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▼ January 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
Global & International Equity
Janus Henderson Asia Equity Fund	JAQAX	JAQCX	JAQSX	JAQIX	JAQNX	N/A	JAQTX
Janus Henderson Emerging Markets Fund	HEMAX	HEMCX	HEMSX	HEMIX	HEMRX	N/A	HEMTX
Janus Henderson European Focus Fund	HFEAX	HFECX	HFESX	HFEIX	HFERX	N/A	HFETX
Janus Henderson Global Equity Income Fund	HFQAX	HFQCX	HFQSX	HFQIX	HFQRX	N/A	HFQTX
Janus Henderson Global Life Sciences Fund	JFNAX	JFNCX	JFNSX	JFNIX	JFNNX	N/A	JAGLX
Janus Henderson Global Real Estate Fund	JERAX	JERCX	JERSX	JERIX	JERNX	N/A	JERTX
Janus Henderson Global Research Fund	JDWAX	JWWCX	JWGRX	JWWFX	JDWNX	JDWRX	JAWWX
Janus Henderson Global Select Fund	JORAX	JORCX	JORIX	JORFX	JSLNX	JORRX	JORNX
Janus Henderson Global Sustainable Equity Fund	JEASX	JECTX	JESSX	JEUIX	JETNX	JEGRX	JETTX
Janus Henderson Global Technology and Innovation Fund	JATAX	JAGCX	JATSX	JATIX	JATNX	N/A	JAGTX
Janus Henderson International Opportunities Fund	HFOAX	HFOCX	HFOQX	HFOIX	HFOSX	HFORX	HFOTX
Janus Henderson Overseas Fund	JDIAX	JIGCX	JIGRX	JIGFX	JDINX	JDIRX	JAOSX

The Securities and Exchange Commission has not 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 12 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 Asia Equity Fund	2
Janus Henderson Emerging Markets Fund	10
Janus Henderson European Focus Fund	18
Janus Henderson Global Equity Income Fund	26
Janus Henderson Global Life Sciences Fund	35
Janus Henderson Global Real Estate Fund	42
Janus Henderson Global Research Fund	50
Janus Henderson Global Select Fund	58
Janus Henderson Global Sustainable Equity Fund	66
Janus Henderson Global Technology and Innovation Fund	74
Janus Henderson International Opportunities Fund	82
Janus Henderson Overseas Fund	91
Additional information about the Funds
Fees and expenses	99
Additional investment strategies and general portfolio policies	100
Risks of the Funds	108
Management of the Funds
Investment adviser	119
Management expenses	119
Investment personnel	123
Other information	127
Distributions and taxes	128
Shareholder’s guide
Pricing of fund shares	132
Choosing a share class	134
Distribution, servicing, and administrative fees	136
Payments to financial intermediaries by the Adviser or its affiliates	137
Purchases	138
Exchanges	142
Redemptions	143
Excessive trading	145
Shareholder communications	147
Supplemental performance information - Janus Henderson Global Sustainable Equity Fund	149
Financial highlights	151
Appendix A – intermediary sales charge waivers and discounts	228
Glossary of investment terms	234

1 | Janus Investment Fund

Fund summary

Janus Henderson Asia Equity Fund

Ticker:	JAQAX	Class A Shares	JAQSX	Class S Shares	JAQNX	Class N Shares
	JAQCX	Class C Shares	JAQIX	Class I Shares	JAQTX	Class T Shares

Investment Objective

Janus Henderson Asia Equity Fund seeks long-term growth 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 138 of the Fund’s Prospectus and in the “Purchases” section on page 79 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 T

Maximum Sales Charge (load) Imposed on Purchases (as a percentage of

offering price)

5.75%

None

Maximum Deferred Sales Charge (load) (as a percentage of the lower of

original purchase price or redemption proceeds)

None

1.00%

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(1)

0.79%

Distribution/Service (12b-1) Fees