)	3.01%	1.41%	1.66%	2.24%	2.73%
Portfolio Turnover Rate(3)	195%	158%	132%	175%	219%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

124 | Janus Investment Fund

Janus Henderson Flexible Bond Fund – Class I

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$9.76	$11.16	$11.14	$10.39	$10.03
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.33	0.20	0.24	0.28	0.32
Net realized and unrealized gain/(loss)	(0.45)	(1.38)	0.04	0.77	0.37
Total from Investment Operations	(0.12)	(1.18)	0.28	1.05	0.69
Less Dividends and Distributions:
Dividends (from net investment income)	(0.34)	(0.22)	(0.26)	(0.30)	(0.33)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—(2)	—	—	—	—
Total Dividends and Distributions	(0.34)	(0.22)	(0.26)	(0.30)	(0.33)
Net Asset Value, End of Period	$9.30	$9.76	$11.16	$11.14	$10.39
Total Return*	(1.25)%	(10.75)%	2.56%	10.31%	7.02%
Net Assets, End of Period (in thousands)	$1,489,875	$1,527,891	$1,967,268	$1,746,376	$2,007,132
Average Net Assets for the Period (in thousands)	$1,456,058	$1,864,618	$1,866,732	$1,806,163	$3,245,500
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.53%	0.51%	0.50%	0.51%	0.52%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.46%	0.47%	0.50%	0.51%	0.52%
Ratio of Net Investment Income/(Loss)	3.51%	1.87%	2.10%	2.67%	3.17%
Portfolio Turnover Rate(3)	195%	158%	132%	175%	219%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

125 | Janus Investment Fund

Janus Henderson Flexible Bond Fund – Class N

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$9.76	$11.15	$11.14	$10.38	$10.02
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.33	0.21	0.24	0.29	0.33
Net realized and unrealized gain/(loss)	(0.46)	(1.38)	0.04	0.78	0.37
Total from Investment Operations	(0.13)	(1.17)	0.28	1.07	0.70
Less Dividends and Distributions:
Dividends (from net investment income)	(0.34)	(0.22)	(0.27)	(0.31)	(0.34)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—(2)	—	—	—	—
Total Dividends and Distributions	(0.34)	(0.22)	(0.27)	(0.31)	(0.34)
Net Asset Value, End of Period	$9.29	$9.76	$11.15	$11.14	$10.38
Total Return*	(1.35)%	(10.63)%	2.54%	10.49%	7.10%
Net Assets, End of Period (in thousands)	$481,188	$549,639	$487,997	$539,154	$680,664
Average Net Assets for the Period (in thousands)	$462,747	$485,064	$509,158	$662,412	$1,190,558
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.45%	0.43%	0.43%	0.44%	0.45%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.45%	0.43%	0.43%	0.44%	0.45%
Ratio of Net Investment Income/(Loss)	3.51%	1.94%	2.18%	2.74%	3.25%
Portfolio Turnover Rate(3)	195%	158%	132%	175%	219%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

126 | Janus Investment Fund

Janus Henderson Flexible Bond Fund – Class R

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$9.76	$11.16	$11.15	$10.39	$10.03
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.26	0.12	0.16	0.21	0.25
Net realized and unrealized gain/(loss)	(0.45)	(1.38)	0.04	0.78	0.37
Total from Investment Operations	(0.19)	(1.26)	0.20	0.99	0.62
Less Dividends and Distributions:
Dividends (from net investment income)	(0.27)	(0.14)	(0.19)	(0.23)	(0.26)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—(2)	—	—	—	—
Total Dividends and Distributions	(0.27)	(0.14)	(0.19)	(0.23)	(0.26)
Net Asset Value, End of Period	$9.30	$9.76	$11.16	$11.15	$10.39
Total Return*	(1.98)%	(11.38)%	1.80%	9.65%	6.30%
Net Assets, End of Period (in thousands)	$17,622	$20,102	$25,664	$24,453	$27,580
Average Net Assets for the Period (in thousands)	$18,630	$24,638	$26,042	$25,769	$31,616
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.21%	1.18%	1.16%	1.20%	1.21%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.20%	1.18%	1.16%	1.20%	1.21%
Ratio of Net Investment Income/(Loss)	2.75%	1.16%	1.45%	1.98%	2.49%
Portfolio Turnover Rate(3)	195%	158%	132%	175%	219%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

127 | Janus Investment Fund

Janus Henderson Flexible Bond Fund – Class T

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$9.76	$11.16	$11.14	$10.39	$10.03
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.31	0.18	0.22	0.27	0.30
Net realized and unrealized gain/(loss)	(0.45)	(1.38)	0.04	0.77	0.37
Total from Investment Operations	(0.14)	(1.20)	0.26	1.04	0.67
Less Dividends and Distributions:
Dividends (from net investment income)	(0.32)	(0.20)	(0.24)	(0.29)	(0.31)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—(2)	—	—	—	—
Total Dividends and Distributions	(0.32)	(0.20)	(0.24)	(0.29)	(0.31)
Net Asset Value, End of Period	$9.30	$9.76	$11.16	$11.14	$10.39
Total Return*	(1.48)%	(10.93)%	2.39%	10.12%	6.84%
Net Assets, End of Period (in thousands)	$347,983	$383,193	$547,371	$597,879	$641,190
Average Net Assets for the Period (in thousands)	$370,104	$477,073	$590,025	$605,817	$736,901
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.70%	0.68%	0.68%	0.69%	0.70%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.69%	0.67%	0.67%	0.68%	0.69%
Ratio of Net Investment Income/(Loss)	3.27%	1.67%	1.94%	2.49%	3.00%
Portfolio Turnover Rate(3)	195%	158%	132%	175%	219%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

128 | Janus Investment Fund

Janus Henderson Global Bond Fund – Class A

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.10	$10.07	$10.10	$9.63	$9.40
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.13	0.09	0.11	0.12	0.14
Net realized and unrealized gain/(loss)	(0.37)	(1.85)	0.22	0.47	0.23
Total from Investment Operations	(0.24)	(1.76)	0.33	0.59	0.37
Less Dividends and Distributions:
Dividends (from net investment income)	—	(0.11)	(0.13)	(0.12)	(0.09)
Distributions (from capital gains)	—	(0.05)	(0.23)	—	—
Return of capital	(0.13)	(0.05)	—	—	(0.05)
Total Dividends and Distributions	(0.13)	(0.21)	(0.36)	(0.12)	(0.14)
Net Asset Value, End of Period	$7.73	$8.10	$10.07	$10.10	$9.63
Total Return*	(2.93)%	(17.77)%	3.10%	6.20%	3.96%
Net Assets, End of Period (in thousands)	$821	$1,040	$1,693	$1,530	$1,364
Average Net Assets for the Period (in thousands)	$955	$1,452	$1,848	$1,532	$1,522
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.55%	1.29%	1.25%	1.29%	1.33%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.00%	0.96%	0.94%	0.95%	0.97%
Ratio of Net Investment Income/(Loss)	1.62%	0.96%	1.04%	1.21%	1.49%
Portfolio Turnover Rate	79%(2)	41%(2)	63%(2)	164%(2)	248%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

129 | Janus Investment Fund

Janus Henderson Global Bond Fund – Class C

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.10	$10.06	$10.11	$9.64	$9.41
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.07	0.02	0.03	0.04	0.07
Net realized and unrealized gain/(loss)	(0.36)	(1.85)	0.20	0.48	0.23
Total from Investment Operations	(0.29)	(1.83)	0.23	0.52	0.30
Less Dividends and Distributions:
Dividends (from net investment income)	—	(0.03)	(0.05)	(0.05)	(0.05)
Distributions (from capital gains)	—	(0.08)	(0.23)	—	—
Return of capital	(0.08)	(0.02)	—	—	(0.02)
Total Dividends and Distributions	(0.08)	(0.13)	(0.28)	(0.05)	(0.07)
Net Asset Value, End of Period	$7.73	$8.10	$10.06	$10.11	$9.64
Total Return*	(3.64)%	(18.31)%	2.15%	5.41%	3.19%
Net Assets, End of Period (in thousands)	$495	$710	$1,243	$1,491	$1,646
Average Net Assets for the Period (in thousands)	$577	$982	$1,489	$1,525	$1,849
Ratios to Average Net Assets**:
Ratio of Gross Expenses	2.48%	2.14%	2.01%	2.03%	2.04%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.72%	1.71%	1.67%	1.69%	1.71%
Ratio of Net Investment Income/(Loss)	0.89%	0.21%	0.30%	0.46%	0.74%
Portfolio Turnover Rate	79%(2)	41%(2)	63%(2)	164%(2)	248%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

130 | Janus Investment Fund

Janus Henderson Global Bond Fund – Class S

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.09	$10.00	$10.10	$9.64	$9.41
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.12	0.08	0.08	0.11	0.13
Net realized and unrealized gain/(loss)	(0.37)	(1.80)	0.16	0.46	0.23
Total from Investment Operations	(0.25)	(1.72)	0.24	0.57	0.36
Less Dividends and Distributions:
Dividends (from net investment income)	—	(0.09)	(0.11)	(0.11)	(0.09)
Distributions (from capital gains)	—	(0.06)	(0.23)	—	—
Return of capital	(0.12)	(0.04)	—	—	(0.04)
Total Dividends and Distributions	(0.12)	(0.19)	(0.34)	(0.11)	(0.13)
Net Asset Value, End of Period	$7.72	$8.09	$10.00	$10.10	$9.64
Total Return*	(3.07)%	(17.44)%	2.19%	5.92%	3.93%
Net Assets, End of Period (in thousands)	$64	$63	$20	$133	$319
Average Net Assets for the Period (in thousands)	$63	$59	$41	$89	$375
Ratios to Average Net Assets**:
Ratio of Gross Expenses	6.15%	6.35%	8.61%	4.64%	2.01%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.14%	1.13%	1.11%	1.10%	1.01%
Ratio of Net Investment Income/(Loss)	1.50%	0.85%	0.77%	1.09%	1.43%
Portfolio Turnover Rate	79%(2)	41%(2)	63%(2)	164%(2)	248%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

131 | Janus Investment Fund

Janus Henderson Global Bond Fund – Class I

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.09	$10.08	$10.09	$9.62	$9.39
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.15	0.12	0.14	0.14	0.16
Net realized and unrealized gain/(loss)	(0.37)	(1.88)	0.23	0.48	0.23
Total from Investment Operations	(0.22)	(1.76)	0.37	0.62	0.39
Less Dividends and Distributions:
Dividends (from net investment income)	—	(0.13)	(0.15)	(0.15)	(0.11)
Distributions (from capital gains)	—	(0.04)	(0.23)	—	—
Return of capital	(0.15)	(0.06)	—	—	(0.05)
Total Dividends and Distributions	(0.15)	(0.23)	(0.38)	(0.15)	(0.16)
Net Asset Value, End of Period	$7.72	$8.09	$10.08	$10.09	$9.62
Total Return*	(2.67)%	(17.74)%	3.55%	6.47%	4.24%
Net Assets, End of Period (in thousands)	$17,799	$47,991	$66,581	$29,927	$22,953
Average Net Assets for the Period (in thousands)	$31,004	$60,579	$40,487	$21,968	$22,886
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.95%	0.83%	0.85%	0.85%	0.88%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.72%	0.71%	0.70%	0.70%	0.71%
Ratio of Net Investment Income/(Loss)	1.85%	1.22%	1.33%	1.45%	1.74%
Portfolio Turnover Rate	79%(3)	41%(3)	63%(3)	164%(3)	248%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

132 | Janus Investment Fund

Janus Henderson Global Bond Fund – Class N

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.08	$10.05	$10.09	$9.61	$9.39
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.16	0.13	0.14	0.15	0.17
Net realized and unrealized gain/(loss)	(0.36)	(1.86)	0.21	0.49	0.22
Total from Investment Operations	(0.20)	(1.73)	0.35	0.64	0.39
Less Dividends and Distributions:
Dividends (from net investment income)	—	(0.14)	(0.16)	(0.16)	(0.11)
Distributions (from capital gains)	—	(0.03)	(0.23)	—	—
Return of capital	(0.16)	(0.07)	—	—	(0.06)
Total Dividends and Distributions	(0.16)	(0.24)	(0.39)	(0.16)	(0.17)
Net Asset Value, End of Period	$7.72	$8.08	$10.05	$10.09	$9.61
Total Return*	(2.44)%	(17.51)%	3.36%	6.69%	4.23%
Net Assets, End of Period (in thousands)	$130,636	$121,761	$145,333	$158,474	$166,397
Average Net Assets for the Period (in thousands)	$115,649	$152,358	$148,263	$161,595	$170,128
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.86%	0.72%	0.74%	0.74%	0.77%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.62%	0.60%	0.60%	0.60%	0.61%
Ratio of Net Investment Income/(Loss)	2.02%	1.34%	1.38%	1.55%	1.83%
Portfolio Turnover Rate	79%(2)	41%(2)	63%(2)	164%(2)	248%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

133 | Janus Investment Fund

Janus Henderson Global Bond Fund – Class T

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.09	$9.91	$10.10	$9.63	$9.40
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.14	0.10	0.11	0.13	0.15
Net realized and unrealized gain/(loss)	(0.37)	(1.70)	0.07	0.47	0.23
Total from Investment Operations	(0.23)	(1.60)	0.18	0.60	0.38
Less Dividends and Distributions:
Dividends (from net investment income)	—	(0.12)	(0.14)	(0.13)	(0.10)
Distributions (from capital gains)	—	(0.04)	(0.23)	—	—
Return of capital	(0.14)	(0.06)	—	—	(0.05)
Total Dividends and Distributions	(0.14)	(0.22)	(0.37)	(0.13)	(0.15)
Net Asset Value, End of Period	$7.72	$8.09	$9.91	$10.10	$9.63
Total Return*	(2.79)%	(16.43)%	1.56%	6.32%	4.09%
Net Assets, End of Period (in thousands)	$2,596	$3,410	$9,280	$29,055	$5,048
Average Net Assets for the Period (in thousands)	$2,902	$6,162	$33,807	$6,485	$5,509
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.20%	1.02%	1.00%	1.03%	1.07%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.85%	0.83%	0.84%	0.85%	0.85%
Ratio of Net Investment Income/(Loss)	1.76%	1.06%	1.10%	1.32%	1.60%
Portfolio Turnover Rate	79%(2)	41%(2)	63%(2)	164%(2)	248%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

134 | Janus Investment Fund

Janus Henderson High-Yield Fund – Class A

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$6.99	$8.64	$7.77	$8.34	$8.18
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.42	0.36	0.39	0.41	0.43
Net realized and unrealized gain/(loss)	0.06	(1.64)	0.88	(0.57)	0.16
Total from Investment Operations	0.48	(1.28)	1.27	(0.16)	0.59
Less Dividends and Distributions:
Dividends (from net investment income)	(0.42)	(0.37)	(0.40)	(0.41)	(0.43)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.42)	(0.37)	(0.40)	(0.41)	(0.43)
Net Asset Value, End of Period	$7.05	$6.99	$8.64	$7.77	$8.34
Total Return*	6.99%	(15.31)%	16.69%	(1.95)%	7.48%
Net Assets, End of Period (in thousands)	$20,698	$24,533	$38,432	$32,937	$28,510
Average Net Assets for the Period (in thousands)	$23,632	$32,275	$36,570	$35,108	$27,131
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.01%	0.98%	0.97%	0.98%	1.04%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.98%	0.98%	0.97%	0.98%	1.04%
Ratio of Net Investment Income/(Loss)	5.97%	4.41%	4.71%	5.09%	5.23%
Portfolio Turnover Rate	73%	81%	120%	146%	110%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

135 | Janus Investment Fund

Janus Henderson High-Yield Fund – Class C

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$6.99	$8.63	$7.77	$8.34	$8.18
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.37	0.31	0.34	0.36	0.37
Net realized and unrealized gain/(loss)	0.06	(1.63)	0.86	(0.57)	0.17
Total from Investment Operations	0.43	(1.32)	1.20	(0.21)	0.54
Less Dividends and Distributions:
Dividends (from net investment income)	(0.37)	(0.32)	(0.34)	(0.36)	(0.38)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.37)	(0.32)	(0.34)	(0.36)	(0.38)
Net Asset Value, End of Period	$7.05	$6.99	$8.63	$7.77	$8.34
Total Return*	6.24%	(15.81)%	15.73%	(2.64)%	6.78%
Net Assets, End of Period (in thousands)	$4,249	$5,200	$7,519	$12,402	$23,026
Average Net Assets for the Period (in thousands)	$4,863	$7,124	$9,532	$15,009	$27,890
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.77%	1.71%	1.70%	1.69%	1.70%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.70%	1.68%	1.69%	1.69%	1.70%
Ratio of Net Investment Income/(Loss)	5.28%	3.71%	4.03%	4.37%	4.57%
Portfolio Turnover Rate	73%	81%	120%	146%	110%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

136 | Janus Investment Fund

Janus Henderson High-Yield Fund – Class S

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$7.00	$8.65	$7.78	$8.35	$8.19
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.41	0.35	0.38	0.40	0.41
Net realized and unrealized gain/(loss)	0.06	(1.64)	0.88	(0.57)	0.17
Total from Investment Operations	0.47	(1.29)	1.26	(0.17)	0.58
Less Dividends and Distributions:
Dividends (from net investment income)	(0.41)	(0.36)	(0.39)	(0.40)	(0.42)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.41)	(0.36)	(0.39)	(0.40)	(0.42)
Net Asset Value, End of Period	$7.06	$7.00	$8.65	$7.78	$8.35
Total Return*	6.83%	(15.42)%	16.47%	(2.14)%	7.29%
Net Assets, End of Period (in thousands)	$1,260	$1,449	$2,237	$1,859	$1,496
Average Net Assets for the Period (in thousands)	$1,534	$1,946	$2,057	$1,687	$1,833
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.35%	1.28%	1.27%	1.30%	1.31%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.13%	1.13%	1.15%	1.19%	1.22%
Ratio of Net Investment Income/(Loss)	5.83%	4.25%	4.53%	4.90%	5.07%
Portfolio Turnover Rate	73%	81%	120%	146%	110%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

137 | Janus Investment Fund

Janus Henderson High-Yield Fund – Class I

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$7.00	$8.64	$7.77	$8.34	$8.19
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.44	0.39	0.42	0.44	0.45
Net realized and unrealized gain/(loss)	0.04	(1.64)	0.88	(0.57)	0.16
Total from Investment Operations	0.48	(1.25)	1.30	(0.13)	0.61
Less Dividends and Distributions:
Dividends (from net investment income)	(0.43)	(0.39)	(0.43)	(0.44)	(0.46)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.43)	(0.39)	(0.43)	(0.44)	(0.46)
Net Asset Value, End of Period	$7.05	$7.00	$8.64	$7.77	$8.34
Total Return*	7.10%	(14.98)%	16.99%	(1.69)%	7.68%
Net Assets, End of Period (in thousands)	$144,956	$165,462	$264,363	$258,255	$289,574
Average Net Assets for the Period (in thousands)	$156,144	$232,609	$258,975	$277,116	$323,343
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.75%	0.72%	0.71%	0.72%	0.73%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.74%	0.72%	0.71%	0.72%	0.73%
Ratio of Net Investment Income/(Loss)	6.22%	4.66%	4.97%	5.34%	5.54%
Portfolio Turnover Rate	73%	81%	120%	146%	110%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

138 | Janus Investment Fund

Janus Henderson High-Yield Fund – Class N

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$6.99	$8.64	$7.77	$8.34	$8.18
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.45	0.39	0.42	0.44	0.46
Net realized and unrealized gain/(loss)	0.05	(1.64)	0.88	(0.57)	0.16
Total from Investment Operations	0.50	(1.25)	1.30	(0.13)	0.62
Less Dividends and Distributions:
Dividends (from net investment income)	(0.44)	(0.40)	(0.43)	(0.44)	(0.46)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.44)	(0.40)	(0.43)	(0.44)	(0.46)
Net Asset Value, End of Period	$7.05	$6.99	$8.64	$7.77	$8.34
Total Return*	7.37%	(15.01)%	17.09%	(1.59)%	7.90%
Net Assets, End of Period (in thousands)	$99,579	$165,384	$149,967	$129,944	$124,803
Average Net Assets for the Period (in thousands)	$136,839	$176,304	$139,565	$129,946	$170,511
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.65%	0.63%	0.62%	0.62%	0.65%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.63%	0.62%	0.62%	0.65%
Ratio of Net Investment Income/(Loss)	6.27%	4.80%	5.05%	5.47%	5.61%
Portfolio Turnover Rate	73%	81%	120%	146%	110%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

139 | Janus Investment Fund

Janus Henderson High-Yield Fund – Class R

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$6.99	$8.63	$7.76	$8.33	$8.18
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.39	0.33	0.35	0.38	0.39
Net realized and unrealized gain/(loss)	0.05	(1.63)	0.89	(0.57)	0.15
Total from Investment Operations	0.44	(1.30)	1.24	(0.19)	0.54
Less Dividends and Distributions:
Dividends (from net investment income)	(0.39)	(0.34)	(0.37)	(0.38)	(0.39)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.39)	(0.34)	(0.37)	(0.38)	(0.39)
Net Asset Value, End of Period	$7.04	$6.99	$8.63	$7.76	$8.33
Total Return*	6.41%	(15.56)%	16.20%	(2.41)%	6.89%
Net Assets, End of Period (in thousands)	$7,071	$6,351	$7,788	$1,551	$1,623
Average Net Assets for the Period (in thousands)	$6,544	$7,434	$3,865	$1,538	$1,397
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.45%	1.41%	1.45%	1.57%	1.62%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.39%	1.38%	1.39%	1.45%	1.48%
Ratio of Net Investment Income/(Loss)	5.60%	4.02%	4.20%	4.64%	4.82%
Portfolio Turnover Rate	73%	81%	120%	146%	110%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

140 | Janus Investment Fund

Janus Henderson High-Yield Fund – Class T

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$6.99	$8.64	$7.77	$8.34	$8.18
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.43	0.37	0.40	0.42	0.44
Net realized and unrealized gain/(loss)	0.05	(1.64)	0.88	(0.57)	0.16
Total from Investment Operations	0.48	(1.27)	1.28	(0.15)	0.60
Less Dividends and Distributions:
Dividends (from net investment income)	(0.42)	(0.38)	(0.41)	(0.42)	(0.44)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.42)	(0.38)	(0.41)	(0.42)	(0.44)
Net Asset Value, End of Period	$7.05	$6.99	$8.64	$7.77	$8.34
Total Return*	7.12%	(15.21)%	16.82%	(1.83)%	7.64%
Net Assets, End of Period (in thousands)	$266,544	$283,236	$372,314	$349,513	$442,866
Average Net Assets for the Period (in thousands)	$277,063	$351,039	$364,038	$411,154	$460,568
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.90%	0.87%	0.87%	0.87%	0.89%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.87%	0.86%	0.85%	0.86%	0.89%
Ratio of Net Investment Income/(Loss)	6.10%	4.53%	4.82%	5.21%	5.39%
Portfolio Turnover Rate	73%	81%	120%	146%	110%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

141 | Janus Investment Fund

Janus Henderson Multi-Sector Income Fund – Class A

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.73	$10.12	$9.47	$9.89	$9.66
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.48	0.33	0.39	0.40	0.42
Net realized and unrealized gain/(loss)	(0.27)	(1.33)	0.67	(0.34)	0.25
Total from Investment Operations	0.21	(1.00)	1.06	0.06	0.67
Less Dividends and Distributions:
Dividends (from net investment income)	(0.49)	(0.36)	(0.41)	(0.40)	(0.44)
Distributions (from capital gains)	—	(0.03)	—	(0.05)	—
Return of capital	(0.01)	—(2)	—	(0.03)	—
Total Dividends and Distributions	(0.50)	(0.39)	(0.41)	(0.48)	(0.44)
Net Asset Value, End of Period	$8.44	$8.73	$10.12	$9.47	$9.89
Total Return*	2.50%	(10.18)%	11.38%(3)	0.61%	7.11%
Net Assets, End of Period (in thousands)	$34,132	$49,566	$67,032	$49,168	$20,276
Average Net Assets for the Period (in thousands)	$42,121	$63,735	$57,669	$40,103	$14,907
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.93%	0.90%	0.91%	0.92%	1.05%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.93%	0.90%	0.91%	0.92%	1.00%
Ratio of Net Investment Income/(Loss)	5.64%	3.43%	3.91%	4.19%	4.35%
Portfolio Turnover Rate(4)	62%	75%	119%	188%	142%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

0.01% of the Fund’s total return consists of a voluntary reimbursement by the Adviser for realized investment losses and another 0.04% consists of a gain on an investment not meeting the investment guidelines of the Fund. Excluding these items, total return would have been 11.33%.

(4)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

142 | Janus Investment Fund

Janus Henderson Multi-Sector Income Fund – Class C

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.74	$10.12	$9.47	$9.89	$9.67
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.43	0.26	0.32	0.33	0.35
Net realized and unrealized gain/(loss)	(0.29)	(1.33)	0.67	(0.35)	0.23
Total from Investment Operations	0.14	(1.07)	0.99	(0.02)	0.58
Less Dividends and Distributions:
Dividends (from net investment income)	(0.43)	(0.28)	(0.34)	(0.33)	(0.36)
Distributions (from capital gains)	—	(0.03)	—	(0.05)	—
Return of capital	(0.01)	—(2)	—	(0.02)	—
Total Dividends and Distributions	(0.44)	(0.31)	(0.34)	(0.40)	(0.36)
Net Asset Value, End of Period	$8.44	$8.74	$10.12	$9.47	$9.89
Total Return*	1.65%	(10.75)%	10.58%(3)	(0.18)%	6.20%
Net Assets, End of Period (in thousands)	$55,343	$62,504	$71,133	$63,574	$30,350
Average Net Assets for the Period (in thousands)	$57,811	$73,171	$67,010	$50,662	$20,980
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.64%	1.66%	1.64%	1.71%	1.79%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.64%	1.66%	1.64%	1.71%	1.76%
Ratio of Net Investment Income/(Loss)	4.99%	2.70%	3.19%	3.43%	3.60%
Portfolio Turnover Rate(4)	62%	75%	119%	188%	142%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

(4)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

143 | Janus Investment Fund

Janus Henderson Multi-Sector Income Fund – Class S

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.73	$10.11	$9.46	$9.91	$9.67
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.48	0.32	0.39	0.39	0.43
Net realized and unrealized gain/(loss)	(0.30)	(1.34)	0.67	(0.37)	0.27
Total from Investment Operations	0.18	(1.02)	1.06	0.02	0.70
Less Dividends and Distributions:
Dividends (from net investment income)	(0.47)	(0.33)	(0.41)	(0.39)	(0.46)
Distributions (from capital gains)	—	(0.03)	—	(0.05)	—
Return of capital	(0.01)	—(2)	—	(0.03)	—
Total Dividends and Distributions	(0.48)	(0.36)	(0.41)	(0.47)	(0.46)
Net Asset Value, End of Period	$8.43	$8.73	$10.11	$9.46	$9.91
Total Return*	2.16%	(10.30)%	11.32%(3)	0.19%	7.51%
Net Assets, End of Period (in thousands)	$2,030	$1,202	$745	$987	$652
Average Net Assets for the Period (in thousands)	$1,396	$890	$898	$775	$908
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.34%	1.45%	1.33%	1.43%	1.36%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.15%	1.15%	0.98%	1.03%	0.89%
Ratio of Net Investment Income/(Loss)	5.66%	3.33%	3.88%	4.05%	4.47%
Portfolio Turnover Rate(4)	62%	75%	119%	188%	142%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

(4)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

144 | Janus Investment Fund

Janus Henderson Multi-Sector Income Fund – Class I

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.73	$10.12	$9.47	$9.88	$9.66
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.51	0.36	0.41	0.43	0.44
Net realized and unrealized gain/(loss)	(0.29)	(1.34)	0.67	(0.34)	0.24
Total from Investment Operations	0.22	(0.98)	1.08	0.09	0.68
Less Dividends and Distributions:
Dividends (from net investment income)	(0.50)	(0.38)	(0.43)	(0.42)	(0.46)
Distributions (from capital gains)	—	(0.03)	—	(0.05)	—
Return of capital	(0.01)	—(2)	—	(0.03)	—
Total Dividends and Distributions	(0.51)	(0.41)	(0.43)	(0.50)	(0.46)
Net Asset Value, End of Period	$8.44	$8.73	$10.12	$9.47	$9.88
Total Return*	2.72%	(9.99)%	11.63%(3)	0.93%	7.25%
Net Assets, End of Period (in thousands)	$2,550,145	$2,522,907	$2,570,289	$1,805,985	$909,014
Average Net Assets for the Period (in thousands)	$2,420,274	$2,803,141	$2,061,334	$1,542,112	$476,391
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.72%	0.69%	0.69%	0.70%	0.80%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.72%	0.69%	0.69%	0.70%	0.78%
Ratio of Net Investment Income/(Loss)	5.95%	3.68%	4.13%	4.42%	4.59%
Portfolio Turnover Rate(4)	62%	75%	119%	188%	142%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

(4)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

145 | Janus Investment Fund

Janus Henderson Multi-Sector Income Fund – Class N

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.74	$10.12	$9.47	$9.89	$9.67
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.51	0.37	0.42	0.44	0.45
Net realized and unrealized gain/(loss)	(0.29)	(1.33)	0.67	(0.36)	0.24
Total from Investment Operations	0.22	(0.96)	1.09	0.08	0.69
Less Dividends and Distributions:
Dividends (from net investment income)	(0.51)	(0.39)	(0.44)	(0.42)	(0.47)
Distributions (from capital gains)	—	(0.03)	—	(0.05)	—
Return of capital	(0.01)	—(2)	—	(0.03)	—
Total Dividends and Distributions	(0.52)	(0.42)	(0.44)	(0.50)	(0.47)
Net Asset Value, End of Period	$8.44	$8.74	$10.12	$9.47	$9.89
Total Return*	2.70%	(9.80)%	11.73%(3)	0.90%	7.32%
Net Assets, End of Period (in thousands)	$73,779	$68,120	$121,983	$88,092	$6,763
Average Net Assets for the Period (in thousands)	$71,508	$101,875	$104,964	$20,729	$3,933
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.62%	0.59%	0.60%	0.63%	0.80%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.62%	0.59%	0.60%	0.63%	0.71%
Ratio of Net Investment Income/(Loss)	6.06%	3.73%	4.21%	4.68%	4.67%
Portfolio Turnover Rate(4)	62%	75%	119%	188%	142%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

(4)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

146 | Janus Investment Fund

Janus Henderson Multi-Sector Income Fund – Class T

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$8.73	$10.12	$9.47	$9.89	$9.66
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.49	0.34	0.40	0.41	0.42
Net realized and unrealized gain/(loss)	(0.29)	(1.34)	0.67	(0.35)	0.25
Total from Investment Operations	0.20	(1.00)	1.07	0.06	0.67
Less Dividends and Distributions:
Dividends (from net investment income)	(0.49)	(0.36)	(0.42)	(0.40)	(0.44)
Distributions (from capital gains)	—	(0.03)	—	(0.05)	—
Return of capital	(0.01)	—(2)	—	(0.03)	—
Total Dividends and Distributions	(0.50)	(0.39)	(0.42)	(0.48)	(0.44)
Net Asset Value, End of Period	$8.43	$8.73	$10.12	$9.47	$9.89
Total Return*	2.45%	(10.12)%	11.47%(3)	0.67%	7.17%
Net Assets, End of Period (in thousands)	$94,916	$159,043	$229,774	$285,912	$149,662
Average Net Assets for the Period (in thousands)	$122,278	$202,714	$291,205	$250,371	$105,637
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.86%	0.84%	0.85%	0.86%	0.98%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.85%	0.83%	0.83%	0.86%	0.95%
Ratio of Net Investment Income/(Loss)	5.65%	3.50%	4.01%	4.27%	4.42%
Portfolio Turnover Rate(4)	62%	75%	119%	188%	142%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Less than $0.005 on a per share basis.

(3)

(4)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

147 | Janus Investment Fund

Janus Henderson Short Duration Flexible Bond Fund – Class A

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$2.85	$3.08	$3.06	$3.02	$2.98
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.08	0.03	0.05	0.06	0.07
Net realized and unrealized gain/(loss)	(0.04)	(0.22)	0.02	0.05	0.04
Total from Investment Operations	0.04	(0.19)	0.07	0.11	0.11
Less Dividends and Distributions:
Dividends (from net investment income)	(0.08)	(0.04)	(0.05)	(0.07)	(0.07)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.08)	(0.04)	(0.05)	(0.07)	(0.07)
Net Asset Value, End of Period	$2.81	$2.85	$3.08	$3.06	$3.02
Total Return*	1.39%	(6.28)%	2.30%	3.57%	3.64%
Net Assets, End of Period (in thousands)	$45,842	$66,254	$77,673	$65,066	$57,815
Average Net Assets for the Period (in thousands)	$55,949	$74,703	$76,534	$56,628	$57,158
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.83%	0.78%	0.78%	0.79%	0.85%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.70%	0.71%	0.74%	0.74%	0.77%
Ratio of Net Investment Income/(Loss)	2.68%	1.06%	1.51%	2.10%	2.25%
Portfolio Turnover Rate	118%(2)	94%(2)	112%(2)	121%	79%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

148 | Janus Investment Fund

Janus Henderson Short Duration Flexible Bond Fund – Class C

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$2.84	$3.08	$3.05	$3.01	$2.97
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.06	0.01	0.03	0.04	0.05
Net realized and unrealized gain/(loss)	(0.04)	(0.23)	0.03	0.04	0.04
Total from Investment Operations	0.02	(0.22)	0.06	0.08	0.09
Less Dividends and Distributions:
Dividends (from net investment income)	(0.06)	(0.02)	(0.03)	(0.04)	(0.05)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.06)	(0.02)	(0.03)	(0.04)	(0.05)
Net Asset Value, End of Period	$2.80	$2.84	$3.08	$3.05	$3.01
Total Return*	0.75%	(7.27)%	2.04%	2.84%	2.90%
Net Assets, End of Period (in thousands)	$12,886	$16,947	$23,656	$27,296	$29,434
Average Net Assets for the Period (in thousands)	$14,596	$20,412	$28,272	$26,387	$30,443
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.48%	1.51%	1.37%	1.53%	1.58%
Ratio of Net Expenses (After Waivers and Expense Offsets)	1.33%	1.42%	1.32%	1.47%	1.49%
Ratio of Net Investment Income/(Loss)	2.08%	0.34%	0.93%	1.37%	1.52%
Portfolio Turnover Rate	118%(2)	94%(2)	112%(2)	121%	79%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

149 | Janus Investment Fund

Janus Henderson Short Duration Flexible Bond Fund – Class S

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$2.85	$3.07	$3.05	$3.01	$2.97
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.07	0.03	0.04	0.06	0.06
Net realized and unrealized gain/(loss)	(0.05)	(0.22)	0.02	0.04	0.04
Total from Investment Operations	0.02	(0.19)	0.06	0.10	0.10
Less Dividends and Distributions:
Dividends (from net investment income)	(0.07)	(0.03)	(0.04)	(0.06)	(0.06)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.07)	(0.03)	(0.04)	(0.06)	(0.06)
Net Asset Value, End of Period	$2.80	$2.85	$3.07	$3.05	$3.01
Total Return*	0.84%	(6.16)%	2.12%	3.39%	3.46%
Net Assets, End of Period (in thousands)	$381	$371	$660	$791	$1,162
Average Net Assets for the Period (in thousands)	$380	$635	$674	$1,085	$1,322
Ratios to Average Net Assets**:
Ratio of Gross Expenses	1.82%	1.46%	1.43%	1.26%	1.27%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.88%	0.90%	0.92%	0.93%	0.95%
Ratio of Net Investment Income/(Loss)	2.55%	0.87%	1.32%	1.88%	2.04%
Portfolio Turnover Rate	118%(2)	94%(2)	112%(2)	121%	79%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

150 | Janus Investment Fund

Janus Henderson Short Duration Flexible Bond Fund – Class I

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$2.85	$3.08	$3.05	$3.02	$2.97
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.08	0.04	0.05	0.07	0.07
Net realized and unrealized gain/(loss)	(0.03)	(0.23)	0.04	0.03	0.05
Total from Investment Operations	0.05	(0.19)	0.09	0.10	0.12
Less Dividends and Distributions:
Dividends (from net investment income)	(0.09)	(0.04)	(0.06)	(0.07)	(0.07)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.09)	(0.04)	(0.06)	(0.07)	(0.07)
Net Asset Value, End of Period	$2.81	$2.85	$3.08	$3.05	$3.02
Total Return*	1.63%	(6.08)%	2.82%	3.42%	4.19%
Net Assets, End of Period (in thousands)	$368,402	$442,881	$421,533	$380,901	$392,758
Average Net Assets for the Period (in thousands)	$402,417	$490,490	$412,021	$383,912	$414,017
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.66%	0.61%	0.60%	0.61%	0.65%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.46%	0.49%	0.56%	0.56%	0.57%
Ratio of Net Investment Income/(Loss)	2.94%	1.28%	1.69%	2.27%	2.43%
Portfolio Turnover Rate	118%(2)	94%(2)	112%(2)	121%	79%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

151 | Janus Investment Fund

Janus Henderson Short Duration Flexible Bond Fund – Class N

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$2.84	$3.07	$3.05	$3.01	$2.97
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.08	0.04	0.06	0.07	0.08
Net realized and unrealized gain/(loss)	(0.04)	(0.22)	0.02	0.05	0.04
Total from Investment Operations	0.04	(0.18)	0.08	0.12	0.12
Less Dividends and Distributions:
Dividends (from net investment income)	(0.09)	(0.05)	(0.06)	(0.08)	(0.08)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.09)	(0.05)	(0.06)	(0.08)	(0.08)
Net Asset Value, End of Period	$2.79	$2.84	$3.07	$3.05	$3.01
Total Return*	1.33%	(6.03)%	2.61%	3.89%	3.95%
Net Assets, End of Period (in thousands)	$25,912	$45,088	$15,816	$17,144	$37,464
Average Net Assets for the Period (in thousands)	$28,657	$29,059	$16,326	$41,174	$64,559
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.53%	0.50%	0.50%	0.49%	0.55%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.40%	0.41%	0.44%	0.44%	0.47%
Ratio of Net Investment Income/(Loss)	2.83%	1.39%	1.80%	2.34%	2.53%
Portfolio Turnover Rate	118%(2)	94%(2)	112%(2)	121%	79%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

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Janus Henderson Short Duration Flexible Bond Fund – Class T

	Years ended June 30
	2023	2022	2021	2020	2019
Net Asset Value, Beginning of Period	$2.85	$3.08	$3.06	$3.02	$2.98
Income/(Loss) from Investment Operations:
Net investment income/(loss)(1)	0.08	0.03	0.05	0.06	0.07
Net realized and unrealized gain/(loss)	(0.04)	(0.22)	0.02	0.05	0.04
Total from Investment Operations	0.04	(0.19)	0.07	0.11	0.11
Less Dividends and Distributions:
Dividends (from net investment income)	(0.08)	(0.04)	(0.05)	(0.07)	(0.07)
Distributions (from capital gains)	—	—	—	—	—
Return of capital	—	—	—	—	—
Total Dividends and Distributions	(0.08)	(0.04)	(0.05)	(0.07)	(0.07)
Net Asset Value, End of Period	$2.81	$2.85	$3.08	$3.06	$3.02
Total Return*	1.45%	(6.23)%	2.36%	3.63%	3.70%
Net Assets, End of Period (in thousands)	$231,314	$294,579	$403,560	$427,052	$521,348
Average Net Assets for the Period (in thousands)	$265,112	$353,907	$424,193	$473,636	$628,515
Ratios to Average Net Assets**:
Ratio of Gross Expenses	0.77%	0.73%	0.73%	0.74%	0.80%
Ratio of Net Expenses (After Waivers and Expense Offsets)	0.64%	0.65%	0.69%	0.69%	0.71%
Ratio of Net Investment Income/(Loss)	2.75%	1.10%	1.56%	2.14%	2.27%
Portfolio Turnover Rate	118%(2)	94%(2)	112%(2)	121%	79%

Total return includes adjustments in accordance with generally accepted accounting principles required at the year or period end and are not annualized for periods of less than one full year.

Annualized for periods of less than one full year.

(1)

Per share amounts are calculated based on average shares outstanding during the year or period.

(2)

Portfolio Turnover Rate excludes TBA (to be announced) purchase and sales commitments.

153 | Janus Investment Fund

Appendix A – intermediary sales charge waivers and discounts

AMERIPRISE FINANCIAL

The following information is provided by Ameriprise Financial:

Class A Shares Front-End Sales Charge Waivers Available at Ameriprise Financial:

The following information applies to Class A shares purchases if you have an account with or otherwise purchase Fund shares through Ameriprise Financial:

Shareholders purchasing Fund shares through an Ameriprise Financial brokerage account are eligible for the following front-end sales charge waivers, which may differ from those disclosed elsewhere in this Fund’s prospectus or SAI:

•

Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).

•

Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply.

•

Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.

•

Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts, 401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.

•

Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement).

EDWARD JONES

The following information is provided by Edward D. Jones & Co., L.P. (“Edward Jones”):

Policies Regarding Transactions Through Edward Jones

Effective on or after May 1, 2021, the following information supersedes prior information with respect to transactions and positions held in fund shares through an Edward Jones system. Clients of Edward Jones (also referred to as “shareholders”) purchasing fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from discounts and waivers described elsewhere in the mutual fund prospectus or statement of additional information (“SAI”) or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of the same fund family, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.

Breakpoints

•

Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.

Rights of Accumulation (“ROA”)

•

The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of the mutual fund family held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.

154 | Janus Investment Fund

•

The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.

•

ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).

Letter of Intent (“LOI”)

•

Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front-end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13-month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.

•

If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.

Sales Charge Waivers

Sales charges are waived for the following shareholders and in the following situations:

•

Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.

•

Shares purchased in an Edward Jones fee-based program.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.

•

Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.

•

Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.

•

Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.

Contingent Deferred Sales Charge (“CDSC”) Waivers

If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions:

•

The death or disability of the shareholder.

•

Systematic withdrawals with up to 10% per year of the account value.

•

Return of excess contributions from an Individual Retirement Account (IRA).

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.

•

Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.

•

Shares exchanged in an Edward Jones fee-based program.

•

Shares acquired through NAV reinstatement.

•

Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.

Other Important Information Regarding Transactions Through Edward Jones

Minimum Purchase Amounts

•

Initial purchase minimum: $250

•

Subsequent purchase minimum: none

155 | Janus Investment Fund

Minimum Balances

•

Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:

A fee-based account held on an Edward Jones platform

A 529 account held on an Edward Jones platform

An account with an active systematic investment plan or LOI

Exchanging Share Classes

•

At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares of the same fund.

J.P. MORGAN SECURITIES

The following information is provided by J.P. Morgan Securities LLC:

Effective September 29, 2023, if you purchase or hold fund shares through an applicable J.P. Morgan Securities LLC brokerage account, you will be eligible for the following sales charge waivers (front-end sales charge waivers and contingent deferred sales charge (“CDSC”), or back-end sales charge, waivers), share class conversion policy and discounts, which may differ from those disclosed elsewhere in this fund’s prospectus or Statement of Additional Information.

Front-end sales charge waivers on Class A shares available at J.P. Morgan Securities LLC

•

Shares exchanged from Class C (i.e. level-load) shares that are no longer subject to a CDSC and are exchanged into Class A shares of the same fund pursuant to J.P. Morgan Securities LLC’s share class exchange policy.

•

Qualified employer-sponsored defined contribution and defined benefit retirement plans, nonqualified deferred compensation plans, other employee benefit plans and trusts used to fund those plans. For purposes of this provision, such plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or 501(c)(3) accounts.

•

Shares of funds purchased through J.P. Morgan Securities LLC Self-Directed Investing accounts.

•

Shares purchased through rights of reinstatement.

•

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).

•

Shares purchased by employees and registered representatives of J.P. Morgan Securities LLC or its affiliates and their spouse or financial dependent as defined by J.P. Morgan Securities LLC.

Class C to Class A share conversion

•

A shareholder in the fund’s Class C shares will have their shares converted to Class A shares (or the appropriate share class) of the same fund if the shares are no longer subject to a CDSC and the conversion is consistent with J.P. Morgan Securities LLC’s policies and procedures.

CDSC waivers on Class A and C shares available at J.P. Morgan Securities LLC

•

Shares sold upon the death or disability of the shareholder.

•

Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.

•

Shares purchased in connection with a return of excess contributions from an IRA account.

•

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code.

•

Shares acquired through a right of reinstatement.

Front-end load discounts available at J.P. Morgan Securities LLC: breakpoints, rights of accumulation & letters of intent

•

Breakpoints as described in the prospectus.

•

Rights of Accumulation (“ROA”) which entitle shareholders to breakpoint discounts as described in the fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at J.P. Morgan Securities LLC. Eligible fund family assets not held at J.P. Morgan Securities LLC (including 529 program holdings, where applicable) may be included in the ROA calculation only if the shareholder notifies their financial advisor about such assets.

156 | Janus Investment Fund

•

Letters of Intent (“LOI”) which allow for breakpoint discounts based on anticipated purchases within a fund family, through J.P. Morgan Securities LLC, over a 13-month period of time (if applicable).

MERRILL LYNCH

The following information is provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”):

The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through a financial intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load (“CDSC”) waivers, which are discussed below. In all instances, it is the purchaser’s responsibility to notify the Fund or the purchaser’s financial intermediary at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts.

Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in the Fund’s Prospectus or Statement of Additional Information.

Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch

Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to

fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the

plan

Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)

Shares purchased through a Merrill Lynch affiliated investment advisory program

Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage

(non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers

Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform

Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)

Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund

(but not any other fund within the fund family)

Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts

and waivers

Employees and registered representatives of Merrill Lynch or its affiliates and their family members

Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s

prospectus

Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within

90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a

front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e., systematic purchases and withdrawals)

and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement

157 | Janus Investment Fund