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2006-11-30 2006-11-30 2006-11-30 Best Quarter 2022-12-31 Worst Quarter 2020-03-31 2006-11-30 2006-11-30 2006-11-30 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 1991-05-15 1991-05-15 1991-05-15 1991-05-15 1991-05-15 1991-05-15 1991-05-15 1991-05-15 1991-05-15 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 1991-05-15 1991-05-15 1991-05-15 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 1992-09-01 1992-09-01 1992-09-01 1992-09-01 1992-09-01 1992-09-01 1992-09-01 1992-09-01 1992-09-01 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 1992-09-01 1992-09-01 1992-09-01 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 2005-02-25 2005-02-25 2005-02-25 2005-02-25 2005-02-25 2005-02-25 2005-02-25 2005-02-25 2005-02-25 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 2005-02-25 2005-02-25 2005-02-25 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 2000-06-30 2000-06-30 2000-06-30 2000-06-30 2000-06-30 2000-06-30 2000-06-30 2000-06-30 2000-06-30 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 2000-06-30 2000-06-30 2000-06-30 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 2005-02-25 2005-02-25 2005-02-25 2005-02-25 2005-02-25 2005-02-25 2005-02-25 2005-02-25 2005-02-25 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 2005-02-25 2005-02-25 2005-02-25 Best Quarter 2020-06-30 Worst Quarter 2022-06-30 1998-12-31 1998-12-31 1998-12-31 1998-12-31 1998-12-31 1998-12-31 1998-12-31 1998-12-31 Best Quarter 2020-06-30 Worst Quarter 2022-06-30 1998-12-31 1998-12-31 1998-12-31 Best Quarter 2020-06-30 Worst Quarter 2018-12-31 2001-08-31 2001-08-31 2001-08-31 2001-08-31 2001-08-31 2001-08-31 2001-08-31 2001-08-31 Best Quarter 2020-06-30 Worst Quarter 2018-12-31 2001-08-31 2001-08-31 2001-08-31 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 1985-04-30 1985-04-30 1985-04-30 1985-04-30 1985-04-30 1985-04-30 1985-04-30 1985-04-30 Best Quarter 2020-06-30 Worst Quarter 2020-03-31 1985-04-30 1985-04-30 1985-04-30 Best Quarter 2020-06-30 Worst Quarter 2022-06-30 1997-05-01 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0.1333 0.0860 0.0697 0.0867 0.2629 0.1569 0.1203 0.1023 0.0553 0.0110 0.0181 0.0457 0.1662 0.0926 0.0759 0.0795 0.1498 0.0918 0.0756 0.0920 0.2629 0.1569 0.1203 0.1023 0.0553 0.0110 0.0181 0.0457 0.1662 0.0926 0.0759 0.0795 0.1543 0.0963 0.0801 0.0950 0.2629 0.1569 0.1203 0.1023 0.0553 0.0110 0.0181 0.0457 0.1662 0.0926 0.0759 0.0795 0.1553 0.0972 0.0810 0.0952 0.2629 0.1569 0.1203 0.1023 0.0553 0.0110 0.0181 0.0457 0.1662 0.0926 0.0759 0.0795 0.1469 0.0890 0.0729 0.0896 0.2629 0.1569 0.1203 0.1023 0.0553 0.0110 0.0181 0.0457 0.1662 0.0926 0.0759 0.0795 0.0055 0.0015 0.0070 0.0846 0.0060 0.0451 0.1851 0.0063 0.2252 0.1433 0.1719 -0.1659 0.1537 0.1290 -0.1166 0.1537 0.0958 0.0795 0.0947 0.1444 0.0870 0.0675 0.0808 0.0923 0.0739 0.0605 0.0762 0.2629 0.1569 0.1203 0.1023 0.0553 0.0110 0.0181 0.0457 0.1662 0.0926 0.0759 0.0795 N-1A JANUS INVESTMENT FUND 2024-01-26 <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Balanced Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Balanced Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term capital growth, consistent with preservation of capital and balanced by current income.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 661 843 1040 1608 266 514 887 1735 109 340 590 1306 67 211 368 822 58 183 318 714 134 418 723 1590 84 262 455 1014 661 843 1040 1608 166 514 887 1735 109 340 590 1306 67 211 368 822 58 183 318 714 134 418 723 1590 84 262 455 1014 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">92</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.92 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by normally investing 35-65% of its assets in equity securities and the remaining assets in fixed-income securities and cash equivalents. The Fund normally invests at least 25% of its assets in fixed-income senior securities.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">As of September 30, 2023, approximately 61.50% of the Fund’s assets were held in equity securities, including common stocks, and 38.50% of the Fund’s assets were held in fixed-income securities and cash equivalents.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s equity investments include, but are not limited to, common stocks and other securities with equity characteristics. The Fund’s fixed-income investments include, but are not limited to, government notes and bonds, corporate bonds, commercial and residential mortgage-backed securities, and asset-backed securities. The Fund may also invest in money market instruments. The Fund may invest in fixed and floating rate obligations with varying durations.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will limit its investments in high-yield bonds (also known as “junk” bonds) to 35% of the fixed-income portion of its net assets. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Fund also invests in securities that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A securities. The Fund may also invest in foreign securities, which may include investments in emerging market securities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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 fixed-income securities, currencies, interest rates, or market indices. In particular, the Fund may use forward currency contracts to offset risks associated with an investment, currency exposure, or market conditions and may use interest rate swaps and futures, including Treasury bond futures, to manage interest rate risk, yield curve positioning, and country exposure. The Fund may also use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure, or market conditions), to increase or decrease the Fund’s exposure to a particular market, to manage or adjust the risk profile of the Fund relative to its benchmark index, and to earn income, enhance returns, or preserve capital. The Fund’s exposure to derivatives will vary, and may include derivatives that have characteristics similar to the securities in which the Fund may directly invest.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may take short positions on derivatives instruments.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In choosing investments, portfolio management that focuses on the equity portion of the Fund applies a “bottom up” approach. In other words, equity portfolio management 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. Factors that equity portfolio management will consider in its fundamental analysis include a company’s revenue growth potential, returns on capital, and balance sheet flexibility. Equity portfolio management will generally consider selling a security when, among other things, it reaches or exceeds its targeted value, the investment thesis for owning the position has changed, or to rebalance industry or sector weightings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management that focuses on the fixed-income portion of the Fund uses research-driven, “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Fixed-income portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets of its fixed-income investments as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Interest rate risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Credit risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Prepayment risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Extension risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Valuation risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Liquidity risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Dividend-Oriented Stocks Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield bonds</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”),</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly, maintaining a fixed spread over a stated reference rate. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Unexpected changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">TBA Commitments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">144A Securities and Other Exempt Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">issued under Regulation S and Rule 144A</span><span style="font-family:Times New Roman;font-size:9.50pt;">and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class N Shares of the Fund commenced operations on May 31, 2012.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">For </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">12.86%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 11.71%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the S&amp;P 500 Index. The Fund also compares its performance to the Bloomberg U.S. Aggregate Bond Index and the Balanced Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;line-height:11.40pt;position:relative;top:-4.25pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Contrarian Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Contrarian Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.75% for at least a one-year period commencing on January </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 670 872 1091 1718 276 545 939 1845 123 401 700 1549 75 233 406 906 63 199 346 774 150 480 833 1829 89 278 482 1073 670 872 1091 1718 176 545 939 1845 123 401 700 1549 75 233 406 906 63 199 346 774 150 480 833 1829 89 278 482 1073 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">45</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.45 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 with the potential for long-term growth of capital. The Fund normally invests in a portfolio of 35-55 common stocks. Portfolio management seeks to invest in companies where the stock price trades at a significant discount to portfolio management’s estimate of fair value and whose intrinsic value portfolio management believes will grow over time. The Fund is classified as nondiversified, which allows it to hold larger positions in securities compared to a fund that is classified as diversified. The Fund may invest in companies of any size, from larger, well-established companies to smaller, emerging growth companies. The Fund may also invest in fixed-income instruments, such as convertible securities and preferred stock. The Fund may invest in foreign securities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">management applies a “bottom up” approach in choosing investments. In other words, portfolio management 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. In conducting the “bottom up” analysis, portfolio management seeks to identify durable businesses whose stocks are available at market prices below portfolio management’s estimate of their intrinsic value, whose intrinsic value is expected to grow over time, and whose management teams are aligned with shareholders. Portfolio management will generally consider selling a stock when, in portfolio management’s opinion, the business shows declining fundamentals, the stock is overvalued, or if the investing thesis for owning the stock has changed.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Nondiversification Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is classified as nondiversified under the Investment Company Act of 1940, as amended. This gives the Fund’s portfolio management more flexibility to hold larger positions in securities. As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund’s net asset value and total return.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Convertible Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in securities that are convertible into preferred and common stocks, and thus, is subject to the risks of investments in both debt and equity securities. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Interest rate risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Credit risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Prepayment risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Extension risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Valuation risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Liquidity risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">25.93%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 24.61%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the S&amp;P 500 Index. The S&amp;P 500 Index is used to calculate the Fund’s performance fee adjustment. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Enterprise Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Enterprise Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 685 919 1172 1892 277 548 944 1896 118 368 638 1409 78 243 422 942 67 211 368 822 144 446 771 1691 93 290 504 1120 685 919 1172 1892 177 548 944 1896 118 368 638 1409 78 243 422 942 67 211 368 822 144 446 771 1691 93 290 504 1120 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">14</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.14 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing primarily in common stocks selected for their growth potential, and normally invests at least 50% of its equity assets in medium-sized companies. The Fund considers medium-sized companies to be those whose market capitalization falls within the range of companies in the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Growth Index. Market capitalization is a commonly used measure of the size and value of a company. The market capitalizations within the index will vary, but as of September 30, 2023, they ranged from approximately $223 million to $48.89 billion.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Attributes considered in the process of securities selection may include sustainable growth, return on invested capital, attractive valuation, strength of management, and competitive positioning.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock when, in portfolio management’s opinion, there is a change in the company’s or industry’s fundamentals, there is a deterioration in a company’s competitive positioning, or if a company reaches or exceeds its targeted value. The Fund will also consider selling a stock if a company’s market capitalization exceeds the top of the medium-sized company range.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 mid-sized companies tend to be more volatile than securities issued by larger or more established companies and may </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class N Shares of the Fund commenced operations on July 12, 2012.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class N Shares for periods prior to July 12, 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 July 12, 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">23.17%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 24.07%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell Midcap Growth Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Growth Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Forty Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Forty Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 653 819 999 1519 261 499 860 1671 100 312 542 1201 57 179 313 701 50 157 274 616 126 393 681 1500 75 233 406 906 653 819 999 1519 161 499 860 1671 100 312 542 1201 57 179 313 701 50 157 274 616 126 393 681 1500 75 233 406 906 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">39</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.39 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by normally investing primarily in a portfolio of 30-40 common stocks selected for their growth potential. The Fund may invest in companies of any size, but will invest primarily in larger, well-established companies. The Fund may also invest in foreign securities. The Fund is classified as nondiversified, which allows it to hold larger positions in securities compared to a fund that is classified as diversified. As of September 30, 2023, the Fund held stocks of 38 companies. Of these holdings, 30 comprised approximately 93.39% of the Fund’s holdings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach that focuses on fundamental research and considers, among other factors, a company’s sustainable competitive advantages, long-term growth potential, and shareholder value. The Fund will generally consider selling a security when, in portfolio management’s opinion, there is a deterioration in a company’s financials, the investment thesis for owning the position has changed, or if the security exceeds its targeted value.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 </span><span style="font-family:Times New Roman;font-size:9.50pt;">tend to shift in and out of favor depending on market and economic conditions, “growth” stocks may perform differently from other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Nondiversification Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is classified as nondiversified under the Investment Company Act of 1940, as amended. This gives the Fund’s portfolio management more flexibility to hold larger positions in securities. As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund’s net asset value and total return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments. The Fund’s policy of concentrating its portfolio in a smaller number of holdings could result in more volatility in the Fund’s performance and share price.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 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. 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class S Shares, Class A Shares, Class C Shares, Class I Shares, and Class R Shares of the Fund commenced operations on July 6, 2009, after the reorganization of each corresponding class of shares of Janus Adviser </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Forty 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class N Shares of the Fund commenced operations on May 31, 2012.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class S Shares reflects the performance of the JAD Predecessor Fund’s Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009 (prior to the reorganization), calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class S Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of those Retirement Shares into the JAD Predecessor Fund). The performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, without the effect of any fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class A Shares reflects the performance of the JAD Predecessor Fund’s Class A Shares from September 30, 2004 to July 6, 2009 (prior to the reorganization), calculated using the fees and expenses of Class A Shares of the JAD Predecessor Fund, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to September 30, 2004, the performance shown for Class A Shares reflects the historical performance of the JAD Predecessor Fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class A Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of those Retirement Shares into the JAD Predecessor Fund). The performance shown for certain periods prior to September 30, 2004 was calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, without the effect of any fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class C Shares reflects the performance of the JAD Predecessor Fund’s Class C Shares from September 30, 2002 to July 6, 2009 (prior to the reorganization), calculated using the fees and expenses of Class C Shares of the JAD Predecessor Fund, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to September 30, 2002, the performance shown for Class C Shares reflects the historical performance of the JAD Predecessor Fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class C Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of those Retirement Shares into the JAD Predecessor Fund). The performance shown for certain periods prior to September 30, 2002 was calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, without the effect of any fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class I Shares reflects the performance of the JAD Predecessor Fund’s Class I Shares from November 28, 2005 to July 6, 2009 (prior to the reorganization), 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. For the periods August 1, 2000 to November 28, 2005, the performance shown for Class I Shares reflects the historical performance of the JAD Predecessor Fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class I Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of those Retirement Shares into the JAD Predecessor Fund). The performance shown for certain periods prior to November 28, 2005 was calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, without the effect of any fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class N Shares reflects the performance of the Fund’s Class S Shares from July 6, 2009 to May 31, 2012, calculated using the fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers. For the period from August 1, 2000 to July 6, 2009, the performance shown for Class N Shares reflects the performance of Class S Shares (formerly named Class I Shares) of the JAD Predecessor Fund (prior to the reorganization of those Class S Shares into the Fund), calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class N Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of those Retirement Shares into the JAD Predecessor Fund). The performance for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, without the effect of any fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class R Shares reflects the performance of the JAD Predecessor Fund’s Class R Shares from September 30, 2004 to July 6, 2009 (prior to the reorganization), calculated using the fees and expenses of Class R Shares of the JAD Predecessor Fund, net of any applicable fee and expense limitations or waivers. For the periods August 1, 2000 to September 30, 2004, the performance shown for Class R Shares reflects the historical performance of the JAD Predecessor Fund’s Class S Shares (formerly named Class I Shares). For the periods prior to August 1, 2000, the performance shown for Class R Shares reflects the historical performance of the Retirement Shares of Janus Aspen </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Series – Forty Portfolio (as a result of a separate prior reorganization of those Retirement Shares into the JAD Predecessor Fund). The performance shown for certain periods prior to September 30, 2004 was calculated using the fees and expenses of Class R Shares of the JAD Predecessor Fund, without the effect of any fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class T Shares reflects the performance of the JAD Predecessor Fund’s Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009 (prior to the reorganization), calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class T Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of those Retirement Shares into the JAD Predecessor Fund). The performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, without the effect of any fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">If Class A Shares, Class C Shares, Class I Shares, Class R Shares, and Class T Shares of the Fund had been available during each period 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 S Shares, Class A Shares, Class C Shares, Class I Shares, Class N Shares, Class R 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">26.53%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 25.58%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell 1000 Growth Index. The Fund also compares its performance to the S&amp;P 500 Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class S Shares for the periods following July 6, 2009; for the JAD Predecessor Fund’s Class S Shares (formerly named Class I Shares) for the periods August 1, 2000 to July 6, 2009; and actual distributions for other classes of shares for periods prior to August 1, 2000.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class S Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class S Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are only shown for Class S Shares of the Fund. After-tax returns for the other classes of Shares will vary from those shown for Class S Shares due to varying sales charges (as applicable), fees, and expenses among the classes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Growth and Income Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Growth and Income Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term capital growth and current income.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.62% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 672 878 1101 1740 271 532 917 1816 114 360 626 1384 72 224 390 871 63 201 350 785 139 444 772 1698 89 278 482 1073 672 878 1101 1740 171 532 917 1816 114 360 626 1384 72 224 390 871 63 201 350 785 139 444 772 1698 89 278 482 1073 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">22</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.22 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by normally investing in dividend-paying common stocks with strong growth potential.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management 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. Factors that portfolio management may consider in its fundamental analysis include a company’s returns on capital, balance sheet flexibility, and dividend growth potential. Portfolio management will generally consider selling a security when, among other things, it reaches or exceeds its targeted value, the investment thesis for owning the position has changed, or to rebalance industry or sector weightings.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’s perception of a company’s growth potential is not realized, the </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Dividend-Oriented Stocks Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">17.76%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 22.99%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the S&amp;P 500 Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Research Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Research Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.68% for at least a one-year period commencing on January </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 653 819 999 1519 264 510 880 1763 103 322 558 1236 58 183 318 714 50 157 274 616 129 416 723 1596 76 237 411 918 653 819 999 1519 164 510 880 1763 103 322 558 1236 58 183 318 714 50 157 274 616 129 416 723 1596 76 237 411 918 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">27</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.27 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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, from larger, well-established companies to smaller, emerging growth companies.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Adviser’s equity research analysts</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(the “Central Research Team”) select investments for the Fund that represent the Central Research Team’s high-conviction investment ideas in all market capitalizations and styles. The Central Research Team</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Each sector team compares the appreciation and risk potential of its high-conviction ideas and constructs a sector sleeve that is intended to maximize the best risk-reward opportunities. The sector sleeves are then combined to form the Fund’s overall portfolio. The Portfolio Oversight Team,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which includes portfolio management,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">oversees the overall portfolio to manage unintended style risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;"> Although the Central Research Team may find high-conviction investment ideas anywhere in the world, the Central Research Team emphasizes investments in securities of U.S.-based issuers for this Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Positions may be sold when, among other things, there is no longer high conviction in the return potential of the investment, if the risk characteristics have caused a re-evaluation of the opportunity, or if the investment thesis for owning a position has changed. 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s portfolio management, which includes two analysts on the Central Research Team, oversees the investment process and is responsible for the day-to-day management of the Fund. Although the Fund’s exposure to certain sectors may be higher than to others, it is expected that the Fund will be broadly diversified among a variety of sectors. The Fund intends </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">to be fully invested under normal circumstances. However, under unusual circumstances, if the Central Research Team does not have high conviction in enough investment opportunities, the Fund’s uninvested assets may be held in cash or similar instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">management’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 other types of securities and the market as a whole.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s Central Research Team compares and broadly matches the Fund’s sector weights to those of a growth-based index. If growth stocks are out of favor, sectors that are larger in a growth index may underperform, leading to Fund underperformance relative to indices less biased toward growth stocks.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 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. 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class N Shares of the Fund commenced operations on May 31, 2012.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Class R Shares of the Fund commenced operations on January 27, 2017.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class R 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 R Shares, without the effect of any fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 N Shares of the Fund had been available during periods prior to May 31, 2012, or Class R 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 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">26.71%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 22.33%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell 1000 Growth Index. The Fund also compares its performance to the S&amp;P 500 Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Triton Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Triton Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.86% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 702 977 1273 2113 280 557 959 1976 118 368 638 1409 79 246 428 954 68 214 373 835 144 446 771 1691 93 290 504 1120 702 977 1273 2113 180 557 959 1976 118 368 638 1409 79 246 428 954 68 214 373 835 144 446 771 1691 93 290 504 1120 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">19</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.19 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing at least 50% of its equity assets in small- and medium-sized companies. The Fund may also invest in larger companies with strong growth potential. Small- and medium-sized companies are defined by portfolio management as those companies whose market capitalization falls within the range of companies in the Russell 2500</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">tm</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Growth Index at the time of initial purchase. Market capitalization is a commonly used measure of the size and value of a company. The market capitalizations within the index will vary, but as of September 30, 2023, they ranged from approximately $3 million to $16.75 billion. The Fund may invest in shares of companies through initial public offerings and secondary offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Factors that portfolio management may consider in its fundamental analysis include a company’s valuation, operating margins, or returns on capital. Portfolio management will generally consider selling a position when, among other things, there is a deterioration in a company’s competitive position or financials, a company reaches or exceeds its targeted value, or if a company’s market capitalization exceeds the top of the small- and medium-sized range.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, which may include investments in emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering and Secondary Offering Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Initial public offerings (“IPOs”) and secondary offering shares frequently are volatile in price due to the absence of a prior public market, the small number of shares available for trading, and limited information about the issuer. Therefore, the Fund may hold IPO and 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. There can be no assurance that the Fund will identify favorable IPO and secondary offering investment opportunities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets, including emerging markets, can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. The Fund’s investments in emerging market countries, if any, may involve risks greater than, or in addition to, the risks of investing in more developed countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class N Shares of the Fund commenced operations on May 31, 2012.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">29.43%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 27.86%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell 2500 Growth Index. The Fund also compares its performance to the Russell 2000 Growth Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2500 Growth Index measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson U.S. Dividend Income Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson U.S. Dividend Income Fund</span><span style="font-family:Times New Roman;font-size:9.50pt;"> seeks to provide current income and aims to provide a growing stream of income per share over time.The Fund’s secondary objective is to seek to provide long-term capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. 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 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.75% for at least a one-year period commencing on January 26, 2024. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. For a period beginning with the Fund’s commencement of operations (December 20, 2022) and expiring on the third anniversary of the commencement of operations, or until the Fund’s assets meet the first breakpoint in the investment advisory fee schedule (0.60% of the first $2 billion of the average daily closing net asset value of the Fund), whichever occurs first, the Adviser may recover from the Fund fees and expenses previously waived or reimbursed if the Fund’s expense ratio, including recovered expenses, falls below the expense limit or the expense limit in effect at the time the fees and expenses subject to recoupment were waived. There is no guarantee that the Fund’s assets will reach this asset level.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 81 3126 5515 9469 78 507 963 2227 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the period December 20, 2022 through September 30, 2023, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">85</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.85 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 a portfolio of dividend-paying equity securities of U.S. companies. An issuer is deemed to be economically tied to the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the United States; (ii) a majority of the issuer’s revenues are derived from the United States; or (iii) a majority of the issuer’s assets are located in the United States.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund generally invests in a core group of approximately 40-50 equity securities, including common stocks. The Fund will invest primarily in larger, well-established companies.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management primarily seeks to identify high-quality companies with the ability to grow revenue and cash flows and produce growing dividend streams through disparate economic environments. Such companies, in portfolio management’s view, have the ability to participate in market gains while offering resilient dividends. Security selection will be based upon an analysis of a broad range of metrics, including returns on invested capital, balance sheet strength, and revenue growth potential.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a security when, in portfolio management’s 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 portfolio management’s opinion, it has become overvalued or if a superior investment opportunity arises.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Dividend-Oriented Stocks Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">New/Smaller Sized Fund Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund is relatively new, it has a limited operating history and a small asset base. The Fund’s performance may not represent how the Fund is expected to or may perform in the long term if and when it becomes larger. If the Fund were to fail to attract sufficient assets to achieve or maintain economies of scale, performance may be negatively impacted, and any resulting liquidation could create negative transaction costs for the Fund and tax consequences for investors.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Large Shareholder Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">To the extent a substantial percentage of the shares of the Fund are held by a small number of shareholders, including “fund of funds” or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem the Fund’s shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the period indicated. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the period indicated. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">8.23%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">3rd Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 2.77%</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell 1000 Value Index. The index is described below.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Venture Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Venture Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 102 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.86% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 673 881 1106 1751 299 624 1074 2073 119 372 644 1420 78 243 422 942 68 214 373 835 93 290 504 1120 673 881 1106 1751 199 624 1074 2073 119 372 644 1420 78 243 422 942 68 214 373 835 93 290 504 1120 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">23</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.23 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing at least 50% of its equity assets in small-sized companies. The Fund may also invest in larger companies with strong growth potential. Small-sized companies are defined by portfolio management as those companies whose market capitalization falls within the range of companies in the Russell 2000® Growth Index at the time of initial purchase. Market capitalization is a commonly used measure of the size and value of a company. The market capitalizations within the index will vary, but as of September 30, 2023, they ranged from approximately $3 million to $12.59 billion. The Fund may invest in shares of companies through initial public offerings and secondary offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Factors that portfolio management may consider in its fundamental analysis include a company’s valuation, operating margins, or returns on capital. Portfolio management will generally consider selling a position when, among other things, there is a deterioration in a company’s competitive position or financials, a company reaches or exceeds its targeted value, or if a company’s market capitalization exceeds the top of the small-sized range.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, which may include investments in emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by small-sized companies, which can include smaller, start-up</span><span style="font-family:Times New Roman;font-size:9.50pt;">companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. For example, small-sized companies may 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-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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering and Secondary Offering Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Initial public offerings (“IPOs”) and secondary offering shares frequently are volatile in price due to the absence of a prior public market, the small number of shares available for trading, and limited information about the issuer. Therefore, the Fund may hold IPO and 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. There can be no assurance that the Fund will identify favorable IPO and secondary offering investment opportunities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets, including emerging markets, can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. The Fund’s investments in emerging market countries, if any, may involve risks greater than, or in addition to, the risks of investing in more developed countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 May 6, 2011.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class N Shares of the Fund commenced operations on May 31, 2012.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class A Shares, Class C Shares, and Class S Shares for periods prior to May 6, 2011, 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class I Shares for periods prior to May 6, 2011, 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">If Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund had been available during periods prior to May 6, 2011, 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">29.64%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 25.82%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell 2000 Growth Index. The Fund also compares its performance to the Russell 2000 Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Balanced Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Balanced Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term capital growth, consistent with preservation of capital and balanced by current income.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 72 224 390 871 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">92</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.92 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by normally investing 35-65% of its assets in equity securities and the remaining assets in fixed-income securities and cash equivalents. The Fund normally invests at least 25% of its assets in fixed-income senior securities.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">As of September 30, 2023, approximately 61.50% of the Fund’s assets were held in equity securities, including common stocks, and 38.50% of the Fund’s assets were held in fixed-income securities and cash equivalents.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s equity investments include, but are not limited to, common stocks and other securities with equity characteristics. The Fund’s fixed-income investments include, but are not limited to, government notes and bonds, corporate bonds, commercial and residential mortgage-backed securities, and asset-backed securities. The Fund may also invest in money market instruments. The Fund may invest in fixed and floating rate obligations with varying durations.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will limit its investments in high-yield bonds (also known as “junk” bonds) to 35% of the fixed-income portion of its net assets. The Fund may enter into “to be announced” or “TBA” commitments when purchasing mortgage-backed securities or other securities. The Fund also invests in securities that have contractual restrictions that prohibit or limit their public resale, which may include Rule 144A securities. The Fund may also invest in foreign securities, which may include investments in emerging market securities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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 fixed-income securities, currencies, interest rates, or market indices. In particular, the Fund may use forward currency contracts to offset risks associated with an investment, currency exposure, or market conditions and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">may use interest rate swaps and futures, including Treasury bond futures, to manage interest rate risk, yield curve positioning, and country exposure. The Fund may also use index credit default swaps for hedging purposes (to offset risks associated with an investment exposure, or market conditions), to increase or decrease the Fund’s exposure to a particular market, to manage or adjust the risk profile of the Fund relative to its benchmark index, and to earn income, enhance returns, or preserve capital. The Fund’s exposure to derivatives will vary, and may include derivatives that have characteristics similar to the securities in which the Fund may directly invest.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may take short positions on derivatives instruments.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In choosing investments, portfolio management that focuses on the equity portion of the Fund applies a “bottom up” approach. In other words, equity portfolio management 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. Factors that equity portfolio management will consider in its fundamental analysis include a company’s revenue growth potential, returns on capital, and balance sheet flexibility. Equity portfolio management will generally consider selling a security when, among other things, it reaches or exceeds its targeted value, the investment thesis for owning the position has changed, or to rebalance industry or sector weightings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management that focuses on the fixed-income portion of the Fund uses research-driven, “top-down” and “bottom-up” factors to identify and manage exposure to risks across sectors, industries, and individual investments. Fixed-income portfolio management evaluates expected risk-adjusted returns on a portfolio and position level by analyzing fundamentals, valuations, and market technical indicators.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets of its fixed-income investments as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Interest rate risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Credit risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Prepayment risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Extension risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Valuation risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Liquidity risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Dividend-Oriented Stocks Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">High-Yield Bond Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">High-yield bonds</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(also known as “junk” bonds) are considered speculative and may be more sensitive than other types of bonds to economic changes, political changes, or adverse developments specific to the company that issued the bond, which may adversely affect their value.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mortgage- and Asset-Backed Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Mortgage- and asset-backed securities represent interests in “pools” of commercial or residential mortgages or other assets, including consumer loans or receivables. The value of mortgage- and asset-backed securities will be influenced by factors affecting the real estate market and the assets underlying these securities. Investments in mortgage-and asset-backed securities may be subject to credit risk, valuation risk, liquidity risk, extension risk, and prepayment risk. These securities also are subject to risk of default on the underlying mortgage or asset, particularly during periods of economic downturn.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sovereign Debt Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in U.S. and non-U.S. government debt securities (“sovereign debt”),</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">especially the debt of certain emerging market countries, can involve a high degree of risk, including the risk that the governmental entity that controls the repayment of sovereign debt may not be willing or able to repay the principal and/or to pay the interest on its sovereign debt in a timely manner.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">A sovereign debtor’s willingness or ability to satisfy its debt obligation may be affected by various factors including, but not limited to, its cash flow situation, the extent of its foreign currency reserves, the availability of foreign exchange when a payment is due, and the relative size of its debt position in relation to its economy as a whole.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">In addition, to the extent the Fund invests in non-U.S. sovereign debt, it may be subject to currency risk.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Floating Rate Obligations Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in floating rate obligations with interest rates that reset regularly, maintaining a fixed spread over a stated reference rate. The interest rates on floating rate obligations typically reset quarterly, although rates on some obligations may adjust at other intervals. Unexpected changes in the interest rates on floating rate obligations could result in lower income to the Fund. In addition, the secondary market on which floating rate obligations are traded may be less liquid than the market for investment grade securities or other types of income-producing securities, which may have an adverse impact on their market price. There is also a potential that there is no active market to trade floating rate obligations, that there may be restrictions on their transfer, or that the issuer may default. As a result, the Fund may be unable to sell floating rate obligations at the desired time or may be able to sell only at a price less than fair market value.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. To the extent the Fund invests in foreign debt securities, such investments are sensitive to changes in interest rates. Additionally, investments in securities of foreign governments involve the risk that a foreign government may not be willing or able to pay interest or repay principal when due.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">TBA Commitments Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Although TBA securities must meet industry-accepted “good delivery” standards, there can be no assurance that a security purchased on a forward commitment basis will ultimately be issued or delivered by the counterparty. If the counterparty to a transaction fails to deliver the securities, the Fund could suffer a loss. Because TBA commitments do not require the delivery of a specific security, the characteristics of a security delivered to the Fund may be less favorable than expected. There is a risk that the security that the Fund buys will lose value between the purchase and settlement dates. TBA purchase and sales commitments may significantly increase the Fund’s portfolio turnover rate and are not included in the portfolio turnover rate calculation.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Short Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may enter into a derivatives transaction to obtain short investment exposure to the underlying reference asset. If the value of the underlying reference asset on which the Fund has obtained a short investment exposure increases, the Fund will incur a loss. This potential loss is theoretically unlimited. A short exposure through a derivative also exposes the Fund to credit risk, counterparty risk, and leverage risk.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">144A Securities and Other Exempt Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">issued under Regulation S and Rule 144A</span><span style="font-family:Times New Roman;font-size:9.50pt;">and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">12.90%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 11.66%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the S&amp;P 500 Index. The Fund also compares its performance to the Bloomberg U.S. Aggregate Bond Index and the Balanced Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Bloomberg U.S. Aggregate Bond Index is made up of U.S. dollar-denominated, fixed-rate taxable bonds, including securities that are of investment grade quality or better.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Balanced Index is an internally-calculated, hypothetical combination of unmanaged indices that combines total returns from the S&amp;P 500</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;line-height:11.40pt;position:relative;top:-4.25pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Index (55%) and the Bloomberg U.S. Aggregate Bond Index (45%).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Contrarian Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Contrarian Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 78 243 422 942 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">45</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.45 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 with the potential for long-term growth of capital. The Fund normally invests in a portfolio of 35-55 common stocks. Portfolio management seeks to invest in companies where the stock price trades at a significant discount to portfolio management’s estimate of fair value and whose intrinsic value portfolio management believes will grow over time. The Fund is classified as nondiversified, which allows it to hold larger positions in securities compared to a fund that is classified as diversified. The Fund may invest in companies of any size, from larger, well-established companies to smaller, emerging growth companies. The Fund may also invest in fixed-income instruments, such as convertible securities and preferred stock. The Fund may invest in foreign securities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">management applies a “bottom up” approach in choosing investments. In other words, portfolio management 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. In conducting the “bottom up” analysis, portfolio management seeks to identify durable businesses whose stocks are available at market prices below portfolio management’s estimate of their intrinsic value, whose intrinsic value is expected to grow over time, and whose management teams are aligned with shareholders. Portfolio management will generally consider selling a stock when, in portfolio management’s opinion, the business shows declining fundamentals, the stock is overvalued, or if the investing thesis for owning the stock has changed.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Nondiversification Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is classified as nondiversified under the Investment Company Act of 1940, as amended. This gives the Fund’s portfolio management more flexibility to hold larger positions in securities. As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund’s net asset value and total return.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Convertible Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in securities that are convertible into preferred and common stocks, and thus, is subject to the risks of investments in both debt and equity securities. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying preferred and common stocks and, therefore, also will react to variations in the general market for equity securities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Fixed-Income Securities Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fixed-income securities are generally subject to the following risks:</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Interest rate risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that prices of bonds and other fixed-income securities will increase as interest rates fall and decrease as interest rates rise. Changing interest rates</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Credit risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Prepayment risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that, during periods of falling interest rates, certain debt obligations may be paid off quicker than originally anticipated, which may cause the Fund to reinvest its assets in securities with lower yields, resulting in a decline in the Fund’s income or return potential.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Extension risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that, during periods of rising interest rates, certain debt obligations may be paid off substantially slower than originally anticipated, and as a result, the value of those obligations may fall.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Valuation risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that one or more of the fixed-income securities in which the Fund invests are priced differently than the value realized upon such security’s sale. In times of market instability, valuation may be more difficult. Valuation may also be affected by changes in the issuer’s financial strength, the market’s perception of such strength, or in the credit rating of the issuer or the security.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">Liquidity risk,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which is the risk that fixed-income securities may be difficult or impossible to sell at the time that portfolio management would like or at the price portfolio management believes the security is currently worth. Consequently, the Fund may have to accept a lower price to sell a security, sell other securities to raise cash, or give up an investment opportunity, any of which could have a negative effect on the Fund’s performance. In unusual market conditions, even normally liquid securities may be affected by a degree of liquidity risk (i.e., if the number and capacity of traditional market participants is reduced).</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">25.98%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 24.60%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the S&amp;P 500 Index. The S&amp;P 500 Index is used to calculate the Fund’s performance fee adjustment. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Enterprise Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Enterprise Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 82 255 444 990 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">14</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.14 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing primarily in common stocks selected for their growth potential, and normally invests at least 50% of its equity assets in medium-sized companies. The Fund considers medium-sized companies to be those whose market capitalization falls within the range of companies in the Russell Midcap</span><span style="font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Growth Index. Market capitalization is a commonly used measure of the size and value of a company. The market capitalizations within the index will vary, but as of September 30, 2023, they ranged from approximately $223 million to $48.89 billion.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Attributes considered in the process of securities selection may include sustainable growth, return on invested capital, attractive valuation, strength of management, and competitive positioning.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock when, in portfolio management’s opinion, there is a change in the company’s or industry’s fundamentals, there is a deterioration in a company’s competitive positioning, or if a company reaches or exceeds its targeted value. The Fund will also consider selling a stock if a company’s market capitalization exceeds the top of the medium-sized company range.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 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. 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">23.21%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 24.06%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell Midcap Growth Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell Midcap Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Growth Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Forty Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Forty Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 62 195 340 762 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">39</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.39 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by normally investing primarily in a portfolio of 30-40 common stocks selected for their growth potential. The Fund may invest in companies of any size, but will invest primarily in larger, well-established companies. The Fund may also invest in foreign securities. The Fund is classified as nondiversified, which allows it to hold larger positions in securities compared to a fund that is classified as diversified. As of September 30, 2023, the Fund held stocks of 38 companies. Of these holdings, 30 comprised approximately 93.39% of the Fund’s holdings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach that focuses on fundamental research and considers, among other factors, a company’s sustainable competitive advantages, long-term growth potential, and shareholder value. The Fund will generally consider selling a security when, in portfolio management’s opinion, there is a deterioration in a company’s financials, the investment thesis for owning the position has changed, or if the security exceeds its targeted value.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Nondiversification Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is classified as nondiversified under the Investment Company Act of 1940, as amended. This gives the Fund’s portfolio management more flexibility to hold larger positions in securities. As a result, an increase or decrease in the value of a single security held by the Fund may have a greater impact on the Fund’s net asset value and total return.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments. The Fund’s policy of concentrating its portfolio in a smaller number of holdings could result in more volatility in the Fund’s performance and share price.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 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. 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class D Shares of the Fund commenced operations on January 27, 2017. The performance shown for Class D Shares reflects the performance of the Fund’s Class S Shares from July 6, 2009 to January 27, 2017, calculated using the fees and expenses of Class S Shares, net of any applicable fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class D Shares reflects the performance of Janus Adviser Forty Fund’s (the “JAD Predecessor Fund”) Class S Shares (formerly named Class I Shares) from August 1, 2000 to July 6, 2009 (prior to the reorganization), calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, net of any applicable fee and expense limitations or waivers. For the periods prior to August 1, 2000, the performance shown for Class D Shares reflects the historical performance of the Retirement Shares of Janus Aspen Series – Forty Portfolio (as a result of a separate prior reorganization of those Retirement Shares into the JAD Predecessor Fund). The performance shown for certain periods prior to August 1, 2000 was calculated using the fees and expenses of Class S Shares of the JAD Predecessor Fund, without the effect of any fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">If Class D Shares of the Fund had been available during periods prior to January 27, 2017, the performance shown may have been different. The performance shown for 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">26.66%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 25.51%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell 1000 Growth Index. The Fund also compares its performance to the S&amp;P 500 Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class D Shares for the periods following January 27, 2017; for the Fund’s Class S Shares for periods July 6, 2009 to January 27, 2017; for the JAD Predecessor Fund’s Class S Shares (formerly named Class I Shares) for the periods August 1, 2000 to July 6, 2009; and actual distributions for other classes of shares for periods prior to August 1, 2000. 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those shown in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those shown in the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Growth and Income Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Growth and Income Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term capital growth and current income.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 77 240 417 930 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">22</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.22 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by normally investing in dividend-paying common stocks with strong growth potential.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management 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. Factors that portfolio management may consider in its fundamental analysis include a company’s returns on capital, balance sheet flexibility, and dividend growth potential. Portfolio management will generally consider selling a security when, among other things, it reaches or exceeds its targeted value, the investment thesis for owning the position has changed, or to rebalance industry or sector weightings.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Dividend-Oriented Stocks Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">17.80%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 22.97%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the S&amp;P 500 Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Research Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Research Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 63 199 346 774 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">27</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.27 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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, from larger, well-established companies to smaller, emerging growth companies.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Adviser’s equity research analysts</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(the “Central Research Team”) select investments for the Fund that represent the Central Research Team’s high-conviction investment ideas in all market capitalizations and styles. The Central Research Team</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Each sector team compares the appreciation and risk potential of its high-conviction ideas and constructs a sector sleeve that is intended to maximize the best risk-reward opportunities. The sector sleeves are then combined to form the Fund’s overall portfolio. The Portfolio Oversight Team,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which includes portfolio management,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">oversees the overall portfolio to manage unintended style risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;"> Although the Central Research Team may find high-conviction investment ideas anywhere in the world, the Central Research Team emphasizes investments in securities of U.S.-based issuers for this Fund.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Positions may be sold when, among other things, there is no longer high conviction in the return potential of the investment, if the risk characteristics have caused a re-evaluation of the opportunity, or if the investment thesis for owning a position has changed. 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s portfolio management, which includes two analysts on the Central Research Team, oversees the investment process and is responsible for the day-to-day management of the Fund. Although the Fund’s exposure to certain sectors may be higher than to others, it is expected that the Fund will be broadly diversified among a variety of sectors. The Fund intends to be fully invested under normal circumstances. However, under unusual circumstances, if the Central Research Team does not have high conviction in enough investment opportunities, the Fund’s uninvested assets may be held in cash or similar instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">management’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 other types of securities and the market as a whole.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s Central Research Team compares and broadly matches the Fund’s sector weights to those of a growth-based index. If growth stocks are out of favor, sectors that are larger in a growth index may underperform, leading to Fund underperformance relative to indices less biased toward growth stocks.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 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. 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">26.75%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 22.31%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell 1000 Growth Index. The Fund also compares its performance to the S&amp;P 500 Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 1000 Growth Index measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Triton Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Triton Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 82 255 444 990 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">19</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.19 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing at least 50% of its equity assets in small- and medium-sized companies. The Fund may also invest in larger companies with strong growth potential. Small- and medium-sized companies are defined by portfolio management as those companies whose market capitalization falls within the range of companies in the Russell 2500</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">tm</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Growth Index at the time of initial purchase. Market capitalization is a commonly used measure of the size and value of a company. The market capitalizations within the index will vary, but as of September 30, 2023, they ranged from approximately $3 million to $16.75 billion. The Fund may invest in shares of companies through initial public offerings and secondary offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Factors that portfolio management may consider in its fundamental analysis include a company’s valuation, operating margins, or returns on capital. Portfolio management will generally consider selling a position when, among other things, there is a deterioration in a company’s competitive position or financials, a company reaches or exceeds its targeted value, or if a company’s market capitalization exceeds the top of the small- and medium-sized range.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, which may include investments in emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering and Secondary Offering Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Initial public offerings (“IPOs”) and secondary offering shares frequently are volatile in price due to the absence of a prior public market, the small number of shares available for trading, and limited information about the issuer. Therefore, the Fund may hold IPO and 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. There can be no assurance that the Fund will identify favorable IPO and secondary offering investment opportunities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets, including emerging markets, can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. The Fund’s investments in emerging market countries, if any, may involve risks greater than, or in addition to, the risks of investing in more developed countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">29.44%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 27.82%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell 2500 Growth Index. The Fund also compares its performance to the Russell 2000 Growth Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2500 Growth Index measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson U.S. Dividend Income Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson U.S. Dividend Income Fund</span><span style="font-family:Times New Roman;font-size:9.50pt;"> seeks to provide current income and aims to provide a growing stream of income per share over time.The Fund’s secondary objective is to seek to provide long-term capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.75% for at least a one-year period commencing on January 26, 2024. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. For a period beginning with the Fund’s commencement of operations (December 20, 2022) and expiring on the third anniversary of the commencement of operations, or until the Fund’s assets meet the first breakpoint in the investment advisory fee schedule (0.60% of the first $2 billion of the average daily closing net asset value of the Fund), whichever occurs first, the Adviser may recover from the Fund fees and expenses previously waived or reimbursed if the Fund’s expense ratio, including recovered expenses, falls below the expense limit or the expense limit in effect at the time the fees and expenses subject to recoupment were waived. There is no guarantee that the Fund’s assets will reach this asset level.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 93 2141 3974 7759 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the period December 20, 2022 through September 30, 2023, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">85</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.85 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 a portfolio of dividend-paying equity securities of U.S. companies. An issuer is deemed to be economically tied to the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the United States; (ii) a majority of the issuer’s revenues are derived from the United States; or (iii) a majority of the issuer’s assets are located in the United States.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund generally invests in a core group of approximately 40-50 equity securities, including common stocks. The Fund will invest primarily in larger, well-established companies.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management primarily seeks to identify high-quality companies with the ability to grow revenue and cash flows and produce growing dividend streams through disparate economic environments. Such companies, in portfolio management’s view, have the ability to participate in market gains while offering resilient dividends. Security selection will be based upon an analysis of a broad range of metrics, including returns on invested capital, balance sheet strength, and revenue growth potential.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a security when, in portfolio management’s 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 portfolio management’s opinion, it has become overvalued or if a superior investment opportunity arises.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Dividend-Oriented Stocks Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results. Accordingly, the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">New/Smaller Sized Fund Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund is relatively new, it has a limited operating history and a small asset base. The Fund’s performance may not represent how the Fund is expected to or may perform in the long term if and when it becomes larger. If the Fund were to fail to attract sufficient assets to achieve or maintain economies of scale, performance may be negatively impacted, and any resulting liquidation could create negative transaction costs for the Fund and tax consequences for investors.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Large Shareholder Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">To the extent a substantial percentage of the shares of the Fund are held by a small number of shareholders, including “fund of funds” or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem the Fund’s shares in large amounts rapidly or unexpectedly, including </span><span style="font-family:Times New Roman;font-size:9.50pt;">as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the period indicated. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the period indicated. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">8.18%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">3rd Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 2.83%</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell 1000 Value Index. The index is described below.</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Russell 1000 Value Index measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Venture Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Venture Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks capital appreciation.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 82 255 444 990 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">23</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.23 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by investing at least 50% of its equity assets in small-sized companies. The Fund may also invest in larger companies with strong growth potential. Small-sized companies are defined by portfolio management as those companies whose market capitalization falls within the range of companies in the Russell 2000® Growth Index at the time of initial purchase. Market capitalization is a commonly used measure of the size and value of a company. The market capitalizations within the index will vary, but as of September 30, 2023, they ranged from approximately $3 million to $12.59 billion. The Fund may invest in shares of companies through initial public offerings and secondary offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Factors that portfolio management may consider in its fundamental analysis include a company’s valuation, operating margins, or returns on capital. Portfolio management will generally consider selling a position when, among other things, there is a deterioration in a company’s competitive position or financials, a company reaches or exceeds its targeted value, or if a company’s market capitalization exceeds the top of the small-sized range.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may also invest in foreign securities, which may include investments in emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by small-sized companies, which can include smaller, start-up</span><span style="font-family:Times New Roman;font-size:9.50pt;">companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. For example, small-sized companies may 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-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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering and Secondary Offering Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Initial public offerings (“IPOs”) and secondary offering shares frequently are volatile in price due to the absence of a prior public market, the small number of shares available for trading, and limited information about the issuer. Therefore, the Fund may hold IPO and 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. There can be no assurance that the Fund will identify favorable IPO and secondary offering investment opportunities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets, including emerging markets, can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio. The Fund’s investments in emerging market countries, if any, may involve risks greater than, or in addition to, the risks of investing in more developed countries.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">29.70%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 25.80%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the Russell 2000 Growth Index. The Fund also compares its performance to the Russell 2000 Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2000 Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000</span><span style="color:#000000;font-family:Times New Roman;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> Index.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Asia Equity Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Asia Equity Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="font-family:Times New Roman;font-size:7.60pt;">“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.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.94% for at least a one-year period commencing on January </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 689 1516 2356 4516 293 1401 2586 5142 128 755 1408 3159 88 628 1195 2740 79 466 878 2031 104 637 1197 2724 689 1516 2356 4516 193 1401 2586 5142 128 755 1408 3159 88 628 1195 2740 79 466 878 2031 104 637 1197 2724 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">106</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.06 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. The Fund may have significant exposure to emerging market countries.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund generally invests in a portfolio of 40-70 equity securities, which consist primarily of common stocks, preferred stocks, and depositary receipts, but may also include other types of instruments. The Fund also invests in securities that have contractual restrictions that prohibit or limit their public resale. The Fund intends to diversify its investments across a number of different countries, including emerging market countries. The Fund may also invest in Chinese companies listed on U.S. and other exchanges structured as variable interest entities. In addition, the Fund may invest in securities issued by small- and mid-sized companies and in less seasoned issuers.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in derivatives.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as equity securities, fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may invest in derivatives such as futures, options, forward currency contracts, warrants, and swaps (including total return swaps) for various investment purposes, such as to gain exposure to a particular portion of the market or to manage or hedge portfolio risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">management employs</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 a country’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 </span><span style="font-family:Times New Roman;font-size:9.50pt;">growth or value securities depending on market conditions and portfolio management’s convictions. The Fund may engage in active and frequent trading to achieve its investment objective.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock when, in portfolio management’s opinion, there is a deterioration in the factors considered in selecting investments for the Fund, including changes in a country’s stage of development, governance, or regulatory framework. The Fund will also consider selling a stock when, in portfolio management’s opinion, a company’s fundamentals or a company’s revenue growth has slowed, or there has been changes in a company’s risk/reward potential.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 or other local market securities. Foreign and emerging market risks may also be heightened to the extent the Fund has exposure to Chinese issuers through variable interest entities, which subjects the Fund to the risks associated with the underlying Chinese issuer or operating company.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">China Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="font-family:Times New Roman;font-size:9.50pt;">.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be complex instruments and may involve analysis that differs from that required for other investment types used by the</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">144A Securities and Other Exempt Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">issued under Regulation S and Rule 144A</span><span style="font-family:Times New Roman;font-size:9.50pt;">and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 in a taxable account.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Large Shareholder Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">To the extent a substantial percentage of the shares of the Fund are held by a small number of shareholders, including “fund of funds” or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem the Fund’s shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Smaller Sized Fund Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund has a small asset base, large inflows and outflows may have a disproportionate impact, negative or positive, on the Fund’s performance, which may be more volatile than that of a larger fund. If the Fund</span><span style="font-family:Times New Roman;font-size:9.50pt;">were to fail to attract sufficient assets to achieve or maintain economies of scale, its performance may be negatively impacted, and any resulting liquidation could create negative transaction costs for the Fund and tax consequences for investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Annual Total Returns for Class I Shares</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;"> (calendar year-end)</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">18.80%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 20.72%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI All Country Asia ex-Japan Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country Asia ex-Japan Index is designed to measure the equity market performance of Asia, excluding Japan.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Emerging Markets Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Emerging Markets Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 1.03% for at least a one-year period commencing on January </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 707 1102 1521 2685 316 842 1493 2998 157 1330 2486 5307 115 470 848 1911 106 435 788 1782 130 552 999 2240 707 1102 1521 2685 216 842 1493 2998 157 1330 2486 5307 115 470 848 1911 106 435 788 1782 130 552 999 2240 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">63</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.63 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 and convertible securities. The Fund also invests in securities that have contractual restrictions that prohibit or limit their public resale. Emerging market countries are all countries represented by the MSCI Emerging Markets Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in derivatives.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as equity securities, fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may invest in derivatives such as futures, options, forward currency contracts, warrants, and swaps (including total return swaps) for various investment purposes, such as to gain exposure to a particular portion of the market or to manage or hedge portfolio risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management 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 portfolio management’s convictions.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock when, in portfolio management’s opinion, there is a deterioration in the factors considered in selecting investments for the Fund, including changes in a country’s stage of development, governance, or regulatory framework. The Fund will also consider selling a stock when, in portfolio management’s opinion, a company’s fundamentals or a company’s revenue growth has slowed, or there has been changes in a company’s risk/reward potential.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">At times, the Fund may invest to a significant degree in issuers located in a single country or region, which particularly includes China, or may also invest in Chinese companies listed on U.S. exchanges structured as variable interest entities. In addition, the Fund may invest in securities issued by small- and mid-sized companies and in less seasoned issuers.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 or other local market securities. Foreign and emerging market risks may also be heightened to the extent the Fund has exposure to Chinese issuers through variable interest entities, which subjects the Fund to the risks associated with the underlying Chinese issuer or operating company.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">China Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="font-family:Times New Roman;font-size:9.50pt;">.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be complex instruments and may involve analysis that differs from that required for other investment types used by the</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">144A Securities and Other Exempt Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">issued under Regulation S and Rule 144A</span><span style="font-family:Times New Roman;font-size:9.50pt;">and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Convertible Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in securities that are convertible into preferred and common stocks, and thus, is subject to the risks of investments in both debt and equity securities. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying preferred and common stocks and, therefore, also will react to variations in the general market for equity securities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Large Shareholder Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">To the extent a substantial percentage of the shares of the Fund are held by a small number of shareholders, including “fund of funds” or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem the Fund’s shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Returns of the Fund will be different from the Predecessor Fund as they have different expenses.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">23.91%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 24.92%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI Emerging Markets Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI Emerging Markets Index is designed to measure equity market performance of emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson European Focus Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson European Focus Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term capital appreciation primarily through investment in equities of European companies.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.96% for at least a one-year period commencing on January </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 700 1005 1333 2256 311 701 1219 2434 149 772 1421 3165 107 379 671 1504 98 359 641 1444 124 438 775 1726 700 1005 1333 2256 211 701 1219 2434 149 772 1421 3165 107 379 671 1504 98 359 641 1444 124 438 775 1726 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">169</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.69 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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. The Fund generally invests in a portfolio of 35-60 equity securities. Equity securities include common stocks and related securities. 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management seeks investments that will increase in value by emphasizing stock selection. Stock selection is based on an opportunistic approach which seeks to utilize stock specific criteria described below and global market and industry dynamics that are expected to drive stock prices of European companies. Portfolio management will invest in both “growth” stocks that portfolio management believes are reasonably priced and “value” stocks that are, in portfolio management’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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may generally 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, Ireland, Italy and Spain. The Fund may, under unusual circumstances, invest in a single country or a limited number of countries.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In evaluating investment opportunities in various market conditions, portfolio management conducts fundamental research that considers factors such as a company’s historic and projected return on capital, the quality of a company’s management,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and a company’s historical valuations, as well as valuation relative to the wider market.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock when, in portfolio management’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 will also consider selling a stock if portfolio management believes that negative country, sector, or regional factors may affect the company’s outlook, or, in portfolio management’s opinion, a superior investment opportunity arises or to meet cash requirements.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="font-family:Times New Roman;font-size:9.50pt;">issuers. However, in an attempt to reduce portfolio risks, portfolio management generally will invest across countries, industry groups and/or security types.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Europe Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is subject to certain risks related to Europe. Investments in British companies may subject the Fund to social, regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. Western Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment. The European Union itself has experienced difficulties in connection with the debt loads of some of its member states.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 in a taxable account.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Returns of the Fund will be different from the Predecessor Fund as they have different expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">20.74%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2018</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 21.09%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI Europe Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI Europe Index is designed to measure developed market equity performance in Europe.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Equity Income Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Equity Income Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks to achieve a high level of current income and,</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">as a secondary objective, steady growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 690 934 1197 1946 283 566 975 1958 126 393 681 1500 84 262 455 1014 75 233 406 906 100 312 542 1201 690 934 1197 1946 183 566 975 1958 126 393 681 1500 84 262 455 1014 75 233 406 906 100 312 542 1201 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">152</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.52 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In selecting investments, portfolio management primarily seeks 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 portfolio management, 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, balance sheet strength, valuation relative to asset values, return on equity, and a particular focus on cash flow generation and ability to service growing dividend streams in the medium term.</span><span style="font-family:Times New Roman;font-size:9.50pt;">For its investments in common stocks, the Fund seeks to invest in securities that portfolio management believes have the potential for growth of income and capital over time. Portfolio management may shift the Fund’s assets among various types of income-producing securities based on changing market conditions. The Fund does not limit its investments to companies of any particular size. However, in an attempt to reduce portfolio risks, portfolio management generally will invest across countries, industry groups and/or security types.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not have a specific policy regarding the growth/value orientation or market capitalization of the companies in which it invests, portfolio management believes that focusing on income-producing equity securities will tend to lead to investments in mid-to-large capitalization “value” stocks (stocks of well-established, undervalued companies that portfolio management believes offer the potential for income and long-term capital appreciation). Portfolio management may, however, invest in smaller and less seasoned issuers.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In selecting investments, the Fund also considers environmental, social, and governance (“ESG”) factors and a company’s management of ESG risks that may have a significant impact on the company’s growth, valuation, profits, cash flow, and dividends. Such factors may include corporate governance, human capital and diversity, climate change, disclosure transparency, and business ethics. The Fund evaluates ESG factors and risks, using third-party data and internally-generated analysis, which may include assessments of a company’s alignment with international commitments, a review of ESG investment risk reports, and corporate engagement. At portfolio management’s discretion, the Fund will engage with a company’s senior management to seek to better understand improvements in ESG reporting and disclosure, environmental performance, and strategic positioning in relation to key sustainability trends. The Fund may invest in companies whose ESG practices are evolving, with the expectation that these engagement efforts will result in improvements over time, and will consider selling a security if a company is not responsive to such engagement efforts. The Fund does not consider ESG </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">factors and risks in managing the Fund’s exposure to cash and cash equivalents and certain derivatives, such as forward currency contracts used for hedging purposes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management believes 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a security when, in portfolio management’s 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 portfolio management’s opinion, a superior investment opportunity arises or if it has become overvalued. Also, the Fund will consider selling a security as part of the Fund’s regional rotation trading strategy.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest its assets in derivatives.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as equity securities, fixed-income securities, commodities, currencies, interest rates, or market indices, as substitutes for securities in which the Fund invests or to hedge portfolio risk. In particular, the Fund may invest in derivatives such as forward currency contracts to offset risks associated with currency exposure.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Europe Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is subject to certain risks related to Europe. Investments in British companies may subject the Fund to social, regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. Western Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment. The European Union itself has experienced difficulties in connection with the debt loads of some of its member states. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Dividend-Oriented Stocks Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 in a taxable account.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;">  </span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management integrates ESG factors by incorporating ESG information into the Fund’s investment process. As a result, the Fund may have different exposures to certain industries, sectors, or regions relative to its benchmark index and/or similar funds that do not consider ESG factors. This may in turn cause the Fund to underperform relative to its benchmark index or similar funds that do not consider ESG factors. In addition, information related to ESG factors provided by issuers and third parties, upon which portfolio management may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies or be applied differently across issuers and industries. Further, the regulatory landscape regarding ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment policies.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may suffer more </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 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. 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Returns of the Fund will be different from the Predecessor Fund as they have different expenses.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">15.71%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 22.74%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI World Index. The Fund also compares its performance to the 85% MSCI ACWI ex-US High Div Yld/15% MSCI USA High Div Yld Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI World Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The 85% MSCI ACWI ex-US High Div Yld/15% MSCI USA High Div Yld Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World ex-USA High Dividend Yield Index (85%) and the MSCI USA High Dividend Yield Index (15%). The underlying indices reflect the performance of higher dividend yield large and mid-cap equities from (i) global developed and emerging markets excluding the U.S. and (ii) the U.S. markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Life Sciences Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Life Sciences Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 669 869 1086 1707 279 554 954 1867 120 375 649 1432 79 246 428 954 68 214 373 835 94 293 509 1131 669 869 1086 1707 179 554 954 1867 120 375 649 1432 79 246 428 954 68 214 373 835 94 293 509 1131 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">34</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.34 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management believes have a life science orientation. </span><span style="font-family:Times New Roman;font-size:9.50pt;">In the Fund’s pursuit of companies with a life science orientation, the Fund has a fundamental policy to normally </span><span style="font-family:Times New Roman;font-size:9.50pt;">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: pharmaceuticals; biotechnology; health care services; agriculture; cosmetics/personal care; and medical devices.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Generally speaking, the “life sciences” relate to maintaining or improving </span><span style="font-family:Times New Roman;font-size:9.50pt;">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. An issuer is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the issuer’s revenues are derived from one or more countries; or (iii) a majority of the issuer’s assets are located in one or more countries. The Fund may, under unusual circumstances, invest in a single country. The Fund may invest in shares of companies through initial public offerings and private placements.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management 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. In conducting the “bottom up” analysis, portfolio management considers factors including a company’s growth potential, the strength of a company’s management, and a company’s sustainable competitive advantages, returns on investment capital, and cash flow generation. Portfolio management also applies screens, which incorporate third-party inputs, to (i) seek to avoid investing in issuers that are United Nations Global Compact violators and (ii) seek to invest at least 80% of the Fund’s net assets, under normal circumstances, in issuers with an MSCI (or an equivalent third-party data provider, as determined by portfolio management) ESG rating of BB or higher.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock when, in portfolio management’s opinion, the stock shows declining fundamentals, its competitive advantages have deteriorated, or if the stock reaches its targeted value. The Fund will also consider selling a stock if, in portfolio management’s opinion, a superior investment opportunity arises.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">In the Fund’s pursuit of companies with a life science orientation, the Fund has a fundamental policy to normally </span><span style="font-family:Times New Roman;font-size:9.50pt;">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: pharmaceuticals; biotechnology; health care services; agriculture; cosmetics/personal care; and medical devices.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Life Sciences Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund focuses its investments in securities of companies that are categorized in the “life sciences” sector, including companies in the following industry groups: pharmaceuticals, biotechnology, health care services, agriculture, cosmetic/personal care, and medical devices. 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Investment Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund considers environmental, social, and governance (“ESG”) factors in selecting securities, the Fund may perform differently than funds that do not consider ESG factors. Due to the ESG considerations and exclusionary criteria employed by the Fund, the Fund may not be invested in certain issuers, and therefore may have lower performance than portfolios that do not apply similar criteria. ESG-related information provided by issuers and third parties, which portfolio management may utilize, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing companies to consider their environmental or social practices may fall out of favor, which could potentially limit the Fund’s investment universe. There is also a risk that the issuers identified through the investment process employed by the Fund may fail to adhere to positive environmental or social practices, which may result in selling a security when it might otherwise be disadvantageous to do so.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Private Placements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in private placements could decrease the Fund’s liquidity profile or prevent the Fund from disposing of such securities promptly at advantageous prices. Private placements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available, and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value. Transaction costs may be higher for these securities, and the Fund may get only limited information about the issuer of a private placement security, so it may be less able to anticipate a loss.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">If Class A Shares, Class C Shares, Class S Shares, and Class I Shares of the Fund had been available during the 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">21.01%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 13.67%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI World Health Care Index. The Fund also compares its performance to the S&amp;P 500 Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI World Health Care Index is a capitalization-weighted index that measures the performance of health care stocks from developed market countries.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Real Estate Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Real Estate Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks total return through a combination of capital appreciation and current income.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 690 934 1197 1946 306 637 1093 2145 140 437 755 1657 99 309 536 1190 86 268 466 1037 112 350 606 1340 690 934 1197 1946 206 637 1093 2145 140 437 755 1657 99 309 536 1190 86 268 466 1037 112 350 606 1340 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">66</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.66 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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. 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 and real estate operating companies (“REOCs”). The Fund may invest in shares of companies through initial public offerings and secondary offerings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> The Fund’s investment in companies engaged in businesses outside the real estate industry which </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Real estate-related industries are comprised of companies that, in the opinion of portfolio management, 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">A REIT is an entity 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. A REOC is a publicly traded corporation that is engaged in real estate businesses, but that has not taken (or is not eligible for) the REIT tax election and therefore does not have a requirement to distribute any of its taxable income.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. An issuer is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the issuer’s revenues are derived from one or more countries; or (iii) a majority of the issuer’s assets are located in one or more countries.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In choosing investments for the Fund, portfolio management applies a “bottom up” approach that utilizes portfolio management’s knowledge of issuers in the Americas and the Asia Pacific, European, and Latin American regions. Factors that portfolio management considers in their fundamental analysis includes a company’s balance sheet, valuation, strength of management, property markets and sectors, economics, and capital markets in seeking to determine the appropriate risk-adjusted return.</span><span style="font-family:Times New Roman;font-size:9.50pt;">To identify the universe of investible securities for the Fund, portfolio management also applies negative screens, which incorporate third-party inputs, to seek to avoid investing in (i) REITs that are involved in the operation of prison facilities and </span><span style="font-family:Times New Roman;font-size:9.50pt;">(ii) issuers that are United Nations Global Compact violators. At portfolio management’s discretion, the Fund will engage with companies regarding the adoption, or commitment to adopt, emission reduction targets. Under normal circumstances, the Fund will invest at least 10% of its assets in companies that have committed to such targets.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management will generally consider selling a security if it believes that its future prospects have been accurately reflected in the market price, the company no longer meets the social or environmental criteria noted above, or if their original investment thesis has changed.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Real Estate and Real Estate-Related Industries Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities of real-estate related companies are subject to the risks associated with fluctuations in the value of the underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; changes in the availability, cost, and terms of mortgage funds; increased competition, property taxes, capital expenditures, or operating expenses; and other economic, political, or regulatory occurrences, including the impact of changes in environmental laws. 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, 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. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income. The real estate industry is particularly sensitive to economic downturns and changes in interest rates. The ability to trade companies operating in real estate development and operations in the secondary market can be more limited compared to other equity investments, and certain REITs and REIT-like entities have relatively small market capitalizations, which can increase the volatility of the market price for their securities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Investment Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund considers environmental, social, and governance (“ESG”) factors in selecting securities, the Fund may perform differently than funds that do not consider ESG factors. Due to the ESG considerations and exclusionary criteria employed by the Fund, the Fund may not be invested in certain issuers within the real estate industry or real estate-related industries, and therefore may have lower performance than portfolios that do not apply similar criteria.</span><span style="font-family:Times New Roman;font-size:9.50pt;">ESG-related information provided by issuers and third parties, which portfolio management may utilize, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing companies to consider their environmental or social practices may fall out of favor, which could potentially limit the Fund’s investment universe. There is also a risk that the issuers identified through the investment process employed by the Fund may fail to adhere to positive environmental or social practices, which may result in selling a security when it might otherwise be disadvantageous to do so.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering and Secondary Offering Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Initial public offerings (“IPOs”) and secondary offering shares frequently are volatile in price due to the absence of a prior public market, the small number of shares available for trading, and limited information about the issuer. Therefore, the Fund may hold IPO and 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. There can be no assurance that the Fund will identify favorable IPO and secondary offering investment opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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, </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to broad-based securities market indices. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to broad-based securities market indices. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to broad-based securities market indices. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2019</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">15.90%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 21.12%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the FTSE EPRA Nareit Global Index. 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The FTSE EPRA Nareit Global Index and the Net Index are global market capitalization-weighted indices composed of listed real estate companies and real estate investment trusts in both developed and emerging market countries.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class I Shares for the periods following July 6, 2009; and for the JAD Predecessor Fund’s Class I Shares for the periods prior to July 6, 2009.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Research Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Research Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 663 851 1055 1641 277 548 944 1835 109 340 590 1306 63 199 346 774 57 179 313 701 136 425 734 1613 82 255 444 990 663 851 1055 1641 177 548 944 1835 109 340 590 1306 63 199 346 774 57 179 313 701 136 425 734 1613 82 255 444 990 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">24</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.24 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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. Because the Fund’s investments in foreign securities are partially based on the composition of the Fund’s benchmark index, the MSCI World Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;">, the Fund’s exposure to foreign markets may fluctuate in connection with variations in the foreign exposure of the benchmark index.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Adviser’s equity research analysts</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(the “Central Research Team”) select investments for the Fund that represent the Central Research Team’s high-conviction investment ideas in all market capitalizations, styles, and geographies. The Central Research Team</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Each sector team compares the appreciation and risk potential of its high-conviction ideas and constructs a sector sleeve that is intended to maximize the best risk-reward opportunities. The sector sleeves are then combined to form the Fund’s overall portfolio. The Portfolio Oversight Team,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which includes portfolio management,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">oversees the overall portfolio to manage unintended style risks.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Positions may be sold when, among other things, there is no longer high conviction in the return potential of the investment, if the risk characteristics have caused a re-evaluation of the opportunity, or if the investment thesis for owning a position has changed. 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s portfolio management, which includes two analysts on the Central Research Team, oversees the investment process and is responsible for the day-to-day management of the Fund. Although the Fund’s exposure to certain sectors may be higher than to others, it is expected that the Fund will be broadly diversified among a variety of sectors. The Fund intends to be fully invested under normal circumstances. However, under unusual circumstances, if the Central Research Team does not have high conviction in enough investment opportunities, the Fund’s uninvested assets may be held in cash or similar instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 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. These holdings are also subject to wider </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">21.37%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 20.61%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI World Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country World Index is designed to measure equity market performance in global developed and emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Select Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Select Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.81% for at least a one-year period commencing on January </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 675 887 1116 1773 291 633 1100 2125 134 744 1380 3092 82 255 444 990 70 221 384 859 160 895 1652 3646 95 296 515 1143 675 887 1116 1773 191 633 1100 2125 134 744 1380 3092 82 255 444 990 70 221 384 859 160 895 1652 3646 95 296 515 1143 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">46</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.46 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by normally investing in a portfolio 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. A security is deemed to be economically tied to a country or countries outside of the United States 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, a country outside of the United States; (ii) a majority of the company’s revenues are derived from outside of the United States; or (iii) a majority of the company’s assets are located outside of 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 invest in emerging markets but will normally limit such investments to 30% of its net assets, measured at the time of purchase. The Fund may invest in securities of real estate investment trusts (“REITs”). As of September 30, 2023, the Fund held stocks of 59 companies. Of these holdings, 40 comprised approximately 88.21% of the Fund’s holdings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Portfolio management will generally consider selling a security when, among other things, the security no longer reflects portfolio management’s investment thesis, the security approaches or exceeds its targeted value, there has been a change in a security’s risk/reward potential, or a better idea is identified.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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, 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Europe Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is subject to certain risks related to Europe. Investments in British companies may subject the Fund to social, regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. Western Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment. The European Union itself has experienced difficulties in connection with the debt loads of some of its member states. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be complex instruments and may involve analysis that differs from that required for other investment types used by the</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate </span><span style="font-family:Times New Roman;font-size:9.50pt;">gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. 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, 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. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">21.21%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 26.39%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI All Country World Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country World Index is designed to measure equity market performance in global developed and emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Sustainable Equity Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Sustainable Equity Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends,</span><span style="font-family:Times New Roman;font-size:7.60pt;">taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.85% for at least a one-year period commencing on January </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">and distributions. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Class C Shares automatically convert to Class A Shares </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 691 1336 2004 3780 292 1449 2678 5093 138 1574 2950 6150 103 527 978 2228 88 511 959 2206 164 1888 3488 7005 113 633 1180 2675 691 1336 2004 3780 192 1449 2678 5093 138 1574 2950 6150 103 527 978 2228 88 511 959 2206 164 1888 3488 7005 113 633 1180 2675 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">20</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.20 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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. The Fund will typically invest in companies whose products and services are considered by portfolio management as contributing to positive environmental or social change and sustainable economic development, including those that are strategically aligned with environmental and social megatrends such as climate change, resource constraints, growing populations, and aging populations.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. An issuer is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the issuer’s revenues are derived from one or more countries; or (iii) a majority of the issuer’s assets are located in one or more countries. The Fund’s investments may be in non-U.S. currency or U.S. dollar-denominated.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund generally invests in a core group of 50-70 equity securities, which consist primarily of common stocks, but may also include other types of instruments, such as depositary receipts and warrants. The Fund may also invest in real estate investment trusts (“REITs”). The Fund will invest primarily in larger, well-established companies but may also invest in mid- and small-sized companies. The Fund’s uninvested assets may be held in cash or cash equivalents.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In selecting investments, portfolio management employs a “bottom-up” approach that focuses on fundamental research. To identify the universe of investible securities for the Fund, portfolio management first employs positive selection criteria that seeks to identify companies that derive at least 50% of their current or future expected revenues from at least one of ten environmental and social themes. Environmental themes include efficiency, cleaner energy, water management, environmental services, and sustainable transport. Social themes include sustainable property and finance, safety, quality of life, knowledge and technology, and health.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Next, portfolio management applies broad-based negative screens, which rely on third-party inputs, to seek to avoid securities of issuers that, in the determination of the Adviser, are significantly engaged in or derive more than de minimis revenue from </span><span style="font-family:Times New Roman;font-size:9.50pt;">industries, activities, or assets considered by portfolio management to have a negative impact on society or the environment. A current list of such industries, activities, or assets, which may evolve over time, follows:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">alcohol;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">animal testing (non-medical);</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">armaments;</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">chemicals of concern;</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">fossil fuel extraction and refining;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">fossil fuel power generation;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">fur;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">gambling;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">genetic engineering;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">intensive farming;</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">meat and dairy production;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">nuclear power;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">pornography;</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">tobacco; and</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">United Nations Global Compact and Organization for Economic Co-operation and Development violators.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In selecting investments, portfolio management will then consider, among other factors, a company’s growth potential, competitive positioning, operational quality, and strategy. Portfolio management may also consider factors such as a company’s historic and projected return on capital, balance sheets, and financial models. Portfolio management will also consider environmental, social, and governance (“ESG”) factors,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which may include climate change, deforestation, biodiversity, human rights, company culture, community relations, board structure and diversity, executive pay, and corporate reporting. Portfolio management seeks to maintain a portfolio of securities that has a carbon footprint and carbon intensity that is at least 20% below the MSCI World Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;">. At portfolio management’s discretion, the Fund will engage with a company’s management regarding matters that may include shareholder rights, governance and remuneration, climate change, carbon emissions, pollution, biodiversity, human capital, and diversity and inclusion.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management evaluates and applies ESG and sustainable investment criteria relying on a mix of third-party data and internally-generated analyses based on information that may include web-based research reports from a company or independent sources, as well as corporate engagement. Portfolio management does not apply these ESG factors in managing the Fund’s exposure to cash and cash equivalents.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock if, in portfolio management’s opinion, there has been a regulatory, industry, or position-level change that may impair a company’s revenue growth. The Fund will also consider selling a stock if, in portfolio management’s opinion, the company’s business model no longer meets the sustainable investment criteria employed in managing the Fund.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sustainable Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund follows a sustainable investment approach by investing in companies that relate to certain sustainable development themes and demonstrate adherence to ESG practices. Accordingly, the Fund may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector, which may make the Fund more vulnerable to unfavorable developments in a particular sector than funds </span><span style="font-family:Times New Roman;font-size:9.50pt;">that invest more broadly. Additionally, due to its exclusionary criteria, the Fund may not be invested in certain industries or sectors, and therefore may have lower performance than portfolios that do not apply similar criteria. In addition, because sustainable and ESG investing takes into consideration factors beyond traditional financial analysis, the investment opportunities for the Fund may be limited at times. Sustainability and ESG-related information provided by issuers and third parties, upon which portfolio management may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for sustainable and ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing companies to engage in sustainable and ESG practices may fall out of favor, which could potentially limit the Fund’s investment universe. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable and/or ESG-related business practices, which may result in the Fund selling a security when it might otherwise be disadvantageous to do so.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it emphasizes certain themes and megatrends. As a result, at times, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector or that benefit from the same megatrend. Companies in the same industry or economic sector or that benefit from the same megatrend 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that portfolio management may not be successful in identifying investment opportunities that are aligned with the sustainable investment approach that the Fund employs. Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. 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, 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. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Smaller Sized Fund Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund has a small asset base,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">large inflows and outflows may have a disproportionate impact, negative or positive, on the Fund’s performance,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which may be more volatile than that of a larger fund. If the Fund were to fail to attract sufficient assets to achieve or maintain economies of scale, its performance may be negatively impacted, and any resulting liquidation could create negative transaction costs for the Fund and tax consequences for investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Warrants Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The price, performance and liquidity of warrants 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class A Shares, Class C Shares, Class S Shares, Class I Shares, Class N Shares, and Class T Shares of the Fund commenced operations with the Fund’s inception. Class R Shares of the Fund commenced operations on January 28, 2021.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class A Shares, Class C Shares, Class S Shares, Class I Shares, Class N Shares, and Class T Shares is calculated using the fees and expenses of each respective share class, net of any applicable fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The performance shown for Class R Shares for periods prior to January 28, 2021, reflects the performance of the Fund’s Class I Shares, calculated using the fees and expenses of Class R Shares, without the effect of any fee and expense limitations or waivers. If Class R Shares of the Fund had been available during periods prior to January 28, 2021, the performance shown may have been different. The performance shown for the periods following the Fund’s commencement of Class R Shares reflects the fees and expenses of Class R Shares, net of any applicable fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">13.52%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 17.80%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI World Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI World Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Technology and Innovation Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Technology and Innovation Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 671 875 1096 1729 279 554 954 1873 120 375 649 1432 78 243 422 942 68 214 373 835 94 293 509 1131 671 875 1096 1729 179 554 954 1873 120 375 649 1432 78 243 422 942 68 214 373 835 94 293 509 1131 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">43</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.43 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management believes will benefit significantly from advances or improvements in technology. These companies generally fall into two categories:</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">companies that portfolio management believes have or will develop products, processes, or services that will provide significant technological advancements or improvements; and</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">companies that portfolio management believes rely extensively on technology in connection with their operations or services.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. The Fund may have exposure to emerging markets. From time to time, the Fund may invest in shares of companies through initial public offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Factors that portfolio management may consider in their fundamental analysis include the strength of a company’s balance sheet and a company’s projected returns or growth rates. Portfolio management will generally consider selling a position when, among other things, the investment thesis for owning a position has changed or if the position exceeds its targeted value.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 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. 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Technology Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing </span><span style="font-family:Times New Roman;font-size:9.50pt;">countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 27, 2017.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">32.49%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 26.50%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the S&amp;P 500 Index. The Fund also compares its performance to the MSCI All Country World Information Technology Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Overseas Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Overseas Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="font-family:Times New Roman;font-size:9.50pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund. Each share class has different expenses, but represents an investment in the same Fund. </span><span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">For Class A Shares, you may qualify for sales charge </span><span style="font-family:Times New Roman;font-size:9.50pt;">discounts if you and your family invest, or agree to invest in the future, at least </span><span style="font-family:Times New Roman;font-size:9.50pt;">$50,000</span><span style="font-family:Times New Roman;font-size:9.50pt;"> in the Fund or in other Janus Henderson funds. More information about these and other discounts, as well as eligibility requirements for each share class, is available from your financial professional and in the “Purchases” section on page 128 of the Fund’s Prospectus and in the “Purchases” section on page 77 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.</span> 50000 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated and reinvest all dividends </span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Class C Shares automatically convert to Class A Shares after eight years. The Example for Class C Shares for the ten-year period reflects the conversion to Class A Shares. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 690 934 1197 1946 297 609 1047 2072 131 409 708 1556 93 290 504 1120 82 255 444 990 159 493 850 1856 106 331 574 1271 690 934 1197 1946 197 609 1047 2072 131 409 708 1556 93 290 504 1120 82 255 444 990 159 493 850 1856 106 331 574 1271 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">42</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 a portfolio of 30-50 securities of issuers from several different countries, excluding the United States, and it may, under unusual circumstances, invest all or substantially all of its assets in a single country. The Fund may invest up to 20% of its net assets, measured at the time of purchase, in U.S. issuers. An issuer is deemed to be from a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Portfolio management will generally consider selling a security when, among other things, the security no longer reflects portfolio management’s investment thesis, the security approaches or exceeds its targeted value, there has been a change in a security’s risk/reward potential, or a better idea is identified.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in equity and debt securities of real estate-related companies. These securities may include common stocks, preferred stocks, and other securities, including, but not limited to, real estate-backed securities, securities of real estate investment trusts (“REITs”) and similar REIT-like entities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may take long or short positions in derivatives.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives are instruments that have a value derived from, or directly linked to, an underlying asset, such as equity 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Europe Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is subject to certain risks related to Europe. Investments in British companies may subject the Fund to social, regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. Western Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment. The European Union itself has experienced difficulties in connection with the debt loads of some of its member states. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. 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, 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. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class N Shares of the Fund commenced operations on May 31, 2012.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart figures do not </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/performance</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-877-335-2687</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">21.09%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 24.83%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">The one year return is calculated to include the contingent deferred sales charge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI All Country World ex-USA Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country World ex-USA Index is designed to measure equity market performance in global developed and emerging markets outside the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using distributions for the Fund’s Class T Shares (formerly named Class J Shares, the initial share class).</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Asia Equity Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Asia Equity Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">“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.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any performance adjustments to management fees, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.94% for at least a one-year period commencing on January </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 95 532 996 2280 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">106</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.06 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. The Fund may have significant exposure to emerging market countries.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund generally invests in a portfolio of 40-70 equity securities, which consist primarily of common stocks, preferred stocks, and depositary receipts, but may also include other types of instruments. The Fund also invests in securities that have contractual restrictions that prohibit or limit their public resale. The Fund intends to diversify its investments across a number of different countries, including emerging market countries. The Fund may also invest in Chinese companies listed on U.S. and other exchanges structured as variable interest entities. In addition, the Fund may invest in securities issued by small- and mid-sized companies and in less seasoned issuers.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in derivatives.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as equity securities, fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may invest in derivatives such as futures, options, forward currency contracts, warrants, and swaps (including total return swaps) for various investment purposes, such as to gain exposure to a particular portion of the market or to manage or hedge portfolio risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">management employs</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 a country’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 portfolio management’s convictions. The Fund may engage in active and frequent trading to achieve its investment objective.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock when, in portfolio management’s opinion, there is a deterioration in the factors considered in selecting investments for the Fund, including changes in a country’s stage of development, governance, or regulatory framework. The Fund will also consider selling a stock when, in portfolio management’s opinion, a company’s fundamentals or a company’s revenue growth has slowed, or there has been changes in a company’s risk/reward potential.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 or other local market securities. Foreign and emerging market risks may also be heightened to the extent the Fund has exposure to Chinese issuers through variable interest entities, which subjects the Fund to the risks associated with the underlying Chinese issuer or operating company.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Investment Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">China Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be complex instruments and may involve analysis that differs from that required for other investment types used by the</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">144A Securities and Other Exempt Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">issued under Regulation S and Rule 144A</span><span style="font-family:Times New Roman;font-size:9.50pt;">and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 in a taxable account.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Large Shareholder Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">To the extent a substantial percentage of the shares of the Fund are held by a small number of shareholders, including “fund of funds” or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem the Fund’s shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Smaller Sized Fund Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund has a small asset base, large inflows and outflows may have a disproportionate impact, negative or positive, on the Fund’s performance, which may be more volatile than that of a larger fund. If the Fund</span><span style="font-family:Times New Roman;font-size:9.50pt;">were to fail to attract sufficient assets to achieve or maintain economies of scale, its performance may be negatively impacted, and any resulting liquidation could create negative transaction costs for the Fund and tax consequences for investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">18.71%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 20.74%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI All Country Asia ex-Japan Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country Asia ex-Japan Index is designed to measure the equity market performance of Asia, excluding Japan.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Emerging Markets Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Emerging Markets Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, such as transfer agency 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 </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 122 500 902 2027 <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">63</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.63 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 and convertible securities. The Fund also invests in securities that have contractual restrictions that prohibit or limit their public resale. Emerging market countries are all countries represented by the MSCI Emerging Markets Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in derivatives.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as equity securities, fixed-income securities, commodities, currencies, interest rates, or market indices. In particular, the Fund may invest in derivatives such as futures, options, forward currency contracts, warrants, and swaps (including total return swaps) for various investment purposes, such as to gain exposure to a particular portion of the market or to manage or hedge portfolio risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management 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 portfolio management’s convictions.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock when, in portfolio management’s opinion, there is a deterioration in the factors considered in selecting investments for the Fund, including changes in a country’s stage of development, governance, or regulatory framework. The Fund will also consider selling a stock when, in portfolio management’s opinion, a company’s fundamentals or a company’s revenue growth has slowed, or there has been changes in a company’s risk/reward potential.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">At times, the Fund may invest to a significant degree in issuers located in a single country or region, which particularly includes China, or may also invest in Chinese companies listed on U.S. exchanges structured as variable interest entities. In addition, the Fund may invest in securities issued by small- and mid-sized companies and in less seasoned issuers.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 or other local market securities. Foreign and emerging market risks may also be heightened to the extent the Fund has exposure to Chinese issuers through variable interest entities, which subjects the Fund to the risks associated with the underlying Chinese issuer or operating company.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a </span><span style="font-family:Times New Roman;font-size:9.50pt;">significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">China Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’s perception of a company’s growth potential is not realized, the </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="font-family:Times New Roman;font-size:9.50pt;">.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be complex instruments and may involve analysis that differs from that required for other investment types used by the</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Rule</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">144A Securities and Other Exempt Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">issued under Regulation S and Rule 144A</span><span style="font-family:Times New Roman;font-size:9.50pt;">and other securities exempt from certain registration requirements could have the effect of decreasing the Fund’s liquidity profile or preventing the Fund from disposing of them promptly at advantageous prices. Investments in securities exempt from certain registration requirements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Convertible Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in securities that are convertible into preferred and common stocks, and thus, is subject to the risks of investments in both debt and equity securities. The market value of convertible securities tends to decline as interest rates increase and, conversely, tends to increase as interest rates decline. In addition, because of the conversion feature, the market value of convertible securities tends to vary with fluctuations in the market value of the underlying preferred and common stocks and, therefore, also will react to variations in the general market for equity securities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Preferred Stock Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Preferred stock is subject to similar risks as common stock and debt securities. Typically, a rise in interest rates causes a decline in the value of preferred stock. Preferred stocks are also subject to credit risk, which is the possibility that an issuer of preferred stock will fail to make its dividend payments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Large Shareholder Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">To the extent a substantial percentage of the shares of the Fund are held by a small number of shareholders, including “fund of funds” or accounts over which the Adviser has investment discretion, the Fund is subject to the risk that these shareholders will purchase or redeem the Fund’s shares in large amounts rapidly or unexpectedly, including as a result of an asset allocation decision made by the Adviser. These transactions could adversely affect the ability of the Fund to conduct its investment program.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">23.84%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 24.95%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI Emerging Markets Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI Emerging Markets Index is designed to measure equity market performance of emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson European Focus Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson European Focus Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term capital appreciation primarily through investment in equities of European companies.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, such as transfer agency 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 </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 113 417 743 1665 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">169</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.69 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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. The Fund generally invests in a portfolio of 35-60 equity securities. Equity securities include common stocks and related securities. 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management seeks investments that will increase in value by emphasizing stock selection. Stock selection is based on an opportunistic approach which seeks to utilize stock specific criteria described below and global market and industry dynamics that are expected to drive stock prices of European companies. Portfolio management will invest in both “growth” stocks that portfolio management believes are reasonably priced and “value” stocks that are, in portfolio management’s </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may generally 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, Ireland, Italy and Spain. The Fund may, under unusual circumstances, invest in a single country or a limited number of countries.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In evaluating investment opportunities in various market conditions, portfolio management conducts fundamental research that considers factors such as a company’s historic and projected return on capital, the quality of a company’s management,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and a company’s historical valuations, as well as valuation relative to the wider market.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock when, in portfolio management’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 will also consider selling a stock if portfolio management believes that negative country, sector, or regional factors may affect the company’s outlook, or, in portfolio management’s opinion, a superior investment opportunity arises or to meet cash requirements.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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, portfolio management generally will invest across countries, industry groups and/or security types.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Europe Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is subject to certain risks related to Europe. Investments in British companies may subject the Fund to social, regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. Western Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment. The European Union itself has experienced difficulties in connection with the debt loads of some of its member states.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 in a taxable account.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Without the effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">20.78%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2018</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 21.03%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI Europe Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI Europe Index is designed to measure developed market equity performance in Europe.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Equity Income Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objectives</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Equity Income Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks to achieve a high level of current income and,</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">as a secondary objective, steady growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 93 290 504 1120 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">152</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 1.52 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In selecting investments, portfolio management primarily seeks 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 portfolio management, 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, balance sheet strength, valuation relative to asset values, return on equity, and a particular focus on cash flow generation and ability to service growing dividend streams in the medium term.</span><span style="font-family:Times New Roman;font-size:9.50pt;">For its investments in common stocks, the Fund seeks to invest in securities that portfolio management believes have the potential for growth of income and capital over time. Portfolio management may shift the Fund’s assets among various types of income-producing securities based on changing market conditions. The Fund does not limit its investments to companies of any particular size. However, in an attempt to reduce portfolio risks, portfolio management generally will invest across countries, industry groups and/or security types.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not have a specific policy regarding the growth/value orientation or market capitalization of the companies in which it invests, portfolio management believes that focusing on income-producing equity securities will tend to lead to investments in mid-to-large capitalization “value” stocks (stocks of well-established, undervalued companies that portfolio management believes offer the potential for income and long-term capital appreciation). Portfolio management may, however, invest in smaller and less seasoned issuers.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In selecting investments, the Fund also considers environmental, social, and governance (“ESG”) factors and a company’s management of ESG risks that may have a significant impact on the company’s growth, valuation, profits, cash flow, and dividends. Such factors may include corporate governance, human capital and diversity, climate change, disclosure transparency, and business ethics. The Fund evaluates ESG factors and risks, using third-party data and internally-generated analysis, which may include assessments of a company’s alignment with international commitments, a review of ESG investment risk reports, and corporate engagement. At portfolio management’s discretion, the Fund will engage with a company’s senior management to seek to better understand improvements in ESG reporting and disclosure, environmental performance, and strategic positioning in relation to key sustainability trends. The Fund may invest in companies whose ESG practices are evolving, with the expectation that these engagement efforts will result in improvements over time, and will consider selling a security if a company is not responsive to such engagement efforts. The Fund does not consider ESG factors and risks in managing the Fund’s exposure to cash and cash equivalents and certain derivatives, such as forward currency contracts used for hedging purposes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management believes 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a security when, in portfolio management’s 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 portfolio management’s opinion, a superior investment opportunity arises or if it has become overvalued. Also, the Fund will consider selling a security as part of the Fund’s regional rotation trading strategy.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest its assets in derivatives.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivative instruments have a value derived from, or directly linked to, an underlying asset, such as equity securities, fixed-income securities, commodities, currencies, interest rates, or market indices, as substitutes for securities in which the Fund invests or to hedge portfolio risk. In particular, the Fund may invest in derivatives such as forward currency contracts to offset risks associated with currency exposure.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Europe Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is subject to certain risks related to Europe. Investments in British companies may subject the Fund to social, regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. Western Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment. The European Union itself has experienced difficulties in connection with the debt loads of some of its member states. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Dividend-Oriented Stocks Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Companies that have paid regular dividends to shareholders may decrease or eliminate dividend payments in the future. A decrease in dividend payments by an issuer may result in a decrease in the value of the security held by the Fund or the Fund receiving less income.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Turnover Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 in a taxable account.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Integration Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;">  </span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management integrates ESG factors by incorporating ESG information into the Fund’s investment process. As a result, the Fund may have different exposures to certain industries, sectors, or regions relative to its benchmark index and/or similar funds that do not consider ESG factors. This may in turn cause the Fund to underperform relative to its benchmark index or similar funds that do not consider ESG factors. In addition, information related to ESG factors provided by issuers and third parties, upon which portfolio management may rely, continues to develop, and may be </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">incomplete, inaccurate, use different methodologies or be applied differently across issuers and industries. Further, the regulatory landscape regarding ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment policies.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 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. 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> For certain periods, the Fund’s performance reflects the effect of expense waivers. Without the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">effect of these expense waivers, the performance shown would have been lower.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">15.86%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 22.87%</span> <span style="color:#000000;font-family:Times New Roman;font-size:7.60pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI World Index. The Fund also compares its performance to the 85% MSCI ACWI ex-US High Div Yld/15% MSCI USA High Div Yld Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI World Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The 85% MSCI ACWI ex-US High Div Yld/15% MSCI USA High Div Yld Index is an internally-calculated, hypothetical combination of total returns from the MSCI All Country World ex-USA High Dividend Yield Index (85%) and the MSCI USA High Dividend Yield Index (15%). The underlying indices reflect the performance of higher dividend yield large and mid-cap equities from (i) global developed and emerging markets excluding the U.S. and (ii) the U.S. markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">After-tax returns are calculated using the historically highest individual </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Life Sciences Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Life Sciences Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 82 255 444 990 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">34</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.34 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management believes have a life science orientation. </span><span style="font-family:Times New Roman;font-size:9.50pt;">In the Fund’s pursuit of companies with a life science orientation, the Fund has a fundamental policy to normally </span><span style="font-family:Times New Roman;font-size:9.50pt;">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: pharmaceuticals; biotechnology; health care services; agriculture; cosmetics/personal care; and medical devices.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> Generally speaking, the “life sciences” relate to maintaining or improving </span><span style="font-family:Times New Roman;font-size:9.50pt;">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. An issuer is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the issuer’s revenues are derived from one or more countries; or (iii) a majority of the issuer’s assets are located in one or more countries. The Fund may, under unusual circumstances, invest in a single country. The Fund may invest in shares of companies through initial public offerings and private placements.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management 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. In conducting the “bottom up” analysis, portfolio management considers factors including a </span><span style="font-family:Times New Roman;font-size:9.50pt;">company’s growth potential, the strength of a company’s management, and a company’s sustainable competitive advantages, returns on investment capital, and cash flow generation. Portfolio management also applies screens, which incorporate third-party inputs, to (i) seek to avoid investing in issuers that are United Nations Global Compact violators and (ii) seek to invest at least 80% of the Fund’s net assets, under normal circumstances, in issuers with an MSCI (or an equivalent third-party data provider, as determined by portfolio management) ESG rating of BB or higher.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock when, in portfolio management’s opinion, the stock shows declining fundamentals, its competitive advantages have deteriorated, or if the stock reaches its targeted value. The Fund will also consider selling a stock if, in portfolio management’s opinion, a superior investment opportunity arises.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">In the Fund’s pursuit of companies with a life science orientation, the Fund has a fundamental policy to normally </span><span style="font-family:Times New Roman;font-size:9.50pt;">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: pharmaceuticals; biotechnology; health care services; agriculture; cosmetics/personal care; and medical devices.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Life Sciences Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund focuses its investments in securities of companies that are categorized in the “life sciences” sector, including companies in the following industry groups: pharmaceuticals, biotechnology, health care services, agriculture, cosmetic/personal care, and medical devices. 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Investment Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund considers environmental, social, and governance (“ESG”) factors in selecting securities, the Fund may perform differently than funds that do not consider ESG factors. Due to the ESG considerations and exclusionary criteria employed by the Fund, the Fund may not be invested in certain issuers, and therefore may have lower performance than portfolios that do not apply similar criteria. ESG-related information provided by issuers and third parties, which portfolio management may utilize, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing companies to consider their environmental or social practices may fall out of favor, which could potentially limit the Fund’s investment universe. There is also a risk that the issuers identified through the investment process employed by the Fund may fail to adhere to positive environmental or social practices, which may result in selling a security when it might otherwise be disadvantageous to do so.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Private Placements Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Investments in private placements could decrease the Fund’s liquidity profile or prevent the Fund from disposing of such securities promptly at advantageous prices. Private placements may be less liquid than other investments because such securities may not always be readily sold in broad public markets and may have no active trading market. As a result, they may be difficult to value because market quotations may not be readily available, and the Fund might be unable to dispose of such securities promptly or at prices reflecting their true value. Transaction costs may be higher for these securities, and the Fund may get only limited information about the issuer of a private placement security, so it may be less able to anticipate a loss.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a </span><span style="font-family:Times New Roman;font-size:9.50pt;">significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">21.04%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 13.64%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI World Health Care Index. The Fund also compares its performance to the S&amp;P 500 Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI World Health Care Index is a capitalization-weighted index that measures the performance of health care stocks from developed market countries.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Real Estate Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Real Estate Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks total return through a combination of capital appreciation and current income.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 105 328 569 1259 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">66</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.66 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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. 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 and real estate operating companies (“REOCs”). The Fund may invest in shares of companies through initial public offerings and secondary offerings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> The Fund’s investment in companies engaged in businesses outside the real estate industry which </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Real estate-related industries are comprised of companies that, in the opinion of portfolio management, 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">A REIT is an entity 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. A REOC is a publicly traded corporation that is engaged in real estate businesses, but that has not taken (or is not eligible for) the REIT tax election and therefore does not have a requirement to distribute any of its taxable income.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. An issuer is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the issuer’s revenues are derived from one or more countries; or (iii) a majority of the issuer’s assets are located in one or more countries.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In choosing investments for the Fund, portfolio management applies a “bottom up” approach that utilizes portfolio management’s knowledge of issuers in the Americas and the Asia Pacific, European, and Latin American regions. Factors that portfolio management considers in their fundamental analysis includes a company’s balance sheet, valuation, strength of management, property markets and sectors, economics, and capital markets in seeking to determine the appropriate risk-adjusted return.</span><span style="font-family:Times New Roman;font-size:9.50pt;">To identify the universe of investible securities for the Fund, portfolio management also applies negative screens, which incorporate third-party inputs, to seek to avoid investing in (i) REITs that are involved in the operation of prison facilities and (ii) issuers that are United Nations Global Compact violators. At portfolio management’s discretion, the Fund will engage with companies regarding the adoption, or commitment to adopt, emission reduction targets. Under normal circumstances, the Fund will invest at least 10% of its assets in companies that have committed to such targets.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management will generally consider selling a security if it believes that its future prospects have been accurately reflected in the market price, the company no longer meets the social or environmental criteria noted above, or if their original investment thesis has changed.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Real Estate and Real Estate-Related Industries Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities of real-estate related companies are subject to the risks associated with fluctuations in the value of the underlying properties; defaults by borrowers or tenants; market saturation; changes in general and local economic conditions; decreases in market rates for rents; changes in the availability, cost, and terms of mortgage funds; increased competition, property taxes, capital expenditures, or operating expenses; and other economic, political, or regulatory occurrences, including the impact of changes in environmental laws. 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, or </span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income. The real estate industry is particularly sensitive to economic downturns and changes in interest rates. The ability to trade companies operating in real estate development and operations in the secondary market can be more limited compared to other equity investments, and certain REITs and REIT-like entities have relatively small market capitalizations, which can increase the volatility of the market price for their securities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">ESG Investment Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund considers environmental, social, and governance (“ESG”) factors in selecting securities, the Fund may perform differently than funds that do not consider ESG factors. Due to the ESG considerations and exclusionary criteria employed by the Fund, the Fund may not be invested in certain issuers within the real estate industry or real estate-related industries, and therefore may have lower performance than portfolios that do not apply similar criteria.</span><span style="font-family:Times New Roman;font-size:9.50pt;">ESG-related information provided by issuers and third parties, which portfolio management may utilize, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing companies to consider their environmental or social practices may fall out of favor, which could potentially limit the Fund’s investment universe. There is also a risk that the issuers identified through the investment process employed by the Fund may fail to adhere to positive environmental or social practices, which may result in selling a security when it might otherwise be disadvantageous to do so.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering and Secondary Offering Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Initial public offerings (“IPOs”) and secondary offering shares frequently are volatile in price due to the absence of a prior public market, the small number of shares available for trading, and limited information about the issuer. Therefore, the Fund may hold IPO and 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. There can be no assurance that the Fund will identify favorable IPO and secondary offering investment opportunities.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Class D Shares of the Fund commenced operations on February 16, 2010. The performance shown for Class D Shares for periods prior to February 16, 2010, reflects the performance of the Fund’s Class I Shares calculated using the fees and expenses of Class D Shares, without the effect of any fee and expense limitations or waivers.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2019</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">15.87%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 21.18%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the FTSE EPRA Nareit Global Index. 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The FTSE EPRA Nareit Global Index and the Net Index are global market capitalization-weighted indices composed of listed real estate companies and real estate investment trusts in both developed and emerging market countries.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Research Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Research Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 70 221 384 859 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">24</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.24 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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. Because the Fund’s investments in foreign securities are partially based on the composition of the Fund’s benchmark index, the MSCI World Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;">, the Fund’s exposure to foreign markets may fluctuate in connection with variations in the foreign exposure of the benchmark index.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Adviser’s equity research analysts</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">(the “Central Research Team”) select investments for the Fund that represent the Central Research Team’s high-conviction investment ideas in all market capitalizations, styles, and geographies. The Central Research Team</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Each sector team compares the appreciation and risk potential of its high-conviction ideas and constructs a sector sleeve that is intended to maximize the best risk-reward </span><span style="font-family:Times New Roman;font-size:9.50pt;">opportunities. The sector sleeves are then combined to form the Fund’s overall portfolio. The Portfolio Oversight Team,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which includes portfolio management,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">oversees the overall portfolio to manage unintended style risks.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Positions may be sold when, among other things, there is no longer high conviction in the return potential of the investment, if the risk characteristics have caused a re-evaluation of the opportunity, or if the investment thesis for owning a position has changed. 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Fund’s portfolio management, which includes two analysts on the Central Research Team, oversees the investment process and is responsible for the day-to-day management of the Fund. Although the Fund’s exposure to certain sectors may be higher than to others, it is expected that the Fund will be broadly diversified among a variety of sectors. The Fund intends to be fully invested under normal circumstances. However, under unusual circumstances, if the Central Research Team does not have high conviction in enough investment opportunities, the Fund’s uninvested assets may be held in cash or similar instruments.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 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. 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">21.41%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 20.60%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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 indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI World Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country World Index is designed to measure equity market performance in global developed and emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Select Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Select Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 85 265 460 1025 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">46</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.46 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Fund pursues its investment objective by normally investing in a portfolio 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. A security is deemed to be economically tied to a country or countries outside of the United States 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, a country outside of the United States; (ii) a majority of the company’s revenues are derived from outside of the United States; or (iii) a majority of the company’s assets are located outside of 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 invest in emerging markets but will normally limit such investments to 30% of its net assets, measured at the time of purchase. The Fund may invest in securities of real estate investment trusts (“REITs”). As of September 30, 2023, the Fund held stocks of 59 companies. Of these holdings, 40 comprised approximately 88.21% of the Fund’s holdings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Portfolio management will generally consider selling a security when, among other things, the security no longer reflects portfolio management’s investment thesis, the security approaches or exceeds its targeted value, there has been a change in a security’s risk/reward potential, or a better idea is identified.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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, 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Europe Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is subject to certain risks related to Europe. Investments in British companies may subject the Fund to social, regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. Western Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment. The European Union itself has experienced difficulties in connection with the debt loads of some of its member states. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Derivatives can be complex instruments and may involve analysis that differs from that required for other investment types used by the</span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. 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, 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. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">21.27%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 26.39%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI All Country World Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country World Index is designed to measure equity market performance in global developed and emerging markets.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Sustainable Equity Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Sustainable Equity Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="font-family:Times New Roman;font-size:7.60pt;">The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.85% for at least a one-year period commencing on January </span><span style="font-family:Times New Roman;font-size:7.60pt;line-height:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:7.60pt;">26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 are equal to the Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement for the first year and the Total Annual Fund Operating Expenses thereafter. Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 103 517 956 2179 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">20</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.20 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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. The Fund will typically invest in companies whose products and services are considered by portfolio management as contributing to positive environmental or social change and sustainable economic development, including those that are strategically aligned with environmental and social megatrends such as climate change, resource constraints, growing populations, and aging populations.</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. An issuer is deemed to be economically tied to a country or countries if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, the country; (ii) a majority of the issuer’s revenues are derived from one or more countries; or (iii) a majority of the issuer’s assets are located in one or more countries. The Fund’s investments may be in non-U.S. currency or U.S. dollar-denominated.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund generally invests in a core group of 50-70 equity securities, which consist primarily of common stocks, but may also include other types of instruments, such as depositary receipts and warrants. The Fund may also invest in real estate investment trusts (“REITs”). The Fund will invest primarily in larger, well-established companies but may also invest in mid- and small-sized companies. The Fund’s uninvested assets may be held in cash or cash equivalents.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In selecting investments, portfolio management employs a “bottom-up” approach that focuses on fundamental research. To identify the universe of investible securities for the Fund, portfolio management first employs positive selection criteria that seeks to identify companies that derive at least 50% of their current or future expected revenues from at least one of ten environmental and social themes. Environmental themes include efficiency, cleaner energy, water management, environmental services, and sustainable transport. Social themes include sustainable property and finance, safety, quality of life, knowledge and technology, and health.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Next, portfolio management applies broad-based negative screens, which rely on third-party inputs, to seek to avoid securities of issuers that, in the determination of the Adviser, are significantly engaged in or derive more than de minimis revenue from industries, activities, or assets considered by portfolio management to have a negative impact on society or the environment. A current list of such industries, activities, or assets, which may evolve over time, follows:</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">alcohol;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">animal testing (non-medical);</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">armaments;</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">chemicals of concern;</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">fossil fuel extraction and refining;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">fossil fuel power generation;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">fur;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">gambling;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">genetic engineering;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">intensive farming;</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">meat and dairy production;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">nuclear power;</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">pornography;</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">tobacco; and</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">United Nations Global Compact and Organization for Economic Co-operation and Development violators.</span><span style="font-family:Times New Roman;font-size:9.50pt;">In selecting investments, portfolio management will then consider, among other factors, a company’s growth potential, competitive positioning, operational quality, and strategy. Portfolio management may also consider factors such as a company’s historic and projected return on capital, balance sheets, and financial models. Portfolio management will also consider environmental, social, and governance (“ESG”) factors,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which may include climate change, deforestation, biodiversity, human rights, company culture, community relations, board structure and diversity, executive pay, and corporate reporting. Portfolio management seeks to maintain a portfolio of securities that has a carbon footprint and carbon intensity that is at least 20% below the MSCI World Index</span><span style="font-family:Times New Roman;font-size:6.5pt;font-variant:small-caps;position:relative;top:-4.25pt;font-variant:small-caps;">sm</span><span style="font-family:Times New Roman;font-size:9.50pt;">. At portfolio management’s discretion, the Fund will engage with a company’s management regarding matters that may include shareholder rights, governance and remuneration, climate change, carbon emissions, pollution, biodiversity, human capital, and diversity and inclusion.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management evaluates and applies ESG and sustainable investment criteria relying on a mix of third-party data and internally-generated analyses based on information that may include web-based research reports from a company or independent sources, as well as corporate engagement. Portfolio management does not apply these ESG factors in managing the Fund’s exposure to cash and cash equivalents.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund will generally consider selling a stock if, in portfolio management’s opinion, there has been a regulatory, industry, or position-level change that may impair a company’s revenue growth. The Fund will also consider selling a stock if, in portfolio management’s opinion, the company’s business model no longer meets the sustainable investment criteria employed in managing the Fund.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Sustainable Investment Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund follows a sustainable investment approach by investing in companies that relate to certain sustainable development themes and demonstrate adherence to ESG practices. Accordingly, the Fund may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector, which may make the Fund more vulnerable to unfavorable developments in a particular sector than funds that invest more broadly. Additionally, due to its exclusionary criteria, the Fund may not be invested in certain industries or sectors, and therefore may have lower performance than portfolios that do not apply similar criteria. In addition, because sustainable and ESG investing takes into consideration factors beyond traditional financial analysis, the investment opportunities for the Fund may be limited at times. Sustainability and ESG-related information provided by issuers and third parties, upon which portfolio management may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for sustainable and ESG investing in the United States is still developing and future rules and regulations may require the Fund to modify or alter its investment process. Similarly, government policies incentivizing companies to engage in sustainable and ESG practices may fall out of favor, which could potentially limit the Fund’s investment universe. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable and/or ESG-related business practices, which may result in the Fund selling a security when it might otherwise be disadvantageous to do so.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it emphasizes certain themes and megatrends. As a result, at times, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses within the same economic sector or that benefit from the same megatrend. Companies in the same industry or economic sector or that benefit from the same megatrend 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that portfolio management may not be successful in identifying investment opportunities that are aligned with the sustainable investment approach that the Fund employs. Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. 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, 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. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Smaller Sized Fund Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Because the Fund has a small asset base,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">large inflows and outflows may have a disproportionate impact, negative or positive, on the Fund’s performance,</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">which may be more volatile than that of a larger fund. If the Fund were to fail to attract sufficient assets to achieve or maintain economies of scale, its performance may be negatively impacted, and any resulting liquidation could create negative transaction costs for the Fund and tax consequences for investors.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Depositary Receipts Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Warrants Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The price, performance and liquidity of warrants 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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2023</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">13.43%</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 17.79%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI World Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI World Index is designed to measure the equity market performance of developed market countries in North America, Europe, and the Asia/Pacific Region.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your individual tax situation and may differ from those </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Global Technology and Innovation Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Global Technology and Innovation Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 83 259 450 1002 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">43</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.43 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management believes will benefit significantly from advances or improvements in technology. These companies generally fall into two categories:</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">companies that portfolio management believes have or will develop products, processes, or services that will provide significant technological advancements or improvements; and</span><span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;">companies that portfolio management believes rely extensively on technology in connection with their operations or services.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. An issuer is deemed to be economically tied to a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">the issuer’s assets are located outside of the United States. The Fund may have exposure to emerging markets. From time to time, the Fund may invest in shares of companies through initial public offerings.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Factors that portfolio management may consider in their fundamental analysis include the strength of a company’s balance sheet and a company’s projected returns or growth rates. Portfolio management will generally consider selling a position when, among other things, the investment thesis for owning a position has changed or if the position exceeds its targeted value.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Investments in securities issued by mid-sized companies may involve greater risks than are customarily associated with larger, more established companies. For example, mid-sized companies may 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 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. 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Technology Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">In the technology sector, competitive pressures may have a significant effect on the performance of companies in which the 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Initial Public Offering Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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. There can be no assurance that the Fund will identify favorable IPO investment opportunities.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index, as well as to one or more supplemental indices that have investment characteristics similar to those of the Fund. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">32.53%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">2nd Quarter 2022</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 26.47%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the S&amp;P 500 Index. The Fund also compares its performance to the MSCI All Country World Information Technology Index. The indices are described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The S&amp;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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:15.20pt;font-weight:bold;margin-left:3pt;">Janus Henderson Overseas Fund</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Janus Henderson Overseas Fund</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> seeks long-term growth of capital.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;margin-left:3pt;">This table describes the fees and expenses that you may pay if you buy, hold, and sell Shares of the Fund.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">EXAMPLE:</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Example assumes that you invest $10,000 in the Fund for the time periods indicated, reinvest all dividends and </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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:</span> 96 300 520 1155 <span style="font-family:Times New Roman;font-size:9.50pt;font-weight:bold;">Portfolio Turnover:</span> <span style="font-family:Times New Roman;font-size:9.50pt;"> 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Times New Roman;font-size:9.50pt;">42</span><span style="font-family:Times New Roman;font-size:9.50pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment strategies</span> <span style="font-family:Times New Roman;font-size:9.50pt;">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 a portfolio of 30-50 securities of issuers from several different countries, excluding the United States, and it may, under unusual circumstances, invest all or substantially all of its assets in a single country. The Fund may invest up to 20% of its net assets, measured at the time of purchase, in U.S. issuers. An issuer is deemed to be from a country or countries outside of the United States if one or more of the following tests are met: (i) the issuer is organized in, or its primary business office or principal trading market of its equity is located in, a country outside of the United States; (ii) a majority of the issuer’s revenues are derived from outside of the United States; or (iii) a majority of the issuer’s assets are located outside of the United States. 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.</span><span style="font-family:Times New Roman;font-size:9.50pt;">Portfolio management applies a “bottom up” approach in choosing investments. In other words, portfolio management looks</span><span style="font-family:Times New Roman;font-size:9.50pt;">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. Portfolio management will generally consider selling a security when, among other things, the security no longer reflects portfolio management’s investment thesis, the security approaches or exceeds its targeted value, there has been a change in a security’s risk/reward potential, or a better idea is identified.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may invest in equity and debt securities of real estate-related companies. These securities may include common stocks, preferred stocks, and other securities, including, but not limited to, real estate-backed securities, securities of real estate investment trusts (“REITs”) and similar REIT-like entities.</span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund may take long or short positions in derivatives.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives are instruments that have a value derived from, or directly linked to, an underlying asset, such as equity 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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund may seek to earn additional income through lending its securities to certain qualified broker-dealers and institutions on a short-term or long-term basis, in an amount equal to up to one-third of its total assets as determined at the time of the loan origination.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Principal investment risks</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The biggest risk is that the Fund’s returns will vary, and you could lose money.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Market Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The value of the Fund’s portfolio may decrease due to short-term market movements and over more prolonged market downturns. As a result, the Fund’s net asset value may fluctuate and it may be more difficult to value or sell the Fund’s holdings.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Market risk may affect a single issuer, industry, economic sector, or the market as a whole. Market risk may be magnified if certain social, political, economic, and other conditions and events (such as terrorism, conflicts, including related sanctions, social unrest, natural disasters, epidemics and pandemics, including COVID-19) adversely interrupt the global economy and financial markets. It is important to understand that the value of your investment may fall, sometimes sharply, in response to changes in the market, and you could lose money.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Foreign Exposure Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Foreign markets</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">can be more volatile than the U.S. market. As a result, the Fund’s returns and net asset value may be affected by fluctuations in currency exchange rates or political or economic conditions in a particular country. In some foreign markets, there may not be protection against failure by other parties to complete transactions. It may not be possible for the Fund to repatriate capital, dividends, interest, and other income from a particular country or governmental entity. In addition, a market swing in one or more countries or regions where the Fund has invested a significant amount of its assets may have a greater effect on the Fund’s performance than it would in a more geographically diversified portfolio.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Currency Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Currency risk is the risk that changes in the exchange rate between currencies will adversely affect the value (in U.S. dollar terms) of an investment. As long as the Fund holds a foreign security, its value will be affected by the value of the local currency relative to the U.S. dollar. When the Fund sells a foreign currency denominated security, its value may be worth less in U.S. dollars even if the security increases in value in its home country. U.S. dollar-denominated securities of foreign issuers may also be affected by currency risk, as the value of these securities may also be affected by changes in the issuer’s local currency.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Emerging Markets Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Emerging market securities involve a number of risks, which may result from less government supervision and regulation of business and industry practices (including the potential lack of strict finance and accounting controls and standards), stock exchanges, brokers, and listed companies. Information about emerging market companies, including financial information, may be less available or reliable and the Adviser’s ability to conduct due diligence with respect to such companies may be limited. Accordingly, these investments may be potentially more volatile in price and less liquid than investments in developed securities markets, resulting in greater risk to investors. There is a risk in developing countries that a current or future economic or political crisis could lead to price controls, forced mergers of companies, expropriation or confiscatory taxation, imposition or enforcement of foreign ownership limits, seizure, nationalization, sanctions or imposition of restrictions by various governmental entities on investment and trading, or creation of government monopolies, any of which may have a detrimental effect on the Fund’s investments. In addition, the taxation systems at the federal, regional, and local levels in developing or emerging market countries may be less transparent, inconsistently enforced, </span><span style="font-family:Times New Roman;font-size:9.50pt;">and subject to change. Emerging markets may be subject to a higher degree of corruption and fraud than developed markets,</span><span style="font-family:Times New Roman;font-size:9.50pt;">and financial institutions and transaction counterparties may have less financial sophistication, creditworthiness, and/or resources than participants in developed markets.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Industry and Sector Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Although the Fund does not concentrate its investments in specific industries, it may have a significant portion of its assets invested in securities of companies conducting similar business or businesses 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Portfolio Management Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is an actively managed investment portfolio and is therefore subject to the risk that the investment strategies and research process employed for the Fund may fail to produce the intended results.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Accordingly,</span><span style="font-family:Times New Roman;font-size:9.50pt;">the Fund may underperform its benchmark index or other mutual funds with similar investment objectives.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Issuer Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s portfolio may be comprised of a relatively small number of issuers in comparison to other funds. As a result, the Fund may be subject to greater risks than a fund that invests in a greater number of issuers. A change in the value of any single investment held by the Fund may affect the overall value of the Fund more than it would affect a fund that holds more investments. In particular, the Fund may be more susceptible to adverse developments affecting any single issuer held by the Fund and may be susceptible to greater losses because of these developments.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Geographic Concentration Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">To the extent the Fund invests a substantial amount of its assets in issuers located in a single country or region, the economic, political, social, regulatory, or other developments or conditions within such country or region will generally have a greater effect on the Fund than they would on a more geographically diversified fund, which may result in greater losses and volatility. Adverse developments in certain regions could also adversely affect securities of other countries whose economies appear to be unrelated and could have a negative impact on the Fund’s performance.</span> <span style="font-family:Times New Roman;font-size:9.50pt;">•</span><span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Europe Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">The Fund is subject to certain risks related to Europe. Investments in British companies may subject the Fund to social, regulatory, political, currency, security, and economic risk specific to the United Kingdom. The United Kingdom has one of the largest economies in Europe, and the United States and other European countries are substantial trading partners of the United Kingdom. As a result, the British economy may be impacted by changes to the economic health of the United States and other European countries. Western Europe has, in certain instances, been susceptible to serious financial hardship, high debt levels, and high levels of unemployment. The European Union itself has experienced difficulties in connection with the debt loads of some of its member states. The markets in Eastern Europe remain relatively undeveloped and can be particularly sensitive to political and economic developments.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Small- and Mid-Sized Companies Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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, small- and mid-sized companies may 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.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Growth Securities Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Securities of companies perceived to be “growth” companies may be more volatile than other stocks and may involve special risks.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">If portfolio management’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 other types of securities and the market as a whole.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Value Investing Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">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 portfolio management.</span> <span style="font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Derivatives Risk.</span><span style="font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives can be volatile and involve risks in addition to the risks of the underlying referenced securities or asset. Gains or losses from a derivative investment can be substantially greater than the derivative’s original cost, and can therefore involve leverage. Leverage may cause the Fund to be more volatile than if it had not used leverage.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives entail the risk that the counterparty will default on its payment obligations.</span><span style="font-family:Times New Roman;font-size:9.50pt;"> </span><span style="font-family:Times New Roman;font-size:9.50pt;">Derivatives used for hedging purposes may reduce or eliminate gains or cause losses if the market moves in a manner different from that anticipated by portfolio management or if the cost of the derivative outweighs the benefit of the hedge.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Liquidity Risk</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">Securities Lending Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;font-weight:bold;">REIT Risk.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;line-height:11.40pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">REITs are subject to certain risks inherent in the direct ownership of real estate, including without limitation, a possible lack of mortgage funds and associated interest rate risks, overbuilding, property vacancies, increases in property taxes and operating expenses, changes in zoning laws, losses due to environmental damages and changes in neighborhood values and appeal to purchasers. 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, 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. Dividends received by the Fund from a REIT generally will not constitute qualified dividend income.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">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.</span> <span style="color:#FFFFFF;font-family:Times New Roman;font-size:10.45pt;font-weight:bold;margin-left:0.0pt;text-transform:uppercase;">Performance information</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The bar chart depicts the change in performance from year to year during the periods indicated. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The table compares the </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Fund’s average annual returns for the periods indicated to a broad-based securities market index. All figures assume reinvestment of dividends and distributions.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">Updated performance information is available at </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;"> or by calling </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">janushenderson.com/allfunds</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;font-style:italic;">1-800-525-3713</span> <span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Best Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">4th Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">21.11%</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter:</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;margin-left:0.0pt;">1st Quarter 2020</span><span style="color:#000000;font-family:Times New Roman;font-size:8.55pt;font-weight:bold;margin-left:0.0pt;">– 24.85%</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The Fund’s primary benchmark index is the MSCI All Country World ex-USA Index. The index is described below.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">•</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">The MSCI All Country World ex-USA Index is designed to measure equity market performance in global developed and emerging markets outside the United States.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;"> </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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. </span> <span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">Actual after-tax returns depend on your </span><span style="color:#000000;font-family:Times New Roman;font-size:9.50pt;">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.</span> Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.75% for at least a one-year period commencing on January 26, 2024. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. For a period beginning with the Fund’s commencement of operations (December 20, 2022) and expiring on the third anniversary of the commencement of operations, or until the Fund’s assets meet the first breakpoint in the investment advisory fee schedule (0.60% of the first $2 billion of the average daily closing net asset value of the Fund), whichever occurs first, the Adviser may recover from the Fund fees and expenses previously waived or reimbursed if the Fund’s expense ratio, including recovered expenses, falls below the expense limit or the expense limit in effect at the time the fees and expenses subject to recoupment were waived. There is no guarantee that the Fund’s assets will reach this asset level. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.75% for at least a one-year period commencing on January 26, 2024. The contractual waiver may be terminated or modified prior to this date only at the discretion of the Board of Trustees. For a period beginning with the Fund’s commencement of operations (December 20, 2022) and expiring on the third anniversary of the commencement of operations, or until the Fund’s assets meet the first breakpoint in the investment advisory fee schedule (0.60% of the first $2 billion of the average daily closing net asset value of the Fund), whichever occurs first, the Adviser may recover from the Fund fees and expenses previously waived or reimbursed if the Fund’s expense ratio, including recovered expenses, falls below the expense limit or the expense limit in effect at the time the fees and expenses subject to recoupment were waived. There is no guarantee that the Fund’s assets will reach this asset level. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends,taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.85% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.85% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. Fund returns calculated assuming maximum permitted sales loads. 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 one year return is calculated to include the contingent deferred sales charge. 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 Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.62% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.86% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. 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. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. 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 Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.81% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. 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. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. 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. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.96% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. Fund returns calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, such as transfer agency 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 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.86% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. 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. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. 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. 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. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. 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. 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. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.75% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. 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. 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. “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. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.94% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. 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. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. 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. “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. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding any performance adjustments to management fees, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.94% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. 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. 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. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding 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 fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 0.68% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. 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. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding the fees payable pursuant to a Rule 12b-1 plan, shareholder servicing fees, such as transfer agency fees (including out-of-pocket costs), administrative services fees and any networking/omnibus fees payable by any share class, brokerage commissions, interest, dividends, taxes, acquired fund fees and expenses, and extraordinary expenses) exceed 1.03% for at least a one-year period commencing on January 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. 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. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. The Adviser has contractually agreed to waive its investment advisory fee and/or reimburse operating expenses to the extent that the Fund’s total annual fund operating expenses (excluding shareholder servicing fees, such as transfer agency 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 26, 2024. This contractual waiver may be terminated or modified only at the discretion of the Board of Trustees. 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. 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. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge. 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. Calculated assuming maximum permitted sales loads. The one year return is calculated to include the contingent deferred sales charge.