JANUS INVESTMENT FUND

^▼	January 28, 2020 As Supplemented February 20, 2020

	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 Technology and Innovation Fund	JATAX	JAGCX	JATSX	JATIX	JATNX	N/A	JAGTX
(formerly named Janus Henderson Global Technology Fund)
Janus Henderson Global Value Fund	JPPAX	JPPCX	JPPSX	JPPIX	JPPNX	N/A	JGVAX
Janus Henderson International Opportunities Fund	HFOAX	HFOCX	HFOQX	HFOIX	HFOSX	HFORX	HFOTX
Janus Henderson International Small Cap Fund	HIZAX	HIZCX	HIZSX	HIZIX	HIZRX	N/A	HIZTX
Janus Henderson International Value Fund	JIFAX	JIFCX	JIFSX	JIFIX	JIFNX	N/A	JIFTX
Janus Henderson Overseas Fund	JDIAX	JIGCX	JIGRX	JIGFX	JDINX	JDIRX	JAOSX

Janus Investment Fund

Prospectus

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.

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of a Fund’s shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports from the Fund or your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by contacting a Janus Henderson representative. Instead, the reports will be made available on a website, and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from a Fund electronically by contacting your plan sponsor, broker-dealer, or financial intermediary, or if you invest directly with the Fund, by visiting janushenderson.com/edelivery.

You may elect to receive all future reports in paper free of charge. If you do not invest directly with a Fund, you should contact your plan sponsor, broker-dealer, or financial intermediary, to request to continue receiving paper copies of your shareholder reports. If you invest directly with a Fund, you can call 1-800-525-3713 to let the Fund know that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all Janus Henderson mutual funds where held (i.e., all Janus Henderson mutual funds held in your account if you invest through your financial intermediary or all Janus Henderson mutual funds held with the fund complex if you invest directly with a fund).

Table of contents

Fund summary
Janus Henderson Asia Equity Fund	2
Janus Henderson Emerging Markets Fund	9
Janus Henderson European Focus Fund	17
Janus Henderson Global Equity Income Fund	25
Janus Henderson Global Life Sciences Fund	34
Janus Henderson Global Real Estate Fund	41
Janus Henderson Global Research Fund	49
Janus Henderson Global Select Fund	57
Janus Henderson Global Technology and Innovation Fund	65
Janus Henderson Global Value Fund	73
Janus Henderson International Opportunities Fund	80
Janus Henderson International Small Cap Fund	88
Janus Henderson International Value Fund	96
Janus Henderson Overseas Fund	102
Additional information about the Funds
Fees and expenses	111
Additional investment strategies and general portfolio policies	112
Risks of the Funds	117
Management of the Funds
Investment adviser	127
Management expenses	127
Subadviser	131
Investment personnel	131
Other information	137
Distributions and taxes	138
Shareholder’s guide
Pricing of fund shares	142
Choosing a share class	143
Distribution, servicing, and administrative fees	145
Payments to financial intermediaries by Janus Capital or its affiliates	146
Purchases	148
Exchanges	152
Redemptions	153
Excessive trading	155
Shareholder communications	157
Financial highlights	158
Appendix A – intermediary sales charge waivers and discounts	246
Glossary of investment terms	249

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 and hold 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 mutual 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 148 of the Fund’s Prospectus and in the “Purchases” section on page 85 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	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⁽¹⁾	0.97%	0.97%	0.97%	0.97%	0.97%	0.97%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	1.51%	1.58%	1.96%	1.35%	1.08%	1.56%
Acquired Fund⁽²⁾ Fees and Expenses	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses⁽³⁾	2.74%	3.56%	3.19%	2.33%	2.06%	2.54%
Fee Waiver⁽³⁾	1.23%	1.28%	1.51%	1.11%	0.88%	1.10%
Total Annual Fund Operating Expenses After Fee Waiver⁽³⁾	1.51%	2.28%	1.68%	1.22%	1.18%	1.44%

(1)	This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus.
(2)	“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. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the 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.
(3)	Janus Capital 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 any performance adjustments to management fees, 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/administrative fees payable by any share class; brokerage commissions; interest; dividends; taxes; acquired fund fees and expenses; and extraordinary expenses) exceed 1.11% for at least a one-year period commencing on January 28, 2020. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees.

EXAMPLE:

2	Janus Henderson Asia Equity Fund

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 without waivers remain the same. 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	$ 836	$ 1,376	$ 1,941	$ 3,469
Class C Shares	$ 459	$ 1,091	$ 1,845	$ 3,827
Class S Shares	$ 322	$ 983	$ 1,669	$ 3,494
Class I Shares	$ 236	$ 727	$ 1,245	$ 2,666
Class N Shares	$ 209	$ 646	$ 1,108	$ 2,390
Class T Shares	$ 257	$ 791	$ 1,350	$ 2,875

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 836	$ 1,376	$ 1,941	$ 3,469
Class C Shares	$ 359	$ 1,091	$ 1,845	$ 3,827
Class S Shares	$ 322	$ 983	$ 1,669	$ 3,494
Class I Shares	$ 236	$ 727	$ 1,245	$ 2,666
Class N Shares	$ 209	$ 646	$ 1,108	$ 2,390
Class T Shares	$ 257	$ 791	$ 1,350	$ 2,875

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 34% 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 equity securities of Asian issuers (excluding Japanese issuers). An Asian issuer is generally considered to be any company that (i) is incorporated or has its principal business activities in an Asian country; (ii) is primarily listed on the trading market of an Asian country; or (iii) derives 50% or more of its revenue from, or has 50% or more of its assets in, one or more Asian countries. The Fund considers “Asian countries” to include, but not be limited to, Hong Kong, China, South Korea, Taiwan, Singapore, Malaysia, Thailand, Indonesia, Philippines, India, Vietnam, Pakistan, and Sri Lanka. Some of these countries may represent developing or emerging markets. The Fund may have significant exposure to emerging market countries. Subject to the Fund’s 80% investment policy, the Fund may also invest in issuers from other countries, including Australia and New Zealand.

The Fund generally invests in equity securities, which consist primarily of common stocks, preferred stocks, depositary receipts, and convertible securities, but may also include other types of instruments, such as equity-linked securities, real estate-related companies, and real estate investment trusts sponsored by Asian real estate companies. The Fund may invest in companies of any market capitalization. While the Fund intends to diversify its investments across a number of different countries, including emerging market countries, it may, under unusual circumstances, invest all or a significant portion of its assets in a single Asian country.

The portfolio managers apply a “bottom up” approach in choosing investments. In other words, the portfolio managers look at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Fund’s investment policies. The portfolio managers will also analyze each company from a macro perspective taking into consideration any important themes or issues that may impact the investment environment in certain regions or sectors and to estimate regional market risks.

The Fund may lend portfolio securities 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.

3	Janus Henderson Asia Equity Fund

Principal investment risks

The biggest risk is that the Fund’s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking an Asian equity portfolio, including common stocks. Common stocks tend to be more volatile than many other investment choices.

Emerging Markets Risk. The risks of foreign investing are heightened when investing in emerging markets. Emerging markets securities involve a number of additional 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, 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 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 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. Additionally, foreign and emerging market risks, including but not limited to price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities. As of September 30, 2019, approximately 74.3% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

Geographic Investment Risk. Because the Fund intends to focus its investments in a particular geographic region, the Fund’s performance is expected to be closely tied to various factors such as social, financial, economic, and political conditions within that region or country. Specifically, the Fund’s investments in Asian issuers increase the Fund’s exposure to the risks associated with volatile securities markets, adverse exchange rates, social, political and regulatory developments, and economic environmental events (such as natural disasters) which may be particular to Asian countries. Events that negatively affect the fiscal stability of Asian countries may cause the value of the Fund’s shares to decrease, in some cases significantly. As a result, the Fund is likely to be more volatile than more geographically diverse funds. In addition, many of the economies of the Asian countries in which the Fund invests are interdependent, which may cause them to experience the impact of such events at the same time or may increase the possibility that conditions in one country or region might adversely impact the issuers of securities in a different country or region.

Market Risk. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio managers’ belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. 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. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

Growth Securities Risk. The Fund invests in companies that the portfolio managers believe have growth potential. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If the portfolio managers’ perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund’s returns. In addition, because different types of stocks tend to shift in and out of favor

4	Janus Henderson Asia Equity Fund

depending on market and economic conditions, “growth” stocks may perform differently from the market as a whole and other types of securities.

Industry and Sector Risk. Although the Fund does not concentrate its investments in specific industries or industry sectors, at times, 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. 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.

Real Estate Securities Risk. The Fund’s performance may be affected by the risks associated with investments in real estate-related companies. The value of real estate-related companies’ securities is sensitive to changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, supply and demand, and the management skill and creditworthiness of the company. Investments in real estate investment trusts (“REITs”) involve the same risks as other real estate investments. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund.

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

Management Risk. The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies 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 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 commenced operations on January 26, 2018.

•	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 January 26, 2018, 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 January 26, 2018, the performance shown may have been different.

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 broad-based securities market indices. All figures assume reinvestment of dividends and distributions.

5	Janus Henderson Asia Equity Fund

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: 1st Quarter 2012 16.48%

Worst Quarter: 3rd Quarter 2015 – 18.90%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	Since Inception (7/29/11)
Class I Shares
Return Before Taxes	20.87%	7.39%	5.27%
Return After Taxes on Distributions	20.81%	6.57%	4.44%
Return After Taxes on Distributions and Sale of Fund Shares	12.70%	5.77%	4.06%
MSCI All Country Asia ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.17%	6.55%	4.65%
MSCI All Country Asia-Pacific ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	19.16%	6.33%	4.59%
Class A Shares
Return Before Taxes⁽¹⁾	13.61%	5.78%	4.21%
MSCI All Country Asia ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.17%	6.55%	4.65%
MSCI All Country Asia-Pacific ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	19.16%	6.33%	4.59%
Class C Shares
Return Before Taxes⁽²⁾	18.83%	6.32%	4.23%
MSCI All Country Asia ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.17%	6.55%	4.65%
MSCI All Country Asia-Pacific ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	19.16%	6.33%	4.59%
Class S Shares
Return Before Taxes	20.81%	7.09%	4.93%
MSCI All Country Asia ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.17%	6.55%	4.65%
MSCI All Country Asia-Pacific ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	19.16%	6.33%	4.59%

6	Janus Henderson Asia Equity Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	Since Inception (7/29/11)
Class N Shares
Return Before Taxes	20.96%	6.98%	4.72%
MSCI All Country Asia ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.17%	6.55%	4.65%
MSCI All Country Asia-Pacific ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	19.16%	6.33%	4.59%
Class T Shares
Return Before Taxes	20.73%	7.24%	5.10%
MSCI All Country Asia ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.17%	6.55%	4.65%
MSCI All Country Asia-Pacific ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	19.16%	6.33%	4.59%

(1)	Calculated assuming maximum permitted sales loads.
(2)	The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the MSCI All Country Asia ex-Japan Index. The Fund also compares its performance to the MSCI All Country Asia-Pacific ex-Japan Index. The MSCI All Country Asia ex-Japan Index is used to calculate the Fund’s performance fee adjustment. The indices are described below.

•	The MSCI All Country Asia ex-Japan Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of Asia, excluding Japan. The index includes reinvestment of dividends, net of foreign withholding taxes.
•	The MSCI All Country Asia-Pacific ex-Japan Index captures large and mid cap representation across developed market countries and emerging market countries in the Asia-Pacific region, excluding Japan. The index includes reinvestment of dividends, net of foreign withholding taxes.

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 Capital Management LLC

Portfolio Managers: Andrew Gillan is Executive Vice President and Co-Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since June 2017. Mervyn Koh, 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 June 2017.

7	Janus Henderson Asia Equity 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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs 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 regular 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, or Class T Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies 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.

8	Janus Henderson Asia Equity Fund

Fund summary

Janus Henderson Emerging Markets Fund

Ticker:	HEMAX	Class A Shares	HEMSX	Class S Shares	HEMRX	Class N Shares
	HEMCX	Class C Shares	HEMIX	Class I Shares	HEMTX	Class T Shares

Investment Objective

Janus Henderson Emerging Markets Fund seeks long-term growth 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)	5.75%	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	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.40%	0.55%	1.02%	0.45%	0.41%	0.73%
Acquired Fund⁽¹⁾ Fees and Expenses	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses⁽²⁾	1.66%	2.56%	2.28%	1.46%	1.42%	1.74%
Fee Waiver⁽²⁾	0.30%	0.43%	0.74%	0.34%	0.38%	0.45%
Total Annual Fund Operating Expenses After Fee Waiver⁽²⁾	1.36%	2.13%	1.54%	1.12%	1.04%	1.29%

(1)

“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. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the 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.

(2)

EXAMPLE:

9	Janus Henderson Emerging Markets Fund

investment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. 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	$ 734	$ 1,068	$ 1,425	$ 2,427
Class C Shares	$ 359	$ 796	$ 1,360	$ 2,895
Class S Shares	$ 231	$ 712	$ 1,220	$ 2,615
Class I Shares	$ 149	$ 462	$ 797	$ 1,746
Class N Shares	$ 145	$ 449	$ 776	$ 1,702
Class T Shares	$ 177	$ 548	$ 944	$ 2,052

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 734	$ 1,068	$ 1,425	$ 2,427
Class C Shares	$ 259	$ 796	$ 1,360	$ 2,895
Class S Shares	$ 231	$ 712	$ 1,220	$ 2,615
Class I Shares	$ 149	$ 462	$ 797	$ 1,746
Class N Shares	$ 145	$ 449	$ 776	$ 1,702
Class T Shares	$ 177	$ 548	$ 944	$ 2,052

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 equity securities of companies in emerging market countries. Equity securities include common stocks and related securities, such as preferred stock, convertible securities and depositary receipts. Emerging market countries are all countries represented by the MSCI Emerging Markets Index^sm and/or those countries considered to be developing by the World Bank, the International Finance Corporation or the United Nations. These countries typically are located in the Asia-Pacific region, Eastern Europe, Central and South America, and Africa.

Companies in emerging market countries are broadly defined to include any company that meets one or more of the following tests: (i) its country of organization, its primary business office, and/or the principal trading market of its stock are located in an emerging market country; (ii) 50% or more of its assets are located in emerging market countries, (iii) 50% or more of its revenues are derived from emerging market countries; or (iv) a company with similar emerging markets exposure.

In addition to the Fund’s main investments, the Fund may invest no more than 20% of its net assets in the securities of issuers in developed market countries.

The Fund may invest in derivatives, which are instruments that 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 invest in derivatives such as futures, options, forward currency contracts, warrants, and swaps for various investment purposes, such as to gain exposure to a particular portion of the market, manage or hedge portfolio risk, or enhance return.

The portfolio manager employs both a “top-down” and “bottom-up” approach to select investments for the Fund. The top-down approach involves a macro analysis of factors that include an issuer’s economic growth profile, the stages of a country’s development, and trends in a country’s governance and regulatory framework. The bottom-up analysis focuses on fundamental research and considers, among other factors, a company’s valuation, growth potential, competitive positioning, projected future earnings, cash flows, governance, and dividends. The Fund has the ability to invest more heavily in either growth or value securities depending on market conditions and the portfolio manager’s convictions. The Fund may engage in active and frequent trading to achieve its investment objective.

10	Janus Henderson Emerging Markets Fund

The Fund generally sells a stock when, in the portfolio manager’s opinion, there is a deterioration in a company’s fundamentals or a company’s revenue growth has slowed. The Fund may also sell stock if the portfolio manager believes that a company has achieved its target price or a superior investment opportunity arises. The Fund may engage in active and frequent trading to achieve its investment objective.

At times, the Fund may invest to a significant degree in issuers located in a single country or region, which particularly includes China. In addition, the Fund may invest in securities issued by small- and mid-sized companies and in less seasoned issuers.

Principal investment risks

The biggest risk is that the Fund’s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking an equity portfolio, including common stocks. Common stocks tend to be more volatile than many other investment choices.

Emerging Markets Risk. Emerging markets 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, 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 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 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. Additionally, foreign and emerging market risks, including but not limited to price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities. Some of the risks of investing directly in non-U.S. and emerging market securities may be reduced when the Fund invests indirectly in non-U.S. securities through various other investment vehicles.

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in non-U.S. securities, particularly investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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. Some of the risks of investing directly in foreign securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks, as noted elsewhere in the Fund’s Summary Prospectus. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

China Exposure Risk. The value of securities of companies that derive the majority of their revenues from China is likely to be more volatile than that of other issuers. The economy of China differs, often unfavorably, from the U.S. economy in such respects as structure, general development, government involvement, wealth distribution, rate of inflation, growth rate, allocation of resources and capital reinvestment. The Chinese central government historically has exercised substantial control over virtually every sector of the Chinese economy through administrative regulation and/or state ownership. Actions of the Chinese government authorities continue to have a substantial effect on economic conditions in China. It is difficult for non-Chinese investors to directly access securities in China because of investment and trading restrictions. These limitations and restrictions may impact the availability, liquidity, and pricing of certain securities.

11	Janus Henderson Emerging Markets Fund

Market Risk. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio manager’s belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. 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. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

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.

Growth Securities Risk. The Fund may invest in companies that the portfolio manager believes have growth potential. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If the portfolio manager’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from the market as a whole and other types of securities.

Value Investing Risk. The Fund may invest in value stocks. Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected by the portfolio manager.

Derivatives Risk. Derivatives can be highly 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 can be complex instruments and may involve analysis that differs from that required for other investment types used by the 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 can be less liquid than other types of investments and 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. The Fund may use derivatives, including forward currency contracts, for hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While

12	Janus Henderson Emerging Markets Fund

hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the portfolio manager or if the cost of the derivative outweighs the benefit of the hedge.

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 Emerging Markets 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, Class C Shares, and Class I Shares of the Predecessor Fund commenced operations with the Predecessor Fund’s inception on December 31, 2010. Class R6 Shares of the Predecessor Fund commenced operations on November 30, 2015. 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.
•	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 I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class N Shares, 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 I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers.
•	The performance shown for Class T Shares for periods prior to June 5, 2017, reflects the performance of Class I Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class T Shares, 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 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 (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.

13	Janus Henderson Emerging Markets Fund

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

Best Quarter: 1st Quarter 2012 23.68%

Worst Quarter: 3rd Quarter 2011 – 24.87%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	Since Inception (12/31/10)
Class I Shares
Return Before Taxes	13.88%	3.98%	1.17%
Return After Taxes on Distributions	13.84%	3.67%	0.96%
Return After Taxes on Distributions and Sale of Fund Shares⁽¹⁾	8.96%	3.23%	1.00%
MSCI Emerging Markets Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.42%	5.61%	2.11%
Class A Shares
Return Before Taxes⁽²⁾	7.06%	2.48%	0.26%
MSCI Emerging Markets Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.42%	5.61%	2.11%
Class C Shares
Return Before Taxes⁽³⁾	11.83%	2.93%	0.16%
MSCI Emerging Markets Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.42%	5.61%	2.11%
Class S Shares
Return Before Taxes	13.86%	3.53%	0.66%
MSCI Emerging Markets Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.42%	5.61%	2.11%
Class N Shares
Return Before Taxes	14.08%	3.97%	1.05%
MSCI Emerging Markets Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.42%	5.61%	2.11%
Class T Shares
Return Before Taxes	13.76%	3.68%	0.85%
MSCI Emerging Markets Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.42%	5.61%	2.11%

(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 MSCI Emerging Markets Index. The index is described below.

14	Janus Henderson Emerging Markets Fund

•	The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.

After-tax returns are calculated using distributions for the Predecessor Fund’s Class I Shares for the period prior to June 5, 2017. If Class I 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.

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Manager: Daniel J. Graña, CFA, is Portfolio Manager of the Fund, which he has managed since September 2019.

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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

Tax information

15	Janus Henderson Emerging Markets Fund

Fund summary

Janus Henderson European Focus Fund

Ticker:	HFEAX	Class A Shares	HFESX	Class S Shares	HFERX	Class N Shares
	HFECX	Class C Shares	HFEIX	Class I Shares	HFETX	Class T Shares

Investment Objective

Janus Henderson European Focus Fund seeks long-term capital appreciation primarily through investment in equities of European companies.

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)	5.75%	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	0.98%	0.98%	0.98%	0.98%	0.98%	0.98%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.23%	0.23%	7.43%	0.18%	1.58%	0.78%
Acquired Fund⁽¹⁾ Fees and Expenses	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses⁽²⁾	1.47%	2.22%	8.67%	1.17%	2.57%	1.77%
Fee Waiver⁽²⁾	0.14%	0.14%	7.19%	0.12%	1.59%	0.55%
Total Annual Fund Operating Expenses After Fee Waiver⁽²⁾	1.33%	2.08%	1.48%	1.05%	0.98%	1.22%

(1)

(2)

EXAMPLE:

17	Janus Henderson European Focus Fund

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 716	$ 1,013	$ 1,332	$ 2,231
Class C Shares	$ 325	$ 694	$ 1,190	$ 2,554
Class S Shares	$ 851	$ 2,461	$ 3,954	$ 7,234
Class I Shares	$ 119	$ 372	$ 644	$ 1,420
Class N Shares	$ 260	$ 799	$ 1,365	$ 2,905
Class T Shares	$ 180	$ 557	$ 959	$ 2,084

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 716	$ 1,013	$ 1,332	$ 2,231
Class C Shares	$ 225	$ 694	$ 1,190	$ 2,554
Class S Shares	$ 851	$ 2,461	$ 3,954	$ 7,234
Class I Shares	$ 119	$ 372	$ 644	$ 1,420
Class N Shares	$ 260	$ 799	$ 1,365	$ 2,905
Class T Shares	$ 180	$ 557	$ 959	$ 2,084

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 equity securities of European companies. Equity securities include common stocks and related securities, such as preferred stock, convertible securities, and depositary receipts. European companies are broadly defined to include any company that meets one or more of the following tests: (i) its country of organization, its primary business office and/or the principal trading market of its stock are located in Europe, (ii) 50% or more of its assets are located in Europe, or (iii) 50% or more of its revenues are derived from Europe.

The portfolio manager seeks investments that will increase in value by emphasizing stock selection and may invest in companies of any size, including through private placements. Stock selection is based on an opportunistic approach which seeks to exploit stock specific criteria described below and particular investment factors in Europe that are expected to drive stock prices. The portfolio manager will invest in both “growth” stocks that the portfolio manager believes are reasonably priced and “value” stocks that are, in the portfolio manager’s opinion, undervalued. Companies are evaluated using a broad range of criteria, including: (i) a company’s financial strength; (ii) competitive position in its industry; and (iii) projected future earnings and cash flows.

The Fund has no limits on the geographic asset distribution of its investments within Europe. The Fund may invest in companies located in Western European countries such as the United Kingdom, Belgium, Germany, Norway, the Netherlands, Denmark, Switzerland, Finland, Sweden, Portugal, France, Austria, Italy and Spain. The Fund may also invest in issuers located in Central and Eastern European countries such as Russia, Bulgaria, the Czech Republic, Turkey and Poland. The Fund may, under unusual circumstances, invest in a single country or a limited number of countries.

In evaluating investment opportunities in various market conditions, the portfolio manager conducts fundamental research that considers factors such as: (i) a company’s historic and projected return on capital; (ii) the quality of a company’s management; and (iii) a company’s historical valuations, as well as valuation relative to the wider market.

The Fund generally sells a stock when, in the portfolio manager’s opinion, there is a deterioration in the company’s fundamentals, the company fails to meet performance expectations, its earnings are disappointing, or its revenue growth has slowed. The Fund may also sell a stock if the portfolio manager believes that negative country or regional factors may affect

18	Janus Henderson European Focus Fund

the company’s outlook, in the portfolio manager’s opinion, a superior investment opportunity arises or to meet cash requirements.

The Fund may invest its assets in derivatives, which are instruments that have a value derived from, or directly linked to, an underlying asset, such as equity securities, commodities, or currencies, as substitutes for securities in which the Fund invests. In particular, the Fund may invest in derivatives such as forward currency contracts to offset risks associated with currency exposure.

The Fund may engage in active and frequent trading to achieve its investment objective. The Fund does not limit its investments to companies of any particular size and may invest a significant portion of its assets in smaller and less seasoned issuers. However, in an attempt to reduce portfolio risks, the portfolio manager generally will invest across countries, industry groups and/or securities.

The Fund may lend portfolio securities 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 will vary, and you could lose money. The Fund is designed for long-term investors seeking an equity portfolio of European companies, including common stocks. Common stocks tend to be more volatile than many other investment choices.

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities and derivatives that provide exposure to foreign markets, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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. Some of the risks of investing directly in foreign securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks, as noted in the Fund’s Summary Prospectus. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

Market Risk. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio manager’s belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. 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. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

19	Janus Henderson European Focus Fund

may result in greater losses and volatility. This risk increases to the extent the Fund focuses on issuers in a limited number of countries in Europe. 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. Although Western Europe is developed, recent economic hardship will pose investment risk in neighboring emerging nations.

Emerging Markets Risk. The risks of foreign investing are heightened when investing in emerging markets. Emerging markets securities involve a number of additional 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, 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 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 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. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 1.6% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

20	Janus Henderson European Focus Fund

Small- and Mid-Sized Companies Risk. The Fund’s investments in securities issued by small- and mid-sized companies, which can include smaller, start-up companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. For example, while small- and mid-sized companies may realize more substantial growth than larger or more established issuers, they may also suffer more significant losses as a result of their narrow product lines, limited operating history, greater exposure to competitive threats, limited financial resources, limited trading markets, and the potential lack of management depth. Securities issued by small- and mid-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on the Fund’s returns, especially as market conditions change.

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 European Focus 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 August 31, 2001. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on March 31, 2009 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 March 31, 2009, 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.
•	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.

21	Janus Henderson European Focus 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 A Shares (calendar year-end)

Best Quarter: 1st Quarter 2012 23.44%

Worst Quarter: 3rd Quarter 2011 – 28.31%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (8/31/01)
Class A Shares⁽¹⁾
Return Before Taxes	23.85%	– 0.22%	4.14%	11.13%
Return After Taxes on Distributions	23.88%	– 0.49%	3.76%	10.21%
Return After Taxes on Distributions and Sale of Fund Shares⁽²⁾	14.64%	– 0.01%	3.34%	9.52%
MSCI Europe Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.77%	5.06%	5.17%	5.60%
Class C Shares
Return Before Taxes⁽³⁾	29.48%	0.20%	3.96%	10.65%
MSCI Europe Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.77%	5.06%	5.17%	5.60%
Class S Shares
Return Before Taxes	31.76%	0.91%	4.72%	11.46%
MSCI Europe Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.77%	5.06%	5.17%	5.60%
Class I Shares
Return Before Taxes	31.77%	1.23%	5.04%	11.66%
MSCI Europe Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.77%	5.06%	5.17%	5.60%

22	Janus Henderson European Focus Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (8/31/01)
Class N Shares
Return Before Taxes	31.93%	1.20%	4.88%	11.56%
MSCI Europe Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.77%	5.06%	5.17%	5.60%
Class T Shares
Return Before Taxes	31.63%	1.03%	4.78%	11.50%
MSCI Europe Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.77%	5.06%	5.17%	5.60%

(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 the MSCI Europe Index. The index is described below.

•	The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends.

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 Capital Management LLC

Portfolio Manager: Robert Schramm-Fuchs is Portfolio Manager of the Fund, which he has managed since March 2019.

23	Janus Henderson European Focus 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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

Tax information

Payments to broker-dealers and other financial intermediaries

24	Janus Henderson European Focus Fund

Fund summary

Janus Henderson Global Equity Income Fund

Ticker:	HFQAX	Class A Shares	HFQSX	Class S Shares	HFQRX	Class N Shares
	HFQCX	Class C Shares	HFQIX	Class I Shares	HFQTX	Class T Shares

Investment Objectives

Janus Henderson Global Equity Income Fund seeks to achieve a high level of current income and, as a secondary objective, steady growth 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)	5.75%	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	0.67%	0.67%	0.67%	0.67%	0.67%	0.67%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.20%	0.12%	0.46%	0.12%	0.08%	0.30%
Total Annual Fund Operating Expenses⁽¹⁾	1.12%	1.79%	1.38%	0.79%	0.75%	0.97%
Fee Waiver⁽¹⁾	0.00%	0.00%	0.04%	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses After Fee Waiver⁽¹⁾	1.12%	1.79%	1.34%	0.79%	0.75%	0.97%

(1)

EXAMPLE:

The following Example is based on expenses without waivers. 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 without waivers remain the same. 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	$ 683	$ 911	$ 1,156	$ 1,860
Class C Shares	$ 282	$ 563	$ 970	$ 2,105
Class S Shares	$ 140	$ 437	$ 755	$ 1,657

25	Janus Henderson Global Equity Income Fund

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class I Shares	$ 81	$ 252	$ 439	$ 978
Class N Shares	$ 77	$ 240	$ 417	$ 930
Class T Shares	$ 99	$ 309	$ 536	$ 1,190

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 683	$ 911	$ 1,156	$ 1,860
Class C Shares	$ 182	$ 563	$ 970	$ 2,105
Class S Shares	$ 140	$ 437	$ 755	$ 1,657
Class I Shares	$ 81	$ 252	$ 439	$ 978
Class N Shares	$ 77	$ 240	$ 417	$ 930
Class T Shares	$ 99	$ 309	$ 536	$ 1,190

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 a portfolio of income-producing equity securities, such as common and preferred dividend-paying stocks. The Fund invests in U.S. and non-U.S. issuers and will typically invest at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. The Fund has no specific policy on the number of different countries in which it will invest but intends to invest in at least three different countries.

In selecting investments, the portfolio managers primarily seek to identify companies with attractive long-term business prospects that generate cash and produce attractive levels of dividend income, and which are, in the opinion of the portfolio managers, undervalued or inexpensive relative to other similar investments. Security selection will be based upon an analysis of a broad range of metrics, including price to earnings ratios, valuation relative to asset values, and a particular focus on cash flow generation and ability to service growing dividend streams in the medium term.

For its investments in common stocks, the Fund seeks to invest in securities that the portfolio managers believe have the potential for growth of income and capital over time. The portfolio managers may shift the Fund’s assets among various types of income-producing securities based on changing market conditions. The Fund may also invest in derivatives, equity real estate investment trusts (“REITs”) and preferred stocks.

Although the Fund does not have a specific policy regarding the growth/value orientation or market capitalization of the companies in which it invests, the portfolio managers believe that focusing on income-producing equity securities will tend to lead to investments in mid-to-large capitalization “value” stocks with a market capitalization greater than $3 billion (stocks of well-established, undervalued companies that the portfolio managers believe offer the potential for income and long-term capital appreciation). The portfolio managers may, however, invest in smaller and less seasoned issuers.

The Fund may seek to enhance the level of dividend income it receives by engaging in regional rotation trading. In a regional rotation trade, the Fund would sell a stock that has declared its dividend and no longer trades with an entitlement to the dividend, and purchase a stock in another region that is about to declare a dividend. By entering into a series of such trades, the Fund seeks to augment the amount of dividend income it receives over the course of a year.

The Fund has no limits on the geographic asset distribution of its investments, but the Fund does not expect to invest more than 25% of its assets in securities of companies based in emerging markets. The Fund may invest in companies domiciled in any country that the portfolio managers believe to be appropriate to the Fund’s objectives. The Fund may, under unusual circumstances, invest in a single country or a limited number of countries. The Fund may invest in companies of any market capitalization.

26	Janus Henderson Global Equity Income Fund

The Fund will generally consider selling a security when, in the portfolio managers’ opinion, there is a risk of significant deterioration in the company’s fundamentals, or there is a change in business strategy or issuer-specific business outlook that affects the original investment case. The Fund will also consider selling a security if, in the portfolio managers’ opinion, a superior investment opportunity arises. Also, the Fund may consider selling a security as part of the Fund’s regional rotation trading strategy.

The Fund may invest its assets in derivatives, which are instruments that 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. In particular, the Fund may invest in derivatives such as forward currency contracts to offset risks associated with currency exposure.

The Fund may engage in active and frequent trading to achieve its investment objectives, and the Fund’s regional rotation strategy may increase the rate of portfolio turnover. In addition, frequently purchasing stocks in a short period prior to the ex-dividend date (the interval between the announcement and the payment of the next dividend) increases the amount of trading costs the Fund will incur and the potential for capital loss or gain, particularly in the event of significant short-term price movements of stocks subject to dividend capture trading. The Fund’s portfolio turnover rate may be 100% or more. The Fund does not limit its investments to companies of any particular size. However, in an attempt to reduce portfolio risks, the portfolio managers generally will invest across countries, industry groups and/or securities.

The Fund may lend portfolio securities 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 will vary, and you could lose money. The Fund is designed for long-term investors seeking a global, income-producing equity portfolio, including common stocks. Common stocks tend to be more volatile than many other investment choices.

27	Janus Henderson Global Equity Income Fund

the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected by the portfolio managers.

United Kingdom Risk. The Fund is subject to certain risks related to the United Kingdom. Investments in British issuers may subject the Fund to 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. The risk of investing in British issuers may also be heightened due to the referendum in which the United Kingdom voted to exit the EU (commonly known as “Brexit”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will conclude, or how financial markets will react.

Emerging Markets Risk. The risks of foreign investing are heightened when investing in emerging markets. Emerging markets securities involve a number of additional 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, 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 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 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. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 11.2% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

Real Estate Securities Risk. The Fund’s performance may be affected by the risks associated with investments in real estate-related companies. The value of real estate-related companies’ securities is sensitive to changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, supply and demand, and the management skill and creditworthiness of the company. Investments in REITs involve the same risks as other real estate investments. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund.

28	Janus Henderson Global Equity Income Fund

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 Global Equity 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 November 30, 2006. Class I Shares and Class R6 Shares of the Predecessor Fund commenced operations on March 31, 2009 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 March 31, 2009, 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.

29	Janus Henderson Global Equity Income 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.

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

Best Quarter: 3rd Quarter 2010 12.58%

Worst Quarter: 3rd Quarter 2011 – 12.96%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (11/30/06)
Class A Shares⁽¹⁾
Return Before Taxes	13.94%	3.56%	5.45%	3.72%
Return After Taxes on Distributions	12.65%	2.33%	4.39%	2.78%
Return After Taxes on Distributions and Sale of Fund Shares⁽²⁾	10.01%	2.96%	4.62%	3.28%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	5.91%
MSCI World High Dividend Yield Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.15%	7.31%	8.22%	4.73%
Class C Shares
Return Before Taxes⁽³⁾	19.26%	4.08%	5.31%	3.44%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	5.91%
MSCI World High Dividend Yield Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.15%	7.31%	8.22%	4.73%

30	Janus Henderson Global Equity Income Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (11/30/06)
Class S Shares
Return Before Taxes	20.76%	4.63%	5.98%	4.12%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	5.91%
MSCI World High Dividend Yield Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.15%	7.31%	8.22%	4.73%
Class I Shares
Return Before Taxes	21.37%	5.11%	6.38%	4.44%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	5.91%
MSCI World High Dividend Yield Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.15%	7.31%	8.22%	4.73%
Class N Shares
Return Before Taxes	21.43%	5.11%	6.24%	4.32%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	5.91%
MSCI World High Dividend Yield Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.15%	7.31%	8.22%	4.73%
Class T Shares
Return Before Taxes	21.10%	4.88%	6.12%	4.23%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	5.91%
MSCI World High Dividend Yield Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.15%	7.31%	8.22%	4.73%

(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 the MSCI World Index. The Fund also compares its performance to the MSCI World High Dividend Yield Index. The indices are described below.

•	The MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region.
•	The MSCI World High Dividend Yield Index is designed to reflect the performance of the high dividend yield securities contained within the broader MSCI World Index. The index includes large- and mid-capitalization stocks from developed markets across the Americas, Asia-Pacific, and Europe.

31	Janus Henderson Global Equity Income Fund

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.

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Managers: Alex Crooke is Executive Vice President and Co-Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since its inception. Job Curtis is Executive Vice President and Co-Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since its inception. Ben Lofthouse, 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 November 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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

Tax information

32	Janus Henderson Global Equity Income Fund

Fund summary

Janus Henderson Global Life Sciences Fund

Ticker:	JFNAX	Class A Shares	JFNSX	Class S Shares	JFNNX	Class N Shares
	JFNCX	Class C Shares	JFNIX	Class I Shares	JAGLX	Class T Shares

Investment Objective

Janus Henderson Global Life Sciences Fund seeks long-term growth 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)	5.75%	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	0.64%	0.64%	0.64%	0.64%	0.64%	0.64%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.11%	0.13%	0.30%	0.13%	0.04%	0.28%
Total Annual Fund Operating Expenses	1.00%	1.77%	1.19%	0.77%	0.68%	0.92%

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 remain the same. 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	$ 671	$ 875	$ 1,096	$ 1,729
Class C Shares	$ 280	$ 557	$ 959	$ 2,084
Class S Shares	$ 121	$ 378	$ 654	$ 1,443
Class I Shares	$ 79	$ 246	$ 428	$ 954
Class N Shares	$ 69	$ 218	$ 379	$ 847
Class T Shares	$ 94	$ 293	$ 509	$ 1,131

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 671	$ 875	$ 1,096	$ 1,729
Class C Shares	$ 180	$ 557	$ 959	$ 2,084

34	Janus Henderson Global Life Sciences Fund

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class S Shares	$ 121	$ 378	$ 654	$ 1,443
Class I Shares	$ 79	$ 246	$ 428	$ 954
Class N Shares	$ 69	$ 218	$ 379	$ 847
Class T Shares	$ 94	$ 293	$ 509	$ 1,131

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 securities of companies that the portfolio manager believes have a life science orientation. In the Fund’s pursuit of companies with a life science orientation, the Fund has a fundamental policy to normally invest at least 25% of its total assets in securities of companies that are categorized in the “life sciences” sector, which may include companies in the following industry groups: pharmaceutical; biotechnology; health care services; and medical devices. Generally speaking, the “life sciences” relate to maintaining or improving quality of life. So, for example, companies with a “life science orientation” include companies engaged in research, development, production, or distribution of products or services related to health and personal care, medicine, or pharmaceuticals. The Fund implements its investment policies by investing primarily in equity securities of U.S. and foreign companies selected for their growth potential. The Fund normally invests in issuers from several different countries, which may include the United States. The Fund may, under unusual circumstances, invest in a single country. The Fund may have exposure to emerging markets. The Fund may invest in shares of companies through initial public offerings.

The portfolio manager applies a “bottom up” approach in choosing investments. In other words, the portfolio manager looks at companies one at a time to determine if a company is an attractive investment opportunity and if it is consistent with the Fund’s investment policies.

The Fund may lend portfolio securities 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

Market Risk. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio manager’s belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. 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. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

Growth Securities Risk. The Fund invests in companies that the portfolio manager believes have growth potential. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If the portfolio manager’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund’s returns. In addition, because different types of stocks tend to shift in and out of favor

35	Janus Henderson Global Life Sciences Fund

depending on market and economic conditions, “growth” stocks may perform differently from the market as a whole and other types of securities.

Concentration Risk. The Fund focuses its investments in securities of companies that are categorized in the “life sciences” sector, including companies in the pharmaceutical, biotechnology, health care services, and medical device industries. Because of this, companies in the Fund’s portfolio may share common characteristics and may be more sensitive to changes in government funding or subsidies, new or anticipated legislative changes, or technological advances. As a result, the Fund may be subject to greater risks and its net asset value may fluctuate more than a fund that does not concentrate its investments.

Initial Public Offering Risk. The Fund’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. Although IPO investments may have had a positive impact on the Fund’s performance in the past, there can be no assurance that the Fund will identify favorable IPO investment opportunities in the future. In addition, as the Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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. Some of the risks of investing directly in foreign securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks, as noted in the Fund’s Summary Prospectus. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

36	Janus Henderson Global Life Sciences Fund

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 January 26, 2018.

•	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, and Class S 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 January 26, 2018, 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, 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 January 26, 2018, the performance shown for each respective share class may have been different. The performance shown for 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.

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

Best Quarter: 4th Quarter 2019 18.83%

Worst Quarter: 3rd Quarter 2011 – 13.53%

37	Janus Henderson Global Life Sciences Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (12/31/98)
Class T Shares
Return Before Taxes	29.11%	9.34%	16.84%	11.74%
Return After Taxes on Distributions	27.23%	7.68%	15.33%	11.04%
Return After Taxes on Distributions and Sale of Fund Shares	18.43%	6.96%	13.87%	10.19%
MSCI World Health Care Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.24%	8.50%	12.29%	6.58%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
Class A Shares
Return Before Taxes⁽¹⁾	21.56%	7.95%	16.04%	11.29%
MSCI World Health Care Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.24%	8.50%	12.29%	6.58%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
Class C Shares
Return Before Taxes⁽²⁾	27.10%	8.42%	15.86%	10.78%
MSCI World Health Care Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.24%	8.50%	12.29%	6.58%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
Class S Shares
Return Before Taxes	28.74%	9.07%	16.55%	11.44%
MSCI World Health Care Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.24%	8.50%	12.29%	6.58%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
Class I Shares
Return Before Taxes	29.28%	9.51%	17.00%	11.82%
MSCI World Health Care Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.24%	8.50%	12.29%	6.58%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
Class N Shares
Return Before Taxes	29.39%	9.43%	16.89%	11.76%
MSCI World Health Care Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.24%	8.50%	12.29%	6.58%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%

(1)	Calculated assuming maximum permitted sales loads.
(2)	The one year return is calculated to include the contingent deferred sales charge.

38	Janus Henderson Global Life Sciences Fund

The Fund’s primary benchmark index is the MSCI World Health Care Index. The Fund also compares its performance to the S&P 500 Index. The indices are described below.

•	The MSCI World Health Care Index is a capitalization weighted index that measures the performance of health care stocks from developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.
•	The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

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 Capital Management LLC

Portfolio Manager: Andrew Acker, CFA, is Executive Vice President and Portfolio Manager of the Fund, which he has managed or co-managed since May 2007.

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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

39	Janus Henderson Global Life Sciences Fund

Tax information

Payments to broker-dealers and other financial intermediaries

40	Janus Henderson Global Life Sciences Fund

Fund summary

Janus Henderson Global Real Estate Fund

Ticker:	JERAX	Class A Shares	JERSX	Class S Shares	JERNX	Class N Shares
	JERCX	Class C Shares	JERIX	Class I Shares	JERTX	Class T Shares

Investment Objective

Janus Henderson Global Real Estate Fund seeks total return through a combination of capital appreciation and current income.

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)	5.75%	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⁽¹⁾	0.85%	0.85%	0.85%	0.85%	0.85%	0.85%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.26%	0.27%	0.47%	0.24%	0.14%	0.38%
Acquired Fund⁽²⁾ Fees and Expenses	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Total Annual Fund Operating Expenses⁽³⁾	1.37%	2.13%	1.58%	1.10%	1.00%	1.24%
Fee Waiver⁽³⁾	0.01%	0.00%	0.05%	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses After Fee Waiver⁽³⁾	1.36%	2.13%	1.53%	1.10%	1.00%	1.24%

(1)	This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus.
(2)	“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. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the 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.
(3)	Janus Capital 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 any performance adjustments to management fees, 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/administrative fees payable by any share class; brokerage commissions; interest; dividends; taxes; acquired fund fees and expenses; and extraordinary expenses) exceed 0.91% for at least a one-year period commencing on January 28, 2020. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees.

EXAMPLE:

41	Janus Henderson Global Real Estate Fund

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 706	$ 984	$ 1,282	$ 2,127
Class C Shares	$ 316	$ 667	$ 1,144	$ 2,462
Class S Shares	$ 161	$ 499	$ 860	$ 1,878
Class I Shares	$ 112	$ 350	$ 606	$ 1,340
Class N Shares	$ 102	$ 318	$ 552	$ 1,225
Class T Shares	$ 126	$ 393	$ 681	$ 1,500

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 706	$ 984	$ 1,282	$ 2,127
Class C Shares	$ 216	$ 667	$ 1,144	$ 2,462
Class S Shares	$ 161	$ 499	$ 860	$ 1,878
Class I Shares	$ 112	$ 350	$ 606	$ 1,340
Class N Shares	$ 102	$ 318	$ 552	$ 1,225
Class T Shares	$ 126	$ 393	$ 681	$ 1,500

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 equity 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 equity securities, including, but not limited to, real estate investment trusts (“REITs”) and similar REIT-like entities, such as foreign entities that have REIT characteristics. The Fund may invest in shares of companies through initial public offerings.

As a fundamental policy, the Fund will concentrate 25% or more of its net assets in securities of issuers in real estate or real estate-related industries. The Fund’s investment in companies engaged in businesses outside the real estate industry which possess significant real estate holdings will be deemed to be in the real estate industry for purposes of the Fund’s investment objective and its policy on industry concentration.

Real estate-related industries are comprised of companies that, in the opinion of the portfolio managers, at the time of investment, generally (i) derive at least 50% of their revenue from ownership, construction, extraction, financing, management, operation, sales or development of real estate, or from businesses which have a clear relationship to these activities; (ii) have at least 50% of their assets in real estate; or (iii) have more than 50% of their net asset value accounted for by real estate.

A REIT is a company dedicated to owning, and usually operating, income-producing real estate, or to financing real estate. REITs pool investors’ funds for investment primarily in income-producing real estate or real estate-related loans or interests. Under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), a REIT is not taxed on income it distributes to its shareholders if it complies with several requirements relating to its organization, ownership, assets and income, and a requirement that it generally distributes to its shareholders at least 90% of its taxable income (other than net capital gains) for each taxable year.

The Fund also invests in non-U.S. real estate and real estate-related companies. The Fund expects under normal market conditions to maintain investments in issuers that are economically tied to different countries throughout the world, including the United States. The Fund may also invest in companies or issuers that are economically tied to emerging markets.

42	Janus Henderson Global Real Estate Fund

In choosing investments for the Fund, the portfolio managers apply a “bottom up” approach that utilizes the portfolio managers’ knowledge of issuers in the Americas and the Asia Pacific and European regions. The portfolio managers may also apply a “top down” analysis of property markets and sectors, economics, and capital markets in seeking to limit the Fund’s exposures to various risks.

The Fund may lend portfolio securities 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 will vary, and you could lose money. The Fund is designed for long-term investors interested in investments focused in the real estate industry or real estate-related industries, including common stocks. Common stocks tend to be more volatile than many other investment choices.

Real Estate Securities Risk. An investment in the Fund may be subject to many of the same risks as a direct investment in real estate. The value of real estate-related companies’ securities is sensitive to changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, supply and demand, and the management skill and creditworthiness of the company. Investments in REITs involve the same risks as other real estate investments. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund.

Concentration Risk. Since the Fund concentrates its assets in the real estate or real estate-related industry, an investment in the Fund will be closely linked to performance of the real estate markets. As a result, the Fund may be subject to greater risks and its net asset value may fluctuate more than a fund that does not concentrate its investments.

43	Janus Henderson Global Real Estate Fund

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 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. As of September 30, 2019, approximately 5.6% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

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 I Shares, Class A Shares, Class C Shares, and Class S Shares of the Fund commenced operations on July 6, 2009, after the reorganization of each corresponding class of shares of Janus Adviser Global Real Estate Fund (the “JAD predecessor fund”) into each respective share class of the Fund. Class T Shares of the Fund commenced operations on July 6, 2009. Class N Shares of the Fund commenced operations on January 26, 2018.

•	The performance shown for Class I Shares, Class A Shares, Class C Shares, and Class S Shares for periods prior to July 6, 2009, reflects the historical performance of the JAD predecessor fund’s Class I Shares, Class A Shares, Class C Shares, and Class S Shares prior to the reorganization, calculated using the fees and expenses of each respective share class of the JAD predecessor fund, net of any applicable fee and expense limitations or waivers.
•	The performance shown for Class T Shares for periods prior to July 6, 2009, reflects the historical performance of the JAD predecessor fund’s Class I Shares prior to the reorganization, calculated using the fees and expenses of Class T Shares, without the effect of any fee and expense limitations or waivers.
•	The performance shown for Class N Shares for periods prior to January 26, 2018, reflects the performance of the Fund’s Class I Shares from July 6, 2009, calculated using the fees and expenses of Class I Shares, net of any applicable fee and expense limitations or waivers. The performance shown for Class N Shares for periods prior to July 6, 2009, reflects the historical performance of the JAD predecessor fund’s Class I Shares, calculated using the fees and expenses of Class I Shares of the JAD predecessor fund, net of any applicable fee and expense limitations or waivers.

If Class T 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 January 26, 2018, the performance shown may have been different. The performance shown for periods following the Fund’s commencement of Class I Shares, Class A Shares, Class C Shares, Class S Shares, Class N Shares, and Class T Shares reflects the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers.

44	Janus Henderson Global Real Estate Fund

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

Best Quarter: 1st Quarter 2012 16.29%

Worst Quarter: 3rd Quarter 2011 – 20.40%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception of Predecessor Fund (11/28/07)
Class I Shares
Return Before Taxes	30.88%	8.66%	9.85%	6.69%
Return After Taxes on Distributions	28.74%	6.77%	8.38%	5.36%
Return After Taxes on Distributions and Sale of Fund Shares	18.53%	5.99%	7.45%	4.83%
FTSE EPRA Nareit Global Index (reflects no deduction for expenses, fees, or taxes)	23.58%	6.94%	8.91%	4.28%
FTSE EPRA Nareit Global Net Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.50%	6.03%	8.10%	N/A
Class A Shares
Return Before Taxes⁽¹⁾	23.12%	7.12%	8.90%	5.88%
FTSE EPRA Nareit Global Index (reflects no deduction for expenses, fees, or taxes)	23.58%	6.94%	8.91%	4.28%
FTSE EPRA Nareit Global Net Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.50%	6.03%	8.10%	N/A
Class C Shares
Return Before Taxes⁽²⁾	28.61%	7.57%	8.73%	5.66%
FTSE EPRA Nareit Global Index (reflects no deduction for expenses, fees, or taxes)	23.58%	6.94%	8.91%	4.28%
FTSE EPRA Nareit Global Net Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.50%	6.03%	8.10%	N/A
Class S Shares
Return Before Taxes	30.24%	8.19%	9.38%	6.24%
FTSE EPRA Nareit Global Index (reflects no deduction for expenses, fees, or taxes)	23.58%	6.94%	8.91%	4.28%
FTSE EPRA Nareit Global Net Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.50%	6.03%	8.10%	N/A

45	Janus Henderson Global Real Estate Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception of Predecessor Fund (11/28/07)
Class N Shares
Return Before Taxes	30.93%	8.68%	9.86%	6.69%
FTSE EPRA Nareit Global Index (reflects no deduction for expenses, fees, or taxes)	23.58%	6.94%	8.91%	4.28%
FTSE EPRA Nareit Global Net Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.50%	6.03%	8.10%	N/A
Class T Shares
Return Before Taxes	30.74%	8.49%	9.69%	6.06%
FTSE EPRA Nareit Global Index (reflects no deduction for expenses, fees, or taxes)	23.58%	6.94%	8.91%	4.28%
FTSE EPRA Nareit Global Net Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.50%	6.03%	8.10%	N/A

(1)	Calculated assuming maximum permitted sales loads.
(2)	The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the FTSE EPRA Nareit Global Index. The primary index is used to calculate the Fund’s performance fee adjustment. The Fund also compares its performance to the FTSE EPRA Nareit Global Net Index (the “Net Index”). Both indices are composed of the same holdings. However, the FTSE EPRA Nareit Global Index reflects no deduction for foreign withholding taxes, whereas the Net Index reflects deduction for such taxes. The indices are described below.

•	The FTSE EPRA Nareit Global Index and the Net Index are global market capitalization-weighted indices composed of listed real estate securities in the North American, European, Asian, and South American real estate markets including both developed and emerging market countries.

After-tax returns are calculated using distributions for the Fund’s Class I Shares for periods following July 6, 2009; and for the JAD predecessor fund’s Class I Shares for periods prior to July 6, 2009. 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.

46	Janus Henderson Global Real Estate Fund

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Managers: Guy 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 June 2017. Tim Gibson is Executive Vice President and Co-Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since June 2017. Greg Kuhl, 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 March 2019.

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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

Tax information

47	Janus Henderson Global Real Estate Fund

Fund summary

Janus Henderson Global Research Fund

Ticker:	JDWAX	Class A Shares	JWGRX	Class S Shares	JDWNX	Class N Shares	JAWWX	Class T Shares
	JWWCX	Class C Shares	JWWFX	Class I Shares	JDWRX	Class R Shares

Investment Objective

Janus Henderson Global Research Fund seeks long-term growth 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)	5.75%	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⁽¹⁾	0.64%	0.64%	0.64%	0.64%	0.64%	0.64%	0.64%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	0.50%	None
Other Expenses	0.43%	0.18%	0.29%	0.10%	0.04%	0.33%	0.29%
Total Annual Fund Operating Expenses	1.32%	1.82%	1.18%	0.74%	0.68%	1.47%	0.93%

(1)	This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus.

EXAMPLE:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 702	$ 969	$ 1,257	$ 2,074
Class C Shares	$ 285	$ 573	$ 985	$ 2,137
Class S Shares	$ 120	$ 375	$ 649	$ 1,432
Class I Shares	$ 76	$ 237	$ 411	$ 918
Class N Shares	$ 69	$ 218	$ 379	$ 847
Class R Shares	$ 150	$ 465	$ 803	$ 1,757
Class T Shares	$ 95	$ 296	$ 515	$ 1,143

49	Janus Henderson Global Research Fund

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 702	$ 969	$ 1,257	$ 2,074
Class C Shares	$ 185	$ 573	$ 985	$ 2,137
Class S Shares	$ 120	$ 375	$ 649	$ 1,432
Class I Shares	$ 76	$ 237	$ 411	$ 918
Class N Shares	$ 69	$ 218	$ 379	$ 847
Class R Shares	$ 150	$ 465	$ 803	$ 1,757
Class T Shares	$ 95	$ 296	$ 515	$ 1,143

Principal investment strategies

The Fund pursues its investment objective by investing primarily in common stocks selected for their growth potential. The Fund may invest in companies of any size located anywhere in the world, from larger, well-established companies to smaller, emerging growth companies. The Fund typically invests at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. The Fund may have significant exposure to emerging markets. Because the Fund’s investments in foreign securities are partially based on the composition of the Fund’s benchmark index, the MSCI World Index^sm, the Fund’s exposure to foreign markets may fluctuate in connection with variations in the foreign exposure of the benchmark index. The Fund may also invest in foreign equity securities.

Janus Capital’s equity research analysts, overseen by the Portfolio Oversight Team led by Janus Capital’s Director of Research Carmel Wellso (the “Research Team”), select investments for the Fund that represent the Research Team’s high-conviction investment ideas in all market capitalizations, styles, and geographies. The Research Team, comprised of sector specialists, conducts fundamental analysis with a focus on “bottom up” research, quantitative modeling, and valuation analysis. Using this research process, analysts rate their stocks based upon attractiveness. Stocks considered to be attractive may have all or some of the following characteristics: (i) good and preferably growing free cash flow, (ii) strong and defensible market position, (iii) healthy risk/return profile, (iv) exemplary governance, and (v) attractive valuation. Analysts bring their high-conviction ideas to their respective sector teams. Sector teams compare the appreciation and risk potential of each of the team’s high-conviction ideas and construct a sector portfolio that is intended to maximize the best risk-reward opportunities.

Positions may be sold when, among other things, there is no longer high conviction in the return potential of the investment or if the risk characteristics have caused a re-evaluation of the opportunity. This may occur if the stock has appreciated and reflects the anticipated value, if another company represents a better risk-reward opportunity, or if the investment’s fundamental characteristics deteriorate. Securities may also be sold from the portfolio to rebalance sector weightings.

Ms. Wellso oversees the investment process and is responsible for the day-to-day management of the Fund. It is expected that the Fund will be broadly diversified among a variety of industry sectors. The Fund intends to be fully invested under normal circumstances. However, under unusual circumstances, if the Research Team does not have high conviction in enough investment opportunities, the Fund’s uninvested assets may be held in cash or similar instruments.

The Fund may also invest its assets in derivatives, which are instruments that 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. The types of derivatives in which the Fund may invest include options, forward currency contracts, and swaps. The Fund may use derivatives to manage the Fund’s equity exposure, to offset risks associated with an investment, currency exposure, or market conditions, to hedge currency exposure relative to the Fund’s benchmark index, and to gain access to markets where direct investment may be restricted or unavailable. The Fund may also hold derivatives, such as warrants, in connection with corporate actions.

The Fund may lend portfolio securities 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.

50	Janus Henderson Global Research Fund

Principal investment risks

Emerging Markets Risk. The risks of foreign investing are heightened when investing in emerging markets. Emerging markets securities involve a number of additional 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, 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 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 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. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 5.4% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

Market Risk. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the investment personnel’s belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. 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. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

Growth Securities Risk. The Fund invests in companies that the investment personnel believe have growth potential. Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks. If the investment personnel’s perception of a company’s growth potential is not realized, the securities purchased may not perform as expected, reducing the Fund’s returns. In addition, because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from the market as a whole and other types of securities.

Mid-Sized Companies Risk. The Fund’s investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. Securities issued by mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies.

51	Janus Henderson Global Research Fund

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 R Shares of the Fund commenced operations on March 15, 2013. Class N Shares of the Fund commenced operations on August 4, 2017.

•	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, and Class S 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 August 4, 2017, 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.
•	The performance shown for Class R Shares for periods prior to March 15, 2013, reflects the performance of the Fund’s Class T Shares, calculated using the fees and expenses of Class R Shares, 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, Class R Shares of the Fund had been available during periods prior to March 15, 2013, or Class N Shares of the Fund had been available during periods prior to August 4, 2017, 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.

52	Janus Henderson Global Research Fund

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: 3rd Quarter 2010 16.68%

Worst Quarter: 3rd Quarter 2011 – 18.51%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (2/25/05)
Class T Shares
Return Before Taxes	28.78%	8.62%	10.12%	9.20%
Return After Taxes on Distributions	27.35%	7.93%	9.71%	8.67%
Return After Taxes on Distributions and Sale of Fund Shares	18.01%	6.71%	8.31%	7.61%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.93%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.84%
Class A Shares
Return Before Taxes⁽¹⁾	21.14%	7.13%	9.32%	8.66%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.93%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.84%
Class C Shares
Return Before Taxes⁽²⁾	26.68%	7.68%	9.16%	8.28%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.93%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.84%

53	Janus Henderson Global Research Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (2/25/05)
Class S Shares
Return Before Taxes	28.47%	8.34%	9.83%	8.91%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.93%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.84%
Class I Shares
Return Before Taxes	29.01%	8.80%	10.29%	9.32%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.93%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.84%
Class N Shares
Return Before Taxes	29.09%	8.74%	10.18%	9.24%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.93%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.84%
Class R Shares
Return Before Taxes	28.07%	8.05%	9.59%	8.70%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.93%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.84%

(1)	Calculated assuming maximum permitted sales loads.
(2)	The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the MSCI World Index. The Fund also compares its performance to the MSCI All Country World Index. The MSCI World Index is used to calculate the Fund’s performance fee adjustment. The indices are described below.

•	The MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.
•	The MSCI All Country World Index is an unmanaged, free float-adjusted, market capitalization-weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.

54	Janus Henderson Global Research Fund

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.

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Management: Carmel Wellso, Janus Capital’s Director of Research and Executive Vice President of the Fund, provides general oversight of the Research Team and has done so since December 2014.

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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

Tax information

55	Janus Henderson Global Research Fund

Fund summary

Janus Henderson Global Select Fund

Ticker:	JORAX	Class A Shares	JORIX	Class S Shares	JSLNX	Class N Shares	JORNX	Class T Shares
	JORCX	Class C Shares	JORFX	Class I Shares	JORRX	Class R Shares

Investment Objective

Janus Henderson Global Select Fund seeks long-term growth 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)	5.75%	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	0.64%	0.64%	0.64%	0.64%	0.64%	0.64%	0.64%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	0.50%	None
Other Expenses	0.19%	0.34%	1.58%	0.16%	0.05%	1.81%	0.29%
Total Annual Fund Operating Expenses⁽¹⁾	1.08%	1.98%	2.47%	0.80%	0.69%	2.95%	0.93%
Fee Waiver⁽¹⁾	0.00%	0.00%	1.09%	0.00%	0.00%	1.32%	0.00%
Total Annual Fund Operating Expenses After Fee Waiver⁽¹⁾	1.08%	1.98%	1.38%	0.80%	0.69%	1.63%	0.93%

(1)

EXAMPLE:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 679	$ 899	$ 1,136	$ 1,816
Class C Shares	$ 301	$ 621	$ 1,068	$ 2,306

57	Janus Henderson Global Select Fund

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class S Shares	$ 250	$ 770	$ 1,316	$ 2,806
Class I Shares	$ 82	$ 255	$ 444	$ 990
Class N Shares	$ 70	$ 221	$ 384	$ 859
Class R Shares	$ 298	$ 913	$ 1,552	$ 3,271
Class T Shares	$ 95	$ 296	$ 515	$ 1,143

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 679	$ 899	$ 1,136	$ 1,816
Class C Shares	$ 201	$ 621	$ 1,068	$ 2,306
Class S Shares	$ 250	$ 770	$ 1,316	$ 2,806
Class I Shares	$ 82	$ 255	$ 444	$ 990
Class N Shares	$ 70	$ 221	$ 384	$ 859
Class R Shares	$ 298	$ 913	$ 1,552	$ 3,271
Class T Shares	$ 95	$ 296	$ 515	$ 1,143

Principal investment strategies

The Fund pursues its investment objective by normally investing in a core group of 40-65 domestic and foreign common stocks selected for their growth potential and normally investing at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. The Fund may invest in companies of any size throughout the world, from larger, well-established companies to smaller, emerging growth companies. The Fund may also invest in U.S. and foreign debt securities. The Fund may invest in emerging markets but will normally limit such investments to 30% of its net assets, measured at the time of purchase. As of September 30, 2019, the Fund held stocks of 60 companies. Of these holdings, 40 comprised approximately 83.31% of the Fund’s holdings.

The Fund may also take long or short positions in derivatives, which are instruments that 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. The types of derivatives in which the Fund may invest include options, futures, swaps, warrants, and forward currency contracts. The Fund may use derivatives to hedge, to earn income or enhance returns, as a substitute for securities in which the Fund invests, to increase or decrease the Fund’s exposure to a particular market, to adjust the Fund’s currency exposure relative to its benchmark index, to gain access to foreign markets where direct investment may be restricted or unavailable, or to manage the Fund’s risk profile.

The Fund may lend portfolio securities 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 will vary, and you could lose money. The Fund invests primarily in common stocks, which tend to be more volatile than many other investment choices.

58	Janus Henderson Global Select Fund

investment may fall, sometimes sharply, in response to changes in the market, and you could lose money. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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. Some of the risks of investing directly in foreign securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks, as noted in the Fund’s Summary Prospectus. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

Emerging Markets Risk. The risks of foreign investing are heightened when investing in emerging markets. Emerging markets securities involve a number of additional 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, 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 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 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. Additionally, foreign and emerging market risks, including but not limited to price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 13.8% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

59	Janus Henderson Global Select Fund

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. The risk of investing in British issuers may also be heightened due to the referendum in which the United Kingdom voted to exit the EU (commonly known as “Brexit”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will conclude, or how financial markets will react.

Fixed-Income Securities Risk. The Fund may hold debt and other 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 the Fund’s net asset value to likewise decrease. Recent and potential future changes in government monetary policy may also affect the level of interest rates. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. Fixed-income securities are also subject to credit risk, prepayment risk, valuation risk, extension risk, and liquidity risk. 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 fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. 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. Extension risk is the risk that borrowers may pay off their debt obligations more slowly in times of rising interest rates, which will lengthen the duration of the portfolio. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that the portfolio managers would like or at the price the portfolio managers believe the security is currently worth.

LIBOR Replacement Risk. The elimination of London Inter-Bank Offered Rate (“LIBOR”) may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it remains unclear if LIBOR will continue to exist in its current, or a modified, form. Alternatives to LIBOR are established or in development in most major currencies including the Secured Overnight Financing Rate (SOFR), that is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for the Fund. The effect of any changes to, or discontinuation of, LIBOR on the Fund will vary, and it is difficult to predict the full impact of the transition away from LIBOR on the Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

Liquidity Risk. The 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, the 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, the 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 the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

60	Janus Henderson Global Select Fund

used by the 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 can be less liquid than other types of investments and 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. To the extent the Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited. The Fund may use derivatives, including forward currency contracts, for hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the portfolio managers or if the cost of the derivative outweighs the benefit of the hedge.

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 August 4, 2017.

•	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 August 4, 2017, 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 August 4, 2017, 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.

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

61	Janus Henderson Global Select Fund

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: 3rd Quarter 2010 18.64%

Worst Quarter: 3rd Quarter 2011 – 23.03%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (6/30/00)
Class T Shares
Return Before Taxes	27.32%	8.19%	7.53%	3.94%
Return After Taxes on Distributions	26.07%	7.08%	6.93%	3.61%
Return After Taxes on Distributions and Sale of Fund Shares	17.06%	6.30%	6.06%	3.17%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	4.79%
Class A Shares
Return Before Taxes⁽¹⁾	19.84%	6.78%	6.75%	3.54%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	4.79%
Class C Shares
Return Before Taxes⁽²⁾	25.10%	7.18%	6.52%	3.04%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	4.79%
Class S Shares
Return Before Taxes	26.70%	7.82%	7.26%	3.69%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	4.79%
Class I Shares
Return Before Taxes	27.42%	8.35%	7.70%	4.03%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	4.79%

62	Janus Henderson Global Select Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (6/30/00)
Class N Shares
Return Before Taxes	27.55%	8.30%	7.59%	3.96%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	4.79%
Class R Shares
Return Before Taxes	26.46%	7.54%	6.93%	3.40%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	4.79%

(1)	Calculated assuming maximum permitted sales loads.
(2)	The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the MSCI All Country World Index. The index is described below.

•

The MSCI All Country World Index is an unmanaged, free float-adjusted, market capitalization-weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Managers: George P. Maris, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has managed or co-managed since August 2012. Julian McManus is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since January 2018. Garth Yettick, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since January 2018.

63	Janus Henderson Global Select 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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs 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, Class R Shares, or Class T Shares of the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies 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.

64	Janus Henderson Global Select Fund

Fund summary

Janus Henderson Global Technology and Innovation Fund

(formerly named Janus Henderson Global Technology Fund)

Ticker:	JATAX	Class A Shares	JATSX	Class S Shares	JATNX	Class N Shares
	JAGCX	Class C Shares	JATIX	Class I Shares	JAGTX	Class T Shares

Investment Objective

Janus Henderson Global Technology and Innovation Fund seeks long-term growth 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)	5.75%	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	0.64%	0.64%	0.64%	0.64%	0.64%	0.64%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.12%	0.12%	0.33%	0.12%	0.05%	0.29%
Total Annual Fund Operating Expenses⁽¹⁾	1.01%	1.76%	1.22%	0.76%	0.69%	0.93%
Fee Waiver⁽¹⁾	0.00%	0.00%	0.01%	0.00%	0.00%	0.00%
Total Annual Fund Operating Expenses After Fee Waiver⁽¹⁾	1.01%	1.76%	1.21%	0.76%	0.69%	0.93%

(1)

EXAMPLE:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 672	$ 878	$ 1,101	$ 1,740
Class C Shares	$ 279	$ 554	$ 954	$ 2,073

65	Janus Henderson Global Technology and Innovation Fund

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class S Shares	$ 124	$ 387	$ 670	$ 1,477
Class I Shares	$ 78	$ 243	$ 422	$ 942
Class N Shares	$ 70	$ 221	$ 384	$ 859
Class T Shares	$ 95	$ 296	$ 515	$ 1,143

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 672	$ 878	$ 1,101	$ 1,740
Class C Shares	$ 179	$ 554	$ 954	$ 2,073
Class S Shares	$ 124	$ 387	$ 670	$ 1,477
Class I Shares	$ 78	$ 243	$ 422	$ 942
Class N Shares	$ 70	$ 221	$ 384	$ 859
Class T Shares	$ 95	$ 296	$ 515	$ 1,143

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 securities of companies that the portfolio managers believe will benefit significantly from advances or improvements in technology. These companies generally fall into two categories:

•	companies that the portfolio managers believe have or will develop products, processes, or services that will provide significant technological advancements or improvements; and
•	companies that the portfolio managers believe rely extensively on technology in connection with their operations or services.

Some of the industries and companies likely to be represented in the Fund’s portfolio include e-commerce (companies doing business through the Internet); computer (hardware and software); communications (voice, data, and wireless); industrials; Internet (software, services, and infrastructure equipment); and media and entertainment.

The Fund implements this policy by investing primarily in equity securities of U.S. and foreign companies selected for their growth potential. The Fund typically invests at least 40% of its net assets in securities of issuers or companies that are economically tied to different countries throughout the world, excluding the United States. The Fund may, under unusual circumstances, invest in a single country. The Fund may have significant exposure to emerging markets. The Fund may also invest in U.S. and foreign debt securities. From time to time, the Fund may invest in shares of companies through initial public offerings.

The Fund may also take long or short positions in derivatives, which are instruments that 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. 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 types of derivatives in which the Fund may invest include options, futures, swaps, warrants, and forward currency contracts. The Fund may use derivatives to hedge, to earn income or enhance returns, as a substitute for securities in which the Fund invests, to increase or decrease the Fund’s exposure to a particular market, to adjust the Fund’s currency exposure relative to its benchmark index, to gain access to foreign markets where direct investment may be restricted or unavailable, or to manage the Fund’s risk profile.

66	Janus Henderson Global Technology and Innovation Fund

The Fund may lend portfolio securities 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

Emerging Markets Risk. Emerging markets securities involve a number of additional 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, 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 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 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. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 12.4% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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. Some of the risks of investing directly in foreign securities may be reduced when the Fund invests indirectly in such securities through various

67	Janus Henderson Global Technology and Innovation Fund

other investment vehicles including derivatives, but such investments also involve other risks, as noted in the Fund’s Summary Prospectus. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

Derivatives Risk. Derivatives can be highly 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 can be complex instruments and may involve analysis that differs from that required for other investment types used by the 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 can be less liquid than other types of investments and 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. To the extent the Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited. The Fund may use derivatives, including forward currency contracts, for hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the portfolio managers or if the cost of the derivative outweighs the benefit of the hedge.

68	Janus Henderson Global Technology and Innovation Fund

Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund.

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.
•	The performance shown for Class A Shares, Class C Shares, and Class S 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 January 27, 2017, 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, 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 January 27, 2017, the performance shown for each respective share class may have been different. The performance shown for 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.

69	Janus Henderson Global Technology and Innovation Fund

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

Best Quarter: 1st Quarter 2019 21.34%

Worst Quarter: 4th Quarter 2018 – 16.30%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (12/31/98)
Class T Shares
Return Before Taxes	45.06%	20.22%	17.56%	9.86%
Return After Taxes on Distributions	42.29%	18.19%	15.92%	9.08%
Return After Taxes on Distributions and Sale of Fund Shares	28.61%	15.90%	14.39%	8.31%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
MSCI All Country World Information Technology Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	46.89%	17.83%	15.05%	6.52%
Class A Shares
Return Before Taxes⁽¹⁾	36.55%	18.67%	16.71%	9.41%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
MSCI All Country World Information Technology Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	46.89%	17.83%	15.05%	6.52%
Class C Shares
Return Before Taxes⁽²⁾	42.94%	19.28%	16.59%	8.94%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
MSCI All Country World Information Technology Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	46.89%	17.83%	15.05%	6.52%
Class S Shares
Return Before Taxes	44.61%	19.91%	17.25%	9.57%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
MSCI All Country World Information Technology Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	46.89%	17.83%	15.05%	6.52%

70	Janus Henderson Global Technology and Innovation Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (12/31/98)
Class I Shares
Return Before Taxes	45.25%	20.41%	17.73%	9.94%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
MSCI All Country World Information Technology Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	46.89%	17.83%	15.05%	6.52%
Class N Shares
Return Before Taxes	45.37%	20.39%	17.64%	9.90%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
MSCI All Country World Information Technology Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	46.89%	17.83%	15.05%	6.52%

(1)	Calculated assuming maximum permitted sales loads.
(2)	The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the S&P 500 Index. The Fund also compares its performance to the MSCI All Country World Information Technology Index. The indices are described below.

•	The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.
•	The MSCI All Country World Information Technology Index is a capitalization weighted index that measures the performance of information technology securities from developed market countries and emerging market countries. The index includes reinvestment of dividends, net of foreign withholding taxes.

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Managers: Denny Fish is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since January 2016. Garth Yettick, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since December 2018.

71	Janus Henderson Global Technology and Innovation 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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

Tax information

Payments to broker-dealers and other financial intermediaries

72	Janus Henderson Global Technology and Innovation Fund

Fund summary

Janus Henderson Global Value Fund

Ticker:	JPPAX	Class A Shares	JPPSX	Class S Shares	JPPNX	Class N Shares
	JPPCX	Class C Shares	JPPIX	Class I Shares	JGVAX	Class T Shares

Investment Objective

Janus Henderson Global Value Fund seeks 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)	5.75%	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⁽¹⁾	0.47%	0.47%	0.47%	0.47%	0.47%	0.47%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	0.29%	0.31%	2.76%	0.55%	0.27%	0.41%
Total Annual Fund Operating Expenses	1.01%	1.78%	3.48%	1.02%	0.74%	0.88%

(1)	This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus.

EXAMPLE:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 672	$ 878	$ 1,101	$ 1,740
Class C Shares	$ 281	$ 560	$ 964	$ 2,095
Class S Shares	$ 351	$ 1,068	$ 1,807	$ 3,756
Class I Shares	$ 104	$ 325	$ 563	$ 1,248
Class N Shares	$ 76	$ 237	$ 411	$ 918
Class T Shares	$ 90	$ 281	$ 488	$ 1,084

73	Janus Henderson Global Value Fund

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 672	$ 878	$ 1,101	$ 1,740
Class C Shares	$ 181	$ 560	$ 964	$ 2,095
Class S Shares	$ 351	$ 1,068	$ 1,807	$ 3,756
Class I Shares	$ 104	$ 325	$ 563	$ 1,248
Class N Shares	$ 76	$ 237	$ 411	$ 918
Class T Shares	$ 90	$ 281	$ 488	$ 1,084

Principal investment strategies

The Fund pursues its investment objective by investing primarily in common stocks of companies of any size that are economically tied to countries throughout the world, including emerging markets. The Fund normally invests in issuers from several different countries, which may include the United States. The Fund may, under unusual circumstances, invest in a single country. The Fund may also invest in U.S. and foreign equity securities. In addition, when the portfolio managers believe that market conditions are unfavorable for investing, or when they are otherwise unable to locate attractive investment opportunities, the Fund’s cash or similar investments may increase.

The Fund focuses on companies that have fallen out of favor with the market or that appear to be temporarily misunderstood by the investment community. As defensive value managers, the Fund’s portfolio managers generally look for companies with:

•	strong management teams;
•	strong and stable balance sheets and solid recurring free cash flows;
•	attractive relative and absolute valuation ratios or that have underperformed recently;
•	favorable reward to risk characteristics;
•	durable competitive advantages that are trading at attractive valuations; and
•	strong long-term prospects.

The portfolio managers’ philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.

Principal investment risks

74	Janus Henderson Global Value Fund

accounting controls and standards), stock exchanges, brokers, and listed companies, 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 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 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. As of September 30, 2019, approximately 4.4% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

Value Investing Risk. Because different types of stocks tend to shift in and out of favor depending on market and economic conditions, “value” stocks may perform differently than other types of stocks and from the market as a whole, and can continue to be undervalued by the market for long periods of time. It is also possible that a value stock will never appreciate to the extent expected by the portfolio managers.

Cash Holdings Risk. The Fund’s investments in cash, cash equivalents, or similar investments may increase due to a lack of favorable investment opportunities or other extraordinary factors. As a result, the Fund may not participate in market advances or declines to the same extent that it would if the Fund had been fully invested in the market. Furthermore, cash, cash equivalents, or similar investments may generate minimal or no income and could negatively impact the Fund’s performance and ability to achieve its investment objective. The Fund may invest in securities such as repurchase agreements and other short-term debt obligations to generate return on its cash position.

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.

75	Janus Henderson Global Value Fund

•	The performance shown for Class A Shares, Class C Shares, and Class S 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, 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.

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

Best Quarter: 3rd Quarter 2010 10.33%

Worst Quarter: 3rd Quarter 2011 – 9.61%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (6/29/01)
Class T Shares
Return Before Taxes	18.14%	5.73%	7.85%	6.60%
Return After Taxes on Distributions	16.18%	4.49%	6.68%	5.69%
Return After Taxes on Distributions and Sale of Fund Shares	11.92%	4.32%	6.23%	5.41%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.31%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.38%

76	Janus Henderson Global Value Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (6/29/01)
Class A Shares
Return Before Taxes⁽¹⁾	11.09%	4.36%	7.10%	6.08%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.31%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.38%
Class C Shares
Return Before Taxes⁽²⁾	16.09%	4.83%	7.03%	5.69%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.31%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.38%
Class S Shares
Return Before Taxes	15.25%	4.55%	7.13%	6.07%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.31%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.38%
Class I Shares
Return Before Taxes	18.19%	5.85%	7.95%	6.64%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.31%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.38%
Class N Shares
Return Before Taxes	18.19%	5.93%	8.03%	6.70%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.31%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.38%

(1)	Calculated assuming maximum permitted sales loads.
(2)	The one year return is calculated to include the contingent deferred sales charge.

•

The MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.

77	Janus Henderson Global Value Fund

•

Management

Investment Adviser: Janus Capital Management LLC

Investment Subadviser: Perkins Investment Management LLC

Portfolio Managers: Gregory R. Kolb, CFA, is Co-Portfolio Manager of the Fund, which he has managed or co-managed since May 2005. George Maglares is Co-Portfolio Manager of the Fund, which he has co-managed since July 2016.

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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

78	Janus Henderson Global Value Fund

Tax information

Payments to broker-dealers and other financial intermediaries

79	Janus Henderson Global Value Fund

Fund summary

Janus Henderson International Opportunities Fund

Ticker:	HFOAX	Class A Shares	HFOQX	Class S Shares	HFOSX	Class N Shares	HFOTX	Class T Shares
	HFOCX	Class C Shares	HFOIX	Class I Shares	HFORX	Class R Shares

Investment Objective

Janus Henderson International Opportunities Fund seeks long-term capital appreciation primarily through investment in equities of non-U.S. companies.

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)	5.75%	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	0.98%	0.98%	0.98%	0.98%	0.98%	0.98%	0.98%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	0.50%	None
Other Expenses	0.22%	0.18%	0.54%	0.14%	0.09%	0.37%	0.50%
Total Annual Fund Operating Expenses⁽¹⁾	1.45%	2.16%	1.77%	1.12%	1.07%	1.85%	1.48%
Fee Waiver⁽¹⁾	0.19%	0.18%	0.39%	0.16%	0.19%	0.26%	0.35%
Total Annual Fund Operating Expenses After Fee Waiver⁽¹⁾	1.26%	1.98%	1.38%	0.96%	0.88%	1.59%	1.13%

(1)

Janus Capital 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/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.88% for at least a one-year period commencing on January 28, 2020. In addition, for at least a one-year period commencing on January 28, 2020, Janus Capital has agreed to reduce the administrative services fee payable by the Fund’s Class R Shares pursuant to the Fund’s Transfer Agency Agreement so that such fees do not exceed 0.21% of Class R Shares’ average daily net assets. The contractual waivers may be terminated or modified prior to this date only at the discretion of the Board of Trustees.

EXAMPLE:

80	Janus Henderson International Opportunities Fund

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 714	$ 1,007	$ 1,322	$ 2,210
Class C Shares	$ 319	$ 676	$ 1,159	$ 2,493
Class S Shares	$ 180	$ 557	$ 959	$ 2,084
Class I Shares	$ 114	$ 356	$ 617	$ 1,363
Class N Shares	$ 109	$ 340	$ 590	$ 1,306
Class R Shares	$ 188	$ 582	$ 1,001	$ 2,169
Class T Shares	$ 151	$ 468	$ 808	$ 1,768

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 714	$ 1,007	$ 1,322	$ 2,210
Class C Shares	$ 219	$ 676	$ 1,159	$ 2,493
Class S Shares	$ 180	$ 557	$ 959	$ 2,084
Class I Shares	$ 114	$ 356	$ 617	$ 1,363
Class N Shares	$ 109	$ 340	$ 590	$ 1,306
Class R Shares	$ 188	$ 582	$ 1,001	$ 2,169
Class T Shares	$ 151	$ 468	$ 808	$ 1,768

Principal investment strategies

The Fund pursues its investment objective by investing, under normal circumstances, approximately 70% of its net assets (plus any borrowings for investment purposes) in equity securities of non-U.S. companies and in at least three different countries. Equity securities include common stocks and related securities, such as preferred stock, convertible securities, and depositary receipts. Non-U.S. companies include companies in emerging market countries and are broadly defined to include any company that meets one of the following tests: (i) its country of organization, its primary business office and/or the principal trading market of its stock are located outside of the United States, (ii) 50% or more of its assets are located in a country other than the United States, or (iii) 50% or more of its revenues are derived from outside of the United States.

Fund investment performance will be derived primarily from stock selection. A strategic asset allocation process will be a secondary contributor to the investment process. Security selection may be based upon an analysis of a company’s valuations relative to earnings forecasts or other valuation criteria, earnings growth prospects of a company, the quality of a company’s management and the unique competitive advantages of a company. Asset allocation will be reviewed regularly based upon strategic views related to the growth prospects, valuations and pricing associated with international equity regions. Assets of the Fund are allocated to teams of investment personnel, referred to as “sleeve portfolio managers,” who have experience with respect to a particular geographic region or discipline.

The Fund generally sells a stock when, in the portfolio managers’ opinion, there is a deterioration in the company’s fundamentals, the company fails to meet performance expectations, the stock achieves its target price, its earnings are disappointing or its revenue growth has slowed. The Fund may also sell a stock if the portfolio managers believe that negative country or regional factors may affect the company’s outlook, in the portfolio managers’ opinion, a superior investment opportunity arises or to meet cash requirements. The portfolio managers anticipate that the Fund will continue to hold securities of companies that grow or expand so long as the portfolio managers believe the securities continue to offer prospects of long-term growth. Some of the Fund’s investments may produce income, although income from dividends and interest will be incidental and not an important consideration in choosing investments.

81	Janus Henderson International Opportunities Fund

The Fund may, under unusual circumstances, invest in a single country or a limited number of countries. In addition, the Fund may invest in securities issued by smaller companies and in less seasoned issuers, including through initial public offerings and private placements.

The Fund does not limit its investments to companies of any particular size and may invest a significant portion of its assets in smaller and less seasoned issuers. However, in an attempt to reduce portfolio risks, the portfolio managers generally will invest across countries, industry groups and/or sectors.

Principal investment risks

The biggest risk is that the Fund’s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking an international equity portfolio, including common stocks. Common stocks tend to be more volatile than many other investment choices.

Emerging Markets Risk. The risks of foreign investing are heightened when investing in emerging markets. Emerging markets securities involve a number of additional 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, 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 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 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. Additionally, foreign and emerging market risks, including but not limited to price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the

82	Janus Henderson International Opportunities Fund

Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 19.1% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

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

83	Janus Henderson International Opportunities Fund

Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class A Shares, Class C Shares, Class R Shares, Class I Shares, Class IF Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class R Shares, Class I Shares (Class I Shares and Class IF Shares of the Predecessor Fund were reorganized into Class I Shares of the Fund), 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 August 31, 2001. Class R Shares, Class I Shares, Class R6 Shares, and Class IF Shares of the Predecessor Fund commenced operations on September 30, 2005, March 31, 2009, November 30, 2015, and March 31, 2016, 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 R Shares for periods prior to June 5, 2017, reflects the performance of Class R Shares of the Predecessor Fund and is calculated using the fees and expenses of Class R 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 September 30, 2005, performance shown for Class R 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 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 March 31, 2009, 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.
•	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.

84	Janus Henderson International Opportunities Fund

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

Best Quarter: 1st Quarter 2012 16.30%

Worst Quarter: 3rd Quarter 2011 – 21.11%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (8/31/01)
Class A Shares⁽¹⁾
Return Before Taxes	19.09%	2.79%	4.48%	7.72%
Return After Taxes on Distributions	18.34%	1.88%	4.06%	7.22%
Return After Taxes on Distributions and Sale of Fund Shares⁽²⁾	12.25%	2.19%	3.68%	6.58%
MSCI ACWI ex-USA Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	6.25%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.50%	5.65%
Class C Shares
Return Before Taxes⁽³⁾	24.58%	3.25%	4.31%	7.27%
MSCI ACWI ex-USA Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	6.25%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.50%	5.65%
Class S Shares
Return Before Taxes	26.24%	3.89%	5.03%	8.03%
MSCI ACWI ex-USA Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	6.25%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.50%	5.65%
Class I Shares
Return Before Taxes	26.71%	4.30%	5.39%	8.25%
MSCI ACWI ex-USA Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	6.25%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.50%	5.65%

85	Janus Henderson International Opportunities Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (8/31/01)
Class N Shares
Return Before Taxes	26.79%	4.27%	5.23%	8.14%
MSCI ACWI ex-USA Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	6.25%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.50%	5.65%
Class R Shares
Return Before Taxes	25.96%	3.68%	4.77%	7.82%
MSCI ACWI ex-USA Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	6.25%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.50%	5.65%
Class T Shares
Return Before Taxes	26.54%	4.07%	5.13%	8.08%
MSCI ACWI ex-USA Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	6.25%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.50%	5.65%

(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.

Effective January 28, 2020, the Fund’s primary benchmark index changed from the MSCI EAFE Index to the MSCI ACWI ex-USA Index. Janus Capital believes that the MSCI ACWI ex-USA Index represents a more appropriate benchmark for the Fund, given its exposure to developing markets. The indices are described below.

•	The MSCI ACWI ex-USA Index is an unmanaged, free float-adjusted, market capitalization weighted index composed of stocks of large and mid-cap companies located in countries throughout the world, excluding the United States.
•	The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index designed to measure developed market equity performance. The MSCI EAFE Index is composed of companies representative of the market structure of developed market countries.

86	Janus Henderson International Opportunities Fund

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Managers: Dean Cheeseman is Lead Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since March 2019. Paul O’Connor is Executive Vice President and Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since April 2016.

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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

Tax information

Payments to broker-dealers and other financial intermediaries

87	Janus Henderson International Opportunities Fund

Fund summary

Janus Henderson International Small Cap Fund

Ticker:	HIZAX	Class A Shares	HIZSX	Class S Shares	HIZRX	Class N Shares
	HIZCX	Class C Shares	HIZIX	Class I Shares	HIZTX	Class T Shares

Investment Objective

Janus Henderson International Small Cap Fund seeks long-term 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)	5.75%	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	0.99%	0.99%	0.99%	0.99%	0.99%	0.99%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	6.36%	8.47%	9.03%	8.22%	2.40%	3.77%
Total Annual Fund Operating Expenses⁽¹⁾	7.60%	10.46%	10.27%	9.21%	3.39%	4.76%
Fee Waiver⁽¹⁾	6.29%	8.41%	8.77%	8.16%	2.40%	3.51%
Total Annual Fund Operating Expenses After Fee Waiver⁽¹⁾	1.31%	2.05%	1.50%	1.05%	0.99%	1.25%

(1)

EXAMPLE:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 1,282	$ 2,641	$ 3,931	$ 6,873
Class C Shares	$ 1,117	$ 2,889	$ 4,561	$ 8,006
Class S Shares	$ 1,000	$ 2,845	$ 4,500	$ 7,932
Class I Shares	$ 902	$ 2,593	$ 4,144	$ 7,486

88	Janus Henderson International Small Cap Fund

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class N Shares	$ 342	$ 1,042	$ 1,765	$ 3,676
Class T Shares	$ 477	$ 1,433	$ 2,394	$ 4,818

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 1,282	$ 2,641	$ 3,931	$ 6,873
Class C Shares	$ 1,017	$ 2,889	$ 4,561	$ 8,006
Class S Shares	$ 1,000	$ 2,845	$ 4,500	$ 7,932
Class I Shares	$ 902	$ 2,593	$ 4,144	$ 7,486
Class N Shares	$ 342	$ 1,042	$ 1,765	$ 3,676
Class T Shares	$ 477	$ 1,433	$ 2,394	$ 4,818

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 equity securities of non-U.S. small market capitalization (“small cap”) companies, from at least three different countries outside of the United States. Equity securities include common stocks and related securities, such as preferred stocks, convertible securities and depositary receipts.

The Fund considers a small cap company to be one whose market capitalization, at the time of purchase, is within the range of capitalizations of companies in the MSCI EAFE^® (Europe, Australasia and Far East) Small Cap Index. As of September 30, 2019, the MSCI EAFE Small Cap Index included companies with market capitalizations between $70 million and $7.2 billion. Some companies may outgrow the definition of a small cap company or may no longer fall within the range of a reconstituted index after the Fund has purchased their securities. These companies will continue to be considered small cap for purposes of the Fund’s minimum 80% allocation to equity securities of non-U.S. small cap companies, including, with respect to subsequent purchases. The Fund may also invest in securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale (these are known as “restricted securities”).

Non-U.S. companies are broadly defined to include any issuer that meets one of the following tests: (i) its country of organization, its primary business office or the principal trading market of its stock is located outside of the United States, (ii) 50% or more of its assets are located in a country other than the United States, or (iii) 50% or more of its revenues are derived from outside of the United States.

Normally, the Fund’s investments will be allocated among Continental Europe, the United Kingdom, Japan and the markets of the Pacific Basin. The Fund invests primarily in developed-market countries but may invest up to 25% of its net assets in securities of issuers located in emerging markets. Emerging market countries are all countries represented by the MSCI Emerging Markets Index^sm and/or those countries considered to be developing by the World Bank, the International Finance Corporation or the United Nations. These countries are typically located in the Asia-Pacific region, Eastern Europe, Central and South America, and Africa.

The Fund uses a value-oriented approach, designed to identify stocks trading at attractive valuations. The investment process is driven by the belief that the level of real returns delivered depends on the initial price paid. In selecting investments, a proprietary analytical model is used to provide theoretical values for each stock in the investment universe and then ranks the stock according to its discount or premium. In assessing a company, four key components are considered: net asset value (“NAV”), current earnings, value of growth and dividends. From among those companies with the biggest discounts to fair value (based around the above factors), the portfolio managers seek to identify a portfolio of stocks that they believe are priced below their intrinsic worth and which offer the best potential to achieve the Fund’s investment objective. At the final stage, stocks are validated through fundamental analysis and bottom-up research for inclusion in the portfolio. The Fund generally sells a stock if, in the portfolio managers’ opinion, it no longer offers an attractive valuation. The Fund will also

89	Janus Henderson International Small Cap Fund

consider selling a security if, in the portfolio managers’ opinion, a superior investment opportunity arises. The Fund typically expects to maintain investments in a portfolio of between 70 and 100 stocks.

The Fund may invest without limit in foreign securities and has no specific policies on the geographic asset distribution or sector exposure of its investments. Instead, sector and geographic exposure are a function of stock-level opportunities. However, in an attempt to reduce portfolio risks, the portfolio managers generally will invest across countries, industry groups and/or sectors.

Principal investment risks

The biggest risk is that the Fund’s returns will vary, and you could lose money. The Fund is designed for long-term investors seeking a non-U.S. equity portfolio, primarily in small cap companies, including common stocks. Common stocks tend to be more volatile than many other investment choices.

Emerging Markets Risk. Emerging markets securities involve a number of additional 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, 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 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 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. As of September 30, 2019, the Fund did not hold investments in emerging markets.

90	Janus Henderson International Small Cap Fund

Rule 144A Securities Risk. The Fund may invest in Rule 144A securities that are not registered for sale to the general public under the Securities Act of 1933, as amended, but which may be resold to certain institutional investors. Such securities may be determined to be liquid in accordance with the Fund’s applicable policies and procedures and Rule 22e-4. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities at a particular time could affect negatively the Fund’s ability to dispose of such securities promptly or at expected prices. Accordingly, the Fund’s investment in Rule 144A securities may subject the Fund to enhanced liquidity risk and potentially increase the Fund’s exposure to illiquid investments if eligible buyers become uninterested in buying Rule 144A securities at a particular time.

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

91	Janus Henderson International Small Cap Fund

operations with the Predecessor Fund’s inception on December 15, 2016. Class A Shares, Class C Shares, Class S Shares, Class I Shares, and Class T Shares of the Fund commenced operations on June 5, 2017.

•	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 R6 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 A Shares for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class A Shares, net of any 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 R6 Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class C Shares, net of any 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 R6 Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class I Shares, net of any 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 R6 Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers.
•	The performance shown for Class T Shares for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of the Predecessor Fund, calculated using the estimated fees and expenses of Class T Shares, 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 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.

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

Best Quarter: 1st Quarter 2019 11.71%

Worst Quarter: 4th Quarter 2018 – 21.31%

92	Janus Henderson International Small Cap Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	Since Inception (12/15/16)
Class N Shares
Return Before Taxes	24.13%	8.46%
Return After Taxes on Distributions	23.75%	7.22%
Return After Taxes on Distributions and Sale of Fund Shares	15.06%	6.41%
MSCI EAFE^® Small Cap Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	24.96%	11.69%
Class A Shares
Return Before Taxes⁽¹⁾	16.76%	5.74%
MSCI EAFE^® Small Cap Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	24.96%	11.69%
Class C Shares
Return Before Taxes⁽²⁾	22.87%	7.29%
MSCI EAFE^® Small Cap Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	24.96%	11.69%
Class S Shares
Return Before Taxes	24.02%	7.75%
MSCI EAFE^® Small Cap Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	24.96%	11.69%
Class I Shares
Return Before Taxes	24.07%	8.04%
MSCI EAFE^® Small Cap Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	24.96%	11.69%
Class T Shares
Return Before Taxes	23.85%	7.86%
MSCI EAFE^® Small Cap Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	24.96%	11.69%

(1)	Calculated assuming maximum permitted sales loads.
(2)	The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the MSCI EAFE Small Cap Index. The index is described below.

•	The MSCI EAFE Small Cap Index is an equity index that reflects the performance of small capitalization equities across developed markets, excluding the U.S. and Canada.

After-tax returns are calculated using distributions for the Predecessor Fund’s Class R6 Shares for the period prior to June 5, 2017. If Class N 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 N Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class N Shares due to varying sales charges (as applicable), fees, and expenses among the classes.

93	Janus Henderson International Small Cap Fund

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Managers: Nick Sheridan is Executive Vice President and Lead Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since its inception. Ollie Beckett is Executive Vice President and Co-Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since its inception. Andrew Gillan is Executive Vice President and Co-Portfolio Manager of the Fund, and has been a member of the Fund’s portfolio management team since its inception. Yun Young Lee, 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 its inception.

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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

Tax information

94	Janus Henderson International Small Cap Fund

Fund summary

Janus Henderson International Value Fund

Ticker:	JIFAX	Class A Shares	JIFSX	Class S Shares	JIFNX	Class N Shares
	JIFCX	Class C Shares	JIFIX	Class I Shares	JIFTX	Class T Shares

Investment Objective

Janus Henderson International Value Fund seeks 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)	5.75%	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	0.80%	0.80%	0.80%	0.80%	0.80%	0.80%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	None
Other Expenses	1.41%	2.18%	2.88%	0.68%	0.59%	1.15%
Total Annual Fund Operating Expenses⁽¹⁾	2.46%	3.98%	3.93%	1.48%	1.39%	1.95%
Fee Waiver⁽¹⁾	1.27%	2.07%	2.56%	0.51%	0.53%	0.84%
Total Annual Fund Operating Expenses After Fee Waiver⁽¹⁾	1.19%	1.91%	1.37%	0.97%	0.86%	1.11%

(1)

EXAMPLE:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 810	$ 1,297	$ 1,810	$ 3,210
Class C Shares	$ 500	$ 1,212	$ 2,041	$ 4,189
Class S Shares	$ 395	$ 1,198	$ 2,018	$ 4,147

96	Janus Henderson International Value Fund

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class I Shares	$ 151	$ 468	$ 808	$ 1,768
Class N Shares	$ 142	$ 440	$ 761	$ 1,669
Class T Shares	$ 198	$ 612	$ 1,052	$ 2,275

If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 810	$ 1,297	$ 1,810	$ 3,210
Class C Shares	$ 400	$ 1,212	$ 2,041	$ 4,189
Class S Shares	$ 395	$ 1,198	$ 2,018	$ 4,147
Class I Shares	$ 151	$ 468	$ 808	$ 1,768
Class N Shares	$ 142	$ 440	$ 761	$ 1,669
Class T Shares	$ 198	$ 612	$ 1,052	$ 2,275

Principal investment strategies

The Fund pursues its investment objective by investing primarily in common stocks of companies of any size that are economically tied to countries outside of the United States, including in emerging markets. The Fund normally invests in issuers from several different countries, but under unusual circumstances, may invest in a single country. The Fund may also invest in non-U.S. debt securities. In addition, when the portfolio managers believe that market conditions are unfavorable for investing, or when they are otherwise unable to locate attractive investment opportunities, the Fund’s cash or similar investments may increase.

•	strong management teams;
•	strong and stable balance sheets and solid recurring free cash flows;
•	attractive relative and absolute valuation ratios or that have underperformed recently;
•	favorable reward to risk characteristics;
•	durable competitive advantages that are trading at attractive valuations; and
•	strong long-term prospects.

The portfolio managers’ philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.

Principal investment risks

97	Janus Henderson International Value Fund

be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies.

Emerging Markets Risk. Emerging markets securities involve a number of additional 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, 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 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 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. As of September 30, 2019, approximately 6.8% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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 may involve risks greater than, or in addition to, the risks of investing in more developed countries.

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.

98	Janus Henderson International Value 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. 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 broad-based securities market indices. 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 I Shares (calendar year-end)

Best Quarter: 4th Quarter 2019 9.01%

Worst Quarter: 4th Quarter 2018 – 10.86%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	Since Inception (4/1/13)
Class I Shares
Return Before Taxes	17.37%	4.51%	4.95%
Return After Taxes on Distributions	16.53%	3.51%	3.97%
Return After Taxes on Distributions and Sale of Fund Shares	11.15%	3.50%	3.85%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.87%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	5.22%
Class A Shares
Return Before Taxes⁽¹⁾	10.67%	3.11%	3.85%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.87%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	5.22%
Class C Shares
Return Before Taxes⁽²⁾	16.31%	3.71%	4.08%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.87%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	5.22%

99	Janus Henderson International Value Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	Since Inception (4/1/13)
Class S Shares
Return Before Taxes	17.69%	4.33%	4.70%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.87%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	5.22%
Class N Shares
Return Before Taxes	17.61%	4.64%	5.05%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.87%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	5.22%
Class T Shares
Return Before Taxes	17.16%	4.34%	4.77%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.87%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	5.22%

(1)	Calculated assuming maximum permitted sales loads.
(2)	The one year return is calculated to include the contingent deferred sales charge.

The Fund’s primary benchmark index is the MSCI EAFE Index. The Fund also compares its performance to the MSCI All Country World ex-U.S. Index. The indices are described below.

•

The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index designed to measure developed market equity performance. The MSCI EAFE Index is composed of companies representative of the market structure of developed market countries. The index includes reinvestment of dividends, net of foreign withholding taxes.

•

The MSCI All Country World ex-U.S. Index is an unmanaged, free float-adjusted, market capitalization-weighted index composed of stocks of companies located in countries throughout the world, excluding the United States. It is designed to measure equity market performance in global developed and emerging markets outside the United States. The index includes reinvestment of dividends, net of foreign withholding taxes.

Management

Investment Adviser: Janus Capital Management LLC

Investment Subadviser: Perkins Investment Management LLC

Portfolio Managers: Gregory R. Kolb, CFA, is Co-Portfolio Manager of the Fund, which he has co-managed since April 2013. George Maglares is Co-Portfolio Manager of the Fund, which he has co-managed since July 2016.

100	Janus Henderson International Value 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

*	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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

Tax information

Payments to broker-dealers and other financial intermediaries

101	Janus Henderson International Value Fund

Fund summary

Janus Henderson Overseas Fund

Ticker:	JDIAX	Class A Shares	JIGRX	Class S Shares	JDINX	Class N Shares	JAOSX	Class T Shares
	JIGCX	Class C Shares	JIGFX	Class I Shares	JDIRX	Class R Shares

Investment Objective

Janus Henderson Overseas Fund seeks long-term growth 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)	5.75%	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⁽¹⁾	0.58%	0.58%	0.58%	0.58%	0.58%	0.58%	0.58%
Distribution/Service (12b-1) Fees	0.25%	1.00%	0.25%	None	None	0.50%	None
Other Expenses	0.28%	0.33%	0.30%	0.16%	0.05%	0.31%	0.30%
Total Annual Fund Operating Expenses	1.11%	1.91%	1.13%	0.74%	0.63%	1.39%	0.88%

(1)	This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus.

EXAMPLE:

If Shares are redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 682	$ 908	$ 1,151	$ 1,849
Class C Shares	$ 294	$ 600	$ 1,032	$ 2,233
Class S Shares	$ 115	$ 359	$ 622	$ 1,375
Class I Shares	$ 76	$ 237	$ 411	$ 918
Class N Shares	$ 64	$ 202	$ 351	$ 786
Class R Shares	$ 142	$ 440	$ 761	$ 1,669
Class T Shares	$ 90	$ 281	$ 488	$ 1,084

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If Shares are not redeemed:	1 Year	3 Years	5 Years	10 Years
Class A Shares	$ 682	$ 908	$ 1,151	$ 1,849
Class C Shares	$ 194	$ 600	$ 1,032	$ 2,233
Class S Shares	$ 115	$ 359	$ 622	$ 1,375
Class I Shares	$ 76	$ 237	$ 411	$ 918
Class N Shares	$ 64	$ 202	$ 351	$ 786
Class R Shares	$ 142	$ 440	$ 761	$ 1,669
Class T Shares	$ 90	$ 281	$ 488	$ 1,084

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 securities of issuers or companies from countries outside of the United States. The Fund normally invests in securities of issuers from several different countries, excluding the United States. Although the Fund typically invests 80% or more of its assets in issuers that are economically tied to countries outside the United States, it also may invest up to 20% of its net assets, measured at the time of purchase, in U.S. issuers, and it may, under unusual circumstances, invest all or substantially all of its assets in a single country. The Fund may have significant exposure to emerging markets. The Fund typically invests in equity securities (such as stocks or any other security representing an ownership interest) in all market capitalizations but may also invest in U.S. and foreign debt securities.

The 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. A REIT is a trust that invests in real estate-related projects, such as properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded over-the-counter.

The Fund may take long or short positions in derivatives, which are instruments that 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. 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 types of derivatives in which the Fund may invest include options, futures, swaps, warrants, and forward currency contracts. The Fund may use derivatives to hedge, to earn income or enhance returns, as a substitute for securities in which the Fund invests, to increase or decrease the Fund’s exposure to a particular market, to adjust the Fund’s currency exposure relative to its benchmark index, to gain access to foreign markets where direct investment may be restricted or unavailable, or to manage the Fund’s risk profile.

The Fund may lend portfolio securities 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

103	Janus Henderson Overseas Fund

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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. Some of the risks of investing directly in foreign securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks, as noted in the Fund’s Summary Prospectus. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

Emerging Markets Risk. The risks of foreign investing are heightened when investing in emerging markets. Emerging markets securities involve a number of additional 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, 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 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 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. Additionally, foreign and emerging market risks, including but not limited to price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 21.3% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

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risk of loss and volatility. 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.

Real Estate Securities Risk. The Fund’s performance may be affected by the risks associated with investments in real estate-related companies. The value of real estate-related companies’ securities is sensitive to changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, supply and demand, and the management skill and creditworthiness of the company. Investments in REITs involve the same risks as other real estate investments. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund.

105	Janus Henderson Overseas Fund

Derivatives Risk. Derivatives can be highly 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 can be complex instruments and may involve analysis that differs from that required for other investment types used by the 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 can be less liquid than other types of investments and 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. To the extent the Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited. The Fund may use derivatives, including forward currency contracts, for hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the portfolio managers or if the cost of the derivative outweighs the benefit of the hedge.

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.

106	Janus Henderson Overseas Fund

•	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.

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.

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

Best Quarter: 1st Quarter 2012 19.92%

Worst Quarter: 3rd Quarter 2011 – 27.83%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (5/2/94)
Class T Shares
Return Before Taxes	27.01%	3.72%	0.46%	7.78%
Return After Taxes on Distributions	26.65%	3.35%	– 0.07%	7.19%
Return After Taxes on Distributions and Sale of Fund Shares⁽¹⁾	16.62%	2.95%	0.37%	6.73%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	N/A
Class A Shares
Return Before Taxes⁽²⁾	19.49%	2.27%	– 0.34%	7.39%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	N/A

107	Janus Henderson Overseas Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (5/2/94)
Class C Shares
Return Before Taxes⁽³⁾	24.74%	2.70%	– 0.51%	6.90%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	N/A
Class S Shares
Return Before Taxes	26.71%	3.45%	0.20%	7.51%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	N/A
Class I Shares
Return Before Taxes	27.22%	3.84%	0.59%	7.84%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	N/A
Class N Shares
Return Before Taxes	27.30%	3.94%	0.63%	7.85%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	N/A
Class R Shares
Return Before Taxes	26.39%	3.20%	– 0.05%	7.27%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	N/A

(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 MSCI All Country World ex-U.S. Index. The MSCI All Country World ex-U.S. Index is used to calculate the Fund’s performance fee adjustment. The index is described below.

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108	Janus Henderson Overseas Fund

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Managers: George P. Maris, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has managed or co-managed since January 2016. Julian McManus is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since January 2018. Garth Yettick, CFA, is Executive Vice President and Co-Portfolio Manager of the Fund, which he has co-managed since January 2018.

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.
***	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.
****	Investors in certain tax-advantaged accounts or accounts held through certain wrap programs may not be subject to this minimum.

Tax information

109	Janus Henderson Overseas 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 September 30, 2019.

•	“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 Janus Capital. Janus Henderson Asia Equity Fund, Janus Henderson Global Real Estate Fund, Janus Henderson Global Research Fund, Janus Henderson Global Value Fund, and Janus Henderson Overseas Fund each pay an investment advisory fee rate that adjusts up or down by a variable rate of up to 0.15% (assuming constant assets) on a monthly basis based upon the Fund’s performance relative to its benchmark index during a measurement period. This base fee rate, prior to any performance adjustment, is 0.92% for Janus Henderson Asia Equity Fund, 0.75% for Janus Henderson Global Real Estate Fund, 0.60% for Janus Henderson Global Research Fund, and 0.64% for each of Janus Henderson Global Value Fund and Janus Henderson Overseas Fund. 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 Services LLC (“Janus Services”), 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. “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. If applicable, or unless otherwise indicated in a Fund’s Fees and Expenses table, such amounts are less than 0.01% and are included in the Fund’s “Other Expenses.”
_°	for all classes, may include “Short Sale Dividend Expenses.” These expenses include dividends or interest on short sales, which are paid to the lender of borrowed securities, and stock loan fees, which are paid to the prime broker. Such expenses will vary depending on the short sale arrangement, whether the securities a Fund sells short pay dividends or interest, and the amount of such dividends or interest. While “Short Sale Dividend Expenses” include interest and

111	Janus Investment Fund

	dividends paid out on short positions and may include stock loan fees, they do not take into account the interest credit a Fund earns on cash proceeds of short sales held as collateral for short positions. If applicable, such amounts are less than 0.01%.
_°	for all classes, may include reimbursement to Janus Capital of its out-of-pocket costs for services as administrator and to Janus Services of its out-of-pocket costs for serving as transfer agent and providing, or arranging by others the provision of, servicing to shareholders.

•

Janus Capital has contractually agreed to waive and/or reimburse certain Funds’ “Total Annual Fund Operating Expenses” to certain limits for at least a one-year period commencing on January 28, 2020. The expense limits are described in the “Management Expenses” section of this Prospectus. Because a fee waiver will have a positive effect upon a fund’s performance, a fund that pays a performance-based investment advisory fee may experience a performance adjustment that is considered favorable to Janus Capital as a result of a fee waiver that is in place during the period when the performance adjustment applies.

•

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.

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 and borrowing, 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 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

Unless its investment objective or policies prescribe otherwise, each of the Funds may invest substantially all of its assets in common stocks. The portfolio managers and/or investment personnel generally take a “bottom up” approach to selecting companies in which to invest. This means that they seek to identify individual companies with earnings growth potential that may not be recognized by the market at large or, with respect to Janus Henderson Global Value Fund and Janus Henderson International Value Fund, companies with products and services that give them a competitive advantage. 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. There are no limitations on the countries in which the Funds may invest, and the Funds may at times have significant exposure to emerging markets. The portfolio managers and/or investment personnel of each Fund may sell a holding if, among other things, the security reaches the portfolio managers’ and/or investment personnel’s price target, if the company has a deterioration of fundamentals such as failing to meet key operating benchmarks, if the portfolio managers and/or investment personnel find a better investment opportunity, or with respect to Janus Henderson Global Equity Income Fund, there is a change in business strategy or issuer-specific business outlook that affects the original investment case and as part of the Fund’s regional rotation trading strategy. The portfolio managers and/or investment personnel may also sell a Fund holding to meet redemptions and, with respect to Janus Henderson Global Research Fund, to rebalance sector weightings.

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To implement Janus Henderson Emerging Markets Fund’s strategy, the portfolio manager utilizes two complementary processes; a “top-down” macro analysis and a “bottom-up” analysis of fundamental research. The “top-down” approach includes a country’s economic growth profile, stages of a country’s development, and trends in corporate governance. The “bottom-up” approach considers a company’s valuation, growth potential, competitive positioning, projected future earnings, cash flow, and dividends.

Janus Henderson International Opportunities Fund selects securities based upon, among other things, an analysis of certain valuation criteria, the quality of a company’s management and the unique competitive advantages of a company. Some of the Fund’s investments may produce income, although income from dividends and interest will be incidental and not an important consideration in choosing investments.

Janus Henderson European Focus Fund’s stock selection is based on an opportunistic approach which seeks to exploit stock specific criteria and particular investment factors in Europe that are expected to drive stock prices. Companies are evaluated using a broad range of criteria, including: (i) a company’s financial strength; (ii) competitive position in its industry; and (iii) projected future earnings and cash flows.

In selecting investments, Janus Henderson Global Equity Income Fund seeks to invest in securities that the portfolio managers believe are attractive long-term business prospects that generate cash and produce attractive levels of dividend income, and which are, in the opinion of the portfolio managers, undervalued or inexpensive relative to other similar investments. Security selection will be based upon an analysis of a broad range of metrics, including price to earnings ratios, valuation relative to asset values, and a particular focus on cash flow generation and ability to service growing dividend streams in the medium term.

In selecting investments, Janus Henderson Global Real Estate Fund’s portfolio managers apply a “bottom up” approach that utilizes the portfolio managers’ knowledge of issuers in the Americas and the Asia Pacific and European regions. The portfolio managers may also apply a “top down” analysis of property markets and sectors, economics, and capital markets in seeking to limit the Fund’s exposures to various risks.

Janus Capital’s equity research analysts, overseen by the Portfolio Oversight Team led by Janus Capital’s Director of Research Carmel Wellso (the “Research Team”), select investments for Janus Henderson Global Research Fund that reflect the Research Team’s high-conviction investment ideas in all market capitalizations, styles, and geographies. The Research Team, comprised of sector specialists, conducts fundamental analysis with a focus on “bottom up” research, quantitative modeling, and valuation analysis and rate their stocks based upon attractiveness. Stocks considered to be attractive may have all or some of the following characteristics: i) good and preferably growing free cash flow, ii) strong and defensible market position, iii) healthy risk/return profile, iv) exemplary governance, and v) attractive valuation. Analysts bring their high-conviction ideas to their respective sector teams. Sector teams compare the appreciation and risk potential of each of the team’s high-conviction ideas and construct a sector portfolio that is intended to maximize the best risk-reward opportunities.

Janus Henderson Global Value Fund and Janus Henderson International Value Fund primarily invest in the common stocks of companies whose stock prices are believed to be undervalued. The portfolio managers look for companies with strong fundamentals and competent management. As defensive value managers, the Funds’ portfolio managers generally look for companies with:

•	strong management teams;
•	strong and stable balance sheets and solid recurring free cash flows;
•	attractive relative and absolute valuation ratios or that have underperformed recently;
•	favorable reward to risk characteristics;
•	durable competitive advantages that are trading at attractive valuations; and
•	strong long-term prospects.

The portfolio managers’ philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.

A company may be considered attractively valued when, in the opinion of the portfolio managers, shares of the company are selling for a price that is below their intrinsic worth (“undervalued”). A company may be undervalued due to market or economic conditions, temporary earnings declines, unfavorable developments affecting the company, or other factors. Such factors may provide buying opportunities at attractive prices compared to historical or market price-earnings ratios, price/free cash flow, book value, or return on equity. The portfolio managers believe that buying these securities at a price that is below

113	Janus Investment Fund

their intrinsic worth may generate greater returns for a Fund than those obtained by paying premium prices for companies currently in favor in the market.

In selecting investments for Janus Henderson International Small Cap Fund, a proprietary analytical model is used to provide theoretical values for each stock in the investment universe and then rank the stock according to its discount or premium. In assessing a company, four key components are considered: net asset value, current earnings, value of growth and dividends. From among those companies with the biggest discounts to fair value (based around the above factors), the portfolio managers seek to identify a portfolio of stocks that they believe are priced below their intrinsic worth and which offer the best potential to achieve the Fund’s investment objective. At the final stage, stocks are validated through fundamental analysis and bottom-up research for inclusion in the portfolio.

Cash Position

The Funds may not always stay fully invested. For example, when the portfolio managers and/or investment personnel believe 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. In other words, cash or similar investments generally are a residual – they represent the assets that remain after a Fund has committed available assets to desirable investment opportunities. 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.

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 Index. For Janus Henderson Emerging Markets Fund and Janus Henderson International Small Cap Fund, such countries include any country that has been considered by the World Bank, the International Finance Corporation or the United Nations to be developing and/or any country that is included in the MSCI Emerging Markets Index, which measures the equity market performance of developing markets. Janus Henderson Global Select Fund will normally limit its investments in emerging market countries to 30% of its net assets.

High-Yield/High-Risk Bonds

A high-yield/high-risk bond (also known as a “junk” bond) is a bond rated below investment grade by major rating agencies (i.e., 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. It presents greater risk of default (the failure to make timely interest and principal payments) than higher quality bonds. To the extent a Fund invests in high-yield/high-risk bonds, under normal circumstances, each Fund, with the exception of Janus Henderson Asia Equity Fund and Janus Henderson Emerging Markets Fund, will limit its investments in high-yield/high-risk bonds to 35% or less of its net assets. Janus Henderson Asia Equity Fund and Janus Henderson Emerging Markets Fund will limit their investments in such bonds to 20% or less of their net assets.

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. 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.

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Initial Public Offerings and Secondary Offerings

A Fund may purchase shares issued as part of, or a short period after, a company’s initial public offering (“IPO”), and may at times dispose of those shares shortly after their acquisition. An IPO is the first sale of stock by a private company to the public. IPOs are often issued by smaller, younger companies seeking the capital to expand, but can also be done by large privately-owned companies looking to become publicly traded. Secondary offerings may be made by companies for a number of reasons, including as part of a refinancing, to raise capital for growth, and/or to provide existing shareholders with a way to register and sell restricted shares.

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 reverse repurchase agreements or other similar transactions. The use of other investment techniques, such as short sales and certain derivative transactions, can also create a leveraging effect on a Fund.

Portfolio Turnover

In general, each Fund intends to purchase securities for long-term investment, although, to a limited extent, a Fund may purchase securities in anticipation of relatively short-term gains. Short-term transactions may also result from 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 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 the portfolio managers and/or investment personnel. Changes are normally made in a Fund’s portfolio whenever the portfolio managers and/or investment personnel believe such changes are desirable. Portfolio turnover rates are generally not a factor in making buy and sell decisions for the 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.

Real Estate-Related Securities

Certain Funds 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. 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.

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. A Fund may lend portfolio securities 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. The Fund may earn income by investing this collateral in one or more affiliated or non-affiliated cash management vehicles. It is also possible that, due to a decline in the value of a cash management vehicle in which collateral is invested, the 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 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. In certain circumstances, individual

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loan transactions could yield negative returns. Janus Capital intends to manage the cash collateral in an affiliated cash management vehicle and will receive an investment advisory fee for managing such assets.

Short Sales

Certain Funds may engage in short sales. In general, no more than 10% of a Fund’s net assets may be invested in short positions (through short sales of stocks, structured products, futures, swaps, and uncovered written calls). A Fund may engage in short sales “against the box,” which involve selling short a security that a Fund owns, and options for hedging purposes that are not subject to this 10% limit. In addition, Janus Henderson Emerging Markets Fund, Janus Henderson European Focus Fund, Janus Henderson Global Equity Income Fund, Janus Henderson International Opportunities Fund, and Janus Henderson International Small Cap Fund may invest without limit, in short positions for hedging purposes. 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 securities sold short be returned to the lender on short notice, and the Fund may have to buy the securities sold short at an unfavorable price. If this occurs at a time that other short sellers of the same security also want to close out their positions, 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 also enter into short positions through derivative instruments such as options contracts, futures contracts, and swap agreements which may expose the Fund to similar risks. To the extent that a Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited. Short sales and short derivatives positions have a leveraging effect on a Fund, which may increase the Fund’s volatility.

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 a Fund’s portfolio managers and/or investment personnel, 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

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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, 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, and total return are described in the “Glossary of Investment Terms.”

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, as described in the “Glossary of Investment Terms.” 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:

•	debt securities (such as bonds, notes, and debentures)
•	other investment companies (such as exchange-traded funds)
•	preferred stocks and securities convertible into common stocks or preferred stocks
•	indexed/structured securities (such as commercial and residential mortgage- and asset-backed securities)
•	various derivative transactions including, but not limited to, options, futures on U.S. and foreign exchanges, forwards, swap agreements, participatory notes, structured notes, and other types of derivatives individually or in combination for hedging purposes or for nonhedging 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
•	securities purchased on a when-issued, delayed delivery, or forward commitment basis
•	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. To varying degrees, the Funds may invest in stocks, fixed-income securities, money market instruments or cash/cash equivalents, and 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.

Concentration Risk. Janus Henderson Global Life Sciences Fund focuses its investments in “life sciences” related industry groups. Because of this, companies in its portfolio may share common characteristics and react similarly to market developments. For example, many companies with a life science orientation are highly regulated and may be dependent upon certain types of technology. Changes in government funding or subsidies, new or anticipated legislative changes, or technological advances could affect the value of such companies and, therefore, the Fund’s net asset value. As a result, the Fund may be subject to greater risks and its net asset value may fluctuate more than a fund that does not concentrate its investments. To the extent that the Fund invests in life sciences companies in the biotechnology sector, the Fund may be exposed to additional risks because these companies invest heavily in research and development, which may not necessarily lead to commercially successful products. In addition, biotechnology companies can be more volatile because they are subject to competitive pressures and are heavily dependent on patents on intellectual property rights.

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sensitive to interest rates, cash flow of underlying real estate assets, supply and demand, and management skill and creditworthiness of the issuer. The Fund’s net asset value may fluctuate more than those of a fund that does not concentrate its investments.

While Janus Henderson Global Real Estate Fund will not invest in real property directly, the Fund may be subject to risks similar to those associated with the direct ownership of real property (in addition to securities market risks). These risks include, but are not limited to, declines in the value of real property, risks related to general and local economic conditions, dependency on management skill, heavy cash flow dependency, adverse changes in the operations of any property or the financial condition of any tenant, possible lack of availability of mortgage funds, overbuilding, extended vacancies of properties, increased competition, increases in property taxes and operating expenses, changes in zoning laws, losses due to costs resulting from the clean-up of environmental problems, liability to third parties for damages resulting from environmental problems, casualty or condemnation losses, limitations on rents, changes in neighborhood values and in appeal of properties to tenants, and changes in interest rates.

Convertible Securities Risk. A Fund may invest in securities that are convertible into preferred and common stocks, and thus, are 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. 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 swaps, futures, and options). Each Fund intends to enter into financial transactions with counterparties that Janus Capital believes to be creditworthy at the time of the transaction. There is always the risk that Janus Capital’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 Janus Capital’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.

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liquid than other types of investments and 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 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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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 a 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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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.

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. For Janus Henderson Emerging Markets Fund and Janus Henderson International Small Cap Fund, such countries include any country that has been considered by the World Bank, the International Finance Corporation or the United Nations to be developing and/or any country that is included in the MSCI Emerging Markets Index, which measures the equity market performance of developing markets. 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 business and industry practices (including the potential lack of strict finance and accounting controls and standards), 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 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 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. Additionally, foreign and emerging market risks, including but not limited to price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent a Fund invests in Chinese local market securities. Some of the risks of investing directly in emerging market securities may be reduced when a Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks.

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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. 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. The risk of investing in securities in the European markets may also be heightened due to the referendum in which the United Kingdom voted to exit the EU (commonly known as “Brexit”). There is considerable uncertainty about how Brexit will be conducted, how negotiations of necessary treaties and trade agreements will conclude, or how financial markets will react. To the extent that a Fund has exposure to European markets or to transactions tied to the value of the euro, these events could negatively affect the value and liquidity of the Fund’s investments. 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. Certain Funds may invest in exchange-traded funds (“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.”

Fixed-Income Securities Risk. Certain Funds may hold debt and other 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.

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upon such security’s sale. In times of market instability, valuation may be more difficult. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that a portfolio manager would like or at the price a portfolio manager believes the security is currently worth. 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. For example, dealer capacity in certain fixed-income markets appears to have undergone fundamental changes since the financial crisis of 2008, which may result in low dealer inventories and a reduction in dealer market-making capacity. Recent and potential future changes in government monetary policy may also affect the level of interest rates. These changes could cause the Fund’s net asset value to fluctuate or make it more difficult for the Fund to accurately value its securities. These changes or others also could cause a Fund to face increased shareholder redemptions, which may lead to increased portfolio turnover and transaction costs, or could force the Fund to liquidate investments at disadvantageous times or prices, therefore adversely affecting the Fund as well as the value of your investment. 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. Each Fund invests in foreign equity and/or debt securities either indirectly (e.g., depositary receipts, depositary shares, and passive foreign investment companies) or directly in foreign markets, including emerging markets. Some of the risks of investing directly in foreign securities may be reduced to the extent that a Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks. With respect to investments in securities of issuers or companies that are economically tied to different countries throughout the world, securities may be deemed to be economically tied to a particular country based on such factors as the issuer’s country of incorporation, primary listing, and other factors including, but not limited to operations, revenues, headquarters, management, and shareholder base. 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:

•	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.
•	Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly 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.
•	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.
•	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

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	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.
•	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.
•	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.

Geographic Investment Risk. Because Janus Henderson Asia Equity Fund and Janus Henderson European Focus Fund intend to focus their investments in a particular geographic region, the Funds’ performance is expected to be closely tied to various factors such as the social, financial, economic, and political conditions within that region or country. Specifically, the Funds’ investments in Asian or European issuers increase the Funds’ exposure to various risks including, but not limited to, risks associated with volatile securities markets, currency fluctuations, social, political, and regulatory developments, economic environmental events (such as natural disasters), and changes in tax or economic policies, each of which, among others, may be particular to such countries or regions.

If a fund focuses its investments on issuers in a particular country and/or broader region, its investments will be more sensitive to social, financial, economic, political, and regulatory developments that affect the fiscal stability of such country and/or broader region. Events that negatively affect the fiscal stability of a particular country and/or the broader region may cause the value of a fund’s holdings to decrease, in some cases significantly. As a result, a fund with a particular country and/or broader region investment focus is likely to be more volatile than a fund that is more geographically diverse in its investments.

With respect to Janus Henderson Asia Equity Fund, the Asian region within which the Fund will focus its investments comprises countries in various stages of economic and political development. As a result, some countries may have relatively unstable governments or may experience adverse conditions such as overextension of credit, currency devaluations and restrictions, less efficient markets, rising unemployment, high inflation, underdeveloped financial services sectors, heavy reliance on international trade, prolonged economic recessions, and political instability, including military disruption, which could result in significant downturns and volatility in the economies of Asian countries, and therefore, have an adverse effect on the value of the Fund’s portfolio.

Certain Asian countries may be vulnerable to trade barriers and other protectionist measures. Some countries have restricted the flow of money in and out of the country. Further, if Asian securities fall out of favor, it may cause the Fund to underperform funds that do not focus their investments in a single region of the world.

It is also possible that from time to time, a small number of companies and industries may represent a large portion of the market in a particular country or region, and these companies and industries can be sensitive to social, financial, economic, political, and regulatory developments. The economies of the Asian countries in which the Fund invests may be interdependent, which could increase the possibility that conditions in one country will adversely impact the issuers of securities in a different country or region, or that the impact of such conditions will be experienced at the same time by the region as a whole. Likewise, the economies of the Asian region may also be dependent on the economies of other countries, such as the United States and Europe, and events in these economies could negatively impact the economies of the Asian region.

The trading volume on some Asian stock exchanges tends to be much lower than in the United States, and Asian securities of some companies are less liquid and more volatile than similar United States securities, which could lead to a significant possibility of loss to the Fund. In addition, brokerage commissions on regional stock exchanges are fixed and are generally higher than the negotiated commissions in the United States.

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High-Yield/High-Risk Bond Risk. High-yield/high-risk 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/high-risk 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.

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

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. In the life sciences, for example, many companies are subject to government regulation and approval of their products and services, which may affect their price or availability. In addition, the products and services offered by these companies may quickly become obsolete in the face of scientific or technological developments. The economic outlook of such companies may fluctuate dramatically due to changes in regulatory or competitive environments. Similarly, in technology-related industries, competitive pressures may have a significant effect on the performance of companies in which a Fund may invest. In addition, technology and technology-related companies often progress at an accelerated rate, and these companies may be subject to short product cycles and aggressive pricing, which may increase their volatility.

Janus Henderson Global Life Sciences Fund invests in a concentrated portfolio, which may result in greater exposure to related industries. As a result, the Fund may be subject to greater risks and its net asset value may fluctuate more than a fund that does not concentrate its investments.

Further, investments in the real estate industry, for example, are closely linked to the performance of the real estate markets. Because Janus Henderson Global Real Estate Fund concentrates its assets in the real estate industry, the Fund may be subject to risks similar to those associated with the direct ownership of real property (in addition to securities market risks).

Initial Public Offering and Secondary Offering Risk. A Fund’s purchase of shares issued in an initial public offering (“IPO”) exposes it to the risks associated with companies that have little operating history as public companies, as well as to the risks inherent in those sectors of the market where these new issuers operate. Attractive IPOs are often oversubscribed and may not be available to the Funds, or may be available only in very limited quantities. The market for IPO issuers has been volatile, and share prices of newly public companies have fluctuated up and down significantly over short periods of time. Although IPO investments may have had a positive impact on certain Funds’ performance in the past, there can be no assurance that the Funds will identify favorable IPO investment opportunities in the future. In addition, under certain market conditions, a relatively small number of companies may issue securities in IPOs. Similarly, as the number of Funds to which IPO securities are allocated increases, the number of securities issued to any one Fund may decrease. In addition, as a Fund increases in size, the impact of IPOs on the Fund’s performance will generally decrease.

Like IPOs, secondary offerings may have a magnified impact on the performance of the Fund with a small asset base. Secondary offering shares frequently are volatile in price. As a result, a Fund may hold secondary offering shares for a very short period of time. This may increase the portfolio turnover rate of the Fund and may lead to increased expenses for the Fund, such as commissions and transaction costs. In addition, secondary offering shares can experience an immediate drop in value if the demand for the securities does not continue to support the offering price.

Interest Rate Risk. Generally, a fixed-income security, and to a lesser degree common stock of REITs, 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. A Fund may use futures, swaps, options, and other derivatives to manage interest rate risk. The income component of a Fund’s holdings may include fixed-income securities and REITs.

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Certain commodity-linked derivatives may subject a Fund to leveraged market exposure to commodities. In addition, a Fund’s assets that are used as collateral to secure short sale transactions may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase collateral. There is no assurance that a leveraging strategy will be successful.

LIBOR Replacement Risk. The elimination of London Inter-Bank Offered Rate (“LIBOR”) may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it remains unclear if LIBOR will continue to exist in its current, or a modified, form. Alternatives to LIBOR are established or in development in most major currencies including the Secured Overnight Financing Rate (SOFR), that is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for certain Funds. The effect of any changes to, or discontinuation of, LIBOR on a Fund will vary, and it is difficult to predict the full impact of the transition away from LIBOR on a Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

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 investment opportunities. Liquidity risk may be increased to the extent that a Fund invests in Rule 144A and 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.

Management Risk. The Funds are actively managed investment portfolios and are therefore subject to the risk that the investment strategies 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.

Because the Funds may invest substantially all of their assets in common stocks, the main risk is the risk that the value of the stocks they hold might decrease in response to the activities of an individual company or in response to general market and/or economic conditions. If this occurs, a Fund’s share price may also decrease.

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 a portfolio manager’s and/or investment personnel’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.

A Fund’s performance may also be significantly affected, positively or negatively, by a portfolio manager’s and/or investment personnel’s use of certain types of investments, such as foreign (non-U.S.) securities, non-investment grade bonds (also known as “junk” bonds), initial public offerings, or securities of companies with relatively small market capitalizations. Note that a portfolio manager’s and/or investment personnel’s use of such investments may have a magnified performance impact on a fund with a small asset base and the fund may not experience similar performance as its assets grow.

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Market Risk. The value of a Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio managers’ and/or investment personnel’s belief about a company’s intrinsic worth is incorrect. 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. As discussed in more detail under “Fixed-Income Securities Risk,” changes in government monetary policy could cause the value of a Fund to decrease and result in heightened levels of market volatility as well as interest rate risk and liquidity risk. 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.

Real Estate Securities Risk. To the extent it holds equity and/or debt securities of real estate-related companies, a Fund may be affected by the risks associated with real estate investments. An investment in Janus Henderson Global Real Estate Fund shares represents an indirect investment in real estate-related securities owned by the Fund. The value of securities of companies in real estate and real estate-related industries, including securities of REITs, is sensitive to decreases in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, overbuilding/supply and demand, increased competition, local and general economic conditions, increases in operating costs, environmental liabilities, management skill in running a REIT, and the creditworthiness of the REIT. In addition, mortgage REITs and mortgage-backed securities are subject to prepayment risk. Mortgage-backed securities comprised of subprime mortgages and investments in other real estate-backed securities comprised of under-performing real estate assets also may be subject to a higher degree of credit risk, valuation risk, and liquidity risk. If a Fund has REIT investments, the 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.

REIT Risk. To the extent that a Fund holds REITs, such as Janus Henderson Global Real Estate Fund, it may be subject to the additional risks associated with REIT investments. The ability to trade REITs in the secondary market can be more limited compared to other equity investments, and certain REITs have relatively small market capitalizations, which can increase the volatility of the market price for their securities. REITs are also 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 and changes in capital markets and interest rates. 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. Equity REITs and mortgage REITs generally are not diversified and 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. 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.

Reverse Repurchase Agreement Risk. Reverse repurchase agreements are transactions in which a Fund sells a security and simultaneously commits to repurchase that security from the buyer, such as a bank or broker-dealer, at an agreed upon price on an agreed upon future date. The repurchase price consists of the sale price plus an incremental amount reflecting the interest cost to the Fund on the proceeds it has received from the initial sale. Reverse repurchase agreements involve the risk that the value of securities that a Fund is obligated to repurchase under the agreement may decline below the repurchase price. Additionally, such transactions are only advantageous if the interest cost to a Fund of the reverse repurchase transaction is less than the cost of obtaining the cash otherwise. Interest costs on the proceeds received in a reverse repurchase agreement may exceed the return received on the investments made by a Fund with those proceeds, resulting in reduced returns to shareholders. When a Fund enters into a reverse repurchase agreement, it is subject to the risk that the buyer (counterparty) may default on its obligations to the Fund. In the event of such a default, the Fund may experience delays, costs, and losses, all of which may reduce returns to shareholders. Investing reverse repurchase proceeds may also have a leveraging effect on a Fund’s portfolio. A Fund’s use of leverage can magnify the effect of any gains or losses, causing the Fund to be more volatile than if it had not been leveraged. There is no assurance that any leveraging strategy used by a Fund will be successful.

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time could affect negatively a Fund’s ability to dispose of such securities promptly or at expected prices. Accordingly, a Fund’s investment in Rule 144A securities may subject the Fund to enhanced liquidity risk and potentially increase the Fund’s exposure to illiquid investments if eligible buyers become uninterested in buying Rule 144A securities at a particular time.

Small- and Mid-Sized Companies Risk. A Fund’s investments in securities issued by small- and mid-sized companies, which can include smaller, start-up companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. For example, while small- and mid-sized companies may realize more substantial growth than larger or more established issuers, they may also suffer more significant losses as a result of their narrow product lines, limited operating history, greater exposure to competitive threats, limited financial resources, limited trading markets, and the potential lack of management depth. Securities issued by small- and mid-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies and may underperform as compared to the securities of larger or more established companies. These holdings are also subject to wider price fluctuations and tend to be less liquid than stocks of larger or more established companies, which could have a significant adverse effect on a Fund’s returns, especially as market conditions change.

Sovereign Debt Risk. A Fund may invest in U.S. and non-U.S. government debt securities (“sovereign debt”). Some investments in sovereign debt, such as U.S. sovereign debt, are considered low risk. However, investments in sovereign debt, especially the debt of less developed 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, 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.

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.

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Management of the Funds

Investment adviser

Janus Capital Management LLC, 151 Detroit Street, Denver, Colorado 80206-4805, is the investment adviser to each Fund. Janus Capital is responsible for the day-to-day management of the Funds’ investment portfolios and furnishes continuous advice and recommendations concerning the Funds’ investments for all Funds except Janus Henderson Global Value Fund and Janus Henderson International Value Fund. Perkins is responsible for the day-to-day management of Janus Henderson Global Value Fund’s and Janus Henderson International Value Fund’s investment portfolios subject to the general oversight of Janus Capital. Janus Capital also provides certain administration and other services and is responsible for other business affairs of each Fund. In addition, Janus Capital has entered into a personnel-sharing arrangement with its foreign (non-U.S.) affiliates, Henderson Global Investors Limited, Henderson Global Investors (Japan) Ltd., and Henderson Global Investors (Singapore) Ltd. (collectively, “HGIL”), pursuant to which one or more employees of HGIL may also serve as “associated persons” of Janus Capital. In this capacity, such employees of HGIL are subject to the oversight and supervision of Janus Capital and may provide portfolio management, research, and related services to Janus Henderson Asia Equity Fund, Janus Henderson Emerging Markets Fund, Janus Henderson European Focus Fund, Janus Henderson Global Equity Income Fund, Janus Henderson Global Real Estate Fund, Janus Henderson International Opportunities Fund, and Janus Henderson International Small Cap Fund on behalf of Janus Capital.

Janus Capital (together with its predecessors and affiliates) has served as investment adviser to Janus Henderson mutual funds since 1970 and currently serves as investment adviser to all of the funds that are series of the Trust (the “Janus Henderson 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 Janus Capital have received an exemptive order from the Securities and Exchange Commission (the “SEC”) that permits Janus Capital, 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 Janus Capital (“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 Janus Capital or of another company that, indirectly or directly, wholly owns Janus Capital (collectively, “wholly-owned subadvisers”).

Pursuant to the order, Janus Capital, with the approval of the Trustees, has the discretion to terminate any subadviser and allocate and, as appropriate, reallocate a Fund’s assets among Janus Capital 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, Janus Capital, subject to oversight by the Trustees, has responsibility to oversee any subadviser 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 Janus Capital hires a new subadviser pursuant to the manager-of-managers structure, the affected Janus Henderson fund would provide shareholders with information about the new subadviser and subadvisory agreement within 90 days.

Shareholders of each Fund, with the exception of Janus Henderson Global Life Sciences Fund, Janus Henderson Global Research Fund, Janus Henderson Global Select Fund, and Janus Henderson Overseas Fund, have approved the use of a manager-of-managers structure.

Janus Capital 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 Janus Capital for certain of its costs in providing these services (to the extent Janus Capital seeks reimbursement and such costs are not otherwise waived). These costs include some or all of the salaries, fees, and expenses of Janus Capital 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 Janus Capital, and these costs are separate and apart from advisory fees and other expenses paid in connection with the investment advisory services Janus Capital provides to the Funds.

Management expenses

Each Fund pays Janus Capital 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, any other transfer

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agent and 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. Janus Capital pays Perkins a subadvisory fee from its investment advisory fee, as noted below, for managing Janus Henderson Global Value Fund and Janus Henderson International Value Fund.

The following tables reflect each Fund’s contractual investment advisory fee rate or base fee rate, as applicable (expressed as an annual rate), as well as the actual investment advisory fee rate paid by each Fund to Janus Capital (gross and net of fee waivers, if applicable).

Fixed-Rate Investment Advisory Fee

The Funds reflected below pay an investment advisory fee at a fixed rate based on each Fund’s average daily net assets.

Fund Name	Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%) (annual rate)	Actual Investment Advisory Fee Rate (%) (for the fiscal year ended September 30, 2019)
Janus Henderson Emerging Markets Fund	First $1 Billion	1.00
	Next $1 Billion	0.90
	Over $2 Billion	0.85	0.63 ⁽¹⁾
Janus Henderson European Focus Fund	First $500 Million	1.00
	Next $1 Billion	0.90
	Next $1 Billion	0.85
	Over $2.5 Billion	0.80	0.85 ⁽¹⁾
Janus Henderson Global Equity Income Fund	First $1 Billion	0.85
	Next $1 Billion	0.65
	Over $2 Billion	0.60	0.67 ⁽¹⁾
Janus Henderson Global Life Sciences Fund	All Asset Levels	0.64	0.64
Janus Henderson Global Select Fund	All Asset Levels	0.64	0.64 ⁽¹⁾
Janus Henderson Global Technology and Innovation Fund	All Asset Levels	0.64	0.64 ⁽¹⁾
Janus Henderson International Opportunities Fund	First $2 Billion	1.00
	Next $1 Billion	0.90
	Next $1 Billion	0.80
	Next $1 Billion	0.70
	Next $5 Billion	0.60
	Over $10 Billion	0.50	0.86 ⁽¹⁾
Janus Henderson International Small Cap Fund	First $500 Million	0.99
	Next $500 Million	0.89
	Over $1 Billion	0.84	0.00 ⁽¹⁾⁽²⁾
Janus Henderson International Value Fund	All Asset Levels	0.80	0.23 ⁽¹⁾

(1)

Janus Capital has 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/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed a certain level for at least a one-year period commencing on January 28, 2020. Application of an expense waiver and its effect on annual fund operating expenses is reflected, when applicable, in the “Fees and Expenses of the Fund” table in the Fund Summary of the Prospectus, and additional information is included under “Expense Limitations” below. The waiver is reflected in the actual investment advisory fee rate shown.

(2)

For the fiscal year ended September 30, 2019, the Fund did not pay Janus Capital any investment advisory fees (net of fee waivers) because the Fund’s fee waiver exceeded the investment advisory fee.

Performance-Based Investment Advisory Fee

As reflected in the table below, Janus Henderson Global Research Fund, Janus Henderson Global Real Estate Fund, Janus Henderson Global Value Fund, Janus Henderson Overseas Fund, and Janus Henderson Asia Equity Fund each pay an investment advisory fee rate that may adjust up or down based on each Fund’s performance relative to the cumulative investment record of its benchmark index over a rolling 36-month performance measurement period. The second column in the table below shows each Fund’s base fee rate. The third column shows the full performance rate for outperformance or underperformance during the measurement period relative to each Fund’s respective benchmark index. The fourth column

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shows the performance adjusted investment advisory fee rate, which is equal to each Fund’s base fee rate plus or minus the performance adjustment over the period without any fee waivers. The fifth column shows the actual investment advisory fee rate, which is equal to each Fund’s base fee rate plus or minus the performance adjustment over the period and includes any applicable fee waiver. This fifth column shows the actual amount of the investment advisory fee rate paid by each Fund as of the end of the fiscal year.

As an example, if a Fund outperformed its benchmark index over the performance measurement period by its full performance rate (listed in the table below), the advisory fee would increase by 0.15% (assuming constant assets). Conversely, if a Fund underperformed its benchmark index over the performance measurement period by its full performance rate (listed in the table below), the advisory fee would decrease by 0.15% (assuming constant assets). Actual performance within the full range of the full performance rate may result in positive or negative incremental adjustments to the advisory fee of greater or less than 0.15%. Additional details discussing the performance fee are included below with further description in the SAI.

Fund Name	Base Fee Rate (%)	Full Performance Rate vs. Benchmark Index	Performance Adjusted Investment Advisory Fee Rate (%)	Actual Investment Advisory Fee Rate (%) (for the fiscal year ended September 30, 2019)
Janus Henderson Global Research Fund	0.60	± 6.00%	0.64	0.64 ⁽¹⁾
Janus Henderson Global Real Estate Fund	0.75	± 4.00%	0.85	0.85 ⁽¹⁾
Janus Henderson Global Value Fund	0.64	± 7.00%	0.47	0.47
Janus Henderson Overseas Fund	0.64	± 7.00%	0.58	0.58 ⁽¹⁾
Janus Henderson Asia Equity Fund	0.92	± 7.00%	0.97	0.00 ⁽¹⁾⁽²⁾

(1)

Janus Capital has 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 any performance adjustments to management fees, 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/administrative fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed a certain level for at least a one-year period commencing on January 28, 2020. Application of an expense waiver and its effect on annual fund operating expenses is reflected, when applicable, in the “Fees and Expenses of the Fund” table in the Fund Summary of the Prospectus, and additional information is included under “Expense Limitations” below. The waiver and any applicable performance adjustment are reflected in the actual investment advisory fee rate shown.

(2)

For Janus Henderson Global Research Fund, Janus Henderson Global Real Estate Fund, Janus Henderson Global Value Fund, Janus Henderson Overseas Fund, and Janus Henderson Asia Equity Fund, the investment advisory fee rate is determined by calculating a base fee (shown in the previous table) and applying a performance adjustment (described in further detail below). The performance adjustment either increases or decreases the base fee depending on how well each Fund has performed relative to its benchmark index as shown below:

Fund Name	Benchmark Index
Janus Henderson Global Research Fund	MSCI World Index⁽¹⁾
Janus Henderson Global Real Estate Fund	FTSE EPRA Nareit Global Index
Janus Henderson Global Value Fund	MSCI World Index⁽¹⁾
Janus Henderson Overseas Fund	MSCI All Country World ex-U.S. Index⁽¹⁾
Janus Henderson Asia Equity Fund	MSCI All Country Asia ex-Japan Index⁽¹⁾

(1)	The index includes reinvestment of dividends, net of foreign withholding taxes.

The calculation of the performance adjustment applies as follows:

Investment Advisory Fee = Base Fee Rate +/– Performance Adjustment

The investment advisory fee rate paid to Janus Capital by each Fund in the table above consists of two components: (1) a base fee calculated by applying the contractual fixed rate of the advisory fee to the Fund’s average daily net assets during the previous month (“Base Fee Rate”), plus or minus (2) a performance-fee adjustment (“Performance Adjustment”) calculated by applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets during the applicable

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performance measurement period. The performance measurement period generally is the previous 36 months, although no Performance Adjustment is made until a Fund’s performance-based fee structure has been in effect for at least 12 months.

No Performance Adjustment is applied unless the difference between a Fund’s investment performance and the cumulative investment record of the Fund’s benchmark index is 0.50% or greater (positive or negative) during the applicable performance measurement period. The Base Fee Rate is subject to an upward or downward Performance Adjustment for every full 0.50% increment by which the Fund outperforms or underperforms its benchmark index. Because the Performance Adjustment is tied to a Fund’s relative performance compared to its benchmark index (and not its absolute performance), the Performance Adjustment could increase Janus Capital’s fee even if the Fund’s Shares lose value during the performance measurement period and could decrease Janus Capital’s fee even if the Fund’s Shares increase in value during the performance measurement period. For purposes of computing the Base Fee Rate and the Performance Adjustment, net assets are averaged over different periods (average daily net assets during the previous month for the Base Fee Rate, versus average daily net assets during the performance measurement period for the Performance Adjustment). Performance of a Fund is calculated net of expenses whereas a Fund’s benchmark index does not have any fees or expenses. Reinvestment of dividends and distributions is included in calculating both the performance of a Fund and the Fund’s benchmark index. The Base Fee Rate is calculated and accrued daily. The Performance Adjustment is calculated monthly in arrears and is accrued throughout the month. The investment advisory fee is paid monthly in arrears. Under extreme circumstances involving underperformance by a rapidly shrinking Fund, the dollar amount of the Performance Adjustment could be more than the dollar amount of the Base Fee Rate. In such circumstances, Janus Capital would reimburse the applicable Fund.

The application of an expense limit, if any, will have a positive effect upon a Fund’s performance and may result in an increase in the Performance Adjustment. It is possible that the cumulative dollar amount of additional compensation ultimately payable to Janus Capital may, under some circumstances, exceed the cumulative dollar amount of management fees waived by Janus Capital.

The investment performance of a Fund’s Class A Shares (waiving the upfront sales load) for the performance measurement period is used to calculate the Performance Adjustment. After Janus Capital determines whether a particular Fund’s performance was above or below its benchmark index by comparing the investment performance of the Fund’s load-waived Class A Shares against the cumulative investment record of that Fund’s benchmark index, Janus Capital applies the same Performance Adjustment (positive or negative) across each other class of shares of the Fund, as applicable. It is not possible to predict the effect of the Performance Adjustment on future overall compensation to Janus Capital since it depends on the performance of each Fund relative to the record of the Fund’s benchmark index and future changes to the size of each Fund.

A discussion regarding the basis for the Trustees’ approval of the Funds’ investment advisory agreements and subadvisory agreements (as applicable) is included in each Fund’s annual report (for the period ending September 30) or semiannual report (for the period ending March 31) 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

Janus Capital has contractually agreed to waive the advisory fee payable by each Fund listed below 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 any performance adjustments to management fees, 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/administrative 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. 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. Janus Capital has agreed to continue each waiver for at least a one-year period commencing on January 28, 2020. In addition, for Class R Shares of Janus Henderson International Opportunities Fund, for at least a one-year period commencing on January 28, 2020, Janus Capital has agreed to reduce the administrative services

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fee payable by the Fund’s Class R Shares pursuant to the Fund’s Transfer Agency Agreement so that such fees do not exceed 0.21% of Class R Shares’ average daily net assets.

Fund Name	Expense Limit Percentage (%)
Janus Henderson Asia Equity Fund⁽¹⁾	1.11
Janus Henderson Emerging Markets Fund	1.03
Janus Henderson European Focus Fund	0.96
Janus Henderson Global Equity Income Fund	0.84
Janus Henderson Global Real Estate Fund⁽¹⁾	0.91
Janus Henderson Global Research Fund⁽¹⁾	0.86
Janus Henderson Global Select Fund	0.87
Janus Henderson Global Technology and Innovation Fund	0.71
Janus Henderson International Opportunities Fund	0.88
Janus Henderson International Small Cap Fund	0.98
Janus Henderson International Value Fund	0.86
Janus Henderson Overseas Fund⁽¹⁾	0.87

(1)

The Fund pays an investment advisory fee rate that may adjust up or down based on the Fund’s performance relative to its benchmark index during a measurement period. Because a fee waiver will have a positive effect upon the Fund’s performance, a fee waiver that is in place during the period when the performance adjustment applies may affect the performance adjustment in a way that is favorable to Janus Capital.

Subadviser

Perkins Investment Management LLC (“Perkins”) serves as subadviser to Janus Henderson Global Value Fund and Janus Henderson International Value Fund. Perkins (together with its predecessors), 311 S. Wacker Drive, Suite 6000, Chicago, Illinois 60606, has been in the investment management business since 1984 and provides day-to-day management of Janus Henderson Global Value Fund’s and Janus Henderson International Value Fund’s portfolio operations, as well as other mutual funds and separate accounts. Janus Capital owns 100% of Perkins.

Investment personnel

Janus Henderson Asia Equity Fund

Co-Portfolio Managers Andrew Gillan and Mervyn Koh 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.

Andrew Gillan is Head of Asia (ex-Japan) Equities of Janus Henderson Investors. Mr. Gillan is Executive Vice President and Co-Portfolio Manager of Janus Henderson Asia Equity Fund, which he has co-managed since June 2017. He is a Portfolio Manager responsible for the Asia Equity, International Opportunities and International Small Cap Equity strategies, a position he has held since joining Henderson Global Investors Limited in 2014. Mr. Gillan is also Portfolio Manager of other Janus Henderson accounts. Prior to joining Henderson Global Investors Limited, Mr. Gillan served as Senior Investment Manager at Aberdeen Asset Management from 2001 to 2013. Mr. Gillan holds a Master of Arts degree, with joint honors, in French and European History from the University of Edinburgh.

Mervyn Koh, CFA, is Executive Vice President and Co-Portfolio Manager of Janus Henderson Asia Equity Fund, which he has co-managed since June 2017. Mr. Koh is a Portfolio Manager on the Asia Equity strategy, a position he has held as part of the Janus Henderson team since 2017. He is also Portfolio Manager of other Janus Henderson accounts. Prior to joining Henderson Global Investors Limited in 2015 as an associate investment manager, Mr. Koh was with Franklin Templeton Investments, where he held the title of vice president in the emerging markets group and was responsible for research in the Singapore and Indonesian equity market as well as for co-managing a South East Asia fund. Prior to joining Franklin Templeton, he held the role of investment analyst at Tokio Marine Asset Management International, where he was responsible for research in the India equity market and commodity-related stocks in South East Asia and Australia. Mr. Koh holds a graduate diploma in Financial Management from the Singapore Institute of Management and a Bachelor of Science degree in Mechanical Engineering (Hons) from the National University of Singapore. Mr. Koh holds the Chartered Financial Analyst designation.

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Janus Henderson Emerging Markets Fund

Daniel J. Graña, CFA, is Portfolio Manager of Janus Henderson Emerging Markets Fund, which he has managed since September 2019. Mr. Graña is also Portfolio Manager of other Janus Henderson accounts. Prior to joining Janus Capital in 2019, Mr. Graña served as a portfolio manager from 2003 to 2019, and as an analyst from 1999 to 2002 at Putnam Investment Management, LLC. He holds a Bachelor of Science degree in Economics and Political Science from the Massachusetts Institute of Technology and a Master of Management degree from the J.L. Kellogg Graduate School of Management, Northwestern University. Mr. Graña holds the Chartered Financial Analyst designation.

Janus Henderson European Focus Fund

Robert Schramm-Fuchs is a Fund Manager of European Equities of Janus Henderson Investors and is Portfolio Manager of Janus Henderson European Focus Fund, which he has managed since March 2019. Prior to joining Henderson Global Investors Limited in 2014 as a European equity analyst, Mr. Schramm-Fuchs was with Macquarie’s global alternative energy and utilities research team from 2010 to 2014. He received a diploma in International Management from Friedrich-Schiller University of Jena.

Janus Henderson Global Equity Income Fund

Co-Portfolio Managers Alex Crooke, Job Curtis, and Ben Lofthouse are responsible 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.

Alex Crooke is Co-Head of Equities – EMEA and Asia Pacific of Janus Henderson Investors. Mr. Crooke is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Equity Income Fund. He has been a member of the Fund’s portfolio management team since its inception. Mr. Crooke is also Portfolio Manager of other Janus Henderson accounts. He joined Henderson Global Investors Limited in 1994. Mr. Crooke holds a Bachelor of Science (Hons) degree in Physics and Astrophysics from Manchester University and is an Associate Member of the Society of Investment Professionals (ASIP).

Job Curtis is Director of Global Equity Income of Janus Henderson Investors. Mr. Curtis is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Equity Income Fund. He has been a member of the Fund’s portfolio management team since its inception. Mr. Curtis is also Portfolio Manager of other Janus Henderson accounts. He joined Henderson Global Investors Limited in 1992. Mr. Curtis holds a Master of Arts degree from Oxford University and is an Associate Member of the Society of Investment Professionals (ASIP).

Ben Lofthouse, CFA, is Head of Global Equity Income of Janus Henderson Investors. Mr. Lofthouse is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Equity Income Fund. He has been a member of the Fund’s portfolio management team since 2014. Mr. Lofthouse is also Portfolio Manager of other Janus Henderson accounts. He joined Henderson Global Investors Limited in 2004. Mr. Lofthouse holds a Bachelor of Arts (Hons) degree in Business Economics from Exeter University. Mr. Lofthouse holds the Chartered Financial Analyst designation.

Janus Henderson Global Life Sciences Fund

Andrew Acker, CFA, is Executive Vice President and Portfolio Manager of Janus Henderson Global Life Sciences Fund, which he has managed or co-managed since May 2007. Mr. Acker is also Portfolio Manager of other Janus Henderson accounts and performs duties as an analyst. He joined Janus Capital in 1999 as a securities analyst. Mr. Acker holds a Bachelor of Science degree (magna cum laude) in Biochemical Sciences from Harvard University where he was a member of Phi Beta Kappa. He also holds a Master of Business Administration degree with honors from Harvard Business School. Mr. Acker holds the Chartered Financial Analyst designation.

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Janus Henderson Global Real Estate Fund

Co-Portfolio Managers Guy Barnard, Tim Gibson, and Greg Kuhl 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.

Guy Barnard, CFA, is Co-Head of Global Property Equities of Janus Henderson Investors. Mr. Barnard is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Real Estate Fund, which he has co-managed since June 2017. He is also Portfolio Manager of other Janus Henderson accounts. Mr. Barnard joined Henderson Global Investors Limited in 2006 as an analyst and subsequently became a fund manager in 2008 and deputy head of Global Property Equities in 2012. He holds a first class Bachelor of Science (Hons) degree in Mathematics and Management from Loughborough University. Mr. Barnard holds the Chartered Financial Analyst designation.

Tim Gibson is Co-Head of Global Property Equities of Janus Henderson Investors. Mr. Gibson is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Real Estate Fund, which he has co-managed since June 2017. He is also Portfolio Manager of other Janus Henderson accounts. Mr. Gibson joined Henderson Global Investors Limited in 2011 as a fund manager, based in Singapore. Mr. Gibson holds a Master of Arts (Hons) degree in Economics from St. Andrews University, Scotland, and received the Robert Trent Jones Scholarship to the University of Western Ontario, Canada.

Greg Kuhl, CFA, is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Real Estate Fund, which he has co-managed since March 2019. Mr. Kuhl is also Portfolio Manager of another Janus Henderson account. He joined Henderson Global Investors Limited in 2015 as a fund manager. Prior to joining Henderson Global Investors Limited, Mr. Kuhl was Vice President, Global REITs at Brookfield Investment Management from 2011 to 2015, where he was a senior analyst for global long-only and global long/short strategies focused on property equities across North America, Europe, and Asia. Mr. Kuhl holds a Bachelor of Business Administration degree in Finance with a concentration in Psychology from the University of Notre Dame. Mr. Kuhl holds the Chartered Financial Analyst designation.

Janus Henderson Global Research Fund

The Research Team selects investments for Janus Henderson Global Research Fund and has done so since March 2013. The Research Team consists of Janus Capital’s equity research analysts overseen by the Portfolio Oversight Team led by Carmel Wellso.

Carmel Wellso is Janus Capital’s Director of Research and Executive Vice President of the Fund. Ms. Wellso is primarily responsible for the day-to-day operations of the Fund. She leads the Portfolio Oversight Team that reviews the Fund’s risks, overall structure, and guidelines and has done so since December 2014. Ms. Wellso is also Portfolio Manager of other Janus Henderson accounts. She joined Janus Capital in June 2008 as a research analyst. Ms. Wellso holds a Bachelor of Arts degree in English Literature and Business Administration from Marquette University and a Master of Business Administration degree from the Thunderbird School of Global Management.

Janus Henderson Global Select Fund

Co-Portfolio Managers George P. Maris, Julian McManus, and Garth Yettick are responsible for the day-to-day management of the Fund. Mr. Maris, as lead Portfolio Manager, has the authority to exercise final decision-making on the overall portfolio.

George P. Maris, CFA, is Co-Head of Equities – Americas of Janus Henderson Investors. Mr. Maris is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Select Fund, which he has managed or co-managed since August 2012. He is also Portfolio Manager of other Janus Henderson accounts. Mr. Maris joined Janus Capital in March 2011. He holds a Bachelor of Arts degree in Economics from Swarthmore College, a Juris Doctor from the University of Illinois College of Law, and a Master of Business Administration degree from the University of Chicago Booth School of Business. Mr. Maris holds the Chartered Financial Analyst designation.

Julian McManus is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Select Fund, which he has co-managed since January 2018. Mr. McManus is also Portfolio Manager of other Janus Henderson accounts and performs duties as an analyst. He joined Janus Capital in December 2004. Mr. McManus holds a Bachelor of Arts degree in Japanese and Law from the University of London, where he graduated with honors.

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Garth Yettick, CFA, is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Select Fund, which he has co-managed since January 2018. Mr. Yettick is also Portfolio Manager of other Janus Henderson accounts. He joined Janus Capital in October 1997. Mr. Yettick holds a Bachelor of Arts degree in Computer Science and Mathematics from Harvard University, where he graduated magna cum laude and Phi Beta Kappa. Mr. Yettick holds the Chartered Financial Analyst designation.

Janus Henderson Global Technology and Innovation Fund

Co-Portfolio Managers Denny Fish and Garth Yettick are responsible for the day-to-day management of the Fund. Mr. Fish, as lead Portfolio Manager, has the authority to exercise final decision-making on the overall portfolio.

Denny Fish is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Technology and Innovation Fund, which he has co-managed since January 2016. Mr. Fish is also Portfolio Manager of other Janus Henderson accounts and performs duties as an analyst. He initially joined Janus Capital in 2007 as a research analyst and left in 2014. Mr. Fish re-joined Janus Capital in January 2016. From April 2014 to December 2015, Mr. Fish was an investment analyst and co-portfolio manager at RS Investments. Mr. Fish holds a Bachelor of Science degree in Civil Engineering from the University of Illinois and a Master of Arts degree from the University of Southern California Marshall School.

Garth Yettick, CFA, is Executive Vice President and Co-Portfolio Manager of Janus Henderson Global Technology and Innovation Fund, which he has co-managed since December 2018. Mr. Yettick is also Portfolio Manager of other Janus Henderson accounts. He joined Janus Capital in October 1997. Mr. Yettick holds a Bachelor of Arts degree in Computer Science and Mathematics from Harvard University, where he graduated magna cum laude and Phi Beta Kappa. Mr. Yettick holds the Chartered Financial Analyst designation.

Janus Henderson Global Value Fund

Co-Portfolio Managers Gregory R. Kolb and George Maglares 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.

Gregory R. Kolb, CFA, is Chief Investment Officer of Perkins since 2015. Mr. Kolb is Co-Portfolio Manager of Janus Henderson Global Value Fund, which he has managed or co-managed since May 2005. He is also Portfolio Manager of other Janus Henderson accounts. Prior to joining Perkins, Mr. Kolb was Executive Vice President and Portfolio Manager from 2005 to July 2010 at Janus Capital. Mr. Kolb holds a Bachelor of Science degree in Business Administration from Miami University (of Ohio) where he graduated magna cum laude. Mr. Kolb holds the Chartered Financial Analyst designation.

George Maglares is Co-Portfolio Manager of Janus Henderson Global Value Fund, which he has co-managed since July 2016. Mr. Maglares is also Portfolio Manager of other Janus Henderson accounts and performs duties as an analyst. He joined Perkins in September 2013 as a research analyst. Prior to joining Perkins, Mr. Maglares was a senior analyst with RoundKeep Capital Advisors from 2010 to 2012. Mr. Maglares holds a Bachelor of Arts degree in Ethics, Politics and Economics from Yale University and a Master of Business Administration degree from the University of Chicago Booth School of Business.

Janus Henderson International Opportunities Fund

The Fund’s sleeve portfolio managers (overseen by Portfolio Managers Dean Cheeseman and Paul O’Connor) select investments for Janus Henderson International Opportunities Fund, and have done so since 2001. Mr. Cheeseman, as lead Portfolio Manager, has the authority to exercise final decision-making on the overall portfolio.

Equity Security Selection Oversight – Dean Cheeseman is Lead Portfolio Manager of Janus Henderson International Opportunities Fund. Mr. Cheeseman is also Portfolio Manager of other Janus Henderson accounts. He oversees equity security selection by the portfolio managers of the Fund’s sleeve portfolios and asset allocation among the sleeve portfolio managers. Mr. Cheeseman has been a member of the Fund’s portfolio management team since March 2019. He is also Portfolio Manager of other Janus Henderson accounts. Prior to joining Janus Henderson Investors in 2017, Mr. Cheeseman served as a Portfolio Manager and member of the Asset Allocation Committee at Mercer Partners from 2011 to 2017. Mr. Cheeseman holds a Bachelor of Arts (Hons) degree in Financial Services from Nottingham Trent University.

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Asset Allocation Strategist – Paul O’Connor is Head of Multi-Asset of Janus Henderson Investors. Mr. O’Connor is Executive Vice President and Portfolio Manager of Janus Henderson International Opportunities Fund and he supports Mr. Cheeseman in the asset allocation of the Fund. He has been a member of the Fund’s portfolio management team since April 2016. Mr. O’Connor is also Portfolio Manager for other Janus Henderson accounts. Prior to joining Henderson Global Investors Limited in 2013, Mr. O’Connor served as Head of Asset Allocation at Mercer Partners from 2011 to 2013. Mr. O’Connor holds a first class Bachelor of Arts (Hons) degree in Economics and a Master of Science degree in Economics from the London School of Economics.

Janus Henderson International Small Cap Fund

Co-Portfolio Managers Nick Sheridan, Ollie Beckett, Andrew Gillan, and Yun Young Lee are responsible for the day-to-day management of the Fund. Mr. Sheridan, as lead Portfolio Manager, has the authority to exercise final decision-making on the overall portfolio.

Nick Sheridan is Fund Manager of European Equities of Janus Henderson Investors. Mr. Sheridan is Executive Vice President and Lead Portfolio Manager of Janus Henderson International Small Cap Fund. He is primarily responsible for the day-to-day management of the Fund’s investments portfolio and portfolio construction. Mr. Sheridan has been a member of the Fund’s portfolio management team since its inception. He is also Portfolio Manager of other Janus Henderson accounts. Mr. Sheridan joined Henderson Global Investors Limited in 2009. Mr. Sheridan holds a Bachelor of Arts (Hons) degree in Politics from Liverpool University and has the Securities Institute Diploma.

Ollie Beckett is Fund Manager of European Equities of Janus Henderson Investors. Mr. Beckett is Executive Vice President and Co-Portfolio Manager of Janus Henderson International Small Cap Fund. He has been a member of the Fund’s portfolio management team since its inception. Mr. Beckett is also Portfolio Manager of other Janus Henderson accounts. He joined Henderson Global Investors Limited in 2005. Mr. Beckett holds a Bachelor of Arts (Hons) degree in Economics and Government from the University of Manchester and is a member of the Institute of Investment Managers and Research.

Andrew Gillan is Head of Asia (ex-Japan) Equities of Janus Henderson Investors. Mr. Gillan is Executive Vice President and Co-Portfolio Manager of Janus Henderson International Small Cap Fund. He has been a member of the Fund’s portfolio management team since its inception. Mr. Gillan is also Portfolio Manager of other Janus Henderson accounts. Prior to joining Henderson Global Investors Limited in 2014, Mr. Gillan served as Senior Investment Manager at Aberdeen Asset Management from 2001 to 2013. Mr. Gillan holds a Master of Arts degree, with joint honors, in French and European History from the University of Edinburgh.

Yun Young Lee, CFA, is Manager of Japanese Equities of Janus Henderson Investors. Mr. Lee is Executive Vice President and Co-Portfolio Manager of Janus Henderson International Small Cap Fund. He has been a member of the Fund’s portfolio management team since its inception. Mr. Lee is also Portfolio Manager of another Janus Henderson account. He joined Henderson Global Investors Limited in 2005. Mr. Lee holds a Master of Science degree in Chemical Engineering from the Korea Advanced Institute of Science and Technology (KAIST) and a Master of Business Administration degree from the University of Hawaii at Manoa. Mr. Lee holds the Chartered Financial Analyst designation.

Janus Henderson International Value Fund

Gregory R. Kolb, CFA, is Chief Investment Officer of Perkins since 2015. Mr. Kolb is Co-Portfolio Manager of Janus Henderson International Value Fund, which he has co-managed since April 2013. He is also Portfolio Manager of other Janus Henderson accounts. Prior to joining Perkins, Mr. Kolb was Executive Vice President and Portfolio Manager from 2005 to July 2010 at Janus Capital. Mr. Kolb holds a Bachelor of Science degree in Business Administration from Miami University (of Ohio) where he graduated magna cum laude. Mr. Kolb holds the Chartered Financial Analyst designation.

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George Maglares is Co-Portfolio Manager of Janus Henderson International Value Fund, which he has co-managed since July 2016. Mr. Maglares is also Portfolio Manager of other Janus Henderson accounts and performs duties as an analyst. He joined Perkins in September 2013 as a research analyst. Prior to joining Perkins, Mr. Maglares was a senior analyst with RoundKeep Capital Advisors from 2010 to 2012. Mr. Maglares holds a Bachelor of Arts degree in Ethics, Politics and Economics from Yale University and a Master of Business Administration degree from the University of Chicago Booth School of Business.

Janus Henderson Overseas Fund

George P. Maris, CFA, is Co-Head of Equities - Americas of Janus Henderson Investors. Mr. Maris is Executive Vice President and Co-Portfolio Manager of Janus Henderson Overseas Fund, which he has managed or co-managed since January 2016. He is also Portfolio Manager of other Janus Henderson accounts. Mr. Maris joined Janus Capital in March 2011. He holds a Bachelor of Arts degree in Economics from Swarthmore College, a Juris Doctor from the University of Illinois College of Law, and a Master of Business Administration degree from the University of Chicago Booth School of Business. Mr. Maris holds the Chartered Financial Analyst designation.

Julian McManus is Executive Vice President and Co-Portfolio Manager of Janus Henderson Overseas Fund, which he has co-managed since January 2018. Mr. McManus is also Portfolio Manager of other Janus Henderson accounts and performs duties as an analyst. He joined Janus Capital in December 2004. Mr. McManus holds a Bachelor of Arts degree in Japanese and Law from the University of London, where he graduated with honors.

Garth Yettick, CFA, is Executive Vice President and Co-Portfolio Manager of Janus Henderson Overseas Fund, which he has co-managed since January 2018. Mr. Yettick is also Portfolio Manager of other Janus Henderson accounts. He joined Janus Capital in October 1997. Mr. Yettick holds a Bachelor of Arts degree in Computer Science and Mathematics from Harvard University, where he graduated magna cum laude and Phi Beta Kappa. Mr. Yettick holds the Chartered Financial Analyst designation.

Information about the portfolio managers’ and/or investment personnel’s compensation structure and other accounts managed, as well as the range of their individual ownership of securities of the specific Fund(s) they manage and the aggregate range of their individual ownership in all mutual funds advised by Janus Capital, is included in the SAI.

Conflicts of Interest

Janus Capital and Perkins each manage 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, Janus Capital is the adviser to the Janus Capital “funds of funds,” which are funds that invest primarily in other mutual funds managed by Janus Capital. Because Janus Capital is the adviser to the Janus Capital “funds of funds” and the Janus Henderson funds, it is subject to certain potential conflicts of interest when allocating the assets of a Janus Capital “fund of funds” among such Janus Henderson funds. To the extent that a Fund is an underlying fund in a Janus Capital “fund of funds,” a potential conflict of interest arises when allocating the assets of the Janus Capital “fund of funds” to that Fund. Purchases and redemptions of fund shares by a Janus Capital “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. Such transactions could accelerate the realization of taxable income if sales of securities resulted in gains. In addition, redemptions by a Janus Capital “fund of funds” could cause actual expenses to increase, or could result in a Fund’s current expenses being allocated over a smaller asset base, which may lead to an increase in the Fund’s expense ratio. The impact of these transactions is likely to be greater when a Janus Capital “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 and in the “Shares of the Trust” section of the SAI.

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 Distributors LLC dba Janus Henderson Distributors (“Janus Henderson Distributors”), 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. 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 Global Equity Income Fund and Janus Henderson Global Real Estate Fund are normally declared and distributed in March, June, September, and December. Dividends from net investment income for each of the other Funds are normally declared and distributed in December. In addition, 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 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 dividends 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 Janus Capital. 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

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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. Please note that you may receive account tax information from Janus Henderson Global Real Estate Fund at the end of February of each year. REITs typically recharacterize a portion of the dividends paid during the year from ordinary income to capital gain and/or return of capital (which could relate to depreciation on real estate). The information regarding this recharacterization is generally not made available by the REIT until late January. Therefore, the actual composition of the Fund’s distributions during a year may change substantially subsequent to year-end. To the extent these changes occur, they may have the effect of reducing the net investment income component of the Fund’s distributions and increasing the capital gains and/or return of capital components.

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 59¹⁄2, 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 redemptions payable to shareholders who fail to provide their correct taxpayer identification number, fail to make certain required certifications, or who have been notified by the Internal Revenue Service 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. Recently issued 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 Janus Capital) will report cost basis information to you and to the Internal Revenue Service (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 Janus Capital 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.

Taxation of the Funds

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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 taxes 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 Janus Capital 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 have implemented an automatic conversion feature pursuant to which Class C Shares that have been held for ten 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 Janus Capital 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) 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, Janus Capital or its affiliates. Class N Shares also are available to Janus Henderson proprietary products. Class N Shares also are available to certain direct institutional investors approved by Janus Henderson Distributors 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 Janus Capital 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 Janus Capital, 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 regular 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 regular trading session of the NYSE.

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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 under the policies and 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 value pricing 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 Funds use 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.

Due to the subjective nature of systematic fair value pricing, a Fund’s value for a particular security may be different from the last quoted market price. Systematic fair value pricing 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 that 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 a Fund’s 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 that Fund, which negatively impacts long-term shareholders. The Funds’ fair value pricing and 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 open-end funds held by a Fund, if any, will be calculated using the NAV of such open-end funds, and the prospectuses for such open-end funds explain the circumstances under which they use fair value pricing and the effects of using fair value pricing.

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.

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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 5.75%⁽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
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
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)
Class S Shares
Initial sales charge on purchases	None
Deferred sales charge (CDSC)	None
Administrative services fees	0.25%
Minimum initial investment	$2,500
Maximum purchase	None
Minimum aggregate account balance	None
12b-1 fee	0.25% annual distribution/service fee
Class I Shares⁽²⁾
Initial sales charge on purchases	None
Deferred sales charge (CDSC)	None
Administrative fees	Pays administrative, networking or omnibus fees to certain intermediaries⁽²⁾
Minimum initial investment
• institutional investors (investing directly with a Fund)	$1,000,000
• through an intermediary institution	$2,500 ⁽³⁾
Maximum purchase	None
Minimum aggregate account balance	None
12b-1 fee	None

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Class N Shares
Initial sales charge on purchases	None
Deferred sales charge (CDSC)	None
Administrative fees	None to intermediaries
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
• 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 (None for defined contribution plans)
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 ⁽⁴⁾
Maximum purchase	None
Minimum aggregate account balance	None
12b-1 fee	None

(1)	May be waived under certain circumstances.
(2)	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. 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.
(3)	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 eligible retail brokerage accounts.
(4)	Shareholders who invest through financial intermediaries with supermarket and/or self-directed brokerage platforms that maintain omnibus accounts and charge asset-based service fees may not be subject to this minimum. Please contact your financial intermediary for more information.

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 Janus Henderson Distributors, the Trust’s 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.

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Under the terms of each Plan, the Trust is authorized to make payments to Janus Henderson Distributors 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.

Janus Henderson Distributors 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 Janus Henderson Distributors may, pursuant to a written agreement between Janus Henderson Distributors 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. Janus Henderson Distributors 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 Janus Capital. 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. Janus Services pays these administrative fees to intermediaries on behalf of the Funds. Janus Services 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 Janus Services on behalf of the Funds converts from a networking structure to an omnibus account structure, or otherwise 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

Janus Services 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 Janus Capital. 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. Janus Services 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. Janus Services 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, Janus Services also seeks reimbursement for costs it incurs as transfer agent and for providing servicing.

Payments to financial intermediaries by Janus Capital or its affiliates

From their own assets, Janus Capital 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 Janus Capital, may be substantial, and may differ

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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. Janus Capital 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 Janus Capital’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, for all share classes (except Class N Shares, if applicable), Janus Capital, Janus Henderson Distributors, or their affiliates may pay fees, from their own assets, to 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, and other shareholder or administrative services (including payments for processing transactions via the NSCC or other means) 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.

Janus Capital 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. Janus Capital or its affiliates make payments to participate in selected intermediary marketing support programs which may provide Janus Capital 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 Janus Capital to request that Janus Capital make contributions to certain charitable organizations. In these cases, Janus Capital’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

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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 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, a Janus Henderson representative (1-800-333-1181) if you hold Class I Shares or Class N Shares directly with Janus Capital, 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 Janus Capital or its Affiliates,” Janus Capital 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 Janus Capital, if you hold Class I Shares 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 Janus Capital, 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 Janus Capital, 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, Janus Capital’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, accounts 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.

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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 Janus Capital. 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 eligible 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 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

Investors in a defined contribution plan through a third party administrator should refer to their plan document or contact their plan administrator for information regarding account minimums. For all other account types, the minimum investment is $2,500.

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 Janus Capital, 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 Janus Henderson Distributors 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

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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
Under $50,000	5.75%	6.10%
$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

(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.

For purchases of Class A Shares of $1,000,000 or greater, from its own assets, Janus Henderson Distributors 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 Janus Henderson Distributors 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 Janus Capital), 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, Janus Henderson Distributors 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.

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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 determined by aggregating the dollar amount of the new purchase (measured by the offering price) and the total prior day’s net asset value (net amount invested) of all Class A Shares of the Fund and of certain other classes (Class A Shares and Class C Shares of the Trust) of Janus Henderson funds then held by you, or held in accounts identified under “Aggregating Accounts,” and applying the sales charge applicable to such aggregate amount. In order for your purchases and holdings to be aggregated for purposes of qualifying for such discount, 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 for the reduced sales charge. The right of accumulation is subject to modification or discontinuance at any time with respect to all shares purchased thereafter.

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 have adopted an auto-conversion policy pursuant to which Class C Shares that have been held for ten years will be 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 tenth 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.

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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 will not result in a taxable event. Please consult your tax adviser for further information.

Commission on Class C Shares

Janus Henderson Distributors 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 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, 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 contingent deferred sales charge (“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. For more information about the Funds’ policy on excessive trading, refer to “Excessive Trading.”
•	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 ten 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

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following the month in which the tenth 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 ten 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.

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, 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 Janus Capital affiliates, 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.

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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 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 Janus Capital, 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;

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•	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

After you have redeemed Class A Shares, you have a one-time right to reinvest the proceeds 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.

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. As described below, however, the Funds may not be able to identify all instances of excessive trading or completely eliminate the possibility of excessive trading. In particular, it may be difficult to identify excessive trading in certain omnibus accounts and other accounts traded through intermediaries. By their nature, omnibus accounts, in which purchases and redemptions of the Funds’ shares by multiple investors are aggregated by the intermediary and presented to the Funds on a net basis, may effectively conceal the identity of individual investors and their transactions from the Funds and their agents. This makes the elimination of excessive trading in the accounts impractical without the assistance of the intermediary.

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

•	exchange limitations as described under “Exchanges”;
•	trade monitoring; and
•	fair valuation of securities as described under “Pricing of Fund Shares”.

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. For example, a Fund may refuse a purchase order if the portfolio managers and/or investment personnel believe they would be unable to invest the money effectively in accordance with the Fund’s investment policies or the Fund would otherwise be adversely affected due to the size of the transaction, frequency of trading, or other factors.

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 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. The Funds, however, cannot always identify or reasonably detect excessive trading that may be facilitated by financial intermediaries or made difficult to identify through the use of omnibus accounts by those intermediaries that transmit purchase, exchange, and redemption orders to the Funds, and thus the Funds may have difficulty curtailing such activity. 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.

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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 Capital “fund of funds,” which is a fund that primarily invests in other Janus Henderson mutual 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, 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. Although the Funds have adopted valuation policies and procedures intended to reduce the Funds’ exposure to price arbitrage, stale pricing, and other potential pricing inefficiencies, under such circumstances there is potential for short-term arbitrage trades to dilute the value of shares held by a Fund.

Although the Funds take steps to detect and deter excessive trading pursuant to the policies and procedures described in this Prospectus and approved by the Trustees, there is no assurance that these policies and procedures will be effective in limiting excessive trading in all circumstances. For example, 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 Janus Capital 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. The 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. Holdings are generally posted approximately two business days thereafter 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, on Form N-PORT. Information reported in shareholder reports and on 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).

156	Janus Investment Fund

•

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 and on a calendar quarter-end basis 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 performance contributors/detractors, and specific portfolio level performance attribution information and statistics monthly with a 15-day lag and on a calendar quarter-end basis with a 15-day lag. Top performance contributors/detractors may include the percentage of contribution/detraction to Fund performance.

Janus Capital 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 Janus Capital’s Chief Investment Officer(s) or their delegates. All exceptions shall be preapproved by the Chief Compliance Officer or her designee. 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 Janus Capital, 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.

Your financial intermediary or plan sponsor (or Janus Capital, 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 Janus Capital) to obtain these reports. The Funds’ fiscal year ends September 30. Each of Janus Henderson Emerging Markets Fund, Janus Henderson European Focus Fund, Janus Henderson Global Equity Income Fund, Janus Henderson International Opportunities Fund, and Janus Henderson International Small Cap Fund has changed its fiscal year end to September 30 in order to align its fiscal year end and reporting cycle with that of other funds in the fund complex. In order to implement this change, each Fund operated in a two-month stub period from August 1, 2017 to September 30, 2017 and then began a new fiscal year on October 1, 2017.

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 Janus Capital, 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 Janus Capital) is unable to locate the shareholder, then the financial intermediary or plan sponsor (or Janus Capital) 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.

157	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 shown 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 information for the Predecessor Funds for the fiscal years ended on or prior to July 31, 2016, has been audited by the auditor to such Predecessor Funds.

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 Asia Equity Fund – Class A

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.42	$11.45	$9.42	$8.31	$9.79
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.10	0.07	0.02	0.05	0.01
Net gain/(loss) on investments (both realized and unrealized)	(0.27)	0.22	2.12	1.44	(0.95)
Total from investment operations	(0.17)	0.29	2.14	1.49	(0.94)
Less distributions:
Dividends from net investment income	(0.02)	(0.05)	(0.11)	—	(0.17)
Distributions from capital gains	(0.84)	(0.27)	—	(0.38)	(0.37)
Total distributions	(0.86)	(0.32)	(0.11)	(0.38)	(0.54)
Net asset value, end of period	$10.39	$11.42	$11.45	$9.42	$8.31
Total return⁽²⁾	(0.69)%	2.48%	23.10%	18.58%	(10.07)%
Net assets, end of period (in thousands)	$822	$816	$366	$253	$348
Average net assets for the period (in thousands)	$822	$954	$293	$333	$400
Ratio of gross expenses to average net assets	2.72%	2.08%	2.49%	3.51%	2.87%
Ratio of net expenses to average net assets	1.49%	1.53%	1.63%	1.56%	1.61%
Ratio of net investment income/(loss) to average net assets	0.95%	0.60%	0.17%	0.64%	0.07%
Portfolio turnover rate	34%	41%	120%	59%	152%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

158	Janus Investment Fund

Janus Henderson Asia Equity Fund – Class C

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.30	$11.36	$9.34	$8.29	$9.72
Income from investment operations:
Net investment income/(loss)⁽¹⁾	(0.03)	(0.01)	(0.04)	0.01	(0.03)
Net gain/(loss) on investments (both realized and unrealized)	(0.20)	0.22	2.10	1.42	(0.98)
Total from investment operations	(0.23)	0.21	2.06	1.43	(1.01)
Less distributions:
Dividends from net investment income	—	—	(0.04)	—	(0.05)
Distributions from capital gains	(0.84)	(0.27)	—	(0.38)	(0.37)
Total distributions	(0.84)	(0.27)	(0.04)	(0.38)	(0.42)
Net asset value, end of period	$10.23	$11.30	$11.36	$9.34	$8.29
Total return⁽²⁾	(1.28)%	1.80%	22.17%	17.87%	(10.81)%
Net assets, end of period (in thousands)	$535	$1,244	$957	$413	$360
Average net assets for the period (in thousands)	$746	$1,233	$519	$381	$373
Ratio of gross expenses to average net assets	3.35%	2.78%	3.09%	4.23%	3.59%
Ratio of net expenses to average net assets	2.07%	2.25%	2.33%	2.25%	2.30%
Ratio of net investment income/(loss) to average net assets	(0.28)%	(0.04)%	(0.42)%	0.10%	(0.31)%
Portfolio turnover rate	34%	41%	120%	59%	152%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

159	Janus Investment Fund

Janus Henderson Asia Equity Fund – Class S

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.45	$11.48	$9.43	$8.32	$9.79
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.09	0.06	0.01	0.07	0.07
Net gain/(loss) on investments (both realized and unrealized)	(0.25)	0.22	2.14	1.42	(1.00)
Total from investment operations	(0.16)	0.28	2.15	1.49	(0.93)
Less distributions:
Dividends from net investment income	(0.04)	(0.04)	(0.10)	—	(0.17)
Distributions from capital gains	(0.84)	(0.27)	—	(0.38)	(0.37)
Total distributions	(0.88)	(0.31)	(0.10)	(0.38)	(0.54)
Net asset value, end of period	$10.41	$11.45	$11.48	$9.43	$8.32
Total return⁽²⁾	(0.55)%	2.37%	23.07%	18.56%	(9.97)%
Net assets, end of period (in thousands)	$481	$484	$472	$368	$310
Average net assets for the period (in thousands)	$467	$501	$413	$329	$390
Ratio of gross expenses to average net assets	2.98%	2.36%	2.64%	3.67%	3.06%
Ratio of net expenses to average net assets	1.34%	1.58%	1.66%	1.56%	1.48%
Ratio of net investment income/(loss) to average net assets	0.91%	0.52%	0.15%	0.83%	0.71%
Portfolio turnover rate	34%	41%	120%	59%	152%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

160	Janus Investment Fund

Janus Henderson Asia Equity Fund – Class I

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.45	$11.56	$9.51	$8.37	$9.85
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.13	(0.03)	0.11	0.10	0.06
Net gain/(loss) on investments (both realized and unrealized)	(0.17)	0.26	2.07	1.44	(0.98)
Total from investment operations	(0.04)	0.23	2.18	1.54	(0.92)
Less distributions:
Dividends from net investment income	(0.03)	(0.07)	(0.13)	(0.02)	(0.19)
Distributions from capital gains	(0.84)	(0.27)	—	(0.38)	(0.37)
Total distributions	(0.87)	(0.34)	(0.13)	(0.40)	(0.56)
Net asset value, end of period	$10.54	$11.45	$11.56	$9.51	$8.37
Total return⁽²⁾	0.45%	1.90%	23.39%	19.09%	(9.79)%
Net assets, end of period (in thousands)	$1,406	$1,029	$12,675	$2,665	$2,470
Average net assets for the period (in thousands)	$1,208	$5,848	$7,408	$2,528	$3,017
Ratio of gross expenses to average net assets	2.32%	1.44%	2.00%	3.19%	2.56%
Ratio of net expenses to average net assets	1.21%	1.26%	1.32%	1.21%	1.27%
Ratio of net investment income/(loss) to average net assets	1.28%	(0.25)%	1.01%	1.14%	0.57%
Portfolio turnover rate	34%	41%	120%	59%	152%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

161	Janus Investment Fund

Janus Henderson Asia Equity Fund – Class N

	Year or Period ended September 30
	2019	2018 ⁽¹⁾
Net asset value, beginning of period	$11.56	$12.73
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.11	0.16
Net gain/(loss) on investments (both realized and unrealized)	(0.26)	(1.33) ⁽³⁾
Total from investment operations	(0.15)	(1.17)
Less distributions:
Dividends from net investment income	(0.05)	—
Dividends from capital gains	(0.84)	—
Total distributions	(0.89)	—
Net asset value, end of period	$10.52	$11.56
Total return⁽⁴⁾	(0.51)%	(9.19)%
Net assets, end of period (in thousands)	$8,886	$8,501
Average net assets for the period (in thousands)	$7,989	$7,978
Ratio of gross expenses to average net assets⁽⁵⁾	2.05%	1.75%
Ratio of net expenses to average net assets⁽⁵⁾	1.17%	1.13%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	1.08%	1.96%
Portfolio turnover rate	34%	41%

(1)	Period January 26, 2018 (commencement of Class N Shares) through September 30, 2018.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.
(4)	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.
(5)	Annualized for periods of less than one full year.

162	Janus Investment Fund

Janus Henderson Asia Equity Fund – Class T

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.37	$11.42	$9.36	$8.25	$9.81
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.10	0.06	0.06	0.04	0.04
Net gain/(loss) on investments (both realized and unrealized)	(0.21)	0.20	2.08	1.46	(0.96)
Total from investment operations	(0.11)	0.26	2.14	1.50	(0.92)
Less distributions:
Dividends from net investment income	(0.01)	(0.04)	(0.08)	(0.01)	(0.27)
Distributions from capital gains	(0.84)	(0.27)	—	(0.38)	(0.37)
Total distributions	(0.85)	(0.31)	(0.08)	(0.39)	(0.64)
Net asset value, end of period	$10.41	$11.37	$11.42	$9.36	$8.25
Total return⁽²⁾	(0.14)%	2.27%	23.18%	18.88%	(9.98)%
Net assets, end of period (in thousands)	$1,310	$1,032	$2,937	$230	$306
Average net assets for the period (in thousands)	$1,210	$2,799	$756	$332	$566
Ratio of gross expenses to average net assets	2.53%	1.81%	2.14%	3.41%	2.73%
Ratio of net expenses to average net assets	1.40%	1.41%	1.55%	1.44%	1.39%
Ratio of net investment income/(loss) to average net assets	0.98%	0.54%	0.55%	0.47%	0.46%
Portfolio turnover rate	34%	41%	120%	59%	152%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

163	Janus Investment Fund

Janus Henderson Emerging Markets Fund – Class A

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$9.48	$10.36	$10.19	$9.10	$8.60	$9.82
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.10	0.10	0.04	0.10	0.13	0.02
Net gain/(loss) on investments (both realized and unrealized)	(0.55)	(0.67)	0.13	1.05	0.39	(1.24)
Total from investment operations	(0.45)	(0.57)	0.17	1.15	0.52	(1.22)
Less distributions:
Dividends from net investment income	(0.13)	(0.10)	—	(0.06)	(0.02)	—
Distributions from capital gains	(0.18)	(0.21)	—	—	—	—
Total distributions	(0.31)	(0.31)	—	(0.06)	(0.02)	—
Net asset value, end of period	$8.72	$9.48	$10.36	$10.19	$9.10	$8.60
Total return⁽³⁾	(4.66)% ⁽⁴⁾	(5.80)%	1.67%	12.80%	6.07%	(12.42)%
Net assets, end of period (in thousands)	$4,859	$15,771	$15,562	$15,124	$6,510	$8,272
Average net assets for the period (in thousands)	$8,932	$16,103	$15,471	$12,523	$5,958	$8,108
Ratio of gross expenses to average net assets⁽⁵⁾	1.65%	1.51%	1.75%	1.76%	2.36% ⁽⁶⁾	2.13%
Ratio of net expenses to average net assets⁽⁵⁾	1.30%	1.33%	1.46%	1.54%	1.79%	1.79%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	1.11%	0.93%	2.18%	1.05%	1.64%	0.21%
Portfolio turnover rate	68%	26%	2%	32%	86%	148%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Total return without the effect of affiliated payments would have been (4.89)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(5)	Annualized for periods of less than one full year.
(6)	The Ratio of Gross Expenses includes a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.07% higher had the custodian not reimbursed the Fund.

164	Janus Investment Fund

Janus Henderson Emerging Markets Fund – Class C

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$9.12	$9.98	$9.83	$8.79	$8.35	$9.61
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.05	0.01	0.02	0.03	0.06	(0.06)
Net gain/(loss) on investments (both realized and unrealized)	(0.55)	(0.65)	0.13	1.02	0.38	(1.20)
Total from investment operations	(0.50)	(0.64)	0.15	1.05	0.44	(1.26)
Less distributions:
Dividends from net investment income	(0.02)	(0.01)	—	(0.01)	—	—
Distributions from capital gains	(0.18)	(0.21)	—	—	—	—
Total distributions	(0.20)	(0.22)	—	(0.01)	—	—
Net asset value, end of period	$8.42	$9.12	$9.98	$9.83	$8.79	$8.35
Total return⁽³⁾	(5.38)% ⁽⁴⁾	(6.59)%	1.53%	12.03%	5.27%	(13.11)%
Net assets, end of period (in thousands)	$3,432	$5,985	$9,017	$8,530	$3,553	$3,049
Average net assets for the period (in thousands)	$4,604	$8,442	$8,877	$6,219	$3,028	$3,471
Ratio of gross expenses to average net assets⁽⁵⁾	2.54%	2.26%	2.65%	2.53%	3.16% ⁽⁶⁾	2.90%
Ratio of net expenses to average net assets⁽⁵⁾	2.11%	2.07%	2.35%	2.29%	2.54%	2.54%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	0.56%	0.11%	1.29%	0.37%	0.70%	(0.62)%
Portfolio turnover rate	68%	26%	2%	32%	86%	148%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Total return without the effect of affiliated payments would have been (5.61)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(5)	Annualized for periods of less than one full year.
(6)	The Ratio of Gross Expenses includes a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.07% higher had the custodian not reimbursed the Fund.

165	Janus Investment Fund

Janus Henderson Emerging Markets Fund – Class S

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$9.51	$10.41	$10.23	$10.05
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.08	0.13	0.04	0.07
Net gain/(loss) on investments (both realized and unrealized)	(0.52)	(0.73)	0.14	0.11
Total from investment operations	(0.44)	(0.60)	0.18	0.18
Less distributions:
Dividends from net investment income	(0.08)	(0.09)	—	—
Distributions from capital gains	(0.18)	(0.21)	—	—
Total distributions	(0.26)	(0.30)	—	—
Net asset value, end of period	$8.81	$9.51	$10.41	$10.23
Total return⁽⁴⁾	(4.49)% ⁽⁵⁾	(5.98)%	1.76%	1.79%
Net assets, end of period (in thousands)	$77	$1,753	$316	$304
Average net assets for the period (in thousands)	$488	$1,189	$311	$266
Ratio of gross expenses to average net assets⁽⁶⁾	2.25%	1.85%	1.91%	1.69%
Ratio of net expenses to average net assets⁽⁶⁾	1.18%	1.47%	1.51%	1.59%
Ratio of net investment income/(loss) to average net assets⁽⁶⁾	0.89%	1.28%	2.11%	4.51%
Portfolio turnover rate	68%	26%	2%	32%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class S Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Total return without the effect of affiliated payments would have been (4.72)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(6)	Annualized for periods of less than one full year.

166	Janus Investment Fund

Janus Henderson Emerging Markets Fund – Class I

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$9.52	$10.42	$10.24	$9.13	$8.63	$9.86
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.14	0.12	0.04	0.15	0.13	0.03
Net gain/(loss) on investments (both realized and unrealized)	(0.57)	(0.69)	0.14	1.03	0.42	(1.25)
Total from investment operations	(0.43)	(0.57)	0.18	1.18	0.55	(1.22)
Less distributions:
Dividends from net investment income	(0.13)	(0.12)	—	(0.07)	(0.05)	(0.01)
Distributions from capital gains	(0.18)	(0.21)	—	—	—	—
Total distributions	(0.31)	(0.33)	—	(0.07)	(0.05)	(0.01)
Net asset value, end of period	$8.78	$9.52	$10.42	$10.24	$9.13	$8.63
Total return⁽³⁾	(4.38)% ⁽⁴⁾	(5.72)%	1.76%	13.15%	6.41%	(12.34)%
Net assets, end of period (in thousands)	$34,499	$107,276	$112,952	$107,513	$36,815	$12,652
Average net assets for the period (in thousands)	$71,330	$119,036	$110,859	$62,396	$21,242	$15,071
Ratio of gross expenses to average net assets⁽⁵⁾	1.45%	1.26%	1.49%	1.46%	2.09% ⁽⁶⁾	1.85%
Ratio of net expenses to average net assets⁽⁵⁾	1.13%	1.09%	1.20%	1.27%	1.54%	1.54%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	1.49%	1.17%	2.42%	1.63%	1.52%	0.37%
Portfolio turnover rate	68%	26%	2%	32%	86%	148%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Total return without the effect of affiliated payments would have been (4.61)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(5)	Annualized for periods of less than one full year.
(6)	The Ratio of Gross Expenses includes a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.07% higher had the custodian not reimbursed the Fund.

167	Janus Investment Fund

Janus Henderson Emerging Markets Fund – Class N

	Years or Period ended September 30			Year or Period ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016 ⁽²⁾
Net asset value, beginning of period	$9.53	$10.42	$10.24	$9.13	$8.06
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.15	0.12	0.05	0.40	0.06
Net gain/(loss) on investments (both realized and unrealized)	(0.57)	(0.68)	0.13	0.79	1.06
Total from investment operations	(0.42)	(0.56)	0.18	1.19	1.12
Less distributions:
Dividends from net investment income	(0.14)	(0.12)	—	(0.08)	(0.05)
Distributions from capital gains	(0.18)	(0.21)	—	—	—
Total distributions	(0.32)	(0.33)	—	(0.08)	(0.05)
Net asset value, end of period	$8.79	$9.53	$10.42	$10.24	$9.13
Total return⁽⁴⁾	(4.33)% ⁽⁵⁾	(5.63)%	1.76%	13.17%	13.92%
Net assets, end of period (in thousands)	$16,531	$25,134	$41,206	$40,785	$318
Average net assets for the period (in thousands)	$21,520	$29,832	$41,394	$6,417	$282
Ratio of gross expenses to average net assets⁽⁶⁾	1.41%	1.20%	1.35%	1.32%	2.17% ⁽⁷⁾
Ratio of net expenses to average net assets⁽⁶⁾	1.03%	1.03%	1.05%	1.24%	1.54%
Ratio of net investment income/(loss) to average net assets⁽⁶⁾	1.65%	1.15%	2.59%	4.20%	1.07%
Portfolio turnover rate	68%	26%	2%	32%	86%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period November 30, 2015 (commencement of Class N Shares (formerly named Class R6 Shares)) through July 31, 2016.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Total return without the effect of affiliated payments would have been (4.56)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(6)	Annualized for periods of less than one full year.
(7)	The Ratio of Gross Expenses includes a reimbursement of prior period custodian out-of-pocket expenses. The Ratio of Gross Expenses would have been 0.07% higher had the custodian not reimbursed the Fund.

168	Janus Investment Fund

Janus Henderson Emerging Markets Fund – Class T

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$9.52	$10.42	$10.24	$10.05
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.13	0.10	0.04	0.08
Net gain/(loss) on investments (both realized and unrealized)	(0.57)	(0.68)	0.14	0.11
Total from investment operations	(0.44)	(0.58)	0.18	0.19
Less distributions:
Dividends from net investment income	(0.12)	(0.11)	—	—
Distributions from capital gains	(0.18)	(0.21)	—	—
Total distributions	(0.30)	(0.32)	—	—
Net asset value, end of period	$8.78	$9.52	$10.42	$10.24
Total return⁽⁴⁾	(4.56)% ⁽⁵⁾	(5.86)%	1.76%	1.89%
Net assets, end of period (in thousands)	$3,008	$4,862	$7,770	$7,629
Average net assets for the period (in thousands)	$4,046	$7,275	$7,786	$6,024
Ratio of gross expenses to average net assets⁽⁶⁾	1.73%	1.45%	1.62%	1.42%
Ratio of net expenses to average net assets⁽⁶⁾	1.27%	1.26%	1.30%	1.38%
Ratio of net investment income/(loss) to average net assets⁽⁶⁾	1.41%	0.93%	2.34%	5.01%
Portfolio turnover rate	68%	26%	2%	32%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class T Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Total return without the effect of affiliated payments would have been (4.79)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(6)	Annualized for periods of less than one full year.

169	Janus Investment Fund

Janus Henderson European Focus Fund – Class A

	Years or Period Ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$31.73	$35.02	$34.22	$32.17	$36.91	$35.42
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.41	0.46	0.13	0.34	0.44	0.35
Net gain/(loss) on investments (both realized and unrealized)	(3.91)	(3.16)	0.67	2.50	(4.94)	1.67
Total from investment operations	(3.50)	(2.70)	0.80	2.84	(4.50)	2.02
Less distributions:
Dividends from net investment income	(1.02)	(0.59)	—	(0.79)	(0.24)	(0.53)
Total distributions	(1.02)	(0.59)	—	(0.79)	(0.24)	(0.53)
Net asset value, end of period	$27.21	$31.73	$35.02	$34.22	$32.17	$36.91
Total return⁽³⁾	(10.61)%	(7.84)%	2.34%	9.15%	(12.22)%	5.86%
Net assets, end of period (in thousands)	$112,110	$176,690	$273,184	$274,588	$560,452	$905,598
Average net assets for the period (in thousands)	$135,260	$227,911	$268,061	$381,753	$810,537	$669,133
Ratio of gross expenses to average net assets⁽⁴⁾	1.46%	1.31%	1.35%	1.33%	1.28%	1.30%
Ratio of net expenses to average net assets⁽⁴⁾	1.32%	1.30%	1.35%	1.33%	1.28%	1.30%
Ratio of net investment income/(loss) to average net assets⁽⁴⁾	1.49%	1.37%	2.29%	1.06%	1.35%	0.99%
Portfolio turnover rate	145%	82%	6%	57%	62%	75%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Annualized for periods of less than one full year.

170	Janus Investment Fund

Janus Henderson European Focus Fund – Class C

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$29.66	$32.68	$31.98	$30.06	$34.57	$33.35
Income (loss) from investment operations:
Net investment income/(loss)⁽²⁾	0.16	0.21	0.08	0.11	0.22	0.04
Net gain/(loss) on investments (both realized and unrealized)	(3.57)	(2.97)	0.62	2.32	(4.69)	1.59
Total from investment operations	(3.41)	(2.76)	0.70	2.43	(4.47)	1.63
Less distributions:
Dividends from net investment income	(0.56)	(0.26)	—	(0.51)	(0.04)	(0.41)
Total distributions	(0.56)	(0.26)	—	(0.51)	(0.04)	(0.41)
Net asset value, end of period	$25.69	$29.66	$32.68	$31.98	$30.06	$34.57
Total return⁽³⁾	(11.26)%	(8.51)%	2.19%	8.32%	(12.94)%	5.02%
Net assets, end of period (in thousands)	$43,110	$118,408	$184,366	$188,120	$287,339	$365,135
Average net assets for the period (in thousands)	$62,633	$154,929	$183,018	$219,705	$328,767	$287,767
Ratio of gross expenses to average net assets⁽⁴⁾	2.19%	2.04%	2.22%	2.11%	2.07%	2.09%
Ratio of net expenses to average net assets⁽⁴⁾	2.06%	2.02%	2.22%	2.11%	2.07%	2.09%
Ratio of net investment income/(loss) to average net assets⁽⁴⁾	0.62%	0.65%	1.44%	0.36%	0.71%	0.12%
Portfolio turnover rate	145%	82%	6%	57%	62%	75%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Annualized for periods of less than one full year.

171	Janus Investment Fund

Janus Henderson European Focus Fund – Class S

	Years or Period ended September 30			Period ended July 31
	2019	2018	2017 ⁽¹⁾	2017 ⁽²⁾
Net asset value, beginning of period	$31.53	$35.01	$34.20	$33.53
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.45	0.47	0.13	0.09
Net gain/(loss) on investments (both realized and unrealized)	(3.98)	(3.20)	0.68	0.58
Total from investment operations	(3.53)	(2.73)	0.81	0.67
Less distributions:
Dividends from net investment income	(2.02)	(0.75)	—	—
Total distributions	(2.02)	(0.75)	—	—
Net asset value, end of period	$25.98	$31.53	$35.01	$34.20
Total return⁽⁴⁾	(10.35)%	(7.96)%	2.37%	2.00%
Net assets, end of period (in thousands)	$43	$48	$52	$51
Average net assets for the period (in thousands)	$43	$50	$50	$49
Ratio of gross expenses to average net assets⁽⁵⁾	8.50%	4.42%	1.48%	1.45%
Ratio of net expenses to average net assets⁽⁵⁾	1.17%	1.35%	1.30%	1.45%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	1.73%	1.42%	2.34%	1.67%
Portfolio turnover rate	145%	82%	6%	57%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class S Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

172	Janus Investment Fund

Janus Henderson European Focus Fund – Class I

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$31.59	$34.94	$34.13	$32.18	$36.90	$35.48
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.42	0.54	0.15	0.44	0.60	0.42
Net gain/(loss) on investments (both realized and unrealized)	(3.82)	(3.14)	0.66	2.47	(5.02)	1.67
Total from investment operations	(3.40)	(2.60)	0.81	2.91	(4.42)	2.09
Less distributions:
Dividends from net investment income	(1.12)	(0.75)	—	(0.96)	(0.30)	(0.67)
Total distributions	(1.12)	(0.75)	—	(0.96)	(0.30)	(0.67)
Net asset value, end of period	$27.07	$31.59	$34.94	$34.13	$32.18	$36.90
Total return⁽³⁾	(10.30)%	(7.60)%	2.37%	9.44%	(12.01)%	6.10%
Net assets, end of period (in thousands)	$220,722	$695,302	$1,234,695	$1,277,021	$1,874,371	$2,357,546
Average net assets for the period (in thousands)	$353,101	$1,025,799	$1,231,744	$1,414,519	$2,276,749	$1,653,249
Ratio of gross expenses to average net assets⁽⁴⁾	1.16%	1.03%	1.06%	1.07%	1.04%	1.07%
Ratio of net expenses to average net assets⁽⁴⁾	1.03%	1.02%	1.06%	1.07%	1.04%	1.07%
Ratio of net investment income/(loss) to average net assets⁽⁴⁾	1.53%	1.60%	2.59%	1.38%	1.83%	1.19%
Portfolio turnover rate	145%	82%	6%	57%	62%	75%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Annualized for periods of less than one full year.

173	Janus Investment Fund

Janus Henderson European Focus Fund – Class N

	Years or Period ended September 30			Year or Period ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016 ⁽²⁾
Net asset value, beginning of period	$31.64	$34.89	$34.10	$32.18	$34.37
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.49	0.56	0.13	0.42	0.57
Net gain/(loss) on investments (both realized and unrealized)	(3.91)	(3.14)	0.66	2.47	(2.46)
Total from investment operations	(3.42)	(2.58)	0.79	2.89	(1.89)
Less distributions:
Dividends from net investment income	(1.36)	(0.67)	—	(0.97)	(0.30)
Total distributions	(1.36)	(0.67)	—	(0.97)	(0.30)
Net asset value, end of period	$26.86	$31.64	$34.89	$34.10	$32.18
Total return⁽⁴⁾	(10.25)%	(7.54)%	2.32%	9.36%	(5.54)%
Net assets, end of period (in thousands)	$139	$284	$318	$210	$1,413
Average net assets for the period (in thousands)	$207	$332	$245	$1,074	$1,393
Ratio of gross expenses to average net assets⁽⁵⁾	2.56%	1.43%	1.19%	1.10%	1.05%
Ratio of net expenses to average net assets⁽⁵⁾	0.97%	0.97%	1.19%	1.10%	1.05%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	1.82%	1.68%	2.29%	1.34%	2.68%
Portfolio turnover rate	145%	82%	6%	57%	62%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period from November 30, 2015 (commencement of Class N Shares (formerly named Class R6 Shares)) through July 31, 2016.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

174	Janus Investment Fund

Janus Henderson European Focus Fund – Class T

	Years or Period ended September 30			Period ended July 31
	2019	2018	2017 ⁽¹⁾	2017 ⁽²⁾
Net asset value, beginning of period	$31.57	$35.03	$34.22	$33.53
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.47	0.54	0.13	0.05
Net gain/(loss) on investments (both realized and unrealized)	(3.90)	(3.21)	0.68	0.64
Total from investment operations	(3.43)	(2.67)	0.81	0.69
Less distributions:
Dividends from net investment income	(1.08)	(0.79)	—	—
Total distributions	(1.08)	(0.79)	—	—
Net asset value, end of period	$27.06	$31.57	$35.03	$34.22
Total return⁽⁴⁾	(10.43)%	(7.79)%	2.37%	2.06%
Net assets, end of period (in thousands)	$676	$929	$1,275	$983
Average net assets for the period (in thousands)	$762	$1,598	$1,077	$63
Ratio of gross expenses to average net assets⁽⁵⁾	1.76%	1.31%	1.22%	1.51%
Ratio of net expenses to average net assets⁽⁵⁾	1.18%	1.20%	1.18%	1.21%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	1.74%	1.59%	2.26%	1.60%
Portfolio turnover rate	145%	82%	6%	57%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class T Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

175	Janus Investment Fund

Janus Henderson Global Equity Income Fund – Class A

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$7.16	$7.80	$7.78	$7.29	$7.86	$8.36
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.46	0.49	0.08	0.47	0.48	0.48
Net gain/(loss) on investments (both realized and unrealized)	(0.56)	(0.65)	0.05	0.50	(0.59)	(0.50)
Total from investment operations	(0.10)	(0.16)	0.13	0.97	(0.11)	(0.02)
Less distributions:
Dividends from net investment income	(0.48)	(0.48)	(0.11)	(0.48)	(0.46)	(0.48)
Total distributions	(0.48)	(0.48)	(0.11)	(0.48)	(0.46)	(0.48)
Net asset value, end of period	$6.58	$7.16	$7.80	$7.78	$7.29	$7.86
Total return⁽³⁾	(1.22)%	(2.13)%	1.63%	13.90%	(1.05)%	(0.21)%
Net assets, end of period (in thousands)	$684,235	$818,548	$856,276	$861,163	$755,674	$702,841
Average net assets for the period (in thousands)	$695,276	$878,570	$854,512	$788,169	$708,673	$656,758
Ratio of gross expenses to average net assets⁽⁴⁾	1.12%	1.09%	1.11%	1.09%	1.09%	1.09%
Ratio of net expenses to average net assets⁽⁴⁾	1.12%	1.09%	1.11%	1.09%	1.09%	1.09%
Ratio of net investment income/(loss) to average net assets⁽⁴⁾	6.91%	6.43%	5.93%	6.40%	6.60%	5.99%
Portfolio turnover rate	142%	137%	21%	127%	145%	127%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Annualized for periods of less than one full year.

176	Janus Investment Fund

Janus Henderson Global Equity Income Fund – Class C

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$7.11	$7.75	$7.73	$7.24	$7.81	$8.32
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.42	0.44	0.07	0.41	0.41	0.42
Net gain/(loss) on investments (both realized and unrealized)	(0.56)	(0.65)	0.04	0.51	(0.58)	(0.51)
Total from investment operations	(0.14)	(0.21)	0.11	0.92	(0.17)	(0.09)
Less distributions:
Dividends from net investment income	(0.44)	(0.43)	(0.09)	(0.43)	(0.40)	(0.42)
Total distributions	(0.44)	(0.43)	(0.09)	(0.43)	(0.40)	(0.42)
Net asset value, end of period	$6.53	$7.11	$7.75	$7.73	$7.24	$7.81
Total return⁽³⁾	(1.88)%	(2.76)%	1.46%	13.18%	(1.76)%	(1.09)%
Net assets, end of period (in thousands)	$677,303	$1,037,471	$1,073,190	$1,047,109	$1,074,860	$1,138,357
Average net assets for the period (in thousands)	$804,713	$1,127,161	$1,057,701	$1,018,868	$1,065,445	$1,010,068
Ratio of gross expenses to average net assets⁽⁴⁾	1.76%	1.75%	1.85%	1.81%	1.85%	1.86%
Ratio of net expenses to average net assets⁽⁴⁾	1.76%	1.75%	1.85%	1.81%	1.85%	1.86%
Ratio of net investment income/(loss) to average net assets⁽⁴⁾	6.24%	5.82%	5.18%	5.57%	5.70%	5.28%
Portfolio turnover rate	142%	137%	21%	127%	145%	127%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Annualized for periods of less than one full year.

177	Janus Investment Fund

Janus Henderson Global Equity Income Fund – Class S

	Years or Period ended September 30			Period ended July 31
	2019	2018	2017 ⁽¹⁾	2017 ⁽²⁾
Net asset value, beginning of period	$7.15	$7.79	$7.77	$7.83
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.49	0.54	0.08	0.07
Net gain/(loss) on investments (both realized and unrealized)	(0.60)	(0.70)	0.04	0.06
Total from investment operations	(0.11)	(0.16)	0.12	0.13
Less distributions:
Dividends from net investment income	(0.48)	(0.48)	(0.10)	(0.19)
Total distributions	(0.48)	(0.48)	(0.10)	(0.19)
Net asset value, end of period	$6.56	$7.15	$7.79	$7.77
Total return⁽⁴⁾	(1.31)%	(2.16)%	1.58%	1.71%
Net assets, end of period (in thousands)	$2,470	$232	$51	$51
Average net assets for the period (in thousands)	$1,805	$127	$51	$50
Ratio of gross expenses to average net assets⁽⁵⁾	1.38%	2.37%	1.21%	1.19%
Ratio of net expenses to average net assets⁽⁵⁾	1.34%	1.27%	1.03%	1.19%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	7.35%	7.23%	6.01%	5.89%
Portfolio turnover rate	142%	137%	21%	127%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class S Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

178	Janus Investment Fund

Janus Henderson Global Equity Income Fund – Class I

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$7.18	$7.81	$7.80	$7.30	$7.87	$8.37
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.49	0.53	0.08	0.49	0.49	0.51
Net gain/(loss) on investments (both realized and unrealized)	(0.57)	(0.66)	0.04	0.51	(0.59)	(0.51)
Total from investment operations	(0.08)	(0.13)	0.12	1.00	(0.10)	—
Less distributions:
Dividends from net investment income	(0.50)	(0.50)	(0.11)	(0.50)	(0.47)	(0.50)
Total distributions	(0.50)	(0.50)	(0.11)	(0.50)	(0.47)	(0.50)
Net asset value, end of period	$6.60	$7.18	$7.81	$7.80	$7.30	$7.87
Total return⁽³⁾	(0.89)%	(1.68)%	1.58%	14.32%	(0.83)%	0.02%
Net assets, end of period (in thousands)	$3,008,858	$3,509,735	$3,075,563	$2,866,944	$2,178,545	$1,864,448
Average net assets for the period (in thousands)	$2,998,950	$3,534,302	$2,981,623	$2,411,600	$1,846,322	$1,574,951
Ratio of gross expenses to average net assets⁽⁴⁾	0.79%	0.76%	0.78%	0.81%	0.84%	0.86%
Ratio of net expenses to average net assets⁽⁴⁾	0.79%	0.76%	0.78%	0.81%	0.84%	0.86%
Ratio of net investment income/(loss) to average net assets⁽⁴⁾	7.30%	6.88%	6.26%	6.67%	6.75%	6.32%
Portfolio turnover rate	142%	137%	21%	127%	145%	127%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Annualized for periods of less than one full year.

179	Janus Investment Fund

Janus Henderson Global Equity Income Fund – Class N

	Years or Period ended September 30			Year or Period ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016 ⁽²⁾
Net asset value, beginning of period	$7.18	$7.81	$7.80	$7.30	$7.44
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.50	0.52	0.08	0.54	0.34
Net gain/(loss) on investments (both realized and unrealized)	(0.57)	(0.64)	0.04	0.47	(0.16)
Total from investment operations	(0.07)	(0.12)	0.12	1.01	0.18
Less distributions:
Dividends from net investment income	(0.51)	(0.51)	(0.11)	(0.51)	(0.32)
Total distributions	(0.51)	(0.51)	(0.11)	(0.51)	(0.32)
Net asset value, end of period	$6.60	$7.18	$7.81	$7.80	$7.30
Total return⁽⁴⁾	(0.82)%	(1.64)%	1.59%	14.39%	2.77%
Net assets, end of period (in thousands)	$12,886	$6,841	$5,099	$4,156	$1,824
Average net assets for the period (in thousands)	$10,817	$5,880	$4,537	$2,945	$1,748
Ratio of gross expenses to average net assets⁽⁵⁾	0.75%	0.72%	0.70%	0.76%	0.79%
Ratio of net expenses to average net assets⁽⁵⁾	0.75%	0.72%	0.70%	0.76%	0.79%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	7.53%	6.83%	6.40%	7.26%	4.71%
Portfolio turnover rate	142%	137%	21%	127%	145%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period November 30, 2015 (commencement of Class N Shares (formerly named Class R6 Shares)) through July 31, 2016.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

180	Janus Investment Fund

Janus Henderson Global Equity Income Fund – Class T

	Years or Period ended September 30			Period ended July 31
	2019	2018	2017 ⁽¹⁾	2017 ⁽²⁾
Net asset value, beginning of period	$7.15	$7.78	$7.77	$7.83
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.49	0.54	0.08	0.06
Net gain/(loss) on investments (both realized and unrealized)	(0.58)	(0.68)	0.04	0.07
Total from investment operations	(0.09)	(0.14)	0.12	0.13
Less distributions:
Dividends from net investment income	(0.49)	(0.49)	(0.11)	(0.19)
Total distributions	(0.49)	(0.49)	(0.11)	(0.19)
Net asset value, end of period	$6.57	$7.15	$7.78	$7.77
Total return⁽⁴⁾	(1.04)%	(1.84)%	1.56%	1.74%
Net assets, end of period (in thousands)	$70,735	$53,548	$30,421	$8,619
Average net assets for the period (in thousands)	$65,061	$55,040	$17,484	$4,061
Ratio of gross expenses to average net assets⁽⁵⁾	0.97%	0.94%	0.98%	0.96%
Ratio of net expenses to average net assets⁽⁵⁾	0.95%	0.93%	0.98%	0.96%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	7.41%	7.12%	6.52%	5.03%
Portfolio turnover rate	142%	137%	21%	127%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class T Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

181	Janus Investment Fund

Janus Henderson Global Life Sciences Fund – Class A

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$64.96	$55.76	$49.16	$53.74	$52.09
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.17	0.01	0.05	0.05	(0.14)
Net gain/(loss) on investments (both realized and unrealized)	(4.52)	9.74	7.01	0.11	7.19
Total from investment operations	(4.35)	9.75	7.06	0.16	7.05
Less distributions:
Dividends from net investment income	—	(0.07)	(0.03)	(0.14)	—
Distributions from capital gains	(6.72)	(0.48)	(0.43)	(4.60)	(5.40)
Total distributions	(6.72)	(0.55)	(0.46)	(4.74)	(5.40)
Net asset value, end of period	$53.89	$64.96	$55.76	$49.16	$53.74
Total return⁽²⁾	(5.85)%	17.70%	14.58%	(0.07)%	14.00%
Net assets, end of period (in thousands)	$177,862	$195,674	$188,407	$297,151	$353,880
Average net assets for the period (in thousands)	$182,919	$181,464	$206,577	$324,567	$239,781
Ratio of gross expenses to average net assets	1.00%	0.99%	1.02%	1.04%	1.04%
Ratio of net expenses to average net assets	1.00%	0.99%	1.02%	1.04%	1.04%
Ratio of net investment income/(loss) to average net assets	0.30%	0.02%	0.10%	0.10%	(0.23)%
Portfolio turnover rate	36%	46%	38%	41%	47%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

182	Janus Investment Fund

Janus Henderson Global Life Sciences Fund – Class C

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$60.16	$52.00	$46.18	$51.00	$50.02
Income from investment operations:
Net investment income/(loss)⁽¹⁾	(0.21)	(0.40)	(0.27)	(0.32)	(0.54)
Net gain/(loss) on investments (both realized and unrealized)	(4.23)	9.04	6.52	0.10	6.92
Total from investment operations	(4.44)	8.64	6.25	(0.22)	6.38
Less distributions:
Dividends from net investment income	—	—	—	—	—
Distributions from capital gains	(6.72)	(0.48)	(0.43)	(4.60)	(5.40)
Total distributions	(6.72)	(0.48)	(0.43)	(4.60)	(5.40)
Net asset value, end of period	$49.00	$60.16	$52.00	$46.18	$51.00
Total return⁽²⁾	(6.53)%	16.81%	13.76%	(0.86)%	13.18%
Net assets, end of period (in thousands)	$148,147	$182,894	$180,251	$201,539	$215,417
Average net assets for the period (in thousands)	$163,407	$173,167	$175,301	$210,680	$131,989
Ratio of gross expenses to average net assets	1.71%	1.75%	1.76%	1.84%	1.76%
Ratio of net expenses to average net assets	1.71%	1.75%	1.76%	1.84%	1.76%
Ratio of net investment income/(loss) to average net assets	(0.42)%	(0.74)%	(0.59)%	(0.69)%	(0.96)%
Portfolio turnover rate	36%	46%	38%	41%	47%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

183	Janus Investment Fund

Janus Henderson Global Life Sciences Fund – Class S

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$64.07	$55.09	$48.62	$53.23	$51.68
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.07	(0.08)	0.01	(0.01)	(0.21)
Net gain/(loss) on investments (both realized and unrealized)	(4.48)	9.60	6.90	0.09	7.16
Total from investment operations	(4.41)	9.52	6.91	0.08	6.95
Less distributions:
Dividends from net investment income	—	(0.06)	(0.01)	(0.09)	—
Distributions from capital gains	(6.72)	(0.48)	(0.43)	(4.60)	(5.40)
Total distributions	(6.72)	(0.54)	(0.44)	(4.69)	(5.40)
Net asset value, end of period	$52.94	$64.07	$55.09	$48.62	$53.23
Total return⁽²⁾	(6.04)%	17.49%	14.43%	(0.23)%	13.92%
Net assets, end of period (in thousands)	$18,981	$20,113	$17,189	$16,223	$12,882
Average net assets for the period (in thousands)	$19,870	$18,269	$15,685	$15,038	$10,085
Ratio of gross expenses to average net assets	1.19%	1.18%	1.17%	1.19%	1.21%
Ratio of net expenses to average net assets	1.18%	1.17%	1.16%	1.18%	1.15%
Ratio of net investment income/(loss) to average net assets	0.14%	(0.14)%	0.02%	(0.02)%	(0.36)%
Portfolio turnover rate	36%	46%	38%	41%	47%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

184	Janus Investment Fund

Janus Henderson Global Life Sciences Fund – Class I

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$65.96	$56.66	$49.96	$54.48	$52.66
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.30	0.15	0.22	0.17	0.01
Net gain/(loss) on investments (both realized and unrealized)	(4.58)	9.87	7.08	0.12	7.21
Total from investment operations	(4.28)	10.02	7.30	0.29	7.22
Less distributions:
Dividends from net investment income	—	(0.24)	(0.17)	(0.21)	—
Distributions from capital gains	(6.72)	(0.48)	(0.43)	(4.60)	(5.40)
Total distributions	(6.72)	(0.72)	(0.60)	(4.81)	(5.40)
Net asset value, end of period	$54.96	$65.96	$56.66	$49.96	$54.48
Total return⁽²⁾	(5.63)%	17.97%	14.90%	0.19%	14.19%
Net assets, end of period (in thousands)	$692,575	$762,127	$629,650	$415,083	$481,253
Average net assets for the period (in thousands)	$719,800	$688,302	$493,309	$409,682	$413,993
Ratio of gross expenses to average net assets	0.77%	0.76%	0.77%	0.78%	0.78%
Ratio of net expenses to average net assets	0.77%	0.76%	0.77%	0.78%	0.78%
Ratio of net investment income/(loss) to average net assets	0.53%	0.26%	0.43%	0.34%	0.01%
Portfolio turnover rate	36%	46%	38%	41%	47%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

185	Janus Investment Fund

Janus Henderson Global Life Sciences Fund – Class N

	Year or Period ended September 30
	2019	2018 ⁽¹⁾
Net asset value, beginning of period	$65.76	$59.59
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.36	0.16
Net gain/(loss) on investments (both realized and unrealized)	(4.59)	6.01
Total from investment operations	(4.23)	6.17
Less distributions:
Dividends from net investment income	—	—
Dividends from capital gains	(6.72)	—
Total distributions	(6.72)	—
Net asset value, end of period	$54.81	$65.76
Total return⁽³⁾	(5.57)%	10.35%
Net assets, end of period (in thousands)	$90,958	$104,903
Average net assets for the period (in thousands)	$99,924	$24,212
Ratio of gross expenses to average net assets⁽⁴⁾	0.68%	0.70%
Ratio of net expenses to average net assets⁽⁴⁾	0.68%	0.70%
Ratio of net investment income/(loss) to average net assets⁽⁴⁾	0.63%	0.39%
Portfolio turnover rate	36%	46%

(1)	Period January 26, 2018 (commencement of Class N Shares) through September 30, 2018.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Annualized for periods of less than one full year.

186	Janus Investment Fund

Janus Henderson Global Life Sciences Fund – Class T

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$65.66	$56.39	$49.71	$54.23	$52.47
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.22	0.06	0.13	0.10	(0.09)
Net gain/(loss) on investments (both realized and unrealized)	(4.57)	9.84	7.06	0.11	7.25
Total from investment operations	(4.35)	9.90	7.19	0.21	7.16
Less distributions:
Dividends from net investment income	—	(0.15)	(0.08)	(0.13)	—
Distributions from capital gains	(6.72)	(0.48)	(0.43)	(4.60)	(5.40)
Total distributions	(6.72)	(0.63)	(0.51)	(4.73)	(5.40)
Net asset value, end of period	$54.59	$65.66	$56.39	$49.71	$54.23
Total return⁽²⁾	(5.78)%	17.80%	14.71%	0.04%	14.12%
Net assets, end of period (in thousands)	$1,102,667	$1,293,953	$1,323,853	$1,469,645	$1,950,138
Average net assets for the period (in thousands)	$1,180,068	$1,230,729	$1,282,363	$1,653,993	$1,741,793
Ratio of gross expenses to average net assets	0.92%	0.92%	0.92%	0.94%	0.95%
Ratio of net expenses to average net assets	0.91%	0.91%	0.91%	0.93%	0.95%
Ratio of net investment income/(loss) to average net assets	0.38%	0.10%	0.26%	0.20%	(0.15)%
Portfolio turnover rate	36%	46%	38%	41%	47%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

187	Janus Investment Fund

Janus Henderson Global Real Estate Fund – Class A

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.68	$11.28	$10.88	$10.45	$10.96
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.18	0.18	0.19	0.20	0.19
Net gain/(loss) on investments (both realized and unrealized)	1.72	0.68	0.65	0.95	(0.31)
Total from investment operations	1.90	0.86	0.84	1.15	(0.12)
Less distributions:
Dividends from net investment income	(0.36)	(0.46)	(0.33)	(0.34)	(0.22)
Distributions from capital gains	(0.22)	—	(0.11)	(0.38)	(0.17)
Total distributions	(0.58)	(0.46)	(0.44)	(0.72)	(0.39)
Net asset value, end of period	$13.00	$11.68	$11.28	$10.88	$10.45
Total return⁽²⁾	17.12%	7.76%	8.16%	11.55%	(1.27)%
Net assets, end of period (in thousands)	$9,167	$5,828	$4,675	$12,752	$27,980
Average net assets for the period (in thousands)	$7,245	$5,093	$7,879	$19,176	$25,808
Ratio of gross expenses to average net assets	1.36%	1.26%	1.15%	1.26%	1.27%
Ratio of net expenses to average net assets	1.35%	1.26%	1.15%	1.26%	1.27%
Ratio of net investment income/(loss) to average net assets	1.46%	1.60%	1.77%	1.91%	1.66%
Portfolio turnover rate	61%	78%	72%	18%	22%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

188	Janus Investment Fund

Janus Henderson Global Real Estate Fund – Class C

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.53	$11.14	$10.77	$10.36	$10.88
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.09	0.10	0.11	0.12	0.09
Net gain/(loss) on investments (both realized and unrealized)	1.69	0.67	0.64	0.94	(0.30)
Total from investment operations	1.78	0.77	0.75	1.06	(0.21)
Less distributions:
Dividends from net investment income	(0.28)	(0.38)	(0.27)	(0.27)	(0.14)
Distributions from capital gains	(0.22)	—	(0.11)	(0.38)	(0.17)
Total distributions	(0.50)	(0.38)	(0.38)	(0.65)	(0.31)
Net asset value, end of period	$12.81	$11.53	$11.14	$10.77	$10.36
Total return⁽²⁾	16.19%	7.01%	7.34%	10.69%	(2.03)%
Net assets, end of period (in thousands)	$8,020	$6,970	$6,432	$7,299	$8,393
Average net assets for the period (in thousands)	$7,211	$6,717	$6,520	$8,033	$9,177
Ratio of gross expenses to average net assets	2.09%	2.00%	1.88%	1.99%	2.02%
Ratio of net expenses to average net assets	2.09%	2.00%	1.88%	1.99%	2.02%
Ratio of net investment income/(loss) to average net assets	0.73%	0.84%	1.01%	1.15%	0.83%
Portfolio turnover rate	61%	78%	72%	18%	22%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

189	Janus Investment Fund

Janus Henderson Global Real Estate Fund – Class S

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.66	$11.26	$10.88	$10.46	$10.97
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.15	0.16	0.17	0.19	0.16
Net gain/(loss) on investments (both realized and unrealized)	1.72	0.67	0.65	0.94	(0.30)
Total from investment operations	1.87	0.83	0.82	1.13	(0.14)
Less distributions:
Dividends from net investment income	(0.34)	(0.43)	(0.33)	(0.33)	(0.20)
Distributions from capital gains	(0.22)	—	(0.11)	(0.38)	(0.17)
Total distributions	(0.56)	(0.43)	(0.44)	(0.71)	(0.37)
Net asset value, end of period	$12.97	$11.66	$11.26	$10.88	$10.46
Total return⁽²⁾	16.86%	7.56%	7.95%	11.35%	(1.42)%
Net assets, end of period (in thousands)	$5,177	$2,464	$2,662	$3,395	$2,953
Average net assets for the period (in thousands)	$3,433	$2,615	$2,928	$3,273	$2,856
Ratio of gross expenses to average net assets	1.57%	1.45%	1.30%	1.39%	1.44%
Ratio of net expenses to average net assets	1.53%	1.45%	1.30%	1.39%	1.44%
Ratio of net investment income/(loss) to average net assets	1.28%	1.35%	1.56%	1.81%	1.45%
Portfolio turnover rate	61%	78%	72%	18%	22%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

190	Janus Investment Fund

Janus Henderson Global Real Estate Fund – Class I

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.75	$11.33	$10.95	$10.52	$11.03
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.20	0.22	0.22	0.23	0.21
Net gain/(loss) on investments (both realized and unrealized)	1.74	0.69	0.65	0.95	(0.31)
Total from investment operations	1.94	0.91	0.87	1.18	(0.10)
Less distributions:
Dividends from net investment income	(0.39)	(0.49)	(0.38)	(0.37)	(0.24)
Distributions from capital gains	(0.22)	—	(0.11)	(0.38)	(0.17)
Total distributions	(0.61)	(0.49)	(0.49)	(0.75)	(0.41)
Net asset value, end of period	$13.08	$11.75	$11.33	$10.95	$10.52
Total return⁽²⁾	17.41%	8.21%	8.39%	11.83%	(1.06)%
Net assets, end of period (in thousands)	$211,998	$147,863	$114,658	$118,357	$108,004
Average net assets for the period (in thousands)	$186,262	$120,270	$110,825	$110,544	$124,109
Ratio of gross expenses to average net assets	1.09%	0.96%	0.87%	0.98%	1.02%
Ratio of net expenses to average net assets	1.09%	0.96%	0.87%	0.98%	1.02%
Ratio of net investment income/(loss) to average net assets	1.68%	1.91%	2.00%	2.16%	1.87%
Portfolio turnover rate	61%	78%	72%	18%	22%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

191	Janus Investment Fund

Janus Henderson Global Real Estate Fund – Class N

	Year or Period ended September 30
	2019	2018 ⁽¹⁾
Net asset value, beginning of period	$11.75	$11.81
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.27	0.17
Net gain/(loss) on investments (both realized and unrealized)	1.67	(0.10) ⁽³⁾
Total from investment operations	1.94	0.07
Less distributions:
Dividends from net investment income	(0.40)	(0.13)
Distributions from capital gains	(0.22)	—
Total distributions	(0.62)	(0.13)
Net asset value, end of period	$13.07	$11.75
Total return⁽⁴⁾	17.43%	0.59%
Net assets, end of period (in thousands)	$71,472	$35,316
Average net assets for the period (in thousands)	$34,671	$28,132
Ratio of gross expenses to average net assets⁽⁵⁾	0.99%	0.93%
Ratio of net expenses to average net assets⁽⁵⁾	0.99%	0.93%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	2.28%	2.14%
Portfolio turnover rate	61%	78%

(1)	Period January 26, 2018 (commencement of Class N Shares) through September 30, 2018.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.
(4)	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.
(5)	Annualized for periods of less than one full year.

192	Janus Investment Fund

Janus Henderson Global Real Estate Fund – Class T

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.75	$11.34	$10.95	$10.52	$11.03
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.19	0.19	0.20	0.21	0.20
Net gain/(loss) on investments (both realized and unrealized)	1.74	0.69	0.66	0.96	(0.31)
Total from investment operations	1.93	0.88	0.86	1.17	(0.11)
Less distributions:
Dividends from net investment income	(0.38)	(0.47)	(0.36)	(0.36)	(0.23)
Distributions from capital gains	(0.22)	—	(0.11)	(0.38)	(0.17)
Total distributions	(0.60)	(0.47)	(0.47)	(0.74)	(0.40)
Net asset value, end of period	$13.08	$11.75	$11.34	$10.95	$10.52
Total return⁽²⁾	17.27%	7.90%	8.29%	11.64%	(1.18)%
Net assets, end of period (in thousands)	$80,573	$43,490	$53,339	$67,589	$79,815
Average net assets for the period (in thousands)	$54,353	$51,128	$55,685	$75,722	$68,630
Ratio of gross expenses to average net assets	1.23%	1.14%	1.04%	1.14%	1.18%
Ratio of net expenses to average net assets	1.23%	1.14%	1.04%	1.14%	1.17%
Ratio of net investment income/(loss) to average net assets	1.59%	1.64%	1.84%	2.00%	1.79%
Portfolio turnover rate	61%	78%	72%	18%	22%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

193	Janus Investment Fund

Janus Henderson Global Research Fund – Class A

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$85.80	$76.26	$64.32	$60.53	$63.24
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.65	0.57	0.44	0.49	0.45
Net gain/(loss) on investments (both realized and unrealized)	(0.20) ⁽²⁾	9.25	11.82	3.75	(2.62)
Total from investment operations	0.45	9.82	12.26	4.24	(2.17)
Less distributions:
Dividends from net investment income	(0.46)	(0.28)	(0.32)	(0.45)	(0.54)
Distributions from capital gains	(4.12)	—	—	—	—
Total distributions	(4.58)	(0.28)	(0.32)	(0.45)	(0.54)
Net asset value, end of period	$81.67	$85.80	$76.26	$64.32	$60.53
Total return⁽³⁾	1.43%	12.90%	19.16%	7.03%	(3.47)%
Net assets, end of period (in thousands)	$18,247	$16,478	$15,642	$20,371	$19,370
Average net assets for the period (in thousands)	$17,274	$15,685	$16,679	$20,804	$15,993
Ratio of gross expenses to average net assets	1.32%	1.14%	1.14%	1.02%	0.98%
Ratio of net expenses to average net assets	1.16%	1.00%	1.04%	1.02%	0.98%
Ratio of net investment income/(loss) to average net assets	0.83%	0.70%	0.64%	0.80%	0.67%
Portfolio turnover rate	35%	32%	48%	45%	51%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

194	Janus Investment Fund

Janus Henderson Global Research Fund – Class C

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$83.65	$74.57	$62.97	$59.41	$62.16
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.13	0.04	0.04	0.04	(0.07)
Net gain/(loss) on investments (both realized and unrealized)	(0.16) ⁽²⁾	9.04	11.56	3.68	(2.55)
Total from investment operations	(0.03)	9.08	11.60	3.72	(2.62)
Less distributions:
Dividends from net investment income	—	—	—	(0.16)	(0.13)
Distributions from capital gains	(4.12)	—	—	—	—
Total distributions	(4.12)	—	—	(0.16)	(0.13)
Net asset value, end of period	$79.50	$83.65	$74.57	$62.97	$59.41
Total return⁽³⁾	0.78%	12.18%	18.42%	6.27%	(4.23)%
Net assets, end of period (in thousands)	$5,564	$7,746	$8,954	$10,101	$10,020
Average net assets for the period (in thousands)	$6,303	$8,343	$9,330	$10,803	$8,388
Ratio of gross expenses to average net assets	1.80%	1.64%	1.67%	1.74%	1.74%
Ratio of net expenses to average net assets	1.80%	1.64%	1.67%	1.74%	1.74%
Ratio of net investment income/(loss) to average net assets	0.17%	0.05%	0.06%	0.07%	(0.11)%
Portfolio turnover rate	35%	32%	48%	45%	51%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

195	Janus Investment Fund

Janus Henderson Global Research Fund – Class S

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$85.96	$76.40	$64.41	$60.62	$63.33
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.61	0.51	0.45	0.47	0.31
Net gain/(loss) on investments (both realized and unrealized)	(0.18) ⁽²⁾	9.30	11.82	3.72	(2.60)
Total from investment operations	0.43	9.81	12.27	4.19	(2.29)
Less distributions:
Dividends from net investment income	(0.42)	(0.25)	(0.28)	(0.40)	(0.42)
Distributions from capital gains	(4.12)	—	—	—	—
Total distributions	(4.54)	(0.25)	(0.28)	(0.40)	(0.42)
Net asset value, end of period	$81.85	$85.96	$76.40	$64.41	$60.62
Total return⁽³⁾	1.40%	12.86%	19.14%	6.94%	(3.64)%
Net assets, end of period (in thousands)	$109,878	$62,331	$81,729	$72,931	$39,206
Average net assets for the period (in thousands)	$64,355	$67,144	$68,266	$68,472	$44,281
Ratio of gross expenses to average net assets	1.18%	1.04%	1.07%	1.11%	1.13%
Ratio of net expenses to average net assets	1.18%	1.04%	1.07%	1.11%	1.13%
Ratio of net investment income/(loss) to average net assets	0.77%	0.63%	0.66%	0.76%	0.47%
Portfolio turnover rate	35%	32%	48%	45%	51%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

196	Janus Investment Fund

Janus Henderson Global Research Fund – Class I

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$86.16	$76.57	$64.58	$60.68	$63.41
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.95	0.91	0.78	0.70	0.61
Net gain/(loss) on investments (both realized and unrealized)	(0.20) ⁽²⁾	9.27	11.79	3.77	(2.63)
Total from investment operations	0.75	10.18	12.57	4.47	(2.02)
Less distributions:
Dividends from net investment income	(0.69)	(0.59)	(0.58)	(0.57)	(0.71)
Distributions from capital gains	(4.12)	—	—	—	—
Total distributions	(4.81)	(0.59)	(0.58)	(0.57)	(0.71)
Net asset value, end of period	$82.10	$86.16	$76.57	$64.58	$60.68
Total return⁽³⁾	1.85%	13.36%	19.64%	7.40%	(3.22)%
Net assets, end of period (in thousands)	$139,584	$179,093	$162,788	$145,787	$143,285
Average net assets for the period (in thousands)	$146,672	$167,007	$157,847	$141,793	$157,129
Ratio of gross expenses to average net assets	0.74%	0.60%	0.65%	0.69%	0.70%
Ratio of net expenses to average net assets	0.74%	0.60%	0.65%	0.69%	0.70%
Ratio of net investment income/(loss) to average net assets	1.21%	1.11%	1.13%	1.13%	0.92%
Portfolio turnover rate	35%	32%	48%	45%	51%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

197	Janus Investment Fund

Janus Henderson Global Research Fund – Class N

	Years or Period ended September 30
	2019	2018	2017 ⁽¹⁾
Net asset value, beginning of period	$84.85	$75.44	$73.87
Income from investment operations:
Net investment income/(loss)⁽²⁾	1.02	0.96	0.11
Net gain/(loss) on investments (both realized and unrealized)	(0.25) ⁽³⁾	9.11	1.46
Total from investment operations	0.77	10.07	1.57
Less distributions:
Dividends from net investment income	(0.73)	(0.66)	—
Distributions from capital gains	(4.12)	—	—
Total distributions	(4.85)	(0.66)	—
Net asset value, end of period	$80.77	$84.85	$75.44
Total return⁽⁴⁾	1.91%	13.42%	2.13%
Net assets, end of period (in thousands)	$31,393	$38,195	$28,326
Average net assets for the period (in thousands)	$37,778	$36,802	$17,865
Ratio of gross expenses to average net assets⁽⁵⁾	0.68%	0.54%	0.63%
Ratio of net expenses to average net assets⁽⁵⁾	0.68%	0.54%	0.63%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	1.32%	1.19%	1.01%
Portfolio turnover rate	35%	32%	48%

(1)	Period August 4, 2017 (commencement of Class N Shares) through September 30, 2017.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.
(4)	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.
(5)	Annualized for periods of less than one full year.

198	Janus Investment Fund

Janus Henderson Global Research Fund – Class R

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$84.95	$75.55	$63.73	$59.97	$62.75
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.39	0.32	0.30	0.28	0.17
Net gain/(loss) on investments (both realized and unrealized)	(0.18) ⁽²⁾	9.15	11.67	3.72	(2.59)
Total from investment operations	0.21	9.47	11.97	4.00	(2.42)
Less distributions:
Dividends from net investment income	(0.26)	(0.07)	(0.15)	(0.24)	(0.36)
Distributions from capital gains	(4.12)	—	—	—	—
Total distributions	(4.38)	(0.07)	(0.15)	(0.24)	(0.36)
Net asset value, end of period	$80.78	$84.95	$75.55	$63.73	$59.97
Total return⁽³⁾	1.11%	12.55%	18.84%	6.68%	(3.88)%
Net assets, end of period (in thousands)	$6,574	$6,417	$6,196	$5,168	$5,025
Average net assets for the period (in thousands)	$6,232	$6,245	$5,724	$5,234	$3,859
Ratio of gross expenses to average net assets	1.47%	1.31%	1.32%	1.37%	1.39%
Ratio of net expenses to average net assets	1.47%	1.31%	1.32%	1.37%	1.39%
Ratio of net investment income/(loss) to average net assets	0.50%	0.40%	0.44%	0.46%	0.26%
Portfolio turnover rate	35%	32%	48%	45%	51%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

199	Janus Investment Fund

Janus Henderson Global Research Fund – Class T

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$84.82	$75.41	$63.61	$59.77	$62.46
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.82	0.75	0.64	0.59	0.48
Net gain/(loss) on investments (both realized and unrealized)	(0.21) ⁽²⁾	9.13	11.63	3.71	(2.57)
Total from investment operations	0.61	9.88	12.27	4.30	(2.09)
Less distributions:
Dividends from net investment income	(0.58)	(0.47)	(0.47)	(0.46)	(0.60)
Distributions from capital gains	(4.12)	—	—	—	—
Total distributions	(4.70)	(0.47)	(0.47)	(0.46)	(0.60)
Net asset value, end of period	$80.73	$84.82	$75.41	$63.61	$59.77
Total return⁽³⁾	1.67%	13.16%	19.44%	7.22%	(3.39)%
Net assets, end of period (in thousands)	$1,014,552	$1,054,640	$997,013	$908,782	$931,954
Average net assets for the period (in thousands)	$988,429	$1,033,780	$932,646	$917,744	$1,026,731
Ratio of gross expenses to average net assets	0.93%	0.79%	0.82%	0.86%	0.88%
Ratio of net expenses to average net assets	0.92%	0.78%	0.81%	0.86%	0.87%
Ratio of net investment income/(loss) to average net assets	1.05%	0.93%	0.93%	0.96%	0.74%
Portfolio turnover rate	35%	32%	48%	45%	51%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

200	Janus Investment Fund

Janus Henderson Global Select Fund – Class A

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$17.64	$16.16	$12.97	$12.40	$13.27
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.14	0.09	0.10	0.07	0.08
Net gain/(loss) on investments (both realized and unrealized)	(0.58)	1.52	3.21	0.62	(0.88)
Total from investment operations	(0.44)	1.61	3.31	0.69	(0.80)
Less distributions:
Dividends from net investment income	(0.06)	(0.13)	(0.12)	(0.12)	(0.07)
Distributions from capital gains	(2.13)	—	—	—	—
Total distributions	(2.19)	(0.13)	(0.12)	(0.12)	(0.07)
Net asset value, end of period	$15.01	$17.64	$16.16	$12.97	$12.40
Total return⁽²⁾	(0.72)%	9.99%	25.74%	5.57%	(6.03)%
Net assets, end of period (in thousands)	$5,380	$4,666	$3,951	$4,537	$5,007
Average net assets for the period (in thousands)	$4,885	$4,885	$4,294	$4,780	$5,786
Ratio of gross expenses to average net assets	1.08%	1.03%	1.03%	1.06%	0.97%
Ratio of net expenses to average net assets	1.08%	1.03%	1.03%	1.06%	0.97%
Ratio of net investment income/(loss) to average net assets	0.97%	0.54%	0.67%	0.59%	0.58%
Portfolio turnover rate	30%	41%	42%	58%	62%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

201	Janus Investment Fund

Janus Henderson Global Select Fund – Class C

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$17.10	$15.69	$12.59	$12.02	$12.90
Income from investment operations:
Net investment income/(loss)⁽¹⁾	— ⁽²⁾	(0.05)	(0.02)	(0.02)	(0.03)
Net gain/(loss) on investments (both realized and unrealized)	(0.55)	1.49	3.13	0.59	(0.85)
Total from investment operations	(0.55)	1.44	3.11	0.57	(0.88)
Less distributions:
Dividends from net investment income	—	(0.03)	(0.01)	—	—
Distributions from capital gains	(2.13)	—	—	—	—
Total distributions	(2.13)	(0.03)	(0.01)	—	—
Net asset value, end of period	$14.42	$17.10	$15.69	$12.59	$12.02
Total return⁽³⁾	(1.55)%	9.15%	24.76%	4.74%	(6.82)%
Net assets, end of period (in thousands)	$1,197	$2,229	$2,521	$3,026	$3,471
Average net assets for the period (in thousands)	$1,534	$2,591	$2,738	$3,228	$3,866
Ratio of gross expenses to average net assets	1.94%	1.84%	1.82%	1.86%	1.80%
Ratio of net expenses to average net assets	1.94%	1.84%	1.82%	1.86%	1.80%
Ratio of net investment income/(loss) to average net assets	(0.01)%	(0.27)%	(0.13)%	(0.21)%	(0.25)%
Portfolio turnover rate	30%	41%	42%	58%	62%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	Less than $0.005 on a per share basis.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

202	Janus Investment Fund

Janus Henderson Global Select Fund – Class S

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$17.74	$16.24	$13.04	$12.43	$13.32
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.10	0.04	0.09	0.06	0.06
Net gain/(loss) on investments (both realized and unrealized)	(0.58)	1.53	3.21	0.63	(0.89)
Total from investment operations	(0.48)	1.57	3.30	0.69	(0.83)
Less distributions:
Dividends from net investment income	(0.11)	(0.07)	(0.10)	(0.08)	(0.06)
Distributions from capital gains	(2.13)	—	—	—	—
Total distributions	(2.24)	(0.07)	(0.10)	(0.08)	(0.06)
Net asset value, end of period	$15.02	$17.74	$16.24	$13.04	$12.43
Total return⁽²⁾	(0.97)%	9.69%	25.51%	5.53%	(6.23)%
Net assets, end of period (in thousands)	$248	$251	$379	$312	$383
Average net assets for the period (in thousands)	$234	$259	$349	$334	$452
Ratio of gross expenses to average net assets	2.47%	1.75%	1.19%	1.20%	1.18%
Ratio of net expenses to average net assets	1.36%	1.29%	1.16%	1.18%	1.15%
Ratio of net investment income/(loss) to average net assets	0.66%	0.25%	0.60%	0.48%	0.41%
Portfolio turnover rate	30%	41%	42%	58%	62%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

203	Janus Investment Fund

Janus Henderson Global Select Fund – Class I

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$17.61	$16.12	$12.94	$12.37	$13.24
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.19	0.15	0.16	0.11	0.11
Net gain/(loss) on investments (both realized and unrealized)	(0.58)	1.49	3.18	0.62	(0.87)
Total from investment operations	(0.39)	1.64	3.34	0.73	(0.76)
Less distributions:
Dividends from net investment income	(0.10)	(0.15)	(0.16)	(0.16)	(0.11)
Distributions from capital gains	(2.13)	—	—	—	—
Total distributions	(2.23)	(0.15)	(0.16)	(0.16)	(0.11)
Net asset value, end of period	$14.99	$17.61	$16.12	$12.94	$12.37
Total return⁽²⁾	(0.39)%	10.22%	26.13%	5.95%	(5.79)%
Net assets, end of period (in thousands)	$17,024	$17,043	$16,745	$20,189	$24,648
Average net assets for the period (in thousands)	$16,875	$15,444	$28,860	$22,610	$34,328
Ratio of gross expenses to average net assets	0.80%	0.77%	0.73%	0.75%	0.72%
Ratio of net expenses to average net assets	0.80%	0.77%	0.73%	0.75%	0.72%
Ratio of net investment income/(loss) to average net assets	1.27%	0.86%	1.09%	0.89%	0.83%
Portfolio turnover rate	30%	41%	42%	58%	62%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

204	Janus Investment Fund

Janus Henderson Global Select Fund – Class N

	Years or Period ended September 30
	2019	2018	2017 ⁽¹⁾
Net asset value, beginning of period	$17.58	$16.09	$15.60
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.19	0.16	0.04
Net gain/(loss) on investments (both realized and unrealized)	(0.56)	1.50	0.45
Total from investment operations	(0.37)	1.66	0.49
Less distributions:
Dividends from net investment income	(0.12)	(0.17)	—
Distributions from capital gains	(2.13)	—	—
Total distributions	(2.25)	(0.17)	—
Net asset value, end of period	$14.96	$17.58	$16.09
Total return⁽³⁾	(0.28)%	10.34%	3.14%
Net assets, end of period (in thousands)	$37,810	$33,278	$29,133
Average net assets for the period (in thousands)	$31,647	$33,126	$18,338
Ratio of gross expenses to average net assets⁽⁴⁾	0.69%	0.68%	0.74%
Ratio of net expenses to average net assets⁽⁴⁾	0.69%	0.68%	0.74%
Ratio of net investment income/(loss) to average net assets⁽⁴⁾	1.32%	0.92%	1.61%
Portfolio turnover rate	30%	41%	42%

(1)	Period August 4, 2017 (commencement of Class N Shares) through September 30, 2017.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Annualized for periods of less than one full year.

205	Janus Investment Fund

Janus Henderson Global Select Fund – Class R

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$17.39	$15.99	$12.84	$12.23	$13.09
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.05	— ⁽²⁾	0.05	0.03	— ⁽²⁾
Net gain/(loss) on investments (both realized and unrealized)	(0.55)	1.49	3.18	0.61	(0.85)
Total from investment operations	(0.50)	1.49	3.23	0.64	(0.85)
Less distributions:
Dividends from net investment income	—	(0.09)	(0.08)	(0.03)	(0.01)
Distributions from capital gains	(2.13)	—	—	—	—
Total distributions	(2.13)	(0.09)	(0.08)	(0.03)	(0.01)
Net asset value, end of period	$14.76	$17.39	$15.99	$12.84	$12.23
Total return⁽³⁾	(1.21)%	9.32%	25.25%	5.23%	(6.50)%
Net assets, end of period (in thousands)	$188	$230	$484	$302	$325
Average net assets for the period (in thousands)	$198	$459	$366	$307	$406
Ratio of gross expenses to average net assets	2.95%	1.76%	1.45%	1.46%	1.43%
Ratio of net expenses to average net assets	1.63%	1.56%	1.45%	1.46%	1.43%
Ratio of net investment income/(loss) to average net assets	0.37%	0.01%	0.35%	0.21%	— ⁽⁴⁾
Portfolio turnover rate	30%	41%	42%	58%	62%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	Less than $0.005 on a per share basis.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.
(4)	Less than 0.005%.

206	Janus Investment Fund

Janus Henderson Global Select Fund – Class T

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$17.57	$16.08	$12.91	$12.34	$13.21
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.16	0.12	0.12	0.09	0.09
Net gain/(loss) on investments (both realized and unrealized)	(0.57)	1.51	3.19	0.61	(0.87)
Total from investment operations	(0.41)	1.63	3.31	0.70	(0.78)
Less distributions:
Dividends from net investment income	(0.07)	(0.14)	(0.14)	(0.13)	(0.09)
Distributions from capital gains	(2.13)	—	—	—	—
Total distributions	(2.20)	(0.14)	(0.14)	(0.13)	(0.09)
Net asset value, end of period	$14.96	$17.57	$16.08	$12.91	$12.34
Total return⁽²⁾	(0.54)%	10.17%	25.89%	5.70%	(5.95)%
Net assets, end of period (in thousands)	$484,175	$533,974	$518,679	$458,233	$486,552
Average net assets for the period (in thousands)	$481,731	$539,796	$478,930	$466,452	$561,476
Ratio of gross expenses to average net assets	0.93%	0.92%	0.93%	0.94%	0.92%
Ratio of net expenses to average net assets	0.92%	0.91%	0.92%	0.93%	0.91%
Ratio of net investment income/(loss) to average net assets	1.08%	0.68%	0.81%	0.73%	0.64%
Portfolio turnover rate	30%	41%	42%	58%	62%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

207	Janus Investment Fund

Janus Henderson Global Technology and Innovation Fund – Class A

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$36.33	$29.11	$24.11	$20.80	$24.21
Income from investment operations:
Net investment income/(loss)⁽¹⁾	(0.05)	(0.05)	(0.05)	(0.04)	— ⁽²⁾
Net gain/(loss) on investments (both realized and unrealized)	2.33	8.45	7.29	5.03	0.44
Total from investment operations	2.28	8.40	7.24	4.99	0.44
Less distributions:
Dividends from net investment income	— ⁽²⁾	— ⁽²⁾	—	(0.04)	—
Distributions from capital gains	(1.89)	(1.18)	(2.24)	(1.64)	(3.85)
Total distributions	(1.89)	(1.18)	(2.24)	(1.68)	(3.85)
Net asset value, end of period	$36.72	$36.33	$29.11	$24.11	$20.80
Total return⁽³⁾	7.70%	29.63%	31.84%	25.20%	1.63%
Net assets, end of period (in thousands)	$172,237	$136,689	$107,783	$12,832	$9,423
Average net assets for the period (in thousands)	$151,979	$125,207	$44,671	$11,091	$10,126
Ratio of gross expenses to average net assets	1.01%	1.00%	1.03%	1.08%	1.08%
Ratio of net expenses to average net assets	1.01%	1.00%	1.03%	1.08%	1.08%
Ratio of net investment income/(loss) to average net assets	(0.14)%	(0.16)%	(0.18)%	(0.20)%	0.01%
Portfolio turnover rate	36%	20%	30%	42%	39%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	Less than $0.005 on a per share basis.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

208	Janus Investment Fund

Janus Henderson Global Technology and Innovation Fund – Class C

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$33.31	$26.96	$22.63	$19.70	$23.26
Income from investment operations:
Net investment income/(loss)⁽¹⁾	(0.26)	(0.27)	(0.23)	(0.18)	(0.14)
Net gain/(loss) on investments (both realized and unrealized)	2.08	7.80	6.80	4.75	0.43
Total from investment operations	1.82	7.53	6.57	4.57	0.29
Less distributions:
Dividends from net investment income	—	—	—	—	—
Distributions from capital gains	(1.89)	(1.18)	(2.24)	(1.64)	(3.85)
Total distributions	(1.89)	(1.18)	(2.24)	(1.64)	(3.85)
Net asset value, end of period	$33.24	$33.31	$26.96	$22.63	$19.70
Total return⁽²⁾	6.97%	28.73%	30.91%	24.39%	0.97%
Net assets, end of period (in thousands)	$64,636	$89,817	$70,002	$5,992	$4,702
Average net assets for the period (in thousands)	$66,888	$79,328	$27,163	$5,295	$4,137
Ratio of gross expenses to average net assets	1.70%	1.72%	1.77%	1.75%	1.72%
Ratio of net expenses to average net assets	1.70%	1.72%	1.77%	1.75%	1.72%
Ratio of net investment income/(loss) to average net assets	(0.85)%	(0.88)%	(0.91)%	(0.87)%	(0.64)%
Portfolio turnover rate	36%	20%	30%	42%	39%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

209	Janus Investment Fund

Janus Henderson Global Technology and Innovation Fund – Class S

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$35.79	$28.75	$23.87	$20.62	$24.04
Income from investment operations:
Net investment income/(loss)⁽¹⁾	(0.12)	(0.12)	(0.08)	(0.07)	(0.02)
Net gain/(loss) on investments (both realized and unrealized)	2.29	8.34	7.20	4.99	0.45
Total from investment operations	2.17	8.22	7.12	4.92	0.43
Less distributions:
Dividends from net investment income	—	—	—	(0.03)	—
Distributions from capital gains	(1.89)	(1.18)	(2.24)	(1.64)	(3.85)
Total distributions	(1.89)	(1.18)	(2.24)	(1.67)	(3.85)
Net asset value, end of period	$36.07	$35.79	$28.75	$23.87	$20.62
Total return⁽²⁾	7.49%	29.36%	31.65%	25.07%	1.59%
Net assets, end of period (in thousands)	$9,084	$6,628	$4,951	$5,935	$3,202
Average net assets for the period (in thousands)	$7,654	$6,405	$6,495	$4,320	$2,982
Ratio of gross expenses to average net assets	1.22%	1.20%	1.18%	1.21%	1.20%
Ratio of net expenses to average net assets	1.22%	1.19%	1.18%	1.21%	1.20%
Ratio of net investment income/(loss) to average net assets	(0.35)%	(0.36)%	(0.32)%	(0.34)%	(0.11)%
Portfolio turnover rate	36%	20%	30%	42%	39%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

210	Janus Investment Fund

Janus Henderson Global Technology and Innovation Fund – Class I

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$37.45	$29.91	$24.65	$21.23	$24.62
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.04	0.04	0.03	0.02	0.07
Net gain/(loss) on investments (both realized and unrealized)	2.41	8.69	7.47	5.15	0.44
Total from investment operations	2.45	8.73	7.50	5.17	0.51
Less distributions:
Dividends from net investment income	(0.07)	(0.01)	—	(0.11)	(0.05)
Distributions from capital gains	(1.89)	(1.18)	(2.24)	(1.64)	(3.85)
Total distributions	(1.96)	(1.19)	(2.24)	(1.75)	(3.90)
Net asset value, end of period	$37.94	$37.45	$29.91	$24.65	$21.23
Total return⁽²⁾	7.97%	29.97%	32.21%	25.58%	1.92%
Net assets, end of period (in thousands)	$418,834	$353,236	$176,639	$41,814	$21,748
Average net assets for the period (in thousands)	$356,404	$248,537	$85,627	$28,300	$19,837
Ratio of gross expenses to average net assets	0.76%	0.75%	0.75%	0.80%	0.79%
Ratio of net expenses to average net assets	0.76%	0.75%	0.75%	0.80%	0.79%
Ratio of net investment income/(loss) to average net assets	0.11%	0.10%	0.10%	0.08%	0.30%
Portfolio turnover rate	36%	20%	30%	42%	39%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

211	Janus Investment Fund

Janus Henderson Global Technology and Innovation Fund – Class N

	Years or Period ended September 30
	2019	2018	2017 ⁽¹⁾
Net asset value, beginning of period	$37.05	$29.59	$24.62
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.07	0.06	0.05
Net gain/(loss) on investments (both realized and unrealized)	2.37	8.60	6.04
Total from investment operations	2.44	8.66	6.09
Less distributions:
Dividends from net investment income	(0.08)	(0.02)	—
Distributions from capital gains	(1.89)	(1.18)	(1.12)
Total distributions	(1.97)	(1.20)	(1.12)
Net asset value, end of period	$37.52	$37.05	$29.59
Total return⁽³⁾	8.06%	30.04%	25.10%
Net assets, end of period (in thousands)	$41,043	$20,522	$6,091
Average net assets for the period (in thousands)	$28,002	$11,360	$3,349
Ratio of gross expenses to average net assets⁽⁴⁾	0.69%	0.69%	0.69%
Ratio of net expenses to average net assets⁽⁴⁾	0.69%	0.69%	0.69%
Ratio of net investment income/(loss) to average net assets⁽⁴⁾	0.19%	0.17%	0.28%
Portfolio turnover rate	36%	20%	30%

(1)	Period January 27, 2017 (commencement of Class N Shares) through September 30, 2017.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	Total return includes adjustments in accordance with generally accepted principles required at the year or period end and are not annualized for periods of less than one full year.
(4)	Annualized for periods of less than one full year.

212	Janus Investment Fund

Janus Henderson Global Technology and Innovation Fund – Class T

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$36.91	$29.54	$24.41	$21.04	$24.41
Income from investment operations:
Net investment income/(loss)⁽¹⁾	(0.02)	(0.03)	(0.02)	(0.01)	0.04
Net gain/(loss) on investments (both realized and unrealized)	2.39	8.58	7.39	5.09	0.46
Total from investment operations	2.37	8.55	7.37	5.08	0.50
Less distributions:
Dividends from net investment income	(0.02)	—	—	(0.07)	(0.02)
Distributions from capital gains	(1.89)	(1.18)	(2.24)	(1.64)	(3.85)
Total distributions	(1.91)	(1.18)	(2.24)	(1.71)	(3.87)
Net asset value, end of period	$37.37	$36.91	$29.54	$24.41	$21.04
Total return⁽²⁾	7.82%	29.70%	31.99%	25.37%	1.87%
Net assets, end of period (in thousands)	$936,931	$961,794	$601,485	$394,705	$314,403
Average net assets for the period (in thousands)	$869,267	$812,197	$477,426	$339,697	$335,533
Ratio of gross expenses to average net assets	0.93%	0.92%	0.93%	0.95%	0.95%
Ratio of net expenses to average net assets	0.92%	0.92%	0.93%	0.94%	0.93%
Ratio of net investment income/(loss) to average net assets	(0.06)%	(0.08)%	(0.09)%	(0.06)%	0.16%
Portfolio turnover rate	36%	20%	30%	42%	39%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

213	Janus Investment Fund

Janus Henderson Global Value Fund – Class A

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$15.22	$14.82	$13.26	$13.14	$14.64
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.30	0.26	0.21	0.24	0.24
Net gain/(loss) on investments (both realized and unrealized)	(0.10)	0.48	1.60	0.52	(0.91)
Total from investment operations	0.20	0.74	1.81	0.76	(0.67)
Less distributions:
Dividends from net investment income	(0.27)	(0.27)	(0.25)	(0.26)	(0.26)
Distributions from capital gains	(0.91)	(0.07)	—	(0.38)	(0.57)
Total distributions	(1.18)	(0.34)	(0.25)	(0.64)	(0.83)
Net asset value, end of period	$14.24	$15.22	$14.82	$13.26	$13.14
Total return⁽²⁾	2.13%	5.01%	13.91%	5.97%	(4.88)%
Net assets, end of period (in thousands)	$4,685	$3,261	$4,258	$16,995	$22,053
Average net assets for the period (in thousands)	$4,309	$3,699	$10,024	$19,829	$25,042
Ratio of gross expenses to average net assets	1.01%	0.98%	0.94%	0.96%	0.96%
Ratio of net expenses to average net assets	1.01%	0.98%	0.94%	0.96%	0.96%
Ratio of net investment income/(loss) to average net assets	2.12%	1.76%	1.56%	1.82%	1.67%
Portfolio turnover rate	22%	21%	29%	20%	25%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

214	Janus Investment Fund

Janus Henderson Global Value Fund – Class C

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$14.82	$14.47	$12.94	$12.82	$14.33
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.18	0.15	0.13	0.14	0.13
Net gain/(loss) on investments (both realized and unrealized)	(0.08)	0.46	1.54	0.51	(0.88)
Total from investment operations	0.10	0.61	1.67	0.65	(0.75)
Less distributions:
Dividends from net investment income	(0.13)	(0.19)	(0.14)	(0.15)	(0.19)
Distributions from capital gains	(0.91)	(0.07)	—	(0.38)	(0.57)
Total distributions	(1.04)	(0.26)	(0.14)	(0.53)	(0.76)
Net asset value, end of period	$13.88	$14.82	$14.47	$12.94	$12.82
Total return⁽²⁾	1.38%	4.22%	13.06%	5.21%	(5.52)%
Net assets, end of period (in thousands)	$3,962	$5,355	$6,907	$9,696	$12,226
Average net assets for the period (in thousands)	$4,772	$6,255	$8,103	$11,051	$12,989
Ratio of gross expenses to average net assets	1.75%	1.73%	1.70%	1.69%	1.68%
Ratio of net expenses to average net assets	1.75%	1.73%	1.70%	1.69%	1.68%
Ratio of net investment income/(loss) to average net assets	1.31%	1.02%	0.94%	1.07%	0.96%
Portfolio turnover rate	22%	21%	29%	20%	25%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

215	Janus Investment Fund

Janus Henderson Global Value Fund – Class S

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$15.25	$15.11	$13.45	$13.31	$14.81
Income from investment operations:
Net investment income/(loss)⁽¹⁾	(0.05)	(0.06)	0.22	0.22	0.20
Net gain/(loss) on investments (both realized and unrealized)	(0.10)	0.57	1.61	0.53	(0.89)
Total from investment operations	(0.15)	0.51	1.83	0.75	(0.69)
Less distributions:
Dividends from net investment income	(0.18)	(0.30)	(0.17)	(0.23)	(0.24)
Distributions from capital gains	(0.91)	(0.07)	—	(0.38)	(0.57)
Total distributions	(1.09)	(0.37)	(0.17)	(0.61)	(0.81)
Net asset value, end of period	$14.01	$15.25	$15.11	$13.45	$13.31
Total return⁽²⁾	(0.32)%	3.37%	13.76%	5.79%	(4.99)%
Net assets, end of period (in thousands)	$134	$131	$52	$75	$167
Average net assets for the period (in thousands)	$128	$83	$46	$130	$236
Ratio of gross expenses to average net assets	3.44%	2.94%	1.13%	1.13%	1.13%
Ratio of net expenses to average net assets	3.42%	2.90%	1.11%	1.11%	1.12%
Ratio of net investment income/(loss) to average net assets	(0.34)%	(0.37)%	1.53%	1.60%	1.40%
Portfolio turnover rate	22%	21%	29%	20%	25%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

216	Janus Investment Fund

Janus Henderson Global Value Fund – Class I

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$15.08	$14.72	$13.19	$13.07	$14.57
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.32	0.30	0.28	0.27	0.26
Net gain/(loss) on investments (both realized and unrealized)	(0.10)	0.48	1.55	0.52	(0.88)
Total from investment operations	0.22	0.78	1.83	0.79	(0.62)
Less distributions:
Dividends from net investment income	(0.29)	(0.35)	(0.30)	(0.29)	(0.31)
Distributions from capital gains	(0.91)	(0.07)	—	(0.38)	(0.57)
Total distributions	(1.20)	(0.42)	(0.30)	(0.67)	(0.88)
Net asset value, end of period	$14.10	$15.08	$14.72	$13.19	$13.07
Total return⁽²⁾	2.33%	5.30%	14.14%	6.26%	(4.60)%
Net assets, end of period (in thousands)	$68,368	$80,054	$120,781	$34,957	$52,685
Average net assets for the period (in thousands)	$72,406	$99,630	$81,508	$42,695	$65,410
Ratio of gross expenses to average net assets	1.02%	0.96%	0.84%	0.69%	0.74%
Ratio of net expenses to average net assets	0.78%	0.77%	0.78%	0.69%	0.74%
Ratio of net investment income/(loss) to average net assets	2.28%	1.99%	2.05%	2.10%	1.87%
Portfolio turnover rate	22%	21%	29%	20%	25%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

217	Janus Investment Fund

Janus Henderson Global Value Fund – Class N

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$15.01	$14.67	$13.14	$13.03	$14.52
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.32	0.31	0.28	0.28	0.28
Net gain/(loss) on investments (both realized and unrealized)	(0.10)	0.47	1.56	0.52	(0.89)
Total from investment operations	0.22	0.78	1.84	0.80	(0.61)
Less distributions:
Dividends from net investment income	(0.31)	(0.37)	(0.31)	(0.31)	(0.31)
Distributions from capital gains	(0.91)	(0.07)	—	(0.38)	(0.57)
Total distributions	(1.22)	(0.44)	(0.31)	(0.69)	(0.88)
Net asset value, end of period	$14.01	$15.01	$14.67	$13.14	$13.03
Total return⁽²⁾	2.38%	5.36%	14.28%	6.36%	(4.52)%
Net assets, end of period (in thousands)	$2,755	$2,796	$2,695	$2,687	$2,755
Average net assets for the period (in thousands)	$2,626	$2,780	$2,738	$2,792	$3,297
Ratio of gross expenses to average net assets	0.74%	0.67%	0.61%	0.62%	0.63%
Ratio of net expenses to average net assets	0.74%	0.67%	0.61%	0.62%	0.63%
Ratio of net investment income/(loss) to average net assets	2.34%	2.07%	2.05%	2.17%	1.98%
Portfolio turnover rate	22%	21%	29%	20%	25%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

218	Janus Investment Fund

Janus Henderson Global Value Fund – Class T

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$15.31	$14.94	$13.37	$13.24	$14.74
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.31	0.28	0.25	0.25	0.25
Net gain/(loss) on investments (both realized and unrealized)	(0.10)	0.49	1.59	0.53	(0.90)
Total from investment operations	0.21	0.77	1.84	0.78	(0.65)
Less distributions:
Dividends from net investment income	(0.27)	(0.33)	(0.27)	(0.27)	(0.28)
Distributions from capital gains	(0.91)	(0.07)	—	(0.38)	(0.57)
Total distributions	(1.18)	(0.40)	(0.27)	(0.65)	(0.85)
Net asset value, end of period	$14.34	$15.31	$14.94	$13.37	$13.24
Total return⁽²⁾	2.23%	5.19%	14.02%	6.12%	(4.75)%
Net assets, end of period (in thousands)	$35,971	$39,528	$47,811	$61,093	$62,826
Average net assets for the period (in thousands)	$35,898	$44,703	$51,939	$62,896	$72,216
Ratio of gross expenses to average net assets	0.88%	0.87%	0.86%	0.87%	0.89%
Ratio of net expenses to average net assets	0.87%	0.86%	0.85%	0.87%	0.88%
Ratio of net investment income/(loss) to average net assets	2.19%	1.88%	1.78%	1.91%	1.75%
Portfolio turnover rate	22%	21%	29%	20%	25%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

219	Janus Investment Fund

Janus Henderson International Opportunities Fund – Class A

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$29.10	$29.50	$29.08	$26.05	$28.44	$26.99
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.23	0.28	0.11	0.17	0.25	0.28
Net gain/(loss) on investments (both realized and unrealized)	(1.64)	(0.39)	0.31	3.25	(2.28)	1.41
Total from investment operations	(1.41)	(0.11)	0.42	3.42	(2.03)	1.69
Less distributions:
Dividends from net investment income	(0.44)	(0.29)	—	(0.39)	(0.36)	(0.24)
Distributions from capital gains	(3.17)	—	—	—	—	—
Total distributions	(3.61)	(0.29)	—	(0.39)	(0.36)	(0.24)
Net asset value, end of period	$24.08	$29.10	$29.50	$29.08	$26.05	$28.44
Total return⁽³⁾	(3.07)% ⁽⁴⁾	(0.40)%	1.44%	13.36%	(7.18)%	6.33%
Net assets, end of period (in thousands)	$357,079	$485,243	$623,172	$637,250	$784,966	$1,623,379
Average net assets for the period (in thousands)	$419,053	$577,151	$625,740	$682,656	$1,339,821	$1,640,689
Ratio of gross expenses to average net assets⁽⁵⁾	1.45%	1.29%	1.33%	1.31%	1.35%	1.36%
Ratio of net expenses to average net assets⁽⁵⁾	1.32%	1.29%	1.33%	1.31%	1.35%	1.36%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	0.96%	0.94%	2.18%	0.63%	0.99%	1.03%
Portfolio turnover rate	45%	56%	5%	51%	45%	71%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Total return without the effect of affiliated payments would have been (3.11)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(5)	Annualized for periods of less than one full year.

220	Janus Investment Fund

Janus Henderson International Opportunities Fund – Class C

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$27.13	$27.46	$27.11	$24.31	$26.60	$25.31
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.02	0.06	0.06	(0.03)	0.12	0.09
Net gain/(loss) on investments (both realized and unrealized)	(1.45)	(0.36)	0.29	3.04	(2.21)	1.29
Total from investment operations	(1.43)	(0.30)	0.35	3.01	(2.09)	1.38
Less distributions:
Dividends from net investment income	—	(0.03)	—	(0.21)	(0.20)	(0.09)
Distributions from capital gains	(3.17)	—	—	—	—	—
Total distributions	(3.17)	(0.03)	—	(0.21)	(0.20)	(0.09)
Net asset value, end of period	$22.53	$27.13	$27.46	$27.11	$24.31	$26.60
Total return⁽³⁾	(3.64)% ⁽⁴⁾	(1.09)%	1.29%	12.50%	(7.88)%	5.47%
Net assets, end of period (in thousands)	$106,863	$336,880	$432,601	$437,418	$504,192	$552,630
Average net assets for the period (in thousands)	$161,985	$397,796	$430,739	$457,115	$513,230	$507,862
Ratio of gross expenses to average net assets⁽⁵⁾	2.09%	2.00%	2.16%	2.09%	2.11%	2.13%
Ratio of net expenses to average net assets⁽⁵⁾	1.97%	2.00%	2.16%	2.09%	2.11%	2.13%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	0.10%	0.22%	1.36%	(0.13)%	0.50%	0.33%
Portfolio turnover rate	45%	56%	5%	51%	45%	71%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Total return without the effect of affiliated payments would have been (3.68)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(5)	Annualized for periods of less than one full year.

221	Janus Investment Fund

Janus Henderson International Opportunities Fund – Class S

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$29.00	$29.48	$29.06	$28.47
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.23	0.44	0.11	0.02
Net gain/(loss) on investments (both realized and unrealized)	(1.72)	(0.53)	0.31	0.57
Total from investment operations	(1.49)	(0.09)	0.42	0.59
Less distributions:
Dividends from net investment income	(0.54)	(0.39)	—	—
Distributions from capital gains	(3.17)	—	—	—
Total distributions	(3.71)	(0.39)	—	—
Net asset value, end of period	$23.80	$29.00	$29.48	$29.06
Total return⁽⁴⁾	(3.32)% ⁽⁵⁾	(0.36)%	1.45%	2.07%
Net assets, end of period (in thousands)	$110	$2,674	$52	$51
Average net assets for the period (in thousands)	$1,736	$591	$51	$50
Ratio of gross expenses to average net assets⁽⁶⁾	1.76%	1.75%	1.44%	1.42%
Ratio of net expenses to average net assets⁽⁶⁾	1.46%	1.43%	1.26%	1.42%
Ratio of net investment income/(loss) to average net assets⁽⁶⁾	0.97%	1.57%	2.25%	0.38%
Portfolio turnover rate	45%	56%	5%	51%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class S Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Total return without the effect of affiliated payments would have been (3.36)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(6)	Annualized for periods of less than one full year.

222	Janus Investment Fund

Janus Henderson International Opportunities Fund – Class I

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$29.06	$29.47	$29.04	$26.06	$28.45	$27.04
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.24	0.38	0.12	0.25	0.42	0.40
Net gain/(loss) on investments (both realized and unrealized)	(1.58)	(0.39)	0.31	3.21	(2.36)	1.36
Total from investment operations	(1.34)	(0.01)	0.43	3.46	(1.94)	1.76
Less distributions:
Dividends from net investment income	(0.52)	(0.40)	—	(0.48)	(0.45)	(0.35)
Distributions from capital gains	(3.17)	—	—	—	—	—
Total distributions	(3.69)	(0.40)	—	(0.48)	(0.45)	(0.35)
Net asset value, end of period	$24.03	$29.06	$29.47	$29.04	$26.06	$28.45
Total return⁽³⁾	(2.75)% ⁽⁴⁾	(0.07)%	1.48%	13.58%	(6.87)%	6.60%
Net assets, end of period (in thousands)	$1,050,061	$3,021,157	$3,721,310	$3,642,386	$2,966,703	$2,333,559
Average net assets for the period (in thousands)	$1,621,134	$3,542,904	$3,644,165	$2,966,203	$2,631,335	$1,879,501
Ratio of gross expenses to average net assets⁽⁵⁾	1.12%	0.99%	1.00%	1.05%	1.06%	1.10%
Ratio of net expenses to average net assets⁽⁵⁾	1.01%	0.99%	1.00%	1.05%	1.06%	1.10%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	0.99%	1.27%	2.51%	0.94%	1.65%	1.46%
Portfolio turnover rate	45%	56%	5%	51%	45%	71%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Total return without the effect of affiliated payments would have been (2.79)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(5)	Annualized for periods of less than one full year.

223	Janus Investment Fund

Janus Henderson International Opportunities Fund – Class N

	Years or Period ended September 30			Year or Period ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016 ⁽²⁾
Net asset value, beginning of period	$29.08	$29.47	$29.03	$26.05	$27.18
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.48	0.41	0.12	0.42	0.33
Net gain/(loss) on investments (both realized and unrealized)	(1.85)	(0.38)	0.32	3.05	(1.02)
Total from investment operations	(1.37)	0.03	0.44	3.47	(0.69)
Less distributions:
Dividends from net investment income	(0.55)	(0.42)	—	(0.49)	(0.44)
Distributions from capital gains	(3.17)	—	—	—	—
Total distributions	(3.72)	(0.42)	—	(0.49)	(0.44)
Net asset value, end of period	$23.99	$29.08	$29.47	$29.03	$26.05
Total return⁽⁴⁾	(2.82)% ⁽⁵⁾	0.07%	1.52%	13.61%	(2.57)%
Net assets, end of period (in thousands)	$280,749	$43,305	$10,530	$10,041	$714
Average net assets for the period (in thousands)	$128,934	$12,868	$10,134	$2,895	$681
Ratio of gross expenses to average net assets⁽⁶⁾	1.07%	0.96%	0.93%	0.98%	1.08%
Ratio of net expenses to average net assets⁽⁶⁾	0.91%	0.94%	0.93%	0.97%	1.08%
Ratio of net investment income/(loss) to average net assets⁽⁶⁾	2.02%	1.41%	2.57%	1.55%	1.96%
Portfolio turnover rate	45%	56%	5%	51%	45%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period from November 30, 2015 (commencement of Class N Shares (formerly named Class R6 Shares)) through July 31, 2016.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Total return without the effect of affiliated payments would have been (2.86)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(6)	Annualized for periods of less than one full year.

224	Janus Investment Fund

Janus Henderson International Opportunities Fund – Class R

	Years or Period ended September 30			Years ended July 31
	2019	2018	2017 ⁽¹⁾	2017	2016	2015
Net asset value, beginning of period	$28.42	$28.81	$28.41	$25.55	$27.97	$26.59
Income from investment operations:
Net investment income/(loss)⁽²⁾	0.15	0.16	0.09	0.08	0.28	0.24
Net gain/(loss) on investments (both realized and unrealized)	(1.59)	(0.36)	0.31	3.16	(2.35)	1.35
Total from investment operations	(1.44)	(0.20)	0.40	3.24	(2.07)	1.59
Less distributions:
Dividends from net investment income	(0.30)	(0.19)	—	(0.38)	(0.35)	(0.21)
Distributions from capital gains	(3.17)	—	—	—	—	—
Total distributions	(3.47)	(0.19)	—	(0.38)	(0.35)	(0.21)
Net asset value, end of period	$23.51	$28.42	$28.81	$28.41	$25.55	$27.97
Total return⁽³⁾	(3.35)% ⁽⁴⁾	(0.71)%	1.41%	12.89%	(7.45)%	6.05%
Net assets, end of period (in thousands)	$9,168	$16,214	$23,122	$23,071	$20,056	$14,173
Average net assets for the period (in thousands)	$11,867	$19,820	$22,887	$21,398	$16,793	$11,221
Ratio of gross expenses to average net assets⁽⁵⁾	1.81%	1.66%	1.60%	1.72%	1.67%	1.63%
Ratio of net expenses to average net assets⁽⁵⁾	1.62%	1.62%	1.56%	1.71%	1.67%	1.63%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	0.63%	0.54%	1.96%	0.29%	1.12%	0.89%
Portfolio turnover rate	45%	56%	5%	51%	45%	71%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Per share amounts are calculated using the average shares outstanding method.
(3)	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.
(4)	Total return without the effect of affiliated payments would have been (3.39)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(5)	Annualized for periods of less than one full year.

225	Janus Investment Fund

Janus Henderson International Opportunities Fund – Class T

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$29.02	$29.50	$29.07	$28.47
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.57	0.30	0.11	(0.03)
Net gain/(loss) on investments (both realized and unrealized)	(1.95)	(0.37)	0.32	0.63
Total from investment operations	(1.38)	(0.07)	0.43	0.60
Less distributions:
Dividends from net investment income	(0.47)	(0.41)	—	—
Distributions from capital gains	(3.17)	—	—	—
Total distributions	(3.64)	(0.41)	—	—
Net asset value, end of period	$24.00	$29.02	$29.50	$29.07
Total return⁽⁴⁾	(2.92)% ⁽⁵⁾	(0.26)%	1.48%	2.11%
Net assets, end of period (in thousands)	$32,333	$8,614	$10,291	$9,475
Average net assets for the period (in thousands)	$37,969	$9,802	$9,755	$2,712
Ratio of gross expenses to average net assets⁽⁶⁾	1.48%	1.19%	1.18%	1.21%
Ratio of net expenses to average net assets⁽⁶⁾	1.33%	1.17%	1.18%	1.19%
Ratio of net investment income/(loss) to average net assets⁽⁶⁾	2.38%	1.01%	2.32%	(0.68)%
Portfolio turnover rate	45%	56%	5%	51%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class T Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Total return without the effect of affiliated payments would have been (2.96)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(6)	Annualized for periods of less than one full year.

226	Janus Investment Fund

Janus Henderson International Small Cap Fund – Class A

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$12.31	$13.26	$12.73	$12.15
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.22	0.23	0.03	0.01
Net gain/(loss) on investments (both realized and unrealized)	(1.82)	(0.38)	0.50	0.57
Total from investment operations	(1.60)	(0.15)	0.53	0.58
Less distributions:
Dividends from net investment income	(0.27)	(0.11)	—	—
Distributions from capital gains	(0.11)	(0.69)	—	—
Total distributions	(0.38)	(0.80)	—	—
Net asset value, end of period	$10.33	$12.31	$13.26	$12.73
Total return⁽⁴⁾	(12.64)%	(1.47)%	4.16%	4.77%
Net assets, end of period (in thousands)	$58	$66	$55	$52
Average net assets for the period (in thousands)	$77	$65	$53	$50
Ratio of gross expenses to average net assets⁽⁵⁾	7.51%	5.67%	2.96%	3.35%
Ratio of net expenses to average net assets⁽⁵⁾	1.25%	1.34%	1.37%	1.32%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	2.13%	1.74%	1.32%	0.46%
Portfolio turnover rate	72%	119%	18%	69%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class A Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

227	Janus Investment Fund

Janus Henderson International Small Cap Fund – Class C

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$12.23	$13.22	$12.71	$12.15
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.18	0.14	0.01	(0.01)
Net gain/(loss) on investments (both realized and unrealized)	(1.79)	(0.36)	0.50	0.57
Total from investment operations	(1.61)	(0.22)	0.51	0.56
Less distributions:
Dividends from net investment income	(0.17)	(0.08)	—	—
Distributions from capital gains	(0.11)	(0.69)	—	—
Total distributions	(0.28)	(0.77)	—	—
Net asset value, end of period	$10.34	$12.23	$13.22	$12.71
Total return⁽⁴⁾	(12.87)%	(2.04)%	4.01%	4.61%
Net assets, end of period (in thousands)	$48	$61	$57	$52
Average net assets for the period (in thousands)	$49	$65	$54	$50
Ratio of gross expenses to average net assets⁽⁵⁾	9.92%	6.30%	3.73%	4.11%
Ratio of net expenses to average net assets⁽⁵⁾	1.53%	1.99%	2.13%	2.09%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	1.70%	1.04%	0.59%	(0.31)%
Portfolio turnover rate	72%	119%	18%	69%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class C Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

228	Janus Investment Fund

Janus Henderson International Small Cap Fund – Class S

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$12.30	$13.25	$12.73	$12.15
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.21	0.20	0.03	— ⁽⁴⁾
Net gain/(loss) on investments (both realized and unrealized)	(1.81)	(0.36)	0.49	0.58
Total from investment operations	(1.60)	(0.16)	0.52	0.58
Less distributions:
Dividends from net investment income	(0.24)	(0.10)	—	—
Distributions from capital gains	(0.11)	(0.69)	—	—
Total distributions	(0.35)	(0.79)	—	—
Net asset value, end of period	$10.35	$12.30	$13.25	$12.73
Total return⁽⁵⁾	(12.64)%	(1.53)%	4.08%	4.77%
Net assets, end of period (in thousands)	$47	$54	$55	$52
Average net assets for the period (in thousands)	$47	$57	$53	$50
Ratio of gross expenses to average net assets⁽⁶⁾	10.11%	6.14%	3.17%	3.59%
Ratio of net expenses to average net assets⁽⁶⁾	1.22%	1.43%	1.41%	1.57%
Ratio of net investment income/(loss) to average net assets⁽⁶⁾	2.06%	1.51%	1.27%	0.21%
Portfolio turnover rate	72%	119%	18%	69%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class S Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	Less than $0.005 on a per share basis.
(5)	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.
(6)	Annualized for periods of less than one full year.

229	Janus Investment Fund

Janus Henderson International Small Cap Fund – Class I

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$12.34	$13.27	$12.73	$12.15
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.23	0.25	0.03	0.01
Net gain/(loss) on investments (both realized and unrealized)	(1.82)	(0.37)	0.51	0.57
Total from investment operations	(1.59)	(0.12)	0.54	0.58
Less distributions:
Dividends from net investment income	(0.29)	(0.12)	—	—
Distributions from capital gains	(0.11)	(0.69)	—	—
Total distributions	(0.40)	(0.81)	—	—
Net asset value, end of period	$10.35	$12.34	$13.27	$12.73
Total return⁽⁴⁾	(12.52)%	(1.24)%	4.24%	4.77%
Net assets, end of period (in thousands)	$47	$59	$55	$54
Average net assets for the period (in thousands)	$51	$59	$54	$51
Ratio of gross expenses to average net assets⁽⁵⁾	9.21%	5.65%	2.72%	3.08%
Ratio of net expenses to average net assets⁽⁵⁾	1.07%	1.10%	1.15%	1.07%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	2.20%	1.90%	1.52%	0.71%
Portfolio turnover rate	72%	119%	18%	69%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class I Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

230	Janus Investment Fund

Janus Henderson International Small Cap Fund – Class N

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$12.23	$13.27	$12.73	$10.00
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.23	0.25	0.03	0.18
Net gain/(loss) on investments (both realized and unrealized)	(1.80)	(0.36)	0.51	2.55
Total from investment operations	(1.57)	(0.11)	0.54	2.73
Less distributions:
Dividends from net investment income	(0.29)	(0.24)	—	—
Distributions from capital gains	(0.11)	(0.69)	—	—
Total distributions	(0.40)	(0.93)	—	—
Net asset value, end of period	$10.26	$12.23	$13.27	$12.73
Total return⁽⁴⁾	(12.44)%	(1.22)%	4.24%	27.30%
Net assets, end of period (in thousands)	$5,500	$6,605	$6,750	$6,420
Average net assets for the period (in thousands)	$5,582	$6,961	$6,535	$5,673
Ratio of gross expenses to average net assets⁽⁵⁾	3.39%	3.09%	2.69%	3.50%
Ratio of net expenses to average net assets⁽⁵⁾	1.02%	1.07%	1.10%	1.19%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	2.25%	1.89%	1.59%	2.56%
Portfolio turnover rate	72%	119%	18%	69%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period December 15, 2016 (inception date (formerly Class R6 Shares)) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

231	Janus Investment Fund

Janus Henderson International Small Cap Fund – Class T

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$12.35	$13.26	$12.73	$12.15
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.17	0.31	0.03	0.01
Net gain/(loss) on investments (both realized and unrealized)	(1.77)	(0.45)	0.50	0.57
Total from investment operations	(1.60)	(0.14)	0.53	0.58
Less distributions:
Dividends from net investment income	(0.21)	(0.08)	—	—
Distributions from capital gains	(0.11)	(0.69)	—	—
Total distributions	(0.32)	(0.77)	—	—
Net asset value, end of period	$10.43	$12.35	$13.26	$12.73
Total return⁽⁴⁾	(12.68)%	(1.40)%	4.16%	4.77%
Net assets, end of period (in thousands)	$91	$632	$105	$57
Average net assets for the period (in thousands)	$183	$535	$80	$51
Ratio of gross expenses to average net assets⁽⁵⁾	4.76%	3.73%	3.10%	3.34%
Ratio of net expenses to average net assets⁽⁵⁾	1.25%	1.31%	1.23%	1.32%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	1.61%	2.34%	1.64%	0.47%
Portfolio turnover rate	72%	119%	18%	69%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class T Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

232	Janus Investment Fund

Janus Henderson International Value Fund – Class A

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.27	$11.53	$10.47	$10.26	$11.42
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.15	0.21	0.17	0.24	0.14
Net gain/(loss) on investments (both realized and unrealized)	(0.68)	(0.14)	1.21	0.27	(0.82)
Total from investment operations	(0.53)	0.07	1.38	0.51	(0.68)
Less distributions:
Dividends from net investment income	(0.30)	(0.20)	(0.22)	(0.23)	(0.20)
Distributions from capital gains	(0.63)	(0.13)	(0.10)	(0.07)	(0.28)
Total distributions	(0.93)	(0.33)	(0.32)	(0.30)	(0.48)
Net asset value, end of period	$9.81	$11.27	$11.53	$10.47	$10.26
Total return⁽²⁾	(3.97)%	0.56%	13.72%	5.17%	(6.05)%
Net assets, end of period (in thousands)	$732	$257	$336	$385	$220
Average net assets for the period (in thousands)	$325	$318	$341	$319	$233
Ratio of gross expenses to average net assets	2.38%	2.02%	2.07%	2.40%	2.28%
Ratio of net expenses to average net assets	1.11%	1.19%	1.23%	1.25%	1.27%
Ratio of net investment income/(loss) to average net assets	1.57%	1.80%	1.57%	2.36%	1.28%
Portfolio turnover rate	14%	23%	24%	22%	12%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

233	Janus Investment Fund

Janus Henderson International Value Fund – Class C

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.20	$11.47	$10.40	$10.17	$11.34
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.18	0.13	0.10	0.14	0.06
Net gain/(loss) on investments (both realized and unrealized)	(0.72)	(0.14)	1.21	0.29	(0.81)
Total from investment operations	(0.54)	(0.01)	1.31	0.43	(0.75)
Less distributions:
Dividends from net investment income	(0.21)	(0.13)	(0.14)	(0.13)	(0.14)
Distributions from capital gains	(0.63)	(0.13)	(0.10)	(0.07)	(0.28)
Total distributions	(0.84)	(0.26)	(0.24)	(0.20)	(0.42)
Net asset value, end of period	$9.82	$11.20	$11.47	$10.40	$10.17
Total return⁽²⁾	(4.23)%	(0.15)%	13.06%	4.38%	(6.77)%
Net assets, end of period (in thousands)	$127	$316	$361	$268	$253
Average net assets for the period (in thousands)	$194	$356	$294	$263	$251
Ratio of gross expenses to average net assets	3.42%	2.65%	2.65%	3.24%	3.02%
Ratio of net expenses to average net assets	1.34%	1.88%	1.91%	2.01%	2.00%
Ratio of net investment income/(loss) to average net assets	1.83%	1.10%	0.99%	1.43%	0.54%
Portfolio turnover rate	14%	23%	24%	22%	12%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

234	Janus Investment Fund

Janus Henderson International Value Fund – Class S

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.29	$11.55	$10.48	$10.27	$11.44
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.21	0.20	0.17	0.21	0.14
Net gain/(loss) on investments (both realized and unrealized)	(0.73)	(0.13)	1.21	0.29	(0.82)
Total from investment operations	(0.52)	0.07	1.38	0.50	(0.68)
Less distributions:
Dividends from net investment income	(0.30)	(0.20)	(0.21)	(0.22)	(0.21)
Distributions from capital gains	(0.63)	(0.13)	(0.10)	(0.07)	(0.28)
Total distributions	(0.93)	(0.33)	(0.31)	(0.29)	(0.49)
Net asset value, end of period	$9.84	$11.29	$11.55	$10.48	$10.27
Total return⁽²⁾	(3.92)%	0.50%	13.74%	5.09%	(6.10)%
Net assets, end of period (in thousands)	$109	$276	$273	$231	$219
Average net assets for the period (in thousands)	$148	$278	$242	$222	$231
Ratio of gross expenses to average net assets	3.71%	2.25%	2.15%	2.72%	2.50%
Ratio of net expenses to average net assets	0.98%	1.27%	1.29%	1.34%	1.28%
Ratio of net investment income/(loss) to average net assets	2.11%	1.71%	1.64%	2.06%	1.27%
Portfolio turnover rate	14%	23%	24%	22%	12%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

235	Janus Investment Fund

Janus Henderson International Value Fund – Class I

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.25	$11.51	$10.45	$10.24	$11.41
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.26	0.19	0.21	0.23	0.16
Net gain/(loss) on investments (both realized and unrealized)	(0.79)	(0.09)	1.19	0.31	(0.82)
Total from investment operations	(0.53)	0.10	1.40	0.54	(0.66)
Less distributions:
Dividends from net investment income	(0.26)	(0.23)	(0.24)	(0.26)	(0.23)
Distributions from capital gains	(0.63)	(0.13)	(0.10)	(0.07)	(0.28)
Total distributions	(0.89)	(0.36)	(0.34)	(0.33)	(0.51)
Net asset value, end of period	$9.83	$11.25	$11.51	$10.45	$10.24
Total return⁽²⁾	(4.03)%	0.79%	14.02%	5.50%	(5.94)%
Net assets, end of period (in thousands)	$5,439	$2,557	$8,040	$6,576	$6,236
Average net assets for the period (in thousands)	$3,572	$5,259	$7,270	$6,217	$6,755
Ratio of gross expenses to average net assets	1.48%	1.40%	1.72%	2.31%	2.08%
Ratio of net expenses to average net assets	0.96%	0.97%	0.98%	1.05%	1.06%
Ratio of net investment income/(loss) to average net assets	2.62%	1.64%	1.99%	2.31%	1.46%
Portfolio turnover rate	14%	23%	24%	22%	12%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

236	Janus Investment Fund

Janus Henderson International Value Fund – Class N

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.29	$11.54	$10.46	$10.26	$11.42
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.25	0.24	0.29	0.24	0.17
Net gain/(loss) on investments (both realized and unrealized)	(0.77)	(0.13)	1.14	0.29	(0.82)
Total from investment operations	(0.52)	0.11	1.43	0.53	(0.65)
Less distributions:
Dividends from net investment income	(0.27)	(0.23)	(0.25)	(0.26)	(0.23)
Distributions from capital gains	(0.63)	(0.13)	(0.10)	(0.07)	(0.28)
Total distributions	(0.90)	(0.36)	(0.35)	(0.33)	(0.51)
Net asset value, end of period	$9.87	$11.29	$11.54	$10.46	$10.26
Total return⁽²⁾	(3.92)%	0.90%	14.28%	5.45%	(5.84)%
Net assets, end of period (in thousands)	$29,394	$36,821	$40,245	$1,588	$1,508
Average net assets for the period (in thousands)	$31,892	$38,439	$21,621	$1,508	$1,505
Ratio of gross expenses to average net assets	1.39%	1.22%	1.11%	2.19%	2.00%
Ratio of net expenses to average net assets	0.86%	0.86%	0.87%	0.96%	0.99%
Ratio of net investment income/(loss) to average net assets	2.56%	2.12%	2.70%	2.39%	1.57%
Portfolio turnover rate	14%	23%	24%	22%	12%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

237	Janus Investment Fund

Janus Henderson International Value Fund – Class T

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.24	$11.50	$10.45	$10.24	$11.41
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.26	0.21	0.19	0.22	0.15
Net gain/(loss) on investments (both realized and unrealized)	(0.80)	(0.12)	1.19	0.29	(0.82)
Total from investment operations	(0.54)	0.09	1.38	0.51	(0.67)
Less distributions:
Dividends from net investment income	(0.26)	(0.22)	(0.23)	(0.23)	(0.22)
Distributions from capital gains	(0.63)	(0.13)	(0.10)	(0.07)	(0.28)
Total distributions	(0.89)	(0.35)	(0.33)	(0.30)	(0.50)
Net asset value, end of period	$9.81	$11.24	$11.50	$10.45	$10.24
Total return⁽²⁾	(4.16)%	0.67%	13.77%	5.24%	(6.06)%
Net assets, end of period (in thousands)	$771	$1,055	$1,119	$664	$867
Average net assets for the period (in thousands)	$1,019	$1,211	$864	$809	$870
Ratio of gross expenses to average net assets	1.95%	1.59%	1.85%	2.50%	2.25%
Ratio of net expenses to average net assets	1.11%	1.11%	1.14%	1.21%	1.23%
Ratio of net investment income/(loss) to average net assets	2.58%	1.86%	1.79%	2.13%	1.34%
Portfolio turnover rate	14%	23%	24%	22%	12%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

238	Janus Investment Fund

Janus Henderson Overseas Fund – Class A

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$32.42	$32.21	$26.77	$27.19	$35.21
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.53	0.37	0.38	0.24	0.15
Net gain/(loss) on investments (both realized and unrealized)	(1.77)	0.34	5.27	0.47	(8.08)
Total from investment operations	(1.24)	0.71	5.65	0.71	(7.93)
Less distributions:
Dividends from net investment income	(0.24)	(0.50)	(0.21)	(1.13)	(0.09)
Total distributions	(0.24)	(0.50)	(0.21)	(1.13)	(0.09)
Net asset value, end of period	$30.94	$32.42	$32.21	$26.77	$27.19
Total return⁽²⁾	(3.74)%	2.18%	21.32%	2.52%	(22.55)%
Net assets, end of period (in thousands)	$17,470	$16,739	$18,652	$23,770	$36,846
Average net assets for the period (in thousands)	$17,537	$18,900	$19,582	$29,211	$55,856
Ratio of gross expenses to average net assets	1.11%	1.01%	0.97%	0.92%	0.86%
Ratio of net expenses to average net assets	1.10%	0.99%	0.91%	0.87%	0.86%
Ratio of net investment income/(loss) to average net assets	1.78%	1.12%	1.34%	0.90%	0.45%
Portfolio turnover rate	22%	23%	39%	85%	40%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

239	Janus Investment Fund

Janus Henderson Overseas Fund – Class C

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$31.76	$31.52	$26.17	$26.53	$34.52
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.28	0.10	0.18	0.04	(0.08)
Net gain/(loss) on investments (both realized and unrealized)	(1.70)	0.35	5.17	0.44	(7.91)
Total from investment operations	(1.42)	0.45	5.35	0.48	(7.99)
Less distributions:
Dividends from net investment income	—	(0.21)	—	(0.84)	—
Total distributions	—	(0.21)	—	(0.84)	—
Net asset value, end of period	$30.34	$31.76	$31.52	$26.17	$26.53
Total return⁽²⁾	(4.47)%	1.42%	20.44%	1.74%	(23.15)%
Net assets, end of period (in thousands)	$3,693	$10,244	$15,088	$18,960	$28,670
Average net assets for the period (in thousands)	$5,809	$13,589	$16,539	$22,970	$40,278
Ratio of gross expenses to average net assets	1.90%	1.72%	1.74%	1.72%	1.62%
Ratio of net expenses to average net assets	1.87%	1.71%	1.65%	1.63%	1.62%
Ratio of net investment income/(loss) to average net assets	0.95%	0.31%	0.65%	0.17%	(0.27)%
Portfolio turnover rate	22%	23%	39%	85%	40%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

240	Janus Investment Fund

Janus Henderson Overseas Fund – Class S

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$32.08	$31.89	$26.53	$26.95	$35.01
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.53	0.35	0.40	0.24	0.14
Net gain/(loss) on investments (both realized and unrealized)	(1.75)	0.34	5.18	0.46	(8.03)
Total from investment operations	(1.22)	0.69	5.58	0.70	(7.89)
Less distributions:
Dividends from net investment income	(0.19)	(0.50)	(0.22)	(1.12)	(0.17)
Total distributions	(0.19)	(0.50)	(0.22)	(1.12)	(0.17)
Net asset value, end of period	$30.67	$32.08	$31.89	$26.53	$26.95
Total return⁽²⁾	(3.74)%	2.16%	21.26%	2.52%	(22.60)%
Net assets, end of period (in thousands)	$118,308	$143,500	$159,832	$158,323	$205,771
Average net assets for the period (in thousands)	$125,646	$158,138	$151,659	$179,307	$305,843
Ratio of gross expenses to average net assets	1.13%	1.02%	0.95%	0.91%	0.92%
Ratio of net expenses to average net assets	1.13%	1.02%	0.95%	0.90%	0.92%
Ratio of net investment income/(loss) to average net assets	1.77%	1.06%	1.40%	0.93%	0.43%
Portfolio turnover rate	22%	23%	39%	85%	40%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

241	Janus Investment Fund

Janus Henderson Overseas Fund – Class I

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$32.25	$32.05	$26.69	$27.15	$35.33
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.64	0.48	0.51	0.30	0.24
Net gain/(loss) on investments (both realized and unrealized)	(1.77)	0.34	5.18	0.52	(8.06)
Total from investment operations	(1.13)	0.82	5.69	0.82	(7.82)
Less distributions:
Dividends from net investment income	(0.33)	(0.62)	(0.33)	(1.28)	(0.36)
Total distributions	(0.33)	(0.62)	(0.33)	(1.28)	(0.36)
Net asset value, end of period	$30.79	$32.25	$32.05	$26.69	$27.15
Total return⁽²⁾	(3.40)%	2.54%	21.62%	2.92%	(22.27)%
Net assets, end of period (in thousands)	$42,606	$52,204	$61,797	$62,308	$158,589
Average net assets for the period (in thousands)	$45,239	$58,918	$59,304	$104,306	$271,539
Ratio of gross expenses to average net assets	0.74%	0.64%	0.57%	0.52%	0.53%
Ratio of net expenses to average net assets	0.74%	0.64%	0.57%	0.52%	0.53%
Ratio of net investment income/(loss) to average net assets	2.14%	1.44%	1.79%	1.14%	0.74%
Portfolio turnover rate	22%	23%	39%	85%	40%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

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Janus Henderson Overseas Fund – Class N

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$32.08	$31.89	$26.58	$27.07	$35.27
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.68	0.52	0.66	0.34	0.33
Net gain/(loss) on investments (both realized and unrealized)	(1.77)	0.33	5.03	0.50	(8.12)
Total from investment operations	(1.09)	0.85	5.69	0.84	(7.79)
Less distributions:
Dividends from net investment income	(0.37)	(0.66)	(0.38)	(1.33)	(0.41)
Total distributions	(0.37)	(0.66)	(0.38)	(1.33)	(0.41)
Net asset value, end of period	$30.62	$32.08	$31.89	$26.58	$27.07
Total return⁽²⁾	(3.27)%	2.65%	21.76%	3.02%	(22.22)%
Net assets, end of period (in thousands)	$51,945	$69,995	$76,655	$48,999	$130,676
Average net assets for the period (in thousands)	$59,886	$74,170	$53,209	$69,294	$141,578
Ratio of gross expenses to average net assets	0.63%	0.53%	0.47%	0.41%	0.43%
Ratio of net expenses to average net assets	0.63%	0.53%	0.47%	0.41%	0.43%
Ratio of net investment income/(loss) to average net assets	2.27%	1.58%	2.29%	1.26%	1.01%
Portfolio turnover rate	22%	23%	39%	85%	40%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

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Janus Henderson Overseas Fund – Class R

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$31.78	$31.60	$26.28	$26.73	$34.70
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.44	0.26	0.32	0.18	0.08
Net gain/(loss) on investments (both realized and unrealized)	(1.72)	0.34	5.16	0.44	(7.97)
Total from investment operations	(1.28)	0.60	5.48	0.62	(7.89)
Less distributions:
Dividends from net investment income	(0.09)	(0.42)	(0.16)	(1.07)	(0.08)
Total distributions	(0.09)	(0.42)	(0.16)	(1.07)	(0.08)
Net asset value, end of period	$30.41	$31.78	$31.60	$26.28	$26.73
Total return⁽²⁾	(4.00)%	1.88%	20.99%	2.23%	(22.77)%
Net assets, end of period (in thousands)	$24,381	$30,258	$35,054	$36,102	$42,769
Average net assets for the period (in thousands)	$25,588	$34,353	$34,347	$39,507	$56,158
Ratio of gross expenses to average net assets	1.39%	1.27%	1.20%	1.16%	1.15%
Ratio of net expenses to average net assets	1.39%	1.27%	1.20%	1.16%	1.15%
Ratio of net investment income/(loss) to average net assets	1.50%	0.81%	1.15%	0.71%	0.24%
Portfolio turnover rate	22%	23%	39%	85%	40%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

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Janus Henderson Overseas Fund – Class T

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$32.14	$31.95	$26.59	$27.06	$35.20
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.60	0.43	0.47	0.31	0.23
Net gain/(loss) on investments (both realized and unrealized)	(1.76)	0.34	5.20	0.46	(8.07)
Total from investment operations	(1.16)	0.77	5.67	0.77	(7.84)
Less distributions:
Dividends from net investment income	(0.28)	(0.58)	(0.31)	(1.24)	(0.30)
Total distributions	(0.28)	(0.58)	(0.31)	(1.24)	(0.30)
Net asset value, end of period	$30.70	$32.14	$31.95	$26.59	$27.06
Total return⁽²⁾	(3.51)%	2.40%	21.62%	2.75%	(22.38)%
Net assets, end of period (in thousands)	$444,252	$532,840	$605,692	$606,090	$761,892
Average net assets for the period (in thousands)	$462,499	$589,204	$580,342	$663,436	$1,063,251
Ratio of gross expenses to average net assets	0.88%	0.77%	0.70%	0.66%	0.67%
Ratio of net expenses to average net assets	0.87%	0.77%	0.69%	0.65%	0.66%
Ratio of net investment income/(loss) to average net assets	2.03%	1.32%	1.65%	1.20%	0.70%
Portfolio turnover rate	22%	23%	39%	85%	40%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

245	Janus Investment Fund

Appendix A – intermediary sales charge waivers and discounts

MERRILL LYNCH

The following information is provided by Merrill Lynch, Pierce, Fenner & Smith Incorporated (“Merrill Lynch”):

Effective April 10, 2017, 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 CDSC waivers) and discounts, which may differ from those disclosed elsewhere in a Fund’s Prospectus or Statement of Additional Information. You should contact your Merrill Lynch representative to determine whether any of the following apply to your situation. Other intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or CDSC waivers.

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 or through a 529 Plan

Shares purchased through a Merrill Lynch affiliated investment advisory program

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 for fee-based accounts (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 in the month of or following the 10-year anniversary of the purchase date

Employees and registered representatives of Merrill Lynch or its affiliates and their family members

Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in the Fund’s prospectus

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)

CDSC Waivers on A and C Shares available at Merrill Lynch

Shareholders redeeming Class A or Class C shares through a Merrill Lynch platform or account will be eligible for only the following CDSC waivers, which may differ from those disclosed elsewhere in the Fund’s prospectus.

Shares redeemed following the death or disability of the shareholder

Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus

Redemptions that constitute a return of excess contributions from an individual retirement account (“IRA”)

Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code

Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch

Shares acquired through a right of reinstatement

The redemption of shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to a fee based account or platform (applicable to A and C shares only)

Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent

Breakpoints as described in this prospectus.

Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Merrill Lynch. Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets

Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable)

246	Janus Investment Fund

MORGAN STANLEY

The following information is provided by Morgan Stanley Wealth Management:

Effective July 1, 2018, shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account will be eligible only for the following front-end sales charge waivers with respect to Class A shares, which may differ from and may be more limited than those disclosed elsewhere in this Fund’s Prospectus or Statement of Additional Information.

Front-end Sales Charge Waivers on Class A Shares available at Morgan Stanley Wealth Management

•	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, SAR-SEPs or Keogh plans
•	Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules
•	Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund
•	Shares purchased through a Morgan Stanley self-directed brokerage account
•	Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Morgan Stanley Wealth Management’s share class conversion program
•	Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.

RAYMOND JAMES

The following information is provided by Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity’s affiliates:

Intermediary-Defined Sales Charge Waiver Policies

The availability of certain initial or deferred sales charge waivers and discounts may depend on the particular financial intermediary or type of account through which you purchase or hold Fund 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, 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.

Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity’s affiliates (“Raymond James”)

Effective March 1, 2019, shareholders purchasing fund shares through a Raymond James platform or account, or through an introducing broker-dealer or independent registered investment adviser for which Raymond James provides trade execution, clearance, and/or custody services, 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 this Fund’s prospectus or Statement of Additional Information.

Front-end sales load waivers on Class A shares available at Raymond James

•	Shares purchased in an investment advisory program.
•	Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.
•	Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.

247	Janus Investment Fund

•	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).
•	A shareholder in the Fund’s Class C shares will have their shares converted at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the conversion is in line with the policies and procedures of Raymond James.

CDSC Waivers on Classes A and C shares available at Raymond James

•	Death or disability of the shareholder.
•	Shares sold as part of a systematic withdrawal plan as described in the fund’s prospectus.
•	Return of excess contributions from an IRA Account.
•	Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in the fund’s prospectus.
•	Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.
•	Shares acquired through a right of reinstatement.

Front-end load discounts available at Raymond James: breakpoints, rights of accumulation, and/or letters of intent

•	Breakpoints as described in this prospectus.
•	Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.
•	Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.

UBS Financial Services Inc.

The following information is provided by UBS Financial Services Inc.:

UBS Financial Services Inc. (“UBS”) may offer Class I Shares to its retail brokerage clients whose Shares are held in omnibus accounts at UBS, or its designee, without a sales charge, load or 12b-1 distribution/service fee. For these clients UBS may charge commissions or transaction fees with respect to brokerage transactions in Class I Shares. Such fees are imposed by UBS for its retail brokerage clients, not the Fund, and are not paid by other purchasers of Class I Shares. The imposition of such fees by UBS does not impact the net asset value calculated after your order for Class I Shares is received by the Fund. Please contact your UBS representative for more information about these fees and other eligibility requirements.

248	Janus Investment Fund

Glossary of investment terms

This glossary provides a more detailed description of some of the types of securities, investment strategies, and other instruments in which the Funds may invest, as well as some general investment terms. The Funds may invest in these instruments to the extent permitted by their investment objectives and policies. The Funds are not limited by this discussion and may invest in any other types of instruments not precluded by the policies discussed elsewhere in this Prospectus.

Equity and Debt Securities

Average-Weighted Effective Maturity is a measure of a bond’s maturity. The stated maturity of a bond is the date when the issuer must repay the bond’s entire principal value to an investor. Some types of bonds may also have an “effective maturity” that is shorter than the stated date due to prepayment or call provisions. Securities without prepayment or call provisions generally have an effective maturity equal to their stated maturity. Average-weighted effective maturity is calculated by averaging the effective maturity of bonds held by a Fund with each effective maturity “weighted” according to the percentage of net assets that it represents.

Bank loans include institutionally-traded floating and fixed-rate debt securities generally acquired as a participation interest in or assignment of a loan originated by a lender or financial institution. Assignments and participations involve credit, interest rate, and liquidity risk. Interest rates on floating rate securities adjust with interest rate changes and/or issuer credit quality. 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. A Fund may have difficulty trading assignments and participations to third parties or selling such securities in secondary markets, which in turn may affect the Fund’s NAV.

Bonds are debt securities issued by a company, municipality, government, or government agency. The issuer of a bond is required to pay the holder the amount of the loan (or par value of the bond) at a specified maturity and to make scheduled interest payments.

Certificates of Participation (“COPs”) are certificates representing an interest in a pool of securities. Holders are entitled to a proportionate interest in the underlying securities.

Commercial paper is a short-term debt obligation with a maturity ranging from 1 to 270 days issued by banks, corporations, and other borrowers to investors seeking to invest idle cash. A Fund may purchase commercial paper issued in private placements under Section 4(2) of the Securities Act of 1933, as amended (the “1933 Act”).

Common stocks are equity securities representing shares of ownership in a company and usually carry voting rights and earn dividends. Unlike preferred stock, dividends on common stock are not fixed but are declared at the discretion of the issuer’s board of directors.

Convertible securities are preferred stocks or bonds that pay a fixed dividend or interest payment and are convertible into common stock at a specified price or conversion ratio.

Debt securities are securities representing money borrowed that must be repaid at a later date. Such securities have specific maturities and usually a specific rate of interest or an original purchase discount.

Depositary receipts are receipts for shares of a foreign-based corporation that entitle the holder to dividends and capital gains on the underlying security. Receipts include those issued by domestic banks (American Depositary Receipts), foreign banks (Global or European Depositary Receipts), and broker-dealers (depositary shares).

Duration is a measurement of price sensitivity to interest rate changes. Unlike average maturity, duration reflects both principal and interest payments. Generally, the higher the coupon rate on a bond, the lower its duration will be. The duration of a bond portfolio is calculated by averaging the duration of bonds held by a Fund with each duration “weighted” according to the percentage of net assets that it represents. Because duration accounts for interest payments, a Fund’s duration is usually shorter than its average maturity. Securities with longer durations tend to be more sensitive to changes in interest rates, and are usually more volatile than securities with shorter duration. For example, the price of a bond portfolio with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. A Fund with a longer portfolio duration is more likely to experience a decrease in its share price as interest rates rise.

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Equity securities generally include domestic and foreign common stocks; preferred stocks; securities convertible into common stocks or preferred stocks; warrants to purchase common or preferred stocks; and other securities with equity characteristics.

Exchange-traded funds (“ETFs”) are index-based investment companies which hold substantially all of their assets in securities with equity characteristics. As a shareholder of another investment company, a Fund would bear its pro rata portion of the other investment company’s expenses, including advisory fees, in addition to the expenses the Fund bears directly in connection with its own operations.

Fixed-income securities are securities that pay a specified rate of return. The term generally includes short- and long-term government, corporate, and municipal obligations that pay a specified rate of interest, dividends, or coupons for a specified period of time. Coupon and dividend rates may be fixed for the life of the issue or, in the case of adjustable and floating rate securities, for a shorter period.

High-yield/high-risk bonds are bonds that are rated below investment grade by the primary rating agencies (i.e., BB+ or lower by Standard & Poor’s and Fitch, or Ba1 or lower by Moody’s). Other terms commonly used to describe such bonds include “lower rated bonds,” “non-investment grade bonds,” and “junk bonds.”

Mortgage- and asset-backed securities are shares in a pool of mortgages or other debt instruments. These securities are generally pass-through securities, which means that principal and interest payments on the underlying securities (less servicing fees) are passed through to shareholders on a pro rata basis. These securities involve both extension risk, where borrowers pay off their debt obligations more slowly in times of rising interest rates, and prepayment risk, where borrowers pay off their debt obligations sooner than expected in times of declining interest rates. In that case, a Fund may have to reinvest the proceeds from the securities at a lower rate. Potential market gains on a security subject to prepayment risk may be more limited than potential market gains on a comparable security that is not subject to prepayment risk. These risks may reduce a Fund’s returns.

Mortgage dollar rolls are transactions in which a Fund sells a mortgage-related security, such as a security issued by Government National Mortgage Association, to a dealer and simultaneously agrees to purchase a similar security (but not the same security) in the future at a predetermined price. A “dollar roll” can be viewed as a collateralized borrowing in which a Fund pledges a mortgage-related security to a dealer to obtain cash.

Municipal securities are bonds or notes issued by a U.S. state or political subdivision. A municipal security may be a general obligation backed by the full faith and credit (i.e., the borrowing and taxing power) of a municipality or a revenue obligation paid out of the revenues of a designated project, facility, or revenue source.

Pass-through securities are shares or certificates of interest in a pool of debt obligations that have been repackaged by an intermediary, such as a bank or broker-dealer.

Passive foreign investment companies (“PFICs”) are any foreign corporations which generate certain amounts of passive income or hold certain amounts of assets for the production of passive income. Passive income includes dividends, interest, royalties, rents, and annuities. To avoid taxes and interest that a Fund must pay if these investments are profitable, the Fund may make various elections permitted by the tax laws. These elections could require that a Fund recognize taxable income, which in turn must be distributed, before the securities are sold and before cash is received to pay the distributions.

Pay-in-kind bonds are debt securities that normally give the issuer an option to pay cash at a coupon payment date or give the holder of the security a similar bond with the same coupon rate and a face value equal to the amount of the coupon payment that would have been made.

Preferred stocks are equity securities that generally pay dividends at a specified rate and have preference over common stock in the payment of dividends and liquidation. Preferred stock generally does not carry voting rights.

Real estate investment trust (“REIT”) is an investment trust that operates through the pooled capital of many investors who buy its shares. Investments are in direct ownership of either income property or mortgage loans. A REIT may be listed on an exchange or traded over-the-counter.

Rule 144A securities are securities that are not registered for sale to the general public under the 1933 Act, but that may be resold to certain institutional investors.

Standby commitment is a right to sell a specified underlying security or securities within a specified period of time and at an exercise price equal to the amortized cost of the underlying security or securities plus accrued interest, if any, at the time of

250	Janus Investment Fund

exercise, that may be sold, transferred, or assigned only with the underlying security or securities. A standby commitment entitles the holder to receive same day settlement, and will be considered to be from the party to whom the investment company will look for payment of the exercise price.

Step coupon bonds are high-quality issues with above-market interest rates and a coupon that increases over the life of the bond. They may pay monthly, semiannual, or annual interest payments. On the date of each coupon payment, the issuer decides whether to call the bond at par, or whether to extend it until the next payment date at the new coupon rate.

Strip bonds are debt securities that are stripped of their interest (usually by a financial intermediary) after the securities are issued. The market value of these securities generally fluctuates more in response to changes in interest rates than interest-paying securities of comparable maturity.

“To be announced” or “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 (“NAV”). 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. To facilitate these TBA commitments, a Fund is required to segregate or otherwise earmark liquid assets marked to market daily in an amount at least equal to such TBA commitments.

U.S. Government securities include direct obligations of the U.S. Government that are supported by its full faith and credit. Treasury bills have initial maturities of less than one year, Treasury notes have initial maturities of one to ten years, and Treasury bonds may be issued with any maturity but generally have maturities of at least ten years. U.S. Government securities also include indirect obligations of the U.S. Government that are issued by federal agencies and government sponsored entities. Unlike Treasury securities, agency securities generally are not backed by the full faith and credit of the U.S. Government. Some agency securities are supported by the right of the issuer to borrow from the Treasury, others are supported by the discretionary authority of the U.S. Government to purchase the agency’s obligations, and others are supported only by the credit of the sponsoring agency.

Variable and floating rate securities have variable or floating rates of interest and, under certain limited circumstances, may have varying principal amounts. Variable and floating rate securities pay interest at rates that are adjusted periodically according to a specified formula, usually with reference to some interest rate index or market interest rate (the “underlying index”). The floating rate tends to decrease the security’s price sensitivity to changes in interest rates.

Warrants are securities, typically issued with preferred stock or bonds, which give the holder the right to buy a proportionate amount of common stock at a specified price. The specified price is usually higher than the market price at the time of issuance of the warrant. The right may last for a period of years or indefinitely.

Zero coupon bonds are debt obligations that do not pay regular cash interest payments at regular intervals, but are issued at a discount from face value. The discount approximates the total amount of interest the security will accrue from the date of issuance to maturity. The market value of these securities generally fluctuates more in response to changes in interest rates than interest-paying securities.

Futures, Options, and Other Derivatives

Credit default swaps are a specific kind of counterparty agreement that allows 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 credit default swap agrees to insure this risk in exchange for regular periodic payments.

Derivatives are instruments that have a value derived from, or directly linked to an underlying asset (stock, bond, commodity, currency, interest rate or market index). Types of derivatives can include, but are not limited to options, forward currency contracts, swaps, and futures contracts.

Equity-linked structured notes are derivative securities which are specially designed to combine the characteristics of one or more underlying securities and their equity derivatives in a single note form. The return and/or yield or income component may be based on the performance of the underlying equity securities, an equity index, and/or option positions. Equity-linked

251	Janus Investment Fund

structured notes are typically offered in limited transactions by financial institutions in either registered or non-registered form. An investment in equity-linked structured notes creates exposure to the credit risk of the issuing financial institution, as well as to the market risk of the underlying securities. There is no guaranteed return of principal with these securities, and the appreciation potential of these securities may be limited by a maximum payment or call right. In certain cases, equity-linked structured notes may be more volatile and less liquid than less complex securities or other types of fixed-income securities. Such securities may exhibit price behavior that does not correlate with other fixed-income securities.

Equity swaps involve the exchange by two parties of future cash flow (e.g., one cash flow based on a referenced interest rate and the other based on the performance of stock or a stock index).

Forward contracts are contracts to purchase or sell a specified amount of a financial instrument for an agreed upon price at a specified time. Forward contracts are not currently exchange-traded and are typically negotiated on an individual basis. A Fund may enter into forward currency contracts for investment purposes or to hedge against declines in the value of securities denominated in, or whose value is tied to, a currency other than the U.S. dollar or to reduce the impact of currency appreciation on purchases of such securities. It may also enter into forward contracts to purchase or sell securities or other financial indices.

Futures contracts are contracts that obligate the buyer to receive and the seller to deliver an instrument or money at a specified price on a specified date. A Fund may buy and sell futures contracts on foreign currencies, securities, and financial indices including indices of U.S. Government, foreign government, equity, or fixed-income securities. A Fund may also buy 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.

Indexed/structured securities are typically short- to intermediate-term debt securities whose value at maturity or interest rate is linked to currencies, interest rates, equity securities, indices, commodity prices, or other financial indicators. Such securities may be positively or negatively indexed (e.g., their value may increase or decrease if the reference index or instrument appreciates). Indexed/structured securities may have return characteristics similar to direct investments in the underlying instruments and may be more volatile than the underlying instruments. A Fund bears the market risk of an investment in the underlying instruments, as well as the credit risk of the issuer.

Inflation-linked swaps involve the exchange by a Fund with another party of their respective commitments to pay or receive interest (e.g., an exchange of fixed rate payments for floating rate payments or an exchange of floating rate payments based on two different reference indices). By design, one of the reference indices is an inflation index, such as the Consumer Price Index.

Interest rate swaps 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).

Inverse floaters are debt instruments whose interest rate bears an inverse relationship to the interest rate on another instrument or index. For example, upon reset, the interest rate payable on the inverse floater may go down when the underlying index has risen. Certain inverse floaters may have an interest rate reset mechanism that multiplies the effects of change in the underlying index. Such mechanism may increase the volatility of the security’s market value.

Options are the right, but not the obligation, to buy or sell a specified amount of securities or other assets on or before a fixed date at a predetermined price. A Fund may purchase and write put and call options on securities, securities indices, and foreign currencies. A Fund may purchase or write such options individually or in combination.

Participatory notes are derivative securities which are linked to the performance of an underlying Indian security and which allow investors to gain market exposure to Indian securities without trading directly in the local Indian market.

Total return swaps involve an exchange by two parties in which one party makes payments based on a set rate, either fixed or variable, while the other party makes payments based on the return of an underlying asset, which includes both the income it generates and any capital gains over the payment period. A fixed-income total return swap may be written on many different kinds of underlying reference assets, and may include different indices for various kinds of debt securities (e.g., U.S. investment grade bonds, high-yield bonds, or emerging market bonds).

252	Janus Investment Fund

Other Investments, Strategies, and/or Techniques

Cash sweep program is an arrangement in which a Fund’s uninvested cash balance is used to purchase shares of affiliated or non-affiliated money market funds or cash management pooled investment vehicles that operate pursuant to the provisions of the Investment Company Act of 1940, as amended (the “1940 Act”) that govern the operation of money market funds at the end of each day.

Diversification is a classification given to a fund under the 1940 Act. Funds are classified as either “diversified” or “nondiversified.” To be classified as “diversified” under the 1940 Act, a fund may not, with respect to 75% of its total assets, invest more than 5% of its total assets in any issuer and may not own more than 10% of the outstanding voting securities of an issuer. A fund that is classified as “nondiversified” under the 1940 Act, on the other hand, has the flexibility to take larger positions in a smaller number of issuers than a fund that is classified as “diversified.” However, because the appreciation or depreciation of a single security may have a greater impact on the net asset value of a fund which is classified as nondiversified, its share price can be expected to fluctuate more than a comparable fund which is classified as diversified.

Industry concentration for purposes under the 1940 Act is the investment of 25% or more of a Fund’s total assets in an industry or group of industries.

Leverage is investment exposure which exceeds the initial amount invested. Leverage occurs when a Fund increases its assets available for investment using reverse repurchase agreements or other similar transactions. In addition, other investment techniques, such as short sales and certain derivative transactions, can create a leveraging effect. Engaging in transactions using leverage or those having a leveraging effect subjects a Fund to certain risks. Leverage can magnify the effect of any gains or losses, causing a Fund to be more volatile than if it had not been leveraged. Certain commodity-linked derivative investments may subject a Fund to leveraged market exposure to commodities. In addition, a Fund’s assets that are used as collateral to secure short sale transactions may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase collateral. There is no assurance that a leveraging strategy will be successful.

Market capitalization is the most commonly used measure of the size and value of a company. It is computed by multiplying the current market price of a share of the company’s stock by the total number of its shares outstanding. Market capitalization is an important investment criterion for certain funds, while others do not emphasize investments in companies of any particular size.

Net long is a term used to describe when a Fund’s assets committed to long positions exceed those committed to short positions.

Repatriation is the ability to move liquid financial assets from a foreign country to an investor’s country of origin.

Repurchase agreements involve the purchase of a security by a Fund and a simultaneous agreement by the seller (generally a bank or dealer) to repurchase the security from the Fund at a specified date or upon demand. This technique offers a method of earning income on idle cash. These securities involve the risk that the seller will fail to repurchase the security, as agreed. In that case, a Fund will bear the risk of market value fluctuations until the security can be sold and may encounter delays and incur costs in liquidating the security.

Reverse repurchase agreements involve the sale of a security by a Fund to another party (generally a bank or dealer) in return for cash and an agreement by the Fund to buy the security back at a specified price and time. This technique will be used primarily to provide cash to satisfy unusually high redemption requests, or for other temporary or emergency purposes.

Short sales in which a Fund may engage may be either “short sales against the box” or other short sales. Short sales against the box involve selling short a security that a Fund owns, or the Fund has the right to 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. If the value of a security sold short increases prior to the scheduled delivery date, the Fund loses the opportunity to participate in the gain. For short sales, the Fund will incur a loss if the value of a security increases during this period because it will be paying more for the security than it has received from the purchaser in the short sale. If the price declines during this period, a Fund will realize a short-term capital gain. Although a Fund’s potential for gain as a result of a short sale is limited to the price at which it sold the security short less the cost of borrowing the security, its potential for loss is theoretically unlimited because there is no limit to the cost of replacing the borrowed security.

253	Janus Investment Fund

You can make inquiries and request other information, including a Statement of Additional Information, annual report, or semiannual report (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 Funds’ Statement of Additional Information and most recent annual and semiannual reports are also available, free of charge, at janushenderson.com/info. Additional information about the Funds’ investments is available in the Funds’ annual and semiannual reports. In the Funds’ annual and semiannual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance during their last fiscal period. Other information is also available from financial intermediaries that sell Shares of the Funds.

The Statement of Additional Information provides detailed information about the Funds and is incorporated into this Prospectus by reference. Reports and other information about the Funds are available on the Electronic Data Gathering Analysis and Retrieval (EDGAR) Database on the SEC’s website at http://www.sec.gov. You may obtain copies of this information, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov.

janushenderson.com

151 Detroit Street
Denver, CO 80206-4805
1-877-335-2687

The Trust’s Investment Company Act File No. is 811-1879.

^▼	January 28, 2020 As Supplemented February 20, 2020

	Class D Shares* Ticker
Global & International Equity
Janus Henderson Asia Equity Fund	JAQDX
Janus Henderson Emerging Markets Fund	HEMDX
Janus Henderson European Focus Fund	HFEDX
Janus Henderson Global Equity Income Fund	HFQDX
Janus Henderson Global Life Sciences Fund	JNGLX
Janus Henderson Global Real Estate Fund	JNGSX
Janus Henderson Global Research Fund	JANWX
Janus Henderson Global Select Fund	JANRX
Janus Henderson Global Technology and Innovation Fund	JNGTX
(formerly named Janus Henderson Global Technology Fund)
Janus Henderson Global Value Fund	JNGOX
Janus Henderson International Opportunities Fund	HFODX
Janus Henderson International Small Cap Fund	HIZDX
Janus Henderson International Value Fund	JIFDX
Janus Henderson Overseas Fund	JNOSX

Janus Investment Fund

*CLASS D SHARES ARE CLOSED TO CERTAIN NEW INVESTORS

Prospectus

Eliminate Paper Mail. Set up e-Delivery of prospectuses, annual reports, and statements at janushenderson.com/edelivery.

This Prospectus describes 14 portfolios (each, a “Fund” and collectively, the “Funds”) of Janus Investment Fund (the “Trust”). Janus Capital Management LLC (“Janus Capital”) serves as investment adviser to each Fund. Janus Henderson Global Value Fund and Janus Henderson International Value Fund are subadvised by Perkins Investment Management LLC (“Perkins”).

The Funds offer multiple classes of shares in order to meet the needs of various types of investors. Only Class D Shares (the “Shares”) are offered by this Prospectus. The Shares are generally no longer being made available to new investors who do not already have a direct account with the funds that are series of the Trust (the “Janus Henderson funds”). The Shares are available only to investors who hold accounts directly with the Janus Henderson funds, to immediate family members or members of the same household of an eligible individual investor, and to existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds. The Shares are offered directly through the Janus Henderson funds to eligible investors by calling 1-800-525-3713 or at janushenderson.com/individual. The Shares are not offered through financial intermediaries.

Table of contents

Fund summary
Janus Henderson Asia Equity Fund	2
Janus Henderson Emerging Markets Fund	7
Janus Henderson European Focus Fund	13
Janus Henderson Global Equity Income Fund	19
Janus Henderson Global Life Sciences Fund	25
Janus Henderson Global Real Estate Fund	30
Janus Henderson Global Research Fund	35
Janus Henderson Global Select Fund	40
Janus Henderson Global Technology and Innovation Fund	46
Janus Henderson Global Value Fund	52
Janus Henderson International Opportunities Fund	57
Janus Henderson International Small Cap Fund	63
Janus Henderson International Value Fund	69
Janus Henderson Overseas Fund	74
Additional information about the Funds
Fees and expenses	80
Additional investment strategies and general portfolio policies	81
Risks of the Funds	86
Management of the Funds
Investment adviser	96
Management expenses	97
Subadviser	100
Investment personnel	100
Other information	106
Distributions and taxes	107
Shareholder’s manual
Doing business with Janus Henderson	110
Pricing of fund shares	114
Administrative services fees	115
Payments to financial intermediaries by Janus Capital or its affiliates	115
Paying for shares	116
Exchanges	117
Payment of redemption proceeds	118
Excessive trading	120
Shareholder services and account policies	122
Financial highlights	125
Glossary of investment terms	139

1	Janus Investment Fund

Fund summary

Janus Henderson Asia Equity Fund

Ticker:

JAQDX

Class D Shares*

* Class D Shares are closed to certain new investors.

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 and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees⁽¹⁾		0.97%
Other Expenses		1.32%
Acquired Fund⁽²⁾ Fees and Expenses		0.01%
Total Annual Fund Operating Expenses⁽³⁾		2.30%
Fee Waiver⁽³⁾		0.95%
Total Annual Fund Operating Expenses After Fee Waiver⁽³⁾		1.35%

(1)	This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus.
(2)	“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. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the 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 table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.
(3)	Janus Capital 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 any performance adjustments to management fees, administrative services fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 1.11% for at least a one-year period commencing on January 28, 2020. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees.

EXAMPLE:

The following Example is based on expenses without waivers. 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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 233	$ 718	$ 1,230	$ 2,636

Principal investment strategies

2	Janus Henderson Asia Equity Fund

(ii) is primarily listed on the trading market of an Asian country; or (iii) derives 50% or more of its revenue from, or has 50% or more of its assets in, one or more Asian countries. The Fund considers “Asian countries” to include, but not be limited to, Hong Kong, China, South Korea, Taiwan, Singapore, Malaysia, Thailand, Indonesia, Philippines, India, Vietnam, Pakistan, and Sri Lanka. Some of these countries may represent developing or emerging markets. The Fund may have significant exposure to emerging market countries. Subject to the Fund’s 80% investment policy, the Fund may also invest in issuers from other countries, including Australia and New Zealand.

The Fund may lend portfolio securities 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

3	Janus Henderson Asia Equity Fund

4	Janus Henderson Asia Equity Fund

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 table compares the Fund’s average annual returns for the periods indicated to broad-based securities market indices. 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 D Shares (calendar year-end)

Best Quarter: 1st Quarter 2012 16.18%

Worst Quarter: 3rd Quarter 2015 – 18.93%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	Since Inception (7/29/11)
Class D Shares
Return Before Taxes	20.80%	7.26%	5.12%
Return After Taxes on Distributions	20.76%	6.48%	4.34%
Return After Taxes on Distributions and Sale of Fund Shares	12.64%	5.68%	3.96%
MSCI All Country Asia ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.17%	6.55%	4.65%
MSCI All Country Asia-Pacific ex-Japan Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	19.16%	6.33%	4.59%

•	The MSCI All Country Asia ex-Japan Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of Asia, excluding Japan. The index includes reinvestment of dividends, net of foreign withholding taxes.

5	Janus Henderson Asia Equity Fund

•	The MSCI All Country Asia-Pacific ex-Japan Index captures large and mid cap representation across developed market countries and emerging market countries in the Asia-Pacific region, excluding Japan. The index includes reinvestment of dividends, net of foreign withholding taxes.

Management

Investment Adviser: Janus Capital Management LLC

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

You may generally purchase, exchange, or redeem Fund Shares on any business day by written request, wire transfer, telephone, and in most cases, online at janushenderson.com/individual. You may conduct transactions by mail (Janus Henderson, P.O. Box 219109, Kansas City, MO 64121-9109), or by telephone at 1-800-525-3713. Purchase, exchange, or redemption requests must be received in good order by the Fund or its agents prior to the close of the regular trading session of the New York Stock Exchange in order to receive that day’s net asset value. For additional information, refer to “To Open an Account or Buy Shares,” “To Exchange Shares,” and/or “To Sell Shares” in the Prospectus.

Tax information

Payments to broker-dealers and other financial intermediaries

With respect to share classes not offered in this Prospectus, the Fund and its related companies pay select broker-dealer firms or other financial intermediaries for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing a broker-dealer or other intermediary or a salesperson to recommend the Fund over another investment or to recommend one share class over another.

6	Janus Henderson Asia Equity Fund

Fund summary

Janus Henderson Emerging Markets Fund

Ticker:

HEMDX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson Emerging Markets 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 and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees		1.00%
Other Expenses		0.80%
Acquired Fund⁽¹⁾ Fees and Expenses		0.01%
Total Annual Fund Operating Expenses⁽²⁾		1.81%
Fee Waiver⁽²⁾		0.60%
Total Annual Fund Operating Expenses After Fee Waiver⁽²⁾		1.21%

(1)

“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. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the 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 table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.

(2)

Janus Capital 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 administrative services fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 1.03% for at least a one-year period commencing on January 28, 2020. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees.

EXAMPLE:

The following Example is based on expenses without waivers. 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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 184	$ 569	$ 980	$ 2,127

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 equity securities of companies in emerging market countries. Equity securities include common stocks and related securities, such as preferred stock, convertible securities and depositary receipts. Emerging market countries are all countries represented by the MSCI Emerging Markets Index^sm and/or those countries considered to be

7	Janus Henderson Emerging Markets Fund

developing by the World Bank, the International Finance Corporation or the United Nations. These countries typically are located in the Asia-Pacific region, Eastern Europe, Central and South America, and Africa.

In addition to the Fund’s main investments, the Fund may invest no more than 20% of its net assets in the securities of issuers in developed market countries.

Principal investment risks

8	Janus Henderson Emerging Markets Fund

Market Risk. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio manager’s belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. 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. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

9	Janus Henderson Emerging Markets Fund

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 D Shares of the Fund commenced operations on June 5, 2017. The performance shown for Class D Shares for periods prior to June 5, 2017, reflects the performance of Class I Shares of Henderson Emerging Markets Fund (the “Predecessor Fund”), calculated using the estimated fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers. 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. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the merger automatically exchanged for Class D Shares of the Fund following the merger. If Class D Shares of the Fund had been available during periods prior to June 5, 2017, the performance shown may have been different because the Fund and the Predecessor Fund have different expenses. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D 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 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.

10	Janus Henderson Emerging Markets Fund

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

Best Quarter: 1st Quarter 2012 23.59%

Worst Quarter: 3rd Quarter 2011 – 24.96%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	Since Inception (12/31/10)
Class D Shares
Return Before Taxes	13.98%	3.78%	0.94%
Return After Taxes on Distributions	14.00%	3.49%	0.74%
Return After Taxes on Distributions and Sale of Fund Shares⁽¹⁾	8.98%	3.08%	0.82%
MSCI Emerging Markets Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	18.42%	5.61%	2.11%

(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.

The Fund’s primary benchmark index is the MSCI Emerging Markets Index. The index is described below.

•	The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.

After-tax returns are calculated using distributions for the Predecessor Fund’s Class I Shares for the period prior to June 5, 2017. If Class D 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.

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Manager: Daniel J. Graña, CFA, is Portfolio Manager of the Fund, which he has managed since September 2019.

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

11	Janus Henderson Emerging Markets Fund

Tax information

Payments to broker-dealers and other financial intermediaries

12	Janus Henderson Emerging Markets Fund

Fund summary

Janus Henderson European Focus Fund

Ticker:

HFEDX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson European Focus Fund seeks long-term capital appreciation primarily through investment in equities of European companies.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees		0.98%
Other Expenses		0.61%
Acquired Fund⁽¹⁾ Fees and Expenses		0.01%
Total Annual Fund Operating Expenses⁽²⁾		1.60%
Fee Waiver⁽²⁾		0.46%
Total Annual Fund Operating Expenses After Fee Waiver⁽²⁾		1.14%

(1)

“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. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the 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 table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.

(2)

Janus Capital 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 administrative services fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.96% for at least a one-year period commencing on January 28, 2020. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees.

EXAMPLE:

The following Example is based on expenses without waivers. 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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 163	$ 505	$ 871	$ 1,900

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 equity securities of European companies. Equity securities include common stocks and related securities, such as preferred stock, convertible securities, and depositary receipts. European companies are broadly defined to include any company that meets one or more of the following tests: (i) its country of organization, its primary

13	Janus Henderson European Focus Fund

business office and/or the principal trading market of its stock are located in Europe, (ii) 50% or more of its assets are located in Europe, or (iii) 50% or more of its revenues are derived from Europe.

The Fund may lend portfolio securities 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

14	Janus Henderson European Focus Fund

Market Risk. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio manager’s belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. 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. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

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. This risk increases to the extent the Fund focuses on issuers in a limited number of countries in Europe. 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. Although Western Europe is developed, recent economic hardship will pose investment risk in neighboring emerging nations.

15	Janus Henderson European Focus Fund

business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies, 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 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 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. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 1.6% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

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 D Shares of the Fund commenced operations on June 5, 2017. The performance shown for Class D Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of Henderson European Focus Fund (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 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. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the merger automatically exchanged for Class D Shares of the Fund following the merger. If Class D Shares of the Fund had been available during periods prior to June 5, 2017, the performance shown may have been different because the Fund and the Predecessor Fund have different expenses. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

16	Janus Henderson European Focus Fund

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

Best Quarter: 1st Quarter 2012 23.44%

Worst Quarter: 3rd Quarter 2011 – 28.31%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (8/31/01)
Class D Shares
Return Before Taxes	31.67%	1.06%	4.80%	11.51%
Return After Taxes on Distributions	31.63%	0.72%	4.39%	10.58%
Return After Taxes on Distributions and Sale of Fund Shares⁽¹⁾	19.35%	0.96%	3.89%	9.88%
MSCI Europe Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.77%	5.06%	5.17%	5.60%

(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.

The Fund’s primary benchmark index is the MSCI Europe Index. The index is described below.

•	The MSCI Europe Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance in Europe. The performance of the Index is listed in U.S. dollars and assumes reinvestment of net dividends.

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 D 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.

17	Janus Henderson European Focus Fund

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Manager: Robert Schramm-Fuchs is Portfolio Manager of the Fund, which he has managed since March 2019.

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

Tax information

Payments to broker-dealers and other financial intermediaries

18	Janus Henderson European Focus Fund

Fund summary

Janus Henderson Global Equity Income Fund

Ticker:

HFQDX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objectives

Janus Henderson Global Equity Income Fund seeks to achieve a high level of current income and, as a secondary objective, steady growth of capital.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees		0.67%
Other Expenses		0.32%
Total Annual Fund Operating Expenses		0.99%

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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 101	$ 315	$ 547	$ 1,213

Principal investment strategies

19	Janus Henderson Global Equity Income Fund

The Fund may lend portfolio securities 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

20	Janus Henderson Global Equity Income Fund

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. Some of the risks of investing directly in foreign securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks, as noted in the Fund’s Summary Prospectus. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

Emerging Markets Risk. The risks of foreign investing are heightened when investing in emerging markets. Emerging markets securities involve a number of additional 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, 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 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 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. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 11.2% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

21	Janus Henderson Global Equity Income Fund

creditworthiness of the company. Investments in REITs involve the same risks as other real estate investments. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund.

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 D Shares of the Fund commenced operations on June 5, 2017. The performance shown for Class D Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of Henderson Global Equity Income Fund (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 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. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the merger automatically exchanged for Class D Shares of the Fund following the merger. If Class D Shares of the Fund had been available during periods prior to June 5, 2017, the performance shown may have been different because the Fund and the Predecessor Fund have different expenses. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

22	Janus Henderson Global Equity Income Fund

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 D Shares (calendar year-end)

Best Quarter: 3rd Quarter 2010 12.58%

Worst Quarter: 3rd Quarter 2011 – 12.96%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (11/30/06)
Class D Shares
Return Before Taxes	21.07%	4.89%	6.12%	4.23%
Return After Taxes on Distributions	19.65%	3.55%	5.02%	3.26%
Return After Taxes on Distributions and Sale of Fund Shares⁽¹⁾	14.36%	3.96%	5.16%	3.68%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	5.91%
MSCI World High Dividend Yield Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.15%	7.31%	8.22%	4.73%

(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.

The Fund’s primary benchmark index is the MSCI World Index. The Fund also compares its performance to the MSCI World High Dividend Yield Index. The indices are described below.

•	The MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region.
•	The MSCI World High Dividend Yield Index is designed to reflect the performance of the high dividend yield securities contained within the broader MSCI World Index. The index includes large- and mid-capitalization stocks from developed markets across the Americas, Asia-Pacific, and Europe.

23	Janus Henderson Global Equity Income Fund

Management

Investment Adviser: Janus Capital Management LLC

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

Tax information

Payments to broker-dealers and other financial intermediaries

24	Janus Henderson Global Equity Income Fund

Fund summary

Janus Henderson Global Life Sciences Fund

Ticker:

JNGLX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson Global Life Sciences 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 and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees		0.64%
Other Expenses		0.18%
Total Annual Fund Operating Expenses		0.82%

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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 84	$ 262	$ 455	$ 1,014

Principal investment strategies

25	Janus Henderson Global Life Sciences Fund

The Fund may lend portfolio securities 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

Market Risk. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the portfolio manager’s belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. 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. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

26	Janus Henderson Global Life Sciences Fund

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 D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

27	Janus Henderson Global Life Sciences Fund

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

Best Quarter: 4th Quarter 2019 18.86%

Worst Quarter: 3rd Quarter 2011 – 13.56%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (12/31/98)
Class D Shares
Return Before Taxes	29.20%	9.43%	16.94%	11.78%
Return After Taxes on Distributions	27.29%	7.75%	15.41%	11.08%
Return After Taxes on Distributions and Sale of Fund Shares	18.48%	7.03%	13.96%	10.23%
MSCI World Health Care Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	23.24%	8.50%	12.29%	6.58%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%

The Fund’s primary benchmark index is the MSCI World Health Care Index. The Fund also compares its performance to the S&P 500 Index. The indices are described below.

•	The MSCI World Health Care Index is a capitalization weighted index that measures the performance of health care stocks from developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.
•	The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.

After-tax returns are calculated using distributions for the Fund’s Class D Shares for the periods following February 16, 2010; and for the Fund’s Class J Shares, the predecessor share class, for periods prior to February 16, 2010. If Class D Shares of the Fund had been available during these earlier periods, distributions may have been different and thus, after-tax returns may have been different from those shown. 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.

28	Janus Henderson Global Life Sciences Fund

Management

Investment Adviser: Janus Capital Management LLC

Portfolio Manager: Andrew Acker, CFA, is Executive Vice President and Portfolio Manager of the Fund, which he has managed or co-managed since May 2007.

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

Tax information

Payments to broker-dealers and other financial intermediaries

29	Janus Henderson Global Life Sciences Fund

Fund summary

Janus Henderson Global Real Estate Fund

Ticker:

JNGSX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson Global Real Estate Fund seeks total return through a combination of capital appreciation and current income.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees⁽¹⁾		0.85%
Other Expenses		0.31%
Acquired Fund⁽²⁾ Fees and Expenses		0.01%
Total Annual Fund Operating Expenses		1.17%

(1)

This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus.

(2)

“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. Acquired fund fees and expenses are indirect expenses a fund may incur as a result of investing in shares of an underlying fund. To the extent that the 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 table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds.

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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 119	$ 372	$ 644	$ 1,420

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 equity 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 equity securities, including, but not limited to, real estate investment trusts (“REITs”) and similar REIT-like entities, such as foreign entities that have REIT characteristics. The Fund may invest in shares of companies through initial public offerings.

30	Janus Henderson Global Real Estate Fund

possess significant real estate holdings will be deemed to be in the real estate industry for purposes of the Fund’s investment objective and its policy on industry concentration.

The Fund may lend portfolio securities 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

31	Janus Henderson Global Real Estate Fund

incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. 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. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

Emerging Markets Risk. The risks of foreign investing are heightened when investing in emerging markets. Emerging markets securities involve a number of additional 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, 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 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 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. As of September 30, 2019, approximately 5.6% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

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 bar chart depicts the change in performance from year to year during the periods indicated. The table compares the Fund’s average annual returns for the periods indicated to broad-based securities market indices. 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.

32	Janus Henderson Global Real Estate Fund

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

Best Quarter: 1st Quarter 2012 16.13%

Worst Quarter: 3rd Quarter 2011 – 20.37%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception of Predecessor Fund (11/28/07)
Class D Shares
Return Before Taxes	30.88%	8.56%	9.69%	5.78%
Return After Taxes on Distributions	28.77%	6.71%	8.26%	4.50%
Return After Taxes on Distributions and Sale of Fund Shares	18.53%	5.93%	7.33%	4.09%
FTSE EPRA Nareit Global Index (reflects no deduction for expenses, fees, or taxes)	23.58%	6.94%	8.91%	4.28%
FTSE EPRA Nareit Global Net Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.50%	6.03%	8.10%	N/A

•	The FTSE EPRA Nareit Global Index and the Net Index are global market capitalization-weighted indices composed of listed real estate securities in the North American, European, Asian, and South American real estate markets including both developed and emerging market countries.

After-tax returns are calculated using distributions for the Fund’s Class D Shares for the periods following February 16, 2010; and for the Fund’s Class I Shares for the periods prior to February 16, 2010. If Class D Shares of the Fund had been available during these earlier periods, distributions may have been different and thus, after-tax returns may have been different from those shown. 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.

33	Janus Henderson Global Real Estate Fund

Management

Investment Adviser: Janus Capital Management LLC

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

Tax information

Payments to broker-dealers and other financial intermediaries

34	Janus Henderson Global Real Estate Fund

Fund summary

Janus Henderson Global Research Fund

Ticker:

JANWX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson Global Research 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 and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees⁽¹⁾		0.64%
Other Expenses		0.19%
Total Annual Fund Operating Expenses		0.83%

(1)	This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus.

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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 85	$ 265	$ 460	$ 1,025

Principal investment strategies

35	Janus Henderson Global Research Fund

position, (iii) healthy risk/return profile, (iv) exemplary governance, and (v) attractive valuation. Analysts bring their high-conviction ideas to their respective sector teams. Sector teams compare the appreciation and risk potential of each of the team’s high-conviction ideas and construct a sector portfolio that is intended to maximize the best risk-reward opportunities.

The Fund may lend portfolio securities 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

36	Janus Henderson Global Research Fund

emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 5.4% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

Market Risk. The value of the Fund’s portfolio may decrease if the value of an individual company or security, or multiple companies or securities, in the portfolio decreases or if the investment personnel’s belief about a company’s intrinsic worth is incorrect. Further, regardless of how well individual companies or securities perform, the value of the Fund’s portfolio could also decrease if there are deteriorating economic or market conditions. 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. Market risk may affect a single issuer, industry, economic sector, or the market as a whole.

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 D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

37	Janus Henderson Global Research Fund

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

Best Quarter: 3rd Quarter 2010 16.67%

Worst Quarter: 3rd Quarter 2011 – 18.49%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (2/25/05)
Class D Shares
Return Before Taxes	28.90%	8.70%	10.20%	9.25%
Return After Taxes on Distributions	27.45%	8.00%	9.78%	8.72%
Return After Taxes on Distributions and Sale of Fund Shares	18.09%	6.78%	8.38%	7.66%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.93%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.84%

•	The MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.
•	The MSCI All Country World Index is an unmanaged, free float-adjusted, market capitalization-weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.

38	Janus Henderson Global Research Fund

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.

Management

Investment Adviser: Janus Capital Management LLC

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

Tax information

Payments to broker-dealers and other financial intermediaries

39	Janus Henderson Global Research Fund

Fund summary

Janus Henderson Global Select Fund

Ticker:

JANRX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson Global Select 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 and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees		0.64%
Other Expenses		0.21%
Total Annual Fund Operating Expenses		0.85%

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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 87	$ 271	$ 471	$ 1,049

Principal investment strategies

40	Janus Henderson Global Select Fund

currency exposure relative to its benchmark index, to gain access to foreign markets where direct investment may be restricted or unavailable, or to manage the Fund’s risk profile.

The Fund may lend portfolio securities 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 will vary, and you could lose money. The Fund invests primarily in common stocks, which tend to be more volatile than many other investment choices.

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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. Some of the risks of investing directly in foreign securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks, as noted in the Fund’s Summary Prospectus. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

Emerging Markets Risk. The risks of foreign investing are heightened when investing in emerging markets. Emerging markets securities involve a number of additional 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, 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 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 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. Additionally, foreign and emerging market risks, including but not limited to price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 13.8% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

41	Janus Henderson Global Select Fund

42	Janus Henderson Global Select Fund

Derivatives Risk. Derivatives can be highly 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 can be complex instruments and may involve analysis that differs from that required for other investment types used by the 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 can be less liquid than other types of investments and 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. To the extent the Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited. The Fund may use derivatives, including forward currency contracts, for hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the portfolio managers or if the cost of the derivative outweighs the benefit of the hedge.

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 D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

43	Janus Henderson Global Select Fund

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

Best Quarter: 3rd Quarter 2010 18.51%

Worst Quarter: 3rd Quarter 2011 – 23.01%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (6/30/00)
Class D Shares
Return Before Taxes	27.41%	8.25%	7.60%	3.97%
Return After Taxes on Distributions	26.13%	7.12%	6.98%	3.63%
Return After Taxes on Distributions and Sale of Fund Shares	17.13%	6.34%	6.11%	3.20%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	4.79%

The Fund’s primary benchmark index is the MSCI All Country World Index. The index is described below.

•

Management

Investment Adviser: Janus Capital Management LLC

44	Janus Henderson Global Select Fund

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

Tax information

Payments to broker-dealers and other financial intermediaries

45	Janus Henderson Global Select Fund

Fund summary

Janus Henderson Global Technology and Innovation Fund

(formerly named Janus Henderson Global Technology Fund)

Ticker:

JNGTX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson Global Technology and Innovation 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 and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees		0.64%
Other Expenses		0.19%
Total Annual Fund Operating Expenses		0.83%

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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 85	$ 265	$ 460	$ 1,025

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 securities of companies that the portfolio managers believe will benefit significantly from advances or improvements in technology. These companies generally fall into two categories:

•	companies that the portfolio managers believe have or will develop products, processes, or services that will provide significant technological advancements or improvements; and
•	companies that the portfolio managers believe rely extensively on technology in connection with their operations or services.

46	Janus Henderson Global Technology and Innovation Fund

invest in U.S. and foreign debt securities. From time to time, the Fund may invest in shares of companies through initial public offerings.

The Fund may also take long or short positions in derivatives, which are instruments that 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. 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 types of derivatives in which the Fund may invest include options, futures, swaps, warrants, and forward currency contracts. The Fund may use derivatives to hedge, to earn income or enhance returns, as a substitute for securities in which the Fund invests, to increase or decrease the Fund’s exposure to a particular market, to adjust the Fund’s currency exposure relative to its benchmark index, to gain access to foreign markets where direct investment may be restricted or unavailable, or to manage the Fund’s risk profile.

The Fund may lend portfolio securities 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

47	Janus Henderson Global Technology and Innovation Fund

indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 12.4% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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. Some of the risks of investing directly in foreign securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks, as noted in the Fund’s Summary Prospectus. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

Derivatives Risk. Derivatives can be highly 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 can be complex instruments and may involve analysis that differs from that required for other investment types used by the 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 can be less liquid than other types of investments and 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. To the extent the Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited. The Fund may use derivatives, including forward currency contracts, for hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the portfolio managers or if the cost of the derivative outweighs the benefit of the hedge.

48	Janus Henderson Global Technology and Innovation Fund

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 D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

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

Best Quarter: 1st Quarter 2019 21.34%

Worst Quarter: 4th Quarter 2018 – 16.27%

49	Janus Henderson Global Technology and Innovation Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (12/31/98)
Class D Shares
Return Before Taxes	45.13%	20.30%	17.64%	9.90%
Return After Taxes on Distributions	42.37%	18.27%	15.99%	9.11%
Return After Taxes on Distributions and Sale of Fund Shares	28.63%	15.97%	14.46%	8.34%
S&P 500^® Index (reflects no deduction for expenses, fees, or taxes)	31.49%	11.70%	13.56%	6.73%
MSCI All Country World Information Technology Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	46.89%	17.83%	15.05%	6.52%

The Fund’s primary benchmark index is the S&P 500 Index. The Fund also compares its performance to the MSCI All Country World Information Technology Index. The indices are described below.

•	The S&P 500 Index is a commonly recognized, market capitalization-weighted index of 500 widely held equity securities, designed to measure broad U.S. equity performance.
•	The MSCI All Country World Information Technology Index is a capitalization weighted index that measures the performance of information technology securities from developed market countries and emerging market countries. The index includes reinvestment of dividends, net of foreign withholding taxes.

Management

Investment Adviser: Janus Capital Management LLC

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

50	Janus Henderson Global Technology and Innovation Fund

Fund summary

Janus Henderson Global Value Fund

Ticker:

JNGOX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson Global Value Fund seeks capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees⁽¹⁾		0.47%
Other Expenses		0.34%
Total Annual Fund Operating Expenses		0.81%

(1)	This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus.

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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 83	$ 259	$ 450	$ 1,002

Principal investment strategies

•	strong management teams;
•	strong and stable balance sheets and solid recurring free cash flows;
•	attractive relative and absolute valuation ratios or that have underperformed recently;
•	favorable reward to risk characteristics;
•	durable competitive advantages that are trading at attractive valuations; and
•	strong long-term prospects.

52	Janus Henderson Global Value Fund

The portfolio managers’ philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.

Principal investment risks

Emerging Markets Risk. Emerging markets securities involve a number of additional 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, 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 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 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. As of September 30, 2019, approximately 4.4% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

53	Janus Henderson Global Value Fund

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 D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

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

Best Quarter: 3rd Quarter 2010 10.32%

Worst Quarter: 3rd Quarter 2011 – 9.60%

54	Janus Henderson Global Value Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (6/29/01)
Class D Shares
Return Before Taxes	18.19%	5.78%	7.92%	6.64%
Return After Taxes on Distributions	16.21%	4.52%	6.73%	5.72%
Return After Taxes on Distributions and Sale of Fund Shares	11.96%	4.36%	6.28%	5.44%
MSCI World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	27.67%	8.74%	9.47%	6.31%
MSCI All Country World Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	26.60%	8.41%	8.79%	6.38%

•	The MSCI World Index is a free float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region. The index includes reinvestment of dividends, net of foreign withholding taxes.
•	The MSCI All Country World Index is an unmanaged, free float-adjusted, market capitalization-weighted index composed of stocks of companies located in countries throughout the world. It is designed to measure equity market performance in global developed and emerging markets. The index includes reinvestment of dividends, net of foreign withholding taxes.

Management

Investment Adviser: Janus Capital Management LLC

Investment Subadviser: Perkins Investment Management LLC

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

55	Janus Henderson Global Value Fund

Henderson, P.O. Box 219109, Kansas City, MO 64121-9109), or by telephone at 1-800-525-3713. Purchase, exchange, or redemption requests must be received in good order by the Fund or its agents prior to the close of the regular trading session of the New York Stock Exchange in order to receive that day’s net asset value. For additional information, refer to “To Open an Account or Buy Shares,” “To Exchange Shares,” and/or “To Sell Shares” in the Prospectus.

Tax information

Payments to broker-dealers and other financial intermediaries

56	Janus Henderson Global Value Fund

Fund summary

Janus Henderson International Opportunities Fund

Ticker:

HFODX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson International Opportunities Fund seeks long-term capital appreciation primarily through investment in equities of non-U.S. companies.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees		0.98%
Other Expenses		0.61%
Total Annual Fund Operating Expenses⁽¹⁾		1.59%
Fee Waiver⁽¹⁾		0.53%
Total Annual Fund Operating Expenses After Fee Waiver⁽¹⁾		1.06%

(1)

Janus Capital 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 administrative services fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.88% for at least a one-year period commencing on January 28, 2020. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees.

EXAMPLE:

The following Example is based on expenses without waivers. 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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 162	$ 502	$ 866	$ 1,889

Principal investment strategies

57	Janus Henderson International Opportunities Fund

relative to earnings forecasts or other valuation criteria, earnings growth prospects of a company, the quality of a company’s management and the unique competitive advantages of a company. Asset allocation will be reviewed regularly based upon strategic views related to the growth prospects, valuations and pricing associated with international equity regions. Assets of the Fund are allocated to teams of investment personnel, referred to as “sleeve portfolio managers,” who have experience with respect to a particular geographic region or discipline.

Principal investment risks

58	Janus Henderson International Opportunities Fund

exchanges, brokers, and listed companies, 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 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 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. Additionally, foreign and emerging market risks, including but not limited to price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 19.1% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

59	Janus Henderson International Opportunities Fund

reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the portfolio managers or if the cost of the derivative outweighs the benefit of the hedge.

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 D Shares of the Fund commenced operations on June 5, 2017. The performance shown for Class D Shares for periods prior to June 5, 2017, reflects the performance of Class A Shares of Henderson International Opportunities Fund (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 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 R Shares, Class I Shares, Class IF Shares, and Class R6 Shares of the Predecessor Fund were reorganized into Class A Shares, Class C Shares, Class R Shares, Class I Shares (Class I Shares and Class IF Shares of the Predecessor Fund were reorganized into Class I Shares of the Fund), and Class N Shares, respectively, of the Fund on June 2, 2017. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class R Shares, Class I Shares, and Class N Shares of the Fund received in the merger automatically exchanged for Class D Shares of the Fund following the merger. If Class D Shares of the Fund had been available during periods prior to June 5, 2017, the performance shown may have been different because the Fund and the Predecessor Fund have different expenses. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

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

Best Quarter: 1st Quarter 2012 16.30%

Worst Quarter: 3rd Quarter 2011 – 21.11%

60	Janus Henderson International Opportunities Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (8/31/01)
Class D Shares
Return Before Taxes	26.58%	4.11%	5.15%	8.10%
Return After Taxes on Distributions	25.71%	3.14%	4.71%	7.58%
Return After Taxes on Distributions and Sale of Fund Shares⁽¹⁾	16.79%	3.22%	4.24%	6.93%
MSCI ACWI ex-USA Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	6.25%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.50%	5.65%

(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.

•	The MSCI ACWI ex-USA Index is an unmanaged, free float-adjusted, market capitalization weighted index composed of stocks of large and mid-cap companies located in countries throughout the world, excluding the United States.
•	The MSCI EAFE (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index designed to measure developed market equity performance. The MSCI EAFE Index is composed of companies representative of the market structure of developed market countries.

Management

Investment Adviser: Janus Capital Management LLC

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

61	Janus Henderson International Opportunities Fund

Tax information

Payments to broker-dealers and other financial intermediaries

62	Janus Henderson International Opportunities Fund

Fund summary

Janus Henderson International Small Cap Fund

Ticker:

HIZDX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson International Small Cap Fund seeks long-term capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees		0.99%
Other Expenses		2.78%
Total Annual Fund Operating Expenses⁽¹⁾		3.77%
Fee Waiver⁽¹⁾		2.60%
Total Annual Fund Operating Expenses After Fee Waiver⁽¹⁾		1.17%

(1)

Janus Capital 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 administrative services fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.98% for at least a one-year period commencing on January 28, 2020. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees.

EXAMPLE:

The following Example is based on expenses without waivers. 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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 379	$ 1,152	$ 1,944	$ 4,010

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 equity securities of non-U.S. small market capitalization (“small cap”) companies, from at least three different countries outside of the United States. Equity securities include common stocks and related securities, such as preferred stocks, convertible securities and depositary receipts.

63	Janus Henderson International Small Cap Fund

respect to subsequent purchases. The Fund may also invest in securities that cannot be offered for public resale unless registered under the applicable securities laws or that have a contractual restriction that prohibits or limits their resale (these are known as “restricted securities”).

Principal investment risks

64	Janus Henderson International Small Cap Fund

impacted by events or conditions affecting that country or region, which could have a negative impact on the Fund’s performance. As of September 30, 2019, the Fund did not hold investments in emerging markets.

65	Janus Henderson International Small Cap Fund

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 D Shares of the Fund commenced operations on June 5, 2017. The performance of Class D Shares shown for periods prior to June 5, 2017, reflects the performance of Class R6 Shares of Henderson International Small Cap Fund (the “Predecessor Fund”), calculated using the estimated fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers. The Predecessor Fund was advised by Henderson Global Investors (North America) Inc. and subadvised by Henderson Investment Management Limited. Class R6 Shares of the Predecessor Fund were reorganized into Class N Shares of the Fund on June 2, 2017. In connection with this reorganization, certain shareholders of the Predecessor Fund who held shares directly with the Predecessor Fund and not through an intermediary had the Class A Shares, Class C Shares, Class I Shares, and Class N Shares of the Fund received in the merger automatically exchanged for Class D Shares of the Fund following the merger. If Class D Shares of the Fund had been available during periods prior to June 5, 2017, the performance shown may have been different because the Fund and the Predecessor Fund have different expenses. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

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

Best Quarter: 1st Quarter 2019 11.78%

Worst Quarter: 4th Quarter 2018 – 21.44%

66	Janus Henderson International Small Cap Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	Since Inception (12/15/16)
Class D Shares
Return Before Taxes	24.02%	7.93%
Return After Taxes on Distributions	23.70%	6.91%
Return After Taxes on Distributions and Sale of Fund Shares	14.96%	6.07%
MSCI EAFE^® Small Cap Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	24.96%	11.69%

The Fund’s primary benchmark index is the MSCI EAFE Small Cap Index. The index is described below.

•	The MSCI EAFE Small Cap Index is an equity index that reflects the performance of small capitalization equities across developed markets, excluding the U.S. and Canada.

After-tax returns are calculated using distributions for the Predecessor Fund’s Class R6 Shares for the period prior to June 5, 2017. If Class D 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.

Management

Investment Adviser: Janus Capital Management LLC

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

67	Janus Henderson International Small Cap Fund

Fund summary

Janus Henderson International Value Fund

Ticker:

JIFDX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson International Value Fund seeks capital appreciation.

Fees and Expenses of the Fund

This table describes the fees and expenses that you may pay if you buy and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees		0.80%
Other Expenses		0.91%
Total Annual Fund Operating Expenses⁽¹⁾		1.71%
Fee Waiver⁽¹⁾		0.69%
Total Annual Fund Operating Expenses After Fee Waiver⁽¹⁾		1.02%

(1)

Janus Capital 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 administrative services fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.86% for at least a one-year period commencing on January 28, 2020. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees.

EXAMPLE:

The following Example is based on expenses without waivers. 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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses without waivers remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 174	$ 539	$ 928	$ 2,019

Principal investment strategies

•	strong management teams;
•	strong and stable balance sheets and solid recurring free cash flows;

69	Janus Henderson International Value Fund

•	attractive relative and absolute valuation ratios or that have underperformed recently;
•	favorable reward to risk characteristics;
•	durable competitive advantages that are trading at attractive valuations; and
•	strong long-term prospects.

The portfolio managers’ philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.

Principal investment risks

Emerging Markets Risk. Emerging markets securities involve a number of additional 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, 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 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 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. As of September 30, 2019, approximately 6.8% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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 may involve risks greater than, or in addition to, the risks of investing in more developed countries.

70	Janus Henderson International Value Fund

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.

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 table compares the Fund’s average annual returns for the periods indicated to broad-based securities market indices. 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 D Shares (calendar year-end)

Best Quarter: 4th Quarter 2019 8.99%

Worst Quarter: 4th Quarter 2018 – 10.99%

71	Janus Henderson International Value Fund

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	Since Inception (4/1/13)
Class D Shares
Return Before Taxes	17.47%	4.46%	4.88%
Return After Taxes on Distributions	16.64%	3.48%	3.92%
Return After Taxes on Distributions and Sale of Fund Shares	11.21%	3.47%	3.80%
MSCI EAFE^® Index (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	22.01%	5.67%	5.87%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	5.22%

The Fund’s primary benchmark index is the MSCI EAFE Index. The Fund also compares its performance to the MSCI All Country World ex-U.S. Index. The indices are described below.

•

Management

Investment Adviser: Janus Capital Management LLC

Investment Subadviser: Perkins Investment Management LLC

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

72	Janus Henderson International Value Fund

Fund summary

Janus Henderson Overseas Fund

Ticker:

JNOSX

Class D Shares*

* Class D Shares are closed to certain new investors.

Investment Objective

Janus Henderson Overseas 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 and hold Shares of the Fund.

ANNUAL FUND OPERATING EXPENSES (expenses that you pay each year as a percentage of the value of your investment)		Class D
Management Fees⁽¹⁾		0.58%
Other Expenses		0.21%
Total Annual Fund Operating Expenses		0.79%

(1)	This fee may adjust up or down monthly based on the Fund’s performance relative to its benchmark index over the performance measurement period. For more information regarding performance-based advisory fees, refer to “Management Expenses” in the Fund’s Prospectus.

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, reinvest all dividends and distributions, and then redeem all of your Shares at the end of each period. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

	1 Year	3 Years	5 Years	10 Years
Class D Shares	$ 81	$ 252	$ 439	$ 978

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 securities of issuers or companies from countries outside of the United States. The Fund normally invests in securities of issuers from several different countries, excluding the United States. Although the Fund typically invests 80% or more of its assets in issuers that are economically tied to countries outside the United States, it also may invest up to 20% of its net assets, measured at the time of purchase, in U.S. issuers, and it may, under unusual circumstances, invest all or substantially all of its assets in a single country. The Fund may have significant exposure to emerging markets. The Fund typically invests in equity securities (such as stocks or any other security representing an ownership interest) in all market capitalizations but may also invest in U.S. and foreign debt securities.

74	Janus Henderson Overseas Fund

properties, mortgage loans, and construction loans. REITs are generally categorized as equity, mortgage, or hybrid REITs. A REIT may be listed on an exchange or traded over-the-counter.

The Fund may lend portfolio securities 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

Foreign Exposure Risk. The Fund normally has significant exposure to foreign markets as a result of its investments in foreign securities, including investments in emerging markets, which can be more volatile than the U.S. markets. As a result, its returns and net asset value may be affected to a large degree 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. Some of the risks of investing directly in foreign securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks, as noted in the Fund’s Summary Prospectus. The Fund’s investments in emerging market countries may involve risks greater than, or in addition to, the risks of investing in more developed countries.

75	Janus Henderson Overseas Fund

risks, including but not limited to price controls, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, nationalization, and restrictions on repatriation of assets may be heightened to the extent the Fund invests in Chinese local market securities. Some of the risks of investing directly in emerging market securities may be reduced when the Fund invests indirectly in such securities through various other investment vehicles including derivatives, as noted in the Fund’s Summary Prospectus, but such investments also involve other risks. As of September 30, 2019, approximately 21.3% of the Fund’s investments were in emerging markets (i.e., countries included in the MSCI Emerging Markets Index^sm).

76	Janus Henderson Overseas Fund

Real Estate Securities Risk. The Fund’s performance may be affected by the risks associated with investments in real estate-related companies. The value of real estate-related companies’ securities is sensitive to changes in real estate values and rental income, property taxes, interest rates, tax and regulatory requirements, supply and demand, and the management skill and creditworthiness of the company. Investments in REITs involve the same risks as other real estate investments. In addition, a REIT could fail to qualify for tax-free pass-through of its income under the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”) or fail to maintain its exemption from registration under the Investment Company Act of 1940, as amended, which could produce adverse economic consequences for the REIT and its investors, including the Fund.

Derivatives Risk. Derivatives can be highly 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 can be complex instruments and may involve analysis that differs from that required for other investment types used by the 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 can be less liquid than other types of investments and 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. To the extent the Fund enters into short derivative positions, the Fund may be exposed to risks similar to those associated with short sales, including the risk that the Fund’s losses are theoretically unlimited. The Fund may use derivatives, including forward currency contracts, for hedging purposes. Hedging with derivatives may increase expenses, and there is no guarantee that a hedging strategy will work. While hedging can reduce or eliminate losses, it can also reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by the portfolio managers or if the cost of the derivative outweighs the benefit of the hedge.

77	Janus Henderson Overseas Fund

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 D Shares of the Fund commenced operations on February 16, 2010, as a result of the restructuring of Class J Shares, the predecessor share class. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund’s former Class J Shares, calculated using the fees and expenses in effect during the periods shown, net of any applicable fee and expense limitations or waivers. If Class D Shares of the Fund had been available during periods prior to February 16, 2010, the performance shown may have been different. The performance shown for the periods following the Fund’s commencement of Class D Shares reflects the fees and expenses of Class D Shares, net of any applicable fee and expense limitations or waivers.

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

Best Quarter: 1st Quarter 2012 19.96%

Worst Quarter: 3rd Quarter 2011 – 27.81%

Average Annual Total Returns (periods ended 12/31/19)
	1 Year	5 Years	10 Years	Since Inception (5/2/94)
Class D Shares
Return Before Taxes	27.12%	3.80%	0.54%	7.81%
Return After Taxes on Distributions	26.74%	3.40%	– 0.01%	7.21%
Return After Taxes on Distributions and Sale of Fund Shares⁽¹⁾	16.70%	3.00%	0.42%	6.76%
MSCI All Country World ex-U.S. Index^sm (reflects no deduction for expenses, fees, or taxes, except foreign withholding taxes)	21.51%	5.51%	4.97%	N/A

(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.

•	The MSCI All Country World ex-U.S. Index is an unmanaged, free float-adjusted, market capitalization-weighted index composed of stocks of companies located in countries throughout the world, excluding the United States. It is designed to

78	Janus Henderson Overseas Fund

measure equity market performance in global developed and emerging markets outside the United States. The index includes reinvestment of dividends, net of foreign withholding taxes.

Management

Investment Adviser: Janus Capital Management LLC

Purchase and sale of Fund shares

Minimum Investment Requirements
To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

Tax information

Payments to broker-dealers and other financial intermediaries

79	Janus Henderson Overseas Fund

Additional information about the Funds

Fees and expenses

•	“Annual Fund Operating Expenses” are paid out of a Fund’s assets and include fees for portfolio management and administrative services, including recordkeeping, accounting, and other shareholder services, as well as reimbursement to Janus Capital of its out-of-pocket costs for services as administrator. 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 Janus Capital. Janus Henderson Asia Equity Fund, Janus Henderson Global Real Estate Fund, Janus Henderson Global Research Fund, Janus Henderson Global Value Fund, and Janus Henderson Overseas Fund each pay an investment advisory fee rate that adjusts up or down by a variable rate of up to 0.15% (assuming constant assets) on a monthly basis based upon the Fund’s performance relative to its benchmark index during a measurement period. This base fee rate, prior to any performance adjustment, is 0.92% for Janus Henderson Asia Equity Fund, 0.75% for Janus Henderson Global Real Estate Fund, 0.60% for Janus Henderson Global Research Fund, and 0.64% for each of Janus Henderson Global Value Fund and Janus Henderson Overseas Fund. Refer to “Management Expenses” in this Prospectus for additional information with further description in the Statement of Additional Information (“SAI”).
•	“Other Expenses”

_°	include an administrative services fee based on the average daily net assets of Class D Shares for shareholder services provided by Janus Services LLC (“Janus Services”), the Funds’ transfer agent, as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion - $49.9 billion	0.10%
Over $49.9 billion	0.08%

_°	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. “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 table because that ratio includes only the direct operating expenses incurred by the Fund, not the indirect costs of investing in Acquired Funds. If applicable, or unless otherwise indicated in a Fund’s Fees and Expenses table, such amounts are less than 0.01% and are included in the Fund’s “Other Expenses.”
_°	may include “Short Sale Dividend Expenses.” These expenses include dividends or interest on short sales, which are paid to the lender of borrowed securities, and stock loan fees, which are paid to the prime broker. Such expenses will vary depending on the short sale arrangement, whether the securities a Fund sells short pay dividends or interest, and the amount of such dividends or interest. While “Short Sale Dividend Expenses” include interest and dividends paid out on short positions and may include stock loan fees, they do not take into account the interest credit a Fund earns on cash proceeds of short sales held as collateral for short positions. If applicable, such amounts are less than 0.01%.
_°	may include reimbursement to Janus Services of its out-of-pocket costs for arranging for the provision by third parties of certain servicing to shareholders.

•

80	Janus Investment Fund

Additional investment strategies and general portfolio policies

Security Selection

81	Janus Investment Fund

investments. Security selection will be based upon an analysis of a broad range of metrics, including price to earnings ratios, valuation relative to asset values, and a particular focus on cash flow generation and ability to service growing dividend streams in the medium term.

Janus Capital’s equity research analysts, overseen by the Portfolio Oversight Team led by Janus Capital’s Director of Research Carmel Wellso (the “Research Team”), select investments for Janus Henderson Global Research Fund that reflect the Research Team’s high-conviction investment ideas in all market capitalizations, styles, and geographies. The Research Team, comprised of sector specialists, conducts fundamental analysis with a focus on “bottom up” research, quantitative modeling, and valuation analysis and rate their stocks based upon attractiveness. Stocks considered to be attractive may have all or some of the following characteristics: i) good and preferably growing free cash flow, ii) strong and defensible market position, iii) healthy risk/return profile, iv) exemplary governance, and v) attractive valuation. Analysts bring their high-conviction ideas to their respective sector teams. Sector teams compare the appreciation and risk potential of each of the team’s high-conviction ideas and construct a sector portfolio that is intended to maximize the best risk-reward opportunities.

•	strong management teams;
•	strong and stable balance sheets and solid recurring free cash flows;
•	attractive relative and absolute valuation ratios or that have underperformed recently;
•	favorable reward to risk characteristics;
•	durable competitive advantages that are trading at attractive valuations; and
•	strong long-term prospects.

The portfolio managers’ philosophy is to weigh a security’s downside risk before considering its upside potential, which may help provide an element of capital preservation.

Cash Position

82	Janus Investment Fund

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.

Emerging Markets

High-Yield/High-Risk Bonds

Illiquid Investments

Initial Public Offerings and Secondary Offerings

Leverage

Portfolio Turnover

83	Janus Investment Fund

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 the portfolio managers and/or investment personnel. Changes are normally made in a Fund’s portfolio whenever the portfolio managers and/or investment personnel believe such changes are desirable. Portfolio turnover rates are generally not a factor in making buy and sell decisions for the Funds.

Real Estate-Related Securities

Securities Lending

Short Sales

84	Janus Investment Fund

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.

Special Situations

Swap Agreements

Certain Funds may utilize swap agreements including, but not limited to, credit default swaps, equity swaps, inflation index 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, 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, 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, and total return are described in the “Glossary of Investment Terms.”

Other Types of Investments

•	debt securities (such as bonds, notes, and debentures)
•	other investment companies (such as exchange-traded funds)
•	preferred stocks and securities convertible into common stocks or preferred stocks
•	indexed/structured securities (such as commercial and residential mortgage- and asset-backed securities)

85	Janus Investment Fund

•	various derivative transactions including, but not limited to, options, futures on U.S. and foreign exchanges, forwards, swap agreements, participatory notes, structured notes, and other types of derivatives individually or in combination for hedging purposes or for nonhedging 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
•	securities purchased on a when-issued, delayed delivery, or forward commitment basis
•	equity and fixed-income securities issued in private placement transactions

Risks of the Funds

Since Janus Henderson Global Real Estate Fund concentrates its assets in the real estate or real estate-related industry, an investment in the Fund will be closely linked to performance of the real estate markets. Unanticipated economic, legal, cultural, political, or other developments may cause property values to decline, REIT prices may drop, and changes in federal or state tax laws may affect the value of the securities held by the Fund. Real estate-related companies are also generally sensitive to interest rates, cash flow of underlying real estate assets, supply and demand, and management skill and creditworthiness of the issuer. The Fund’s net asset value may fluctuate more than those of a fund that does not concentrate its investments.

86	Janus Investment Fund

Derivatives Risk. Derivatives can be highly 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 a Fund to be more volatile than if it had not used leverage. 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 can be less liquid than other types of investments and 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 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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87	Janus Investment Fund

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.

88	Janus Investment Fund

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.

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 fixed-income securities with higher interest rates, such as mortgage- and asset-backed securities, may be prepaid by their issuers thereby reducing the amount of interest payments. This may result in a Fund having to reinvest its proceeds in lower yielding securities. 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. Liquidity risk is the risk that fixed-income securities may be difficult or impossible to sell at the time that a portfolio manager would like or at the price a portfolio manager believes the security is currently worth. 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.

89	Janus Investment Fund

Some of the risks of investing directly in foreign securities may be reduced to the extent that a Fund invests indirectly in such securities through various other investment vehicles including derivatives, but such investments also involve other risks. With respect to investments in securities of issuers or companies that are economically tied to different countries throughout the world, securities may be deemed to be economically tied to a particular country based on such factors as the issuer’s country of incorporation, primary listing, and other factors including, but not limited to operations, revenues, headquarters, management, and shareholder base. 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:

•	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.
•	Political and Economic Risk. Foreign investments may be subject to heightened political and economic risks, particularly 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.
•	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.
•	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.
•	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.
•	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.

90	Janus Investment Fund

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

91	Janus Investment Fund

Leverage Risk. Engaging in transactions using leverage or those having a leveraging effect subjects a Fund to certain risks. Leverage can magnify the effect of any gains or losses, causing a Fund to be more volatile than if it had not been leveraged. Certain commodity-linked derivatives may subject a Fund to leveraged market exposure to commodities. In addition, a Fund’s assets that are used as collateral to secure short sale transactions may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase collateral. There is no assurance that a leveraging strategy will be successful.

LIBOR Replacement Risk. The elimination of London Inter-Bank Offered Rate (“LIBOR”) may adversely affect the interest rates on, and value of, certain Fund investments for which the value is tied to LIBOR. The U.K. Financial Conduct Authority has announced that it intends to stop compelling or inducing banks to submit LIBOR rates after 2021. However, it remains unclear if LIBOR will continue to exist in its current, or a modified, form. Alternatives to LIBOR are established or in development in most major currencies including the Secured Overnight Financing Rate (SOFR), that is intended to replace U.S. dollar LIBOR. Markets are slowly developing in response to these new rates. Questions around liquidity impacted by these rates, and how to appropriately adjust these rates at the time of transition, remain a concern for certain Funds. The effect of any changes to, or discontinuation of, LIBOR on a Fund will vary, and it is difficult to predict the full impact of the transition away from LIBOR on a Fund until new reference rates and fallbacks for both legacy and new products, instruments and contracts are commercially accepted.

92	Janus Investment Fund

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 investment opportunities. Liquidity risk may be increased to the extent that a Fund invests in Rule 144A and restricted securities that are deemed to be illiquid investments.

93	Janus Investment Fund

Rule 144A Securities Risk. Certain Funds may invest in Rule 144A securities that are not registered for sale to the general public under the Securities Act of 1933, as amended, but which may be resold to certain institutional investors. Such securities may be determined to be liquid in accordance with the Funds’ applicable policies and procedures and Rule 22e-4. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities at a particular time could affect negatively a Fund’s ability to dispose of such securities promptly or at expected prices. Accordingly, a Fund’s investment in Rule 144A securities may subject the Fund to enhanced liquidity risk and potentially increase the Fund’s exposure to illiquid investments if eligible buyers become uninterested in buying Rule 144A securities at a particular time.

94	Janus Investment Fund

subject. Sovereign debtors may also be dependent on expected disbursements from foreign governments, 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.

95	Janus Investment Fund

Management of the Funds

Investment adviser

96	Janus Investment Fund

Management expenses

Each Fund pays Janus Capital an investment advisory fee and incurs expenses, including administrative services fees payable pursuant to the Transfer Agency Agreement, any other transfer agent and 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. Janus Capital pays Perkins a subadvisory fee from its investment advisory fee, as noted below, for managing Janus Henderson Global Value Fund and Janus Henderson International Value Fund.

Fixed-Rate Investment Advisory Fee

The Funds reflected below pay an investment advisory fee at a fixed rate based on each Fund’s average daily net assets.

Fund Name	Average Daily Net Assets of the Fund	Contractual Investment Advisory Fee (%) (annual rate)	Actual Investment Advisory Fee Rate (%) (for the fiscal year ended September 30, 2019)
Janus Henderson Emerging Markets Fund	First $1 Billion	1.00
	Next $1 Billion	0.90
	Over $2 Billion	0.85	0.63 ⁽¹⁾
Janus Henderson European Focus Fund	First $500 Million	1.00
	Next $1 Billion	0.90
	Next $1 Billion	0.85
	Over $2.5 Billion	0.80	0.85 ⁽¹⁾
Janus Henderson Global Equity Income Fund	First $1 Billion	0.85
	Next $1 Billion	0.65
	Over $2 Billion	0.60	0.67 ⁽¹⁾
Janus Henderson Global Life Sciences Fund	All Asset Levels	0.64	0.64
Janus Henderson Global Select Fund	All Asset Levels	0.64	0.64 ⁽¹⁾
Janus Henderson Global Technology and Innovation Fund	All Asset Levels	0.64	0.64 ⁽¹⁾
Janus Henderson International Opportunities Fund	First $2 Billion	1.00
	Next $1 Billion	0.90
	Next $1 Billion	0.80
	Next $1 Billion	0.70
	Next $5 Billion	0.60
	Over $10 Billion	0.50	0.86 ⁽¹⁾
Janus Henderson International Small Cap Fund	First $500 Million	0.99
	Next $500 Million	0.89
	Over $1 Billion	0.84	0.00 ⁽¹⁾⁽²⁾
Janus Henderson International Value Fund	All Asset Levels	0.80	0.23 ⁽¹⁾

(1)

Janus Capital has 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 administrative services fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed a certain level for at least a one-year period commencing on January 28, 2020. Application of an expense waiver and its effect on annual fund operating expenses is reflected, when applicable, in the “Fees and Expenses of the Fund” table in the Fund Summary of the Prospectus, and additional information is included under “Expense Limitations” below. The waiver is reflected in the actual investment advisory fee rate shown.

(2)

Performance-Based Investment Advisory Fee

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investment record of its benchmark index over a rolling 36-month performance measurement period. The second column in the table below shows each Fund’s base fee rate. The third column shows the full performance rate for outperformance or underperformance during the measurement period relative to each Fund’s respective benchmark index. The fourth column shows the performance adjusted investment advisory fee rate, which is equal to each Fund’s base fee rate plus or minus the performance adjustment over the period without any fee waivers. The fifth column shows the actual investment advisory fee rate, which is equal to each Fund’s base fee rate plus or minus the performance adjustment over the period and includes any applicable fee waiver. This fifth column shows the actual amount of the investment advisory fee rate paid by each Fund as of the end of the fiscal year.

Fund Name	Base Fee Rate (%)	Full Performance Rate vs. Benchmark Index	Performance Adjusted Investment Advisory Fee Rate (%)	Actual Investment Advisory Fee Rate (%) (for the fiscal year ended September 30, 2019)
Janus Henderson Global Research Fund	0.60	± 6.00%	0.64	0.64 ⁽¹⁾
Janus Henderson Global Real Estate Fund	0.75	± 4.00%	0.85	0.85 ⁽¹⁾
Janus Henderson Global Value Fund	0.64	± 7.00%	0.47	0.47
Janus Henderson Overseas Fund	0.64	± 7.00%	0.58	0.58 ⁽¹⁾
Janus Henderson Asia Equity Fund	0.92	± 7.00%	0.97	0.00 ⁽¹⁾⁽²⁾

(1)

Janus Capital has 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 any performance adjustments to management fees, administrative services fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed a certain level for at least a one-year period commencing on January 28, 2020. Application of an expense waiver and its effect on annual fund operating expenses is reflected, when applicable, in the “Fees and Expenses of the Fund” table in the Fund Summary of the Prospectus, and additional information is included under “Expense Limitations” below. The waiver and any applicable performance adjustment are reflected in the actual investment advisory fee rate shown.

(2)

Fund Name	Benchmark Index
Janus Henderson Global Research Fund	MSCI World Index⁽¹⁾
Janus Henderson Global Real Estate Fund	FTSE EPRA Nareit Global Index
Janus Henderson Global Value Fund	MSCI World Index⁽¹⁾
Janus Henderson Overseas Fund	MSCI All Country World ex-U.S. Index⁽¹⁾
Janus Henderson Asia Equity Fund	MSCI All Country Asia ex-Japan Index⁽¹⁾

(1)	The index includes reinvestment of dividends, net of foreign withholding taxes.

The calculation of the performance adjustment applies as follows:

Investment Advisory Fee = Base Fee Rate +/– Performance Adjustment

98	Janus Investment Fund

applying a variable rate of up to 0.15% (positive or negative) to the Fund’s average daily net assets during the applicable performance measurement period. The performance measurement period generally is the previous 36 months, although no Performance Adjustment is made until a Fund’s performance-based fee structure has been in effect for at least 12 months.

A discussion regarding the basis for the Trustees’ approval of the Funds’ investment advisory agreements and subadvisory agreements (as applicable) is included in each Fund’s annual report (for the period ending September 30) or semiannual report (for the period ending March 31) to shareholders. You can request the Funds’ annual or semiannual reports (as they become available), free of charge, by contacting a Janus Henderson representative at 1-800-525-3713. The reports are also available, free of charge, at janushenderson.com/reports.

Expense Limitations

99	Janus Investment Fund

Fund, if applicable, see the “Fees and Expenses of the Fund” table in each Fund Summary of the Prospectus. Janus Capital has agreed to continue each waiver for at least a one-year period commencing on January 28, 2020.

Fund Name	Expense Limit Percentage (%)
Janus Henderson Asia Equity Fund⁽¹⁾	1.11
Janus Henderson Emerging Markets Fund	1.03
Janus Henderson European Focus Fund	0.96
Janus Henderson Global Equity Income Fund	0.84
Janus Henderson Global Real Estate Fund⁽¹⁾	0.91
Janus Henderson Global Research Fund⁽¹⁾	0.86
Janus Henderson Global Select Fund	0.87
Janus Henderson Global Technology and Innovation Fund	0.71
Janus Henderson International Opportunities Fund	0.88
Janus Henderson International Small Cap Fund	0.98
Janus Henderson International Value Fund	0.86
Janus Henderson Overseas Fund⁽¹⁾	0.87

(1)

Subadviser

Investment personnel

Janus Henderson Asia Equity Fund

100	Janus Investment Fund

Janus Henderson Emerging Markets Fund

Janus Henderson European Focus Fund

Janus Henderson Global Equity Income Fund

Janus Henderson Global Life Sciences Fund

Janus Henderson Global Real Estate Fund

101	Janus Investment Fund

Janus Henderson Global Research Fund

Janus Henderson Global Select Fund

102	Janus Investment Fund

Janus Henderson Global Technology and Innovation Fund

Janus Henderson Global Value Fund

Janus Henderson International Opportunities Fund

103	Janus Investment Fund

Janus Henderson International Small Cap Fund

Janus Henderson International Value Fund

Janus Henderson Overseas Fund

104	Janus Investment Fund

Conflicts of Interest

105	Janus Investment Fund

Other information

CLOSED FUND POLICIES

LIQUIDATION/REORGANIZATION OF A FUND

DISTRIBUTION OF THE Funds

106	Janus Investment Fund

Distributions and taxes

Distributions

Distribution Schedule

How Distributions Affect a Fund’s NAV

“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 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. To receive distributions in cash, contact a Janus Henderson representative at 1-800-525-3713. 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.

Distribution Options

When you open an account, it will automatically provide for reinvestment of all distributions. If you have a non-retirement account, you may change your distribution option at any time by logging on to janushenderson.com/individual, by calling a Janus Henderson representative, or by writing to the Funds at one of the addresses listed in the Shareholder’s Manual section of this Prospectus. The Funds offer the following options:

Reinvestment Option. You may reinvest your income dividends and capital gains distributions in additional shares.

Cash Option. You may receive your income dividends and capital gains distributions in cash.

Reinvest and Cash Option. You may receive either your income dividends or capital gains distributions in cash and reinvest the other in additional shares.

Redirect Option. You may direct your dividends or capital gains distributions to purchase shares of another Janus Henderson fund.

The Funds reserve the right to reinvest uncashed dividend and distribution checks into your open non-retirement account at the NAV next computed after the check is cancelled. Subsequent distributions may also be reinvested. For more information, refer to “Shareholder Services and Account Policies.”

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TAXES

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 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. Please note that you may receive account tax information from Janus Henderson Global Real Estate Fund at the end of February of each year. REITs typically recharacterize a portion of the dividends paid during the year from ordinary income to capital gain and/or return of capital (which could relate to depreciation on real estate). The information regarding this recharacterization is generally not made available by the REIT until late January. Therefore, the actual composition of the Fund’s distributions during a year may change substantially subsequent to year-end. To the extent these changes occur, they may have the effect of reducing the net investment income component of the Fund’s distributions and increasing the capital gains and/or return of capital components.

Taxes on Sales or Exchanges

108	Janus Investment Fund

proceeds from sales of Fund shares, and distributions of net capital gains. Recently issued 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, the Janus Henderson funds will report cost basis information to you and to the Internal Revenue Service (the “IRS”). Each Fund will permit shareholders to elect their preferred cost basis method. In the absence of an election, 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.

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.

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Shareholder’s manual

This Shareholder’s Manual is for those shareholders investing directly with the Funds. This section will help you become familiar with the different types of accounts you can establish with Janus Capital. It also explains in detail the wide array of services and features you can establish on your account, as well as describes account policies and fees that may apply to your account. Account policies (including fees), services, and features may be modified or discontinued without shareholder approval or prior notice.

Doing business with Janus Henderson

The Shares are generally no longer being made available to new investors who do not already have a direct account with the Janus Henderson funds. The Shares are available only to investors who hold accounts directly with the Janus Henderson funds, to immediate family members or members of the same household of an eligible individual investor, and to existing beneficial owners of sole proprietorships or partnerships that hold accounts directly with the Janus Henderson funds. Under certain limited circumstances, shareholders of other Janus Henderson share classes who no longer wish to hold shares through an intermediary may be eligible to purchase Class D Shares.

In addition, 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 D Shares. Under certain circumstances, where there has been a change in the form of ownership due to, for example, mandatory retirement distributions, legal proceedings, estate settlements, or the gifting of Shares, the recipient of Class D Shares may continue to purchase Class D Shares.

The Funds offer multiple classes of shares in order to meet the needs of various types of investors. 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. If you would like additional information about the other available share classes, please call 1-800-525-3713.

Online – janushenderson.com – 24 hours a day, 7 days a week

At janushenderson.com/individual* existing shareholders can:

•	Obtain Fund information and performance
•	View your personalized performance
•	Review your account or your complete portfolio
•	Buy, exchange, and sell Janus Henderson funds
•	Update personal information
•	Receive electronic daily transaction confirmations, quarterly and year-end statements, semiannual and annual reports, prospectuses, and tax forms
•	Analyze the fees associated with your investment (www.finra.org/fundanalyzer)
•	Open a new account
*	Certain account or transaction types may be restricted from being processed through janushenderson.com. If you would like more information about these restrictions, please contact a Janus Henderson representative.

Janus Henderson XpressLine^tm
1-888-979-7737
• 24-hour automated phone system

Janus Henderson Representatives
1-800-525-3713

TDD
For the speech and hearing impaired.
1-800-525-0056

Mailing Address
Janus Henderson
P.O. Box 219109
Kansas City, MO 64121-9109

For Overnight Mail
Janus Henderson
430 W 7th Street, Suite 219109
Kansas City, MO 64105-1407

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Minimum Investments*

To open a new regular Fund account	$2,500
To open a new regular Fund account with an automatic investment program of $50 per month	$ 100
To open a new UGMA/UTMA account, Coverdell Education Savings Account, or a retirement Fund account
• without an automatic investment program	$1,000
• with an automatic investment program of $50 per month	$ 100
To add to any existing type of Fund account without an automatic investment program	$ 50

The Funds reserve the right to change the amount of these minimums from time to time or to waive them in whole or in part. Participants in certain retirement plans, including but not limited to, Janus Henderson prototype Money Purchase Pension and Profit Sharing plans, SEP IRAs, SARSEP IRAs, or outside qualified retirement plans, may not be subject to the stated minimums. Employees of JHG and its subsidiaries may open Fund accounts for $100.

Minimum Investment Requirements

Due to the proportionately higher costs of maintaining small accounts, the Funds reserve the right to deduct an annual $25 minimum balance fee per Fund account (paid to Janus Services) with values below the minimums described under “Minimum Investments” or to close Fund accounts valued at less than $100. This policy may not apply to accounts that fall below the minimums solely as a result of market value fluctuations or to those accounts not subject to a minimum investment requirement. The fee or account closure will occur during the fourth quarter of each calendar year. You may receive written notice before we charge the $25 fee or close your 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 the fee being charged or the redemption.

Types of Account Ownership

Please refer to janushenderson.com/individual for the appropriate account application and for information related to maintaining an account.

Individual or Joint Ownership

Individual accounts are owned by one person. Joint accounts have two or more owners.

Trust

An established trust can open an account. The names of each trustee, the name of the trust, and the date of the trust agreement must be included on the application.

Business Accounts

Corporations and partnerships may also open an account. The application must be signed by an authorized officer of the corporation or a general partner of the partnership.

Tax-Advantaged Accounts

Please refer to janushenderson.com/individual for the appropriate account application and for information related to maintaining an account. Certain tax-advantaged accounts can only be maintained via written request. Please contact a Janus Henderson representative for more information.

If you are eligible, you may set up one or more tax-advantaged accounts. A tax-advantaged account allows you to shelter your investment income and capital gains from current income taxes. A contribution to certain of these plans may also be tax deductible. The types of tax-advantaged accounts that may be opened with Janus Henderson are described below. Investors should consult their tax adviser or legal counsel before selecting a tax-advantaged account.

Investing for Your Retirement

Please visit janushenderson.com/individual or call a Janus Henderson representative for more complete information regarding the different types of IRAs available. Distributions from these plans may be subject to income tax and generally to an additional tax if withdrawn prior to age 59¹⁄2 and used for a nonqualifying purpose.

Traditional and Roth IRAs

Both IRAs allow most individuals with earned income to contribute up to the lesser of $6,000 or 100% of compensation, with future years increased by cost-of-living adjustments. In addition, IRA holders age 50 or older may contribute $1,000 more than these limits.

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Simplified Employee Pension (“SEP”) IRA

This plan allows small business owners (including sole proprietors) to make tax-deductible contributions for themselves and any eligible employee(s). A SEP requires an IRA (a “SEP-IRA”) to be set up for each SEP participant.

Profit Sharing or Money Purchase Pension Plans

These plans are open to corporations, partnerships, and small business owners (including sole proprietors) for the benefit of their employees and themselves. You may only maintain this type of account via written request. Please contact a Janus Henderson representative for more information.

Accounts for the Benefit of a Child

Custodial Accounts (UGMA or UTMA)

An UGMA/UTMA account is a custodial account managed for the benefit of a minor.

Coverdell Education Savings Account

This tax-advantaged plan allows individuals, subject to certain income limitations, to contribute up to $2,000 annually on behalf of any child under the age of 18. Contributions are also allowed on behalf of children with special needs beyond age 18. Distributions are generally tax-free when used for qualified education expenses.

Please refer to the following for information regarding opening an account and conducting business with Janus Henderson.

To Open an Account or Buy Shares

New accounts can be opened via written request or online. Please visit janushenderson.com/individual or contact a Janus Henderson representative for more information.

As previously noted, 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.

By Mail/In Writing

•	To open your Fund account, complete and sign the appropriate application. Make your check payable to Janus Henderson or elect a one-time electronic withdrawal from your bank account as noted on the appropriate application.
•	To buy additional shares, complete the remittance slip accompanying your confirmation statement. If you are making a purchase into a retirement account, please indicate whether the purchase is a rollover or a current or prior year contribution. Send your check and remittance slip or written instructions to the address listed on the slip.

Online

•

You may open a new account or buy additional shares in an existing Fund account (note that certain account or transaction types may be restricted from being processed through janushenderson.com). You may elect to have Janus Henderson electronically withdraw funds from your designated bank account. A real-time confirmation of your transaction will be provided via janushenderson.com/individual.

By Telephone

•	For an existing account, you may use Janus Henderson XpressLine to buy shares 24 hours a day, or you may call a Janus Henderson representative during normal business hours. Janus Henderson will electronically withdraw funds from your designated bank account.
•	You may also buy shares by wiring money from your bank account to your Fund account. For wiring instructions, call a Janus Henderson representative.

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By Automated Investments

•	To buy additional shares through the Automatic Investment Program, you select the frequency with which your money ($50 minimum) will be electronically transferred from your bank account to your Fund account. Certain tax-advantaged accounts are not eligible for automated investments.
•	You may buy additional shares using Payroll Deduction if your employer can initiate this type of transaction. You may have all or a portion of your paycheck ($50 minimum) invested directly into your Fund account.

Note: For more information, refer to “Paying for Shares.”

To Exchange Shares

Online

•	Exchanges may generally be made online at janushenderson.com/individual.

By Telephone

•	Generally all accounts are automatically eligible to exchange shares by telephone. To exchange all or a portion of your shares into any other available Janus Henderson fund, call Janus Henderson XpressLineor a Janus Henderson representative.

By Mail/In Writing

•	To request an exchange in writing, please follow the instructions in “Written Instructions.”

By Systematic Exchange

•	You determine the amount of money you would like automatically exchanged from one Fund account to another on any day of the month.

Note: For more information, refer to “Exchanges.”

To Sell Shares

As previously noted, 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.

Online

•	Redemptions may be made online at janushenderson.com/individual.

By Telephone

•	Generally all accounts are automatically eligible to sell shares by telephone. To sell all or a portion of your shares, call Janus Henderson XpressLine or a Janus Henderson representative. The Funds reserve the right to limit the dollar amount that you may redeem from your account by telephone.

By Mail/In Writing

•	To request a redemption in writing, please follow the instructions in “Written Instructions.”

By Systematic Redemption

•	This program allows you to sell shares worth a specific dollar amount from your Fund account on a regular basis.

Note: For more information, refer to “Payment of Redemption Proceeds.”

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Pricing of fund shares

All purchases, exchanges, and redemptions will be duly processed at the NAV as described under “Policies in Relation to Transactions” after your request is received in good order by a Fund or its agents.

Securities held by the Funds are valued in accordance with policies and procedures established by and under the oversight of the Trustees. To the extent available, equity securities are generally valued on the basis of market quotations. Most fixed-income securities are typically valued using an evaluated bid price supplied by an 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 under the policies and 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 value pricing 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 Funds use 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.

Policies in Relation to Transactions

All requests, including but not limited to, exchanges between a Fund and other Janus Henderson funds, purchases by check or automated investment, redemptions by wire transfer, ACH transfer, or check, must be received in good order by the Fund

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or its agents prior to the close of the regular trading session of the NYSE (normally 4:00 p.m. New York time) in order to receive that day’s NAV. Transaction requests submitted in writing and mailed to Janus Henderson’s P.O. Box, once delivered, are considered received for processing the following business day. Transactions involving funds which pay dividends will generally begin to earn dividends, as applicable, on the first bank business day following the date of purchase.

Administrative services fees

The Funds pay an annual administrative services fee based on the average daily net assets of Class D Shares, as detailed below.

Average Daily Net Assets of Class D Shares of the Janus Henderson funds	Administrative Services Fee
Under $40 billion	0.12%
$40 billion - $49.9 billion	0.10%
Over $49.9 billion	0.08%

These administrative services fees are paid by Class D Shares of each Fund. Janus Services provides or arranges for the provision of shareholder services including, but not limited to, recordkeeping, accounting, answering inquiries regarding accounts, transaction processing, transaction confirmations, and the mailing of prospectuses and shareholder reports.

Payments to financial intermediaries by Janus Capital or its affiliates

With respect to other share classes not offered in this Prospectus, Janus Capital or its affiliates pay fees, from their own assets, to selected brokerage firms, banks, financial advisors, retirement plan service providers, and other financial intermediaries that sell the Janus Henderson funds for distribution, marketing, promotional, or related services, and/or for providing recordkeeping, subaccounting, transaction processing, and other shareholder or administrative services (including payments for processing transactions via the National Securities Clearing Corporation (“NSCC”) or other means) 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. Shareholders investing through an intermediary should consider whether such arrangements exist when evaluating any recommendations from an intermediary and when considering which share class of a fund is most appropriate.

In addition, Janus Capital 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. Janus Capital or its affiliates make payments to participate in selected intermediary marketing support programs which may provide Janus Capital 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 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.

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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. 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.

Paying for shares

Please note the following when purchasing Shares:

•	Cash, credit cards, third party checks (with certain limited exceptions), travelers cheques, credit card checks, line of credit checks, or money orders will not be accepted.
•	All purchases must be made in U.S. dollars and checks must be drawn on U.S. banks or an accepted non-U.S. bank.
•	Purchases initiated using a bill-pay service (or an equivalent) and presented either electronically or in the form of a check are considered direct deposit transactions.
•	When purchasing Shares through the Automatic Investment Program, your automatic investment selection(s) will generally be active within three days following receipt of your authorization for the date and amount you specify. If no date or dollar amount is specified on your application, investments of $50 will be made on the 20th of each month. If the balance in the Janus Henderson fund account you are buying into falls to zero as the result of a redemption, exchange, or minimum balance fee, your Automatic Investment Program will be discontinued.
•	We may make additional attempts to debit your predesignated bank account for automated investments that initially fail. You are liable for any costs associated with these additional attempts. If your automated investment fails, you may purchase Shares of the Funds by submitting good funds via another method accepted by the Funds (e.g., by wire transfer). In this case, your purchase will be processed at the next NAV determined after we receive good funds, not at the NAV available as of the date of the original request.
•	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.”
•	If all or a portion of a purchase is received for investment without a specific fund designation, for investment in one of our closed funds, or for investment in a fund that is not yet available for public sale, the undesignated amount or entire investment, as applicable, will be invested in Janus Henderson Government Money Market Fund. For investments without a specific fund designation, where you own a single Fund account with a current balance greater than zero, the investment will be applied to that Fund account. For investments without a specific fund designation, where you own two or more Fund accounts with current balances greater than zero, and for investments in closed funds, unless you later direct Janus Henderson to (i) buy shares of another Janus Henderson fund or (ii) sell shares of Janus Henderson Government Money Market Fund and return the proceeds (including any dividends earned) to you, Janus Henderson will treat your inaction as approval of the purchase of Janus Henderson Government Money Market Fund. If you hold shares of a closed fund and submit an order directly to Janus Henderson for your account in that closed fund, your account must be open and your order must clearly indicate that you are currently a shareholder of the closed fund, or your money will be invested in Janus Henderson Government Money Market Fund. If you submit an order to buy shares of a fund that is not yet available for investment (during a subscription period), your investment will be held in Janus Henderson Government Money Market Fund until the new fund’s commencement of operations. At that time, your investment (including any dividends) will be automatically exchanged from Janus Henderson Government Money Market Fund to the new fund. All orders for purchase, exchange, or redemption will receive the NAV as described under “Policies in Relation to Transactions.”
•	For Fund purchases by check, if your check does not clear for any reason, your purchase will be cancelled.

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•	If your purchase is cancelled for any reason, you will be responsible for any losses or fees imposed by your bank and may be responsible for losses that may be incurred as a result of any decline in the value of the cancelled purchase.

In compliance with the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”), Janus Capital 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, Janus Capital may temporarily limit additional share purchases. In addition, Janus Capital may close an account if it is unable to verify a shareholder’s identity. Please contact a Janus Henderson representative if you need additional assistance when completing your application or additional information about the Anti-Money Laundering Program.

The Funds have also adopted an identity theft policy (“Red Flag Policy”) to detect, prevent, and mitigate patterns, practices, or specific activities that indicate the possible existence of identity theft. The Funds are required by law to obtain certain personal information which will be used to verify your identity. The Red Flag Policy applies to the opening of Fund accounts and activity with respect to existing accounts.

Exchanges

Please note the following when exchanging Shares:

•	An exchange represents the redemption (or sale) of shares from one Fund and the purchase of shares of another Fund, which may produce a taxable gain or loss in a non-retirement account.
•	You may generally exchange Shares of a Fund for Shares of the same class of any other fund in the Trust, 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. A Fund’s fees and expenses differ between share classes. Exchanging from a direct share class to one held through an intermediary typically results in increased expenses. This is because share classes distributed through intermediaries include additional fees for administration and/or distribution to pay for services provided by intermediaries. Please read the Prospectus for the share class you are interested in prior to investing in that share class.
•	New regular Janus Henderson fund accounts established by exchange must be opened with $2,500 or the total account value if the value of the Janus Henderson fund account you are exchanging from is less than $2,500 ($100 for new regular Fund accounts with an automatic investment program of $50 per month). (If your Janus Henderson fund account balance does not meet the minimum investment requirements, you may be subject to an annual minimum balance fee or account closure. For more information, refer to “Minimum Investment Requirements.”)
•	UGMA/UTMA accounts, Traditional or Roth IRAs, Simplified Employee Pension IRAs, and Coverdell Education Savings Accounts established by exchange must meet the minimum investment requirements previously described. If the value of the Janus Henderson fund account you are exchanging from is less than the stated minimum, you must exchange the entire balance. (If your Janus Henderson fund account balance does not meet the minimum investment requirements, you may be

117	Janus Investment Fund

	subject to an annual minimum balance fee or account closure. For more information, refer to “Minimum Investment Requirements.”)
•	New Janus Henderson fund non-retirement accounts established by an exchange (or exchange purchases to an existing Roth IRA) resulting from a required minimum distribution from a retirement account do not have an initial minimum investment requirement. (If your Janus Henderson fund account balance does not meet the minimum investment requirements, you may be subject to an annual minimum balance fee or account closure. For more information, refer to “Minimum Investment Requirements.”)
•	Exchanges between existing Janus Henderson fund accounts must meet the $50 subsequent investment requirement.
•	For Systematic Exchanges, if no date is specified on your request, systematic exchanges will be made on the 20th of each month. You may establish this option for as little as $100 per exchange. If the balance in the Janus Henderson fund account you are exchanging from falls below the Systematic Exchange amount, all remaining shares will be exchanged and your Systematic Exchange Program will be discontinued.
•	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. Different restrictions may apply if you invest through an intermediary. For more information about the Funds’ policy on excessive trading, refer to “Excessive Trading.”
•	Each Fund reserves the right to reject any exchange request and to modify or terminate the exchange privilege at any time.
•	With certain exceptions, exchanges between Janus Henderson fund accounts will be accepted only if the registrations are identical. If you are exchanging into a closed Janus Henderson fund, you will need to meet criteria for investing in the closed fund. For more information, refer to Closed Fund Policies in the “Other Information” section of this Prospectus.
•	If the shares you are exchanging are held in certificate form, you must return the certificate to Janus Henderson prior to making any exchanges. Shares are no longer available in certificate form.

Note: For the fastest and easiest way to exchange shares, log on to janushenderson.com/individual* 24 hours a day, 7 days a week.

*	Certain account types and transactions are not available via janushenderson.com. For more information, access janushenderson.com/individual or refer to this Shareholder’s Manual.

Payment of redemption proceeds

As previously noted, 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.

By Electronic Transfer – Generally all accounts are automatically eligible for the electronic redemption option if bank information is provided.

•	Next Day Wire Transfer – Your redemption proceeds can be electronically transferred to your predesignated bank account on the next bank business day after receipt of your redemption request (wire transfer). You may be charged a fee for each wire transfer, and your bank may charge an additional fee to receive the wire.
•	ACH (Automated Clearing House) Transfer – Your redemption proceeds can be electronically transferred to your predesignated bank account on or about the second bank business day after receipt of your redemption request. There is no fee associated with this type of electronic transfer.

By Check – Redemption proceeds will be sent to the shareholder(s) of record at the address of record normally within seven days after receipt of a valid redemption request. During the 10 days following an address change, requests for redemption checks to be sent to a new address require a signature guarantee.

By Systematic Redemption – If no date is specified on your request, systematic redemptions will be made on or about the 24th of each month. If the balance in the Janus Henderson fund account you are selling from falls to zero, your Systematic Redemption Program will be discontinued.

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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.

Generally, orders to sell Shares may be initiated at any time at janushenderson.com/individual, by telephone, or in writing. Certain accounts may require a written request. If the Shares being sold were purchased by check or automated investment, the Funds can delay the payment of your redemption proceeds for up to 15 days from the day of purchase to allow the purchase to clear. In addition, there may be a delay in the payment of your redemption proceeds if you request a redemption by electronic transfer and your bank information is new. Unless you provide alternate instructions, your proceeds will be invested in Shares of Janus Henderson Government Money Market Fund during the 15-day hold period.

Note: For the fastest and easiest way to redeem shares, log on to janushenderson.com/individual* 24 hours a day, 7 days a week.

*	Certain account types and transactions are not available via janushenderson.com. For more information, access janushenderson.com/individual or refer to this Shareholder’s Manual.

Large Shareholder Redemptions

Certain large shareholders, such as other funds, individuals, accounts, and Janus Capital affiliates, 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

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Written Instructions

To redeem or exchange all or part of your Shares in writing, your request should be sent to one of the addresses listed under “Doing Business with Janus Henderson.” Requests or documents received in a language other than English may be inadvertently delayed or returned due to an inability to accurately translate the intended instructions. Please include the following information:

•	the name of the Janus Henderson fund(s) being redeemed or exchanged;
•	the account number(s);
•	the amount of money or number of shares being redeemed or exchanged;
•	the name(s) on the account;
•	the signature(s) of one or more registered account owners; and
•	your daytime telephone number.

Signature Guarantee

A signature guarantee for each registered account owner is required if any of the following is applicable:

•	You request a redemption by check above a certain dollar amount.
•	You would like a check made payable to anyone other than the shareholder(s) of record.
•	You would like a check mailed to an address that has been changed within 10 days of the redemption request.
•	You would like a check mailed to an address other than the address of record.
•	You would like your redemption proceeds sent to a bank account other than a bank account of record.

The Funds reserve the right to require a signature guarantee under other circumstances or to reject or delay a redemption on certain legal grounds.

A signature guarantee may be refused if any of the following is applicable:

•	It does not appear valid or in good form.
•	The transaction amount exceeds the surety bond limit of the signature guarantee.
•	The guarantee stamp has been reported as stolen, missing, or counterfeit.

How to Obtain a Signature Guarantee

A signature guarantee assures that a signature is genuine. The signature guarantee protects shareholders from unauthorized account transfers. The following financial institutions may guarantee signatures: banks, savings and loan associations, trust companies, credit unions, broker-dealers, and member firms of a national securities exchange. Call your financial institution to see if it has the ability to guarantee a signature. A signature guarantee cannot be provided by a notary public.

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. Direct investors should be aware that the Funds are also available for purchase through third party intermediaries. As described below, the Funds may not be able to identify all instances of excessive trading or completely eliminate the possibility of excessive trading. In particular, it may be difficult to identify excessive trading in certain omnibus accounts and other accounts traded through intermediaries. By their nature, omnibus accounts, in which purchases and redemptions of the Funds’ shares by multiple investors are aggregated by the intermediary and presented to the Funds on a net basis, may effectively conceal the identity of individual investors and their transactions from the Funds and their agents. This makes the elimination of excessive trading in the accounts impractical without the assistance of the intermediary.

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

•	exchange limitations as described under “Exchanges”;
•	trade monitoring; and
•	fair valuation of securities as described under “Pricing of Fund Shares”.

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. The Funds, however, cannot always identify or reasonably detect excessive trading that may be facilitated by financial intermediaries or made difficult to identify through the use of omnibus accounts by those intermediaries that transmit purchase, exchange, and redemption orders to the Funds, and thus the Funds may have difficulty curtailing such activity. 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 detect and 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.

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

Excessive Trading Risks

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Although the Funds take steps to detect and deter excessive trading pursuant to the policies and procedures described in this Prospectus and approved by the Trustees, there is no assurance that these policies and procedures will be effective in limiting excessive trading 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.

Availability of Portfolio Holdings Information

•	Full Holdings. The 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. Holdings are generally posted approximately two business days thereafter under Full Holdings for each Fund at janushenderson.com/reports. 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, on Form N-PORT. Information reported in shareholder reports and on 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 1-800-525-3713 (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 and on a calendar quarter-end basis 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 performance contributors/detractors, and specific portfolio level performance attribution information and statistics monthly with a 15-day lag and on a calendar quarter-end basis with a 15-day lag. Top performance contributors/detractors may include the percentage of contribution/detraction to Fund performance.

Shareholder services and account policies

Address Changes

For the easiest way to change the address on your account, visit janushenderson.com/individual. You may also call a Janus Henderson representative or send a written request signed by one or more shareholder(s) of record. Include the name of the Janus Henderson fund(s) you hold, the account number(s), the name(s) on the account, and both the old and new addresses. Certain options may be suspended for 10 days following an address change unless a signature guarantee is provided.

Bank Account Changes

For the easiest way to change your bank account of record or add new bank account information to your account, visit janushenderson.com/individual. You may also send a written request signed by the shareholder of record or by each shareholder of record if more than one. Please note that you may change or add bank information online at

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janushenderson.com/individual for purchases only. Certain accounts may require a written notice and, in some instances, bank privileges may not be available. We cannot accept changes or additions to bank account redemption options online at janushenderson.com/individual or over the telephone. If multiple account owners are named on the added bank account, at least one name on the bank account must match one name on the Fund account. There may be a delay in the payment of your redemption proceeds if you request a redemption by electronic transfer to a new bank or bank account.

Distributions

Generally, all income dividends and capital gains distributions will automatically be reinvested in your Fund account. If you wish to change your distribution option, please visit janushenderson.com/individual, call a Janus Henderson representative, or send a written request signed by one or more shareholder(s) of record.

Your non-retirement Fund account distribution checks may be reinvested in your Fund account if you do not cash them within one year of the date they were written. No interest will accrue on amounts represented by uncashed distribution or redemption checks.

Involuntary Redemptions

The Funds reserve the right to close an account if the shareholder is deemed to engage in activities which are illegal or otherwise believed to be detrimental to the Funds. This includes, but is not limited to, accounts that a Fund or its agents believe are engaged in market timing. Any time shares are redeemed in a taxable account, it is considered a taxable event. You are responsible for any tax liabilities associated with an involuntary redemption of your account.

Lost (Unclaimed/Abandoned) Accounts

It is important that the Funds maintain a correct address for each shareholder. An incorrect address may cause a shareholder’s account statements and other mailings to be returned to the Funds as undeliverable. Based upon statutory requirements for returned mail, Janus Capital will attempt to locate the shareholder or rightful owner of the account. If Janus Capital is unable to locate the shareholder, then Janus Capital 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.

Online and Telephone Transactions

You may initiate many transactions through janushenderson.com/individual or by calling Janus Henderson XpressLine. You may also contact a Janus Henderson representative. Generally all new accounts automatically receive online and telephone transaction privileges including redemption privileges. If you do not want to receive these privileges, please call a Janus Henderson representative. The Funds and their agents will not be responsible for any losses, costs, or expenses resulting from unauthorized transactions when reasonable procedures designed to verify the identity of the online user or caller are followed.

Your ability to access your account or transact business electronically may be impacted due to unexpected circumstances, such as system outages, or during periods of increased web activity. For example, periods of substantial market change or other unexpected events can contribute to high call volumes, which may delay your ability to reach a Janus Henderson representative by telephone.

If you experience difficulty transacting business with us through a particular method, please consider using an alternate method, such as visiting janushenderson.com/individual, calling Janus Henderson XpressLine, contacting a Janus Henderson representative by telephone, or sending written instructions to complete your transaction. Please remember that purchase, exchange, or redemption requests must be received in good order by a Fund or its agents prior to the close of the regular trading session of the NYSE in order to receive that day’s NAV.

Your account information, including online credentials, should be kept private, and you should immediately review any account statements that you receive from Janus Henderson. Someone other than you could act on your account if that person is able to provide the required identifying information. Contact Janus Henderson immediately about any transactions you believe to be unauthorized.

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Registration Changes

To change the name on an account, the shares are generally transferred to a new account. In some cases, legal documentation may be required. Please visit janushenderson.com/individual or call a Janus Henderson representative for further instructions.

Statements, Reports, and Prospectuses

We will send you quarterly confirmations of all transactions. You may elect at janushenderson.com/edelivery to discontinue delivery of your paper statements, and instead receive them online. In addition, at janushenderson.com/individual, the Funds will send you an immediate transaction confirmation statement after every non-systematic transaction. If you have not elected to receive online statements, your confirmation will be mailed within three days of the transaction. The Funds reserve the right to charge a fee for additional account statement requests.

The Funds produce financial reports that include a complete list of each of the Funds’ portfolio holdings semiannually, and update their prospectus annually. You may elect to receive these reports and prospectus updates electronically at janushenderson.com/edelivery. The Funds’ fiscal year ends September 30. Each of Janus Henderson Emerging Markets Fund, Janus Henderson European Focus Fund, Janus Henderson Global Equity Income Fund, Janus Henderson International Opportunities Fund, and Janus Henderson International Small Cap Fund has changed its fiscal year end to September 30 in order to align its fiscal year end and reporting cycle with that of other funds in the fund complex. In order to implement this change, each Fund operated in a two-month stub period from August 1, 2017 to September 30, 2017 and then began a new fiscal year on October 1, 2017.

Unless you instruct Janus Henderson otherwise by contacting a Janus Henderson representative, the Funds will mail only one report or prospectus to your address of record (“household”), even if more than one person in your household has a Fund account. This process, known as “householding,” reduces the amount of mail you receive and helps lower Fund expenses. If you decide that you no longer want the mailing of these documents to be combined with the other members of your household, please call a Janus Henderson representative or send a written request signed by one or more shareholder(s) of record. Individual copies will be sent within thirty (30) days after the Funds receive your instructions.

Taxpayer Identification Number

On the application or other appropriate forms, you may be asked to certify that your Social Security or employer identification number is correct and that you are not subject to backup withholding for failing to report income to the IRS. If you are subject to backup withholding, or you did not certify your taxpayer identification number, the IRS requires the Funds to withhold a certain percentage (at the currently applicable rate) of any dividends paid and redemption or exchange proceeds. In addition to this backup withholding, you may be subject to a $50 fee to reimburse the Funds for any penalty that the IRS may impose.

Temporary Suspension of Services

The Funds or their agents may, in case of emergency, temporarily suspend telephone transactions and other shareholder services. As previously noted, the Funds may postpone payment of redemption proceeds for up to seven calendar days. In addition, 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. The exchange privilege may also be suspended in these circumstances.

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Financial highlights

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

Janus Henderson Asia Equity Fund – Class D

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.54	$11.56	$9.49	$8.35	$9.84
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.09	0.07	0.07	0.08	0.07
Net gain/(loss) on investments (both realized and unrealized)	(0.23)	0.23	2.11	1.45	(1.00)
Total from investment operations	(0.14)	0.30	2.18	1.53	(0.93)
Less distributions:
Dividends from net investment income	(0.03)	(0.05)	(0.11)	(0.01)	(0.19)
Distributions from capital gains	(0.84)	(0.27)	—	(0.38)	(0.37)
Total distributions	(0.87)	(0.32)	(0.11)	(0.39)	(0.56)
Net asset value, end of period	$10.53	$11.54	$11.56	$9.49	$8.35
Total return⁽²⁾	(0.44)%	2.57%	23.30%	18.95%	(9.99)%
Net assets, end of period (in thousands)	$11,198	$13,089	$21,577	$5,314	$5,640
Average net assets for the period (in thousands)	$11,599	$21,221	$11,542	$5,013	$6,632
Ratio of gross expenses to average net assets	2.29%	1.72%	2.19%	3.38%	2.75%
Ratio of net expenses to average net assets	1.33%	1.33%	1.44%	1.36%	1.42%
Ratio of net investment income/(loss) to average net assets	0.88%	0.55%	0.67%	0.89%	0.67%
Portfolio turnover rate	34%	41%	120%	59%	152%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

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Janus Henderson Emerging Markets Fund – Class D

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$9.53	$10.41	$10.24	$10.05
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.14	0.11	0.04	0.07
Net gain/(loss) on investments (both realized and unrealized)	(0.59)	(0.67)	0.13	0.12
Total from investment operations	(0.45)	(0.56)	0.17	0.19
Less distributions:
Dividends from net investment income	(0.12)	(0.11)	—	—
Distributions from capital gains	(0.18)	(0.21)	—	—
Total distributions	(0.30)	(0.32)	—	—
Net asset value, end of period	$8.78	$9.53	$10.41	$10.24
Total return⁽⁴⁾	(4.59)% ⁽⁵⁾	(5.64)%	1.66%	1.89%
Net assets, end of period (in thousands)	$10,957	$13,104	$16,053	$16,527
Average net assets for the period (in thousands)	$12,337	$15,607	$16,501	$14,711
Ratio of gross expenses to average net assets⁽⁶⁾	1.80%	1.38%	1.80%	1.35%
Ratio of net expenses to average net assets⁽⁶⁾	1.19%	1.15%	1.46%	1.32%
Ratio of net investment income/(loss) to average net assets⁽⁶⁾	1.51%	1.08%	2.18%	4.63%
Portfolio turnover rate	68%	26%	2%	32%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class D Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Total return without the effect of affiliated payments would have been (4.82)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(6)	Annualized for periods of less than one full year.

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Janus Henderson European Focus Fund – Class D

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$31.61	$35.02	$34.21	$33.53
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.49	0.57	0.14	0.11
Net gain/(loss) on investments (both realized and unrealized)	(3.92)	(3.20)	0.67	0.57
Total from investment operations	(3.43)	(2.63)	0.81	0.68
Less distributions:
Dividends from net investment income	(1.13)	(0.78)	—	—
Total distributions	(1.13)	(0.78)	—	—
Net asset value, end of period	$27.05	$31.61	$35.02	$34.21
Total return⁽⁴⁾	(10.39)%	(7.67)%	2.37%	2.03%
Net assets, end of period (in thousands)	$2,293	$2,875	$2,776	$2,585
Average net assets for the period (in thousands)	$2,421	$3,071	$2,683	$2,342
Ratio of gross expenses to average net assets⁽⁵⁾	1.59%	1.19%	1.11%	1.25%
Ratio of net expenses to average net assets⁽⁵⁾	1.14%	1.11%	1.11%	1.08%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	1.81%	1.71%	2.52%	2.11%
Portfolio turnover rate	145%	82%	6%	57%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class D Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

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Janus Henderson Global Equity Income Fund – Class D

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$7.15	$7.79	$7.78	$7.83
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.48	0.53	0.08	0.07
Net gain/(loss) on investments (both realized and unrealized)	(0.57)	(0.67)	0.04	0.07
Total from investment operations	(0.09)	(0.14)	0.12	0.14
Less distributions:
Dividends from net investment income	(0.49)	(0.50)	(0.11)	(0.19)
Total distributions	(0.49)	(0.50)	(0.11)	(0.19)
Net asset value, end of period	$6.57	$7.15	$7.79	$7.78
Total return⁽⁴⁾	(1.06)%	(1.91)%	1.56%	1.86%
Net assets, end of period (in thousands)	$8,028	$8,359	$2,985	$1,941
Average net assets for the period (in thousands)	$7,928	$7,765	$2,334	$1,027
Ratio of gross expenses to average net assets⁽⁵⁾	0.99%	0.88%	0.84%	1.19%
Ratio of net expenses to average net assets⁽⁵⁾	0.99%	0.88%	0.84%	0.96%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	7.17%	7.02%	6.30%	5.97%
Portfolio turnover rate	142%	137%	21%	127%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class D Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

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Janus Henderson Global Life Sciences Fund – Class D

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$65.89	$56.59	$49.90	$54.41	$52.58
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.27	0.12	0.18	0.15	(0.04)
Net gain/(loss) on investments (both realized and unrealized)	(4.58)	9.86	7.07	0.11	7.27
Total from investment operations	(4.31)	9.98	7.25	0.26	7.23
Less distributions:
Dividends from net investment income	—	(0.20)	(0.13)	(0.17)	—
Distributions from capital gains	(6.72)	(0.48)	(0.43)	(4.60)	(5.40)
Total distributions	(6.72)	(0.68)	(0.56)	(4.77)	(5.40)
Net asset value, end of period	$54.86	$65.89	$56.59	$49.90	$54.41
Total return⁽²⁾	(5.69)%	17.91%	14.81%	0.12%	14.24%
Net assets, end of period (in thousands)	$1,372,808	$1,549,599	$1,406,708	$1,434,021	$1,601,161
Average net assets for the period (in thousands)	$1,449,521	$1,404,624	$1,315,724	$1,501,230	$1,635,538
Ratio of gross expenses to average net assets	0.82%	0.82%	0.82%	0.84%	0.85%
Ratio of net expenses to average net assets	0.82%	0.82%	0.82%	0.84%	0.85%
Ratio of net investment income/(loss) to average net assets	0.48%	0.20%	0.36%	0.30%	(0.07)%
Portfolio turnover rate	36%	46%	38%	41%	47%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

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Janus Henderson Global Real Estate Fund – Class D

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.76	$11.35	$10.97	$10.53	$11.04
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.20	0.20	0.20	0.22	0.19
Net gain/(loss) on investments (both realized and unrealized)	1.73	0.69	0.66	0.96	(0.30)
Total from investment operations	1.93	0.89	0.86	1.18	(0.11)
Less distributions:
Dividends from net investment income	(0.38)	(0.48)	(0.37)	(0.36)	(0.23)
Distributions from capital gains	(0.22)	—	(0.11)	(0.38)	(0.17)
Total distributions	(0.60)	(0.48)	(0.48)	(0.74)	(0.40)
Net asset value, end of period	$13.09	$11.76	$11.35	$10.97	$10.53
Total return⁽²⁾	17.31%	7.98%	8.26%	11.78%	(1.17)%
Net assets, end of period (in thousands)	$46,239	$36,579	$35,330	$39,123	$39,506
Average net assets for the period (in thousands)	$39,590	$35,963	$36,226	$38,712	$45,814
Ratio of gross expenses to average net assets	1.16%	1.08%	0.98%	1.08%	1.13%
Ratio of net expenses to average net assets	1.16%	1.08%	0.98%	1.08%	1.13%
Ratio of net investment income/(loss) to average net assets	1.65%	1.75%	1.87%	2.07%	1.68%
Portfolio turnover rate	61%	78%	72%	18%	22%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

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Janus Henderson Global Research Fund – Class D

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$84.93	$75.50	$63.68	$59.84	$62.54
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.88	0.82	0.69	0.63	0.52
Net gain/(loss) on investments (both realized and unrealized)	(0.21) ⁽²⁾	9.14	11.65	3.71	(2.57)
Total from investment operations	0.67	9.96	12.34	4.34	(2.05)
Less distributions:
Dividends from net investment income	(0.63)	(0.53)	(0.52)	(0.50)	(0.65)
Distributions from capital gains	(4.12)	—	—	—	—
Total distributions	(4.75)	(0.53)	(0.52)	(0.50)	(0.65)
Net asset value, end of period	$80.85	$84.93	$75.50	$63.68	$59.84
Total return⁽³⁾	1.76%	13.25%	19.54%	7.28%	(3.32)%
Net assets, end of period (in thousands)	$1,493,928	$1,564,083	$1,461,778	$1,321,668	$1,326,990
Average net assets for the period (in thousands)	$1,463,525	$1,527,522	$1,362,959	$1,315,214	$1,485,766
Ratio of gross expenses to average net assets	0.83%	0.69%	0.74%	0.78%	0.81%
Ratio of net expenses to average net assets	0.83%	0.69%	0.74%	0.78%	0.81%
Ratio of net investment income/(loss) to average net assets	1.13%	1.02%	1.01%	1.04%	0.79%
Portfolio turnover rate	35%	32%	48%	45%	51%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	This amount does not agree with the change in the aggregate gains and losses in the Fund’s securities for the year or period due to the timing of sales and repurchases of the Fund’s shares in relation to fluctuating market values for the Fund’s securities.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

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Janus Henderson Global Select Fund – Class D

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$17.55	$16.06	$12.90	$12.33	$13.20
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.17	0.13	0.12	0.10	0.09
Net gain/(loss) on investments (both realized and unrealized)	(0.57)	1.51	3.19	0.61	(0.86)
Total from investment operations	(0.40)	1.64	3.31	0.71	(0.77)
Less distributions:
Dividends from net investment income	(0.09)	(0.15)	(0.15)	(0.14)	(0.10)
Distributions from capital gains	(2.13)	—	—	—	—
Total distributions	(2.22)	(0.15)	(0.15)	(0.14)	(0.10)
Net asset value, end of period	$14.93	$17.55	$16.06	$12.90	$12.33
Total return⁽²⁾	(0.51)%	10.22%	25.91%	5.77%	(5.90)%
Net assets, end of period (in thousands)	$1,493,415	$1,615,089	$1,560,200	$1,353,449	$1,403,376
Average net assets for the period (in thousands)	$1,479,323	$1,629,405	$1,427,056	$1,358,987	$1,615,199
Ratio of gross expenses to average net assets	0.85%	0.84%	0.86%	0.88%	0.87%
Ratio of net expenses to average net assets	0.85%	0.84%	0.86%	0.88%	0.87%
Ratio of net investment income/(loss) to average net assets	1.15%	0.75%	0.87%	0.78%	0.68%
Portfolio turnover rate	30%	41%	42%	58%	62%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

132	Janus Investment Fund

Janus Henderson Global Technology and Innovation Fund – Class D

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$37.14	$29.69	$24.50	$21.11	$24.49
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.01	— ⁽²⁾	— ⁽²⁾	— ⁽²⁾	0.04
Net gain/(loss) on investments (both realized and unrealized)	2.40	8.63	7.43	5.11	0.46
Total from investment operations	2.41	8.63	7.43	5.11	0.50
Less distributions:
Dividends from net investment income	(0.04)	— ⁽²⁾	—	(0.08)	(0.03)
Distributions from capital gains	(1.89)	(1.18)	(2.24)	(1.64)	(3.85)
Total distributions	(1.93)	(1.18)	(2.24)	(1.72)	(3.88)
Net asset value, end of period	$37.62	$37.14	$29.69	$24.50	$21.11
Total return⁽³⁾	7.91%	29.84%	32.12%	25.41%	1.87%
Net assets, end of period (in thousands)	$1,603,112	$1,570,846	$1,147,818	$805,754	$669,625
Average net assets for the period (in thousands)	$1,501,953	$1,400,342	$958,246	$716,771	$727,258
Ratio of gross expenses to average net assets	0.83%	0.83%	0.85%	0.88%	0.90%
Ratio of net expenses to average net assets	0.83%	0.83%	0.85%	0.88%	0.90%
Ratio of net investment income/(loss) to average net assets	0.03%	0.01%	(0.01)%	0.00% ⁽⁴⁾	0.20%
Portfolio turnover rate	36%	20%	30%	42%	39%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	Less than $0.005 on a per share basis.
(3)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.
(4)	Less than 0.005%.

133	Janus Investment Fund

Janus Henderson Global Value Fund – Class D

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$15.34	$14.97	$13.40	$13.27	$14.77
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.32	0.29	0.26	0.26	0.25
Net gain/(loss) on investments (both realized and unrealized)	(0.10)	0.49	1.59	0.53	(0.90)
Total from investment operations	0.22	0.78	1.85	0.79	(0.65)
Less distributions:
Dividends from net investment income	(0.29)	(0.34)	(0.28)	(0.28)	(0.28)
Distributions from capital gains	(0.91)	(0.07)	—	(0.38)	(0.57)
Total distributions	(1.20)	(0.41)	(0.28)	(0.66)	(0.85)
Net asset value, end of period	$14.36	$15.34	$14.97	$13.40	$13.27
Total return⁽²⁾	2.28%	5.26%	14.07%	6.13%	(4.70)%
Net assets, end of period (in thousands)	$79,366	$85,907	$88,374	$84,954	$88,437
Average net assets for the period (in thousands)	$81,432	$88,359	$85,659	$87,657	$98,108
Ratio of gross expenses to average net assets	0.81%	0.80%	0.80%	0.82%	0.85%
Ratio of net expenses to average net assets	0.81%	0.80%	0.80%	0.82%	0.85%
Ratio of net investment income/(loss) to average net assets	2.26%	1.92%	1.85%	1.96%	1.77%
Portfolio turnover rate	22%	21%	29%	20%	25%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

134	Janus Investment Fund

Janus Henderson International Opportunities Fund – Class D

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$29.06	$29.51	$29.08	$28.47
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.29	0.37	0.12	0.03
Net gain/(loss) on investments (both realized and unrealized)	(1.67)	(0.40)	0.31	0.58
Total from investment operations	(1.38)	(0.03)	0.43	0.61
Less distributions:
Dividends from net investment income	(0.51)	(0.42)	—	—
Distributions from capital gains	(3.17)	—	—	—
Total distributions	(3.68)	(0.42)	—	—
Net asset value, end of period	$24.00	$29.06	$29.51	$29.08
Total return⁽⁴⁾	(2.90)% ⁽⁵⁾	(0.15)%	1.48%	2.14%
Net assets, end of period (in thousands)	$2,257	$3,002	$2,187	$1,723
Average net assets for the period (in thousands)	$2,483	$3,163	$1,914	$1,119
Ratio of gross expenses to average net assets⁽⁶⁾	1.59%	1.16%	1.08%	1.39%
Ratio of net expenses to average net assets⁽⁶⁾	1.13%	1.10%	1.08%	1.06%
Ratio of net investment income/(loss) to average net assets⁽⁶⁾	1.20%	1.25%	2.43%	0.59%
Portfolio turnover rate	45%	56%	5%	51%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class D Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Total return without the effect of affiliated payments would have been (2.94)%. Please see Note 3 in the Notes to the Financial Statements of the Annual Report.
(6)	Annualized for periods of less than one full year.

135	Janus Investment Fund

Janus Henderson International Small Cap Fund – Class D

	Years or Period ended September 30			Period ended July 31 2017⁽²⁾
	2019	2018	2017 ⁽¹⁾	Period ended July 31 2017⁽²⁾
Net asset value, beginning of period	$12.37	$13.27	$12.73	$12.15
Income from investment operations:
Net investment income/(loss)⁽³⁾	0.22	0.29	0.04	0.01
Net gain/(loss) on investments (both realized and unrealized)	(1.82)	(0.43)	0.50	0.57
Total from investment operations	(1.60)	(0.14)	0.54	0.58
Less distributions:
Dividends from net investment income	(0.27)	(0.07)	—	—
Distributions from capital gains	(0.11)	(0.69)	—	—
Total distributions	(0.38)	(0.76)	—	—
Net asset value, end of period	$10.39	$12.37	$13.27	$12.73
Total return⁽⁴⁾	(12.61)%	(1.37)%	4.24%	4.77%
Net assets, end of period (in thousands)	$3,062	$4,234	$1,147	$263
Average net assets for the period (in thousands)	$3,353	$5,055	$737	$84
Ratio of gross expenses to average net assets⁽⁵⁾	3.77%	3.08%	3.16%	7.60%
Ratio of net expenses to average net assets⁽⁵⁾	1.19%	1.23%	1.22%	1.19%
Ratio of net investment income/(loss) to average net assets⁽⁵⁾	2.06%	2.16%	2.13%	0.55%
Portfolio turnover rate	72%	119%	18%	69%

(1)	Period August 1, 2017 through September 30, 2017. The Fund changed its fiscal year end from July 31 to September 30.
(2)	Period June 5, 2017 (commencement of Class D Shares) through July 31, 2017.
(3)	Per share amounts are calculated using the average shares outstanding method.
(4)	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.
(5)	Annualized for periods of less than one full year.

136	Janus Investment Fund

Janus Henderson International Value Fund – Class D

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$11.26	$11.52	$10.45	$10.24	$11.40
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.24	0.23	0.20	0.23	0.16
Net gain/(loss) on investments (both realized and unrealized)	(0.77)	(0.14)	1.21	0.30	(0.83)
Total from investment operations	(0.53)	0.09	1.41	0.53	(0.67)
Less distributions:
Dividends from net investment income	(0.26)	(0.22)	(0.24)	(0.25)	(0.21)
Distributions from capital gains	(0.63)	(0.13)	(0.10)	(0.07)	(0.28)
Total distributions	(0.89)	(0.35)	(0.34)	(0.32)	(0.49)
Net asset value, end of period	$9.84	$11.26	$11.52	$10.45	$10.24
Total return⁽²⁾	(4.07)%	0.73%	14.04%	5.35%	(5.98)%
Net assets, end of period (in thousands)	$3,562	$3,815	$3,498	$2,568	$2,492
Average net assets for the period (in thousands)	$3,603	$3,893	$2,992	$2,508	$2,450
Ratio of gross expenses to average net assets	1.71%	1.48%	1.85%	2.48%	2.14%
Ratio of net expenses to average net assets	1.02%	1.02%	1.04%	1.12%	1.16%
Ratio of net investment income/(loss) to average net assets	2.44%	2.00%	1.93%	2.27%	1.44%
Portfolio turnover rate	14%	23%	24%	22%	12%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

137	Janus Investment Fund

Janus Henderson Overseas Fund – Class D

	Years ended September 30
	2019	2018	2017	2016	2015
Net asset value, beginning of period	$32.12	$31.92	$26.57	$27.06	$35.23
Income from investment operations:
Net investment income/(loss)⁽¹⁾	0.63	0.47	0.49	0.34	0.26
Net gain/(loss) on investments (both realized and unrealized)	(1.78)	0.34	5.19	0.44	(8.08)
Total from investment operations	(1.15)	0.81	5.68	0.78	(7.82)
Less distributions:
Dividends from net investment income	(0.31)	(0.61)	(0.33)	(1.27)	(0.35)
Total distributions	(0.31)	(0.61)	(0.33)	(1.27)	(0.35)
Net asset value, end of period	$30.66	$32.12	$31.92	$26.57	$27.06
Total return⁽²⁾	(3.46)%	2.52%	21.72%	2.80%	(22.31)%
Net assets, end of period (in thousands)	$587,147	$687,846	$731,578	$677,594	$754,735
Average net assets for the period (in thousands)	$605,377	$738,059	$677,837	$703,900	$965,442
Ratio of gross expenses to average net assets	0.79%	0.68%	0.62%	0.58%	0.60%
Ratio of net expenses to average net assets	0.79%	0.68%	0.62%	0.58%	0.60%
Ratio of net investment income/(loss) to average net assets	2.11%	1.42%	1.75%	1.31%	0.79%
Portfolio turnover rate	22%	23%	39%	85%	40%

(1)	Per share amounts are calculated using the average shares outstanding method.
(2)	The return includes adjustments in accordance with generally accepted accounting principles required at period end date.

138	Janus Investment Fund

Glossary of investment terms

Equity and Debt Securities

Certificates of Participation (“COPs”) are certificates representing an interest in a pool of securities. Holders are entitled to a proportionate interest in the underlying securities.

Convertible securities are preferred stocks or bonds that pay a fixed dividend or interest payment and are convertible into common stock at a specified price or conversion ratio.

139	Janus Investment Fund

Pass-through securities are shares or certificates of interest in a pool of debt obligations that have been repackaged by an intermediary, such as a bank or broker-dealer.

Rule 144A securities are securities that are not registered for sale to the general public under the 1933 Act, but that may be resold to certain institutional investors.

140	Janus Investment Fund

Futures, Options, and Other Derivatives

141	Janus Investment Fund

Equity swaps involve the exchange by two parties of future cash flow (e.g., one cash flow based on a referenced interest rate and the other based on the performance of stock or a stock index).

Interest rate swaps 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).

142	Janus Investment Fund

Other Investments, Strategies, and/or Techniques

Industry concentration for purposes under the 1940 Act is the investment of 25% or more of a Fund’s total assets in an industry or group of industries.

Net long is a term used to describe when a Fund’s assets committed to long positions exceed those committed to short positions.

Repatriation is the ability to move liquid financial assets from a foreign country to an investor’s country of origin.

143	Janus Investment Fund

You can make inquiries and request other information, including a Statement of Additional Information, annual report, or semiannual report (as they become available), free of charge, by contacting a Janus Henderson representative at 1-800-525-3713. The Funds’ Statement of Additional Information and most recent annual and semiannual reports are also available, free of charge, at janushenderson.com/reports. Additional information about the Funds’ investments is available in the Funds’ annual and semiannual reports. In the Funds’ annual and semiannual reports, you will find a discussion of the market conditions and investment strategies that significantly affected the Funds’ performance during their last fiscal period.

janushenderson.com

P.O. Box 219109
Kansas City, MO 64121-9109
1-800-525-3713

The Trust’s Investment Company Act File No. is 811-1879.