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2021-10-28
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2021-10-28
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2021-10-28
<div style="margin-top:0pt;margin-bottom:0pt;font-size:20pt;font-family:times new roman;text-align:center;">Janus Investment Fund</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:14pt;font-family:times new roman;text-align:center;">Janus Henderson U.S. Managed Volatility Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;"><span style="font-weight:bold">IMPORTANT NOTICE REGARDING FUND CHANGES</span> </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">Supplement dated March 21, 2022 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">to Currently Effective Prospectuses </div><div style="margin-top:36pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Janus Henderson Investors US LLC (the “Adviser”) has recommended, and the Board of Trustees (the “Trustees”) of Janus Investment Fund, on behalf of <span style="font-weight:bold">Janus Henderson U.S. Managed Volatility Fund </span>(the “Fund”), has approved, certain changes for the Fund in connection with the transfer of the day‑to‑day management of the Fund to the Adviser, effective on or about June 10, 2022 (the “Restructuring”). In connection with the Restructuring, the following changes will be effective on or about June 10, 2022 and the Fund’s prospectuses will be updated accordingly: </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">1.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Fund Name Change</span>. All references to Janus Henderson U.S. Managed Volatility Fund are changed to Janus Henderson Adaptive Risk Managed U.S. Equity Fund. </div> </td> </tr> </table><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">3.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Principal Investment Strategy Change</span>. In connection with the Restructuring, the Fund’s principal investment strategies will change, although the Fund will continue to pursue its investment objective using a risk-managed equity strategy that focuses on lower volatility relative to its benchmark index. </div> </td> </tr> </table><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">a.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under “<span style="font-weight:bold">Principal Investment Strategies</span>” in the <span style="font-weight:bold">Fund Summary </span>section of the Fund’s prospectuses, the following paragraphs replace the corresponding paragraphs in their entirety: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, including, but not limited to, common stocks, depositary receipts, and real-estate investment trusts (“REITs”). A security is deemed to be economically tied to the U.S. if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity is located in, the U.S.; (ii) a majority of the company’s revenues are derived from the U.S.; or (iii) a majority of the company’s assets are located in the U.S. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Under normal circumstances, the Fund seeks to achieve market-like returns with lower volatility over a full market cycle than the Russell 1000<sup style="font-size:85%;vertical-align:top">®</sup><sup style="font-size:85%;vertical-align:top"> </sup>Index (the Fund’s benchmark index). The Fund seeks to generate such returns with volatility that can range from approximately 0% to 40% lower than the Russell 1000 Index. In this context, volatility refers to the variation in the returns of the Fund and the benchmark index as measured by the standard deviation of monthly returns. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">The Fund pursues its investment objective by applying a proprietary methodology to construct an investment portfolio of equity securities from a universe of the 750 largest U.S. companies by market capitalization. The portfolio manager applies a systematic investment process that forecasts individual security upside (or good) and downside (or bad) volatility to construct a portfolio that the portfolio manager believes will generate market-like returns with lower volatility over a full market cycle. Although the Fund is generally expected to underperform the Russell 1000 Index in sharply rising markets, this strategy seeks to minimize losses in down markets. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">The Fund may engage in active and frequent trading to achieve its investment objective. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">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. </div>
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<td style="width:2%;vertical-align:top;text-align: left;">4.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Principal Investment Risk Changes</span>. In connection with the Restructuring, the Fund’s principal investment risks will change as follows, although the Fund will continue to be subject to similar risks as a result of its continued use of a risk-managed equity strategy that focuses on lower volatility relative to its benchmark index. </div> </td> </tr> </table><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">a.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under “<span style="font-weight:bold">Principal Investment Risks</span>” in the <span style="font-weight:bold">Fund Summary</span> section of the Fund’s prospectuses, the following risk factor replaces the <span style="font-weight:bold">Small- and Mid‑Sized Companies Risk</span> factor in its entirety: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Mid‑Sized Companies Risk.</span></span> 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. </div>
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<td style="width:2%;vertical-align:top;text-align: left;">b.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under “<span style="font-weight:bold">Principal Investment Risks</span>” in the <span style="font-weight:bold">Fund Summary </span>section of the Fund’s prospectuses, the following risk factors are added: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Depositary Receipts Risk. </span></span>Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, market risk, and foreign exposure risk, because their values depend on the performance of a foreign security denominated in its home currency. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Portfolio Management Risk.</span></span> 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. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Volatility Risk. </span></span>There is no guarantee that the Fund’s strategy to minimize volatility will be successful. Securities in the Fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the Fund’s strategy to minimize volatility could limit the Fund’s gains in rising markets. </div>
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<td style="width:2%;vertical-align:top;text-align: left;">d.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under <span style="font-weight:bold">“Principal Investment Risks”</span> in the <span style="font-weight:bold">Fund Summary</span> section and under <span style="font-weight:bold">“Risks of the Funds”</span> in the <span style="font-weight:bold">Additional Information about the Funds</span> section of the Fund’s prospectuses, the following risk factors are removed, as applicable: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Foreign Exposure Risk </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Investment Process Risk </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Real Estate Securities Risk </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Restricted Securities Risk </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">5.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Addition of Supplemental Index</span>. In connection with the Restructuring, the Fund will add the S&P 500<sup style="font-size:85%;vertical-align:top">®</sup><sup style="font-size:85%;vertical-align:top"> </sup>Minimum Volatility Index as a secondary benchmark. </div> </td> </tr> </table>
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<td style="width:2%;vertical-align:top;text-align: left;">a.<span style="font-style:italic"/></td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic"/>Under “<span style="font-weight:bold">Performance Information</span>” in the <span style="font-weight:bold">Fund Summary </span>section of the Fund’s prospectuses, the following is added: </div> </td> </tr> </table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">•</td>
<td style="width:2%;vertical-align:top;"> </td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:left;">The S&P 500 Minimum Volatility Index is designed to reflect a managed-volatility equity strategy that seeks to achieve lower total risk, measured by standard deviation, than the S&P 500 while maintaining similar characteristics. </div> </td> </tr> </table><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">6.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Fee Waiver</span>. In connection with the Restructuring, the Adviser has agreed to waive 0.05% of its advisory fee for a period of two years from the effective date of the Restructuring. </div> </td> </tr> </table><div style="margin-top:42pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Please retain this Supplement with your records. </div>
<div style="margin-top:0pt;margin-bottom:0pt;font-size:20pt;font-family:times new roman;text-align:center;">Janus Investment Fund</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:14pt;font-family:times new roman;text-align:center;">Janus Henderson U.S. Managed Volatility Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;"><span style="font-weight:bold">IMPORTANT NOTICE REGARDING FUND CHANGES</span> </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">Supplement dated March 21, 2022 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">to Currently Effective Prospectuses </div><div style="margin-top:36pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Janus Henderson Investors US LLC (the “Adviser”) has recommended, and the Board of Trustees (the “Trustees”) of Janus Investment Fund, on behalf of <span style="font-weight:bold">Janus Henderson U.S. Managed Volatility Fund </span>(the “Fund”), has approved, certain changes for the Fund in connection with the transfer of the day‑to‑day management of the Fund to the Adviser, effective on or about June 10, 2022 (the “Restructuring”). In connection with the Restructuring, the following changes will be effective on or about June 10, 2022 and the Fund’s prospectuses will be updated accordingly: </div>
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<td style="width:2%;vertical-align:top;text-align: left;">1.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Fund Name Change</span>. All references to Janus Henderson U.S. Managed Volatility Fund are changed to Janus Henderson Adaptive Risk Managed U.S. Equity Fund. </div> </td> </tr> </table>
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<td style="width:2%;vertical-align:top;text-align: left;">3.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Principal Investment Strategy Change</span>. In connection with the Restructuring, the Fund’s principal investment strategies will change, although the Fund will continue to pursue its investment objective using a risk-managed equity strategy that focuses on lower volatility relative to its benchmark index. </div> </td> </tr> </table>
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<td style="width:2%;vertical-align:top;text-align: left;">a.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under “<span style="font-weight:bold">Principal Investment Strategies</span>” in the <span style="font-weight:bold">Fund Summary </span>section of the Fund’s prospectuses, the following paragraphs replace the corresponding paragraphs in their entirety: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, including, but not limited to, common stocks, depositary receipts, and real-estate investment trusts (“REITs”). A security is deemed to be economically tied to the U.S. if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity is located in, the U.S.; (ii) a majority of the company’s revenues are derived from the U.S.; or (iii) a majority of the company’s assets are located in the U.S. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Under normal circumstances, the Fund seeks to achieve market-like returns with lower volatility over a full market cycle than the Russell 1000<sup style="font-size:85%;vertical-align:top">®</sup><sup style="font-size:85%;vertical-align:top"> </sup>Index (the Fund’s benchmark index). The Fund seeks to generate such returns with volatility that can range from approximately 0% to 40% lower than the Russell 1000 Index. In this context, volatility refers to the variation in the returns of the Fund and the benchmark index as measured by the standard deviation of monthly returns. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">The Fund pursues its investment objective by applying a proprietary methodology to construct an investment portfolio of equity securities from a universe of the 750 largest U.S. companies by market capitalization. The portfolio manager applies a systematic investment process that forecasts individual security upside (or good) and downside (or bad) volatility to construct a portfolio that the portfolio manager believes will generate market-like returns with lower volatility over a full market cycle. Although the Fund is generally expected to underperform the Russell 1000 Index in sharply rising markets, this strategy seeks to minimize losses in down markets. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">The Fund may engage in active and frequent trading to achieve its investment objective. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">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. </div>
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<td style="width:2%;vertical-align:top;text-align: left;">4.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Principal Investment Risk Changes</span>. In connection with the Restructuring, the Fund’s principal investment risks will change as follows, although the Fund will continue to be subject to similar risks as a result of its continued use of a risk-managed equity strategy that focuses on lower volatility relative to its benchmark index. </div> </td> </tr> </table>
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<td style="width:2%;vertical-align:top;text-align: left;">a.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under “<span style="font-weight:bold">Principal Investment Risks</span>” in the <span style="font-weight:bold">Fund Summary</span> section of the Fund’s prospectuses, the following risk factor replaces the <span style="font-weight:bold">Small- and Mid‑Sized Companies Risk</span> factor in its entirety: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Mid‑Sized Companies Risk.</span></span> 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. </div>
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<td style="width:2%;vertical-align:top;text-align: left;">b.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under “<span style="font-weight:bold">Principal Investment Risks</span>” in the <span style="font-weight:bold">Fund Summary </span>section of the Fund’s prospectuses, the following risk factors are added: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Depositary Receipts Risk. </span></span>Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, market risk, and foreign exposure risk, because their values depend on the performance of a foreign security denominated in its home currency. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Portfolio Management Risk.</span></span> 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. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Volatility Risk. </span></span>There is no guarantee that the Fund’s strategy to minimize volatility will be successful. Securities in the Fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the Fund’s strategy to minimize volatility could limit the Fund’s gains in rising markets. </div>
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<td style="width:2%;vertical-align:top;text-align: left;">d.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under <span style="font-weight:bold">“Principal Investment Risks”</span> in the <span style="font-weight:bold">Fund Summary</span> section and under <span style="font-weight:bold">“Risks of the Funds”</span> in the <span style="font-weight:bold">Additional Information about the Funds</span> section of the Fund’s prospectuses, the following risk factors are removed, as applicable: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Foreign Exposure Risk </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Investment Process Risk </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Real Estate Securities Risk </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Restricted Securities Risk </div>
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<td style="width:2%;vertical-align:top;text-align: left;">5.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Addition of Supplemental Index</span>. In connection with the Restructuring, the Fund will add the S&P 500<sup style="font-size:85%;vertical-align:top">®</sup><sup style="font-size:85%;vertical-align:top"> </sup>Minimum Volatility Index as a secondary benchmark. </div> </td> </tr> </table>
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<td style="width:2%;vertical-align:top;text-align: left;">a.<span style="font-style:italic"/></td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic"/>Under “<span style="font-weight:bold">Performance Information</span>” in the <span style="font-weight:bold">Fund Summary </span>section of the Fund’s prospectuses, the following is added: </div> </td> </tr> </table>
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<td style="width:2%;vertical-align:top;text-align: left;">•</td>
<td style="width:2%;vertical-align:top;"> </td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:left;">The S&P 500 Minimum Volatility Index is designed to reflect a managed-volatility equity strategy that seeks to achieve lower total risk, measured by standard deviation, than the S&P 500 while maintaining similar characteristics. </div> </td> </tr> </table>
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<td style="width:2%;vertical-align:top;text-align: left;">6.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Fee Waiver</span>. In connection with the Restructuring, the Adviser has agreed to waive 0.05% of its advisory fee for a period of two years from the effective date of the Restructuring. </div> </td> </tr> </table><div style="margin-top:42pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Please retain this Supplement with your records. </div>
<div style="margin-top:0pt;margin-bottom:0pt;font-size:20pt;font-family:times new roman;text-align:center;">Janus Investment Fund</div><div style="margin-top:12pt;margin-bottom:0pt;font-size:14pt;font-family:times new roman;text-align:center;">Janus Henderson U.S. Managed Volatility Fund </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;"><span style="font-weight:bold">IMPORTANT NOTICE REGARDING FUND CHANGES</span> </div><div style="margin-top:12pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">Supplement dated March 21, 2022 </div><div style="margin-top:0pt;margin-bottom:0pt;font-size:12pt;font-family:times new roman;text-align:center;">to Currently Effective Prospectuses </div><div style="margin-top:36pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;">Janus Henderson Investors US LLC (the “Adviser”) has recommended, and the Board of Trustees (the “Trustees”) of Janus Investment Fund, on behalf of <span style="font-weight:bold">Janus Henderson U.S. Managed Volatility Fund </span>(the “Fund”), has approved, certain changes for the Fund in connection with the transfer of the day‑to‑day management of the Fund to the Adviser, effective on or about June 10, 2022 (the “Restructuring”). In connection with the Restructuring, the following changes will be effective on or about June 10, 2022 and the Fund’s prospectuses will be updated accordingly: </div>
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<td style="width:2%;vertical-align:top;text-align: left;">1.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Fund Name Change</span>. All references to Janus Henderson U.S. Managed Volatility Fund are changed to Janus Henderson Adaptive Risk Managed U.S. Equity Fund. </div> </td> </tr> </table><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">3.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Principal Investment Strategy Change</span>. In connection with the Restructuring, the Fund’s principal investment strategies will change, although the Fund will continue to pursue its investment objective using a risk-managed equity strategy that focuses on lower volatility relative to its benchmark index. </div> </td> </tr> </table><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">a.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under “<span style="font-weight:bold">Principal Investment Strategies</span>” in the <span style="font-weight:bold">Fund Summary </span>section of the Fund’s prospectuses, the following paragraphs replace the corresponding paragraphs in their entirety: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">The Fund invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of U.S. companies, including, but not limited to, common stocks, depositary receipts, and real-estate investment trusts (“REITs”). A security is deemed to be economically tied to the U.S. if one or more of the following tests are met: (i) the company is organized in, or its primary business office or principal trading market of its equity is located in, the U.S.; (ii) a majority of the company’s revenues are derived from the U.S.; or (iii) a majority of the company’s assets are located in the U.S. </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Under normal circumstances, the Fund seeks to achieve market-like returns with lower volatility over a full market cycle than the Russell 1000<sup style="font-size:85%;vertical-align:top">®</sup><sup style="font-size:85%;vertical-align:top"> </sup>Index (the Fund’s benchmark index). The Fund seeks to generate such returns with volatility that can range from approximately 0% to 40% lower than the Russell 1000 Index. In this context, volatility refers to the variation in the returns of the Fund and the benchmark index as measured by the standard deviation of monthly returns. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">The Fund pursues its investment objective by applying a proprietary methodology to construct an investment portfolio of equity securities from a universe of the 750 largest U.S. companies by market capitalization. The portfolio manager applies a systematic investment process that forecasts individual security upside (or good) and downside (or bad) volatility to construct a portfolio that the portfolio manager believes will generate market-like returns with lower volatility over a full market cycle. Although the Fund is generally expected to underperform the Russell 1000 Index in sharply rising markets, this strategy seeks to minimize losses in down markets. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">The Fund may engage in active and frequent trading to achieve its investment objective. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">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. </div>
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<td style="width:2%;vertical-align:top;text-align: left;">4.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Principal Investment Risk Changes</span>. In connection with the Restructuring, the Fund’s principal investment risks will change as follows, although the Fund will continue to be subject to similar risks as a result of its continued use of a risk-managed equity strategy that focuses on lower volatility relative to its benchmark index. </div> </td> </tr> </table><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">a.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under “<span style="font-weight:bold">Principal Investment Risks</span>” in the <span style="font-weight:bold">Fund Summary</span> section of the Fund’s prospectuses, the following risk factor replaces the <span style="font-weight:bold">Small- and Mid‑Sized Companies Risk</span> factor in its entirety: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Mid‑Sized Companies Risk.</span></span> 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. </div>
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<td style="width:2%;vertical-align:top;text-align: left;">b.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under “<span style="font-weight:bold">Principal Investment Risks</span>” in the <span style="font-weight:bold">Fund Summary </span>section of the Fund’s prospectuses, the following risk factors are added: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Depositary Receipts Risk. </span></span>Depositary receipts are generally subject to the same sort of risks as direct investments in a foreign country, such as currency risk, market risk, and foreign exposure risk, because their values depend on the performance of a foreign security denominated in its home currency. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Portfolio Management Risk.</span></span> 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. </div><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;"><span style="font-weight:bold"><span style="font-style:italic">Volatility Risk. </span></span>There is no guarantee that the Fund’s strategy to minimize volatility will be successful. Securities in the Fund’s portfolio may be subject to price volatility, and the prices may not be any less volatile than the market as a whole, and could be more volatile. In addition, the Fund’s strategy to minimize volatility could limit the Fund’s gains in rising markets. </div>
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<td style="width:2%;vertical-align:top;text-align: left;">d.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;">Under <span style="font-weight:bold">“Principal Investment Risks”</span> in the <span style="font-weight:bold">Fund Summary</span> section and under <span style="font-weight:bold">“Risks of the Funds”</span> in the <span style="font-weight:bold">Additional Information about the Funds</span> section of the Fund’s prospectuses, the following risk factors are removed, as applicable: </div> </td> </tr> </table><div style="margin-top:10pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Foreign Exposure Risk </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Investment Process Risk </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Real Estate Securities Risk </div><div style="margin-top:0pt;margin-bottom:0pt;margin-left:5%;font-size:10pt;font-family:times new roman;">Restricted Securities Risk </div><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">5.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Addition of Supplemental Index</span>. In connection with the Restructuring, the Fund will add the S&P 500<sup style="font-size:85%;vertical-align:top">®</sup><sup style="font-size:85%;vertical-align:top"> </sup>Minimum Volatility Index as a secondary benchmark. </div> </td> </tr> </table>
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<td style="width:2%;vertical-align:top;text-align: left;">a.<span style="font-style:italic"/></td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic"/>Under “<span style="font-weight:bold">Performance Information</span>” in the <span style="font-weight:bold">Fund Summary </span>section of the Fund’s prospectuses, the following is added: </div> </td> </tr> </table><div style="font-size:12pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">•</td>
<td style="width:2%;vertical-align:top;"> </td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-family:times new roman;font-size:10pt;text-align:left;">The S&P 500 Minimum Volatility Index is designed to reflect a managed-volatility equity strategy that seeks to achieve lower total risk, measured by standard deviation, than the S&P 500 while maintaining similar characteristics. </div> </td> </tr> </table><div style="font-size:10pt;margin-top:0pt;margin-bottom:0pt;"> </div>
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<td style="width:2%;vertical-align:top;text-align: left;">6.</td>
<td style="text-align: left;vertical-align:top;"> <div style="margin-top:0pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;text-align:left;"><span style="font-style:italic">Fee Waiver</span>. In connection with the Restructuring, the Adviser has agreed to waive 0.05% of its advisory fee for a period of two years from the effective date of the Restructuring. </div> </td> </tr> </table><div style="margin-top:42pt;margin-bottom:0pt;font-size:10pt;font-family:times new roman;font-weight:bold;text-align:center;">Please retain this Supplement with your records. </div>
Janus Investment Fund
2022-03-21